Disclosure Devil - Summary

KRYSTAL INTEGRATED SERVICES LIMITED (FORMERLY KNOWN AS KRYSTAL INTEGRATED SERVICES PRIVATE LIMITED) Registered Office: Krystal House, 15A/17, Shivaji Fort CHS, Duncan Causeway Road Mumbai -400 022, Maharashtra (India) Tel: +9122 4353 1234, +9122 47471234. Web: www.krystal-group.com CIN - L74920MH2000PLC129827. November 15, 2025 KISL/CS/SE/78/2025-26 The Department of Corporate Services BSE Limited General Manager Department of Corporate Services Floor 25, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip Code: 544149 National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Scrip Symbol: KRYSTAL Dear Sir/Madam, Sub: Un-Audited (Consolidated & Standalone) Financial Results Earnings Call Q2 FY 2025 - 26 Transcript In continuation to our letters dated November 06, 2025 and November 11, 2025, we would like to inform that the transcript of the Conference Call held on Tuesday, November 11, 2025, for the Un-Audited (Consolidated & Standalone) Financial Results of the Company for the quarter and half year ended September 30, 2025, has been made available on the Company’s website at https://krystal-group.com/earnings-call-recording-transcripts/. This is for your information and records. Thanking You, For Krystal Integrated Services Limited (Previously known as Krystal Integrated Services Private Limited) Stuti Maru Company Secretary & Compliance Officer Membership Number: A45257 Page 1 of 16 “Krystal Integrated Services Limited Q2 & H1 FY '26 Earnings Conference Call” November 11, 2025 MANAGEMENT: MR. SANJAY DIGHE – CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR – KRYSTAL INTEGRATED SERVICES LIMITED MR. BARUN DEY – CHIEF FINANCIAL OFFICER – KRYSTAL INTEGRATED SERVICES LIMITED Krystal Integrated Services Limited November 11, 2025 Page 2 of 16 Moderator: Ladies and gentlemen, good day, and welcome to the Krystal Integrated Service Limited Q2 and H1 FY '26 Earnings Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. The statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. The conference is to -- now hand over to the conference to Mr. Sanjay Dighe, CEO and Whole- Time Director of the company, for opening remarks. Over to you, sir. Sanjay Dighe: Thank you. Good afternoon, everyone. I would like to wish all of you a very warm welcome to the Krystal Integrated Service Limited Earnings Conference Call for the second quarter and half year ended 30th September 2025. I would like to begin by expressing my gratitude to you all for taking time to join us today. It is always a pleasure to have this conversation with you. We also have on the call my colleague, Mr. Barun Dey, who is our Chief Financial Officer; and the Adfactors team, our Investor Relations people. I hope you have had a chance to review our results and the detailed presentation shared earlier. I will take you through the key highlights of our performance, business developments and outlook for the coming quarters. Let's begin by reviewing our performance. The second quarter was operationally very steady, though the reported numbers were relatively lower than Q1 FY '26 and Q2 FY '25. The government business, as has always been, is very, very interesting and shows a huge amount of potential. The government spend is -- has increased, and we are very, very excited that we will get the opportunity to participate in all this government expenditure on infrastructure, education, health and the sectors that we generally operate in. Having said that, the bidding process in the last quarter due to huge documentation has been a little slow, which has resulted in actually a little delay in acquiring the work order and deploying the services. So many of these tenders, they involve large-scale and multi-locational contract documentation and the methodologies of their approvals. So I think it is just a matter of time that we will have all our work orders in place and start deploying our service and commence billing. But overall, it seems to be very, very interesting with the way the government is moving forward in the facilities management domain. Additionally, because there are so many tenders which Krystal Integrated Services Limited November 11, 2025 Page 3 of 16 keep on coming, we consciously chose to build only for projects which offer healthy margins. And therefore, there were a couple of tenders that we chose intentionally not to bid. So this strategic call, I'm sure, is going to strengthen our margins in the coming quarters and the years to come and have a good balance as we always have between top line growth and healthy margins. Despite the short-term delays, our underlying momentum remains very, very strong, particularly in the corporate segment where we continue to see robust traction. To talk about our corporate business momentum, I'm extremely happy to share that our corporate business has delivered an encouraging performance. Revenue from this segment grew by almost 53% year-on-year in the H1 FY '26. We added 92 new corporate customers during the H1 FY '26, building on the 114 clients added in the FY '25 totally. The quality of these clients is significantly better than what we acquired in the earlier year. Also our penetration into various segments has been way better. So I will be very, very happy to tell you that now we are across length and breadth of various sectors, whether it is pharma, manufacturing, logistics, warehouse, IT/ITES, so on and so forth. And we have a very, very strong and recurring revenue potential. And also the corporate