Epigral Limited submits Transcript of Conference Call discussing Q1 FY27 Results.

30.07.2026 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 Sirs, Sub: Transcript of Conference Call discussing Q1 FY27 Results Ref.: Conference call held on Monday, 27th July, 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 Q1 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 Q1 FY27 Conference Call” July 27, 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. ARYA PATEL – EMKAY GLOBAL FINANCIAL SERVICES LIMITED Page 1 of 16 Epigral Limited July 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Epigral Limited's Q1 FY27 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. Should you need assistance during this 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 Arya Patel, Emkay Global Financial Services Limited. Thank you, and over to you. Arya Patel: Thank you, Aviral. Good evening, everyone. Today, we are here for Epigral Limited's Q1 FY27 Earnings Conference Call. We would like to thank the management for giving us the opportunity to host the earnings call. On this call, we are joined with Epigral's management represented by 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 would now like to invite Mr. Maulik Patel to initiate the proceedings with his opening remarks, post which we'll have an interactive Q&A session. Thank you, and over to you, sir. Maulik Patel: Thank you, Arya. Good evening, everyone, and welcome to the call to discuss Epigral's quarter 1 FY27 performance. I believe you had an opportunity to view the earnings presentation that was released earlier today. Quarter 1 FY27 presented a highly challenging operating environment across all the segments, including chemicals. The ongoing West Asia conflict directly impacted the cost structure for both raw materials and finished goods. Furthermore, severe disruption to shipping lines led to the transit delays and the logistical constraints. The market volatility made business execution difficult. However, we have seen a visible recovery compared to operational level and we expect the macroeconomic environment will stabilize and improve as we move forward. Even against this volatile backdrop Epigral demonstrated a resilience, delivering a revenue growth of 15% and EBITDA margin of 25%. This performance was driven by the increased sales volume and improved realization. This growth was primarily on account of diversified product basket of the company. Our diversified product portfolio provided a critical resilience in this challenging quarter. While certain segment face tailwinds, our alternative product line stepped into the offset this impact and sustain our overall growth momentum. We firmly believe that as we further diversify, it will enable us to deliver consistent growth over a longer period of time. Our ongoing capacity expansion projects for Epichlorohydrin and the CPVC Resin are progressing as per time line and within budget. With demand for both the products projected to maintain a double-digit CAGR over the coming years, our enhanced infrastructure is perfectly positioned to capture India's expanding Page 2 of 16 Epigral Limited July 27, 2026 market and drive performance. I'm also pleased to announce that our Board has approved a strategic capex plan for 2 new projects. We are entering into the Epoxy Resin & Formulations with a capacity of 125,000 tons per annum and setting up a multipurpose plant. Epoxy Resin & Formulations is a critical material used for high performance and quality- driven applications as India grows, the demand for high quality infrastructure development, automobile, renewable energy, electronics is increasing rapidly and leading to the growth in the demand for epoxy resin. This move is strategically significant for the company as a key raw material required for manufacturing epoxy resin including the epichlorohydrin and the caustic soda are already produced within our integrated manufacturing complex. More than 50% of the raw material value for the proposed project will be sourced internally, further strengthening our integration advantages and operational efficiency. In tandem, the company is setting up a multipurpose plant to manufacture downstream product of the epichlorohydrin and chlorotoluenes value chain. This facility is aimed at addressing the growing domestic demand for pharmaceutical and agrochemical intermediates and water treatment chemicals in India. In line with our phased development approach, we are also establishing a pilot facility for both epoxy resin and formulations and MPP, multipurpose facility, which is expected to be operational by quarter 2 FY27. This pilot facility will help validate product quality, optimize manufacturing processes and facilitate early customer approvals ahead of full commercial scale operation. This strategic expansion marks our forward integration into the Advanced Materials and Specialty Chemicals segment while further strengthening our integrated complex. These investments reflect our ongoing commitment to building a highly integrated manufacturing platform and diversifying our portfolio to deliver long-term stakeholder value. I now hand over the call to Mr. Rakesh Agrawal, who will take us through the financials. Rakesh Agrawal: Year-on-year revenue increased by 15% to INR709 crores compared to INR615 crores in Q1 '26 on an account in sales volume and also because of the increase in realization. EBITDA in absolute terms increased by 10% to INR179 crores compared to INR163 crores in Q1 '26. EBITDA margin stood at 25% versus 27% in Q1 '26. PAT grew by 25% to INR99 crores versus comparable adjusted PAT of INR79 crores in Q1 '26. In fact, in the corresponding previous quarter we have announced a profit of INR160 crores that includes INR81 crores on account of the deferred tax adjustment. So, after adjusting the PAT of INR79 crores, we have compared. ROCE stood at 16% as on 30 June versus 24% as on 30 June '25 due to drop in earnings for trailing 12 months and also because of sizable capital work in progress. If you remove capital work in progress then ROCE stand at 18% for Q1 '27. Page 3 of 16 Epigral Limited July 27, 2026 Net debt-to-EBITDA stood at 0.8x as on 30 June versus 0.6x as on 30 June '25 on account of lower earnings for trailing 12 months and also debt increase. We have spent INR62 crores on capex in Q1 '27. Our net debt stood at INR474 crores versus INR439 crores as on 30 June '25. With this, we can now open the floor for questions. Moderator: The first question is from the line of Nirav Jimudia from Anvil Wealth. Nirav Jimudia: Sir, a few questions. So first on the epoxy side, let's say, if you can help us explain that the capacity announcement is predominantly for the LER or it also includes the value-added products? Maulik Patel: So, this capacity which we have announced, this is including LER and value-added products and the formulations as [Showing first 8,000 characters — download PDF for full document]