Submission of Transcript of the earnings conference call on Un-audited Financial Results (Standalone & Consolidated) for Q1FY27 (2026-27)

SEC/3107/2026 By E-Filing July 31, 2026 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Corporate Relations Department, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra- Kurla Complex, Dalal Street, Bandra (E), Fort, Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol : APARINDS Scrip Code : 532259 Kind Attn.: Listing Department Kind Attn. : Corporate Relationship Department Sub. : Submission of Transcript of the earnings conference call on Un-audited Financial Results (Standalone & Consolidated) for Q1FY27 (2026-27) Ref.: Reg. 30 read with Schedule III & all other applicable Regulations, if any, of the SEBI (LODR) Regulations, 2015 (“Listing Regulations”), as amended from time to time Dear Sir / Madam, Kindy refer our letter dated July 24, 2026, under Ref. no. SEC/2407/2026, w.r.t. submission of Audio Recording link of the earnings conference call made on the Un-audited Financial Results (Standalone & Consolidated) of the Company for Q1FY27 (2026-27). Pursuant to the provisions of Regulation 30(6) of the Listing Regulations, we are now submitting herewith the transcript of the said conference call made on July 24, 2026 on the Un-audited Financial Results (Standalone & Consolidated) of the Company for Q1FY27 (2026-27). The aforesaid transcript is also made available at the website of the Company viz. www.apar.com. Kindly take note of this. Thanking you, Yours faithfully, For APAR Industries Limited (Sanjaya Kunder) Company Secretary Encl. : As above APAR Industries Limited Corporate Office : APAR House, Corporate Park, V. N. Purav Marg, Chembur, Mumbai - 400 071, India +91 22 6780 0400 / 49572100 corporate@apar.com www.apar.com Regd. Office: 301/306, Panorama Complex, R. C. Dutt Road, Alkapuri, Vadodara - 390007, India +91 265 6178 700/6178 709 apar.baroda@apar.com www.apar.com CIN: L91110GJ1989PLC012802 “APAR Industries Limited Q1 FY27 Earnings Conference Call” July 24, 2026 MANAGEMENT: MR. KUSHAL DESAI – CHAIRMAN AND MANAGING DIRECTOR – APAR INDUSTRIES LIMITED MR. CHAITANYA DESAI – MANAGING DIRECTOR – APAR INDUSTRIES LIMITED MR. RAMESH IYER – CHIEF FINANCIAL OFFICER – APAR INDUSTRIES LIMITED MODERATOR: MR. AMBESH TIWARI – S-ANCIAL TECHNOLOGIES Page 1 of 18 APAR Industries Limited July 24, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the APAR Industries Limited Q1 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 conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Ambesh Tiwari from S-Ancial Technologies. Thank you, and over to you, sir. Ambesh Tiwari: Thank you. Good afternoon, everyone. I welcome you all to the Q1 FY27 earnings call for APAR Industries. To discuss the business performance and outlook, we have from the management side, Mr. Kushal Desai, Chairman and Managing Director; Mr. Chaitanya Desai, Managing Director; and the CFO, Mr. Ramesh Iyer. I will now pass on to Mr. Kushal Desai for the opening remarks. Thank you, and over to you, sir. Kushal Desai: Yes. Thank you, Ambesh. Good afternoon, everyone, and welcome to the APAR Industries Q1 FY27 Earnings Call. Before we start, I did want to mention that the company has issued a notice to its shareholders seeking the approval under applicable law for the issuance of securities. So under these guidelines, to comply with them, we have specifically restrictions around publicity. The company will not be in a position to actually take any questions on guidance, projections, forecasts pertaining to its business and financial performance or questions related to the proposed funding requirements. So having said that, I will focus and limit myself to giving an outline of our consolidated financial performance and thereafter, deliberate on each division- wise performance, and then we can open up the floor to questions. Coming to our financial performance, we started FY27 on a fairly strong note. Our consolidated revenues grew by over 29%. So we had 29.1% versus last year. The revenue has reached INR6,591 crores. The domestic revenue grew by 36.8%. Export revenue grew by 12.4% and the export mix is at 27.5% compared to 31.6% in the previous year. If we come to EBITDA, EBITDA post open period forex has grown to INR814 crores, representing a growth of 62.7% year-on-year. The margin came in at 12.4% compared to 9.8% a year ago. The steep growth in EBITDA is attributed to higher sales realization as well as unit profitability across all three divisions, with our oil division being the highest incremental contributor. So if you look at profit after tax, profit after tax has increased by 77.7% to reach INR467 crores from a year ago. The PAT margin came in at 7.1%, so it's up about 200 basis points. This incidentally is the highest quarterly sales as well as profit number that we have achieved in the history of the company. Otherwise, this has been a fairly challenging quarter from an external perspective, given the impact of the U.S.-Iran war, various logistics difficulties that have happened in the export markets and fairly significant manpower-related shortages in the month of May, which coincided with holidays as well as local elections. However, in spite of all this, the teams at APAR have Page 2 of 18 APAR Industries Limited July 24, 2026 managed to deliver a very good result, demonstrating superior risk management as well as strong discipline in execution. Coming to the conductor division. Our revenues grew by 19.9% to reach INR3,338 crores. Volume for the quarter was down 6.7% compared to a year ago. This can be attributed fundamentally to a surge in the metal prices that have impacted delivery schedules of orders which are in hand, where customers have withheld manufacturing clearance, especially due to the sudden increase in the price of aluminum and where customers were not having hedged metal. So, in most of these contracts, there is a certain leeway in terms of delivery, where the end contract has to be delivered, say, in 18 months or 24 months or 36 months. So, there is a little bit of a leeway. In this case, we attribute this that in the absence of the aluminum hedge, because of the sudden increase in prices, there are some customers who are waiting for prices to come down and then hedge the metal and give manufacturing clearance. So overall, we see this as temporary because the orders have already been placed. And there is only a certain time line to which a delay can be done as there are very stringent penalties for the overall delay in the project execution. Domestic revenue is up 19.3%, while export revenues grew 22.2%. The export mix stands at 20.5%, which is marginally higher than what it was a year ago. What is heartening to know is that the premium segment of the Conductors division contributed well to overall revenues of 50.3% compared to 43.7% a year ago. So most of these delays, which I spoke about, of manufacturing clearance has been largely for conventional conductors going into the domestic market against TBCB projects and other projects of that type, whereas the premium products continue to get executed. And that's how the mix has actually increased. It has also had a direct relationship with the higher EBITDA that I'm going to explain later. So EBITDA post foreign exchange grew 14% year-on-year to INR285 crores. EBITDA growth is attributable to a higher share of the premium mix due to which despite a slightly lower volume of conventional conductors, the absolute EBITDA has grown, which came in at INR53,418 per ton compared to INR43,688 per ton a year earlier. This quarter, APAR has also achieved its all-time highest reconducting installations. APAR also has got an approval from one of the largest U.S. utilities for O [Showing first 8,000 characters — download PDF for full document]