sector has enhanced its margin offerings because they have realized the importance of our services to maintain their assets or to keep their infrastructure up and running. So we are very, very optimistic that our margin profile in the corporate business is on the upswing. Our focus over the last few quarters, especially through FY '25 and '26 has been to deepen penetration in various services also that we offer. So there are about a dozen services that we are offering and the result clearly reflects in that strategy taking shape. We are working with several high-quality, high-paying customers who value our compliance service quality and integrated solutions, all areas where Krystal has built a strong differentiation. Talking about public sector and government contracts. On the public sector front, Krystal continues to consolidate its leadership position with a series of important contract wins during the quarter and the first half. Our INR157 crores worth of mandates from the Directorate of Education Delhi, including sanitation and security manpower services. Just to give you a quick idea, it is -- the INR157 crores win is really, really good. But I'm also very happy to convey that in the earlier tenure that we serviced this tender, it was only sanitization services. We are very proud to have added our security manpower services into this tender. It not only is a very good contribution to our revenue here, but paves way for our pre- qualifications in bidding for more and more only security manpower and manned guarding- related contracts, which are on the verge of being floated in the quarters coming. Secondly, our INR168 crores sanitization -- sanitation service contract from the Directorate of Medical Education, Andhra Pradesh covering leading hospitals and medical institutions. These Krystal Integrated Services Limited November 11, 2025 Page 4 of 16 contracts also consolidates our position in the overall health care where we've been proud operator of more than 60,000 hospital beds at one point of time. INR370 crores social welfare projects from the Commissionerate of Social welfare Pune spanning hostels, residential schools, welfare homes and training institutes across Maharashtra. INR65 crores management contract from MSEDCL for O&M of substations across the states. Earlier, I have stated our intention to build O&M as an independent verticals. This is our commitment -- this just shows our commitment to creation of this verticaland that too with this contract of MSEDCL, we now get qualified to bid for such contracts across India in various electricity boards. This is a very, very important contract for us and gives us a huge headway in our O&M in the - - energy sector. INR31.5 crores manpower service order of Maha Mumbai Metro across multiple metro lines. We specialize now in managing of metro services and this continues our foray into the metro sector. Last but not the least, INR20.3 crores of facility management contract for the new terminal at Patna Airport. You already know our various airports that we are managing. And this consolidates our position not only with the private players like Adani and GMR, but also in the Airport Authority of India, the government-owned terminals. Together, these wins reflect Krystal's strong execution capabilities, operational reliability and reputation as a trusted partner for critical public infrastructure management. The wins also establishes our -- the focus on our strategy of bidding for good quality tenders, focus on our strategy for bidding for profitable tenders and focus on the strategy where the bidding process will not dictate only a top line, but give a big amount of stress on healthy margins in the quarters and years to come. Despite subdued top line in Q2 FY '26, margins have been maintained. As I say, this is the outcome of our disciplined bidding, efficient manpower allocation and increasing mix of higher- margin corporate contracts. That said, our people costs have risen a bit driven by business expansion, the creation of new captive teams for our other subsidiaries, especially the wastewater management and the establishment of our footprint in terms of new offices as a part of our pan-India penetration strategy. We have acquired extremely well talented teams across the country, across our business development, our service delivery, our back-end operations, and this has reflected in our growth in terms of corporate business as well. We view this as an investment in future scalability and operational resilience. Once this -- the talent and the team, which is very well experienced and from the industry starts performing, I will be able to come in front of you with really a set of numbers that we will all be happy to listen to. Today, our total branches stand at 33 as compared to 26 as on FY '25. Krystal Integrated Services Limited November 11, 2025 Page 5 of 16 Talking about our emerging businesses, water, waste and O&M, we are actively exploring multiple opportunities in the water business, both in operations and maintenance and integrated management. In O&M front, we recently acquired one of the biggest warehousing chains in Southern India and where we are -- we are offering O&M services in the corporate sector as well. In the wastewater, we are also participating in various river cleaning projects, which are more than 15 years of tenure, which will give us a good O&M order book as well as good project execution opportunities. Subsidiaries and new verticals, we are also evaluating