November 12, 2025

Na onal Stock Exchange of India Limited (NSE) BSE Limited (BSE)

Exchange Plaza, Phiroze Jeejeebhoy Towers,
C-1, Block G, Bandra Kurla Complex, Dalal Street, Fort,
Bandra (E), Mumbai - 400 051 Mumbai - 400 001

NSE Scrip Code: ELGIEQUIP BSE Scrip Code: 522074

Dear Sir/Madam,

Subject: Outcome of the Mee ng of the Board of Directors pursuant to SEBI (Lis ng Obliga ons &
Disclosure Requirements) Regula ons, 2015.

Pursuant to Regula on 33 and 30 read with Schedule III of the SEBI (Lis ng Obliga ons and Disclosure
Requirements) Regula ons, 2015 (“Lis ng Regula ons”) and SEBI Master Circular No.
SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, as amended from me to me (“SEBI
Master Circular”), we hereby wish to inform you that the Board of Directors of the Company, at its
mee ng held today, i.e. November 12, 2025, inter-alia, considered and approved the Unaudited
Financial Results (standalone and consolidated) of the Company for the quarter and half year ended
September 30, 2025 (“UFRs”). Accordingly, enclosed are the said UFRs along with the Limited Review
Report on the said UFRs issued by M/s. Price Waterhouse Chartered Accountants LLP, Chartered
Accountants, Statutory Auditors.

The Company will also publish an adver sement for the said UFRs in terms of applicable provisions of
the Lis ng Regula ons. These results are also being uploaded on the Company’s website at
h ps://[Link]/in/financials.

The Board mee ng commenced at 03:00 PM and concluded at 05:00 PM.

The above is for your informa on and record. This informa on is also being hosted on the website of
the Company.

Thanking you,
Yours faithfully
FOR ELGI EQUIPMENTS LIMITED
ROHIT Digitally signed by
ROHIT JAGANNATH
JAGANNATH GUPTE
Date: 2025.11.12
GUPTE 18:23:01 +05'30'

ROHIT GUPTE
COMPANY SECRETARY AND COMPLIANCE OFFICER
MEMBERSHIP NO.: A12422

Encl.: as above
Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2025

(Rs. in Millions, except per equity share data)

Quarter ended Half-Year ended Year ended
S. September 30, June 30, September 30, September 30, September 30, March 31,
Particulars
No 2025 2025 2024 2025 2024 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Income
(a) Revenue from operations 5,682 5,027 5,308 10,709 10,028 20,809
(b) Other income 244 221 260 465 392 696
Total income 5,926 5,248 5,568 11,174 10,420 21,505

2 Expenses
(a) Cost of materials consumed 2,420 2,045 2,296 4,465 4,487 9,127
(b) Purchases of stock-in-trade 641 611 539 1,252 1,031 2,097
(c) Changes in inventories of finished goods, stock-in-
(131) (92) (64) (223) (282) (233)
trade and work-in-progress
(d) Employee benefits expense 682 663 585 1,345 1,166 2,315
(e) Finance costs 4 2 7 6 19 22
(f) Depreciation and amortisation expense 100 90 90 190 181 359
(g) Other expenses 986 832 808 1,818 1,539 3,142
Total expenses 4,702 4,151 4,263 8,853 8,141 16,829

3 Profit before tax (1 - 2) 1,224 1,097 1,305 2,321 2,279 4,676

4 Tax expense:
Current tax 336 292 344 628 599 1,209
Deferred tax (20) (10) (18) (30) (27) (34)
5 Net Profit for the period (3 - 4) 908 815 979 1,723 1,707 3,501

6 Other comprehensive income, net of income tax

A. Items that will not be reclassified to profit or loss (10) 22 35 12 76 (31)
B. Items that will be reclassified to profit or loss - - - - - -
Total other comprehensive income, net of
(10) 22 35 12 76 (31)
income tax
Total comprehensive income for the period
7 898 837 1,014 1,735 1,783 3,470
(5+6)
8 Paid-up equity share capital (Face value Re. 1/- each) 317 317 317 317 317 317
9 Weighted average number of shares outstanding for
(a) Basic EPS 316 316 316 316 316 316
(b) Diluted EPS 317 317 316 317 316 316
10 Earnings per share (of Re. 1 /- each) (not annualised
except for year end earnings):
(a) Basic 2.88 2.58 3.09 5.46 5.40 11.09
(b) Diluted 2.87 2.57 3.09 5.44 5.40 11.07

