KANOHAR

Current Performance - Q2 FY27 Revenue rose 112% YoY to ₹208.6 Cr with an EBITDA margin of 35% and PAT margin of 25.8%. - H1 FY27 Revenue surged 109% YoY to ₹345.7 Cr with an EBITDA margin of 32.3%. - Order book reached ₹2,711.2 Cr as of September 30, 2026 (up 34% QoQ), offering 24-30 months of revenue visibility. - Total borrowings decreased to ₹28.1 Cr from ₹39.0 Cr as of March 31, 2026. Management Guidance & Outlook - Reaffirmed FY27 revenue guidance of approximately ₹950 Cr. - Full-year EBITDA margin guided to remain in line with FY26 levels (~28%), maintaining prudence despite strong H1 margins. - FY28 expected to continue a similar YoY revenue growth trajectory. Capex & Capacity Expansion - Brownfield expansion at the Gangol facility remains on track to double capacity by early FY29 (to ~38,000 MVA). - Current capacity of 19,200 MVA is deemed sufficient through FY28. Growth Drivers & Market Trends - Premium higher-voltage equipment (≥220 kV) contributed ~78% of H1 FY27 revenues. - Shunt reactors are emerging as a major contributor due to grid integration of renewable energy, accounting for ~22% of H1 revenue. - Railway traction modernization toward 2x25 kV systems presents an estimated ₹20,000 Cr opportunity for Scott-connected transformers over the next 5-10 years.

Current Performance - Q2 FY27 revenue grew 112% YoY to ₹208.6 Cr; EBITDA was ₹73.1 Cr (up 167% YoY) with an EBITDA margin of 35%. - H1 FY27 revenue surged 109% YoY to ₹345.7 Cr with EBITDA margin at 32.3% and PAT margin at 23.5%. - Total borrowings reduced to ₹28.1 Cr from ₹39 Cr as of March 31, 2026. Order Book & Inflows - Order book stood at ₹2,711.2 Cr as of September 30, 2026, up 34% QoQ, offering execution visibility for 24–30 months. - Q2 order intake was ₹867.3 Cr, including a major central PSU order exceeding ₹250 Cr. - Power transformers represent 78% of the order book and shunt reactors account for 10%. Management Guidance & Outlook - Management maintained full-year FY27 revenue guidance of approximately ₹950 Cr. - FY27 EBITDA margin is guided conservatively to be around 28% (broadly in line with FY26), accounting for quarterly order and cost variations. Capacity & Capex Plans - Brownfield expansion at the Gangol facility remains on track to double capacity to ~38,000 MVA by the start of FY29. - Current capacity of 19,200 MVA is deemed sufficient through FY28. Product & Market Insights - Railways' 2x25 kV traction system creates a ₹20,000 Cr market opportunity for Scott-connected transformers over 5–10 years. - Company is technically prepared for entering the 765 kV transformer segment and seeking suitable bidding opportunities.

- Kanohar Electricals Limited has submitted the audio recording link of the Quarterly Earnings Conference Call for Q2 and H1 of FY 2026-27 held on November 3, 2026. - The recording is made available on the company's official website in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Q2 FY27 Standalone Revenue ₹208.6Cr vs ₹98.2Cr (▲112% YoY) EBITDA ₹73.1Cr vs ₹27.4Cr (▲167% YoY) PAT ₹53.9Cr vs ₹19.3Cr (▲180% YoY) EBITDA Margin 35.0% vs 27.8% (▲720bps) Order Book: Secured fresh orders worth ₹867.3 Cr, taking the outstanding order book to ₹2,711.2 Cr executable over 24-30 months. Guidance: Reaffirmed FY27 revenue guidance of ~₹950 Cr with an EBITDA margin profile similar to FY26.

Q2 FY27 Consolidated Revenue ₹208.6Cr vs ₹98.2Cr (▲112.4% YoY) EBITDA ₹73.1Cr vs ₹27.4Cr (▲167.2% YoY) PAT ₹53.9Cr vs ₹19.3Cr (▲179.7% YoY) EBITDA Margin 35.0% vs 27.8% (▲720bps)

- Board of Directors approved the Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2026. - Statutory Auditors issued an unmodified Limited Review Report on the financial results. - Detailed financial result tables were not provided in the filing document.

Concall Schedule Concall Date: November 3, 2026 Concall Time: 02:00 PM IST

Concall Schedule Concall Date: Wednesday, October 21, 2026 Concall Time: 5:00 pm onwards

Management Guidance & Outlook - Targeting FY27 revenue of approximately ₹950 Cr with EBITDA margins remaining similar to FY26. - FY28 top-line growth expected to track at a similar growth rate (~40-45% YoY). - Net working capital cycle guided to remain stable at around 110 to 120 days. Financial & Order Book Performance - Q1 FY27 Revenue rose 103.5% YoY to ₹137.1 Cr; EBITDA jumped 152.2% YoY to ₹38.8 Cr (margin at 28.3%); PAT surged 140% YoY to ₹27.3 Cr. - Consolidated order book stood at ₹2,026 Cr as of June 30, 2026, with an execution timeline of 18-24 months. - Added incremental order inflows of ₹332.2 Cr in Q1 and ₹867.3 Cr in Q2 FY27. Capex & Expansions - Executing a brownfield capacity expansion of 18,000 MVA at the Gangol facility to be operational by FY29. - Expansion capacity will be equipped for 765 kV transformer manufacturing, supported by in-house developed technology. Growth Drivers - Significant demand emerging from the ₹1.85 lakh crore Green Energy Corridor III scheme focused on intra-state transmission (mainly 400 kV). - Indian Railways' expansion into high-speed corridors presents an estimated ₹20,000 Cr market opportunity for traction/Scott-connected transformers over the next 5-10 years.