Analysts/Institutional Investor Meet/Con. Call Updates

October 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra-Kurla Complex Bandra (E) Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 500355 Symbol: RALLIS Dear Sir/Madam, Sub: Transcript of Analysts/Investors Call pertaining to the Financial Results for the second quarter and half year ended September 30, 2026 Further to our letter dated October 9, 2026, we enclose herewith a copy of the transcript of the Analyst/Investors Call on the Unaudited Financial Results of the Company for the second quarter and half year ended September 30, 2026, held on October 23, 2026. The same is also being made available on the Company’s website at: https://www.rallis.com/investors/Financial-Performance. You are requested to take the same on record. Thanking You, Yours faithfully, For Rallis India Limited Sariga P Gokul Company Secretary & Compliance Officer Membership No. ACS 39637 Encl.: as above Registered Office 23rd Floor Vios Tower New Cuffe Parade Off Eastern Freeway Wadala Mumbai 400 037 Tel 91 22 6232 7400 website www.rallis.com Corporate Identity No. L36992MH1948PLC014083 Rallis India Limited Q2 and H1 FY '27 Earnings Conference Call October 23rd, 2026 MANAGEMENT: DR. GYANENDRA SHUKLA (Managing Director and Chief Executive Officer) MR. BHASKAR SWAMINATHAN (Chief Financial Officer) Page 1 of 20 Rallis India Limited October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Rallis India Limited Q2 and H1 FY '27 Earnings Conference Call. We have with us today Dr. Gyanendra Shukla, Managing Director and CEO; and Mr. Bhaskar Swaminathan, Chief Financial Officer. Before we begin, I would like to mention that some of the statements made in today's discussions may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in the results presentation. 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 the operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Gyanendra Shukla. Thank you, and over to you, Dr. Shukla. Gyanendra Shukla: Good morning, and thank you, everyone, for joining us today for Rallis India Limited Q2 and H1FY27 Earnings Call. As mentioned, I have alongside with me our CFO, Mr. Bhaskar Swaminathan. Let me begin the discussion by pitching into the industry landscape initially, post which I will discuss Rallis' specific developments. Domestic Market: India’s agri-input sector faced significant headwinds during the 2026 Kharif season amid deficient and erratic rainfall, crop-mix changes, subdued farm economics and heightened competitive intensity. Moisture stress across key agricultural states like Maharashtra, Andhra Pradesh, Karnataka, Telangana, parts of Punjab and Haryana affected crop prospects for paddy, soybean, maize, cotton and pulses, weighing on demand for herbicides, fungicides, insecticides and seed-treatment products. Softer product prices, higher trade discounts and channel inventory pressures further constrained fresh purchases. Consequently, domestic demand recovery is likely to remain uneven, contingent on crop conditions, irrigation availability and a revival in farmer profitability. Global Markets, Commodity Prices & Industry Margins: Since April 2026, global agricultural markets have experienced firmer commodity prices amid weather-related supply risks and geopolitical disruptions. In September, the FAO Food Price Index rose 1.5% month-on-month, while its cereal price index increased 5.1%, driven by higher wheat and maize prices amid Black Sea logistical disruptions and adverse weather conditions. Vegetable oil and sugar prices also strengthened on the back of import demand, weather concerns and production uncertainties across key producing regions. Although global cereal production is forecasted to decline 2.1% in 2026, the projected harvest remains the second largest on record, indicating tighter supply conditions rather than a widespread shortage. The Middle East crisis has heightened energy and freight costs, increasing pressure on agrochemical manufacturers’ input costs and margins. The firmer crop prices could support farm economics and agrochemical demand, the benefits may be offset by affordability constraints, competitive pricing and cautious channel replenishment, keeping the sector’s recovery uneven. The global agricultural sector is expected to expand over the medium term, supported by rising food demand, productivity improvements and agricultural intensification. The OECD–FAO projects global agricultural production value to increase by ~13% by 2035, with Asia, Sub-Saharan Africa and Latin America emerging as key growth regions. Latin America remains strategically important given its substantial soybean, maize and cotton acreage, while North America and Europe are mature, input-intensive markets. The global crop-protection market is estimated at ~US$70.4 billion in 2026, although growth will remain sensitive to farm economics, weather, regulation and product affordability. Page 2 of 20 Rallis India Limited October 23, 2026 For Indian exporters, favourable currency movements may support rupee realizations, but sustained volume recovery remains critical. International sales may also face pressure from subdued channel demand, distributor resistance, weather-related disruptions and heatwaves in Europe, which have affected crop conditions and input application patterns. For Indian companies, the key indicators to monitor are active- ingredient and intermediate prices, freight rates, rupee movements, export order volumes, channel inventories and farmer affordability. Recent UN and international- agency assessments also warn that prolonged shipping disruptions could affect crop yields and food prices into 2027. For the agrochemical industry, broadly firmer crop prices can improve farm economics and support demand for herbicides, insecticides and fungicides, particularly in export- oriented agricultural regions. However, higher crude oil, energy, freight and input costs may put pressure on manufacturers’ margins, while elevated fertilizer costs could constrain farmers’ overall input spending. The outlook is therefore cautiously constructive: companies with strong distribution networks, differentiated products, efficient manufacturing and disciplined cost management are better positioned to benefit. A sustained recovery in agrochemical demand will ultimately depend on the persistence of higher crop prices, improved farm incomes and a recovery in channel inventory and purchasing activity. Rabi 2026–27 Outlook: The outlook remains sensitive to winter rainfall, soil moisture and irrigation availability. IMD’s northeast monsoon forecast of 88–112% of the long- period average is relevant to southern peninsular India but does not guarantee adequate rainfall across the country. Major reservoirs held approximately 70% of capacity, below the 10-year average of 76.6%, with the southern region facing relatively greater irrigation concerns. These conditions could influence Rabi acreage, crop yields and farmer spending, particularly in water-stressed areas. The Government’s Rabi MSP increases for 2027–28 range from 0.97% for wheat to 10.32% for safflower, with mustard rising 6.66% and lentil 5.57%. While higher MSPs provide a measure of price support, actual farm returns will depend on yields, market prices and procurement. Moving to Rallis-specific developments: We had a muted Q2FY27 performance on the back of in-sufficient rainfall in the key agrochemical consuming states like Punjab, Haryana, Maharashtra, Andhra Pradesh, Karnataka, Telangana, etc. Our quarterly revenue stood at ₹ 858 cr versus ₹ 861 cr of Q2FY26. Overall, [Showing first 8,000 characters — download PDF for full document]