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%

ty Fully Integrated Upstream and Downstream Capabilities Product Breakdown (H1 FY26 Revenues) 3% 2% 7% 3% 14% 18% 52% 37 Years of Operation At the Forefront of Sustainability and Circula

2%

Fully Integrated Upstream and Downstream Capabilities Product Breakdown (H1 FY26 Revenues) 3% 2% 7% 3% 14% 18% 52% 37 Years of Operation At the Forefront of Sustainability and Circular

7%

ly Integrated Upstream and Downstream Capabilities Product Breakdown (H1 FY26 Revenues) 3% 2% 7% 3% 14% 18% 52% 37 Years of Operation At the Forefront of Sustainability and Circular Econ

14%

rated Upstream and Downstream Capabilities Product Breakdown (H1 FY26 Revenues) 3% 2% 7% 3% 14% 18% 52% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,

18%

Upstream and Downstream Capabilities Product Breakdown (H1 FY26 Revenues) 3% 2% 7% 3% 14% 18% 52% 37 Years of Operation At the Forefront of Sustainability and Circular Economy ~2,735 C

52%

tream and Downstream Capabilities Product Breakdown (H1 FY26 Revenues) 3% 2% 7% 3% 14% 18% 52% 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

8%

Years… (Q2 FY 25-26) (H1 FY 25-26) India Rating & Research IND AA- with Stable $205mn Revenue# 8% Normalized EBITDA* Margin $16mn Normalized EBITDA* 3% ROCE1 $408mn Revenue# 9% Normalized EB

9%

05mn Revenue# 8% Normalized EBITDA* Margin $16mn Normalized EBITDA* 3% ROCE1 $408mn Revenue# 9% Normalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $37mn Normalized EBITDA*

5%

ormalized EBITDA* Margin …Driven by Strong, Sustainable Profitability $37mn Normalized EBITDA* 5% ROCE1 Widening of the Product Portfolio Operational Efficiencies and Cost Optimization Increas

93,997 MT

h (Q2 FY 25-26 v/s Q1 FY 25-26) YoY Growth (Q2 FY 25-26 v/s Q2 FY 24-25) Sales Volume (All Films) 93,997 MT Sales Revenue 1,791 INR Crores ($ 205 million) Normalized EBITDA 138 INR Crores ($ 16 million) P

“◼ The expected rationalization and underutilization of older, less efficient lines—driven by shifting cost structures—should support an improvement in overall utilization rates in the medium term.”

“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

Factors impacting YoY

1

Investment rationale

1

Other Projects

1

Factors impacting the quarterly performance

▪ Higher revenue is driven by increased volumes, partly offset by lower sales realization due to tepid demand and an oversupply situation. Compared to the corresponding quarter, sales volume is significantly higher owing to the startup of a new line in the USA ▪ Lower contribution is primarily due to unfavorable market conditions, coupled with uncertainty arising from reciprocal tariffs ▪ In Q2 FY25–26, there is an unrealized FX loss of INR 12.67 crores (USD 1.45 million) as against a FX loss of INR 156.42 crores (USD 18.28 million) in Q1 FY25–26 and FX gain of INR 100.81 crores (USD 12.04 million) in Q2 FY24–25, on account of the restatement of foreign currency long-term loans, a large portion of which relates to inter-company loans. 9 H1 FY 25-26 Performance Snapshot YoY Growth (H1 FY 25-26 v/s H1 FY 24-25) Sales Volume (All Films) 184,997 MT Sales Revenue 3,527 INR Crores ($ 408 million) Normalized EBITDA 324 INR Crores ($ 37 million) PAT (Before Minority) -26 INR Crores ($ -3 milli

Factors impacting YoY

10% 3% 18% INR 288 cr INR 43.30 ▪ Higher sales revenue was primarily driven by increased sales volumes following the startup of the new production line in the USA. However, this was significantly offset by lower sales realization, reflecting a soft pricing environment. ▪ The market remained highly competitive, characterized by excess capacity that continued to exert pressure on EBITDA margins. ▪ Fixed costs remained elevated due to the expanded scale of operations associated with the new capacity ▪ In YTD 25-26, there is an unrealized FX loss of INR 169.09 crores ($ 19.56 million) as against unrealized FX gain of INR 86.50 crores ($ 10.35 million) in YTD 24-25 on account of restatement of foreign currency long term loans 10 EBITDA Evolution Normalized EBITDA Bridge (Q2 25-26 vs Q1 25-26) 1.3 5.0 n o i l l i m D S U 21.3 22.6 0.2 0.2 1.3 0.5 17.6 17.8 17.6 16.3 15.8 15.8 Normalised EBITDA - Q1 25-26 Volume VA variance (Thin PET & OPP) Rate VA variance (Thin PET & OPP) Other Film & Chips

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 (%) & $/kg 11% -6% 1% 8% 323 360 338 343 FY22 FY23 FY24 FY25 185 H1FY26 Annualised 21% 0.57 186 14% 0.37 132 FY22 FY23 8% 0.18 61 FY24 11% 0.26 89 FY25 9% 0.20 37 H1FY26 Annualised Sales Volume (KMT) Growth % EBITDA ($mn) Margin % EBITDA ($/kg) Cash Flow from Operations1 ($mn) Capex ($mn) & Net Debt ($mn) 170 77 110 103 59 67 87 56 33 36 (38) 54 (57) 34 (42) 62 (24) 59 (31) 28 FY22 FY23 FY24 FY25 H1FY26 FY22 FY23 FY24 FY25 H1FY26 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 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) 33 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 1.72 FY25 H1FY26* FY22 FY23 3 FY24 13.5 FY25 2 H1FY26 Normal Dividend Special Dividend Normalized1 ROCE ROE 25% 20% 15% 12% FY22 FY23 4% 3% FY24 8% 7% FY25 5% 4% H1FY26 25% 19% 14% 11% 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 ROE is as reported [not adjusted for unrealized FX gains/(losses)] -1% H1FY26 -1% 34 6 Po

Investment rationale

BOPET Film Line – India: — 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 52 Guidance 53 Third Quarter 25-26 Guidance Normalized EBITDA (USD million) 60 50 40 30 20 10 - 52 36 32 13 13 16 15 16 24 23 20 22 22 16 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 Q3 25-26 Short to Medium term outlook • Normalized demand/growth in both Industrial and Packaging segments though western markets remain sluggish • Impact of reciprocal tariffs significant and expected to stabilize in the next 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 co