Analysts/Institutional Investor Meet/Con. Call Updates

August 21, 2026 Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400051 Symbol: AARON Subject: Transcript of Earnings Conference Call – Q1FY27 Dear Sir/Madam, Pursuant to Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we enclosed herewith the transcript of the Earnings Conference Call held on August 17, 2026, to discuss the Financial Results for the Quarter ended June 30, 2026. The same is also available on the website of the Company i.e. www.aaronindustries.net. It is further confirmed that no unpublished price-sensitive information was shared/discussed in the meeting / call. This is for your information and records. Thanking You, Yours faithfully, For Aaron Industries Limited Nitinkumar Maniya Company Secretary and Compliance Officer “Aaron Industries Limited Q1FY27 Earnings Conference Call” August 17, 2026 MANAGEMENT: MR. MONISH DOSHI – DIRECTOR & CHIEF FINANCIAL OFFICER – AARON INDUSTRIES LIMITED MR. PARESH NAIK – PRESIDENT - AARON INDUSTRIES LIMITED MODERATOR: MS. SIDDHI JAIN – FINPORTAL INVESTMENTS PVT. LTD., INVESTOR RELATIONS Page 1 of 15 Aaron Industries Limited August 17, 2026 Moderator: Good afternoon, everyone, and welcome to the Q1FY27 earnings call of Aaron Industries Limited. We sincerely thank you for joining us today. During this call, the management will discuss the company's operational and financial performance for the first quarter of FY27, followed by an update on key business developments, strategic priorities and the outlook ahead. Before we begin, I would like to remind everyone that certain statements made during this call may be forward-looking in nature. These statements are based on management's current expectations and assumptions, and are subject to various risks and uncertainties. Actual results may differ materially from those expressed or implied. Participants are advised not to place undue reliance on these forward- looking statements. Please also note that this conference call is being recorded for compliance purposes. Representing Aaron Industries today, we have with us Mr. Monish Doshi, Director and Chief Financial Officer, and Mr. Paresh Naik, President. I now invite the management team to deliver their opening remarks. Following their address, we will open the floor for the Q&A session. Thank you, and over to you. Monish Doshi: Good afternoon, everyone. On behalf of the management of Aaron Industries Limited, I, Monish Doshi, Director and CFO of the Company would like to welcome to all the participants to the Q1FY2026-27 earnings conference call. Thank you for taking the time to join us today. I will briefly take you through the key financial and operational highlights for the quarter ended June 30, 2026, following which we will be happy to address your questions. Q1FY2026-27 Financial Performance As per the tradition set by the Aaron, we are pleased to inform that we have once again delivered a healthy growth in revenue and profitability. Revenue from Operations stood at ₹24.44 crore, compared with ₹19.24 crore in Q1FY2025-26, registering a 27.01% YOY growth. EBITDA increased by 34.83% YOY to ₹4.99 crore, compared with ₹3.70 crore in the corresponding quarter last year. Our EBITDA margin improved to 20.19%, compared with 18.99% in Q1FY2025-26 and 18.58% in Q4FY2025-26. This improvement reflects better operating efficiency and improved contribution from our business operations. Profit Before Tax stood at ₹3.46 crore, registering a strong 66.60% YOY growth, while lower interest costs also supported profitability. Most importantly, Profit After Tax increased to ₹2.56 crore, compared with ₹1.06 crore in Q1FY2025-26, representing a significant 141.94% YOY growth. Transcript of Aaron Industries Limited Q1FY27 Earnings Call Page 2 of 15 Aaron Industries Limited August 17, 2026 PAT margin consequently improved to 10.46%, compared with 5.50% in the corresponding quarter. Business Outlook During the quarter, our focus remained on improving capacity utilisation and leveraging the investments made in our manufacturing infrastructure. We continue to see encouraging opportunities across our Elevator and Stainless- Steel businesses, supported by increasing demand and our expanding product capabilities. Going forward, our priorities remain clear, increase capacity utilisation, strengthen our customer base, improve operating efficiencies and deliver sustainable growth with healthy margins. Overall, we are encouraged by the performance of Q1 and remain cautiously optimistic about the growth opportunities ahead. With this, I would like to conclude my opening remarks. Thank you for joining us today. We will now be happy to take your questions. Moderator: Thank you so much for the opening remarks. We will now open the floor for the Q&A session. I request participants who wish to ask a question to please use the raise hand feature. We will take the first question from Mr. Manish Kela. Manish Kela Hello, sir. Am I audible? Monish Doshi: Yeah Manish Kela: Thank you so much for taking up my question. First of all, congratulations on the good set of numbers. I have a couple of questions. One is you talk about the international OEM engagements you've talked about on your previous calls - what is the status? Have you made any breakthrough with the international OEMs for any contract manufacturing? Paresh Naik: Okay, good afternoon. I would like to give you clarity on the international front. Internationally, we had focused on Africa, especially Kenya and Tanzania, and we had even participated in exhibition events there. So, there is positive momentum there, but due to their prevailing political and economic conditions, there has not been much growth in that business over there. So, we have had good breakthroughs, but yes, we are still yet waiting for the development of business over there. In Nepal, we are having consistent growth, and that has continued this year also. So, we are hopeful that this international front will also open up shortly, once their conditions also stabilize. Manish Kela: But sir, when we talk about these international OEMs, I'm essentially referring to companies like Johnson, Schindler, and others. Paresh Naik: I'm sorry, I took it wrongly. On Johnson and Kone, we had a meeting, and the registration process has started. In Wittur also, the registration process has started. Transcript of Aaron Industries Limited Q1FY27 Earnings Call Page 3 of 15 Aaron Industries Limited August 17, 2026 We have received few good orders from Fujitec on the sheet front. And the local national companies - which are not international, but have a good national footprint, in that Techno and Omega are buying the majority of their sheet requirement from us, on the embossed and on the PVD part. So, on the international OEMs, the orders have not yet started - only Fujitec has started. But the process is on; they have taken samples, and the vendor registration process has also begun. So, we are hopeful that I think in the next quarter there should be some good business from there. I hope this has answered the question. Manish Kela: Yeah. Hello? Am I audible? So, sir, with respect to the sampling part that you highlighted it right? is this with the name you mentioned, I think I heard it Fujitec? Paresh Naik: Yeah, yeah Fujitec. They have taken sheets from us, and now they are placing regular orders. They are also planning to get those manufactured from us, but it will take some time, because there are a lot of technicalities involved, so that process is Manish Kela: Got it. And how would other players like Johnson, Schindler, and others? Paresh Naik: They have taken the samples, but we have not yet received the orders. The process is on. Manish Kela: Got it, got it. Okay, so my second question was on the steel polishing division. When I look at your segmental results, I [Showing first 8,000 characters — download PDF for full document]