Transcript of Investor and Analyst Meet

Ref. No.: SIL/CHD/2026-27/10112026 Date: November 10, 2026 The Manager The Manager Listing Department Listing Department BSE Limited (BSE) National Stock Exchange of India Ltd ( NSE) Corporate Relation Department Exchange Plaza, C-1 Block G, Bandra Kurla Phiroze Jeejeebhoy Towers, 25th Floor Complex, Bandra, Mumbai – 400051 Dalal Street, Mumbai – 400001 BSE Scrip Code: 526951 Trading Symbol : STYLAMIND Subject: Transcript of Investor and Analyst Meet Dear Sir/Madam, In terms of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript of the conference call with Investors and analysts held on Wednesday, November 04, 2026 in respect of Unaudited Financial Results of the Company for the Second Quarter (Q2) and Half Year ended September 30, 2026. You are requested to kindly take the above on your records. Thanking you, Yours sincerely, For Stylam Industries Limited Dhiraj Kheriwal Company Secretary & Compliance Officer Encl: As above Stylam Industries Limited Regd. Office: SCO 14, Sector 7C, Madhya Marg, Chandigarh (INDIA)-160019, T:+91-172-5021555/5021666, F: +91-172-5021495 Works I: Plot No. 192-193, Industrial Area Phase-1, Panchkula (Haryana) INDIA - 134109, T:+91-172-2563907/2565387 Wotks II: Village Manak Tabra towards Raipur Rani, Mattewala Chowk, Distt. Panchkula (Haryana) W: www.stylam.com, E-mail: cs@stylam.com CIN: L20211CHl 991PLC0l 1732 (Govt. of India recognised Star Export House) “Stylam Industries Limited Q2 & FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. JAGDISH GUPTA – MANAGING DIRECTOR – STYLAM INDUSTRIES LIMITED MR. MANIT GUPTA – WHOLE-TIME DIRECTOR – STYLAM INDUSTRIES LIMITED MR. KISHAN NAGPAL – CHIEF FINANCIAL OFFICER – STYLAM INDUSTRIES LIMITED MR. SANJEEV MADAN – VICE PRESIDENT – STYLAM INDUSTRIES LIMITED MODERATOR: MS. RISHAB BOTHRA – SYSTEMATIX SHARES & STOCKS LIMITED Page 1 of 16 Stylam Industries Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Stylam Industries Limited Q2 FY27 Earnings Conference Call hosted by Systematix Shares & Stocks Limited. 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 presentations conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Rishab Bothra from Systematix. Thank you, and over to you, sir. Rishab Bothra: Thank you. On behalf of Systematix Institutional Equities, we welcome you all to the Q2 FY27 Earnings Conference Call of Stylam Industries Limited. From the management side, we have Mr. Jagdish Gupta, Managing Director; Mr. Manit Gupta, Whole-Time Director; Mr. Kishan Nagpal, Chief Financial Officer; and Mr. Sanjeev Madan, Vice President. I will now hand over the call to Jagdishji for his opening remarks, followed by Q&A session. The call will be scheduled for about 45 minutes and no repetitive questions be asked. Over to you, sir. Jagdish Gupta: It is my pleasure to welcome you to Stylam Industries Limited earnings conference call for the second quarter and half year ending September 30, '26. On behalf of the entire leadership team, I would like to extend my sincere appreciation for your continued trust and confidence and support in Stylam Industries. In the interest of time rather than taking you through the presentation in detail, we would like to make the session interactive and engaging with a focus on addressing your question and sharing our perspective on the company's performance, business outlook, growth opportunity and strategic priorities. With this opening remarks, I would now request the moderator to take over and open the floor for question-and-answer session. Thanks again for joining us today. We look forward to insightful and interaction with all of you. Moderator: Thank you very much. The first question is from the line of Keshav from HDFC Securities. Keshav: Sir, first thing I want to understand now the new plant has commissioned. What is the outlook for the same? How is it ramping up? Has it started commercial production? And what sort of revenue are we expecting for this year from that plant? Management: Plant is already start one by one, 2 presses already start. Third one is going within 2, 3 days and fourth also within a few days. Within this month, plant will be fully operational. But the problem we have an order in hand for export. But the problem we are facing is due to this war, ocean Page 2 of 16 Stylam Industries Limited November 04, 2026 freight and non-availability of vessels to Middle East countries. So even then we are expecting INR250 crores to INR300 crores turnover this year from the new plant. Keshav: Understood. Sir, tell me one thing if I see your export realization per sheet by the volume data what you have reported that is just up 1% year-on-year. So ideally considering that now ocean freights are up, chemical prices have increased, ideally export realization per sheet should have increased by double digit. So what am I missing? Or has the product mix more like a low margin product or more like low revenue product you have sold in this quarter? Management: No, no. I think, can you -- look here. Kishan Nagpal: Keshav-ji, good afternoon. Kishan here, actually, the last time the average realization from exports was INR161 per kg. In Q1, our per kg realization from exports was INR186, and in Q2, the realization is coming to INR191. So, there has been an increase in realization. Keshav: So, if I compute the number per sheet for exports, in Q2 FY26, a year ago, it was 1039, and this quarter it is 1052. So, a 1% increment is visible year-on-year. Management: Keshav ji, I told you last time as well that taking per kg realization is more appropriate than per sheet realization. And I mentioned that last year, your average realization was INR161 per kg, which is INR191 in Q2. So, if you calculate exactly, there is an increase of 19%, 20% in that. Keshav: Okay. Got it. Okay. I will take it offline. And one last question from my side. We have seen EBITDA margin, which used to be around 19%, 20%. This quarter it is down to 17%. We have seen a sharp increase in other expenses by 40%. What is the reason for that, and what is the margin outlook in upcoming quarters? Management: First of all, it is 18%, not 17%. Management: Keshav ji, I explained this in our previous discussion; the EBITDA margin is 18 point something percent. The 17% figure is because you are subtracting other income. Actually, other income should not be subtracted because what we are receiving in other income is export incentives. Export incentives are a part of your business; they are operational profit, not part of other income. So, the EBITDA is 18 point something percent. Keshav: I understood. But the outlook is what like last quarter, it was 21%. So, should we expect this to be back to 20%, what we are doing in a couple of quarters earlier year, this the new normal 18%. Management: No, we can't give an answer to this in any board, as long as this war situation is going on and everyone knows what is happening with the crude and the raw material prices. So, if we say that the next quarter will be 20% again, there is nothing like that. So, we really can't comment on this particular point, whether it will be 18, 16, 15, 10 or 20. This situation is happening on a day-to-day basis. If you see, our top line has increased. So, that means we are doing something good. EBITDA margin will drop. Not only Lambert industry, it would be any industry in the world, only due to the crude prices. Page 3 of 16 Stylam Industries Limited November 04, 2026 Management: And another thing you will notice that if you compare last half year versus this half year, we are better off in this half year in c [Showing first 8,000 characters — download PDF for full document]