Analysts/Institutional Investor Meet/Con. Call Updates

Ref: 17/SE/LC/2026-27 Date: November 08, 2026 To, To, National Stock Exchange of India Limited BSE Limited (“BSE”) (“NSE”) Listing Department Listing Department Corporate Relationship Department Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, Complex Bandra (East), Mumbai – 400051 Dalal Street, Fort, Mumbai - 400 001 NSE Scrip Symbol: SMT BSE Scrip Code: 545001 ISIN: INE356Y01018 ISIN: INE356Y01018 Subject: Transcript of earnings call 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, enclosing herewith a copy of the transcript of the earnings call of the Sahajanand Medical Technologies Limited for Q2 & H1FY27 financial results held on Thursday, November 05, 2026. The same is also available on the website of the Company at www.smtpl.com. Thanking you, For Sahajanand Medical Technologies Limited Amit Kumar Khandelia Chief Financial Officer “Sahajanand Medical Technologies Q2 FY27 Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. BHARGAV KOTADIA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – SAHAJANAND MEDICAL TECHNOLOGIES MR. AMIT KHANDELIA – CHIEF FINANCIAL OFFICER -- SAHAJANAND MEDICAL TECHNOLOGIES MODERATOR: MS. KHYATI SONTHALIA – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Page 1 of 15 Sahajanand Medical Technologies Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 FY 2027 Earnings Call for Sahajanand Medical Technologies, hosted by Motilal Oswal Financial Services 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 the 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 Ms. Khyati Sonthalia from Motilal Oswal Financial Services Limited. Thank you, and over to you. Khyati Sonthalia: Thanks, Yashashri. Good evening, everyone, and warm welcome for second quarter FY 2027 earnings call of Sahajanand Medical Technologies. From the management side, we have Mr. Bhargav Kotadia, Managing Director and Chief Executive Officer, and Mr. Amit Khandelia, Chief Financial Officer. Over to the management for the opening comments. Bhargav Kotadia: Hi. Good evening, everyone, and thank you for joining SMT's first earnings call as a listed company. I am Bhargav Kotadia, Managing Director and the CEO, and with me is Amit Khandelia, our Chief Financial Officer. Before we begin, please note that today's discussion may include forward-looking statements. These are based on our current views and involve risks and uncertainties. Please refer to the safe harbor statement on slide two. We will cover three areas today: our financial performance for Q2 and the first half of FY 2027, our operating KPIs, and the progress on our product pipeline. We will then take any of your questions. You have my commentary on the slide, so I will not read through it. Instead, let me share three thoughts as we begin our journey as a listed company. First, what listing means for us. It brings a new level of accountability. We intend to report transparently and consistently on the same KPIs every quarter so that you can measure our delivery against our commitments quarter- after- quarter. Second, the quality of this quarter's growth. What pleases me most is not the record numbers themselves, but how they were delivered. Growth came from every product category and every region, and more of each rupee of revenue converted into profit. That tells us the business is scaling the way we built it to. Third, what we are focused on next. We have three clear priorities: executing on the launches already in hand, including Sironity in India and the next steps on our TAVI platform, continuing to improve margins through operational efficiency, and building utilization at our Telangana plant, which gives us room to grow without proportional capital spend. Amit will now take you through the numbers in detail. Amit, over to you. Amit Khandelia: Thank you, Bhargav, and good evening, everyone. Let me take you through our financial performance. I am on slide number six. Quarter two FY 2027 was a record quarter for SMT, with the highest-ever revenue, EBITDA, and PAT. Revenue grew 24.7% to around INR373 Page 2 of 15 Sahajanand Medical Technologies Limited November 05, 2026 crores. EBITDA grew faster, up 36.6% to INR65 crores, and the EBITDA margin rose from 16% to 17.6%. PAT grew 26.6% to INR26 crores. For the half year, revenue grew 24.9% to INR725 crores, and EBITDA grew 43.4% to INR114 crores, a margin of 15.7%. Reported H1 PAT grew 7.5% to INR41 crores. I will explain shortly why the underlying growth is much higher. Moving on to slide seven, which talks about the product mix. Growth came from all the three categories. Vascular intervention remains our core at 58% of H1 revenue, up 16% year-on-year. Structural heart accelerated in quarter two, growing about 40%, with both TAVI and occluders up about 40%. Other products grew fastest, up 52% in H1, and this was largely on account of IVUS that we have in the Europe geography. Moving on to slide eight, which talks about the geography cut of revenue. By region, ROW grew fastest, up 37% in H1, and is now our largest region at 40% of revenue. Europe grew a steady 23% in line across both the quarters and is 36% of revenue. India picked up from 6% growth in quarter one to 15% in quarter two. We also had a tailwind from currency this half, mainly in Europe. In constant currency, at the overall level, revenue grew about 16% in quarter two and about 15% in H1. I'll now move to slide nine, which talks about the profit and loss statement. Starting with gross margin, gross margin for the first half was 74.3% against 76% a year ago, a decline of about 170 basis points. About 150 basis points of that is from the mix. Traded products which carry lower gross margins grew faster than our own product, and the regional mix also shifted. The rest reflects higher input and labor cost, which include our continued investment in quality, an area where we will not compromise. Our pricing has remained broadly stable in all the product segments. On traded products, our focus is to leverage the sales team that we have already built. Selling more products to the same team, to the same customer and channels spreads our selling cost over a large revenue base. This is operating leverage playing out, and it is why EBITDA grew faster than revenue. You can see this in our cost ratios. EBITDA margin expanded by 154 basis points in the quarter, as employee cost fell from 28.8% to 27.1% of revenue, and other expenses fell from 31.5% to 29.7%. Together, that is about 350 basis points of cost efficiency. In absolute terms, EBITDA grew 37% in quarter two and 43% in H1, well ahead of revenue growth. On PAT, H1 FY 2026 included a one-off tax credit of INR8.7 crores relating to earlier periods. Excluding it, H1 PAT grew about 39%, which is the last line on this slide. I'll now move to slide number 10, which is the balance sheet and the return ratios. Our return ratios improved minimally. ROCE rose to 16.7% on an annualized basis from 12.2% in FY 2026. Return on equity rose to 11.2% from 9.8%. This came from profit growing much faster than the capital base. Page 3 of 15 Sahajanand Medical Technologies Limited November 05, 2026 Capital employed rose by INR72 crores in half year, almost all of it from working capital to support the growth of the company. Total equity is around INR745 crores and borrowings are INR300 crores, with INR114 crores of cash and liquid investments. Moving on to slide 11, which talks about cash conversion cycle. Cash conversion cycle is a clear focus area for the company. Our cash [Showing first 8,000 characters — download PDF for full document]