Slide 1: Exchange filing cover letter for Q2 results presentation
November 13, 2025 The Manager - Listing Department, The General Manager - Listing Department, National Stock Exchange of India Limited, BSE Limited Exchange Plaza, NSE Building, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Bandra East, Dalal Street, Mumbai- 400 051 Mumbai- 400 001 SYMBOL : POLYP
Slide 2: Polyplex Corporation Limited Q2 FY 2025-2026 Operations Summary
Polyplex Corporation Limited (PCL) 13th November 2025 Q2 FY 2025-2026 Operations Summary 1
Slide 3: Contents
Contents I. Safety Parameters II. PCL Consolidated Performance during the quarter: I. Financial Snapshot (QoQ and YoY) II. EBITDA Bridge Chart (Q1 FY26 Vs Q2 FY26): I. Key Elements II. Entity-wise III. Business-wise III. Actual vs Budget III. Unit wise Performance Snapshot during the quarter: I. Bus
Slide 4: Safety Parameters
Safety Parameters POLYPLEX
Slide 5: Accidents Statistics – Group level
Accidents Statistics – Group level Major accidents at Group level Minor accidents including First aid injuries at Group level Number of accidents Number of accidents 12 77 10 60 62 9 42 4 2022-23 2023-24 2024-25 H1 2025-26 2022-23 2023-24 2024-25 H1 2025-26 Frequency Rate at Group level Severity Rat
Slide 6: Fire Safety Audit Status update – Mr. Bhadkamkar Report
Fire Safety Audit Status update – Mr. Bhadkamkar Report Number of recommendations PCL A B C D Grand Total Risk Classification A High risk Closed 8 51 39 15 113 B Moderate risk Dropped* 1 5 2 8 C Low risk Open 6 15 4 1 26 D Very low risk Grand Total 14 67 48 18 147 Of the open recommendations, we exp
Slide 7: Key Activities / Audit / Inspections
Key Activities / Audit / Inspections India Thailand Turkey Indonesia USA Bazpur: o Annual Health Check up o Fire Safety Audit by o Fire Safety Audit by external o Daily Air Inspection o Fire Safety Audit by external consultant o Blood Donation external consultant (Mr. A consultant (Mr. A Bhadkamkar)
Slide 8: Number of Trainings and New Initiatives/Awards/Others
Number of Trainings and New Initiatives/Awards/Others Trainings India Thailand Turkey Indonesia USA o Fire Fighting (Hydrant operation) o Risk of production process o Safe Chemical Handling & Static o Unsafe Act & Unsafe Condition CBT facility wide training o Departmental danger activities o Acciden
Slide 9: PCL Consolidated Performance during the quarter
PCL Consolidated Performance during the quarter 8
Slide 10: Performance during the Quarter- PCL Consolidated
Performance during the Quarter- PCL Consolidated Description UOM Q2 FY24-25 Q1 FY25-26 Q2 FY25-26 1,800 30% 1,600 Reported EBITDA INR Lacs 29,126 2,918 12,530 Rs 23/Kg Rs20/Kg Rs 15//Kg 25% 1,400 Less MTM gain/(loss) on foreign currencey term loan INR Lacs 10,081 (15,642) (1,267) 1,200 84 K MT 91 K
Slide 11: Performance Snapshot: Versus Previous Quarter
Performance Snapshot : Versus Previous Quarter Unit-wise Operational EBITDA (INR Lacs) Unit Q1 Actual Q2 Actual QoQ % PCL 4,027 2,443 (1,584) -39% PTL 2,903 2,269 (634) -22% PE 1,541 2,963 1,422 92% PU 1,737 458 (1,279) -74% PT PFI 2,742 2,605 (137) -5% EcoBlue 1,804 1,655 (149) -8% PAPL 645 671 26
Slide 12: EBITDA Bridge Chart (Q2 FY26 Vs Q1 FY26) - Key Elements
Performance during the quarter EBITDA Bridge Chart (Q2 FY26 Vs Q1 FY26) - Key Elements 25,000 20,000 753 18,394 (1,339) 754 919 15,115 88 540 15,000 (641) (294) 1,099 14,275 (2,693) (358) (325) (1,119) 13,609 37 (1,071) (470) 10,000 5,000 - *Includes impact of rate change and conversion cost in incr
Slide 13: EBITDA Bridge Chart – Entity-wise
