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%

d Downstream Capabilities …With a Diverse Product Profile… Product Breakdown (Q1FY26 Revenues) 3% 1% 8% 3% 15% 18% 53% 37 Years of Operation At the Forefront of Sustainability and Circula

1%

Downstream Capabilities …With a Diverse Product Profile… Product Breakdown (Q1FY26 Revenues) 3% 1% 8% 3% 15% 18% 53% 37 Years of Operation At the Forefront of Sustainability and Circular

8%

stream Capabilities …With a Diverse Product Profile… Product Breakdown (Q1FY26 Revenues) 3% 1% 8% 3% 15% 18% 53% 37 Years of Operation At the Forefront of Sustainability and Circular Econ

15%

Capabilities …With a Diverse Product Profile… Product Breakdown (Q1FY26 Revenues) 3% 1% 8% 3% 15% 18% 53% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

18%

ilities …With a Diverse Product Profile… Product Breakdown (Q1FY26 Revenues) 3% 1% 8% 3% 15% 18% 53% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,735 C

53%

es …With a Diverse Product Profile… Product Breakdown (Q1FY26 Revenues) 3% 1% 8% 3% 15% 18% 53% 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… (Q1 FY 25-26) (FY 24-25) India Rating & Research IND AA- with Stable $203mn Revenue# 11% Normalized EBITDA* Margin $22mn Normalized EBITDA* 7% ROCE1 $812mn Revenue# 11% Normalized E

7%

ch IND AA- with Stable $203mn Revenue# 11% Normalized EBITDA* Margin $22mn Normalized EBITDA* 7% ROCE1 $812mn Revenue# 11% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitabilit

91,000 MT

h (Q1 FY 25-26 v/s Q4 FY 24-25) YoY Growth (Q1 FY 25-26 v/s Q1 FY 24-25) Sales Volume (All Films) 91,000 MT Sales Revenue 1,736 INR Crores ($ 203 million) Normalized EBITDA 186 INR Crores ($ 22 million) P

203 million

Q1 FY 25-26 v/s Q1 FY 24-25) Sales Volume (All Films) 91,000 MT Sales Revenue 1,736 INR Crores ($ 203 million) Normalized EBITDA 186 INR Crores ($ 22 million) PAT (Before Minority) -60 INR Crores (-$ 7 milli

“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.”

Note

2

Factors impacting the quarterly performance

1

Above is offset by

1

India Project

1

Other Projects

1

Factors impacting the quarterly performance

• • • Increased volume resulting from start up of new film line in USA offset by fall in the selling prices Increased value addition is offset by higher fixed cost which is mainly due to increased headcount and higher maintenance activities on account of expanded scale of operations in the US In Q1 25-26, there is an unrealized FX loss (due to sharp EUR appreciation) of INR 156.42 crores ($ 18.28 million) as against the FX loss of INR 105.13 crores ($ 12.14 million) in Q4 24-25 and FX loss of INR 14.31 crores ($ 1.72 million) in Q1 24-25, on account of restatement of foreign currency long term loans, a large part of which relates to Inter-company loans, thus resulting in negative PAT. 9 EBITDA Evolution Normalized EBITDA Bridge (Q1 25-26 vs Q4 24-25) 3.0 1.7 1.1 0.7 3.5 0.5 n o i l l i m D S U 21.8 21.8 24.8 25.4 24.7 21.2 21.2 21.7 Normalised EBITDA - Q4 24-25 Volume VA variance (Thin PET & OPP) Rate VA variance (Thin PET & OPP) Other Film & Chips Contribution Other Variable Cost Fixe

Above is offset by

▪ Lower contribution from other film & chips mainly on account of unfavorable market conditions coupled with uncertainty arising from reciprocal tariffs ▪ Higher fixed cost ▪ Higher variable cost due to higher production Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for Q1 FY 25-26 10 Shareholders’ Return s e r o r C R N I 4,000 3,900 3,800 3,700 3,600 3,500 3,400 3,300 3,200 3,100 1,086 3,410 FY22 Sustained Longer Term Shareholders’ Return 1,214 1,252 1,137 1,130 3,569 FY23 3,549 FY24 3,810 FY25 3,930 Q1FY26 1,300 1,250 1,200 1,150 1,100 1,050 1,000 R N I 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 6% 2% 2% 5% 1% 1% -20% 16% 25% -22% 15% 24% 20%

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 30 5 Sustained and Profitable Growth (1/3) Sales Volume Across All Films (KMT) EBITDA ($mn) and EBITDA Margin (%) & $/kg 11% -6% 1% 6% 323 360 338 343 FY22 FY23 FY24 FY25 91 Q1FY26 Annualised 21% 0.57 186 14% 0.37 132 FY22 FY23 8% 0.18 61 FY24 11% 0.26 89 FY25 11% 0.24 22 Q1FY25 Annualised Sales Volume (KMT) Growth % EBITDA ($mn) Margin % EBITDA ($/kg) Cash Flow from Operations1 ($mn) Capex ($mm) & Net Debt ($mn) 170 77 110 103 59 67 87 56 21 20 (38) 54 (57) 34 (42) 62 (24) 59 (29) 16 FY22 FY23 FY24 FY25 Q1FY26 FY22 FY23 FY24 FY25 Q1FY25 Cash Flow after change in NWC ($mn) Change in NWC ($mn) + Denotes deployment - Denotes release Capex ($mn) Net Debt ($mn) 31 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 8

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) 32 5 Sustained and Profitable Growth (3/3) EPS (INR/Share) Dividend Per Share (INR/Share) 181.19 110.97 FY22 FY23 * EPS is not Annualised 12.05 FY24 68 36 65 23 66.64 (6.15) FY25 Q1FY26* FY22 FY23 3 FY24 13.5 FY25 Normal Dividend Special Dividend Normalized1 ROCE ROE 25% 20% 15% 12% FY22 FY23 4% 3% FY24 8% 7% 7% 6% FY25 Q1FY25 25% 19% FY22 14% 11% 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 ROE is as reported [not adjusted for unrealized FX gains/(losses)] -5% Q1FY25 -4% 33 6 Polyplex’

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

Other Projects

— Expansion of product portfolio — Increasing the share of speciality films — Growing focus on industrial applications 51 Guidance 52 Second Quarter 25-26 Guidance Normalized EBITDA (USD million) 60 50 40 30 20 10 0 52 36 32 13 13 16 15 16 24 23 20 22 22 22 Q1 22-23 Q2 22-23 Q3 22-23 Q4 22-23 Q1 23-24 Q2 23-24 Q3 23-24 Q4 23-24 Q1 24-25 Q2 24-25 Q3 24-25 Q4 24-25 Q1 25-26 Q2 25-26 Short to Medium term outlook • Normalized demand/growth in both Industrial and Packaging segments • Uncertainty due to reciprocal tariffs expected to continue for at least one to two quarters • Additional volumes from US ramp up and continued efforts on portfolio expansion, increase in DPAC sales will help support gradual improvement in profitability The forward-looking statements reflect Polyplex’s expectations of its next quarter earnings. 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 whi