Analysts/Institutional Investor Meet/Con. Call Updates

ZUARI INDUSTRIES LIMITED 5th Floor, Tower A, Global Business Park, M.G. Road, Sector 26, Gurugram - 122 002, India Tel: +91 (124) 482 7800, Email: ig.zgl@adventz.com, www.zuariindustries.in 21 August 2026 National Stock Exchange of India Ltd, BSE Limited Exchange Plaza, C-1, Block-G Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (E), Dalal Street, Mumbai- 400 051 Mumbai - 400 001 NSE Symbol: ZUARIIND BSE Scrip Code: 500780 Sub: Transcript of Earnings Call conducted on 17 August 2026 Ref: Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Dear Sir/ Madam, In continuation of our earlier letters dated 04 August 2026 and 17 August 2026 related to Earnings Call and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith Transcript of the Earnings call held on 17 August 2026. This is for your information and record. Thanking you, For Zuari Industries Limited Yadvinder Goyal Company Secretary Encl: As stated above Registered Office Jai Kisaan Club, Jalvayu Colony Road, Near MES College, Zuarinagar, Sancoale, Goa – 403726 CIN No.: L65921GA1967PLC000157 “Zuari Industries Limited Q1 FY27 Earnings Conference Call” August 17, 2026 MANAGEMENT: MR. ATHAR SHAHAB – MANAGING DIRECTOR – ZUARI INDUSTRIES LIMITED MR. ALOK SAXENA – EXECUTIVE DIRECTOR – ZUARI INDUSTRIES LIMITED MR. JATIN JAIN – CHIEF FINANCIAL OFFICER – ZUARI INDUSTRIES LIMITED MR. YADVINDER GOYAL – COMPANY SECRETARY – ZUARI INDUSTRIES LIMITED MR. ALOK BANERJEE – CHIEF EXECUTIVE OFFICER – ZUARI INFRAWORLD INDIA LIMITED MODERATOR: MR. ARYAN – MUFG INTIME Page 1 of 19 Zuari Industries Limited August 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to Q1 FY27 Earnings Conference Call of Zuari Industries Limited. 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 a touchtone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Aryan from MUFG Intime. Thank you and over to you, sir. Aryan: Thank you, Muskan. Good afternoon everyone and a very warm welcome to all participants on the Q1 FY27 Earnings Conference Call of Zuari Industries Limited. Today on this call we have Mr. Athar Shahab, Managing Director; Mr. Alok Saxena, Executive Director; Mr. Jatin Jain, Chief Financial Officer; Mr. Yadvinder Goyal, Company Secretary; and Mr. Alok Banerjee, CEO of Zuari Infraworld India Limited, a wholly owned subsidiary and the real estate arm of Zuari Industries Limited. A disclaimer before we start this call. This call will contain some forward-looking statements which may be based upon our beliefs, opinions and expectations of the company. As of today, these statements are not a guarantee of future performance and will involve unforeseen risks and uncertainties. With this I hand over the call to Mr. Athar Shahab. Over to you, sir. Thank you. Athar Shahab: Thank you, friends. On behalf of Zuari Industries Limited, I would like to extend a very warm welcome to all the participants who have joined us today for the Q1 financial results discussion. We start with the performance of the Sugar, Power and Ethanol division. Our sugar sales stood at 4.7 lakh quintal compared to 3.6 lakh quintal in the last year the same quarter, which represents a 29% increase year-on-year, primarily supported by higher domestic quota allocation. Average sugar realizations also improved to INR4,116 per quintal from INR4,036 per quintal last year. Despite the improvement in sugar volumes and realizations, margins remained somewhat under pressure, substantially due to about 8% increase in the SAP, which was INR30 per quintal for the last season, as well as somewhat lower recovery from ethanol, which was manufactured through the molasses route. Sugar recovery for this first quarter stood at 11.7%. Last year we had not operated the mill, we produced so the numbers cannot be compared with last year. The performance of the current quarter included six operating days in April '26, whereas there was no crushing operation in the last year. Page 2 of 19 Zuari Industries Limited August 17, 2026 Our ethanol business remained on a steady momentum with production increasing by 1% to 10,138 KL and sales grew by 5% to 10,248 KL. Average realization stood at INR60.70 per liter. Power sales for the quarter stood at 62.8 lakh unit compared to 7.7 lakh units for the same quarter last year. R&M activities are currently in progress at the sugar unit as we prepare for the upcoming crushing season. Moving on to our subsidiaries and joint ventures. The real estate subsidiary of the company, Zuari Infraworld, achieved a very important milestone this quarter with the 100% completion of the St. Regis Residences, Dubai. We are expecting to commence handovers shortly, with all the preparatory activities currently underway, while the profit repatriation from the project has already commenced. This marquee project demonstrates our capability of successfully executing projects of similar size and scale in that region. We also continue to make steady progress on our asset-light development management model. As you are aware, we are doing a project in Hyderabad called Gangothri Tribhuja Project, where the sales office and customer experience center are now complete and marketing activities are in full swing. The project envisages a saleable area of 2.8 million square feet. We have also executed a DM agreement for a 14.8-acre plotted development in Bangalore. RERA approval is in place for this project. We continue to evaluate further DM mandates across Bangalore, Kolkata and Hyderabad. In our subsidiary Simon India, during the quarter we executed projects worth about INR30 crores with approximately INR70 crores worth of orders currently under execution. The ongoing crisis in West Asia has resulted in deferred capex across sectors, affecting the engineering and construction industry as a whole. The company is exploring opportunities actively both within the country and outside to strengthen its order book while working on digitalization and AI-led initiatives. Our ethanol joint venture, Zuari Envien Bioenergy Private Limited, stabilized its plant operations during the current quarter and has secured orders until the month of October 2026. As regards our investment portfolio, we continue to maintain strategic investments across our core portfolio that comprises, as you are aware, Chambal Fertilisers, Zuari Agro Chemicals, Paradeep Phosphates, Texmaco Rail & Engineering, and Texmaco Infrastructure and Holdings. The value of our listed strategic investments as on 30th June was INR4,223 crores, which was up 15% quarter on quarter due to market movement. Page 3 of 19 Zuari Industries Limited August 17, 2026 Friends, we are making decent progress on our deleveraging exercise, excluding working capital, the aggregate external debt of the company and its subsidiaries was INR1,888 crores as against INR1,909 crores at the end of the fourth quarter. Profit repatriation from our St. Regis project in Dubai has commenced with part of the proceeds received in July and August and the balance expected during the current fiscal year. We also expect that the loan that was given to an associate company, Zuari Agro Chemicals Limited, will also be repaid to the company in the current quarter. Looking ahead, I think on the sugar prices and inventory, just to give you a recap, in the previous season, the sugar production was estimated to be 31.1 million metric tons after accounting for ethanol diversion of 3.1 million tons and domestic consumption of 28.3 million metric tons and exports of 0.7 million tons. Closing sugar stocks are expected to [Showing first 8,000 characters — download PDF for full document]