Performance during the quarter EBITDA Bridge Chart (Q2 FY26 Vs Q1 FY26) – Entity-wise 30000 DPAC Non-DPAC 25000 18,394 15,115 (2,221) (748) 719 959 40 (171) (85) 13,609 14,275 20000 15000 1,818 342 125 85 826 941 - 403 1,301 165 171 0 17,783 78 223 10000 18,702 5000 0 (2,668) (5,094) -5000 -10000 Q1
Slide 14: EBITDA Bridge Chart – Business-wise
Performance during the quarter EBITDA Bridge Chart (Q2 FY26 Vs Q1 FY26) – Business-wise 30000 DPAC Non-DPAC 25000 15,115 18,394 (553) (101) 106 6 241 52 (171) 119 13,609 14,275 (1,205) 20000 15000 1,665 662 181 112 6 21 460 31 - - 108 6 241 171 119 79 17,783 10000 18,702 5000 0 (2,668) (5,094) -5000
Slide 15: Performance Against Budget
Performance Against Budget 14
Slide 16: Performance during the quarter vs Budget
Performance during the quarter vs Budget Film Sales volume Net Sales Operational EBITDA Operational EBITDA Operational EBITDA Unit (MT) (INR Lacs) (INR Lacs) Margin % INR/Kg Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget PCL 23,389 24,723 35,469 3
Slide 17: EBITDA Bridge Chart (Budget vs Actual Q2 FY26) - Key Elements
Performance during the quarter vs Budget EBITDA Bridge Chart ( Budget vs Actual Q2 FY26) - Key Elements 30,000 25,599 - - - 25,599 25,000 (4,170) 20,000 867 (2,626) (161) (1,100) (376) 15,000 792 1,099 14,275 447 13,505 37 (4,462) (1,304) (367) 10,000 5,000 - *Includes impact of rate change and conv
Slide 18: Performance Snapshot: Versus Budget (Unit-wise)
Performance Snapshot : Versus Budget Unit-wise Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Unit YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget PCL 4,027 2,910 1,117 38% 2,443 1,762 681 39% 6,470 4,672 1,798
Slide 19: Performance Snapshot: Versus Budget (Business-wise)
Performance Snapshot : Versus Budget Business-wise Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Business YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget BOPET Thin* 4,955 9,933 (4,978) -50% 1,210 9,755 (8,544
Slide 20: Thin PET vs Budget: Key Reasons for Deviations
Performance during the quarter vs Budget Thin PET Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Business YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget BOPET Thin* 4,955 9,933 (4,978) -50% 1,210 9,755 (8,544)
Slide 21: Thin PET vs Budget: Key Reasons (continued)
Performance during the quarter vs Budget Thin PET Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Business YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget BOPET Thin* 4,955 9,933 (4,978) -50% 1,210 9,755 (8,544)
Slide 22: Thin PET vs Budget: Key Reasons (continued)
Performance during the quarter vs Budget Thin PET Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Business YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget BOPET Thin* 4,955 9,933 (4,978) -50% 1,210 9,755 (8,544)
Slide 23: Key Reasons for Variance: Industry VA and Freight (Asia)
Key Reasons for Variance against Budget : Industry VA and Freight Asia China - Impacting PTL and PFI UoM Budget Actual Actual - Budget Q1 Q2 Q1 Q2 Q1 Q2 China VA (EXW) over ASP $/Kg 0.21 0.21 0.16 0.15 -0.05 -0.06 Add: Export Packing Difference $/Kg 0.04 0.04 0.04 0.04 - - Add: Inland Freight in Chi
Slide 24: Key Reasons for Variance: Industry VA and Freight (Europe)
Key Reasons for Variance against Budget : Industry VA and Freight Europe India - Impacting Europe UoM Budget Actual Actual - Budget Q1 Q2 Q1 Q2 Q1 Q2 FX EUR/USD 1.04 1.04 1.13 1.17 FOB from India (last 1000 MT to EU) $/Kg 1.19 1.19 1.16 1.10 -0.03 -0.09 Add: Freight from India $/Kg 0.08 0.08 0.05 0.
