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 May 31, 2025 Dear S

3%

ility Fully Integrated Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circula

2%

ty Fully Integrated Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circular

4%

Fully Integrated Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circular Econ

9%

y Integrated Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circular Economy

14%

tegrated Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

51%

ted Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,735 C

17%

Upstream and Downstream Capabilities Product Breakdown (FY25 Revenues) 3% 2% 4% 9% 14% 51% 17% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,735 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

11%

he Years… (Q4 FY 24-25) (FY 24-25) India Rating & Research IND AA- with Stable $200mn Revenue# 11% Normalized EBITDA* Margin $22mn Normalized EBITDA* 8% ROCE1 $812mn Revenue# 11% Normalized

8%

h IND AA- with Stable $200mn Revenue# 11% Normalized EBITDA* Margin $22mn Normalized EBITDA* 8% ROCE1 $812mn Revenue# 11% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitabil

88,226 MT

h (Q4 FY 24-25 v/s Q3 FY 24-25) YoY Growth (Q4 FY 24-25 v/s Q4 FY 23-24) Sales Volume (All Films) 88,226 MT Sales Revenue 1,736 INR Crores ($ 200 million) Normalized EBITDA 187 INR Crores ($ 22 million) P

“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

Above factors are offset by

1

India Project

1

Other Projects

1

Factors impacting YoY

• Higher sales revenue due to increased volume partially offset by fall in the selling • Improved market conditions and change in product mix resulted in higher prices of Thin PET film revenue • Better specialty mix and downstream product volumes have resulted in increased • Better specialty mix and downstream product volumes have resulted in EBITDA partly offset by higher fixed cost increased EBITDA partly offset by higher fixed cost • In Q4 24-25, there is an unrealized FX loss of INR 105.13 crores ($ 12.14 million) • In Q4 24-25, there is an unrealized FX loss of INR 105.13 crores ($ 12.14 as against an unrealized FX gain of INR 58.22 crores ($ 6.89 million) in Q3 24- million) as against an unrealized FX loss of INR 23.16 crores ($ 2.79 25, on account of restatement of foreign currency long term loans, a large part of million) in Q4 23-24, on account of restatement of foreign currency long which relates to Inter-company loans, thus resulting in negative PAT term loans, a large part

Above factors are offset by

▪ Higher fixed cost – mainly due to bad debt provisioning and the impact of inflation ▪ Lower other income is mainly on account of higher insurance claim in the previous quarter Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for Q4 FY 24-25 10 FY 24-25 Performance Snapshot Sales Volume (All Films) 342,685 MT Sales Revenue 6,869 INR Crores ($ 812 million) Normalized EBITDA 752 INR Crores ($ 89 million) PAT (Before Minority) 358 INR Crores ($ 42 million) EPS 66.64 INR/Share

Factors impacting YoY

YoY Growth (FY 24-25 v/s FY 23-24) 1% 9% 49% INR 271 cr INR 54.59 • Higher sales revenue due to increased volume, better sales mix and rise in selling prices • Better market conditions and Speciality film portfolio resulted in higher EBITDA • In FY 24-25, there is an unrealized FX gain of INR 39.59 crores ($ 4.68 million) as against unrealized FX loss of INR 79.22 crores ($ 9.57 million) in FY 23-24 on account of restatement of foreign currency long term loans 11 EBITDA Evolution Normalized EBITDA Bridge (FY 24-25 vs FY 23-24) n o i l l i m D S U 19.1 7.1 59.7 59.7 66.8 15.2 0.6 12.7 1.1 85.8 100.5 87.9 87.9 88.9 Normalised EBITDA - FY 23-24 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 - FY 24-25 ▪ Higher Volume and VA rate variance on account of better Speciality mix ▪ Higher fixed cost – mainly due to ✓ Higher stores & spares consumption due to some unplanned mainten

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 32 5 Sustained and Profitable Growth (1/3) Sales Volume Across All Films (KMT) EBITDA ($mn) and EBITDA Margin (%) & $/kg 6% 11% -6% 1% 26% 0.56 21% 0.57 306 323 360 338 343 171 186 14% 0.37 132 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 8% 0.18 61 FY24 11% 0.26 89 FY25 Sales Volume (KMT) Growth % EBITDA ($mn) Margin % EBITDA ($/kg) Cash Flow from Operations1 ($mn) Capex ($mm) & Net Debt ($mn) 161 170 150 77 110 103 59 67 87 56 (75) 71 (38) (57) 54 34 (42) 62 (24) 59 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Cash Flow after change in NWC ($mn) Change in NWC ($mn) + Denotes deployment - Denotes release Capex ($mn) Net Debt ($mn) 33 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 million) Effective Tax Rate 887 951 660 760 812 6.6% 11

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) 34 5 Sustained and Profitable Growth (3/3) EPS (INR/Share) Dividend Per Share (INR/Share) 162.57 181.19 110.97 FY21 FY22 FY23 12.05 FY24 66.64 FY25 132 32 FY21 68 36 65 23 FY22 FY23 3 FY24 13.5 FY25 Normal Dividend Special Dividend Normalized1 ROCE 26% 25% 19% 20% 15% 12% FY21 FY22 FY23 4% 3% FY24 8% 7% FY25 25% 25% 18% 19% ROE 14% 11% FY21 FY22 FY23 2% 1% FY24 7% 6% FY25 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 35 6 Polyplex’s Commitment to Sustainable Development & Growth A B C Commitment Towards Sustainabl

India Project

Location Capital Cost (In USD million) Likely Start Up India India Overseas 58 4.5 14 76.5 H2 FY 26-27 Upto Q3 FY 25-26 Upto Q4 FY 25-26 — PET Film Demand expected to grow at 10%+, making it the fastest-growing market in the world — Cost Structure Optimization