opportunities in ports and solar EPC, which are currently at the discussion stage. These were the subsidiaries which we have already formed and I'm sure all of you are aware of them. These align with our strategy to diversify our service offerings within the infrastructure-linked facility management. To summarize, our Q2 --we had a good Q2. Though the timing in allotment of orders and finalization of tenders were a bit delayed, but our presence there is very strong and our strategy to bid, as I have been talking to you is very, very robust. Order inflows remain healthy with a solid pipeline under evaluation. The corporate business continues to scale profitability. Margins are stable and our pan-India presence is expanding steadily and rapidly. We expect the deferred tenders to translate into executable orders, as I explained very soon in the next couple of quarters, which should reflect positively in our performance in the second half of FY '26. I thank you very much for giving me a patient ear. Thank you for your continued trust and support in Krystal Integrated Services Limited, gives us a lot of strength. I now hand over the call to Mr. Barun Dey, my colleague for his financial highlights. Barun Dey: Good afternoon. This is second quarter Q2 FY '26. We reported INR283.40 crores in revenue during Q2 FY '26, reflecting 6.5% year-on-year growth. The moderate growth was due to delay in tender finalization across several key departments in government segments. Many of these projects are large and multi-locational contracts and the documentation and the approval processes have taken longer than expected. Our EBITDA, excluding the other income for the quarter stood INR17.91 crores, up 5.3% year- on-year. Despite moderate growth in operating profit, EBITDA margin declined slightly by 7 basis points to 6.32% primarily due to higher employee and administrative cost associated with business expansion and establishment of new offices as a part of our pan-India penetration strategy. The PAT margin stood at 4.65%, lower by 102 basis points year-on-year. This decline is due to conservative approach to taxation, slight increase in finance cost and depreciation. Earnings per share for the quarter is INR9.42. Now coming to our half yearly H1 FY '26 numbers. For H1 FY '26, our total revenue stood at INR606.48 crores, registering 15.9% year-on-year growth. The growth was led by strong Krystal Integrated Services Limited November 11, 2025 Page 6 of 16 execution across segments and new orders win from both government and private sector contracts. Our EBITDA, excluding the other income from H1 FY '26 stood at INR39.26 crores, up by 18% year-on-year, reflecting improved operating leverage and efficient cost control measures. The EBITDA margin expanded by 11 basis points to 6.47% compared to the same period last year, demonstrating disciplined expense management and gradual operating efficiency improvement. Our PAT for the half year was INR29.51 crores compared to INR30.30 crores H1 FY '25, marking a 2.6% decline year-on-year. The PAT margin stood at 4.87%, contracting by 92 basis points, mainly due to slight increase in finance and depreciation expenses and conservative approach to taxation. Earnings per share for the period is 21.19 So that is all from our side. We can now open the floor for questions. Thank you. Moderator: Thank you very much. The first question comes from the line of Rehan Saiyyed from Trinetra Asset Manager. Rehan Saiyyed: So, sir, I have a couple of questions. First on the working capital side. So could you please help me understand regarding the -- how has the working capital cycle trended this quarter, particularly on the receivable side, given the increase in government exposure? So has the collection efficiency improved further or what's the scenario with that? Sanjay Dighe: Yes, Rehan, thank you for asking the question. Though your voice is a little echoing, but I think I've got what you tried to say. These numbers actually have improved because there has been substantial amount of collection, which has already come in the last month. So therefore, going forward, the situation what is reported is not going to be there. So our working capital will come back on track. Rehan Saiyyed: So you're saying that going forward, our receivables will go down, right? Sanjay Dighe: Yes, yes. Rehan Saiyyed: And just wanted to understand regarding the plans to revisit pricing or pass-through mechanism and contract. Especially, given inflationary pressure in consumables and utility side. So, is there any plan to revisit your pricing or increasing price to the customer side? Sanjay Dighe: No, no. Can you just repeat it? Your voice is echoing so much. I'm not able to grasp exactly. What is the last thing? You touched about pricing, right? Rehan Saiyyed: Yes, like I'm saying increasing price. Could you, like, is there any plan to shift the pricing towards the customer side? Sanjay Dighe: No, no. Can you again repeat? Rehan Saiyyed: Yes. I'm saying like is there any plans to shift pricing or cost pass-through mechanism in contracts to the consumer side I'm asking, consumable and utility? Krystal Integrated Services Limited November 11, 2025 Page 7 of 16 Sanjay Dighe: So now based on whatever that I'm understanding, most of -- see in various services that we are offering, the prices, the calculation methodology is very different, very different. In IFMS, it is mostly bundled cost. We decide -- I just -- that is what you have been saying, whether