Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 7, 2026 To, To, BSE Limited National Stock Exchange of India Limited Listing Department Listing Department Corporate Relationship Department Exchange Plaza, C-1, Block G, P. J. Towers, Dalal Street, Bandra Kurla Complex, Bandra (E), Fort, Mumbai - 400 001 Mumbai – 400051 BSE Scrip Code: 544913 NSE Symbol: GLASSWALL Subject: Transcript of Earnings Call with respect to Financial Results for the quarter and half year ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly find enclosed the transcript of the Earnings Call with respect to the financial results of the Company for the Quarter and Half Year ended September 30, 2026 held on November 4, 2026. The above said details will also be posted on the Company’s website at https://www.glasswallsystems.in/. We request you to take the same on record. Thanking You, Yours faithfully, For and on behalf of Glass Wall Systems (India) Limited Sagar Lambole Company Secretary and Compliance Officer Membership No. A45005 Encl.: a/a Glass Wall Systems (India) Limited (Formerly Glass Wall Systems (India) Private Limited) 503-504,5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (E), Mumbai 400013. | Tel./Fax No: +91 22 6103 3456 E: info@glasswallsystem.com | W: www.glasswallsystems.in AN ISO 9001: 2008 COMPANY| CORPORATE IDENTITY NUMBER: L74999MH2010PLC207187 “Glass Wall Systems India Limited Q2 FY27 Earnings Conference Call” November 04, 2026 Disclaimer: E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on 04th November 2026 will prevail. MANAGEMENT: MR. ESHAN HEMRAJANI – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – GLASS WALL SYSTEMS INDIA LIMITED MR. AMIT HEMRAJANI – DIRECTOR – GLASS WALL SYSTEMS INDIA LIMITED MR. SANJAY SAWANT – CHIEF FINANCIAL OFFICER – GLASS WALL SYSTEMS INDIA LIMITED Page 1 of 18 Glass Wall Systems India Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to Glass Wall Systems India Limited Q2 FY27 Earnings Conference Call hosted by Motilal Oswal Financial Services. 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 the conference call, please signal an operator by pressing star then 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sanjeev Singh from Motilal Oswal Financial Services. Thank you, and over to you, Mr. Singh. Sanjeev Singh: Good afternoon, everyone, and thank you for joining this call. We have with us today, Mr. Eshan Hemrajani, Managing Director and CEO, Mr. Amit Hemrajani, Director and Mr. Sanjay Sawant, Chief Financial Officer of the company. With this, I hand over the call now to the management for their opening remarks. Over to you, sir. Eshan Hemrajani: Thank you, Sanjeev ji. Hi, good afternoon, everyone. It is a pleasure to speak to you all again. This is Eshan Hemrajani here MD and CEO of the company. This is our second call post-listing for Q2. And I would like to brief and update all the investors as to what has happened in the previous quarter and what we see is going to happen ahead with the business. I would start off by saying that from an industry perspective just to recollect quickly, we are operating in the domestic business where we are working pan-India for Grade A developers of the country. We also have an export business that we do in terms of the product supply to US, Australia, and other countries. And we also have a luxury fenestration arm where we service high-end residential projects. All of this is for the facade solutions, which is the primary business that the company does. So maybe I can give you all a quick update of what we see is happening in the domestic and other markets from a demand perspective. For the domestic market, what we see today in all the Tier 1 cities of the country is tremendous demand in terms of the new projects that are getting built on the commercial side as well as the hospitality side as well as the residential side. So in terms of what projects are getting launched, I see that there's a huge traction today in the domestic market. So, our pipeline in terms of orders that we are bidding on the domestic side remains huge and healthy. So we see huge traction from the domestic segment as the market continues to grow. On the export segment, again, the demand remains strong. There are some challenges right now considering the ongoing war disruption to shipping, disruption in prices of commodities. So especially the midterm elections in the US. So we see that there is certain -- I would not say a complete slowdown, but there's definitely some prudence around the international business where developers in the US and other countries are holding till there is some clarity or maybe a little bit of normalization of prices around the container cost and also commodities, right. So it is obviously linked to how the war is going in Iran and US. So while that market is huge and remains tremendously huge for us right now, we are seeing that a lot of jobs that are basically Page 2 of 18 Glass Wall Systems India Limited November 04, 2026 on the table to be launched are right now getting held back to a certain extent in order for some sort of clarity to come across the war and the commodity prices. As a long-term view on this market, I think there is no doubt that this will remain one of our biggest traction factors and one of our major diversification factors. But I was in the US and Canada and Israel, so I found that at least in US right now people are a little bit cautious about launching new jobs. That is not reflection of our performance, that is not reflection of our cost competitiveness, that is just how the market currently is with all the uncertainty around shipping and the other costs, right. We are also exploring a relationship into Israel, and that we find is very attractive. We had a very good trip into that country. We are discussing with the company for potential jobs, and we see that maybe in quarter 3 and quarter 4 we should have some sort of an order booking into Israel as a start of entry into that market. So that market looks very promising as a firsthand view for us, and we expect that we should be able to convert some jobs in the next 2 quarters. Even in the US, we are continuously bidding on jobs. I think there should be a couple of jobs that should get awarded to us in quarter 3 and quarter 4. So while there are some challenges specifically on the US side, I find that for next year we should be sorted from new order standpoint, even from US, and maybe to start with in Israel also. The 3rd business is obviously the luxury penetration side, which is high-end residences and high- end residential projects. I think this particular segment is looking very promising. We have decent orders today on this segment, and we are bidding on luxury projects in Delhi and in Mumbai. And there is a huge market and traction around the premium penetration products. So we again expect maybe in Q3 and Q4, a decent amount of order booking, substantial order booking in this particular segment. So as a whole, in terms of the pipeline and how we see the market, the domestic market, both on the commercial and residential side as well as the luxury penetration side seems extremely promising. And on the export side also seems promising, but I think there are certain headwinds right now that we are experiencing. Our order book as of September end stands at around Rs.957 crores. We have booked around Rs.291 crores of orders since the beginning of this financial year. And our expectation around order booking would be close to Rs.500 crores and maybe [Showing first 8,000 characters — download PDF for full document]