Chairman''s Letter to Shareholders - Un-audited Standalone and Consolidated Financial Results for the quarter and half-year ended September 30, 2026

Regd Office & Works : Pallipalayam, Namakkal District, Erode - 638 007, Tamilnadu, India. Ph : 91 - 4288 - 240221 to 240228, Fax : 91-4288-240229 email : edofi@spbltd.com Web : www.spblitd.com CIN : L21012TZ1960PLC000364 October 24, 2026 Dear Shareholders, Sub: Unaudited Financial Results for the quarter / half year ended September 30, 2026. At the Board Meeting held on October 24, 2026, the Board of Directors has approved the unaudited Financial Results of the Company for the quarter / half year ended September 30, 2026. We enclose the statement for your reference and records. The said statement has been submitted to stock exchange and posted in the Company’s website www.spbltd.com. The highlights of operations of the Company for the quarter / half year ended September 30, 2026 are as under: 57,637 : 1,38,241 49,063 { 1,32,368 36,200 25,305 Revenue from Operation (RFO) Profit Before Interest, Depreciation and Tax (EBIDTA) Profit before Tax (PBT) Profit after Tax (PAT) Page 1 of 1 PRODUCTION & SALES VOLUMES : Utilisation PRODUCTION : 116 % Erode 94 % Tirunelveli 108 % SALES : Domestic 1,14,453 Exports 17,915 2 Good production performance in both units realised in Apr-Sep’26 due to overall productivity improvements and improved order position from both domestic and export markets. PROFITABILITY D Higher production and sales volumes with higher realisation from both domestic and export markets helped better profitability in Apr-Sep’26 compared to corresponding period in previous year. MARKET 2 Good domestic and export order incoming across key segments helped double-digit growth in sales volumes. STATUS ON KEY PROJECTS O Project Mill Development Plan-IV (MDP-IV) in Erode unit: Project is under execution now, with key major equipment (like Recovery Boiler, Evaporator, etc.) being planned for commissioning by the end of this financial year. 7 On UNIT-Ill (assets acquired from M/s.Servalakshmi Paper Limited, Corporate Debtor under Liquidation, under e-auction liquidation sale conducted under IBC proceedings) — The Company is still awaiting final orders from Hon’ble NCLAT on 1 appeal filed by the ex-promoter of CD and pending. Page 2 of 2 O Investment in hybrid Solar and Wind power generating facilities with 52.8 MWp (DC) / 35.2 MW AC Solar Power Capacity and 9 MW Wind Power Capacity, under Group Captive Model, for supply of renewable power to our company exclusively — Solar / Wind Power from the facility is expected to become available in Q3. . 3 Investment in New Copier Conversion Machineries - Equipments planned for commissioning in Q4. CURRENT QUARTER & Prevailing West Asian war crisis has resulted in a huge cost push, particularly in the price of chemicals, coal, etc, which is expected to impact the margins in full, in Q-lIl. & Wood prices are also expected to increase in Q-lll, which will further adversely impact on the cost of production. & On Exports, the margins are expected to be under pressure due to steep increase in Ocean Freight rates. & Order incoming, in both Domestic and Export markets, is expected to remain positive in Q-lIl. Thanking you, Yours Sincerely, (N. GOPALARATNAM) Chairman Encl.: a/a Page 3 of 3 SESHASAYEE PAPER AND BOARDS LIMITED CIN: L21012TZ1960PLC000364 Regd. Office: Pallipalayam, Namakkal District Cauvery RS PO, Erode 638 007 Ph: 04288 240221 - 228, Fax: 04288 240229 Email: secretarial@spbltd.com Web: www.spbltd.com STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED SEPTEMBER 30, 2026 (` crores) Standalone Consolidated Particulars 3 months ended 6 months ended Year ended 3 months ended 6 months ended Year ended 30 09 2026 30 06 2026 30 09 2025 30 09 2026 30 09 2025 31 03 2026 30 09 2026 30 06 2026 30 09 2025 30 09 2026 30 09 2025 31 03 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income a) Revenue from Operation 502.99 492.00 