Analysts/Institutional Investor Meet/Con. Call Updates

Dated: 05.11.2026 To To BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai- 400001. Bandra (E), Mumbai-400051. Scrip code : 509152 Symbol : GRPLTD – Series: EQ Dear Sir / Madam, Subject: Submission of Transcript of Earnings Call for Q2FY27 Please find enclosed herewith transcript of earnings call held with analyst / institutional investors on Friday, 30th October, 2026 at 03:00 p.m. (IST) to discuss Company’s operational and financial performance for Q2FY27. Kindly take the same on your records. Thanking you, For GRP Limited Sonal Jaju Compliance Officer and Compliance Officer Encl.: As above. “GRP Limited Q2 & H1 FY27 Earnings Conference Call” October 30, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording is uploaded on the stock exchange on October 30, 2026, will prevail MANAGEMENT: MR. HARSH GANDHI –MANAGING DIRECTOR – GRP LIMITED MS. SHILPA MEHTA – CHIEF FINANCIAL OFFICER – GRP LIMITED Page 1 of 12 GRP Limited October 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the GRP Limited Q2 and H1 FY27 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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 Moderator: by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Harsh Gandhi, Managing Director, for his opening remarks. Thank you, and over to you, sir. Harsh Gandhi: Thank you so much. A very good afternoon to everyone, and thank you for joining GRP Limited Quarter 2 and first half FY27 earnings call. I'm joined today by our CFO, Ms. Shilpa Mehta, and our Investor Relations Advisors, SGA. Our investor presentation has been uploaded to the stock exchanges and on our website, and I hope you have all had a chance to go through the same. When I spoke to you all in May, I described fiscal year 2026 as a transition year. Export volumes had been disrupted by US tariffs, raw material costs have risen sharply, and we were absorbing the start-up costs of new platforms before their revenues arrived. Margins came under pressure, and we said so openly. Two quarters later, the picture has changed. For quarter 2 FY 2027, the consolidated total income grew by 30% year-on-year to INR1,727 million, and EBITDA grew 60% to INR182 million, and PAT more than tripled to INR64 million. For H1 FY 2027, total income rose 28% and EBITDA grew 60%, while the EBITDA margin for the first half was 10.8% compared with 8.6% a year ago. I would ask you to focus less on the growth rates and more on what lies underneath the numbers. For 2 consecutive quarters, we have held EBITDA margins at around 11%, and we have done this while gross margins fell by 5 percentage points because of raw material inflation. In other words, the business has absorbed one of the sharpest input cost cycles we have seen in multiple years and still delivered stable operating profitability. This came from higher volumes, better manpower productivity, energy optimization and the growing contribution from our newer businesses. This is what we meant when we said that we are moving from a phase of margin pressure to one of stability. The external environment over the last 6 months has been anything but stable. The conflict in West Asia and the repeated disruptions to shipping through the Strait of Hormuz have pushed crude oil prices from the mid- USD60 per barrel at the start of the calendar year to Page 2 of 12 GRP Limited October 30, 2026 around USD100 by the end of September. Energy and freight costs have stayed elevated. And at the same time, natural rubber prices have reached levels last seen more than a decade ago and competition for key raw materials in India has intensified. Global tire demand remains mixed with subdued OE demand in some major economies and more resilient replacement demand. The reset of US tariffs on Indian goods earlier this calendar year has allowed export order patterns to normalize, and our export volumes have recovered from last year's disruption. India has been the more encouraging market. Automobile production grew strongly in the September quarter. Tire manufacturers continue to see growth across OE and the replacement channels as well and reclaimed rubber consumption in India rose 5% year-on-year in the June quarter. In this environment, our core rubber recycling business continued to perform. Standalone segment revenue grew 30% in H1 and Reclaim Rubber volumes grew 8% and sales from our new Reclaim technology platform continues to rise quarter-on-quarter. Higher raw material costs weighed on gross margins, and our response remains disciplined pricing, procurement optimization and flexibility in sourcing. For many years, we have had a simple belief that an end-of-life tire is not one and a company that can recover value from every stream and can connect those streams across one platform will earn better and more resilient returns than a single product recycler. This half of the year has given us the clearest evidence that this belief seems to be right. Pyrova Energy, which recovers crumb rubber, tire pyrolysis oil, recovered steel and very soon recovered carbon black, is now contributing meaningfully to the rubber recycling segment. Operations have improved month-on-month, and that consistency is giving the confidence to move ahead with the next phases of growth. Pyrova's EPR registration has been completed, and its first EPR income was recognized in quarter 2. Cumulative investment so far has stood at INR1,140 million as of end of September, including INR110 million in capital work in progress. Commissioning of the rCB facility at Solapur is progressing and expansion of pyrolysis capacity is underway through March 2027. Our Plastics business has achieved a complete turnaround. On a consolidated basis, Plastics revenue grew 38% year-on-year in H1, and EBITDA margins improved by 11 percentage points with growth across automotive and nonautomotive applications. We are progressing customer qualifications in compounding and specialty applications and our conversations with customers are increasingly about application performance and higher value use of recycled materials. Taken together, these businesses are doing what we build them to, which is shared feedstock, sourcing networks, energy and customers with reclaim rubber, widen our revenue base and reduce our dependence on any single product market or input costs. One consequence of this is a visible shift in the shape of our business. For the last decade or more, GRP has been an export-led company. And while exports will continue to remain central to who we are, but the standalone domestic revenue has grown far more than the export growth. Page 3 of 12 GRP Limited October 30, 2026 In H1 FY27, the standalone domestic revenue grew by 40% to INR1,678 million, while export revenue grew 19% to INR1,548 million. Domestic sales now accounts for about 52% of the standalone revenue compared with about 48% a year ago. This shift is being led by Pyrova Energy, whose sales are largely domestic alongside a healthy domestic demand for Reclaim Rubber. We see this as a positive. It lowers our exposure to tariffs, currency movements and international freight, and it positions us to benefit from India's growth in automobiles, tires and EPR-driven demand for recycled content. At the same time, it changes how we manage the business in terms of pric [Showing first 8,000 characters — download PDF for full document]