Polyplex Corporation Limited

rs,

, Mumbai- 400 051 The General Manager - Listing Department, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001 SYMBOL : POLYPLEX BSE Scrip Code : 524051 Dear Sir(s), Sub: R

3%

Fully Integrated Upstream and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circula

2%

ly Integrated Upstream and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circular

4%

ntegrated Upstream and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circular Econ

9%

rated Upstream and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circular Economy

14%

d Upstream and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

50%

stream and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,675 C

17%

m and Downstream Capabilities Product Breakdown (YTD Q3 FY25 Revenues) 3% 2% 4% 9% 14% 50% 17% 36 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,675 Custom

100%

g” process for manufacturing Sarafil rPET film with Post- Consumer Recycled (PCR) content up to 100% and increased product applications in both packaging and industrial end uses Investments in re

10%

s… (Q3 FY 24-25) (YTD Q3 FY 24-25) India Rating & Research IND AA- with Stable $203mn Revenue# 10% Normalized EBITDA* Margin $20mn Normalized EBITDA* 8% ROCE1 $612mn Revenue# 11% Normalized

8%

h IND AA- with Stable $203mn Revenue# 10% Normalized EBITDA* Margin $20mn Normalized EBITDA* 8% ROCE1 $612mn Revenue# 11% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitabil

11%

mn Revenue# 10% Normalized EBITDA* Margin $20mn Normalized EBITDA* 8% ROCE1 $612mn Revenue# 11% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $67mn Normalized EBITD

“The impact is partially offset by lower volumes in other realization locations during Q3 FY25 due to plant de-bottlenecking, chain maintenance etc.”

“Location Capital Cost (In USD million) USA India India Overseas 135 65 4.5 14 218.5 Likely Start Up Q4 FY 24-25 H1 27-28 Upto Q3 FY 25-26 Upto Q4 FY 25-26 USA Project : TDO Area — High level of confidence owing to established sales and distribution network — Market growth of 10-12 KT p.a.”

“— Availability of captive resin — Successful strategy deployed at all locations – 2 film lines, resin plant and downstream assets — Post this investment, Polyplex will be the largest and most cost competitive producer of Thin BOPET films in the US”

“These are based on certain assumptions as on date and are subject to significant risks and uncertainties, as they could be substantially influenced by several factors which are beyond Company’s control including, but not limited to, fluctuations in foreign exchange rates, changes in key raw material prices, changes in market dynamics, impact of consolidation of subsidiaries and any unexpected production down times due to machinery breakdown, unforeseen delays in project start up etc.”

Factors impacting YoY

2

Note

2

Lower EBITDA due to

1

Above factors are offset by

1

USA Project

1

India Project

1

Other Projects

1

Factors impacting YoY

• Higher volume as there was an interruption in one of the PET film lines in India • Improved market conditions resulted in higher volume and better sales during the previous quarter. The impact is partially offset by lower volumes in other realization locations during Q3 FY25 due to plant de-bottlenecking, chain maintenance etc. • Sales realization is lower due to fall in raw material pricing •

Lower EBITDA due to

• Better specialty mix and downstream product volumes have also resulted in increased EBITDA and PAT • Negative VA rate variance mainly due to impact of inventory changes and consolidation impact • In Q3 24-25, there is an unrealized FX gain of INR 58.22 crores ($ 6.89 million) as against an unrealized FX loss of INR 29.29 crores ($ 3.52 • Higher fixed cost primarily on account of manpower cost and repair & million) in Q3 23-24, on account of restatement of foreign currency long maintenance cost which is in line with scheduled maintenance term loans, a large part of which relates to Inter-company loans 9 YTD Q3 FY 24-25 Performance Snapshot YoY Growth (YTD Q3 FY 24-25 v/s YTD Q3 FY 23-24) Sales Volume (All Films) 254,460 MT Sales Revenue 5,133 INR Crores ($ 612 million) Normalized EBITDA 565 INR Crores ($ 67 million) PAT (Before Minority) 366 INR Crores ($ 44 million) EPS 63.42 INR/Share

