AETHER INDUSTRIES Q2 FY27: EBITDA UP 29% YOY; CEM & CRAMS REVENUE CONTRIBUTION TARGETED AT 70%, MAJOR CAPACITY EXPANSION UNDERWAY

• Revenue Growth: Revenue increased 24% YoY to ₹347.2 Cr, supported by scaling up Contract/Exclusive Manufacturing (CEM) contracts • Profitability: EBITDA increased 29% YoY to ₹110.4 Cr, while net profit grew 26% to ₹68 Cr; EBITDA margin stood at 31.8% • Business Mix Target: Management aims to increase the combined revenue contribution of CEM and CRAMS from 66% to 70% over the next two years • Contract Manufacturing: CEM revenue increased to ₹197 Cr from ₹131.3 Cr YoY, contributing approximately 57% of quarterly revenue • Site 3++ Expansion: Commercial production has commenced, with capacity ramp-up currently underway • Site 5 Expansion: Two production blocks commissioned in Q1 FY27 for pharmaceutical products, with two additional blocks for semiconductor and agrochemical CEM contracts expected to start commissioning from Q4 FY27 onwards • Future Capacity: Management highlighted strong business visibility for all 14 production blocks planned at Site 5 • R&D Expansion: New Catalyst R&D Centre at Site 1 under construction, with completion targeted by Q1 FY28 • R&D Investment: Spent ₹40.6 Cr on R&D during H1 FY27, representing 6.03% of revenue; installed 18 additional fume hoods to strengthen research capabilities • New Customer Addition: Onboarded six new customers across business models during Q2 FY27, supporting future contract manufacturing opportunities • Sector Growth Drivers: Oil & Gas and Material Science expected to remain major growth drivers, alongside new product launches in Pharmaceuticals and Agrochemicals • New Business Pipeline: Negotiations underway for additional CEM contracts across multiple sectors, supporting future revenue diversification • H1 Performance: Revenue increased 27% YoY to ₹673.8 Cr, EBITDA grew 30% to ₹213.2 Cr and PAT increased 29% to ₹130.7 Cr • Cash Flow & Investments: H1 operating cash flow stood at ₹33.3 Cr versus ₹125.4 Cr YoY, while capital work-in-progress increased to ₹705.2 Cr from ₹506.1 Cr in March 2026, reflecting ongoing investments • Future Guidance: Management has outlined business-mix and commissioning targets but has not disclosed specific FY27 revenue growth, EBITDA margin or fresh capex guidance in the presentation

AETHER INDUSTRIES LIMITED

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