Transcript of Conference Call with reference to the Unaudited Financial Results for the quarter and half year ended on September 30, 2026, with the Management of the Company.

AI summary - Q2 FY27 consolidated revenue INR3,519 Cr +69% y-y; H1 revenue INR7,187 Cr +70% y-y - Q2 EBITDA INR1,021 Cr (29.02% margin); H1 EBITDA INR2,045 Cr; Q2 PAT INR650 Cr - Domestic explosives growth driven by mining/infrastructure demand; international business expanding via acquisitions and greenfield projects - Defense revenue at INR1,002 Cr Q2, INR1,935 Cr H1; order book includes INR9,000 Cr Pinaka family - FY27 revenue guidance of INR14,000 Cr likely to be surpassed; EBITDA margin expected to exceed 29% - Volume growth in domestic explosives targeted at 10-15% annually; industry growth ~7% - Defense product pipeline includes 155 mm shells, Guided Pinaka, Bhargavastra; international orders growing - Technology focus on integrated manufacturing and R&D for advanced defense products - Order book at INR20,178 Cr with INR17,568 Cr from defense; exports to 90+ countries - Multiple analyst queries on defense order pipeline and international market expansion