Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 09, 2026 National Stock Exchange of India Limited BSE Limited Listing Department Listing Department Exchange Plaza, C-1, Block G, Corporate Relationship Department Bandra Kurla Complex, Bandra (E), P. J. Towers, Dalal Street, Mumbai – 400051 Fort, Mumbai - 400 001 NSE Symbol: KANOHAR BSE Scrip code: 544911 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 3, 2026. The transcript is also available on the website of the Company at the following link https://www.kanohar.com/earning-call-transcripts/ . We request you to take the same on record. FOR KANOHAR ELECTRICALS LIMITED Neha Company Secretary & Compliance Officer Membership Number: A29167 Encl.: a/a “Kanohar Electricals 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 recordings uploaded on the stock exchange on 3rd November 2026 will prevail.” MANAGEMENT: MR. ABHISHEK SINGHAL – WHOLE-TIME DIRECTOR MR. VIVEK SINGHAL – WHOLE-TIME DIRECTOR MR. SHIV KUMAR KAMBOJ – CHIEF FINANCIAL OFFICER MODERATOR: MS. TEENA VIRMANI – MOTILAL OSWAL FINANCIAL SERVICES LIMITED Page 1 of 19 ` Kanohar Electricals Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Q2 and H1 FY27 Earnings Conference Call of Kanohar Electricals Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risk and uncertainties that are difficult to predict. 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 a touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Teena Virmani from Motilal Oswal Financial Services Limited. Thank you and over to you, ma'am. Teena Virmani: So, hi, thank you. Good afternoon, everyone. On behalf of Motilal Oswal Financial Services, I welcome you all for Kanohar Electricals Q2 FY27 results conference call. I would like to thank the management for giving us the opportunity to host the call. From the management side, we have with us Mr. Abhishek Singhal, Whole-Time Director, Mr. Vivek Singhal, Whole-Time Director, Mr. Shiv Kamboj, CFO. Without taking much time, I hand it over to Mr. Abhishek for his opening remarks and after that, we will open the floor for Q&A. Over to you, sir. Abhishek Singhal: Thank you, Teena. Good afternoon, everyone, and a very warm welcome to our Q2 and H1 FY27 earnings call. Joining me today are Mr. Vivek Singhal, Whole-Time director, and Mr. Shiv Kamboj, our Chief Financial Officer, and our investor relations advisors, SGA. Our investor presentation has been uploaded on the stock exchanges and the company's website. So, I hope you all have an opportunity to review it. Since our Q1 earnings call was held less than a month ago, I will keep the industry update brief. So, the outlook for the power transmission sector remains encouraging, supported by investments in transmission infrastructure, renewable energy integration, and grid modernization. The approval of the Green Energy Corridor scheme and the continued focus of state transmission utilities on strengthening their networks are positive developments. Railways also remain an important opportunity, particularly as the adoption of 2x25 kV traction system creates demand for Scott-connected transformers. At Kanohar, we believe we are well-positioned to participate in these opportunities. As we have highlighted previously, manufacturing capacity alone is not sufficient to qualify for large and technically demanding utility and railway tenders. Short-circuit certification for specific ratings and an established track record are critical entry barriers. We have completed more than 200 successful short-circuit tests and are among the few Indian manufacturers qualified for 500 MVA 400 kV power transformers and the 100 MVA 220 kV and 132 kV Scott-connected transformers. These qualifications enable us to participate in technically demanding segments of the market. Coming to our performance, Q2 FY27 was a good quarter for us. Revenue from operations Page 2 of 19 ` Kanohar Electricals Limited November 03, 2026 grew 112% year-on-year to INR208.6 crores. EBITDA margin was 35%, while PAT margin stood at 25.8%. For the half-year H1 FY27, revenue grew 109% year-on-year to INR345.7 crores. EBITDA margin was 32.3% and PAT margin stood at 23.5%. For the full year, our EBITDA margin guidance remains broadly in line with FY26 as given earlier. The top-line growth was driven by higher manufacturing volumes and a better business mix. Our transformer business contributed nearly 88% of the revenue in H1 FY27 compared to the approximately 76% in H1 FY26, reflecting our continued focus on manufacturing, which remains the core of our business. Power transformers contributed approximately 56% of our total revenue in H1 FY27, registering an year-on-year growth of 88%. They continue to be the backbone of our business, supported by investments in transmission infrastructure at both central and state levels. Shunt reactors were another important contributor this time, accounting for approximately 22% of H1 revenue compared to the negligible contribution in the corresponding period last year. Their share in the Q2 was about one-third of the revenue. As renewable energy capacity expands and grid infrastructure evolves, we expect shunt reactors to remain an important growth opportunity for us. Scott-connected transformers for railways contributed approximately 9% of H1 revenue. Our product mix also reflects a shift towards higher voltage equipment. 400 kV products contributed around 56% of our total revenues in H1. Products rated 220 kV and above, including 400kV, accounted for nearly 78% of total revenue in H1 FY27 compared with approximately 53% in H1 of FY26. This increasing contribution from higher voltage and technically demanding products is consistent with our strategy and is reflected in our operating performance. Moving to the order book, we received orders worth INR867.3 crores during Q2, including a large order exceeding INR250 crores from a central PSU. As of 30th September 2026, our order book stood at INR2,711.2 crores, an increase of 34% over the end of Q1. This provides good revenue visibility over the next 24 to 30 months. Power transformers account for approximately 78% of the order book, while shunt reactors contribute around 10%. On capacity expansion, the planned brownfield expansion at our Gangol facility remains on track, with completion expected by the beginning of FY29. Looking ahead, the first half has been encouraging, supported by strong growth and a healthy order book. Traditionally, the second half of the year is stronger for our industry, and we expect this seasonality to continue. We expect to achieve our previously communicated FY27 revenue guidance of approximately INR950 crores with a full-year EBITDA margin profile broadly similar to FY26. We expect 400 kV power transformers to remain our largest product segment, with shunt reactors and Scott-connected transformers also contributing meaningfully. With that, I will hand over to our CFO, Mr. Shiv Kamboj, to take you through the financial performance in gre [Showing first 8,000 characters — download PDF for full document]