Analysts/Institutional Investor Meet/Con. Call Updates

November 6, 2026 To, To, The Manager – Listing Department The Manager – Listing Department National Stock Exchange of India Limited BSE Limited 5, Exchange Plaza, Floor 25, P.J.Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Mumbai 400051 Mumbai 400 001 Symbol: FINPIPE Scrip Code: 500940 Sub.: Transcript of the Earnings Call Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) Dear Sir / Madam, This is further to our intimation dated October 28, 2026, and in terms of the subject referred regulation, we hereby submit the transcript of the Earnings Call held on Monday, November 2, 2026, post declaration of the Unaudited (Standalone & Consolidated) Financial Results of the Company for the Quarter and Half Year ended September 30, 2026. The transcript of the said Earnings Call is available on the website of the Company at https://www.finolexpipes.com/investors/financials/ This is for your kind information and records. Thanking you, For Finolex Industries Limited Dakshinamurthy Iyer Company Secretary & Compliance Officer M. No.: A13004 Encl.: As above “Finolex Industries Limited Q2 FY2026-27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. UDIPT AGARWAL – MANAGING DIRECTOR – FINOLEX INDUSTRIES LIMITED MR. CHANDAN VERMA – CHIEF FINANCIAL OFFICER – FINOLEX INDUSTRIES LIMITED MODERATOR: MR. ARUN BAID – ICICI SECURITIES LIMITED Page 1 of 14 Finolex Industries Limited November 02, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Finolex Industries Limited Q2 FY2026-'27 Conference Call. 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 touchtone phone. I now hand the conference over to Mr. Arun Baid from ICICI Securities. Thank you, and over to you. Arun Baid: Good afternoon, ladies and gentlemen. On behalf of ICICI Securities, I welcome you all to the Q2 FY27 Post Results Concall of Finolex Industries. From the management side, we have Mr. Udipt Agarwal, Managing Director; and Mr. Chandan Verma, CFO. Now I hand over the call to Udipt for the opening remarks, and then the floor will open for Q&A. Over to you, Udipt. Udipt Agarwal: Thank you, Arun. Good afternoon, ladies and gentlemen. Welcome to Finolex Industries Earnings Call for the second quarter and the half year ended 30th September 2026. We are pleased to have you with us today. May I remind everyone that this call may contain certain forward-looking statements based on management's current expectations, and the actual results may differ. All figures that we discuss on the call are on a stand-alone basis unless we explicitly mention otherwise. Coming to the quarter 2 FY27 performance, the results are available with you. As you might have seen that during the quarter, we had a strong volume recovery with profitability remaining more or less flat due to higher material costs. During the quarter, sales volume grew 28% over year-on-year basis to 83,407 metric tons as channel destocking eased and the PVC prices also kind of stabilized during the quarter. Revenue from the operations grew 27%, which is in line with the volume, and it stood at INR1,094 crores, mainly driven by the volume growth. PBT, as we said, the profitability remained flattish. PBT during the quarter was at INR153 crores as against INR158 crores of quarter 2 FY26. Coming to the half year performance of the current year. For the first half, the strong second quarter has largely made up for the weak first quarter, but not to the full extent, and we see that the volume during the first half is 4% lower on a year- on-year basis. During the first half of FY27, our volume was 151,106 metric tons as against 157,465 metric tons of the previous year, but this is primarily due to the quarter 1 lower numbers, which we had. The revenue from operations grew during the first half 4% year-on-year to INR1,978 crores. And this all is primarily due to the quarter 2 volume growth and also slightly better realizations during the quarter 2. For the full year, our profit before tax, PBT rose 6% year-on-year to INR300 crores as compared to INR284 crores in the previous year first half. On the liquidity front, that Page 2 of 14 Finolex Industries Limited November 02, 2026 continues to remain strong, and we have a net free cash flow of about INR2,584 crores as on 30th of September 2026. I want to take you through also some of the recent developments, which are taking place in respect to the PVC and the PVC pipes market. One of the several reasons that we saw that the price stabilization at a slightly better level was the introduction of the minimum import price for suspension-grade PVC resin. However, the geopolitical developments, as we all are aware, particularly geopolitical developments in West Asia, they continue to remain uncertain. And with respect to the raw material supply and also with respect to the PVC supply. But we continue to, as always, monitor them very closely. But it's not only us, it is the industry-wise topic. On the business environment side, I think we all saw quite a lot of disruption in quarter 1, driven by the volatility in the prices to a much more stable in quarter 2. As far as the PVC pricing is concerned, although there has been an increase, but the volatility was less, okay And we see that the quarter 2 volume recovery is happening across the organized industry that was largely driven by restocking by the channel. Traditionally, if you look at it, quarter 2 is normally a softer quarter for us for PVC pipes as agriculture demand moderates due to the monsoon months, okay However, our volume growth this quarter reflects a recovery from the price-led destocking, which happened in the quarter 1. If I try to look into the future a little bit, the recovery as we expected last quarter has begun to show in volume in our current months. What is also is that the second half of this year looks like January to May, which is the pre-monsoon window, which is seasonally our strongest period in terms of our volumes. So, and we enter into the second half of the year with a more normalized channel inventories and a steadier pricing environment, okay. We remain in the midst of all this situation, we remain cautiously optimistic, and our endeavor will remain focused on our maintaining sustainable margin together with the volume growth over time. Thank you for your continued trust and support. We now open the floor for question and answers. And with me also here is Mr. Chandan Verma, our CFO, to try and answer all the questions. Chandan Verma: Hi. Good afternoon to all the participants for the Q2 Earnings call of the Finolex Industries Limited. We invite all the questions from the participants. Moderator: Thank you. We will now begin the question and answer session. We've the first question from the line of Sneha from Talreja's. Please go ahead. Sneha: Hi, sir. Good evening and thanks a lot for the opportunity Just a couple of questions from my end. While your volume growth you said was led by also restocking, what would be the reason for margin suppression, while I understand that you also said that this was not an agri quarter Page 3 of 14 Finolex Industries Limited November 02, 2026 like we're slightly missing. So it could not be product mix is what I guess. But why margins are under pressure despite your raw material prices increasing and may be some amount of inventory gain. Could you give some color on that? Udipt Agarwal: So, Sneha, as you rightly pointed out, though we have registered a volume growth of 28%, we have seen a slight pressure on the margin side. Now how it happens on the Q1. When you see at the entry of the Q1, when you see the raw material prices have started to go out, go up at the higher direc [Showing first 8,000 characters — download PDF for full document]