Enclosed is the Earning Call Transcript for Q2 FY 2026-27 held on 31st October, 2026

5th November, 2026 BSE Limited National Stock Exchange of India Limited Phiroze JeeJeebhoy Towers, Exchange Plaza, Plot no. C/1, Dalal Street, G Block, Bandra-Kurla Complex Fort, Mumbai – 400 001 Bandra (E), Mumbai - 400 051 Scrip Code: 543318 Trading Symbol: CLEAN Subject: Transcript of conference call on the Company’s Q2 FY26-27 Earnings. Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir/Madam Further to our letter dated 22nd October, 2026 and in terms of Regulation 30 read with Schedule III - Part A to the Listing Regulations, please find enclosed herewith the transcript of conference call on the Company’s Q2 FY26-27 Earnings held on Saturday, 31st October, 2026. You are requested to take the same on record. Thanking You. For Clean Science and Technology Limited Ruchita Vij Company Secretary & Compliance Officer Encl: as above “Clean Science and Technology Limited Q2 FY27 Earnings Conference Call” October 31, 2026 MANAGEMENT: MR. SIDDHARTH SIKCHI –MANAGING DIRECTOR AND PROMOTER MR. SANJAY PARNERKAR – CHIEF FINANCIAL OFFICER MR. PRATIK BORA – PRESIDENT – COMMERCIAL Page 1 of 9 Clean Science and Technology Limited October 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 FY27 Earnings Conference Call of Clean Science and Technology Limited. We have with us on the call Mr. Siddharth Sikchi, Managing Director and Promoter; Mr. Sanjay Parnerkar, CFO; and Mr. Pratik Bora, President, Commercial. 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 an operator by pressing star then zero on your touch- tone phone. I now hand the conference over to Mr. Siddharth Sikchi for opening remarks. Thank you, and over to you, sir. Siddharth Sikchi: Thank you so much. Good afternoon, all of you, for taking time out to listen to our earnings call on Saturday. So let me present to you the Q2 FY27 earnings. So let me first speak about the basic -- the business performance. The quarter marked yet another consequent quarter of being the highest ever revenue in the history of the company, highlighting our continued effort to translate from investment phase to asset monetization phase in the new HALS segment, wherein base business, we continue to increase our volumes in our flagship products, dictating a robust cost competitiveness. On the base business of Clean Science, the base business saw a resilient volume-led growth across Performance and Pharma segment. Export sales increased to 73% of the stand-alone business against 64% during the previous quarter. Otherwise, this base business showed a steady performance. On the HALS segment, on Y-o-Y basis, the HALS segment grew 2x in revenue during the quarter. It was achieved on back of robust HALS volume growth. To give a little perspective, in H1 FY27, we achieved aggregated volumes of 67% of the total volumes achieved during entire previous financial ye ar. This growth means more to us than just numbers show. It reflects a fundamental shift in how our customers see us. We started as a new entrant providing our quality. And today, we are one of the trusted strategic partner with the customers. This trust is very difficult to win, and we are very proud to have earned this. Further, as we speak, we continue to add new customers and increase the wallet share from existing customers every quarter. On cost improvement fronts, during the quarter and also in the subsequent quarters, we will be starting some of the key starting materials for some of these HALS products, which eventually will result in improvement in our gross margin. Put all together, healthy volumes, continuous process improvement and benefits of operational leverage have resulted in EBITDA margin of 12% in the first half of FY27. And during this quarter, we reached a PAT positive. Page 2 of 9 Clean Science and Technology Limited October 31, 2026 CFCL has conducted and completed trials for the advanced grade of HALS product. This marks a significant milestone towards the commercial launch of the new product expected to commence in H2 of FY27. A little on the input costs. Input costs have remained high during the quarter as the Middle East crisis conflict kept the crude-linked feedstock prices high. Key raw materials such as phenol, acetone and methanol were 50% to 100% higher year-on-year alongside an increase in coal and freight costs. With Chinese prices yet to move up, the pass-through to the customers was difficult. Consequently, the raw material cost rose to 43.3% versus 39.7% on a consolidated basis. However, the customer demand remained resilient. Now let me touch upon the financial performance for the period 30th September '26, stand-alone, starting with Q-on-Q comparison. On a sequential basis, revenues improved by 11% to INR226 crores, largely due to higher volume across Performance, Pharma and FMCG. EBITDA and PAT margins are at 36% and 24%, translating into EBITDA of INR82 crores and PAT of INR55 crores. Margin moderation was primarily due to high raw material costs, which rose to 41% from 35% in Q1 FY27. On Y-o-Y comparison, sales grew by 10% during the quarter. The revenue growth was primarily led by improved realization, while volumes were broadly stable. The demand environment continues to be steady. On a consol basis, company delivered a healthy volume-led growth of 12%, resulting in revenues of INR295 crores on a consolidated basis with EBITDA and PAT margins of INR92 crores and INR56 crores, respectively. On Y-o-Y comparison, the sales grew 23% during the quarter. The revenue growth was primarily led by improved volume growth approximately 10% and realization by 13%. The increase in revenue is primarily led by consistent sale of HALS business and consolidated EBITDA grew by 6%, supported by turnaround in CFCL. On a year-to-date basis, consolidated sales grew by 17% to INR559 crores with EBITDA of INR188 crores and PAT of INR129 crores. The split was 77% Performance, 14% Pharma Intermediates and FMCG was 7%. A review on the capex. Performance Chemical 2 will get commercialized by quarter 3 to quarter 4 FY27. During the quarter, capital infusion in subsidiary was approximately INR50 crores and INR150 crores in H1 FY27. With this, the total investment in subsidiary company stands at INR900 crores. With this, I conclude my opening remarks and take this opportunity to also wish you all a very Happy Diwali and looking forward to the Q&A session. Thank you. Moderator: Thank you very much. Sir, ladies and gentlemen. We will now begin the question-and-answer session. The first question is from the line of Sanjesh Jain from ICICI Securities. Sanjesh Jain: A couple of questions from my side. First, purely on the margin, just to clarify, the percentage margin in this quarter doesn't make sense, right? There is a very sharp inflation in the raw Page 3 of 9 Clean Science and Technology Limited October 31, 2026 material, which mathematically compresses the margin. We are holding on to the existing run rate of 92%. That means we have retained EBITDA per kg despite all the headwinds and inflation. Will that be a fair statement to make? Siddharth Sikchi: So but, Sanjesh, I think -- see, we were not able to pass through the price increase to the customer. So of course, the percentage-wise came down, but on absolute because of the volume growth, we were still able to maintain the absolute number. Sanjesh Jain: So what was the volume growth for this quarter? Pratik Bora: Sequentially, the entire growth was volume-led. And annually, the growth largely is realization- led. So what Siddharth is also trying to arrive this at is that during this quarter, the entire raw material cost increase on account of the inflationary pressure was not translated to the sales growth. Sequentially, the [Showing first 8,000 characters — download PDF for full document]