GLASSWALL

Financial & Operational Performance - H1 FY27 revenue grew 16% YoY to ₹239 Cr, led by domestic execution (+33% YoY) and fenestration (+82% YoY). - H1 EBITDA margin expanded to 25.3% (26.9% adjusted for freight pass-through); PAT reached ₹46 Cr. - Working capital days improved to negative 19 days with zero working capital strain from freight. Management Guidance & Outlook - Reaffirmed full-year FY27 revenue growth guidance of 20% to 22% (net of freight). - H2 FY27 execution expected to be strong with ~30%+ top-line growth projected. - Sustainable margin guidance maintained at 23%-25% for EBITDA and 18%-20% for PAT. Order Book & Pipeline - Order book stands at ₹957 Cr as of September 2026, providing 18-24 months of revenue visibility. - Expected order booking of ₹500+ Cr in H2 FY27 to end the year with an order book exceeding ₹1,000 Cr. - Active domestic bidding pipeline exceeds ₹3,000 Cr with a selective order-picking strategy. Capex & Expansion - ₹70 Cr IPO-funded glass processing plant on track for commissioning around July/August 2027, adding 100-150 bps to EBITDA margins. - Current capacity utilization stands at 55%-60%, supporting over ₹1,000 Cr in revenue with minimal maintenance capex (~₹20 Cr over 2 years). Growth Drivers - Geographic diversification into Israel with initial orders expected in H2 FY27; US export demand expected to rebound post macro normalization. - R&D underway for Building-Integrated Photovoltaics (BIPV) facade solutions.

Financial Performance & Current Scenario - H1 FY27 revenue grew 16% YoY to ₹239 Cr, led by domestic execution (up 33% YoY to ₹140 Cr) and fenestration (up 82% YoY to ₹22 Cr). - EBITDA reached ₹60 Cr with margins at 25.3% (26.9% excluding freight pass-through). - Order book stood at ₹957 Cr as of September 30, 2026, providing 18-month execution visibility. Management Guidance & Outlook - Reaffirmed full-year FY27 revenue growth guidance of 20% to 22% with sustained EBITDA margins between 23% and 25%. - Anticipates strong growth in H2 FY27 (>30% YoY) backed by ramped-up site execution. - Targeting order inflows of over ₹500 Cr across Q3 and Q4 FY27 against an active bidding pipeline exceeding ₹3,000 Cr. Capex & Capacity Expansion - The ₹70 Cr IPO-funded glass processing plant is on track for commissioning by July–August next year, expected to improve EBITDA margins by 100–150 bps. - Current plant capacity utilization stands at 55–60%, capable of supporting peak revenues of over ₹1,000 Cr with minimal additional capex (~₹20 Cr over 2 years). Growth Drivers & International Markets - Luxury fenestration segment experiencing high demand from luxury residential projects in major metros. - Exploring market entry into Israel with potential initial orders expected in Q3/Q4 FY27, alongside ongoing bidding on large US projects. - R&D team actively developing Building-Integrated Photovoltaic (BIPV) solutions for future architectural facades.

- Audio recording link provided for the earnings call held on November 4, 2026, at 12:00 PM. - Discussion focused on Unaudited Financial Results for the quarter and half year ended September 30, 2026. - Web link to access recording: https://www.glasswallsystems.in/stock-exchange-uploads/Investor-call-recording.mp3

- Q2 FY27 Revenue grew 3.3% YoY to ₹131.5 Cr; PAT increased 31.2% YoY to ₹28.6 Cr. - Order book stood at ₹957 Cr as of September 30, 2026. - Commissioning of in-house Glass Processing Unit expected by August 2027 to expand margins by 100–150 bps.

- Q2FY27 Consolidated Revenue grew 3.3% YoY to ₹131 Cr; EBITDA increased 32.3% YoY to ₹38 Cr with 28.5% margin. - PAT rose 31.2% YoY to ₹29 Cr for Q2FY27. - Order book stood at ₹957 Cr as of September 30, 2026. - GPU backward integration facility expected to commission by August 2027.

- Glass Wall Systems (India) Limited has submitted its financial results to the Exchange for the period ended September 30, 2026.