11 Reserves excluding Revaluation reserve 16,948

For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Notes:

The above Statement of Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2025 including the Statement of Unaudited
Standalone Assets and Liabilities as at September 30, 2025 and the Statement of Unaudited Standalone Cash Flows for the half year ended September 30, 2025
1 (hereinafter referred to as "Standalone Financial Results") were reviewed by the Audit Committee and approved by the Board of Directors of Elgi Equipments Limited
("the Company") at its meeting held on November 12, 2025. The statutory auditors of the Company have carried out a limited review of the Standalone Financial
Results for the quarter and half year ended September 30, 2025.

The Standalone Financial Results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section
2
133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

The business activities reflected in the Standalone Financial Results comprise of manufacturing and sale of compressors. Accordingly, there is no other reportable
3
segment as per Ind AS 108 Operating Segments.

The Standalone Financial Results include the results of the following entities:
Joint operations
1. L.G. Balakrishnan & Bros
4
2. Elgi Services
Trust
1. Elgi Equipments Limited Employees Stock Option Trust

For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Statement of Unaudited Standalone Assets and Liabilities as at September 30, 2025 (Rs. in Millions)
As at
Particulars September 30, 2025 March 31, 2025
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 2,138 1,950
Right of use assets 124 95
Capital work-in-progress 751 509
Investment properties 53 54
Goodwill 1 1
Other intangible assets 35 30
Financial assets
(i) Investments 1,975 1,957
(ii) Loans 694 655
(iii) Bank balances other than cash and cash equivalents 275 -
(iv) Deposits with financial institutions 560 -
(v) Other financial assets 46 37
Income tax assets (Net) - 43
Deferred tax assets (Net) 181 153
Other non-current assets 172 197
Total non-current assets 7,005 5,681
Current Assets
Inventories 2,368 2,137
Financial assets
(i) Investments 441 351
(ii) Trade receivables 5,135 4,604
(iii) Cash and cash equivalents 362 328
(iv) Bank balances other than (iii) above 5,828 6,872
(v) Loans 40 36
(vi) Other financial assets 541 357
Contract assets 87 107
Other current assets 311 365
Total current assets 15,113 15,157
Total assets 22,118 20,838

EQUITY AND LIABILITIES

EQUITY
Equity share capital 317 317
Other equity 18,025 16,948
Total equity 18,342 17,265
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Lease liabilities 111 89
Provisions 98 92
Total non-current liabilities 209 181
Current liabilities
Financial liabilities
(i) Lease liabilities 17 8
(ii) Trade payables
(a) Total outstanding dues of micro and small enterprises 692 521
(b) Total outstanding dues of creditors other than micro and small enterprises 1,622 1,582
(iii) Other financial liabilities 468 518
Provisions 432 485
Current tax liabilities (Net) 146 -
Other current liabilities 190 278
Total current liabilities 3,567 3,392
Total liabilities 3,776 3,573
Total equity and liabilities 22,118 20,838

For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Statement of Unaudited Standalone Cash Flows for the half year ended September 30, 2025 (Rs. in Millions)
Half year ended
Particulars September 30, 2025 September 30, 2024
(Unaudited) (Unaudited)
Cash flow from operating activities
Profit before tax 2,321 2,279
Adjustments for :
Depreciation and amortisation expense 190 181
Provision for bad and doubtful debts 3 5
Gain on disposal of property, plant and equipment - (3)
Gain on redemption of Mutual Funds (13) -
Rental income from Investment property (net of expenses) (4) (12)
Dividend and interest income (360) (364)
Net unrealised exchange differences (38) (6)
Finance costs 6 19
Non-cash employee share based payments 24 21

