Earnings Call Transcript for the Investor Call held on Thursday i.e 5th November, 2026

Ref: OAL/BSE/NSE/55/2026-27 07th November, 2026 To To The Manager The Manager Department of Corporate Services, Listing Department, BSE Limited, National Stock Exchange of India Limited Phiroz Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street, Mumbai- 400 001 B a n d r a ( E a s t ) , Mumbai - 400 051 Scrip ID : OAL Symbol: OAL Scrip Code: 500078 Series : EQ Sub: Transcript of conference call with the Institutional Investors/Analysts With reference to our letter dated 29th October, 2026, intimating about the conference call with the Institutional Investors/Analysts on Thursday, 05th November, 2026 at 02:00 p.m. to discuss the Financial Performance of the Company for the quarter and half year ended 30th September, 2026, please find attached herewith transcript of the aforesaid conference call. Further, the copy of the same is also uploaded on Company’s website i.e. www.orientalaromatics.com Kindly take the information on your record. Thanking you, Yours Faithfully For Oriental Aromatics Limited Dharmil A. Bodani Chairman & Managing Director DIN: 00618333 Oriental Aromatics Limited Q2 and H1 FY’27 Earnings Conference Call November 05, 2026 Moderator: Ladies and gentlemen, good day and welcome to Oriental Aromatics Limited Q2 and H1 FY’27 Earnings Conference Call. As a reminder, all participants 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 “*”, then “0” on your touchtone phone. I now hand the conference over to Ms. Hina Khatri from Valorem Advisors. Thank you and over to you, Hina. Hina Khatri: Thank you, Danish. Good afternoon, everyone and a very warm welcome to you all. My name is Hina Khatri from Valorem Advisors. We represent investor relations of Oriental Aromatics Limited. On behalf of the company, I would like to thank you all those participating in today's earnings call for the 2nd Quarter and first half of the financial year ended 2027. Before we begin, let me make a quick cautionary statement: Some of the statements made in today's earnings call may be forward- looking in nature. Such forward-looking statements are subject to risk and uncertainties, which could cause actual results to differ from those anticipated. Such statements are based on management's belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance Page 1 of 20 on these forward-looking statements in making any investment decisions. The purpose of today's earnings call is purely to educate and bring awareness about the company's fundamental business and financial period under review. Now, let me introduce you to the management participating with us in today's Earnings Call and hand it over to them for their opening remarks. We have with us Mr. Dharmil Bodani – Chairman and Managing Director, Mr. Shyamal Bodani – Executive Director, Mr. Parag Satoskar – Chief Executive Officer, Mr. Girish Khandelwal – Chief Financial Officer, and Ms. Kiranpreet Gill – Company Secretary and Compliance Officer. Without any further delay, I request Mr. Dharmil Bodani to start with his opening remarks. Thank you and over to you, sir. Dharmil Bodani: Thank you, Hina. Good afternoon, everyone, and welcome to the earnings call of Oriental Aromatics Limited for the 2nd Quarter and First Half of Financial Year 2026-27. I am pleased to share that the company has delivered its highest ever quarterly revenue during Q2 FY’27, accompanied by an improvement in operating margins and profitability. Our performance reflects the strength of our diversified business model and the continued efforts of our teams across all three divisions. While the external environment remains challenging, particularly with respect to raw material costs, continued geopolitical uncertainty, and competitive pricing, the progress achieved during the first half is encouraging. Our Executive Director – Mr. Shyamal Bodhani, will now take you through the operational performance and key developments during the quarter and the first half of the financial year. Thereafter, our Chief Financial Officer, Mr. Girish Khandelwal, will present the financial highlights. Page 2 of 20 Thank you. Shyamal, over to you. Shyamal Bodani: Thank you Dharmil. Good afternoon, everyone. Before I take you through the operational performance of the company, I would like to begin with an important announcement. Oriental Aromatics Limited is glad to announce that we have entered into a technical, strategic, and manufacturing arrangement with Unilever Industries Private Limited. Coming to our operational performance: Q2 FY’27 has been an encouraging quarter for Oriental Aromatics, with the company achieving its highest-ever quarterly revenue from operations of Rs. 318.19 crores, representing growth of approximately 17% year-on-year and 22% quarter-to-quarter. For the first half of FY’27, consolidated revenue from operations stood at approximately Rs. 578 crores, representing growth of 16.3% year-on-year. More importantly, this growth has been accompanied by an improvement in operating profitability. For the first half, consolidated EBITDA margins improved to 7.80% compared with 7.11% in H1 FY’26. The improvement reflects a combination of better sales realization, product mix, and the benefit of our ongoing operations efficiency programs. On the volume side, total production increased by 7% sequentially while sales volume increased by 4%. For the first half as a whole, sales volume increased by 7% year-on-year while production volume increased by Let me now take you through the performance of our three business divisions: Fragrances and Flavors: Page 3 of 20 The fragrance and flavor divisions continue to operate in an environment where the underlying demand fundamentals remain positive. The Indian FMCG industry has demonstrated encouraging growth during Q2, with several leading consumer product companies reporting improved volume growth across home care, personal care, and beauty categories. The performance has been particularly encouraging in home care and beauty and well-being, where leading companies have reported double- digit volume growth, reflecting the resilience of domestic consumption and continued investment by FMCG companies in strengthening their product portfolios. We believe that the improvement of FMCG consumption, supported by the long-term growth of the Indian economy, and the increasing penetration of branded consumer products, presents a significant opportunity for Oriental Aromatics' fragrance and flavor business. During Q2, production at Ambernath increased by 14% sequentially, while sales volumes increased by 20% compared with Q1 FY’27. Our focus continues to remain on strengthening relationships with existing customers, expanding our participation in new fragrance briefs, and increasing our share of business across domestic and international markets. The internalization of aroma ingredient programs at Oriental Aromatics Limited continues to be an ongoing exercise and will further enhance and strengthen our fragrance creation capability, enabling us to develop winning fragrances that meet and exceed the expectations of our end-use industries. We believe that this combination of fragrance creation capabilities and backward integration into aroma ingredients provides Oriental Aromatics with a significant competitive advantage. Specialty Aroma Ingredients: Coming to specialty aroma ingredients, the broader global market continues to remain competitive, with substantial manufacturing capacity available across several ingredient categories. While demand for fragrance ingredients remains healthy, the industry continues to Page 4 of 20 experience pricing pressure arising from capacity additions, particularly in Asia. At Baroda, production increased by 8% sequentia [Showing first 8,000 characters — download PDF for full document]