Transcript of the Earnings Call held on August 7, 2026

August 13, 2026 To, To, The Manager – Listing Department The Manager – Listing Department National Stock Exchange of India Limited BSE Limited 5, Exchange Plaza, Floor 25, P.J.Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Mumbai 400051 Mumbai 400 001 Symbol: FINPIPE Scrip Code: 500940 Sub.: Transcript of the Earnings Call Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“the Listing Regulations”) Dear Sir / Madam, This is further to our intimation dated August 3, 2026, and in terms of the subject referred regulation, we hereby submit the transcript of the Earnings Call held on Friday, August 7, 2026, post declaration of the Unaudited (Standalone & Consolidated) Financial Results of the Company for the Quarter ended June 30, 2026. The transcript of the said Earnings Call is available on the website of the Company at https://www.finolexpipes.com/investors/financials/ This is for your kind information and records. Thanking you, For Finolex Industries Limited Dakshinamurthy Iyer Company Secretary & Compliance Officer M. No.: A13004 Encl.: As above “Finolex Industries Limited Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MR. UDIPT AGARWAL – MANAGING DIRECTOR – FINOLEX INDUSTRIES LIMITED MR. CHANDAN VERMA – CHIEF FINANCIAL OFFICER – FINOLEX INDUSTRIES LIMITED MODERATOR: MR. ARUN BAID – ICICI SECURITIES Page 1 of 16 Finolex Industries Limited August 07, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Finolex Industries Limited Q1 FY27 Earnings Conference Call hosted by ICICI Securities 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. I now hand the conference over to Mr. Arun Baid from ICICI Securities. Thank you, and over to you, sir. Arun Baid: Thank you, Saniya. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 Post Results Con Call of Finolex Industries. From the management side, we have Mr. Udipt Agarwal, Managing Director; and Mr. Chandan Verma, CFO. Now I hand the call over to Udipt, post which we'll open the floor to question and answers. Thank you. Udipt Agarwal: Thank you, Arun, and good afternoon, ladies and gentlemen. Welcome to Finolex Industries Earnings Call for Q1 FY26-27. We all are very pleased to have you here. I remind everybody that this call may contain certain forward-looking statements based on management's current expectations. Actual results may differ. I want to begin by saying that the Q1 of this current financial year was marked by volatility in polymer prices, which became the dominant macro factor for the industry during the quarter. Average PVC prices is higher year-on-year at about USD875 per metric ton in the quarter as compared to about USD707 per metric ton average according to the ICIS reports largely carrying forward the elevated levels seen in the Q4 of FY26 as well. However, prices saw a sharp intra-quarter correction, which triggered a channel destocking and impacted volumes even during what is typically a seasonally strong pre-monsoon quarter for us. Two regulatory developments, which I would like to also bring to everybody's attention is that the withdrawal of the customs duty exemption on PVC resin prices, which happened during the mid of July and the imposition of the minimum import price for the PVC resin. These 2 developments should help and support some stability in the PVC prices as we go forward. And I think this should also help with the channel inventories, and we look forward to having somewhat improved volume and business momentum over the coming quarters. As we all know that PVC demand in India follows a well-established seasonal pattern. Demand peaks in the pre-monsoon period, January to May period as the farmers and the agriculture segment prepare for the Kharif seasons. And then it starts to moderate a little bit during Q2, Q3. And then we also again see the impact coming up and back in again in end of Q2, Q3 because of the Rabi season coming in. Page 2 of 16 Finolex Industries Limited August 07, 2026 With this, I would also like to give a little bit comment about the as we look into the rest of the year, I mean, we remain optimistic, however, with a caution about recovery of the volumes and realization as the inventories normalize, polymer prices stabilize, guided by the current 2 developments which I talked about, the recent customs duty and MIP interventions. We believe that the structural demand drivers continue to remain in place and intact, and will continue to underpin the medium-term confidence. This year, we are also celebrating 45 years of Finolex Pipes and Industries. We remain equally committed to our brand, our distribution partners and the communities which we serve. Thank you for your continued trust and support. I will pass on the floor to Mr. Chandan Verma who will talk about the numbers on the Q1 FY27 performance, and then we will open the floor to question and answers. Over to you, Chandan. Chandan Verma: Good afternoon, everyone. So, as you know, the number already we have published in our investor presentation uploaded on the site, though I want to give you a brief highlight on the numbers what we have. So, overall sales volume declined by 27% from the corresponding quarter of the last year. Total volume we have registered around 68,000 metric tons during the Q1 FY27. Though we have seen a decline in revenue by 27%, the overall decline in revenue is moderated by around 15% only. And our total revenue for the Q1 is INR884 crores compared to INR1043 crores of the same quarter of the last year. We have seen a significant and healthy jump in EBITDA by 14% and the EBITDA margin improved from 9% to 12%. Current quarter EBITDA stood at INR107 crores, whereas same quarter of last year, it was INR94 crores. PBT is currently at INR148 crores and PAT is around INR107 crores. We have a strong liquidity as we continue. We are having INR2,636 crores of cash in hand, which we will continue to have in our balance sheet over the time. The floor is now open for the questions. We invite question one by one, and we will address as and when possible. Moderator: The first question is from the line of Shravan Shah from Dolat Capital. Shravan Shah: I have a couple of questions, but before that, a couple of data points, so it will help us to ask the relevant questions. So for this quarter, what was the agri share, fitting share, CPVC share in the total volume? Chandan Verma: Current quarter, we have the agri share is 69%, and fittings share within agri 5% and within non- agri is 25%. And overall, this fittings percent on a total volume is 11%. Shravan Shah: Okay. Then, CPVC share is 7.5%? Chandan Verma: CPVC share for the current quarter is around 7%, yes. Page 3 of 16 Finolex Industries Limited August 07, 2026 Shravan Shah: Okay. Got it. So, now given I understand the volume significant degrowth is there, which we have seen across the companies who have reported results, Prince and Supreme also. But in terms of the realization front, our Q-o-Q jump is just 1% versus both the companies who reported they reported a 7% and 9% kind of a Q-o-Q jump in the realization. So just wanted to understand why our realization was not on Q-o-Q basis a jump? Chandan Verma: Okay. But on a Q-on-Q basis, if we have seen our realization per kg has gone up by 15% with the same quarter of the same year, while our peers are also in the same range. So I think we are well within the range of the realization per kg. We are not off from our other peers, whoever’s the data is in the public domain. Shravan Shah: Okay. No, I'm talking about the on the Q-o-Q front, particularly because for Q-o-Q, as the realization which is broadly if I do the math with the volume, 1.1% [Showing first 8,000 characters — download PDF for full document]