Analysts/Institutional Investor Meet/Con. Call Updates

November 07, 2026 To, To, Listing Operation Department Listing Compliance Department BSE Limited National Stock Exchange of India Limited 20th Floor, Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai - 400001 Bandra (East), Mumbai– 400051 Scrip Code: 544432 NSE Symbol: IGCL Subject: Submission of the Transcript of Q2 FY 26-27 Earnings Conference Call held on November 04, 2026 Dear Sir/ Ma’am, Pursuant to Regulation 30 and 46(2)(oa) read with Schedule III Part A of Para A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”), we are enclosing herewith the transcript of Q2 FY 26-27 Earnings Conference Call that was organized with the Analysts/Investors on Wednesday, November 04, 2026 at 02.00 P.M. (IST) to discussed on un-audited standalone and consolidated financial results of the Company for the quarter ended September 30, 2026. The aforementioned transcript of the ‘Q2 FY 26-27’ Earnings Conference Call will also be uploaded on the Company’s website i.e. www.groupindogulf.com We request you to take the above on record and treat the same as Compliance under the applicable provisions of the SEBI Listing Regulations. Thanking You, Yours faithfully, For Indogulf Cropsciences Limited Sakshi Jain (Company Secretary and Compliance Officer) M. No: A67325 Address: 501, Gopal Heights, Netaji Subhash Place, Delhi – 110034 (India) Encl. as above “Indogulf Cropsciences Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. SANJAY AGGARWAL – MANAGING DIRECTOR – INDOGULF CROPSCIENCES LIMITED MR. MANOJ GUPTA – CHIEF FINANCIAL OFFICER – INDOGULF CROPSCIENCES LIMITED Page 1 of 12 Indogulf Cropsciences Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Indogulf Cropsciences Limited Q2 FY '27 Earnings 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. Please note that this conference is being recorded. Before we begin, a brief disclaimer. 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 of the Company, and it may involve risks and uncertainties that are difficult to predict. I now hand the conference over to the management for their opening comments. Thank you. Sanjay Aggarwal: Good afternoon, everyone, and thank you for joining us for Indogulf Cropsciences Limited Q2 and H1 FY '27 Earnings Conference Call. Let me begin with explaining the industry landscape. The second quarter of FY '27 was challenging for the domestic agrochemical industry, primarily due to below normal and uneven Southwest monsoons. Industry reports suggest that the rain season closed about 13% below the long period average, the weakest showing since 2015. Further, the El Nino conditions weighed on rainfall. The impact extended across the agricultural cycle affecting sowing patterns, crop developments, the timings of crop protection application and purchasing decision across the distribution channel. Drought conditions were declared in parts of Southern India and Maharashtra and the resulting uncertainty weighed on demand during a critical period for the industry. Dealers remained cautious on restocking amid uncertainty over crop conditions and pricing and industry inventory had built up ahead of the season. Delayed rainfall and a dry September reduced herbicide usage as farmers restored to mechanical weeding, while weaker pest and fungal pressure kept insecticides and fungicides offtake subdued. In the preceding months, the Middle East conflict and related supply chain disruption pushed generic agrochemical prices up by roughly 15% to 20% between March and May, alongside rupee depreciation and higher freight, packaging and solvent costs. Since June, prices of several generic products have corrected to pre-conflict levels, while elevated channel inventory and weak demand constrained the industry's ability to pass on cost through higher selling prices. For Indogulf, the quarter needs to be viewed in this context. The delayed onset and weak June rainfall meant that some demand normally realized in the first quarter was deferred into the second quarter, supporting a subsequential recovery. Despite the difficult backdrop, we delivered growth with improved profitability. In Q2, revenue grew 3% and EBITDA improved by 27%. Manojji, our CFO, will take you through the numbers in detail. Our H1 FY '27 channel mix Page 2 of 12 Indogulf Cropsciences Limited November 04, 2026 comprised B2C at 59%, B2B at 35% and exports at 6% of the revenue. During H1 FY '27, Crop Protection contributed 85% of revenue, while Plant Nutrients and biological contributed 5% and 6%, respectively, with the balance from other products. I would also like to highlight the exceptional growth momentum demonstrated by our few products in H1 FY '27, such as Nova King, which surged from INR9 lakhs to INR2.23 crores on Y-to-Y basis, nearly 25x growth. Spine grew from INR2.84 crores to INR5 crores, a robust jump of 76% and growth of our brand Fire was from INR7.74 crores to INR9.73 crores, that is healthy 31% growth on year-to-year basis. Indo Apache, our flagship product and an established market leader in this category also strengthened its performance and increased from INR10.77 crores to INR11.50 crores. Within the export business of crop protection, fungicide led by Q2 FY '27 product mix at 57%, followed by herbicide 28% and insecticide at 15%. Our continued focus on deepening market penetration and expanding our geographical presence has started yielding encouraging results. Let me take you through some of the key developments in the export markets. Egypt emerged as the strongest export market, recording an impressive growth of 129% year- over-year. We successfully reactivated sales in Sudan, establishing a renewed revenue stream in that market. We successfully entered the Taiwan market, strengthening Indo Gulf's presence across Asia. We secured new orders through Germany for our Latin America business, opening up an additional commercial channel. We entered the Israeli market for our plant nutrition business, further expanding our geographical reach and diversifying our market presence. Recent developments include positive field trial results and import permission for Indo Apache in Sri Lanka, a formulation registration in Thailand for Spiromesifen 24% SC and in Venezuela, a repeat order of 44 MT following the successful export of 95 MT of NutriX. We have also decided to initiate field trials for Empire and Indo Apache in Brazil, supported by an agreement with a reputed Brazilian CRO. In the domestic market, we delivered encouraging results with several states, including Gujarat, Chhattisgarh, Haryana, Punjab, Tamil Nadu, Telangana recording growth over the previous years. During H1 FY '27, we commercialized 3 new specialty products. The product launching during the September quarter was -- has received a very positive response from the market, and we will share the further details as it scales up. Our manufacturing capacity utilization averaged 60% in H1 FY '27 compared to 52% in FY '26. On a quarterly basis, utilization was 70% in Q1 and moderated to around 50% in Q2 as we align production with the pace of demand. I would also like to update you on a new initiative. As set out in the notice of our AGM, the Board has proposed reallocation of INR8.34 crores of unutilized IPO proceeds originally earmarked for an in-house DF plant towards specialty machinery and a dedicated production facility for climate stress management and plant growt [Showing first 8,000 characters — download PDF for full document]