Analysts/Institutional Investor Meet/Con. Call Updates

October 26, 2026 The Compliance Manager The Manager, Listing Department BSE Limited National Stock Exchange of India Ltd. Corporate Relationship Dept., Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Mumbai 400001. Bandra (East), Mumbai 400 051. Scrip Code: 500655 Trading Symbol: GRWRHITECH Dear Sir/ Madam, Subject: Transcript of the Earnings Conference Call on Unaudited Financial Results / Business Performance of the Company for the Quarter and Half Year ended September 30, 2026. Pursuant to Regulation 30 and 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the Earnings Conference Call on Unaudited Financial Results / Business Performance of the Company for the Quarter and Half Year ended September 30, 2026, held on Friday, October 23, 2026. The aforesaid transcript is also being uploaded on the website of the Company: https://www.garwarehitechfilms.com. This is for your information and record. Thanking you, Yours faithfully, For Garware Hi-Tech Films Limited Awaneesh Srivastava Company Secretary FCS 8513 Encl.: As stated above. GARWARE HI-TECH FILMS LIMITED CORPORATE OFFICE : GARWARE HOUSE, 50-A, SWAMI NITYANAND MARG VILE PARLE (EAST), MUMBAI – 400 057. TEL: 0091-22-6698 8000 (15 LINES) WEBSITE: www.garwarehitechfilms.com CIN: L10889MH1957PLC010889 REGD. OFFICE: NAIGAON, P.O. WALUJ, CHHATRAPATI SAMBHAJINAGAR – 431 133 (INDIA) “Garware Hi-Tech Films Limited Q2 FY27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. DEEPAK JOSHI – DIRECTOR SALES AND MARKETING – GARWARE HI-TECH FILMS LIMITED MODERATOR: MS. GARIMA SINGLA – GO INDIA ADVISORS Page 1 of 20 Garware Hi-Tech Films Limited October 23, 2026 Moderator: Ladies and gentlemen, good day and welcome to Garware Hi-Tech Films Limited Q2 FY27 Earnings Conference Call hosted by Go India Advisors. As a reminder, all participants' 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 this conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand over the conference to Ms. Garima Singla from Go India Advisors. Thank you and over to you, ma'am. Garima Singla: Thank you. Good morning, everyone. I am Garima Singla and it's my pleasure to welcome you on behalf of Garware Hi-Tech Films Limited. Thank you for joining us today for Q2 and H1 FY27 Earnings Conference Call. This call is being hosted by Go India Advisors. Please note that today's discussion may include certain forward-looking statements. Therefore, they must be viewed in conjunction with the risk that the company faces. Today on the call, we are joined by Mr. Deepak Joshi, Director, Sales and Marketing. I now invite Deepak sir to present the company's business outlook and performance, after which we will open the floor for Q&A. Thank you and over to you, sir. Deepak Joshi: Thank you, Garima. Good morning, everyone and thank you for joining us today. Before we begin, I would like to extend my warmest wishes to all of you and your families on the occasion of the festive season. I hope this period brings happiness, prosperity and good health to everyone. I hope you have had an opportunity to review our financial results and investor presentation. Q2 FY27 was another important milestone for us. We delivered our highest-ever quarterly revenue of INR696 crores, up 22% year-on-year and 10% sequentially, which is nearing the INR700 crores mark. EBITDA increased 42% year-on-year to INR189 crores, with a margin of 27.2%. Profit after tax also grew 42% to INR129 crores. This performance was achieved despite geopolitical headwinds and a slowdown in the Middle East. Demand improved realization and a favorable product mix and operating leverage supported growth and helped offset higher raw material and logistics costs. Our business follows a seasonal pattern, with Q1 typically benefiting from stronger summer demand for sun control films and a more favorable product mix. Q1's EBITDA margin of 30.3% was consistent with the strength typically seen in the quarter and should be assessed against prior year Q1 performance. As our product mix evolves, we believe margins of around 30% in Q1 represents a sustainable seasonal level. Against this seasonal backdrop, we delivered our best-ever Q1, followed by our best-ever Q2, with Q2 EBITDA margin at 27.2%, expanding 377 basis points year-on-year. For H1 FY27, revenue increased 25% to INR1,329 crores. EBITDA grew 49% to INR381 crores and profit after tax rose 50% to INR262 crores. Profit before tax increased 51% to INR350 crores with PBT margin expanding by 464 basis points to 26.30%. Cash profit grew 46% to INR293 crores. Page 2 of 20 Garware Hi-Tech Films Limited October 23, 2026 Our H1 revenue mix comprised 73% from CPD and 27% from IPD, while value-added products accounted for 86% of revenue, highlighting the growing contribution of the niche, differentiated and higher-value products to our business. Our balance sheet remains strong with cash of INR933 crores as of September 30, 2026. Working capital stood at 29 days compared with 28 days in FY26. This financial flexibility enables us to invest in growth while maintaining disciplined capital allocation. At Garware Hi- Tech Films Limited, our focus remains on building a premium, technology-led material science business.We are moving up the value chain through specialized applications, product development, stronger brands, and deeper customer relationships, with an emphasis on revenue quality and profitable growth. During this quarter, we advanced our switchable privacy film capabilities through our PDLC facility. This technology allows glass to transition between transparent and opaque states, creating applications across automotive, commercial, and architectural environments. In our car care portfolio, we introduced Ultra Series window film kits. We also enhanced customer accessibility through digital e-warranty services and no-cost EMI option in partnership with Pine Labs. We continue to invest in capabilities to support our next phase of growth. Our thermoplastic polyurethane or TPU film line remains on track for commissioning in Q3 FY27. The strategic MOU with Lubrizol supports our ambition to develop advanced TPU-based film solutions in India and expand into specialized applications. In parallel, our INR191 crores solar control film capacity expansion is progressing with a focus on robotics and automation. Commercial production is expected in H1 FY28, adding approximately 1,200 lakh square feet of fungible capacity. Together, these products will strengthen our technology and manufacturing platform. Our international business remained an important growth leader. We served customers across more than 90 countries and continued to strengthen our presence through distribution and application network support. During Q2, we opened two additional global application studios in the United States, taking our international network to 14 studios. We also added our global distributors during this quarter. We added four global distributors during this quarter. The expanded network helps us to demonstrate our products, support channel partners, and develop new market opportunities. In our Garware Home Solutions business, we are expanding direct customer reach through a growing studio network. From 9 studios in Q1, we increased the network to 14 and plan to add another 12 studios in Q3, including locations across Delhi NCR and Mumbai. Our longer-term target is to reach 50 studios by December 2027. In the architectural and graphic segment, we added 3 channel partners during the quarter and are pursuing opportunities with leading malls and hospitality chains. These initiatives are intended to ext [Showing first 8,000 characters — download PDF for full document]