Analysts/Institutional Investor Meet/Con. Call Updates

6th November, 2026 The Manager, The General Manager, Listing Department, Department of Corporate Services, National Stock Exchange of India Ltd, BSE Limited, Exchange Plaza, 1st Floor, New Trading Ring, Plot No. – C – 1, G Block, Rotunda Building, Bandra – Kurla Complex, P.J. Towers, Bandra (East), Dalal Street, Fort, Mumbai – 400051 Mumbai – 400001 NSE Code – PCBL BSE Code (Equity) – 506590 BSE Code (Debt) – 975353 Dear Sir, Sub:- Q2 FY 27 Results Conference Call – Transcript Further to our letters dated 27th October, 2026 and 2nd November, 2026, please find enclosed herewith the transcript of the Q2 FY 27 Results Conference Call held on Monday, 2nd November, 2026 at 17:00 hrs (IST), for the quarter and half year ended 30th September, 2026. This information is hosted on the Company’s website and can be accessed at the link: www.pcblltd.com/investor- relation/financials/investor-presentation . We request you to take the afore-mentioned information on record and oblige. Yours faithfully, For PCBL CHEMICAL LIMITED Ravi Varma Company Secretary and Compliance Officer Enclo: As above “PCBL Chemical Limited Q2 and H1 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. NILESH KOUL – MANAGING DIRECTOR – PCBL CHEMICAL LIMITED MR. RAJ GUPTA – CHIEF FINANCIAL OFFICER – PCBL CHEMICAL LIMITED MR. ROHIT NARANG – CHIEF EXECUTIVE OFFICER, AQUAPHARM CHEMICAL MR. PANKAJ KEDIA – EXECUTIVE DIRECTOR, INVESTOR RELATIONS MODERATOR: MR. SANJESH JAIN – ICICI SECURITIES LIMITED Page 1 of 15 PCBL Chemical Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call of PCBL Chemical Limited, hosted by ICICI Securities 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-stone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Sanjesh Jain from ICICI Securities. Thank you, and over to you, sir. Sanjesh Jain: Thanks, Muskan. Good afternoon, everyone. Thank you for joining on the PCBL Chemical Limited Q2 FY27 Results Conference Call. We have PCBL Chemical management on the call, represented by Mr. Nilesh Koul, Managing Director; Mr. Rohit Narang, CEO, Aquapharm Chemical; Mr. Raj Gupta, CFO; and Mr. Pankaj Kedia, Executive Director, Investor Relations. I would like to invite Mr. Nilesh to initiate the call with his opening remark, post which we will have a Q&A session. Over to you, sir. Nilesh Koul: Thank you so much, Sanjesh. Good afternoon, everyone, and thank you for joining the PCBL Chemical's Q2 FY27 Earnings Call. But before I get started on that, I'd like to extend my warmest wishes to all of you for the festive season ahead. Coming back to business now. The September quarter was marked by volatility in carbon black market with crude price movements influencing customer purchasing patterns. Geopolitical developments, particularly the conflict in West Asia and between Russia and Ukraine continue to disrupt trade routes, elevate freight costs and influence customer destocking decisions. Amid this market condition, we remained focused on factors within our control: pricing discipline, cost management, and reliable customer servicing. Despite the volume headwind, we delivered and grew revenue by 14% to INR 2,474 crores , EBITDA grew 12% to INR 310 crores and profit after tax grew 20% to INR 74 crores, a testament to the improved pricing discipline and cost optimization effort. Amid these market conditions, we remained focused on factors which are within our control, pricing discipline was maintained, cost management, and reliable customer services. Geopolitical developments, particularly conflict in West Asia and between Russia and Ukraine, continue to influence energy markets and trade flows. In fact, in some cases, the supply chains are getting de-routed. With crude movement from Middle East being disrupted, there is a change in trade patterns for crude coming in from the U.S. to Europe. For our business, the impact has been felt through changes in feedstock costs, shipping expenses, and customer destocking decisions. Some customers continue to maintain lean inventories and adopt a wait-and-watch approach amid expectations of softening prices, adding to the pressure on quarterly volumes. Page 2 of 15 PCBL Chemical Limited November 02, 2026 Freight and logistics costs have risen very sharply with shortage of vessels, availability and longer transit times. Longer shipping routes are increasing ton miles while higher freight rates and war risk premiums are adding to the landed cost of feedstock. We are balancing customer commitments with realization and remain selective while logistics costs make the economics less attractive. Let me briefly touch upon the quarterly performance before going into other details. I mentioned this earlier, but let me repeat it again. Consolidated revenue grew 14% year-on-year, EBITDA grew 12%, and profit after tax grew 20% during the quarter. Just quickly going back to the global carbon black industry and feedstock trends. Coal tar prices have firmed up in China, increasing production costs for carbon black manufacturers. This should, in the medium- and long-term, support prices in Southeast Asia. Disruption of Russian refineries continues to impact availability of CBFS. As we highlighted last quarter, Russian refineries throughput has fallen to multi-decade lows with a meaningful share of capacity off-line. This shrinking of the Russian supplies is impacting both their export of carbon black as well as CBFS and keeping global feedstock availability relatively tight. This should hopefully also support the higher realization in the market. Now on the domestic demand & exports. Domestic demand continues to be supported by strong OEM performance, a steady replacement demand and activity across key automotive segments. However, cautious procurement and inventory management by customers is affecting volumes during the quarter. With capacity utilization in domestic carbon black industry inching up, we can reasonably expect some improvement in spot prices and margins going forward. In the international markets, we are maintaining price discipline while elevating freight costs are impacting the economics of serving customers. Our focus is to maintain strategic customer relationships and protecting realizations while pursuing opportunities where commercial returns are appropriate. We are strengthening our presence in Europe and North America through Antwerp warehouse and U.S. entity, improving supply chain flexibility, customer engagement, and local support. Our Power business continues to support the overall operating model. Short-term power tariffs remain elevated and we continue to benefit from the same. Now a quick look at the tyre and carbon black outlook. The automotive demand outlook is encouraging, especially in India, with improving commercial vehicle trends and festive season providing potential support to vehicles and tyre sales. However, tyre manufacturers continue to face elevated raw material costs, not just carbon black, but on elastomers and rubber as well. So while overall cost inflation in the OEM and replacement market is adding to cost pressure, price increases by them into the market is not fully passing through and that keeps pressure on their margins going. Capacity expansion across tyre industries remains encouraging and leading manufacturers operating at healthy utilization levels and progressing their planned capex. This supports our confidence in the underlying demand outlook for carbon black. Page 3 of 15 PCBL Chemical Limited November 02, 2026 On Specialty Carbon Blacks. During the quarter, Specialty Carbon Black operations were impacted by global uncertainty, [Showing first 8,000 characters — download PDF for full document]