Change in operating assets and liabilities

Increase in trade receivables and contract assets (374) (706)
Increase in inventories (231) (446)
Increase/(decrease) in trade payables 202 (155)
Increase in other financial assets (74) (45)
Decrease in other current assets 54 29
(Decrease)/increase in provisions (52) 46
Decrease in other financial liabilities (188) (131)
Decrease in other current liabilities (88) (38)
Net payments to Unspent CSR account (42) (23)
Cash generated from operations 1,336 651
Income taxes paid (net of refund) (438) (533)
Net cash inflow from operating activities 898 118
Cash flows from investing activities
Payments for purchase of property, plant and equipment and intangible assets (556) (217)
Investments in mutual funds (77) -
Redemption of deposits with Banks and financial institutions 255 294
Rental income from Investment property (net of expenses) 4 12
Loans given to employees (net) (19) (12)
Proceeds from sale of property, plant and equipment 1 3
Dividends received 35 132
Interest received 201 193
Net cash (outflow)/inflow from investing activities (156) 405
Cash flows from financing activities
Net short term loans repaid to from banks - (940)
Payment of lease liabilities (7) (6)
Purchase of shares for ESOP scheme - (60)
Proceeds from exercise of shares under ESOP scheme - 71
(695) (632)
Interest paid (6) (22)
Net cash outflow from financing activities (708) (1,589)
Net increase/(decrease) in cash and cash equivalents 34 (1,066)
Cash and cash equivalents at the beginning of the year 328 1,465
Cash and cash equivalents at end of the period 362 399
Non-cash financing and investing activities
-Acquisition/Modification of right-of-use assets 38 69
For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Price Waterhouse Chartered Accountants LLP
Independent Auditors’ Report on Review of Unaudited Standalone Financial Results

To
The Board of Directors
Elgi Equipments Limited
Elgi Industrial Complex III,
Trichy Road, Singanallur,
Coimbatore - 641 005

1. We have reviewed the unaudited standalone financial results of Elgi Equipments Limited (the
“Company”) [in which are included results of a trust and two jointly controlled entities (representing
joint operations consolidated on a proportionate basis)] for the quarter and half year ended
September 30, 2025, which are included in the accompanying ‘Statement of Unaudited Standalone
Financial Results for the quarter and half year ended September 30, 2025, Statement of Unaudited
Standalone Assets and Liabilities as at September 30, 2025 and the Statement of Unaudited
Standalone Cash Flows for the half year ended September 30, 2025’ (the “Statement”). The
Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations,
2015”), which has been signed by us for identification purposes.

2. This Statement, which is the responsibility of the Company’s Management and approved by the Board
of Directors, has been prepared in accordance with the recognition and measurement principles laid
down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed
under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in
India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan
and perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatement. A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe
that the Statement has not been prepared in all material respects in accordance with the recognition
and measurement principles laid down in the aforesaid Indian Accounting Standard and other
accounting principles generally accepted in India and has not disclosed the information required to be
disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it
is to be disclosed, or that it contains any material misstatement.

Price Waterhouse Chartered Accountants LLP, 7th & 10th Floor, Menon Eternity, No. 165, St Mary's Road. Alwarpet
Chennai - 600 018
T: +91 (44) 42285278
Registered office and Head Office: 11-A, Vishnu Digambar Marg, Sucheta Bhawan, Gate No 2, New Delhi - 110002
Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC~5<
with effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration
number before conversion was 012754N)
Price Waterhouse Chartered Accountants LLP
5. The Statement includes the interim financial results of a trust and two joint operations which have
not been reviewed/ audited by their auditors, whose interim financial results reflect total assets of Rs.
757 million and net assets of Rs. 124 million as at September 30, 2025, and total revenue of Rs. Nil
million and Rs. Nil million, total net profit after tax of Rs. 3 million and Rs. 2 million, and total
comprehensive income of Rs. 3 million and Rs. 2 million for the quarter ended September 30, 2025
and for the half year ended September 30, 2025, respectively and cash outflows (net) of Rs. 3 million
for the half year ended September 30, 2025, as considered in the Statement. According to the
information and explanations given to us by the Management, these interim financial results are not
material to the Company.

