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November 11, 2026 The Bombay Stock Exchange Ltd The National Stock Exchange of India Ltd Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block Dalal Street, Bandra Kurla Complex, Mumbai 400 001 Bandra East, Mumbai 400 051 Security Code:-523301 Trading Symbol:- TCPLPACK Dear Sir(s), Re:- Transcript of the Q2 & H1 FY27 Earning Conference Call With reference to the aforesaid subject, attached is transcript of the conference call of the Company held on Friday, November 6, 2026. Kindly take the same on record. Thanking You For TCPL Packaging Limited Compliance Officer TCPL Packaging Limited Q2 & H1 FY27 Earnings Conference Call November 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to TCPL Packaging Limited's 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. Please note that this call is being recorded. I now hand the conference over to Ms. Jenny Rose from CDR India. Thank you, and over to you. Jenny Rose: Thank you. Good afternoon everyone, and thank you for joining us on TCPL Packaging's Q2 & H1 FY27 Earnings Conference Call. We have with us today Mr. Saket Kanoria, Chairman and Managing Director; Mr. Akshay and Vidur Kanoria, Executive Directors; and Mr. Vivek Dave, GM Finance of the Company. We would like to begin the call with brief opening remarks from the management, following which we will have the forum open for an interactive question-and-answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation shared with you earlier. I would now like to invite Akshay to make his opening remarks. Over to you, Akshay. Akshay Kanoria: Good afternoon everyone, and welcome to TCPL's Q2 and H1 FY27 Earnings Call. Thank you for joining us today. I hope you had an opportunity to go through our results and investor presentation. I will begin by discussing our financial performance for the quarter and first half, followed by the key business developments and strategic priorities. Page 1 of 14 We are very pleased to report a strong performance in Q2 FY27, marking significant milestones for the Company as we crossed INR 500 crore in quarterly total income and INR 100 crore in quarterly EBITDA for the first time. Our performance reflects sustained business momentum, healthy customer demand across our packaging segment and a continued focus on operational efficiencies, customer relationships and profitable growth. On a consolidated basis, total income for Q2 FY27 stood at INR 564.6 crore, registering a growth of 20.2% year-on-year. EBITDA, including other income, increased by 27.5% to INR 100.1 crore, with margins improving by approximately 100 basis points to 17.7%. PAT increased by 57.7% to INR 45.3 crore, while cash profit grew 44.2% to INR 84.9 crore. For the first half of FY27, consolidated total income grew by 18.2% to INR 1,059.5 crore. EBITDA increased by 22.5% to INR 188 crore, with margins improving by 63 basis points to 17.7%. Profit after tax grew by 67.2% to INR 85.3 crore, while cash profit increased by 49.5% to INR 160.5 crore. The improvement in profitability is particularly encouraging given the operating environment, which continues to be impacted by elevated raw material and logistics costs. Our ability to improve margins while delivering strong revenue growth reflects the benefits of pricing actions, favourable product mix and positive operating leverage, supported by our continued focus on execution. Moving to our business performance. We continue to see healthy momentum across paperboard and flexible packaging. Our domestic business has sustained double-digit growth, supported by healthy customer demand and deeper relationships with existing customers. Export performance has also been satisfactory, especially keeping in mind the challenging geopolitical environment. We remain focused on expanding our product offerings, strengthening our position across established markets and exploring opportunities to serve a wider range of customer requirements. Turning to strategic initiatives, during the quarter, we incorporated TCPL Energy Materials Limited, a wholly owned subsidiary on 24th September 2026, to undertake our lithium-ion battery separator films business. This initiative represents an important step in our efforts to diversify our business portfolio and establish an additional long-term growth platform with opportunities across electric mobility, grid scale energy storage and other applications. Page 2 of 14 We are making progress in the initial stages of the project with a focus on establishing the necessary manufacturing infrastructure and building the basic capabilities required for this business. While this is a long-term strategic initiative, our immediate priority is to establish a strong foundation for the business and progress with the project in a phased manner. Lastly, we are encouraged to share that our Company continues to receive industry recognition for its excellence in packaging, innovation and design. During the year, we were honoured with the ‘Packaging Converter (F&B) of the Year’ award at the PrintWeek Awards 2026. We also secured 4 Awards at the India Star Awards 2026 and six honours at the IFCA Awards 2026 across Folding Cartons and Flexible Packaging categories. These accolades reflect our continued commitment to innovation, creativity and delivering high-quality packaging solutions for our customers, while further reinforcing our position as a trusted packaging partner to lead consumer brands. Looking ahead, we remain positive about the growth opportunities across our paperboard and flexible packaging businesses. We will continue to build on this growth through improved operational efficiencies and a focus on profitability. Overall, our endeavour is to sustain our historical revenue growth trajectory while enhancing cash generation and creating long-term value for our stakeholders. Before handing over the call to the moderator to open the forum, I would also like to share that we are joined today by our esteemed Director, Dr. Andreas Blaschke and also my brother, Rishav Kanoria. So, we have almost full house today. Thank you. With that, I will hand over the call to the moderator to open the forum for any questions or suggestions that you may have. Moderator: Thank you very much. We will now begin the question-and-answer session. We will take our first question from the line of Rohan Kalle from InCred Capital. Rohan Kalle: Congrats to the team on a strong set of numbers. I have a few questions, first one being, can you give some colour on maybe how much of this growth was price-led or maybe how much was an improvement in the export business? And do you see this as a sustainable trend going into the second half? Akshay Kanoria: Yes. So, there was a good mix of price and volume growth. Volume growth was quite strong, especially in the domestic segment and in our flexible packaging business, where we had a very strong performance. So it is quite broad-based Page 3 of 14 overall. And our export performance, as I said, has been quite satisfactory. We have had growth there as well. So, the performance has been domestic led. Rohan Kalle: Understood. And on margins, we have done very well in the first half. Do you see this trend that is being maybe sustainable in the second half? Akshay Kanoria: So, the margin improvement has been obviously driven substantially, thanks to the overall level of working and scale improvement. As long as that continues, we can see the margins following. Of course, nobody knows what is going to happen. So, things are quite unpredictable. Rohan Kalle: Sure. And on the battery separator films business, what kind of revenue potential do you see from Phase 1? When do you think this would [Showing first 8,000 characters — download PDF for full document]