Transcripts of the Earnings Call for the 2nd quarter ended June 30, 2026

July 31, 2026 Department of Corporate Services The Listing Department, BSE Limited National Stock Exchange of India Ltd., Phiroze Jeejeeboy Towers Exchange Plaza, Mumbai – 400001 Bandra Kurla Complex Scrip Code - 509820 Bandra (East), Mumbai 400 051 Symbol – HUHTAMAKI Sub: Transcript of Earnings call for the 2nd quarter ended June 30, 2026. Dear Sir/Madam, This is further to our letter dated July 27, 2026, whereby the Company had submitted the link to the audio/video recording of the Earnings Call held post announcement of the unaudited financial results for the 2nd quarter ended June 30, 2026. Pursuant to the Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, please find enclosed the transcript of the said Earnings Call, for your information and records. The same is also available on Company’s website at https://www.flexibles.huhtamaki.in/ Kindly take the same on your records. Thanking you, For Huhtamaki India Limited Ramya Mohan Whole Time Director DIN: 11593706 Encl.: As above Registered & Corporate Office: Tel: +91 (022) 6174 0100 Huhtamaki India Limited CIN: L21011MH1950FLC145537 7th Floor, Bellona, www.flexibles.huhtamaki.in The Walk, Hiranandani Estate, Ghodbunder Road, Thane West- 400 607 Maharashtra. “Huhtamaki India Limited Q2 CY '26 Earnings Conference Call” July 27, 2026 MANAGEMENT: MR. KAMAL TANEJA – MANAGING DIRECTOR – HUHTAMAKI INDIA LIMITED MR. AMIT GUPTA – CHIEF FINANCIAL OFFICER – HUHTAMAKI INDIA LIMITED MODERATOR: MR. RUSHAD KAPADIA – ICICI SECURITIES Page 1 of 19 Huhtamaki India Limited July 27, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q2 CY '26 Earnings Conference Call of Huhtamaki India Limited, hosted by ICICI Securities. As a reminder, all participants 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. Rushad Kapadia from ICICI Securities. Thank you, and over to you, Rushad. Rushad Kapadia: Thank you. Good evening, ladies and gentlemen, and welcome to the Huhtamaki India Q2 CY '26 Earnings Conference Call. We have with us from the management, Mr. Kamal Taneja, Managing Director; and Mr. Amit Gupta, Chief Financial Officer. So without further ado, I would now like to hand over the floor to the management. Thank you, and over to you, sir. Kamal Taneja: Thank you, Rushad. Hi. My name is Kamal Taneja. I'm very happy to take this call, and I hope you all are doing well. I also hope that you had a chance to look through the presentation that we uploaded this morning. Before I go through the full presentation or share with you information, a couple of disclaimers. Number one, information presented here may be deemed to contain forward-looking statements. They primarily reflect our intent on execution of strategy and other events. The actual results may be materially different because they would depend on several internal and external factors and risks. So I wanted to just you to be aware of that. The other disclaimer is that we are not soliciting any investment advice or asking you to invest in any securities or engage in any investment activities for that matter. I'm going to start talk about the results. I believe you had some time to go through that. But just to put some context, we believe that the markets we operated in, in the first half or second quarter for that matter, remain robust and very competitive and grew at 4% to 5% range. As some of you or most of you actually would know, the Middle East crisis weighed in significantly in the market, there was a significant disruption to supply chain, and there was a raw material cost variation. Despite this, what you would have observed is that our net sales growth was healthy and solid. The growth was driven by price, volume and product mix, almost 1/3 each of that. And roughly, when you're talking about 23% growth overall in net sales, it's pretty robust. What you would have also seen from our results is that our EBITDA and EBIT grew by 55% and 71%, respectively, which is consistent with what we have been doing the past few quarters based on our strategy of profitable growth, selective market participation and disciplined capital allocation. I'm going to hand over to Amit, who is going to take you through the financial results, and I will come back again to talk about sustainability and other initiatives and summarize our presentation later. Over to you, Amit. Page 2 of 19 Huhtamaki India Limited July 27, 2026 Amit Gupta: Yes. Good afternoon, everyone. This is Amit Gupta. I'm the CFO of the company. Happy to engage on this today. In line with what Kamal has opened, if you look at the quarterly and the half yearly numbers, you will see that for the quarter, our sales have grown by 23.1 percentage points. And as Kamal reflected, this actually represents a growth which is broad-based. It was not something which was coming from a particular market or a particular customer, but we had a broad-based growth supported by a healthy mix of pricing and volume. Our exports and domestic business almost grew at the same growth rate. So it was quite a broad- based growth. The EBITDA margin improvement by about 55% from 8.3 to 10.5 percentage points is primarily driven by the higher margins that we could actually reflect in the current year -- in the current quarter's financials, primarily backed by a healthy portfolio mix that we have on the top, the volume as well as the pricing offsetting the commodity hurts that we see from the Middle East, Asia crisis. We had a substantial amount of hurts there, but we were able to cover most of them through the pricing, resulting into a healthy EBITDA margins here. Our EBIT margins again reflected the growth that was there in EBITDA, about 72% up to 8.5 percentage points. While our finance cost grew by marginally by 10 percentage points, our overall profit was -- profit before tax was still at 77 percentage growth over the last year at INR559 crores for this particular quarter. Earnings per share for this quarter reflect a growth in line with our profitability. The growth we are seeing here is 77.3 percentage points. I'm very happy to highlight that this is one of the best performances in EPS that your company has delivered over the past many years. For the H1 period, our top line growth was also strong double digit, close to about 12 percentage points, again, driven by the consistent strong performance that we have been seeing in the business starting from March this year, which has continued till June. And again, broad-based, healthy -- supported by a healthy mix of pricing as well as portfolio and both domestic and exports market. The EBITDA margins for the H1 again stand at 10.5 percentage points, substantially almost like 2.2 percentage points higher versus the last year. And that is again a reflection of the higher profitability that we have been able to garner from the healthy portfolio volume and the pricing offsetting commodity hurts, including the impact of some of our productivity initiatives, which have helped us generate higher margins during the period. All the other cost -- all the other metrics for the H1 remain consistent with what we have seen during the quarter. The only delta here is primarily the EBIT. The EBIT margin here is getting impacted by a one-time gross charge of INR88 million, close to about INR8.8 crores of the prior period depreciation charge that we have posted in the quarter 1. If we exclude that, that is something which is actually leading to a 37% growth in our EBIT margins with a 7.6% on net sales as a number. Yes, our earnings per share for the H1 remained Page 3 of 19 Huhtamaki India Limited July 27, 2026 at INR9.18, a [Showing first 8,000 characters — download PDF for full document]