346.25 994.99 731.58 1710.17 503.06 492.08 346.32 995.14 731.72 1710.45 b) Other Income 11.86 13.25 13.33 25.11 27.69 49.48 11.89 11.89 13.34 23.78 26.90 48.75 Total Income 514.85 505.25 359.58 1020.10 759.27 1759.65 514.95 503.97 359.66 1018.92 758.62 1759.20 2 Expenses a) Cost of Materials consumed 315.89 315.72 268.24 631.61 554.34 1106.05 315.89 315.72 268.24 631.61 554.34 1106.05 b) Purchase of Stock-in-Trade 7.49 7.01 7.32 14.50 14.46 28.18 7.49 7.01 7.32 14.50 14.46 28.18 c) Changes in inventories of Finished Goods, Work-in-Progress -9.81 -5.78 -65.66 -15.59 -110.71 6.63 -9.81 -5.78 -65.66 -15.59 -110.71 6.63 and Stock-in-Trade d) Employee benefits expense 28.89 29.78 26.82 58.67 54.20 103.57 28.89 29.78 26.82 58.67 54.20 103.57 e) Finance Costs 0.34 0.41 4.43 0.75 5.50 8.76 0.34 0.41 4.43 0.75 5.50 8.76 f) Depreciation and amortization 11.62 11.60 11.13 23.22 22.66 44.98 11.62 11.61 11.14 23.23 22.68 45.01 expense g) Cost of Power and Fuel 59.18 50.91 49.17 110.09 103.10 204.27 59.18 50.91 49.17 110.09 103.10 204.27 h) Other expenses 54.49 50.50 34.05 104.99 68.58 165.59 54.53 50.53 34.13 105.06 68.72 165.83 Total expenses 468.09 460.15 335.50 928.24 712.13 1668.03 468.13 460.19 335.59 928.32 712.29 1668.30 3 Profit / (Loss) from Ordinary 46.76 45.10 24.08 91.86 47.14 91.62 46.82 43.78 24.07 90.60 46.33 90.90 Activities before Exceptional items 4 Share of Profit / (Loss) of Associate -- -- -- - -- -- 7.30 - 0.34 4.64 6.96 3.82 15.53 5 Exceptional Items -- -- -- -- -- -- -- -- -- -- -- -- 6 Profit /(Loss) from Ordinary Activity 46.76 45.10 24.08 91.86 47.14 91.62 54.12 43.44 28.71 97.56 50.15 106.43 Before Tax(3+4+5) (` crores) Standalone Consolidated Particulars 3 months ended 6 months ended Year ended 3 months ended 6 months ended Year ended 30 09 2026 30 06 2026 30 09 2025 30 09 2026 30 09 2025 31 03 2026 30 09 2026 30 06 2026 30 09 2025 30 09 2026 30 09 2025 31 03 2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 7 Tax expenses Current Tax - For the Year 11.25 12.20 6.97 23.45 13.64 26.22 11.26 12.22 6.99 23.48 13.67 26.28 - For earlier Years -- -- -- -- -- - -- -- -- -- -- 0.00 Deferred Tax 0.55 -0.69 -0.69 -0.14 -1.36 -2.38 0.55 -0.69 -0.69 -0.14 -1.36 -2.38 Total Tax Expenses 11.8 11.51 6.28 23.31 12.28 23.84 11.81 11.53 6.30 23.34 12.31 23.9 8 Net Profit /(Loss) from Ordinary 34.96 33.59 17.80 68.55 34.86 67.78 42.31 31.91 22.41 74.22 37.84 82.53 Activities After Tax (6-7) 9 Other Comprehensive Income A (i) Items that will not be reclassified to Statement of Profit and Loss (a) Remeasurement of the -- -- -- -- -- -2.78 -- -- -- -- -- -2.78 defined benefit Plans (b) Net Fair Value Gain on investment in Equity -3.21 11.51 -49.10 8.30 6.24 -14.07 -3.21 11.51 -49.10 8.30 6.24 -14.07 Instruments through OCI (c) Share of OCI of Associate -- -- -- - -- -- 0.44 0.45 -3.85 0.89 0.23 0.24 (ii) Income Tax relating to items that will not be reclassified to 0.46 -1.61 7.00 -1.15 -0.85 2.71 0.46 -1.61 7.00 -1.15 -0.85 2.71 Statement of Profit and Loss B (i) Items that will be reclassified -- -- -- -- -- -- -- -- -- -- -- -- to Statement of Profit and Loss (ii) Income Tax relating to items that will be reclassified to -- -- -- -- -- -- -- -- -- -- -- -- Statement of Profit and Loss Total Other Comprehensive Income -2.75 9.90 -42.10 7.15 5.39 -14.14 -2.31 10.35 -45.95 8.04 5.62 -13.90 10 Total Comprehensive Income for the 32.21 43.49 -24.30 75.70 40.25 53.64 40.00 42.26 -23.54 82.26 43.46 68.63 period (8+9) (Comprising Profit and other Comprehensive income for the period) 11 Paid-up Equity Share Capital 12.04 12.04 12.04 12.04 12.04 12.04 12.04 12.04 12.04 12.04 12.04 12.04 (Face value ` 2) 12 Reserves, excluding Revaluation Reserves, as per the Audited 1938.45 2029.93 Balance Sheet 13 Earnings Per Share of ` 2 each (not annualised) (a) Basic (in `) 5.80 5.58 2.96 11.38 5.79 11.25 7.03 5.30 3.72 12.32 6.28 13.70 (b) Diluted (in `) 5.80 5.58 2.96 11.38 5 [Showing first 8,000 characters — download PDF for full document]