Analysts/Institutional Investor Meet/Con. Call Updates

07.11.2026 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Floor- 25, P J Tower, Bandra-Kurla Complex, Dalal Street, Bandra (East) Mumbai 400 051 Mumbai 400 001 SYMBOL:- EPIGRAL Scrip Code: 543332 Dear Sir, Sub: Transcript of Conference Call discussing Q2 FY27 Results Ref.: Conference call held on Monday, 02 November, 2026 at 5.00 p.m. In accordance with the requirement of Regulation 30 of SEBI (LODR) Regulations, 2015 read with Schedule-III Part-A thereof, we hereby submit the transcript of Conference Call discussing Q2 FY27 Results. You are requested to take the same on your record and disseminate to the members. Thanking You, Yours faithfully, For Epigral Limited Gaurang Trivedi Company Secretary & Compliance Officer M. No. – A22307 “Epigral Limited Q2 and FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. MAULIK PATEL – CHAIRMAN AND MANAGING DIRECTOR – EPIGRAL LIMITED MR. KAUSHAL SOPARKAR – EXECUTIVE DIRECTOR – EPIGRAL LIMITED MR. RAKESH AGRAWAL – CHIEF FINANCIAL OFFICER – EPIGRAL LIMITED MR. MILIND KOTECHA – INVESTOR RELATIONS & STRATEGY – EPIGRAL LIMITED MODERATOR: MR. GAGAN DIXIT – EMKAY GLOBAL FINANCIAL SERVICES LIMITED Page 1 of 10 Epigral Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Epigral Limited Q2 and FY27 Earnings Conference Call hosted by Emkay Global Financial Services 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 this conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Gagan Dixit from Emkay Global Financial Services Limited. Thank you, and over to you. Gagan Dixit: Yes. Good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Maulik Patel, Chairman and Managing Director; Mr. Kaushal Soparkar, Executive Director; Mr. Rakesh Agrawal, Chief Financial Officer; and Mr. Milind Kotecha, Investor Relations and Strategy. I shall now hand over the call to the management for the opening remarks. Over to you, gentlemen. Maulik Patel: Good evening, everyone and welcome to the call to discuss Epigral's quarter 2 FY27 performance. I believe you had an opportunity to view the earnings presentation that was released earlier today. As we go through quarter 2 FY27, the chemical industry continued to face a complex, volatile and highly challenging operating environment with headwinds expected to persist into the upcoming quarters. While we are seeing a positive recovery in volume demand and firming product realization, overall margins remain under pressure. This shrink is a direct result of a lag on time to pass through volatile feedstock prices and the normalization of previous inventory lead days. Furthermore, external vulnerabilities, including the ongoing West Asia crisis, extended lead times, increasing global freight rates and rising domestic transportation costs continue to squeeze the industry's bottom line. Even in this challenging operating environment, we delivered revenue growth of 28%, driving by volume growth and improved realizations. Our derivatives and specialty business contributed 57% of our total revenue in quarter 2 FY27. However, the EBITDA margins were impacted by high raw material prices from the volatile situations in West Asia. However, looking at the first half of FY27, our performance remained resilient with revenue growth of 21% and EBITDA margin of 22%. Historically, the second half of the fiscal year outperforms the first as H1 is typically on off-season for a few of our products. Consequently, we maintained positive outlook for H2 FY27. While the current environment is challenging, India's growing demand for chemicals keeps us positive about the industry's long-term outlook. In line with this, we have sustained our capex plans to ensure we are ready to meet this expanding market. Our capacity expansions for CPVC and Epichlorohydrin are now in the final stages with trial runs currently underway. We expect to commission both plants within a quarter time. Page 2 of 10 Epigral Limited November 02, 2026 Additionally, following the Board's approval for the epoxy resin and formulations and multi- purpose plant projects last quarter, we are moving ahead with both initiatives as planned. The pilot plants for epoxy resin and MPP, multipurpose plant, are now ready, and we will soon begin the customer approval process. This proactive step will help minimize qualification time lines once commercial production begins. As conveyed earlier, the revenue contribution from derivatives and specialty business stood at 57% in quarter 2 FY27. This transition will accelerate going forward, driven by capital expenditures that we just discussed, ultimately, the broadening our customer base to diversify and strengthen our business model. Epigral remains committed to strengthening our integrated manufacturing platform and expanding into high-value chemical products, firmly believing that this ongoing portfolio diversification will enable us to deliver consistent growth over a longer period of time and secure long-term value for our stakeholders. I now hand over the call to Mr. Rakesh Agrawal, who will take us through the financials. Rakesh Agrawal: Thank you. Let me take you through the quarterly numbers. Year-on-year revenue increased by 28% to INR752 crores compared to INR589 crores in quarter 2 FY26. This increase is on account of increase in sales revenue, value of 6% and because of improved realization for majority of the products. EBITDA increased by 3% to INR136 crores compared to INR132 crores. In Q2 FY26 EBITDA margin stood at 18%. It was impacted on account of high cost of raw material for Q2 FY27 on account of global uncertainty impacting raw material and finished goods prices. PAT grew by 26% to INR64 crores compared with PAT of INR51 crores in Q2 FY26. Now let me take you through half yearly numbers. In first half year of FY27, our revenue grew by 21% to INR1,461 crores compared to INR1,204 crores in FY26. Growth is on account of volume growth and improved realizations. EBITDA stood at INR315 crores compared to INR296 crores. Even in this challenging and volatile raw material and finished goods prices, we are able to maintain margin of 22%. PAT stood at INR164 crores compared to INR131 crores. PAT margin stood at 11%, similar to H1 FY26. ROCE stood at 15% on 30th September '26 on account of lower EBIT for trailing 12 months, also because of sizable capital work in progress, which is yet to be contribute to profit and loss. If we remove capital work in progress, then our ROCE stands at 18% as on 30th September '26. Net debt to EBITDA stood at 0.9 as on 30th September '26 versus 0.8 on 30th September '25. Our net debt stood at INR514 crores versus INR496 crores as on 30th September '26. We are at comfortable levels in terms of our debt. We have spent INR88 crores on the capex in the first half of '27. With this, we can now open the floor for questions. Moderator: Ladies and gentlemen we will now begin with the question and answer session. First question Page 3 of 10 Epigral Limited November 02, 2026 comes from the line of Nirav Jimudia with Anvil Wealth. Nirav Jimudia: Sir, a few questions from my side. So first is on the coal side. Like what we have seen over the last 3, 4 months is that there has been close to around 60%, 70% increase in the coal prices. So possibly, it could have an affected a lot many coal-based caustic soda plants. So if you can share your thoughts here, like have we seen the commensurate increase in the caustic soda prices in the recent months to cover this cost increase? And also on the chlorine side, like very recently, we have seen prices improving a lot, like they have been close to around positive. So is it more towards cover [Showing first 8,000 characters — download PDF for full document]