Our conclusion is not modified in respect of this matter.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N / N500016
Digitally signed by R
R Arun Arun Kumar
Date: 2025.11.12
Kumar 18:02:51 +05'30'

Arun Kumar R
Partner
Place: Chennai Membership Number: 211867
Date: November 12, 2025 UDIN:25211867BMOPSK8689
Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025
(Rs. in Millions, except per equity share data)
Quarter ended Half-year ended Year ended
S. September 30, June 30, September 30, September 30, September 30, March 31,
Particulars
No. 2025 2025 2024 2025 2024 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Income
(a) Revenue from operations 9,680 8,667 8,689 18,347 16,699 35,104
(b) Other income (refer note 4) 514 197 141 711 277 577
Total income 10,194 8,864 8,830 19,058 16,976 35,681
2 Expenses
(a) Cost of materials consumed 3,292 3,066 3,140 6,358 6,237 12,951
(b) Purchases of stock-in-trade 1,425 1,089 1,047 2,514 2,066 4,127
(c) Changes in inventories of finished goods, stock-in- (59) (10) (63) (69) (329) 96
trade and work-in-progress
(d) Employee benefits expense 1,944 1,856 1,696 3,800 3,380 6,828
(e) Finance costs 70 73 84 143 170 305
(f) Depreciation and amortisation expense 207 188 189 395 379 760
(g) Other expenses 1,679 1,455 1,453 3,134 2,790 5,853
Total expenses 8,558 7,717 7,546 16,275 14,693 30,920
3 Profit before share of profit/(loss) of joint
1,636 1,147 1,284 2,783 2,283 4,761
ventures and tax (1 - 2)
4 Share of profit of joint ventures (net) 34 30 23 64 24 55
5 Profit before tax (3+4) 1,670 1,177 1,307 2,847 2,307 4,816
6 Tax expense:
Current tax 404 330 384 734 682 1,420
Deferred tax 52 (9) (24) 43 (51) (106)
7 Net Profit for the period (5 -6) 1,214 856 947 2,070 1,676 3,502

8 Other comprehensive income, net of income tax

A. Items that will not be reclassified to profit or loss (11) 22 35 11 75 (44)
B. Items that will be reclassified to profit or loss 91 (93) (25) (2) (41) (15)
Total other comprehensive income, net of
80 (71) 10 9 34 (59)
income tax
Total comprehensive income for the period
9 1,294 785 957 2,079 1,710 3,443
(7 +8)
Net Profit attributable to:
- Owners 1,214 856 947 2,070 1,676 3,502
- Non-controlling interests - - - - - -
Total comprehensive income attributable to:
- Owners 1,294 785 957 2,079 1,710 3,443
- Non-controlling interests - - - - - -
10 Paid-up equity share capital (Face value Re. 1/- 317 317 317 317 317 317
11 Weighted average number of shares outstanding for
(a) Basic EPS 316 316 316 316 316 316
(b) Diluted EPS 317 317 316 317 316 316
Earnings per share (of Re. 1 /- each) (not annualised
12
except for year end earnings):
(a) Basic 3.85 2.71 2.99 6.56 5.30 11.09
(b) Diluted 3.83 2.70 2.99 6.54 5.30 11.08
13 Reserves excluding Revaluation reserve 18,339

