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Earnings Call Presentation Q2 FY27 5th November 2026
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DISCLAIMER & SAFE HARBOR STATEMENT Statements in this presentation, particularly those which relate to management’s views and analysis, describing the Company’s objectives, projections, estimates and expectations may constitute “forward looking statements” within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward looking statements to reflect actual results, changed assumptions or other factors. The presentation has been prepared by the Company based on the information and data which the Company considers reliable, but the Company makes no representation or warranty, expressed or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness, and reasonableness of the contents of this presentation. This presentation may not be all inclusive and may not contain all the information that you may consider material. Any liability in respect of the contents of, or any omission from, this presentation is expressly excluded. This presentation has been prepared solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract binding commitment whatsoever. No offering of the securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. 2 All amounts in ₹ Crore All numbers are rounded off to the nearest unit
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KOEL Fluid Dynamics (P) Limited (“KFD”)1 (100%) Kirloskar Americas Corporation2 (100%) Engines LPG, LLC dba Wildcat Power Gen6 (100%) Kirloskar International ME FZE7 (100%) Kirloskar Advanced Systems Private Limited8 (100%) Arka Financial Holdings (P) Ltd4 (100%) Arka Fincap Ltd3 (99.998%) Arka Investment Advisory Services (P) Ltd5 (100%) KOEL GROUP 3 KOEL- Earnings Call – Q2 FY27 – KOEL Group 1 76% with effect from 1st August 2017 and 100% with effect from 26th September 2022.Name change with effect from 8th January 2026 (formerly known as La-Gajjar Machineries Private Limited) 2 with effect from 1st July 2015. 3 with effect from 20th April 2018. 4 with effect from 13th July 2021. 5 with effect from 30th March 2022. 6 51% with effect from 29th November 2023 and 100% with effect from 6th August 2026 US time - end of day. 7 with effect from 7th January 2025. 8 with effect from 30th March 2026.
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CONTENT ▪ BUSINESS OVERVIEW ▪ STANDALONE ▪ SALES HIGHLIGHTS ▪ CONSOLIDATED ▪ SEGMENT OVERVIEW ▪ FINANCIAL OVERVIEW 4
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Products to Business Segments… Product Lines Business Segments Powergen Industrial Distribution and Aftermarket Fluid Dynamics Business Arka Group Power & Energy (B2B) Business 5 Engines, Gensets & Power Systems Industrial Engines & Power Systems Power Solutions for Large / Institutional Project Clients (Marine, Defence etc) Aftermarket Sales & Service Retail & Distribution Channel Engine Driven Pump Sets Electric Driven Pump Sets Financial Services KOEL- Earnings Call – Q2 FY27 – Business Overview International Business Fluid Dynamics (B2C) Business (KFD)
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1,286 89% 1,500 87% 163 11% 222 13% Q2 FY26 Q2 FY27 Exports Domestic 227 293 Q2 FY26 Q2 FY27 Distribution & After Market STANDALONE SALES^ HIGHLIGHTS – Q2 FY27 YoY 6 KOEL- Earnings Call – Q2 FY27 – Standalone Business Overview 1,449 1,722 Q2 FY26 Q2 FY27 Total Sales 678 792 Q2 FY26 Q2 FY27 Powergen 171 257 Q2 FY26 Q2 FY27 International 373 381 Q2 FY26 Q2 FY27 Industrial 19% 17% 2% 29% 1,722 1,449 79 118 67 85 17 19 Q2 FY26 Q2 FY27 Distribution & After Market Industrial Power Gen 163 222 Powergen 48% Industrial 22% Distribution & After Market 17% International 13% 50% ^ w.e.f. 11th October 2025, standalone B2C business was transferred to KFD (wholly owned subsidiary) and as the B2C operations for the previous year are presented as discontinued operations in standalone financial results, the comparative numbers are regrouped accordingly.
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2,430 90% 2,870 90% 281 10% 314 10% H1 FY26 H1 FY27 Exports Domestic 450 560 H1 FY26 H1 FY27 Distribution & After Market STANDALONE SALES HIGHLIGHTS – H1 FY27 YoY 7 KOEL- Earnings Call – Q2 FY27 – Standalone Business Overview 2,711 3,184 H1 FY 26 H1 FY27 Total Sales 1287 1,512 H1 FY26 H1 FY27 Powergen 291 363 H1 FY26 H1 FY27 International 683 749 H1 FY26 H1 FY27 Industrial 17% 17% 10% 24% 3,184 2,711 139 151 113 128 29 35 H1 FY26 H1 FY27 Distribution & After Market Industrial Power Gen 281 314 Powergen 49% Industrial 23% Distribution & After Market 18% International 10% 25% ^ w.e.f. 11th October 2025, standalone B2C business was transferred to KFD (wholly owned subsidiary) and as the B2C operations for the previous year quarter are presented as discontinued operations in standalone financial results, the comparative numbers are regrouped accordingly.
