Transcript of Earning Call held on 3rd November, 2026.

BSL/SEC/2026-27/54 7th November, 2026 BSE Limited National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza Bandra–Kurla, Dalal Street, Mumbai – 400 001 Bandra (East), Mumbai–400051 (Maharashtra) (Maharashtra) Scrip Code: 503722 Symbol: BANSWRAS Sub: Transcript of Q2 & H1FY27 Earnings Call held on 3rd November 2026. Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a transcript of the Q2 & H1FY27 Earnings Call held on Tuesday, 3rd November 2026. The same is also available on the website of the Company i.e. https://www.banswarasyntex.com/transcript-of-earning-conference-call/ Please take the same on record. Yours Faithfully For BANSWARA SYNTEX LIMITED Shaleen Toshniwal Managing Director DIN: 00246432 Encl.: as above “Banswara Syntex Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on 3rd November 2026 will prevail.” MANAGEMENT: MR. RAVINDRA KUMAR TOSHNIWAL – VICE CHAIRMAN – BANSWARA SYNTEX LIMITED MR. SHALEEN TOSHNIWAL – MANAGING DIRECTOR – BANSWARA SYNTEX LIMITED MS. KAVITA GANDHI – CHIEF FINANCIAL OFFICER – BANSWARA SYNTEX LIMITED SGA, INVESTOR RELATIONS ADVISORS – BANSWARA SYNTEX LIMITED Page 1 of 10 Banswara Syntex Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call, hosted by Banswara Syntex Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this call is being recorded. I now hand the conference over to Mr. Ravindra Kumar Toshniwal, Vice Chairman from Banswara Syntex Limited. Thank you, and over to you, sir. Ravindra Toshniwal: Thank you. Good afternoon, everyone. Let me all welcome you to our quarter 2 and H1 FY27 earnings conference call. Along with me on this call, we have our CFO, Ms. Kavita Gandhi; and SGA, our Investor Relations Advisors. Shaleen Toshniwal, our Managing Director, has also joined us. I hope all of you have gone through our investor presentation uploaded on the exchange and on our company website. To begin with, let me briefly touch upon the overall industry environment. During quarter 2 FY27, the Indian textile sector witnessed a gradual improvement in production levels and domestic order activity. The broader manufacturing environment also remained encouraging and our capacity utilization improved during the quarter, indicating resilience in the underlying demand environment. One of the key trends shaping the industry is the growing shift towards man-made fibers and blended fabrics. With the traditional cost advantage of cotton narrowing, MMF-based products are becoming increasingly competitive. This is encouraging manufacturers to focus more on the performance aspects and functional yarns with other value-added products of MMF products. We believe this structural shift represents a significant growth opportunity for the Indian textile manufacturers and especially Banswara Syntex. Globally, synthetic and blended fabrics account for a substantially higher share of clothing consumption, particularly in segments such as sportswear, formal wear and fast fashion, whereas India's penetration in these segments is relatively low. This gap offers considerable headroom for growth in man-made fibers and fabrics and technical textiles over the medium to long term. At the same time, the industry continues to face some near-term challenges for raw material price volatility due to the geopolitical environment. We have had an increase in the polyester prices because of the West Asia challenges. And these key inputs such as PTA and MEG have increased in price. The domestic apparel demand grows at a moderate pace, and by improving our product mix, increasing our value addition and maintaining our cost efficiency, we will be able to provide valuable inputs. Page 2 of 10 Banswara Syntex Limited November 03, 2026 Overall, while we remain watchful of our raw material volatility, the near-term margin pressures, we do believe that the long-term opportunity continues to remain strong. Moving to our financial performance for the quarter and for the first half of FY27. Our total income for quarter 2 stood at INR358.4 crores, registering a quarter-on-quarter growth of 11.2%. Our EBITDA margin increased by 23.9% quarter-on-quarter to INR36.5 crores, (Wrongly said, this should be read as, Our EBITDA increased by 23.9% quarter-on-quarter to INR36.5 crores) with the EBITDA margin improving to 10.2% from 9.1% in quarter 1. Profit after tax increased by 84% quarter-on-quarter to INR8.1 crores from INR4.4 crores in the last year's quarter. For H1 FY27, our total income stood at INR680.8 crores. This is a growth of about 3.6% year-on-year compared to INR657.1 crores in H1 FY26. Our EBITDA increased by 18.9% year-on-year to INR66 crores from INR55.5 crores, with the EBITDA margin improving to 9.7% overall from 8.5%. The profit after tax increased significantly by 124.6% year-on-year to INR12.5 crores compared with INR5.6 crores in the last half year of FY26. Despite the challenging macroeconomic environment, we were able to deliver growth and profitability and expand our EBITDA margins. This improvement was driven by better realizations and a higher contribution from value-added products. We also witnessed a sequential improvement in operating performance compared with quarter 1 FY27. While the power costs, employee costs are putting some pressure on our cost base, we remain focused on enhancing productivity, improving our capacity utilization and the product margins. On the balance sheet front, our net debt stood at INR515 crores as of 30th September 2026. This has increased by INR43.28 crores during the first half, primarily due to the working capital requirements, and this is a consequence of the raw material prices increasing as well, that has been one of the major factors. We continue to focus on balancing our growth investments while we maintain a discipline in our working capital management and our operational efficiency. Looking ahead, we want to reconfirm our FY27 guidance. And we want to assure you all that we remain focused on achieving the stated targets. The second half is typically stronger for our business, and we do expect that the demand and our order book position, which is already a very healthy order book, both in garments and fabrics, will support this performance. Our priority remains to focus on the efficient execution and improve our operational efficiency in both the fabric and garment businesses with good support from the yarn. With that, let me now take you through each of the divisional performances, starting with the yarn division. The yarn division, our business reported a revenue of INR103 crores in quarter 2 FY27 compared to INR112 crores in the corresponding quarter last year. Page 3 of 10 Banswara Syntex Limited November 03, 2026 For H1 FY27, revenue stood at INR199 crores as against INR222 crores in H1 FY26. This is a drop from last year because the internal consumption increased significantly. Our capacity utilization improved to 84% during this quarter compared to 81% in quarter 2 FY26 and 70% in the preceding quarter. We expect that for H1 FY27 compared to the corresponding last year, our overall capacity utilization is better and expect it to continue to remain so. While our capacity utilization improved, the revenue remained lower due to more sales internally. From an operational perspective, domestic yarn sales improved sequentially during the quarter, supported by outsourced processing of certain yarn varietie [Showing first 8,000 characters — download PDF for full document]