it is a bundling of man, machine, everything is bundled. So that methodology of pricing is going to remain the same. There are two variations there in the pricing. One is based on headcount and the other is based on the square foot. So we keep on fluctuating between these two zones based on how the customer requires. But that is going to be continuing the way it is. Rehan Saiyyed: Okay. And last one bookkeeping question on the order book side. So, like, could you please share the current order book size and growth visibility for the next two quarters. Specifically, are you seeing any higher traction from private sector clients compared to government institution? Sanjay Dighe: That's a very good question, Rehan. Yes, I am seeing a growth in both the sectors, not being biased to only one sector. The government sector itself is growing because there is a lot of infrastructure spending coming in government obviously coming up with very good tenders. Secondly, there is a big push with the corporate side also and in various sectors, whether it is -- like the manufacturing is really growing. So the warehousing is growing, the cold storage new facilities are coming. So we are seeing growth in both the sectors. And to give you a little idea on the order book, we are sitting on an order book position of more than INR2,600 crores. And it has a great bifurcation, almost more than INR1,600 crores is government and more than INR960 crores is corporate. So, we are very, very good in both the sectors. And add to it the sectors that are new that we are developing, if you actually see the way that we are progressing, we are going to have a very good years going forward. Rehan Saiyyed: So any growth guidance you have to put here? Sanjay Dighe: No, I didn't get you. Rehan Saiyyed: Like I'm saying any growth guidance numbers you have to put here? Sanjay Dighe: Growth guidance, even the result that we've -- even the performance that we've given in this Q2 of 2026, we are one of the best performers in this sector. So our -- we'll keep on performing better, that is the endeavor to keep on beating ourselves and keep on performing better. That is the guidance that I can give because we would love to outperform ourselves all the time. Moderator: The next question comes from the line of Rushil from Pinc Wealth. Rushil: Sir, my question is related to bookkeeping. This quarter, we have seen that, you know, cost of material consumed has increased from INR18 crores to INR48 crores. Can you -- and we have a moderate revenue growth. So can you just explain us? Krystal Integrated Services Limited November 11, 2025 Page 8 of 16 Sanjay Dighe: Hello? Rushil: Yes, sir. Sanjay Dighe: Yes. In our service profile, we also have our the -- IT/ITES business, which is a smart city business that we have been doing. So when this business is rolled out, there is a certain capex, which is done in this vertical first and then the billing happens. So therefore, you are seeing a little spurge in the capex. Rushil: And sir, like we have seen that in this quarter, there is a reduction in employee benefit expense from year-on-year as well as quarter-on-quarter. So is it something like that we have seen a high attrition rate, and that is why, you know, we are increasing our tax provision as you might get less 80JJAAbenefit? Is it something like that? Sanjay Dighe: No, no. You had -- this is a very good question, Rushi, but this is also because of our the DME, we earlier used to do 6 zones and therefore, we had over 16,800-plus people. Now that in the retender process where we have strategically bidded for only one zone and the profitable zone, the manpower headcount has come down. And that is the difference that you are seeing. Rushil: And sir, all our contracts, basically, if I see IFM or security solutions, are fixed contracts or let's say, there is inflation also -- inflation-linked contracts also or there are fixed contracts or variable contracts? Sanjay Dighe: So these are variable contracts where we get a benefit of any fluctuation or any inflation that takes place. Rushil: All IFM and all catering IFM and security solutions business? Sanjay Dighe: All contracts. Rushil: Okay. And sir, I just wanted to understand that we have a robust order book of INR2,600 crores plus. So can you just tell us that when this order will get executed fully? Is there like -- are those order execution in 6 months, 12 months, how are those orders execution? Sanjay Dighe: You know the beauty of our business is a long pipeline. So when we get one order, the upside is that we have a order book position for 3 years, minimum because most of the contracts are 3 year plus 1 year. So this INR2,600 order book is for the period of 3 years. And this process is a continuous process. So while we are doing this call, my bidding team is bidding for some tender or we are winning some tender. So it is every day we are moving ahead. So every time we acquire a tender or any contract, it is for the next 3 years from the date that we acquire. I mean that is the beauty of this business. So answering your question in a nutshell, the INR2,600 crores plus is order book position for the next 3 years. Rushil: Okay. And sir, are we like -- since you have... Moderator: Mr. Rushil? Krystal Integrated Services Limited November 11, 2025 Page 9 of 16 Rushil: Yes. Moderator: We may please request you to join back the queue for your follow-ups. Rushil: This is the last question. Is it fine? Continue on? Sanjay Dighe: Yes, yes. Ask me. Rushil: