Management Address proposed to be delivered at the 61st Annual General Meeting of the Company on 28th August, 2026

ar/ [plaI Nonstop Performance. August 28,2026 BSE Limited Corporate Relationship Department 25th Floor, Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai - 400 001 Scrip Code: 517096 - APLAB LIMITED - Fully paid Scrip Code= 890217 - APLAB LIMITED - Partly paid Subject: Management Address proposed to be delivered at the 51st Annual General Meeting Dear Sir/Madam, pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Management Address proposed to be delivered at the 61st Annual General Meeting of Aplab Limited scheduled to be held on Friday, August 28,2026 at 11:30 a.m. (lST) through Video Conferencing / Other Audio-Visual Means. The enclosed address includes information drawn from the audited financial statements for FY 2025'26 and supplementary operational information based on the Company's internal management classification. This disclosure is being submitted before the Meeting to ensure uniform and timely dissemination of the information to all stakeholders. The enclosed document will also be made available on the Company's website. Kindly take the same on record. Thanking you, Yours faithfully, For Aplab Limited Sanjay N. Mehta Managlng Director DIN: 00036539 Encl.: As above ffi..h*nHHHF,? O R';il",,li;I3Jiil;fl[1i.'L"i3" 6l responsegaplab.com Q www.aplan.com MANAGEMENT ADDRESS 61st Annual General Meeting of Aplab Limited | August 28, 2026 A year of operational transition and improved profitability Financial Year 2025-26 marked the beginning of an important transformation at Aplab. Revenue from operations was Rs. 58.44 crore, compared with Rs. 63.67 crore in the previous year. Despite the decline in revenue, profit after tax improved to Rs. 2.52 crore from Rs. 0.26 crore in FY25. Operating profit margin improved to 10.07% from negative 5.29%, and net profit margin improved to 4.31% from 0.41%. This improvement was driven principally by structural cost reduction, consolidation of manufacturing processes, better capacity utilisation, a more favourable business mix, improved execution and lower finance costs. Debtor days improved to 53 from 124, the debt-equity ratio reduced to 0.93 from 2.38, and interest coverage improved to 2.37 times from negative 1.05 times. The turnaround is encouraging, but it is not a reason for complacency. Revenue contraction remains a concern, and management remains focused on disciplined execution, working-capital efficiency, product quality and sustainable growth. The Board has not recommended a dividend for the year, with available resources being directed toward strengthening the business. Aplab today Aplab is an Indian electronics engineering and manufacturing company incorporated in 1964 and listed on BSE Limited. The Company designs and manufactures power-conversion systems, test and measurement instruments, banking and retail automation solutions, and related service offerings. Its corporate office and manufacturing facility are at Digha, Navi Mumbai. The Company serves industrial manufacturing, education and research, defence, avionics and space, telecom and broadcasting, banking and financial services, and other specialised markets. Its product portfolio includes industrial and MIL-grade UPS systems, frequency converters, DC power systems, aviation ground-power equipment, programmable AC and DC sources, electronic test instruments, self-service passbook printers and multifunction kiosks. Aplab competes through application engineering, customisation, responsive lifecycle support and a pan- India sales and service presence. The Company states that its products are designed to meet applicable international safety and reliability requirements, including EMI-EMC and CE requirements, and that its quality system is certified to ISO 9001:2015 and ISO 27001:2022. Business portfolio and performance Management now reviews the business through four principal operating groups: Power Control and Conversion Electronics, or PCCE; Test and Measurement Instrumentation, or TMI; Banking and Business Automation; and Customer Service and Support. Power Electronics remains the largest internal revenue vertical. Power Control and Conversion Electronics PCCE includes the Nonstop Performance Series of UPS and emergency power systems, frequency converters, automatic changeover switches, power-conditioning equipment, isolation transformers, and power-management and monitoring software. It also includes specialised defence and aviation products, such as MIL-grade aviation ground-power units providing 400 Hz AC and 28 V DC supplies, and high-power battery chargers and DC power systems. In this FY26 almost three quarters of revenue came from PCCE. The major sectors are defence, aviation, aerospace and other strategic-sector customers. Revenue from these customers moderated by approximately 2-3% during the year, mainly due to the timing and deployment schedules of defence projects. Aplab serves broad categories including the Armed Forces, Defence Public Sector Undertakings, strategic institutions and private defence and aerospace contractors. A meaningful share of this activity comes from established and repeat relationships. Page 1 The medium- to long-term opportunity is supported by continuing demand for reliable MIL-grade power supplies. However, Aplab equipment is often ordered towards the final stages of a larger system procurement, and the timing of orders therefore depends on customer call-offs and project deployment schedules. Management is not providing specific defence order-book or FY27 conversion guidance. Qualification of defence products involves development, testing and customer validation and may take up to two years depending on the application. The KAAS Series is presently in the development and customer evaluation stage. Programme-specific information is not disclosed because of commercial and defence- related confidentiality. Test and Measurement Instrumentation TMI revenue increased by approximately 30%, albeit from a low revenue base. Principal users include industrial equipment manufacturers undertaking product development, electrical testing, verification and quality assurance, as well as R&D and DPSU laboratories and technical and educational institutions. The portfolio includes LONAR programmable AC sources and XSP and VSP programmable DC sources. The XSP high-efficiency programmable power-supply range was launched in the final quarter of FY26 and is at an early stage of market development through demonstrations, customer engagement and application- development work. It is too early to assess its revenue contribution potential. Banking and Business Automation BA revenue increased by 50% of the previous FY. This BA revenue is extremely volatile and a single public sector tender win can change BA revenue substantially. Aplab's BA portfolio includes self-service passbook printers, passbook lifecycle automation software, CTS-Ready cheque deposit self-service kiosks and retail advertising & payment kiosks. Despite reducing cheque volumes management is of the opinion that to achieve the RBI two hour window for cheque clearance can not be done without CTS-Ready cheque deposit kiosks. We expect good growth in this segment. Large-volume opportunities in this market principally arise through PSU bank tenders. L1-based procurement and lowest-common-denominator technical specifications can lead to commoditisation and significant pricing pressure. Aplab is therefore emphasising technology-led innovation, feature differentiation and value-added solutions, rather than pursuing revenue at commercially unviable margins. Growth will depend on tender activity, bank capital-expenditure cycles, regulatory developments and the continued evolution of phygital and mobile-enabled banking. Customer Service and Support Service revenue was Rs. 6.58 crore in FY26. Aplab's nationwide engineering and support presence remains an import [Showing first 8,000 characters — download PDF for full document]