Slide 25: Thin PET vs Budget: Summary of Variance
Performance during the quarter vs Budget Thin PET Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Business YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget BOPET Thin* 4,955 9,933 (4,978) -50% 1,210 9,755 (8,544)
Slide 26: Thick PET vs Budget
Performance during the quarter vs Budget Thick PET Operational EBITDA Operational EBITDA Operational EBITDA (INR Lacs) (INR Lacs) (INR Lacs) Business YTD Q1 Actual Q1 Budget Variance % Q2 Actual Q2 Budget Variance % YTD Actual Variance % Budget BOPET Thick* 30 1,159 (1,129) -97% 228 1,219 (991) -81%
Slide 27: Unit wise Performance Snapshot during the quarter
Unit wise Performance Snapshot during the quarter 26
Slide 28: Polyplex India
27 Polyplex India POLYPILEX
Slide 29: Performance Snapshot- PCL Standalone
Performance Snapshot- PCL Standalone Business-wise Operational EBITDA Business UOM Q2 FY 26 Q1 FY 26 Q2 FY 25 YTD 25-26 YTD 24-25 BOPET Thin INR Lacs 470 1,501 (21) 1,972 127 BOPP INR Lacs 822 1,079 973 1,901 1,805 Saracote INR Lacs 1,100 1,367 1,459 2,467 2,729 Chips* INR Lacs 51 80 45 130 45 PCL S
Slide 30: PCL Standalone EBITDA Bridge Q2 vs Q1
Performance snapshot- PCL Standalone EBITDA Bridge Diagram –Q2’ 25-26 v/s Q1’ 25-26- INR Lacs 5,000 4,500 409 4,289 23 4,027 4,000 (147) 3,500 (758) 136 3,000 (378) 185 (548) (55) 248 2,443 2,500 230 2,000 1,965 (929) 1,500 1,000 500 - Notes : 1. VA Variance is calculated on film business i.e. PET F
Slide 31: PCL Standalone Actual Vs Budget
Performance Snapshot - PCL Standalone Actual Vs Budget Film Sales volume Net Sales Operational EBITDA EBITDA Margin EBITDA (MT) (INR Lacs) (INR Lacs) (%) (INR/Kg) Business Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget BOPET Thin 14,794 15,066 21,
Slide 32: Polyplex Thailand
Polyplex Thailand POLYPLEX
Slide 33: Performance Snapshot- PTL Standalone
Performance Snapshot- PTL Standalone Business-wise Operational EBITDA Business UOM Q2 FY 26 Q1 FY 26 Q2 FY 25 YTD 25-26 YTD 24-25 BOPET Thin MN THB (55) (37) (55) (92) (45) BOPET Thick MN THB 14 8 35 22 81 CPP MN THB (12) (10) (9) (22) (19) Blown PP/PE MN THB 29 42 15 71 55 Saracote MN THB 95 110 16
Slide 34: PTL Standalone Variance Analysis Q2 vs Q1
Performance snapshot- PTL Standalone PTL Standalone -Variance Analysis Q2 2025-26 vs Q1 2025-26 (THB Million) 170 24 150 38 137 130 -38 112 110 -8 1 1 104 -8 -5 -13 -4 90 83 -16 70 50 Operational Q1 Adjusted Rate VA variance Incremental EBITDA Fixed cost^ Q2 Adjusted Inventory Impact Fx (Gain)/Loss
Slide 35: PTL Standalone Actual Vs Budget
Performance Snapshot - PTL Standalone Actual Vs Budget Film Sales volume Net Sales Operational EBITDA EBITDA Margin EBITDA (MT) (MN THB) (MN THB) (%) (THB/Kg) Business Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget BOPET Thin 10,007 10,670 487 560
Slide 36: Polyplex Turkey
Polyplex Turkey POLYPILEX
Slide 37: Performance Snapshot- PE
Performance Snapshot- PE Business-wise Operational EBITDA Business UOM Q2 FY 26 Q1 FY 26 Q2 FY 25 YTD 25-26 YTD 24-25 BOPET Thin 000 Euro 3,181 1,437 2,843 4,618 7,573 Blown PP/PE 000 Euro (138) 8 (158) (130) (79) Saracote 000 Euro (79) - - (79) - Chips* 000 Euro (23) 144 53 121 55 PE Total 000 Euro
Slide 38: PE Operational EBITDA Bridge Chart
