Analysts/Institutional Investor Meet/Con. Call Updates

August 17, 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 Q1 FY27 Results Conference Call With reference to the aforesaid subject, attached is transcript of the conference call held on August 12, 2026, with the Investors and Analysts. Kindly take the same on record. Thanking You For TCPL Packaging Limited Compliance Officer TCPL Packaging Limited Q1 FY27 Earnings Conference Call August 12, 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 conference is being recorded. I now hand the conference over to Ms. Jenny Rose from CDR India. Thank you and over to you. Jenny Rose: Good afternoon everyone, and thank you for joining us on TCPL Packaging's Q1 FY27 Earnings Conference Call. We have with us today Mr. Saket Kanoria, Chairman & 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 Mr. Akshay to make his opening remarks. Over to you. Akshay Kanoria: Good afternoon everyone, and thank you for joining us today for TCPL Packaging's Q1 FY27 Earnings Call. I will begin by taking you through our business and financial highlights for the quarter under review, following which, we will be happy to open the floor for a question-and- answer session. Page 1 of 17 FY27 has commenced on a strong note for TCPL, with healthy demand across our key businesses, continued improvement in operating performance and another quarter of broad-based and profitable growth. During the first quarter, we delivered a record quarterly performance, with consolidated total income increasing by 16% year-on-year to INR 495 crore, while EBITDA grew by 17% to INR 88 crore with margins improving to 18%. Cash profit increased by 56% year-on-year to INR 76 crore, while PAT grew by nearly 79% year-on-year to INR 40 crore. This performance was driven by strong demand, particularly in the domestic market, with both of our Folding Cartons and Flexible Packaging business performing very well. We continue to grow ahead of the market and gain share across key segments, supported by strong customer relationships, disciplined execution and continued investments in capacity, technology and value-added solutions. Despite various headwinds during the quarter, we were able to grow volumes and improve margins, reflecting the strength of our operating performance and focus on efficiencies. Our export business also recorded steady year-on-year growth; however, we remain cautious on the near-term outlook given the continuing uncertainty in the global operating environment. One of the highlights during the quarter was the continued strong performance of our Flexible Packaging business. Our existing facility is now operating at optimal utilization, supported by strong customer demand. To support the next phase of growth, we have initiated the addition of a high speed manufacturing line. The expansion will provide additional capacity to address growing customer requirements, increase the share of value-added products and pursue new opportunities across domestic and export markets. We will continue to invest to support future growth, while maintaining a prudent approach to capital allocation. Packaging remains the cornerstone of TCPL and will continue to be the principal focus of our investments. We see significant opportunities to deepen our presence across existing customers, broaden our product portfolio, expand our presence in international markets and further strengthen our leadership position across both paperboard and flexible packaging. At the same time, we continue to evaluate adjacent opportunities where our existing capabilities can provide a strong foundation for long-term growth. In this context, today marks an important milestone in TCPL's journey, and we are pleased to announce our proposed entry into the Advanced Chemistry Cell battery materials value chain through lithium-ion battery separator film. Page 2 of 17 This initiative represents a natural extension of capabilities TCPL has built over several decades. While the end application is different from packaging, many of the underlying competencies required, including specialized films, polymer processing, precision manufacturing, process engineering, stringent quality systems and R&D are closely aligned with our existing strengths. We, therefore, see this as a logical extension of our capabilities into an adjacent technology-driven opportunity. The project will be established through a subsidiary with a proposed investment of approximately INR 125 crore, to be deployed over the next 18 months, with commercial production targeted during Q4 FY28. We intend to develop the business in a phased manner, initially focusing on establishing the manufacturing infrastructure, developing the technology platform, validating the product, completing customer qualification processes and building strong relationships with customers before pursuing large-scale expansion. The proposed facility will initially have a manufacturing capacity of approximately 70 million square meters per annum supporting around 6 to 8 gigawatt hours of lithium- ion cell production annually. Over the longer term, subject to customer demand and market developments, we plan to scale this platform to nearly 500 million square meters per annum, capable of supporting approximately 50 gigawatt hours of battery cell manufacturing capacity. We believe the timing of this investment is attractive, given the significant investments underway in India across electric vehicles, energy storage systems and domestic battery manufacturing, supported by policy initiatives aimed at increasing localization across the battery value chain. As domestic cell manufacturing capacity expands over the coming years, we expect demand for locally manufactured separator films to grow meaningfully. TCPL is well positioned to participate in this emerging opportunity by leveraging the engineering and manufacturing expertise built over the last 3 decades. I would also like to reiterate that our packaging business remains our core focus. The battery materials initiative is an additional long-term growth platform that complements our existing strengths, while we continue to expand and strengthen our packaging business. We will continue to invest in capacity, technology, automation and product innovation to enhance our competitive position across our existing businesses. Looking ahead, we remain optimistic about the demand environment for packaging. Consumption-led growth, increasing premiumization, rising demand for sustainable packaging solutions and continued outsourcing by branded customers provide Page 3 of 17 favorable structural tailwinds for the industry. With our diversified customer portfolio, strong manufacturing capabilities and balance sheet; we believe we are well positioned to sustain profitable growth while maintaining a prudent approach to capital allocation. With that, I would like to request the moderator to open the forum for any questions or suggestions that you may have. Thank you. Moderator: Thank you very much. We will now begin [Showing first 8,000 characters — download PDF for full document]