For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Notes:
1 The above Statement of Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025 including the Statement of Unaudited
Consolidated Assets and Liabilities as at September 30, 2025 and the Statement of Unaudited Consolidated Cash Flows for the half year ended September 30, 2025
(hereinafter referred to as "Consolidated Financial Results") were reviewed by the Audit Committee and approved by the Board of Directors of Elgi Equipments
Limited ("the Company") at their meeting held on November 12, 2025. The statutory auditors of the Company have carried out a limited review of the Consolidated
Financial Results for the quarter and half year ended September 30, 2025.
2 The Consolidated Financial Results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under
Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3 The Group has organised the businesses into two categories viz., Air Compressors and Automotive Equipment. This reporting complies with the Ind AS segment
reporting principles. Refer Annexure I attached herewith.
4
5 The above Consolidated Financial Results include the results of the following entities:
Parent
Elgi Equipments Limited
Subsidiaries
1. Adisons Precision Instruments Manufacturing Company Limited
2. ATS Elgi Limited
3. Elgi Gulf FZE
4. Elgi Compressors Do Brasil [Link] LTDA
5. Elgi Equipments Australia Pty Limited
6. Elgi Compressors Italy S.R.L
7. Rotair SPA
8. Elgi Compressors USA Inc.
9. Patton's Inc.
10. Patton's Medical LLC.
11. PT Elgi Equipments Indonesia
12. Ergo Design Private Limited
13. Industrial Air Compressors Pty Ltd
14. F.R. Pulford & Son Pty Limited
15. Advanced Air Compressors Pty Ltd
16. Elgi Compressors Europe S.R.L
17. Elgi Gulf Mechanical and Engineering Equipment Trading LLC.
18. Michigan Air Solutions LLC.
19. Elgi Compressors Iberia S.L.
20. Elgi Compressors Eastern Europe sp. z.o.o.
21. Elgi Compressors Nordics
22. Elgi Compressors France SAS
23. Elgi Compressors UK and Ireland Limited
24. Elgi Compressors (M) SDN. BHD.
25. Elgi Compressors Southern Europe S.R.L
Joint ventures
1. Elgi Sauer Compressors Limited
2. Industrial Air Solutions LLP
3. Evergreen Compressed Air and Vacuum LLC (jointly controlled entity of Elgi Compressors USA Inc.)
4. Compressed Air Solutions of Texas LLC (jointly controlled entity of Elgi Compressors USA Inc.)*
5. PLA Holding Company LLC (jointly controlled entity of Elgi Compressors USA Inc.)

7. Gentex Air Solutions LLC (jointly controlled entity of Elgi Compressors USA Inc.)
*divested during the quarter ended June 30, 2025.
Joint operations
1. L.G. Balakrishnan & Bros.
2. Elgi Services
Trust
1. Elgi Equipments Limited Employees Stock Option Trust

For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
 Annexure I - Segment Revenue, Results and Capital Employed
(Rs. in Millions)
Quarter ended Half year ended Year ended
S. September June 30, September 30, September 30, September 30, March 31,
Particulars
No 30, 2025 2025 2024 2025 2024 2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 Segment Revenue
a) Air Compressors 8,855 7,992 7,937 16,847 15,328 32,118
b) Automotive equipment 828 679 760 1,507 1,386 3,015
9,683 8,671 8,697 18,354 16,714 35,133
Less: Inter segment revenue 3 4 8 7 15 29
Revenue from operations 9,680 8,667 8,689 18,347 16,699 35,104
2 Segment Results
a) Air Compressors 1,549 1,098 1,206 2,647 2,167 4,511
b) Automotive equipment 83 49 78 132 116 250
1,632 1,147 1,284 2,779 2,283 4,761
Add:Inter segment profit/( loss)* 4 - - 4 - -
Add: Share of profit/(loss) of joint ventures 34 30 23 64 24 55
1,670 1,177 1,307 2,847 2,307 4,816
3 Segment Assets
a) Air Compressors 29,668 29,283 26,083 29,668 26,083 28,377
b) Automotive equipment 2,174 1,982 1,753 2,174 1,753 2,044
31,842 31,265 27,836 31,842 27,836 30,421
Less: Inter segment assets 73 19 22 73 22 6
31,769 31,246 27,814 31,769 27,814 30,415
4 Segment Liabilities
a) Air Compressors 11,067 11,239 10,079 11,067 10,079 11,098
b) Automotive equipment 699 569 528 699 528 667
11,766 11,808 10,607 11,766 10,607 11,765
Less: Inter segment liabilities 77 19 22 77 22 6
11,689 11,789 10,585 11,689 10,585 11,759
5 Capital Employed
[Segment Assets - Segment Liabilities]
a) Air Compressors 18,601 18,044 16,004 18,601 16,004 17,279
b) Automotive equipment 1,475 1,413 1,225 1,475 1,225 1,377
20,076 19,457 17,229 20,076 17,229 18,656
Add: Inter segment capital employed 4 - - 4 - -
20,080 19,457 17,229 20,080 17,229 18,656
6 Other Profit and loss disclosures
Other material expense items- Cost of goods sold
a) Air Compressors 4,179 3,755 3,684 7,935 7,163 15,435
b) Automotive equipment 481 393 446 874 823 1,762
4,660 4,148 4,130 8,809 7,986 17,197
Less: Inter segment cost of goods sold (2) (3) (6) (6) (12) (23)
Total Cost of goods sold 4,658 4,145 4,124 8,803 7,974 17,174
Cost of goods sold is the aggregate of cost of material consumed, purchases of stock-in-trade and changes in inventories of finished goods, work-in-progress and
stock-in-trade.
*amount below the rounding off norm adopted by the group.

