Transcript of Earnings Conference Call for the second quarter ended September 30, 2026

November 11, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza. C-1, Block C, Dalal Street Bandra Kurla Complex, Mumbai- 400001 Bandra East – Mumbai -400051 Scrip Code: 532749 Symbol: ALLCARGO Sub: Transcript of Earnings Conference Call for the second quarter ended September 30, 2026 Dear Sir/Madam, Pursuant to Regulations 30(6) read with Schedule III and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith transcript of earnings conference call held on Wednesday, November 4 2026, at 3: 30 p.m. (IST) for the second quarter ended September 30, 2026. The transcript is annexed for your reference which can also be accessed on the Company’s website from the below link: https://www.allcargologistics.com/investor We request you to take the above on record. Yours faithfully, For Allcargo Logistics Limited Shekhar R Singh Company Secretary Membership No. – F12881 Encl: a/a ALLCARGO LOGISTICS LIMITED Allcargo House, 6th Floor, CST Road, Kalina, Santacruz (E), Mumbai - 400 098. Maharashtra. India. T: +91 22 6679 8110 | www.allcargologistics.com | CIN: L63010MH2004PLC073508 | GSTN: 27AACCA2894D1ZS e-mail id: investor.relations@allcargologistics.com “Allcargo Logistics Limited Q2 and H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. KETAN KULKARNI – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – ALLCARGO LOGISTICS LIMITED MR. DEEPAK PAREEK – CHIEF FINANCIAL OFFICER – ALLCARGO LOGISTICS LIMITED MR. SANJAY PUNJABI – INVESTOR RELATIONS – ALLCARGO LOGISTICS LIMITED MODERATOR: MR. SHARU GARG – STELLAR IR ADVISORS Page 1 of 10 Allcargo Logistics Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Allcargo Logistics Limited Q2 and H1 FY27 Earnings Conference Call. 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 call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Sharu Garg from Stellar IR Advisors. Thank you, and over to you, sir. Sharu Garg: Thank you. Good afternoon, everyone, and thank you for joining us today. We have with us the senior management team of Allcargo Logistics Limited, Mr. Ketan Kulkarni, Managing Director and Chief Executive Officer; Mr. Deepak Pareek, Chief Financial Officer; and Mr. Sanjay Punjabi from Investor Relations. The management will be sharing operating and financial highlights for the quarter ended 30th September 2026, followed by a question-and-answer session. Please note that this call may contain some of the forward-looking statements, which are completely based upon the company's beliefs, opinion and expectations as of today. These statements are not a guarantee of the company's future performance and involve unforeseen risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect the developments that occur after the statement is made. With that, I would now like to hand over the conference to Mr. Ketan Kulkarni. Thank you, and over to you, sir. Ketan Kulkarni: Thank you, dear. Good afternoon, everyone, and thank you for joining us today. Our results presentation and press release have been uploaded to the stock exchanges and our website, and I trust you have had an opportunity to review them. When we spoke at the start of this fiscal during our Q1 call, we outlined our foundational philosophy of scaling Allcargo Logistics. That sustainable growth rests on disciplined execution, customer centricity and a clear principle of deliver value and command value. That framework has guided the organization to a second consecutive quarter of profitability. Looking at the quarter gone by, Q2 FY27 was essentially a tale of two distinct phases. During July and August, we witnessed general market softness and sluggish demand across several trade corridors. However, September marked a visible inflection with market activity and demand sentiment improving meaningfully. What is particularly encouraging is not just the market recovery in September, but the speed and responsiveness of our organization. Because of agile business teams and operating systems that we have institutionalized, we were able to quickly adapt to our network capacity, pivot resources and capture volume momentum Page 2 of 10 Allcargo Logistics Limited November 04, 2026 as soon as demand rebounded. As we shared during our last call, we remain firmly focused on continuous service excellence. Over the past quarter, our targeted interventions to improve transit reliability and reduce turnaround time have yielded tangible results on the ground. Superior service delivery has reinforced our ability to demand the right price in the marketplace. Backed by this improved service equation, we have witnessed healthier realization across our core offerings. Let me reiterate that we will continue to maintain this strict service-led pricing discipline going forward. We will not compromise on yields for indiscriminate growth. On the cost front, we have maintained rigorous discipline across both our direct operating expenses and general and admin overhead costs. This tight operational control has protected our unit economics and enabled continued sustainable profit. Turning to our Consultative Logistics vertical. We remain steadfast in our guiding philosophy of delivering more from less, for our enterprise clients like engineering, customized asset-light solutions and efficient supply chain systems. I'm pleased to report that this approach continues to gain traction with the business clocking a healthy 5.8% revenue growth year-on-year for the quarter, reflecting deepening client wallet share and strong reference ability in the market. Finally, on our digital and technology road map, a key highlight of this quarter has been the rollout of our new booking application. By embedding artificial intelligence directly into the booking journey, the platform simplifies complex workflows, significantly cuts down manual intervention and accelerates order processing times. More importantly, it delivers an intuitive, seamless experience for our customers while structurally lowering cost to serve. To sum up, H1 FY27 has demonstrated the resilience of our operating model with service-led pricing impact, disciplined cost structures and an agile commercial engine, we enter the second half of the year confident of driving our volume expansion and creating sustainable shareholder value. The macros; India's GDP growth for Q1 stood at 7.8% and is expected to continue growing in the similar range for the full year of FY27. This signifies stable underlying industrial and retail demand underpinning domestic surface movements. For Q2 FY27, the macro backdrop was represented by the sluggish industrial activity during the monsoon months of July and August, followed, as I recently mentioned, an uptick in September. This is represented by high frequency indicators like E-Way Bill generation, which crossed 141 million run rate and GST collections, which maintained a 14.7% Y-o-Y in the month of September. Coming to Allcargo Logistics, we have started FY27 on a strong footing and have continued the performance momentum in Q2 FY27, too, with another quarter of profitable growth. Our strategy of focus on service and customer centricity, along with operational discipline while driving structural cost efficiencies is providing us the desired results. We will continue to walk down this path. Our goal is not just to maintain profitability, but to build on this platform. Page 3 of 10 Allcargo Logistics Limited November 04, 2026 I would also like to take this opportunity to introduce all of you all to our Chief Transformation Officer and Managing Director designat [Showing first 8,000 characters — download PDF for full document]