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CONSOLIDATED SEGMENT PERFORMANCE OVERVIEW – POWER & ENERGY (B2B) 8 Performance Updates Segment Revenue Composition For Current Quarter Segment Revenue Trend KOEL- Earnings Call – Q2 FY27 – Consolidated Business Overview Powergen 48% Industrial 22% Exports 13% Distribution & After Market 17% 1,292 1,249 1,381 1,376 1,510 165 147 176 112 235 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Domestic Export All amounts are in “₹ Crore” 1,457 1,396 1,557 1,488 1,745 ▪ Domestic Powergen saw strong performance across LHP , MHP , and HHP segment, registering market growth rates higher than competitors. MHP market share surged to record numbers and there was significant uptick in HHP market share. ▪ The International business saw strong performance and recovery with significant growth coming from the Africa market. ▪ Global Distribution & Aftermarket Business saw strong growth across all Channels. Good momentum in Railways and OEM sales and good traction in Electric motors segment. ▪ The Industrial business maintained steady performance, led by strong growth in Marine, Agri and Fluid Handling segments.
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185 180 264 245 230 73 69 75 56 100 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Domestic Export 258 CONSOLIDATED SEGMENT PERFORMANCE OVERVIEW – FLUID DYNAMICS (B2C) 9 Performance Updates Segment Revenue Composition For Current Quarter Segment Revenue Trend* KOEL- Earnings Call – Q2 FY27 – Consolidated Business Overview All amounts are in “₹ Crore” 249 301339 330 * Numbers are for continuing operations only, as reported in the financial results .The previous periods have been regrouped to make them comparable with those of the current periods. - As the standalone B2C business transfer transaction was with KFD (wholly owned subsidiary company) , there is no impact on the consolidated financial results. Domestic 70% Export 30% ▪ Fluid Dynamics: Q2’FY27 showed significant growth and clear revenue recovery. ▪ Strong market momentum was supported by robust volume growth in domestic agricultural and commercial pumps. ▪ Domestic channel sales remained resilient and export momentum improved sharply through the quarter.
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CONSOLIDATED SEGMENT PERFORMANCE OVERVIEW – FINANCIAL SERVICES 10 Performance UpdatesSegment Revenue Trend KOEL- Earnings Call – Q2 FY27 – Consolidated Business Overview *Excludes treasury assets and includes off balance sheet loan book of Arka Fincap Ltd (AFL) # Includes profit of ₹ 53 Crore on holding structure change. 1 Loan Book denotes On Balance Sheet Loan Book of AFL. - Figures for the previous period have been regrouped and / or reclassified wherever considered necessary to conform to current period presentation - ^ Unencumbered All amounts are in “₹ Crore” ▪ KOEL’s total investment in AFHPL as on 30th September 2026 stood at ₹ 1,053 Crore# ▪ AFHPL Consolidated revenue from operations stood at ₹ 209 Crore in Q2 FY27. ▪ AFHPL Consolidated PAT for Q2FY27 stood at ₹ 4.4 Crore and YTD PAT stood at ₹ 11.4 Crore ▪ Total Debt as on 30th September 2026 stood at ₹ 5,332 Crore; Treasury Assets stood at ₹ 935 Crore ^. ▪ Debt to Equity Ratio: • 30th September 2026 - 3.9x • 30th September 2025 - 4.0x ▪ Total AUM* as on 30th September 2026 at ₹ 7,781 Crore ▪ Drive to grow Secured granular retail business continues. Loan Book1 Trend AUM* Trend 5,831 5,643 5,732 5,519 5,754 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 7,558 7,679 7,947 7,651 7,781 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 236 227 221 210 209 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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CONTENT ▪ BUSINESS OVERVIEW ▪ FINANCIAL OVERVIEW ▪ STANDALONE ▪ PERFORMANCE HIGHLIGHTS ▪ PROFIT AND LOSS STATEMENT ▪ WORKING CAPITAL AND NET CASH POSITION ▪ CONSOLIDATED ▪ PERFORMANCE HIGHLIGHTS ▪ PROFIT AND LOSS STATEMENT ▪ SEGMENT RESULTS 11
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1,449 1,461 1,722 Q2 FY26 Q1 FY27 Q2 FY27 134 99 115 9% 7% 7% Q2 FY26 Q1 FY27 Q2 FY27 STANDALONE^ – PERFORMANCE HIGHLIGHTS Quarterly Sales EBITDA & Margin PAT & Margin 18% 16% -6% -14% KOEL- Earnings Call – Q2 FY26 – Standalone Financial Overview All amounts are in “₹ Crore” 19% 243 214 8.9% 6.7% H1 FY26 H1 FY27 376 357 13.8% 11.1% H1 FY26 H1 FY27 EBITDA & Margin PAT & Margin 2,711 3,184 H1 FY26 H1 FY27 Half Yearly Sales 17% 204 165 191 14% 11% 11% Q2 FY26 Q1 FY27 Q2 FY27 15% -5% -12% Sales 12 -Numbers reported above are from continuing operations only and are excluding exceptional items, wherever applicable. ^ w.e.f. 11th October 2025, standalone B2C business was transferred to KFD (wholly owned subsidiary) and as the B2C operations for the previous periods are presented as discontinued operations in standalone financial results, the comparative numbers are regrouped accordingly.
