V-GUARD INDUSTRIES Q2 FY27 CONCALL: EXPECTS MID-TEEN H2 VOLUME GROWTH, 16–17% ELECTRONICS MARGINS; ₹150 CR FY27 CAPEX & LIGHTING EXPANSION BY APRIL–MAY 2027

• H2 FY27 Volume Outlook: Management expects mid-teen volume growth, moderating from H1 due to a higher base. • EBITDA Margin Outlook: Management expects sequential margin improvement during Q3 and Q4, supported by pricing actions and product mix. • Electronics Margin Guidance: Targets 16–17% margins in a normal year, with 18% possible in a good year. • FY27 Capex Guidance: Approximately ₹150 Cr planned for the full year. • Price Increases: Company has taken 6–12% price hikes across categories, with additional increases planned. • Pricing Gap: Management indicated a remaining 3–4% gap to fully offset input cost inflation. • Gross Margin: Declined to 34% from 37.6% YoY and 36.9% QoQ due to higher raw material costs and product mix. • Solar Business: Strong growth in residential rooftop systems, with expansion planned beyond South India into northern and eastern markets. • Solar Product Mix: Approximately 75% of solar sales come from 3–10 kW systems. • Lighting Expansion: Targets a broader product portfolio and market rollout by April–May 2027, with meaningful revenue contribution expected from Q1 FY28. • Sunflame Outlook: Management expects stronger growth from product launches and portfolio refreshes over the next 6–12 months. • Consumer Durables Margins: Management expects to maintain current margins, supported by better operating performance. • BLDC Fans: Account for approximately 35–40% of the fan portfolio, with BLDC products driving growth. • New Product Development: Targets approximately 21–22% of non-wire revenue from newly developed products. • Distribution Expansion: Targets 3,000–5,000 new channel customers annually; current reach exceeds 1 lakh outlets. • Q2 Revenue: ₹1,853 Cr; H1 revenue at ₹3,664 Cr, UP 30.5% YoY. • Q2 Electronics Revenue: UP 60% YoY, led by solar systems, inverters and batteries. • Q2 Electrical Revenue: UP 41.2% YoY, largely supported by pricing increases in wires. • Q2 Consumer Durables Revenue: UP 20% YoY, supported by fans, water heaters and kitchen appliances. • Q2 Sunflame Revenue: UP 20.5% YoY. • Q2 EBITDA: ₹168 Cr, with EBITDA margin at 9.1% versus 8.1% YoY. • Q2 Net Profit: UP 71% YoY.

V-GUARD IND LTD.

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