Factors impacting YoY

2% 11% 53% INR 311 cr INR 54.05 • Higher sales revenue due to increased volume and rise in selling prices • Better market conditions and Speciality film portfolio resulted in higher EBITDA • In YTD 24-25, there is an unrealized FX gain of INR 144.72 crores ($ 17.25 million) as against unrealized FX loss of INR 56.06 crores ($ 6.78 million) in YTD 23-24 on account of restatement of foreign currency long term loans 10 EBITDA Evolution n o i l l i m D S U Normalized EBITDA Bridge (Q3 24-25 vs Q2 24-25) 1.6 2.5 2.5 0.3 1.8 3.0 22.5 22.5 21.7 19.3 19.0 17.1 17.1 20.2 Normalised EBITDA - Q2 24-25 Volume VA variance (Thin PET & OPP) Rate VA variance (Thin PET & OPP) Other Film & Chips Contribution Other Variable Cost Fixed Cost Other Income Normalised EBITDA - Q3 24-25 Normalized EBITDA is lower in Q3 FY25 due to: ▪ Lower VA rate variance mainly due to Inventory impact resulting from rate change as well as change in inventory ▪ Lower contribution from other film, a large part of it is on acco

Above factors are offset by

- Higher other income on account of insurance claim, miscellaneous sales and operational FX gain - Higher volume VA variance Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for Q3 FY 24-25 11 Shareholders’ Return Sustained Longer Term Shareholders’ Return 990 1,086 1,137 1,130 1,193 3,109 FY21 3,410 FY22 3,569 FY23 3,549 FY24 3,745 YTD Q3 FY25 1,400 1,200 1,000 800 600 400 200 - R N I s e r o r C R N I 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 - Shareholders' Fund (after adjusting for minority) - INR Crores Book Value/Share (excluding minority interest) - INR Shareholders’ Return (CAGR) Last 1 year Last 3 years Last 5 years (A) Total Returns* ➢ Polyplex ➢ Nifty 500-TRI ➢ BSE Small Cap-TRI (B) Stock Price Movement ➢ Polyplex ➢ Nifty 500 ➢ BSE Small Cap 11% 9% 8% 10% 8% 7% -13% 14% 20% -15% 13% 19% 24% 18% 28% 16% 17% 27% Since IPO (1988) 22% - - 14% 11% 14% * Dividend Reinvestment Method; Dividend considered

Note

Polyplex CUF is calculated based on the extant capacity; Industry CUF as per CY, Polyplex CUF as per FY; Industry CUF is based on internal estimates 31 5 Sustained and Profitable Growth (1/3) Sales Volume Across All Films (KMT) EBITDA ($mn) and EBITDA Margin (%) & $/kg 6% 11% -6% - 26% 0.56 21% 0.57 306 323 360 338 254 171 186 14% 0.37 132 FY21 FY22 FY23 FY24 YTD Q3 FY25 Annualised FY21 FY22 FY23 8% 0.18 61 FY24 11% 0.26 67 YTD Q3 FY25 Annualised Sales Volume (KMT) Growth % EBITDA ($mn) Margin % EBITDA ($/kg) Cash Flow from Operations1 ($mn) Capex ($mm) & Net Debt ($mn) 161 170 150 77 110 103 59 67 69 31 (75) 71 (38) (57) 54 34 (42) 62 (19) 37 FY21 FY22 FY23 FY24 YTD Q3 FY25 FY21 FY22 FY23 FY24 YTD Q3 FY25 Cash Flow after change in NWC ($mn) Change in NWC ($mn) + Denotes deployment - Denotes release Capex ($mn) Net Debt ($mn) 32 Note: 1 Cash flow from operations have been adjusted for tax on inter-company dividend and interest 5 Sustained and Profitable Growth (2/3) Revenue (USD millio

Note

* Current tax adjusted for tax on intercompany dividend and interest as the corresponding income gets eliminated at Consolidated level #Translated using simple average of monthly exchange rates for the respective applicable period(s) 33 5 Sustained and Profitable Growth (3/3) EPS (INR/Share) Dividend Per Share (INR/Share) 162.57 181.19 110.97 12.05 63.42 FY21 FY22 FY23 FY24 YTD Q3 FY25* * EPS is not Annualised 132 32 FY21 68 36 65 23 FY22 FY23 3 FY24 9 YTD Q3 FY25 Normal Dividend Special Dividend Normalized1 ROCE 26% 25% 19% 20% 15% 12% FY21 FY22 FY23 4% 3% FY24 25% 25% 18% 19% ROE 14% 11% 9% 8% YTD Q3 FY25 FY21 FY22 FY23 10% 8% YTD Q3 FY25 2% 1% FY24 Normalized ROCE (With Cash & Cash Equivalents) ROE (With Cash & Cash Equivalents) Normalized ROCE (Excluding Cash & Cash Equivalents) ROE (Excluding Cash & Cash Equivalents) 1Normalized ROCE = Normalized EBIT [excluding impact of unrealized FX gains/(losses)] as % of Average Capital Employed 34 6 Polyplex’s Commitment to Sustainable Devel