Transcript of the conference call for the Analysts/Investors, held on November 4, 2026, is enclosed herewith.

November 11, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C/1, Block G, Dalal Street, Mumbai - 400001 Bandra-Kurla Complex, Bandra (E), Mumbai - 400051 Scrip Code: 500135 Trading Symbol: EPL Sub. : Transcript of the Conference Call - EPL Limited (“Company”) Ref. : 1. Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (“SEBI LODR Regulations”) 2. ISIN: INE255A01020 Sir/ Madam, Please find enclosed herewith, the Transcript of the conference call for the Analysts/ Investors, which was held on Wednesday, November 4, 2026, to discuss the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended on September 30, 2026 (“said transcript”). The said transcript is also made available on the website of the Company i.e. at https://www.eplglobal.com/investors/shareholder-information/. This is for your information and records. Thanking you. Yours faithfully, For EPL Limited Onkar Ghangurde Head - Legal, Company Secretary & Compliance Officer ICSI Membership No.: A30636 Encl.: As above “EPL Limited Q2 FY27 Conference Call” November 4, 2026 MANAGEMENT: MR. HEMANT BAKSHI – MANAGING DIRECTOR AND GLOBAL CHIEF EXECUTIVE OFFICER, EPL LIMITED MR. M. R. RAMASAMY – CHIEF OPERATING OFFICER, EPL LIMITED MR. DEEPAK GOYAL – CHIEF FINANCIAL OFFICER, EPL LIMITED MR. ONKAR GHANGURDE – HEAD LEGAL, COMPANY SECRETARY AND COMPLIANCE OFFICER, EPL LIMITED MODERATOR: MR. RAJ LAKHANI – SYSTEMATIX SHARES & STOCKS (INDIA) LIMITED Page 1 of 16 EPL Limited November 4, 2026 Moderator: Ladies and gentlemen, good day, and welcome to EPL Limited Q2 FY27 Conference Call hosted by Systematix Shares & Stocks (India) 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Raj Lakhani from Systematix. Thank you and over to you, sir. Please proceed. Raj Lakhani: Thank you. Good evening, everyone. On behalf of Systematix Institutional Equities, I welcome you all to the Q2 and H1 FY27 Earnings Call of EPL Limited. The management team is represented by Mr. Hemant Bakshi, MD and Global CEO; Mr. M.R. Ramasamy, COO; Mr. Deepak Goyal, CFO; and Mr. Onkar Ghangurde, Head, Legal, Company Secretary and Compliance Officer. We would like to thank the management for giving us the opportunity to host this call. I will now hand over the call to the management for their opening remarks, post which we will have the Q&A session. Thank you. And over to you, sir. Hemant Bakshi: Good evening, everyone, and thank you for joining us for EPL Limited's Quarter 2 FY27 Earnings Call. I'm happy to report that EPL has delivered another standout quarter, achieving robust growth while maintaining margins, demonstrating the resilience of our business and our ability to navigate a volatile operating environment. Revenue for the quarter grew by 30%. This is the highest ever growth that EPL has ever declared. EBITDA increased by 17.6%, with reported EBITDA margins at 18.9%. On an underlying basis, excluding the pass-through impact of higher raw material prices, revenue grew by 20.3%, with underlying EBITDA margins at 20.4%. Our growth was broad- based across categories and geographies. Beauty & Cosmetics delivered exceptional performance at 42.9% growth, while Oral Care continued its strong performance with a growth of 19.2%. In the month of September, B&C revenues exceeded that of Oral Care, becoming our largest category. This is a significant milestone and clear demonstration that our strategy is delivering in full and investments being made in this segment are translating into growth and market share gains. Regionally, we delivered strong performance across all markets. EAP led with revenue growth of 40%, followed by Europe at 30%, AMESA at 28% and Americas at 25%. India stand-alone also delivered robust growth of 30%. The breadth of this performance across regions reflects our ability to capture growth opportunities across diverse markets. Our EBITDA continued its strong momentum, growing by 17.6% and marking our 16th consecutive quarter of double-digit EBITDA growth, demonstrating our ability to sustain growth while maintaining profitability. Page 2 of 16 EPL Limited November 4, 2026 Despite continued cost pressures, we have successfully recovered the full impact of cost increases through pricing actions. This has enabled us to maintain underlying EBITDA margins above 20%, while continuing to fund our growth priorities. We have invested ahead of the curve. Capex investments in H1 2027 was INR3,150 million, which is almost 90% increase over the same period of last year. This has translated into record revenue growth. We are very confident that our business has momentum, and these investments will continue to translate into growth and build a sustainable competitive advantage for our business. PAT during this quarter grew by 5.6% due to higher depreciation, higher effective tax rate as a result of country mix and adverse forex movements. While we will sustain investments for future growth, this will be alongside a strong focus on capital efficiency. Geopolitical environment: We operate in a challenging global environment. The ongoing conflict in Middle East is keeping commodity prices elevated and disrupting supply chains. Our objectives during this crisis have been - one, ensure superior uninterrupted service to our customers globally; and two, full recovery of the cost through price. We have fully met both these objectives. Going the extra mile to deliver superior service, including bearing higher cost of air freight, if necessary, we are being rewarded through gain in market share as a result of these bold actions. At the same time, we have fully recovered elevated costs through pricing. Sustainability, innovation and people practices: Innovation continues to be a key differentiator for EPL. Through close collaboration and co-creation with our customers, we are developing tailored solutions across product categories that help brands stand out on the shelf, meet evolving consumer needs and deliver greater value. We have also advanced our sustainable packaging portfolio, with sustainable tubes accounting for 41% of our product mix. Our achievements have been recognized through multiple awards at the IFCA Star Awards for Innovation and at the Print Week Awards across various categories. Behind this progress are our people whose commitment and contribution are pivotal to the success of EPL. We are proud that our operations in seven countries are certified as Great Place to Work, reflecting our commitment to building a positive, engaging and thriving workplace. Looking ahead, let me start with an update on our proposed merger with Indovida. We are encouraged by the progress so far, having received approvals from the Competition Commission of India, foreign antitrust authorities and the stock exchanges. We have now filed our application with the National Company Law Tribunal, bringing us a step closer to the important milestone for EPL, with the process advancing as planned. We remain confident of completing the merger within the expected timeline and look forward to realizing the opportunities this combination presents. Our priorities for the future are clear and unchanged. Page 3 of 16 EPL Limited November 4, 2026 First, strengthen our leadership in Beauty & Cosmetics. The momentum over the last few quarters has been encouraging, but we believe the opportunity ahead remains significant. There is considerable scope to expand across additional categories, customers and markets, providing a strong runway for co [Showing first 8,000 characters — download PDF for full document]