Thank you. And, sir, are we, like, since you said that, you know, we have a good order book for the next 3 years, but do we face any execution challenge in revenue like to convert it into billing? Are we facing anything like that? Sanjay Dighe: Not at all. The only challenge that we may face, which we faced in this quarter is a certain delay in documentation. That is the only challenge that we see. So that delay -- so for example, if you are in the last week of the quarter ending and the documentation spills over the next quarter, my reporting actually spills over the next quarter, all of a sudden. And my numbers become go here and there. So operationally, we have a 25 years of fantastic experience. We have one of the country's best service delivery team. So we don't see any challenges because we are one of the most experienced people here in rolling out large contracts and multi-location contracts. The only challenge that we see is the documentation, signing up of agreements and the secretarial part of it. That is all. Moderator: And the next question comes from the line of Urmish Shah from Moneywisers. Urmish Shah: Sir, my first question is on the contract that we secured from the effluent treatment plant at Chennai. So could you give the duration of the contract and the revenue visibility going forward? Sanjay Dighe: This particular contract Urmish was for INR19.20 crores. So -- but with the additional billing and all that, it will go to around 20-25. It all depends how the project goes on and progresses. It is in a stage of progressing and we are building it. The contract is going actually as per plan and as per the time line. And this should get completed in the next, I think, seven to eight months. And after that, the O&M is there for this is there for 7 years. So that is how this contract is structured. So now similar -- now that we did this ZLD, we our team -- our sales team is pursuing for many contracts like this on a national basis. So we will keep you updated. The discussions are going on in almost most of the states, but typically in Delhi, in Uttar Pradesh, in Maharashtra. So here, we are very actively pursuing this ZLD and also in Himachal, where there are manufacturing units. Urmish Shah: Okay. And sir, the pricing strategy -- for these effluent treatment contracts is a bit different or it's the same as we do it for other contracts? Sanjay Dighe: No, this is completely different because this is an EPC plus O&M. So the pricing pattern is very, very different. It is design estimation, procurement and construction and then the handover and then the O&M. So therefore, these kind of contracts, we are exploring because they have a very Krystal Integrated Services Limited November 11, 2025 Page 10 of 16 different pricing strategy and they have a very different profiles of their top line and margins as well. Urmish Shah: Okay, sir. Sir, and my last question is on the Taskmaster. So in this B2C segment as it's the first step, so are we looking at only deepcleaning services? Or -- and what is the -- if there's a contract which has been secured, can you just give an update? Sanjay Dighe: Yes. This is a very good question. I'm happy that you asked me this question about Taskmaster because it is just upcoming. It's a very new baby. And currently, there are people who are joining, trainings are going on, our branding exercise is going on. Here, we have kept it very flexible. One thing, fundamentally, it is for the residential sector, for flats, apartments, bungalows, villas, etcetera. Here, we are not subjecting the owners to use a full-scale service. And our -- therefore, our pricing is also very, very, what can I say, dynamic based on, for example, you require just your kitchen to be cleaned after a party, so we can just clean the kitchen and move out. Suppose you require only the wardrobe areas to be cleaned, we can do that. Suppose only balcony cleaning, we can do that. Suppose you require only toilet bathroom to be cleaned every week, and you are willing to sign up a yearly contract, I'm -- we are okay with that also. Somebody has a swimming pool in Goa or Alibaug and wants us to just maintain the pool, we are okay with that. So we have created a product line where there is no -- the pick and choose for your prospective customer is very easy. The whole idea is to make your services flexible and therefore, acceptable and offer them a quality and a backup of training of a 25-year professional organization and give them a very, very good pricing that they are comfortable to pay for these services. So we have a very good model. Suppose somebody just wants to sign up a contract for my AC maintenance, we will do that. Somebody wants to sign a contract for plumbing maintenance, we will do that. Everything related to maintenance and facility management of a residential area. Urmish Shah: Please correct me if I'm wrong. So this can be services given to an individual flat owner also and also for the entire building also, depends? Sanjay Dighe: No, no. This is purely for individual flat owners. It’s a B2C. Urmish Shah: This is purely, okay. This is purely for individual. Okay. Moderator: The next question comes from the line of Bijal Bakhai from Amit Jasani FinServ. Bijal Bakhai: Good set of numbers, so congrats on that. We talked about paper signing, delaying certain amount of revenue. Could we have some color on that and how it has affected this quarter's earnings in terms of numbers? That's the only question. Sanjay Dighe: Yes. Again, a