For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Statement of Unaudited Consolidated Assets and Liabilities as at September 30, 2025 (Rs. in Millions)
As at
Particulars September 30, 2025 March 31, 2025
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 2,895 2,734
Right of use assets 960 807
Capital work-in-progress 768 530
Investment properties 42 43
Goodwill 2,240 2,094
Other intangible assets 228 237
Investments accounted for using the equity method 198 205
Financial assets
(i) Investments 268 250
(ii) Loans 76 61
(iii) Bank balances other than cash and cash equivalents 275 -
(iv) Deposits with financial institutions 690 -
(v) Other financial assets 72 62
Income tax assets (Net) 29 64
Deferred tax assets (Net) 349 346
Other non-current assets 185 211
Total non-current assets 9,275 7,644
Current Assets
Inventories 6,438 6,085
Financial assets
(i) Investments 487 351
(ii) Trade receivables 6,070 6,084
(iii) Cash and cash equivalents 1,656 1,203
(iv) Bank balances other than (iii) above 6,460 7,542
(v) Loans 48 43
(vi) Other financial assets 529 342
Contract assets 87 107
Assets held for sale 42 13
Income tax assets (Net) 32 -
Other current assets 645 1,001
Total current assets 22,494 22,771
Total assets 31,769 30,415

EQUITY AND LIABILITIES

EQUITY
Equity share capital 317 317
Other equity 19,763 18,339
Total equity 20,080 18,656
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 41 71
(ii) Lease liabilities 713 626
(iii) Other financial liabilities 3 3
Provisions 209 192
Deferred tax liabilities (Net) 97 46
Total non-current liabilities 1,063 938
Current liabilities
Financial liabilities
(i) Borrowings 4,211 4,837
(ii) Lease liabilities 311 238
(iii) Trade payables
(a) Total outstanding dues of micro and small enterprises 794 626
(b) Total outstanding dues of creditors other than micro and small enterprises 2,939 2,741
(iv) Other financial liabilities 933 991
Provisions 532 591
Current Tax Liabilities (Net) 188 35
Other current liabilities 718 762
Total current liabilities 10,626 10,821
Total liabilities 11,689 11,759
Total equity and liabilities 31,769 30,415
For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Statement of Unaudited Consolidated Cash Flows for the half year ended September 30, 2025 (Rs. in Millions)
Half year ended
Particulars September 30, 2025 September 30, 2024
(Unaudited) (Unaudited)
Cash flow from operating activities
Profit before tax 2,847 2,307
Adjustments for
Depreciation and amortisation expense 395 379
Bad debts and allowance for doubtful debts 29 29
Gain on redemption of mutual funds (13) -
Gain on disposal of property, plant and equipment (317) (18)
Share of profits of joint ventures (64) (24)
Rental income from Investment property (net of expenses) (8) (8)
Net unrealised exchange differences 491 (41)
Non-cash employee share based payments 38 30
Interest and Dividend income (336) (235)
Finance costs 143 170
Other non-cash expenses 46 -
Changes in operating assets and liabilities
Decrease/(increase) in trade receivables and contract assets 5 (230)
Increase in inventories (353) (640)
Increase/(decrease) in trade payables 366 (161)
Increase in other financial assets (66) (6)
Decrease in other non-current assets (7) -
Decrease/(increase) in other current assets 356 (21)
(Decrease)/increase in provisions (47) 76
Decrease in other financial liabilities (191) (236)
Decrease in other current liabilities (44) (22)
Net payments to Unspent CSR account (46) (27)
Cash generated from operations 3,224 1,322
Income taxes paid (net of refund) (577) (630)
Net cash inflow from operating activities 2,647 692
Cash flows from investing activities
Payments for purchase of property, plant and equipment and intangible assets (637) (297)
Investment in mutual funds (123) -
Investments in Joint ventures - (4)
Proceeds from divestment/redemption of interest in Joint ventures 13 36
Loans given to employees (net) (20) (8)
Proceeds from sale of property, plant and equipment 367 21
Rental income from Investment property (net of expenses) 8 8
Dividends received on equity instruments 1 1
Dividends and interest received from joint ventures 34 35
Redemption of Deposits with Banks and Financial Institutions 167 234
Interest received 199 177
Net cash inflow from investing activities 9 203
Cash flows from financing activities
Interest paid (144) (171)
Purchase of shares for ESOP scheme - (60)
Proceeds from allotment of shares exercised under ESOP scheme - 71
Repayment of long term borrowings to banks (100) (92)
Net Short term loans repaid to banks (1,139) (992)
Payment of lease liabilities (126) (127)
Dividend on equity shares (694) (632)
Net cash outflow from financing activities (2,203) (2,003)
Net increase/(decrease) in cash and cash equivalents 453 (1,108)
Cash and cash equivalents at the beginning of the year 1,203 2,294
Cash and cash equivalents at end of the period 1,656 1,186
Non-cash financing and investing activities
-Acquisition/ Modification of right-of-use assets 251 30
For and on behalf of the Board of Directors

