Transcript of Investors Earnings Call pursuant to Regulation 30 of SEBI LODR Regulations, 2015

(‘\4 edvcate To To Department of Corporate Services, Listing Department, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street, C-1, G-Block, Bandra - Kurla Complex Mumbai — 400 001 Bandra (E), Mumbai — 400 051 Scrip Code: 540403, Scrip Symbol: CLEDUCATE ISIN: INE201M01029 Subject: Transcript of Investors Earnings Call pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Ma’any/Sir(s), Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to our disclosures dated October 30, 2026, and November 04, 2026, please find enclosed the transcript of the earnings call held with the Analysts / Investors (public at large) on November 04, 2026. The aforesaid information will also be hosted on the Company’s website at www.cleducate.com. Kindly take the above details on record. Thanking You For CL Educate Limited Arjun Wadhwa Chief Financial Officer Place: New Delhi Date: November 07,2026 CL Educate Limited www.cleducate.com Registered Office: Office No. 201, CTS No. 39A & 39B, SV Road, Near Andheri compliance@cleducate.com Subway, Andheri (West), Mumbai, Maharashtra — 400( +91-11-41281100/0800 +91-11-41281101 Corporate Office: A-45, First Floor, Mohan Co-operative Industrial Estate, New CIN: L74899MH1996PLC477246 Delhi — 110044 “CL Educate Limited Q2 FY 2027 Earnings Conference Call” November 04, 2026 Management Attendees: Mr. Gautam Puri – Vice Chairman & Managing Director, CL Educate Limited Mr. Nikhil Mahajan – Group CEO & Executive Director, CL Educate Limited Mr. Arjun Wadhwa – Group CFO, CL Educate Limited Mr. Harshit Maniar – CFO, DEXIT Global Limited Earnings Call Link: CL Earnings Conference Call Q2 FY27 Results Link: Consolidated Results – Q2 FY27 Standalone Results – Q2 FY27 CL EDUCATE LIMITED Q2/H1 FY27 Investor / Analyst Conference Call Transcript (Held on the Metaverse Platform – VOSMOS) Opening Remarks Arjun Wadhwa: Good afternoon, ladies and gentlemen, and welcome to CL Educate Limited's H1 FY27 Analyst Call. Let me first just confirm with my fellow panelists if I am audible. Could someone give me a thumbs up? Thank you. Thank you. As I said, welcome once again to CL Educate Limited's H1 FY27 Analyst Call. My name is Arjun Wadhwa. I am the Group CFO of CL Educate, and I will be your host today. Once again, we are on our Metaverse platform called VOSMOS, which we have been using for almost four years now for our analyst calls. This call, as always, will be recorded, transcribed and made available in the investor zone on our website within the next 48 hours. Should you have any questions at any point in time, please feel free to type them in the chat box in the bottom right-hand corner of your screen. We will address them at the end of the session. Joining me on this conference call today are Mr. Gautam Puri — he is our Co-Founder, Vice Chairman and Managing Director; Gautam takes direct reporting of the EdTech business, including our Test Prep business. And Mr. Nikhil Mahajan, he is the Executive Director and Group CEO of our Enterprise business; Nikhil anchors the MarTech business. And Mr. Harshit Maniar, CFO of DEXIT Global Limited, subbing in today for Mr. Yatrik Vin, who unfortunately is ill and recovering from a major surgery. Welcome, Harshit, and other gentlemen, to this call. I would now like to hand over to Nikhil to take you through the presentation, after which I shall come back and assist with the Q&A. Over to you, Nikhil. Nikhil Mahajan: Thank you, Arjun. Please confirm if I am clearly audible. Arjun Wadhwa: Yes, please go ahead. Capital Reduction Scheme Update Nikhil Mahajan: So, before I jump into the performance and the detailed analysis of the business performance, I just wanted to give an update on a critical item. As you are aware, post the DEXIT acquisition, there was a capital reduction scheme which was underway at DEXIT for the RPS — Redeemable Preference Shares — of about ₹ 203 crores. I am happy to share that the NCLT approval came through in the month of July, and we were able to close that transaction of redeeming those preference shares and repaying the money to NSE Investments in the middle of August. So this action has resulted in our overall balance sheet size getting trimmed by over ₹ 200 crores, and is more reflective of the actual business and of all the three businesses. Unfortunately, we had to go that route, and that loaded the balance sheet by about ₹ 200 crores, which was beyond our control. A couple of other updates I will come to towards the end of the session, but I will straight away jump into the business performance and the numbers for the one half year. Financial Performance Overview — H1 FY27 Nikhil Mahajan: A brief snapshot of it is that our business is doing well, our margins are expanding. As you can see, our EBITDA margin has expanded by about 3 percentage points from the same time last year. It has increased from 15.7% last year to about 18.6% this year, despite a 4% decline in the overall revenue from ₹ 319 crores to ₹ 305 crores in H1. It has seen an increase in EBITDA from ₹ 50 crores to about ₹ 57 crores, and returning to positive PAT with a 350% growth in PAT from the same time last year. Yes, the revenue has declined by about 4%, predominantly in two business segments. In the EdTech segment, the revenue declined by about ₹ 12 crores, and it also declined by about ₹ 10 crores in DEX, which was largely on account of the fall-through of the base effect of last year, wherein in the first quarter of FY26 there were certain rollover contracts which got executed which were no longer there in the current fiscal. In Q2, the DEX revenues have more or less remained stable and have just marginally exceeded the revenue of Q1 in the current year. Q2 over the last year, the MarTech revenues have expanded, and as a result, a margin expansion across all three verticals has resulted in an overall 300 basis point increase in the EBITDA margin, translating into a positive EBITDA. There have been significant contract wins in DEXIT Global. The total multi-year contract wins, as we speak, aggregate to about ₹ 172 crores, which will get delivered over the next two to three years. Some contracts are two-year wins, some are three-year wins. As we speak, I think the business is on a pretty strong footing, and as we walk into H2, I think our numbers are going to look better, significantly better than what they were in the last H2. Arjun, we can move to the next slide, please. While, as I stated earlier, there has been a decline in our revenues by about 4%, as a proactive management action we had also started acting on our cost structures at the beginning of the current fiscal year or earlier than that. There has been a marginal decline in service delivery costs, which is more or less pro-rated as a percentage of the decline in revenue. But the critical element to note is the decline in the overhead cost by about ₹ 12.5 crores in the first six months as compared to the same cost in H1 of last year. This significant optimization in terms of cost overheads, spread across people, infrastructure and various other overhead costs, has translated into a positive saving of about ₹ 12.5 crores. The savings will continue to reflect in H2 of the current fiscal year as well. However, the total quantum may not be ₹ 12.5 crores, because the savings started to get into effect from Q4 of this year, so there will be some tempering in the cost savings in H2. But on an overall basis, I think we should be able to reflect total cost savings of around ₹ 20 to 22 crores on overheads during the current fiscal year, during the remaining part of H2. Segment Performance Overview Nikhil Mahajan: Now let me do a slight deep dive into each of our businesses. Our EdTech business saw a decline of revenue of about 13%, with a major chunk still getting attributed to the flattening t [Showing first 8,000 characters — download PDF for full document]