very pertinent question because the document, for example, there are to sign up a document with L1 -- with a bidder who has come L1 also. Internally in that department or the Krystal Integrated Services Limited November 11, 2025 Page 11 of 16 ministry, there are various departments which are -- which the documents go through. And that is where we have faced a certain delay here. Somebody is available, somebody is transferred, somebody is taking time, goes back and forth for evaluation because if the tender values are very large, if there is -- there are -- it's a very competitive tender, then the department and the government also internally takes a little time to kind of see it through a lens which is very, very good for us because once the work order is issued to us, then for 3 years, we don't have to look back. So these are some typical areas where we face the delay. The second delay also, there are times which we have faced here is a tender which was actually floated on an X date, which was supposed to be open for bidding on a Y date, the date of bidding got extended by, say, 15 days, by, say, a month for their administrative reason. So these are two -- and also the third reason is after even being declared as L1 in the public domain, there are certain delays in actually declaring UBL1. So the bidding process is already done. The result comes, which need to come after a day or two or maybe a week has taken about 15 days for the delay. So these are typically three challenges that we faced in the last quarter. Bijal Bakhai: Okay. And sir, any bad debts that you had till date? Sanjay Dighe: We don't have... Bijal Bakhai: In the last 1 or 2 years or in the last 1 quarter or? Sanjay Dighe: Not really, not really. Moderator: The next question comes from the line of Pankaj Motwani from Equirus Securities. Pankaj Motwani: So, my question is for the CFO. So I just -- so I've a bookkeeping question. So I was seeing your total consolidated profit. So it is around INR131 million. And out of that, around INR39.5 millionhas been allocated to the minority interest, which is around 30 percentage of total profit. So this generally implies that this minority profit belongs to a subsidiary that is not owned by us. But as per our disclosure, I think around -- we have around 7 subsidiaries, which are wholly owned. So can you clarify for this around INR39.5 million amount, like for which entities this pertains to? Barun Dey: Can you repeat, sir? Hello? Pankaj Motwani: So, I was saying around INR40 million of profit has been allocated to minority interest, right? But we have seven wholly owned subsidiaries. So, why we have allocated INR40 million to the minority interest, if we don't have any subsidiary where we own less than 100%? Barun Dey: This Krystal Aquachem, I think you're referring that one only? Pankaj Motwani: No, I'm referring consolidated P&L. So, around INR40 million has been allocated for minority interest. So minority interest means like we've some subsidiary where we own less than 100%. Krystal Integrated Services Limited November 11, 2025 Page 12 of 16 And profit belongs to the minority interest, but we don't have any subsidiary. So I was -- so I just want clarification on that part, like for INR40 million to...? Barun Dey: Krystal Aquachem it is 97%. Krystal Aquachem, it is 97%. It is not 100%. Pankaj Motwani: 97%. But still like INR40 million is a big amount, like even if the 3% of INR40 million. So you are saying the INR40 million belongs to 3% of the minority interest? Barun Dey: Yes. Pankaj Motwani: That's very conflicting. Also, if I see the stand-alone profit, our stand-alone profit is around INR122 million. And while the consolidated profit for the equity holders is around INR92 million, so which indicates that there are loss in the subsidiaries. Because our consolidated profit is INR122 million and subsidy -- sorry, our consolidated profit is 122 million and consolidated profit to equity holders is 92 million. So this implies that we have losses in the subsidiaries, but like you have allocated INR39 million to the minority interest, so which means, like, there is a profit in subsidiary also. So this is conflicting. So can you clarify this also? Barun Dey: See, if you see in our subsidiary, in case of B2C segment, there is a loss because it's a newborn company Taskmaster I'm referring, that is B2C segment. So where we are incurring loss. And I think the same also Flame. Flame facility being a subsidiary, there is a loss. Rest I think in KGO, Krystal Gourmet and all these things, we have a profit. Margin is there. Pankaj Motwani: Okay. And just one more clarification. As you mentioned that the like one subsidiary is having 97% stake. So 39.5 is for the 3% stake. So that means like if I reverse calculate just give a minute -- so you are saying that we have around INR1,316 million profit in subsidiaries because you are allocating INR39 million for 3%. So that means around INR39 million profit will be for the wholly -- for the whole part of a subsidiary? Barun Dey: Yes. Moderator: The next question comes from the line of Sudeep Samanta, an Individual Investor. Sudeep Samanta: Quarter 4 con call, you guys told to investor this year our target would be 18% to 20% growth. But H1, we achieved only -- one second -- INR606 crores. So how we can achieve 18% to 20%, I don't know. Could you please explain little bit? Sanjay Dighe: We've always maintained that we will be in a particular zone of our growth. It's a business that keeps on