Analysts/Institutional Investor Meet/Con. Call Updates

NEL/042/2026-27 Date: 11st November, 2026 The Secretary Corporate Relationship Department National Stock Exchange of India Ltd. Bombay Stock Exchange Ltd. Exchange Plaza, 5th Floor, Plot No. C/1, 1st Floor, New Trading Ring, 'G' Block, Bandra-Kurla Complex, Rotunda Building, P. J. Towers, Bandra (East), Mumbai – 400051 Dalal Street, Fort, Mumbai – 400001. Ref: Symbol– NAVNETEDUL Ref: Scrip Code – 508989 Dear Sir / Madam, Sub: Disclosure of Transcript of Earning Call for Q2 FY 27. In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the transcript of the earnings call held on Thursday, 05th November, 2026 with investors and analysts to discuss the Operational and Financial performance of the Company for Q2FY27. We also inform that the said transcript is available on the website of the Company www.navneet.com. You are requested to take note of the above. Thanking You, Yours faithfully, FOR NAVNEET EDUCATION LIMITED AMIT D. BUCH COMPANY SECRETARY MEMBERSHIP NO. A15239 “Navneet Education Limited Q2 FY27 Investor Call” November 05, 2026 MANAGEMENT: MR. SUNIL GALA – MANAGING DIRECTOR – NAVNEET EDUCATION LIMITED MR. KALPESH DEDHIA – CHIEF FINANCIAL OFFICER – NAVNEET EDUCATION LIMITED MR. ROOMY MISTRY – HEAD INVESTOR RELATION – NAVNEET EDUCATION LIMITED Page 1 of 14 Navneet Education Limited November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Navneet Education Limited Q2 FY27 Investor Call. As a reminder, all participant lines will be in the listen-only mode and there'll 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 and then zero on your touchtone phone. I now hand the conference over to Mr. Sunil Gala. Thank you and over to you. Sunil Gala: Thank you. Good afternoon everyone and a warm welcome to our Q2 and H1 FY27 earning call. First of all, thank you for joining us today to review our performance and discuss the exciting path forward for our company, Navneet. So at Navneet, our core philosophy remains unchanged, which is knowledge is wealth. For generations, we have been a trusted partner in the education space. Today we are not just keeping pace with rapid educational and technological advancements, but we are leading the way for our iconic curriculum books to breakthrough educational tech and India's first educator-led AI. We are actively bridging legacy trust with future innovation. Our performance this quarter reflects the powerful resilience of our business model and the clear acceleration of our core growth engines. As you would have seen, I'm very pleased to report that Q2 FY27 overall revenue on standalone basis grew by around 31%, 32% from INR246 crores to INR324 crores. And on consolidated basis, operational revenue grew by 31% to INR324 crores. So this top-line expansion trickled down into better operation profitability. So first, if I talk about standalone EBITDA, went up by 150% to INR20 crores, lifting our margins from 3.3% to 6.2%. And on consolidated, EBITDA was INR11 crores, expanding margins from 0.4% to 3.4% year-on-year. And on the bottom line, our standalone profit after tax reached INR6 crores, marking a shift from Net loss of INR6 crores in the same period last year. So looking at the broader picture of H1 '27, we achieved standalone revenue of INR1,109 crores with an improved EBITDA margin and delivering a profit after tax of INR154 crore. This performance underscores the foundational strength of our business over a long timeline. Now let me talk on these segments. So first I will talk about the publication or content business, where we believe we are unlocking the curriculum super cycle. Our Publication segment delivered an impressive performance with revenue growing from -- by around 53.8% year on year to INR140 crores. If you may recall, in the first quarter call we did mention about spill over. So this is partly driven by spill over of revenue from Q1. So if you look at half-yearly publication revenue, it shows a reasonable and stable structural growth of 6.7%, reaching to INR544 crores. So the most vital strategic takeaway for our investors, all of you, is the ongoing curriculum change cycle. Page 2 of 14 Navneet Education Limited November 05, 2026 This cycle began in FY26 and is fully expected to continue over the next two financial years. Having successfully adopted to change in the lower grades during FY26 and FY27, we will now move into the higher grades. Usually higher grades command a significant larger revenue share per student. We are primed to capture this higher value mix as the cycle progresses. And on stationery, our total stationery revenue grew to INR184 crores, making an overall year-on-year growth of 18.7%. So within stationery, first I'll talk about the domestic. Which was INR52 crores. It grew by 34% almost, and this continuous success is the direct outcome of our aggressive strategy focused on high-margin branding and non-paper stationery verticals. We are penetrating markets deeper with customer-centric products to ensure long-term sustainable market share. And on exports, stationery, which stood at INR132 crores. Global markets are showing clear signs of revival. While global supply chain geopolitical tensions and shifting macro demand remain dynamic, we anticipate a U-shape recovery in exports in the near term. But now let me talk about profitability, which you all may be wondering. So though there was a sizable growth in publication and stationery both, the margins in domestic stationery were dragged down on account of various branding activities. There was a one-time GST reversal which you all may know that earlier we had GST on our stationery products, and since last November or so it got cancelled. So whatever inventories that we had, we had to reverse the GST. And additional manpower cost -- majorly manpower is on account of our focus on non-paper stationery products. So investment in branding and manpower cost overpowered the margins earned in domestic stationery, leading to drop in profitability. However, in the long term, these investments will pay off with better profitability, which we are very, very sure of. Now, in the export business, the reversal of additional discounts that we had to give last year when the tariffs were introduced. But those reversals happened in around June, July -- a few customers in June, few customers in July. So overall, in H1, major sales were at a discounted price, leading to reduced profitability. However, the most of the additional discounts is discontinued. Which will result in better profitability from H2 FY27 onwards. Very happy to share that we had partly sold the holding of K12 Techno, and we have received most of the proceeds of that by now, so which has been received in Q3. So going forward, in conclusion, our momentum is just getting started. Your company, our company, is uniquely positioned now. We have an unshakable legacy in Indian Education. We have aggressive expansion strategy in domestic consumer goods, means majorly stationery, and innovative foot forward into educational artificial intelligence. So as we unlock higher value curriculum cycle, deeply penetrate local markets, and ride the global export recovery wave, your investment is securely anchored in a high growth engine designed for long-term sustainable wealth creation. Page 3 of 14 Navneet Education Limited November 05, 2026 So I want to extend my deepest gratitude to our board, our teams, our vendor partners, and all the stakeholders, and most importantly, all of you, our shareholders, for your unwavering trust in our mission. Thank you, and I look forward to your questions. Thank you. Moderator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. We have the first question from the line of Himanshu Upadhyay from SteadFort Inves [Showing first 8,000 characters — download PDF for full document]