FINPIPE

Current Performance & Demand Trends - Q2 FY27 sales volume grew 28% YoY to 83,407 MT driven by channel restocking and stabilizing PVC prices. - Revenue rose 27% YoY to ₹1,094 Cr, while PBT remained flat at ₹153 Cr (vs ₹158 Cr) due to high-cost inventory consumption lag. - Product volume mix for Q2 stood at 60% agri and 40% non-agri, with CPVC contributing 8% and total fittings at 12%. Management Guidance & Outlook - Re-iterated full-year EBITDA margin target of around ₹14–₹15 per kg (approx. 12.5% to 14%). - October sales started on a positive note; H2 is expected to remain seasonally strong during the Jan–May pre-monsoon cycle. - PVC prices supported in the near term by Minimum Import Price (MIP) and proposed CVD on imports from China. Capex & Balance Sheet - Net free cash balance stood strong at ₹2,584 Cr as of September 30, 2026. - Planned capex of ₹150+ Cr for FY27 aimed at extruder debottlenecking and maintenance. - Plant capacity utilization across pipes and fittings stood at ~68% on a total capacity of 520,000 MT.

- Audio recording of the conference call held on November 2, 2026, for Q2 FY27 financial results has been made available. - The audio link is uploaded on the company's official website under the Investors section.

- Q2 FY27 Revenue grew 27% YoY to ₹1,094 Cr, backed by 28% volume growth (83,407 MT). - EBITDA was ₹124 Cr vs ₹130 Cr YoY due to higher material costs; PBT stood at ₹153 Cr vs ₹158 Cr. - Net free cash remains strong at ~₹2,584 Cr.

Q2 FY27 Consolidated Revenue ₹1,093.96 Cr vs ₹858.74 Cr (▲27.4% YoY) EBITDA ₹127.32 Cr vs ₹140.13 Cr (▼9.1% YoY) PAT ₹115.02 Cr vs ₹123.52 Cr (▼6.9% YoY) EBITDA Margin 11.6% vs 16.3% (▼468bps)

Concall Schedule Concall Date: Monday, November 2, 2026 Concall Time: 04:00 P.M. IST

- Trading window for dealing in securities will remain closed from October 1, 2026. - Closure will last until 48 hours after the declaration of Q2/H1 FY27 financial results. - Date of the Board meeting will be communicated in due course.

- 45th Annual General Meeting (AGM) scheduled for Tuesday, September 22, 2026, at 04:00 P.M. (IST) via Video Conferencing/Other Audio Visual Means. - Web-links to the AGM Notice and Annual Report for FY 2025-26 have been provided. - Physical shareholders are mandated to update PAN, KYC, nomination, and bank details by August 21, 2026, and are encouraged to convert physical shares to dematerialized form.

- Board recommended a final dividend of ₹2 and a special dividend of ₹0.75, totaling ₹2.75 per equity share for FY 2025-26. - Record date for ascertaining eligible members for the dividend is Friday, September 11, 2026. - The dividend is subject to approval at the 45th Annual General Meeting (AGM) scheduled for Tuesday, September 22, 2026.

- Q1 FY27 saw a 27% YoY sales volume decline and 15.34% YoY revenue decline to INR 884 crores, attributed to polymer price volatility and channel destocking. - Despite this, Q1 FY27 Consolidated EBITDA grew 13.83% YoY to INR 107 crores, with EBITDA margin expanding from 9% to 12% (+300 bps). Consolidated PAT also grew 13.83% YoY to INR 107 crores. - Regulatory developments (customs duty exemption withdrawal, Minimum Import Price) are expected to stabilize PVC prices and improve channel inventories, leading to better business momentum. July volumes saw a good uptick. - Management maintains optimism for structural demand, anticipating full-year EBITDA margin to be sub 15%. They are hopeful for flat to slight positive YoY volume growth for H1 FY27. - Capacity expansion plans with INR 125-200 crores Capex remain intact. The company holds strong liquidity with INR 2,636 crores cash in hand. - VCM availability remains limited due to Middle East issues and monsoon-related jetty limitations.

- Concall Schedule - Event: Equirus Annual India Conference 2026 - Concall Date: August 13, 2026 - Interaction with: Institutional Investors/Analysts - Location: Sofitel BKC, Mumbai (Physical)

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- Revenue ₹884Cr vs ₹1,043Cr (▼15% YoY) - EBITDA ₹109Cr vs ₹94Cr (▲16% YoY) - EBITDA Margin 12% vs 9% (▲300bps)

- Consolidated Revenue ₹883.58Cr vs ₹1,043.15Cr (▼15.3% YoY) - EBITDA ₹106.81Cr vs ₹98.40Cr (▲8.5% YoY) - PAT ₹114.52Cr vs ₹98.16Cr (▲16.7% YoY) - EBITDA Margin 12.09% vs 9.43% (▲266bps)