growing in a cycle. And we always try and maintain our growth in terms of our sales acquisition process, whether it is corporate or whether it is government business. On a daily basis, the business acquisition is going on. This sector itself is in terms -- in our country, whether it is Indian companies or international companies has resulted in a growth of about 8% to 10%, which is the traditional growth of this sector. And we have been able to surpass that zone and get into a better growth zone because Krystal Integrated Services Limited November 11, 2025 Page 13 of 16 our contribution in the government sector, which is almost 70% and keeps varying between 60:40 or 70:30. So therefore, when we say that we will be in a zone, the endeavor is to keep or report a growth in that particular zone. So -- and we will keep on doing that on a year-on-year basis. Sudeep Samanta: So we can achieve at least 20%? Sanjay Dighe: No. That is -- that you are free to assume it that way. But I am still saying that we will be in a good zone that we have been growing in the last 5 years. Sudeep Samanta: Okay. And sir, any guidance you give next 3 to 5-year basis? Sanjay Dighe: 3 to 5? Sudeep Samanta: Yes. Sanjay Dighe: Yes, I'm very happy, Sudeep ji, you are our individual investor and trust me and all us at Krystal Integrated Services, every day that is spent in the company here is to ensure that all our investors at the end of the day, benefit from the way that we work. And therefore, all our strategies are planned in the same manner. So with now the contribution of our solid waste management or wastewater management, the kind of projects that I've been talking about, the endeavor is to better what we have done in the last few years and unleash value for our valuable investors who have trusted. So you believe us, we are day and night, we are at it, and the entire endeavor is to give you value in return of the trust that you have invested in us. So we have a very healthy pipeline. We have an excellent service delivery team. We have a very strong and robust strategy. At the end of it, the entire focus is to give you a better result. Moderator: The next question comes from the line of Vikrant Sahu from RK Advisory. Vikrant Sahu: I have a few questions. Like there was a revenue grow of 53% year-on-year for the corporate segment. So how sustainable is this growth and proportionate of overall revenues due to -- like how does this contribute? Sanjay Dighe: Like I told you, we have a 70:30 ratio, 70% is government and 30% is corporate. This kind of growth is very encouraging for us, a 53% jump. Again, you have also asked a very good question. I should thank you for that. What it means for us is our -- we are also trying to become a very, very strong player in the corporate sector. We always were, but now we are actually beating ourselves and becoming a larger player in the corporate sector by trying to get good opportunities with good customers. Post our listing status, we also are welcomed by a lot of MNCs. There are many MNCs in various sectors who are coming. Because of our listing status now the companies are welcoming us to participate in the RFPs. Krystal Integrated Services Limited November 11, 2025 Page 14 of 16 The kind of RFPs that we are participating is huge. And these RFPs are also 3-year plus kind of a tenure. So this 53% growth that we have shown in the last quarter. As I said, it is more of an order book position even in like in government, in corporate also. Sometimes we are lucky that all documentation happens in time. In corporate, we may also land up in a situation where the evaluation gets delayed and so on and so forth. So what I can say to answer your question that the 53% growth in corporate will definitely add tremendously in our profile that we submit for getting newer business orders. So that will really build our credential. So in that way, it is going to add tremendous value to us in building our portfolio in the corporate sector in across diversified segments. So, I am very, very happy with this corporate sector boost that we have got. Vikrant Sahu: And one more question I have. Like what is the initial market response to the B2C bank that is Taskmaster? And how do you plan to scale this offerings? Sanjay Dighe: Yes. This is also a good question. Our -- the go-to-market strategy is being formed. Currently, we are just getting our team on board, setting up the processes because it's very, very new. So we have not yet tested the market. We have tested into a couple of very, very good societies, and we have got good response during Diwali. We got very good response during the Rakhi Purnima where we ran a campaign that a gift from a brother to a sister could be like getting your house cleaned. So these kind of initiatives that we could have been a very, very encouraging response. But I think it is still a little time that we start professionally testing the market. And obviously, the moment we get a good success, I will be back on a call with you and I will be able to explain you how we are doing. Moderator: The next question comes from the line of Bhavesh Chauhan, an Individual Investor. Bhavesh Chauhan: Sir, I have two questions. Sir, what measures are we taking to improve the margins, one? And number two, sir, earlier, we used to have a target of INR3,000 crores of sales in next 3, 4 years. And now we are refraining from giving any guidance even in the current year. So why are we doing that? Sanjay Dighe: Both are very good