Analysts/Institutional Investor Meet/Con. Call Updates

Date: 07/11/2026 To, To, The Corporate Relationship Department, The Listing Department, BSE Limited The National Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Fort, Mumbai 400 001 Bandra (E), Mumbai – 400051 Scrip Code: 545019 NSE Symbol: BAHETI Dear Sir/Madam, Sub: Submission of Transcript - Earnings Conference Call This has reference to Regulation 30(6) read with Para-A of Part-A of Schedule-III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). In accordance with the Listing Regulations, we hereby enclose a copy of Transcript of Earnings Call pertaining to H1 FY27 financial results and the same has been uploaded on the website of the Company i.e. www.bahetiindustries.com. Kindly take note of the same in your records. Thanking you Yours faithfully, For, Baheti Recycling Industries Limited BALKISHAN SHANKERLAL SHAH MANAGING DIRECTOR DIN: 03006486 Encl.: As Above Registered address Works BAHETI RECYCLING INDUSTRIES LIMITED A/2/3 L R APPARTMENTOPP:POLICE COMMISSIONER 176, 197 & 198 Shrinath Industrial Estate (Formerly Baheti Metal & Ferro Alloys Ltd. ) OFFICE SHAHIBAUG AHMEDABAD-380004, Gujarat Post-Sampa, Tal.Dehgam, Dist. Gandhinagar +91-79 2562 76 81-82 CIN: L37100GJ1994PLC024001 info@bahetiindustries.com www.bahetiindustries.com Baheti Recycling Industries Limited H1FY27 Earnings Conference Call November 4, 2026 MANAGEMENT: MR. YASH SHAH – JOINT MANAGING DIRECTOR – BAHETI RECYCLING INDUSTRIES LIMITED MR. MANOJ SHAH – CHIEF FINANCIAL OFFICER – BAHETI RECYCLING INDUSTRIES LIMITED MODERATOR: MR. AYUSH DIVECHA- INVESTOR RELATIONS- MERLIN CAPITAL ADVISORS Page 1 of 11 Baheti Recycling Industries Limited November 4, 2026 Ayush Divecha: Good afternoon, everyone, and a warm welcome to the H1 FY27 Earnings Conference Call of Baheti Recycling Industries Limited. The Company's financial results and investor presentation have been published on the NSE and the Company's website. Before we begin, please note that certain statements made during this call may be forward-looking in nature and are subject to uncertainties. Actual results may differ materially from those expressed or implied during the call. Joining us today from the management are Mr. Yash Shah, Joint Managing Director, and Mr. Manoj Shah, Chief Financial Officer. We will begin with management's opening remarks, followed by an interactive question-and-answer session with the participants. With this introduction, I’d like to take the opportunity and hand over the call to Mr. Yash for opening remarks. Over to you, sir. . Yash Shah: Good evening, everyone. Thank you for joining Baheti Recycling Industries Limited's H1 FY27 earnings conference call. I welcome our shareholders, investors and analysts, and thank you for your continued interest and confidence in our Company. We have begun FY27 on a very strong note, delivering healthy growth in both revenue and profitability. During the first half, our revenue grew by approximately 68% year-on-year to ₹528 crore, while EBITDA nearly doubled to ₹42 crore and PAT increased by approximately 106% to ₹19 crore. What is particularly encouraging is the improvement in the quality of our earnings. In the recycling business, where metal prices can influence revenue and percentage margins, we use EBITDA per tonne as an important benchmark of operating performance. During H1 FY27, our EBITDA per tonne stood at approximately ₹32,000, reflecting a significant improvement over the previous financial year. Looking ahead, our strategy remains focused on three priorities: increasing volumes, improving value addition and strengthening bottom line ie profitability. Our upcoming aluminium wire rod division is an important part of this strategy. We are expanding on our existing owned land, with a planned scale-up to 25,000 tonnes. We also intend to reach peak utilisation levels of our total capacity by the end of the next financial year. Given improving business visibility, we have revised our FY28 revenue guidance upwards to over ₹1,300 crore. We are also pleased to have received in-principle approval for migration to the Mainboard from both NSE and BSE, making another important milestone in our corporate journey. On the operational front, we continue to focus on building a capital-efficient manufacturing model. Our facilities now operate entirely on electric furnaces and TRFs, without conventional pit furnaces, which we were using earlier. This supports operating efficiency while allowing us to expand capacity with disciplined capital investment. We intend to continuously enhance manufacturing capacity to meet growing demand and increase the contribution of value-added products to our overall product mix. Page 2 of 11 Baheti Recycling Industries Limited November 4, 2026 At the same time, cost optimisation remains another key priority. Our recently commissioned 1.56 MW captive solar plant is expected to generate annual savings of approximately ₹1.8 crore, helping us reduce energy costs and more importantly, carbon emissions. Our focus is not merely on increasing volumes but on building a more efficient, diversified and profitable recycling business, with higher value addition and better earnings per share. We remain confident about opportunities in India's aluminium recycling industry and will continue to focus on profitable growth, efficient capital allocation and long-term value creation for all stakeholders. With that I’d like to hand over to our CFO to take you through the financial performance in greater detail. Thank you everyone. Manoj Shah: Thank you, sir. Good evening, everyone. I will briefly take you through the financial performance of Baheti Recycling Industries for the half-year ended September 30, 2026. During H1 FY27, revenue from operations stood at ₹528.47 crore, compared with ₹315.14 crore in H1 FY26, registering year-on-year growth of 67.69%. EBITDA increased by 99.48% to ₹42.37 crore, compared with ₹21.24 crore in the corresponding period last year. Our EBITDA margin improved to approximately 8.02%, compared with 6.74% in H1 FY26, representing an expansion of approximately 128 basis points. During the first half, total production stood at 13,081 metric tonnes, translating into EBITDA per metric tonne of approximately ₹32,400, compared with approximately ₹26,536 per metric tonne in the previous financial year. This reflects our focus on operating efficiency, cost optimisation and improving profitability per tonne. Profit before tax grew by approximately 114% to ₹25.71 crore, while profit after tax increased by over 105% to ₹19.08 crore, compared with ₹9.27 crore in the corresponding period last year. Our PAT margin expanded from 2.94% to 3.61%, an improvement of approximately 67 basis points. Diluted earnings per share stood at ₹18.26, compared with ₹8.94 in the corresponding previous-year period. As we move into H2 FY27, our financial priorities remain focused on maintaining healthy profitability, optimising working capital and supporting upcoming capacity expansion through disciplined capital allocation. With that, we can open the floor for questions. Thank you. Moderator: Thank you, Mr. Yash and Mr. Manoj, for the overview of H1 FY27 performance. We will now open the floor for questions and answers. Participants wishing to ask a question are requested to use the Raise Hand feature on Zoom. We will invite participants to unmute themselves one at a time. Kindly introduce yourself and your organisation before asking a question. We will take the first question from Mr. Ayush Dwivedi. Ayush Dwivedi: Hi, Mr. Manoj and Mr. Yash. Thank you for taking my question. I wanted to put emphasis on reasons behind increasing FY28 revenue guidance from ₹1,100 crore to ₹1,300 crore. Could you highlight reasons for that? Page 3 of 11 Baheti Recycling Industries Limited November 4, 2026 Yash Shah: There are multiple reasons, but one of the biggest reason is t [Showing first 8,000 characters — download PDF for full document]