Enclosed herewith is the Transcript of the Earnings Call on July 21, 2026

July 27, 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 quarter ended June 30, 2026 Further to our letter dated July 09, 2026, we enclose herewith a copy of the transcript of the Analyst/Investors Call on the Unaudited Financial Results of the Company for the quarter ended June 30, 2026, held on July 21, 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 Q1 FY27 Earnings Conference Call July 21, 2026 MANAGEMENT: DR. GYANENDRA SHUKLA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – RALLIS INDIA LIMITED MR. BHASKAR SWAMINATHAN – CHIEF FINANCIAL OFFICER – RALLIS INDIA LIMITED Page 1 of 21 Moderator: Ladies and gentlemen, good morning, and welcome to the Rallis India Limited Q1FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. 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 then zero on your touchstone phone. 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 discussion may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in the results presentation. Please note that this conference is being recorded. I now invite Dr. Shukla to begin with proceedings of the call. Thank you, and over to you, sir. Dr. Gyanendra Shukla: Thanks, good morning, everyone and thank you for joining us today on Rallis India Limited Q1 FY27 Earnings Call. As mentioned, I have alongside myself our CFO, Mr Bhaskar Swaminathan. I will start with a synopsis of the industry landscape before addressing developments specific to Rallis. Q1FY27 was characterised by a weak demand environment and sustained pricing pressure in the Indian agrochemical space. While the supply chain was not materially disrupted, it remained fragile and cost-sensitive, with volatility in raw materials availability, freight, and logistics. Dependence on Chinese inputs continued to influence sourcing dynamics, while selective disruptions and inventory constraints created intermittent supply tightness. However, the market did not face a structural shortage. The key takeaway is that costs remained elevated while demand recovery was insufficient to support price hikes, resulting in continued margin stress across the sector. The Middle East war likely affected the agrochemical sector in Q1FY27 mainly through higher feedstock, energy, and freight costs, which compressed margins even when selling prices were adjusted upward. That said, the price increases triggered by Middle East supply disruptions are expected to partially offset the volume-led drag. Companies with imported intermediates or fertilizer-linked input exposure were more vulnerable than those with stronger domestic sourcing. Margin pressure was likely strongest for businesses that could not fully hedge energy and freight costs or quickly revise realizations. The sector also faced uncertainty rather than a one-time shock, because even a ceasefire or pause does not immediately normalize energy and shipping costs. Additionally, at the start of season, El Niño was described as a probable threat to a weaker monsoon because it tends to warm the central and eastern Pacific, which disrupts atmospheric circulation and can reduce the monsoon flow over India. Official and media reports said the IMD linked its below-normal rainfall outlook to developing El Niño conditions, especially for the second half of the season. Markets witnessed aggressive channel filling in March ahead of anticipated price increases, delayed onset of the South-West monsoon weighing on on-ground consumption. Cumulative rainfall deficit below normal and lagging kharif sowing deferred placements. The late arrival of this year’s monsoons and the resultant delay in Kharif sowing impacted agrochemical offtake across the domestic markets. Page 2 of 21 As per IMD’s latest available update, overall, India’s seasonal rainfall remained around 15% below normal as of 8 July 2026. IMD’s latest long-range seasonal outlook for the 2026 southwest monsoon projects below-normal rainfall for the country overall, most likely about 90% of the Long-Period Average (LPA) with a model error of ±4%. Monsoon Core Zone (i.e. main rain-fed belt) is most likely to be below normal (<94% of LPA). Region-wise, the data suggest that central and western India improved sharply in early July, while east, northeast, and parts of the south continued to lag. Rainfall shortfalls in June and early July slow kharif sowing, especially in rainfed belts and for crops like paddy, maize, pulses, soyabean, and groundnut. If rains arrive in bursts after a dry start, farmers often re-sow, which raises seed and crop-protection usage. Farmers tend to move toward shorter-duration crops, drought-tolerant varieties, and move away from water-sensitive crops where irrigation is limited. Northwest and some eastern/south-eastern pockets may fare better, while central, peninsular, and core rainfed regions face higher sowing stress. As of end-June 2026, Kharif sowing was significantly lagging in comparison to last year, with only ~17% of the normal area covered. Overall acreage was lower by ~23% year-on-year, mainly due to reduced year-on-year sowing in rice (-25%), cotton (-35%), and oilseeds (-53%). Within oilseeds, soybean and groundnut showed sharp declines, with acreage down 65% and 42%, respectively. Kharif pulses sowing also witnessed weak start in key producing regions like Maharashtra & Karnataka with acreages down by ~40%. However, by 5th July 2026, with the monsoon picking up pace, sowing activity accelerated, reaching ~32% of the normal area, up from 16.5% a week earlier. Despite this improvement, total acreage still remains ~21% lower compared to the same period last year. A Central Water Commission (CWC) report quoted on 17th July that reservoir levels had risen to 34.46% by 16th July 2026, up from 26% as on 2th July. The 10-year average (i.e. normal storage) is higher than the current level, with current storage at ~98% of normal. The FY27 Kharif MSP regime is broadly supportive of crop diversification. Sharper hikes in oilseeds, pulses, and cotton stand out, while paddy and maize saw only modest increases. The government approved MSPs for 14 Kharif crops for the 2026-27 marketing season, with estimated procurement of about 824.41 lakh metric tonnes and an estimated payout of around Rs 2.60 lakh crore. This pricing framework remains aligned with the policy of keeping MSPs at least 1.5 times the cost of production. The relatively stronger increase in oilseeds and pulses suggests an intent to encourage acreage shift away from paddy and move towards a more diversified crop mix. From an agrochemical perspective, this is constructive for demand diversification. It is particularly relevant for pulses and oilseeds, where input usage and crop- protection needs differ from those in paddy. Volumes may shrink as acreage declines, but margins are likely to remain stable to slightly soft. Integrated firms [Showing first 8,000 characters — download PDF for full document]