questions, Bhavesh bhai. So, first question, I will ask the -- answer the last question first, then you can remind me your first question. See, the year when we went there that time, the kind of tenders that we were bidding were of -- had those kind of values, whether we were re-tendered, bidding for a DME tender at that time, when we spoke at that time, there was retendering yet to happen. We were in the executing phase. So when actually a tender comes for retendering and when we rebid for it, your strategy may change based on the scenario, how profitable a particular tender is going to happen. And therefore, I said something -- somewhere we refrain from bidding even the tender because bidding of a tender attracts EMD and all that, and we value every Naya Paisa. We are very conservative organization in that way. Krystal Integrated Services Limited November 11, 2025 Page 15 of 16 So because we are in a continuous business processes, you have a base strategy and your sub- strategies keep on changing or evaluating based on the situation, which could be various tenders that we evaluate and analyze and so on and so forth. So we -- even today, we are saying our guidance is very, very good. I'm not refraining from giving any guidance. I'm saying we will be in a similar zone. But it is not correct for me to give a particular specific figure and say that is my guidance because as we progress in this sector, every day there is a new kind of learning that happens. And coming to your first question as to what we are doing about margins, our solid waste and wastewater, these forays are going to definitely yield a different zone of margin. Again, I'm using the word zone and not a particular number because these are very different type of projects. These are not really very manpower centric projects, but these are more equipment centric projects. They have a very different margin profile. Also, like, O&M business or technical facility or MEP, these are very -- these are businesses which offer a little better margin profile. Also in one of the calls that I had -- I answered that we -- earlier, we used to do Delhi school only sanitization and then we got a security contract and we'll get qualified to bid for very large- scale security-driven contract. So even these security-based contracts have a very different and a better margin profile. So to summarize your question, the endeavor is to always see and evaluate a business and go for it, which gives a better profile. I mean, trust us, we will not get into a business which actually does not give us a better margin profile because we are working on a continuous process for betterment of the company. So these activities are an ongoing thing. It is not that we start at the beginning of the quarter and then end at the quarter. It is a continuous process. It is a part of our DNA. The entire effort is to ensure the company does good and all of you benefit from our performance. Bhavesh Chauhan: So, in a way, we are saying that going forward, over a period of 2 years, let's say, margin trajectory would be on the upmost side, right? You're not quantifying it, but guidance is... Sanjay Dighe: Yes, absolutely, Bhavesh ji. Absolutely. Bhavesh Chauhan: Right. And in terms of, sir, your working capital requirement, these receivable days continue to remain very high. So how are we -- how can we bring it down? Or is it that because we are in this kind of business, the working capital, especially the debtor days will always remain above 110? Sanjay Dighe: Again, it's a very good comment that you have said. We are in a cyclical business. So these situations will become -- will remain cyclical. They cannot be always on a high or they cannot be always on the low. For example, the debtor days that we saw, which was reported in the quarter gone by, in the subsequent month, they all have come down because we collected a lot of outstanding at that point of time. Krystal Integrated Services Limited November 11, 2025 Page 16 of 16 So maybe this quarter, you will see a good effect of that. But as we keep on bidding for tenders, as we keep on acquiring good tenders, it keeps on going on cycle basis. Overall, if we take an annual view, then we will be able to make some assessment. Moderator: Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Sanjay Dighe for closing comments. Over to you, sir. Sanjay Dighe: Yes. Thank you very much for moderating this call. I thank the entire team of Krystal. I thank each and every security guard and janitor that is deployed across the country who has made us stand here and be in front of you with a lot of pride. I thank their untiring efforts, hard work and dedication, which drives this company forward through various market conditions. Also, I thank all of you for participating in our conference call. I thank our vendors, our bankers and most of all our valuable customers who have entrusted us with their precious and valuable facilities. And I look forward to keep in touch with all our investors through our Investor Relations team for anything that you like to know. We are always there to answer any query that you pose, whether it is big or small. We are always responsible, and we are always enthusiastic to come in front of you and have a conversation with you. Thank you for listening to myself and my colleague, Barun, patiently, and thank you for all the wise questions. Thank you. Moderator: Thank you, sir. On behalf of Krystal Integrated Services Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.