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STANDALONE - PROFIT AND LOSS STATEMENT 13 KOEL- Earnings Call – Q2 FY27 – Standalone Financial Overview All amounts are in “₹ Crore” Particulars Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y H1 FY27 H1 FY26 Y-o-Y2 Net Sales 1,722.5 1,461.4 18% 1,449.3 19% 3,183.9 2,711.3 17% Other Operating Income 16.5 9.9 68% 10.2 62% 26.4 20.2 31% Revenue From Operations 1,739.0 1,471.3 18% 1,459.5 19% 3,210.3 2,731.5 18% Raw Material 1,150.2 966.0 19% 943.2 22% 2,116.2 1,770.0 20% Employee Costs 115.0 111.0 4% 89.5 28% 226.0 169.3 33% Other Expenses 282.7 228.8 24% 222.8 27% 511.5 416.6 23% EBITDA 191.1 165.5 15% 204.0 -6% 356.6 375.6 -5% EBITDA Margin % 11.0% 11.2% -2% 14.0% -21% 11.1% 13.8% -19% Other Income 9.8 10.8 -9% 11.6 -16% 20.5 23.8 -14% Depreciation 42.9 40.4 6% 34.8 23% 83.3 68.0 22% Interest 3.5 2.1 67% 2.8 27% 5.6 5.8 -4% PBT Before Exceptional Items 154.5 133.7 16% 178.0 -13% 288.3 325.6 -11% Exceptional Items - (Expenses) / Income - - - - - - - - PBT From Continuing Operations 154.5 133.7 16% 178.0 -13% 288.3 325.6 -11% Tax 39.3 34.4 14% 44.5 -12% 73.8 82.6 -11% PAT From Continuing Operations (A) 115.2 99.3 16% 133.5 -14% 214.5 243.0 -12% PAT Margin from continuing operations (%) 6.6% 6.7% -2% 9.2% -28% 6.7% 8.9% -25% PAT From Discontinued Operations (B) - - - 7.3 - - 20.6 - PAT From Continuing and Discontinued Operations (A+B) 115.2 99.3 16% 140.8 -18% 214.5 263.6 -19% - w.e.f. 11th October 2025, standalone B2C business was transferred to KFD (wholly owned subsidiary) and as the B2C operations for the previous periods are presented as discontinued operations in the standalone financial results, the comparative numbers are regrouped accordingly.
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704 776 783 764 928 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Receivables 845 696 769 950 1,066 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Payables 675 669 603 820 938 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Inventories STANDALONE WORKING CAPITAL AND NET CASH POSITION 14 Notes : 1) No. of days has been calculated using average value and TTM (Trailing Three Months method). 2)*Net of debt; includes treasury investments and excludes unclaimed dividends. 3) Above numbers are excluding standalone B2C business transferred to KFD (wholly owned subsidiary company). KOEL- Earnings Call – Q2 FY27 – Standalone Financial Overview 42 Days40 Days 44 Days 81 Days72 Days 59 Days 64 Days 66 Days 48 Days 41 Days 60 Days 475 348 552 485 309 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Net Cash* Position All amounts are in “₹ Crore” 64 Days 63 Days 43 Days 75 Days
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3,686 4,240 H1 FY26 H1 FY27 159 111 130 8.2% 5.6% 5.7% Q2 FY26 Q1 FY27 Q2 FY27 1,935 1,983 2,257 Q2 FY26 Q1 FY27 Q2 FY27 CONSOLIDATED^ – PERFORMANCE HIGHLIGHTS Quarterly Sales PAT & Margin -18% KOEL- Earnings Call – Q2 FY27 – Consolidated Financial Overview All amounts are in “₹ Crore” 17% 293 241 7.9% 5.6% H1 FY26 H1 FY27 PAT & Margin -18% Half Yearly Sales 15% 14% 17% 15 ^ Numbers reported are for continuing operations only and excluding exceptional items, wherever applicable. - w.e.f. 11th October 2025, standalone B2C business was transferred to KFD (wholly owned subsidiary) , as this is within group transaction there is no impact on the consolidated financial results