Place: Bengaluru Jairam Varadaraj

Date: November 12, 2025 Managing Director
Price Waterhouse Chartered Accountants LLP
Independent Auditors’ Report on Review of Unaudited Consolidated Financial Results

To
The Board of Directors
Elgi Equipments Limited
Elgi Industrial Complex III,
Trichy Road, Singanallur,
Coimbatore - 641 005

1. We have reviewed the unaudited consolidated financial results of Elgi Equipments Limited (the
“Holding Company”), its subsidiaries (Holding Company and its subsidiaries hereinafter referred to
as the “Group”), its two jointly controlled entities (representing joint operations consolidated on a
proportionate basis), a trust and its share of the net profit after tax and total comprehensive income of
its joint ventures (refer Note 5 of the Statement) for the quarter and half year ended September 30,
2025, which are included in the accompanying ‘Statement of Unaudited Consolidated Financial
Results for the quarter and half year ended September 30, 2025, Statement of Unaudited Consolidated
Assets and Liabilities as at September 30, 2025 and the Statement of Unaudited Consolidated Cash
Flows for the half year ended September 30, 2025’ (the “Statement”). The Statement is being
submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations,
2015”), which has been signed by us for identification purposes.

2. This Statement, which is the responsibility of the Holding Company’s Management and has been
approved by the Holding Company’s Board of Directors, has been prepared in accordance with the
recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim
Financial Reporting”, prescribed under Section 133 of the Companies Act, 2013, and other accounting
principles generally accepted in India. Our responsibility is to express a conclusion on the Statement
based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements
(‘SRE’) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity”, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan
and perform the review to obtain moderate assurance as to whether the Statement is free of material
misstatement. A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation
33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
to the extent applicable.