Performance snapshot- PE Operational EBITDA Bridge Chart (Q2 2025-26 vs. Q1 2025-26)- Euro Mio 3.50 0.18 3.19 0.48 2.94 3.00 0.71 -0.22 -0.03 1.13 2.60 2.50 -0.30 -0.07 -0.02 -0.39 2.00 1.59 1.50 -0.12 1.00 0.50 0.00 1- Negative VA volume variance is due to lower volume by ~ 600 MT 2- Positive VA ra
Slide 39: PE Actual Vs Budget
Performance Snapshot- PE Actual Vs Budget Film Sales volume Net Sales Operational EBITDA EBITDA Margin EBITDA (MT) (000 Euro) (000 Euro) (%) (Euro/Kg) Business Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget BOPET Thin 15,844 17,698 27,591 32,885 3
Slide 40: Polyplex USA
Polyplex USA POLYPLEX
Slide 41: Performance Snapshot- PU
Performance Snapshot- PU Business-wise Operational EBITDA Business UOM Q2 FY 26 Q1 FY 26 Q2 FY 25 YTD 25-26 YTD 24-25 BOPET Thin (Mfg) 000 USD (1,723) 1,323 26 (400) (356) BOPET Thin (Trd) 000 USD (229) (142) 471 (371) 1,078 BOPET Thick (Trd) 000 USD 170 (399) (28) (228) 135 Saracote (Trd) 000 USD 2
Slide 42: PU EBITDA Bridge Diagram Q2 vs Q1
Performance snapshot- PU^ EBITDA Bridge Diagram –Q2’ 25-26 v/s Q1’ 25-26- ‘000 USD 2,500 2,030 2,000 1,500 1,000 222 509 500 650 1,220 - 1,068 (522) (68) (141) (500) 973 (1,000) (34) (3,272) (1,242) (1,500) (1,260) (2,000) (497) (2,500) Inventory Impact Mfg Volume Trd Volume Resin Packing Cost Other
Slide 43: PU Actual Vs Budget
Performance Snapshot- PU Actual Vs Budget Film Sales volume Net Sales Operational EBITDA EBITDA Margin EBITDA (MT) (000 USD) (000 USD) (%) (USD/Kg) Business Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget BOPET Thin (Mfg) 11,990 17,516 22,967 39,95
Slide 44: Polyplex Indonesia
Polyplex Indonesia POLYPLEX
Slide 45: Performance Snapshot- PFI
Performance Snapshot- PFI Business-wise Operational EBITDA Business UOM Q2 FY 26 Q1 FY 26 Q2 FY 25 YTD 25-26 YTD 24-25 BOPET Thin MN IDR 31,168 38,015 51,539 69,182 79,896 BOPP MN IDR 6,791 9,657 20,549 16,448 24,923 Chips* MN IDR 10,592 4,928 2,064 15,519 3,886 PFI Total MN IDR 48,550 52,600 74,152
Slide 46: PFI Variance Analysis Q1 to Q2
Performance snapshot- PFI PFI-Variance Analysis Q1 25-26 to Q2 25-26 (IDR Million) 70,000 6,136 2,567 60,000 2,110 58,452 9,468 (1,476) 57,652 3,742 11,133 (3,254) (532) 52,600 50,000 930 48,550 (13,322) (10,032) (11,520) 40,000 30,000 20,000 10,000 - *Gain/loss due to change in inventory includes i
Slide 47: PFI Actual Vs Budget
Performance Snapshot- PFI Actual Vs Budget Film Sales volume Net Sales Operational EBITDA EBITDA Margin EBITDA (MT) (MN IDR) (MN IDR) (%) (IDR/Kg) Business Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget Q2 Actual Q2 Budget BOPET Thin 11,344 11,543 257,651 289,057 31,
Slide 48: Updated EBITDA estimate
Updated EBITDA estimate POLYPLEX
Slide 49: Updated EBITDA estimate – FY 2025-26
Updated EBITDA estimate – FY 2025-26 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY 2025-26 FY 2025-26 Particulars UOM Variance (Actual) (Actual) (Estimate) (Projected) (Projected) (Budgeted) Total Film Sales Volume MT 90,908 93,997 96,107 96,010 377,022 417,367 (40,345) Total Sales value (Film + Others) INR in
Slide 50: Ongoing Investments
Ongoing Investments POLYPLEX
Slide 51: Update on Ongoing Investments – As approved by the Board
Update on Ongoing Investments – As approved by the Board Approved Current Amounts to Approved Current Estimated Unit Brief on Project Project Cost Estimated Project be spent Startup Startup (INR Lacs) cost (INR Lacs) (INR Lacs) Laminator - Started in Offline Coater 3 & PCL 3,792 3,906 742 Q2 FY 2025
Slide 52: Thank You
Thank You 51