Analysts/Institutional Investor Meet/Con. Call Updates

By Online Submission Sec/26-27/94 Date: 06-11-2026 To, To, The General Manager, The General Manager, BSE Ltd. National Stock Exchange of India Ltd. 1st Floor, New Trading Ring, Exchange Plaza, Rotunda Building, P.J. Tower, Plot no. C/1, G Block, Dalal Street, Fort Bandra-Kurla Complex Mumbai- 400 001 Bandra (E), Mumbai - 400 051. BSE Code: 524370 NSE CODE: BODALCHEM Dear Sir /Madam, Sub: Transcript of “Bodal Chemicals Limited 2Q FY27 Earnings Conference Call” We enclosed the transcript of 2Q FY27 Earnings Conference Call with Investors and Analyst which was held on 03rd November 2026 at 4.30 PM IST. Kindly take the same in your record. Thanking you, Yours faithfully, For, BODAL CHEMICALS LTD Ashutosh Bhatt Company Secretary ENCL: As Above “Bodal Chemicals Limited 2Q FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. ANKIT PATEL – EXECUTIVE DIRECTOR – BODAL CHEMICALS LIMITED MR. MAYUR PADHYA – CHIEF FINANCIAL OFFICER – BODAL CHEMICALS LIMITED MODERATOR: MR. PANKAJ MOTWANI – EQUIRUS SECURITIES Page 1 of 22 Bodal Chemicals Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Bodal Chemicals Limited 2Q FY27 Earnings Call, hosted by Equirus Securities Private Limited. 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. Pankaj Motwani from Equirus Securities. Thank you, and over to you, Mr. Pankaj. Pankaj Motwani: Thank you. Good evening, everyone. On behalf of Equirus Securities, I welcome you all to the Q2 FY27 Post Results Earnings Conference Call of Bodal Chemicals Limited. From the management side, we have with us Mr. Ankit Patel, Executive Director; and Mr. Mayur Padhya, CFO. I will now hand over the call to Mr. Ankit Patel for the opening remarks, post which we can open the forum for the Q&A session. Over to you, sir. Ankit Patel: Thank you very much. Good afternoon, everybody. On behalf of Bodal Chemicals Limited, I extend a very warm welcome to everyone for joining us on the call today. On this call, we are joined by our CFO, Mr. Mayur Padhya. I hope everyone had an opportunity to go through the financial results and investor presentation, which has been uploaded on the stock exchange and our company's website. We will give you a quick overview of the company's performance, and then Mr. Mayur Padhya will walk you through the operational and financial performance in detail for the quarter. We are an established integrated chemical company in India with a presence across dye intermediates, sulfur chemicals, chlor-alkali, benzene specialty derivatives and water treatment chemicals. We operate 8 plants across Gujarat, Punjab, Uttar Pradesh, and we also have 4 foreign subsidiaries. As Indian suppliers emerge as preferred partners globally, we see opportunities for further growth. To put our recent performance in context, let us review the company's performance over the past several years. FY13 to FY20, the company consistently performed well. FY21, despite the widespread impact of COVID-19, the company reported a net profit of INR40 crores. FY22 performance was strong. FY23 till FY26, performance was weaker, reflecting both external headwinds and operational challenges. The post-COVID recovery in demand for dyes and dye intermediates faded rapidly from FY23. Major Western markets, particularly U.S. and Europe, faced several challenges, elevated inflation and significant central bank interest rate increases, geopolitical disruptions arising from the Russia-Ukraine conflict, disruptions to shipping routes in the Red Sea, tariffs imposed by the U.S. Apart from these external factors, stabilization of our benzene downstream plant took longer than expected because of the integration of several foreign technologies, initial operational issues and delays in approvals from pharmaceutical customers. Page 2 of 22 Bodal Chemicals Limited November 03, 2026 Together with the external headwinds, these challenges prevented us from achieving our intended profitability. The plant has significant overheads, making low capacity utilization a source of losses. In each of the preceding 2 years, it recorded an EBITDA level loss of approximately INR30 crores. In the TCCA business, antidumping duties on imports from China provided limited benefit as imports continued from the other countries. But conditions have improved since the start of the current financial year. Although international challenges have not been fully resolved, the industry appears to have adopted to the disruptions. Several developments in China are supporting better price realization for dye intermediates in both India and China. Stricter enforcement of environmental laws has restricted the production. No significant new capacity has been added in our industry in China over the past several years. Environmental restrictions and the broader industrial environment appear unfavorable for the new capacity additions. Export trends also suggest a possible shift in China's market. H acid has been consistently exported to China for more than a year. Vinyl sulfone is also exported to China frequently. More recently, exports of dyestuff and benzene downstream products to China have begun, possibly for the first time. Together, these developments suggest that structural changes may be taking place in China. Further capacity utilization at the benzene downstream plant improved to a satisfactory level in the first half of the current financial year and has improved further in the current quarter. Price realizations have also strengthened. We expect the plant to begin contributing to net profit from the current quarter. We expect sustained improvement in production to support better results for the TCCA business in the coming quarter. Coming to the operational performance. During first half FY27, company achieved all-time high consolidated total turnover of INR1,599 crores, a 67% growth on a year-on-year basis. This growth is led by better realization, improved volume across the divisions. The robust margin of key dye intermediates and with effective path across the higher raw material cost. The company has achieved highest absolute EBITDA of INR203 crores for the first half, a remarkable 114% growth on a year-on-year basis for the first half in the current year. During Q2, company achieved consolidated total revenue of INR884 crores, a 77% growth on Y-on-Y basis. EBITDA stood at INR128 crores, 197% growth on a year-on-year basis with a margin of 14.4%. Net profit stood at INR81 crores, a 1,259% growth on a year-on-year basis. For the first half FY27, our stand-alone net profit after tax stood at INR109 crores and consolidated net profit after tax stood at INR112 crores. Coming to Dye Intermediates. During the first half FY27, revenue from Dye Intermediates grew by 68%, led by volume with outstanding margins. In Q2 FY27, revenue from Dye Intermediates stood at INR345 crores, grew by 88% quarterly on Y-o-Y basis. Page 3 of 22 Bodal Chemicals Limited November 03, 2026 Being an integrated Dyestuff manufacturer, we produce major Dye intermediates products and about 40% of these intermediates production is captively consumed, resulting in a cost advantage for our Dyestuff products. The balanced production of Dye Intermediates is served in both domestic as well as global markets. Coming to our Dyestuff. First half FY27, Dyestuff grew by 42%. This improved realization helped to absorb raw material pressure in Q2 FY27. Revenue from Dyestuff stood at INR212 crores, a growth of 60% quarterly on a year-on-year basis. Coming to the basic chemicals, about 50% of our basic chemicals is captively used for our dye intermediates. During the first half FY27, basic chemicals grew by 136% on year-on-year ba [Showing first 8,000 characters — download PDF for full document]