Price Waterhouse Chartered Accountants LLP, 7th & 10th Floor, Menon Eternity, No. 165, St Mary's Road. Alwarpet
Chennai - 600 018
T: +91 (44) 42285000 / 42285200, F: +91 (44) 42285100
Registered office and Head Office: Sucheta Bhawan, 11A Vishnu Digambar Marg, New Delhi — 110002
Price Waterhouse (a Partnership Firm) Converted into Price Waterhouse Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPINAAC-5001) with
effect from July 25, 2014. Post its conversion to Price Waterhouse Chartered Accountants LLP, its ICAI registration number is 012754N/N500016 (ICAI registration number before
conversion was 012754N)
Price Waterhouse Chartered Accountants LLP
4. The Statement includes the results of the following entities:
Holding Company
Elgi Equipments Limited
Subsidiaries
(i) Elgi Compressor USA Inc., its subsidiaries, and its joint ventures
(ii) PT Elgi Equipments Indonesia
(iii) ATS Elgi Limited
(iv) Adison Precision Instruments Manufacturing Company Limited
(v) Ergo Design Private Limited
(vi) Elgi Gulf FZE. and its subsidiary
(vii) Elgi Compressors Do Brasil Imp. E. Exp. LTDA
(viii) Elgi Equipments Australia Pty Ltd.
(ix) Industrial Air Compressors Pty Ltd. and its subsidiaries
(x) Elgi Compressors Italy S.R.L
(xi) Rotair SPA
(xii) Elgi Compressors Europe S.R.L and its subsidiaries
(xiii) Elgi Compressors (M) SDN. BHD

Jointly controlled entities

(i) Elgi Sauer Compressors Limited (Joint Venture)
(ii) Industrial Air Solutions LLP (Joint Venture)
(iii) L.G. Balakrishnan & Bros. (Joint Operations)
(iv) Elgi Services (Joint Operations)

Trust
Elgi Equipments Limited Employees Stock Option Trust

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based
on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing
has come to our attention that causes us to believe that the accompanying Statement has not been
prepared in all material respects in accordance with the recognition and measurement principles laid
down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted
in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of
the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains
any material misstatement.

6. The interim financial results of eight subsidiaries (including their respective subsidiaries) reflect total
assets of Rs. 7,308 million and net liabilities of Rs. 1,451 million as at September 30, 2025, and total
revenues of Rs. 2,446 million and Rs. 4,794 million, total net profit after tax of Rs. 30 million and Rs.
5 million and total comprehensive income of Rs. 82 million and Rs. 91 million, for the quarter ended
September 30, 2025 and for the half year ended September 30, 2025 respectively, and cash inflows
(net) of Rs. 439 million for the half year ended September 30, 2025, as considered in the Statement.
These interim financial results have been reviewed by other auditors in accordance with SRE 2400
“Engagements to Review Historical Financial Statements” / ISRE 2410, “Review of Interim Financial
Information Performed by the Independent Auditor of the Entity”, and their reports vide which they
have issued an unmodified conclusion, have been furnished to us by the other auditors and our
conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect
of these subsidiaries (including their respective subsidiaries), is based on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above.
Price Waterhouse Chartered Accountants LLP
Our conclusion on the Statement is not modified in respect of the above matter.
7. The Statement includes the interim financial results of three subsidiaries, a trust and two joint
operations which have not been reviewed/ audited by their auditors, whose interim financial results
reflect total assets of Rs. 2,486 million and net assets of Rs. 1,835 million as at September 30, 2025,
and total revenue of Rs. Nil million and Rs. Nil million, total net profit after tax of Rs. 7 million and
Rs. 11 million and total comprehensive income of Rs. 7 million and Rs. 11 million for the quarter ended
September 30, 2025 and for the half year ended September 30, 2025, respectively, and cash outflows
(net) of Rs. Nil* million for the half year ended September 30, 2025, as considered in the Statement.
The Statement also includes the Group’s share of net profit after tax of Rs. 16 million and Rs. 27 million
and total comprehensive income of Rs. 16 million and Rs. 28 million for the quarter ended September
30, 2025 and for the half year ended September 30, 2025, respectively, as considered in the Statement,
in respect of two joint ventures based on their interim financial results, which have not been reviewed/
audited by their auditors. According to the information and explanations given to us by the
Management, these interim financial results are not material to the Group.
Our conclusion on the Statement is not modified in respect of the above matter.

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N / N500016
Digitally signed by R
R Arun Arun Kumar
Date: 2025.11.12
Kumar 18:07:45 +05'30'

Arun Kumar R
Partner
Place: Chennai Membership Number: 211867
Date: November 12, 2025 UDIN: 25211867BMOPSL4102

*Represent figures below the rounding convention used in the Statement.