Transcript of earnings call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026

August 5, 2026 The Manager, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Mumbai- 400 001 Bandra-East, Mumbai- 400 051 Scrip Code: 532953 Symbol: VGUARD Dear Sir/Madam, Sub: Transcript of earnings call pertaining to the Unaudited Financial Results for the quarter ended June 30, 2026. This is with reference to the intimation dated July 16, 2026, filed with the stock exchanges in terms of regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, regarding the earnings call to discuss the financial results for the quarter ended June 30, 2026, scheduled on July 30, 2026. The audio recording was filed with the stock exchange. We are enclosing the transcript of the Earnings call. The same is also being uploaded on the website of the Company at https://www.vguard.in/uploads/investor_relations/V-Guard-Industries-Q1- FY27-Transcript.pdf We request you to kindly take the above information on record. Thanking You, Yours Sincerely, For V-Guard Industries Limited Vikas Kumar Tak Company Secretary & Compliance Officer Membership No. FCS 6618 Encl: As above V-GUARD INDUSTRIES LTD P . W +91 484 300 5000, 200 5000 Regd. Office: 42/962, mail@vguard.in Vennala High School Road, www.vguard.in Vennala, Kochi – 682 028. CIN: L31200KL1996PLC010010 “V-Guard Industries Limited Q1 FY27 Earnings Conference Call” July 30, 2026 •f /CIC/ Securities MANAGEMENT: MR. MITHUN K. CHITTILAPPILLY – MANAGING DIRECTOR – V-GUARD INDUSTRIES LIMITED MR. RAMACHANDRAN V – DIRECTOR AND CHIEF OPERATING OFFICER – V- GUARD INDUSTRIES LIMITED MR. SUDARSHAN KASTURI –SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER – V-GUARD INDUSTRIES LIMITED MODERATOR : MR. ANIRUDDHA JOSHI-ICICI SECURITIES Page 1 of 17 ,> V-Guard Industries Limited VGU/\RD July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the V-Guard Q1 FY27 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 “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aniruddha Joshi. Over to you, sir. Aniruddha Joshi: Yes. Thanks, Ananya. On behalf of ICICI Securities, we welcome you all to Q1 FY27 results conference call of V-Guard Industries Limited. We have with us today the senior management represented by Mr. Mithun K. Chittilappilly, Managing Director; Mr. Ramachandran V, Director and COO; and Mr. Sudarshan Kasturi, Senior Vice President and CFO. Now, I hand over the call to the management for initial comments on the quarterly performance and then we will open the floor for question-and-answer session. Thanks and over to you, Mithun Sir. Mithun K. Chittilappilly: Thank you, Aniruddha, and the team at ICICI Securities for hosting today's call. A warm welcome to everyone joining us to discuss our company's operating and financial performance for the first quarter of FY27. I trust all of you had the opportunity to review the investor presentation shared earlier. We started FY27 on a strong performance in the first quarter with all business segments reporting double-digit growth. Consolidated revenue for Q1 FY27 stood at INR1,810 crores, representing a Y-o-Y growth of 23.5%. The quarter benefited from a more favorable summer season compared to the last year's Q1. Despite supply chain disruptions and commodity cost pressures arising from the West Asia conflict, we delivered robust growth while maintaining a healthy gross margin through proactive pricing actions, disciplined cost management and the inherent resilience of our business model and brand. The Electronics segment comprising of stabilizers, UPS systems and solar power systems reported a strong growth of 22.8% Y-o-Y with all major product categories contributing positively to the quarter. The Electricals segment registered a revenue growth of 27.7% Y-o-Y, while growth was aided by higher copper prices, while switchgear modern switches and pumps delivered robust volume growth. In the Consumer Durables segment, covering fans, water heaters, kitchen appliances and air coolers, we reported a revenue growth of 19.2% Y-o-Y, while there was a significant spike in induction cooks in the quarter, the broader kitchen appliances portfolio also delivered a healthy growth. The other categories also did well, resulting in a well-balanced performance in the segment. Page 2 of 17 ,> V-Guard Industries Limited VGU/\RD July 30, 2026 Sunflame reported revenue growth of 18.3% Y-o-Y in Q1. Over the past two years, we have focused on product quality, customer service and people capabilities. Functional integration is complete and we now have embarked on a sales acceleration program. We are beginning to see the benefits in its improved business momentum. From a geographic perspective, the revenues from the South market grew by 36.7% Y-o-Y, while the non-South market grew by 12%. The difference in growth largely reflects the variations in the summer season across the various regions in the country. The gross margin remained healthy at 36.9%, in line with the corresponding quarter of the previous year despite higher input costs during the period. The stability in margins reflects our ability to respond swiftly through calibrated pricing actions while continuing to benefit from structural improvements from our manufacturing footprint and product mix achieved over the past few years. EBITDA excluding other income for Q1 stood at INR191 crores, reflecting a Y-o-Y growth of 54.5%. EBITDA margin was at 10.5% compared with 8.4% in Q1 of previous year. Consolidated PAT for the quarter was INR130 crores, up 76% Y-o-Y compared to INR74 crores in Q1 FY26. Cash flow was strong with a net cash position at INR670 crores compared to INR155 crores a year ago. While working capital improvements were particularly favorable this quarter, we remain focused on disciplined working capital management on a sustainable basis. We will continue to monitor the geopolitical situation and will take appropriate action necessary to protect supplies and margins. We are hopeful that the growth momentum will sustain in the upcoming quarters as well. With that, I conclude my opening remarks. I would like to thank Aniruddha and the team at ICICI Securities for hosting this call. I would like to request the moderator to open the floor for Q&A. Thank You. Moderator: Thank you very much. We will now begin with the question-and-answer session. First question is from the line of Sameer Gupta from IIFL Capital. Please go ahead. Sameer Gupta: Hi sir, good afternoon. Congrats on a good set of numbers and thanks for taking my question. Two questions from my side. First question, could you just elaborate on the kind of inflation in the RM basket and the consequent price hikes taken? If you could also break them down into how much is already there in the reported quarter and how much would be at an exit level? Also, if you could spell out the quantum of price hikes and volume growth from an increment perspective? That would be my first question, sir. Mithun K. Chittilappilly: Yes. So, I think if you look at the pricing action, I think almost I would say maybe 80%, 85% of the pricing actions are complete. A lot of the raw materials have kind of stabilized, i.e., they have stopped going up or they have started to normalize. Some of the commodities are remaining at the elevated levels. So that's where we are at right now. If you divide this 22%, 23% between price and volume, price growth is about 14% and volume growth will be about 9%. This is for a blended weighted average. Page 3 of 17 ,> V-Guard Industries Limited VGU/\RD July 30, 2026 Sameer Gupt [Showing first 8,000 characters — download PDF for full document]