Analysts/Institutional Investor Meet/Con. Call Updates

SANGHVI MOVERS LIMITED Regd. Office: Survey No. 92, Tathawade, Taluka - Mulshi, Pune, Maharashtra - 411033, INDIA. Tel. : 020-66744700, 020-27400700 E-mail : sanghvi@sanghvicranes.com Web : www.sanghvicranes.com CIN No.: L29150PN1989PLC054143 REF: SML/SEC/SE/26-27/32 August 07, 2026 To, To, The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Scrip Code: 530073 Symbol: SANGHVIMOV Subject: Transcript of the Earnings Conference Call on Unaudited Financial Results for the quarter ended June 30, 2026 Dear Sir/Madam, Further to our letter dated July 27, 2026, and in terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings conference call held on August 03, 2026 relating to the unaudited financial results of the Company for the quarter ended June 30, 2026. The same is also available on the website of the Company at www.sanghvicranes.com. The above is for your information and record. Thanking you, Yours sincerely, For Sanghvi Movers Limited Vinav Agarwal Company Secretary & Chief Compliance Officer ACS: 40751 Encl.: as above “Sanghvi Movers Limited Q1 FY'27 Earnings Conference Call” August 03, 2026 MANAGEMENT: MR. RISHI SANGHVI - MANAGING DIRECTOR MR. GAURANG DESAI - CHIEF EXECUTIVE OFFICER MR. PRADEEP MEHTA - CHIEF FINANCIAL OFFICER Page 1 of 17 Sanghvi Movers Limited August 03, 2026 Moderator: Ladies and gentlemen, good afternoon and a warm welcome everyone to Q1 FY'27 Earnings Call of Sanghvi Movers Ltd. Please note, the investor presentation and the financial results are available on the Company website and the stock exchanges. Also, anything said on this call which reflects our outlook for the future or which could be construed as a forward-looking statement, must be reviewed in conjunction with the risk that the company faces. The conference call is being recorded and the transcript along with the audio of the same will be made available on the website of the company as well on the exchanges. Please also note that the audio of the conference call is the copyright material of Sanghvi Movers Ltd. and cannot be copied, rebroadcasted or attributed in the press or media without specific and written consent of the Company. From the management side, we have with us Mr. Rishi Sanghvi – Managing Director, Mr. Gaurang Desai – Chief Executive Officer and Mr. Pradeep Mehta – Chief Financial Officer. Now, I request Mr. Pradeep Mehta, the Chief Financial Officer of Sanghvi Movers Ltd. to provide you with the updates for the quarter ended 30th June, 2026. Thank you and over to you, sir. Pradeep Mehta: Thank you, Huda and good afternoon. Thank you all for joining us. I will take you through quarter in four parts: 1. The headline numbers. 2. The sequential compositions. 3. The core crane rental margin which I expect is on everyone mind and which I will explain in this discussion. 4. And then the last is balance sheet and CAPEX. On headline numbers on a consolidated basis: Revenue from operation for Q1 FY'27 was Rs. 380 crores against Rs. 273 crores in Q1 FY'26. That is growth of 39% and total income was Rs. 393 crores against Rs. 281 crores, growth of 40%. EBITDA was Rs. 139 crores against Rs. 107 crores, growth of 30% at a margin of 35%. Profit after tax was Rs. 65 crores against Rs. 50 crores, also 30% growth. The cash profit was Rs. 104 crores against Rs. 82 crores. Page 2 of 17 Sanghvi Movers Limited August 03, 2026 So, I want to address the sequential picture directly because year on year numbers tell only half the story. Against Q4 FY'26, the revenue rose from Rs. 350 crores to Rs. 380 crores. That is Rs. 29 crores up. But EBITDA was Rs. 139 crores against Rs. 143 crores and margin was 35% against 40% and profit after tax was Rs. 65 crores against Rs. 69 crores. So, overall, we grew the top line and gave back margin and that is the real outcome. And I will now explain exactly what caused it. The core crane rental EBITDA margin moved from 53% in FY'26 to 47% in Q1 FY'27. That is a 6% point drop. So, there are four components for the same. Two points related to a higher expected credit loss provisions driven by aging of receivables that is around Rs. 6.2 crores. We expect it to rationalize over the course of this year as collection improves. One point is regarding mark-to-market reinstatement of foreign currency loan and that is Rs. 1.4 crores and it is a non-cash accounting entry. One point is one-time incentive paid to frontline employees and to senior management teams because Company has rewarded for first time, surpassing Rs. 1,000 crores top line and extraordinary performance by the employee in FY'26. The remaining two points are change in revenue mix during the quarter. We served incremental demand through higher ancillary equipment and through cross rental of cranesu, this is rather than doing fresh capital expenditures. I want to be precise about the last item what I explained because it is one that is a structure. These are deliberate capital allocation choice, not a margin leakage because higher equipment and gross rental carry lower percentage margin but they consume no capital. Therefore, this is accretive to ROCE and cash generation because while these are being optically dilutive to reported margin, however, it is without investment. So, we prefer to earn lower margin instead of investing more capital on this front. So, putting together, excluding this FOREX and incentive item, the underlying core margin for the quarter was approximately 49% and if the credit provision rationalized as we are expecting in during the course of the year, the return crossed 51%. Taking all together, we regard this core margin are structurally intact and our guidance for FY'27 is still between Rs. 525 crores to Rs. 575 crores which is unchanged. Since I have raised the credit provision, let me also give you the working capital position: Group Days Sales Outstanding (DSO) stood at 116 days which includes crane rental 124 days, renewable E&C 98 days and GCC business 201 days. So, this year's collection is very focused and the GCC collection has improved in the month of July after the end of quarter June '26. On business mix: Page 3 of 17 Sanghvi Movers Limited August 03, 2026 The crane rental contributes approximately 60% of revenue from operations and 37% renewable E&C and balance 3% from project EPC. Renewable business ran ahead of our full year mix in Q1 on execution phasing and for the full year, we continue to expect roughly two-third revenue from crane rental and one-third from renewable E&C business. As the revenue will scale up in the second half for the year, following to the CAPEX which are going to happen in the remaining part of the year. On the operation side: Our fleet size is 492 cranes and gross block is approximately Rs. 3,300 crores. The India and Botswana business reported utilization of around 86% at a yield of 2.29% and the GCC business utilization process is 86% at a yield of 4.10% and that yield differential that is between 4.1% and 2.29% is the core of Middle East investment. GCC total income was Rs. 19 crores at an EBITDA margin of 23% and the Saudi operation has now delivered cumulative EBITDA positive performance. On balance sheet: Our gross debt-to-equity stood at 0.54 times against our guided FY ceiling 0.72 times and group ROCE was around 16% as of March 26. On CAPEX, FY'27 pool of Rs. 652 crores as approved by the board of directors. Rs. 92 crores already capitalized in Q1 and balance deployment is in second half. We are continuously checking OEM delivery and project commissioning dates and this Rs. 560 crores will be deployed in the remaining part of the year, we are expecting approximately 15% increase in revenue within FY'27 because of this investment and substantially all the pool are revenue generating. With that, I will hand over to Mr. G [Showing first 8,000 characters — download PDF for full document]