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CONSOLIDATED - PROFIT AND LOSS STATEMENT 16 KOEL- Earnings Call – Q2 FY27 – Consolidated Financial Overview All amounts are in “₹ Crore” Particulars Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y H1 FY27 H1 FY26 Y-o-Y Net Sales* 2,257.1 1,982.8 14% 1,935.3 17% 4,239.9 3,685.5 15% Other Operating Income 26.9 16.9 59% 15.3 76% 43.8 28.3 55% Revenue From Operations 2,284.0 1,999.7 14% 1,950.6 17% 4,283.8 3,713.7 15% Other Income 10.7 15.0 -28% 12.2 -12% 25.7 45.6 -44% Total Income 2,294.8 2,014.7 14% 1,962.9 17% 4,309.4 3,759.4 15% Raw Material 1,384.2 1,184.6 17% 1,110.6 25% 2,568.8 2,129.5 21% Employee Costs 194.5 191.6 1% 151.1 29% 386.1 288.2 34% Other Expenses 367.9 322.9 14% 306.9 20% 690.7 586.1 18% Depreciation 51.6 48.5 6% 42.0 23% 100.1 81.7 23% Finance Cost 121.2 116.0 5% 136.0 -11% 237.2 275.3 -14% PBT Before Exceptional Items From Continuing Operations 175.5 151.1 16% 216.3 -19% 326.5 398.6 -18% Exceptional Items - (Expenses) / Income - - - - - - - - PBT From Continuing Operations 175.5 151.1 16% 216.3 -19% 326.5 398.6 -18% Tax 45.2 40.0 13% 57.1 -21% 85.2 105.2 -19% PAT From Continuing Operations (A) 130.3 111.1 17% 159.2 -18% 241.4 293.4 -18% PAT Margin From Continuing Operations (%) 5.7% 5.6% 8.2% 5.6% 7.9% PAT From Discontinued Operations (B) - - - - - - 4.7 -100% PAT From Continuing and Discontinued Operations (A+B) 130.3 111.1 17% 159.2 -18% 241.4 298.1 -19% *Net Sales includes revenue from financial services business. - w.e.f. 11th October 2025,standalone B2C business was transferred to KFD (wholly owned subsidiary) , as this within group transaction there is no impact on the consolidated financial results. - The previous periods have been regrouped to make them comparable with those of the current period.
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SEGMENT RESULTS^ - CONSOLIDATED 17 KOEL- Earnings Call – Q2 FY27 – Consolidated Financial Overview All amounts are in “₹ Crore” Particulars Q2 FY27 Q1 FY27 Q-o-Q Q2 FY26 Y-o-Y H1 FY27 H1 FY26 YoY Segment Revenue B2B 1,745.3 1,488.3 17% 1,456.6 20% 3,233.6 2,733.0 18% B2C 330.2 301.0 10% 258.4 28% 631.2 550.2 15% Financial Services 208.6 210.4 -1% 235.6 -11% 419.0 430.6 -3% Revenue From Operations 2,284.0 1,999.7 14% 1,950.6 17% 4,283.8 3,713.7 15% Segment Results# B2B 147.6 114.6 29% 163.2 -10% 262.2 302.5 -13% B2C 22.9 25.8 -11% 18.2 26% 48.6 45.8 6% Financial Services## 6.1 9.4 -36% 33.5 -82% 15.4 47.2 -67% Unallocated 4.8 5.7 -16% 6.8 -30% 10.4 14.3 -27% Total 181.3 155.4 17% 221.7 -18% 336.7 409.8 -18% Less: Finance Costs* 5.8 4.4 32% 5.4 6% 10.2 11.2 -9% Exceptional Items- (income)/expense - - - - - - - - Profit Before Tax From Continuing Operations (A) 175.5 151.1 16% 216.3 -19% 326.5 398.6 -18% Profit Before Tax From Discontinued Operations (B) - - - - - - 4.5 -100% Profit Before Tax For The Period (A+B) 175.5 151.1 16% 216.3 -19% 326.5 403.1 -19% ^ Numbers reported are for continuing operations only. The previous periods have been regrouped to make them comparable with those of the current period. # Profit/(Loss) before exceptional items, tax and interest from each segment ##Profit/(Loss) before exceptional items, tax and after interest. *Other than the interest pertaining to the "Financial Services" segment. - Since the standalone B2C business transfer transaction is with a wholly owned subsidiary company i.e KFD, there is no impact on the consolidated financial results.
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18 KOEL Company Secretary Group Investor Relations Ms. Amruta Thigale Tel: +91 7757874812 Email: amruta.thigale@kirloskar.com Ms. Mayura Bhusari Tel: (020) 69065009 Email: mayura.bhusari@kirloskar.com For Further Information Please Contact: