Slide 1: Polyplex Corporation Limited Q4 & FY 25-26 Consolidated Financial Results
Polyplex Corporation Limited May 27, 2026 Fourth Quarter & Financial Year 25-26 Consolidated Financial Results & Business Profile India - Bazpur India - Khatima USA Thailand Indonesia Ecoblue, Thailand Turkey TPPPL, India 1
Slide 2: Contents
Contents Company Overview Quarter & Year under review Success Enablers Trends – Key Financial Indicators Stability in Earnings Industry Outlook Inorganic Growth Growth Capex Navigating the Middle East Crisis Guidance Annexures 2
Slide 3: Company Overview
Company Overview POLYPLEX.
Slide 4: Polyplex at a Glance
Polyplex at a Glance ◼ Integrated and diversified manufacturer of plastic film substrates including BOPET (thin & thick), BOPP, CPP and Blown PP / PE ◼ Wide offering of specialty, innovative and differentiated products across a variety of packaging, electrical & electronic and other industrial appli
Slide 5: Polyplex Journey so far
Polyplex Journey so far: Ability to identify & capitalize on opportunities Trend-Setter With Many ‘Firsts’ in the Industry First in the industry First in the industry to invest First Indian producer to First Indian manufacturer to operate 10.6-meter line @ in post-consumer and post- undertake Direct
Slide 6: Pioneer in Sustainable Products and Processes in the Industry
Pioneer in Sustainable Products and Processes in the Industry Strong Commitment Towards Sustainability Focused Innovative Solutions ◼ Spearheading post-consumer and post-industrial waste (PIW) recycling in the industry towards achieving the goal of circular economy ◼ Has taken various initiatives to
Slide 7: Quarter under review
Quarter under review POLYPLEX.
Slide 8: Financial Performance – Snapshot
Financial Performance – Snapshot India Rating & Research IND AA- with Stable Superior Value Creation Over the Years… (Q4 FY 25-26) (FY 25-26) $204mn $14mn $801mn $65mn Revenue# Normalized Normalized EBITDA* Revenue# EBITDA* 7% 8% Normalized 2% Normalized 3% EBITDA* ROCE1 EBITDA* ROCE1 Margin Margin
Slide 9: Q4 FY 25-26 Performance Snapshot
Q4 FY 25-26 Performance Snapshot QoQ Growth YoY Growth (Q4 FY 25-26 v/s Q3 FY 25-26) (Q4 FY 25-26 v/s Q4 FY 24-25) Sales Volume (All Films) 95,424 MT 6% 8% Sales Revenue 11% 8% 1,868 INR Crores ($ 204 million) Normalized EBITDA 3% 31% 128 INR Crores ($ 14 million) PAT (Before Minority) INR 8 cr INR
Slide 10: EBITDA Evolution – Q4 Normalized EBITDA Bridge
EBITDA Evolution Normalized EBITDA Bridge (Q4 25-26 vs Q3 25-26) 2.9 3.1 USD million 0.6 0.1 0.2 16.4 13.5 13.3 13.9 13.8 14.0 14.0 Normalised EBITDA - Volume VA variance Rate VA variance (Thin Other Film & Chips Other Variable Cost Other Income Normalised EBITDA - Q3 25-26 (Thin PET & OPP) PET & OP
Slide 11: FY 25-26 Performance Snapshot
FY 25-26 Performance Snapshot YoY Growth (FY 25-26 v/s FY 24-25) Sales Volume 8% (All Films) 370,515 MT Sales Revenue 3% 7,076 INR Crores ($ 801 million) Normalized EBITDA 575 INR Crores ($ 65 million) 23% PAT (Before Minority) INR 317 cr 41 INR Crores ($ 4.6 million) EPS 14.32 INR/Share INR 52.32 F
Slide 12: EBITDA Evolution – FY Normalized EBITDA Bridge
EBITDA Evolution Normalized EBITDA Bridge (FY 25-26 vs FY 24-25) 22.9 6.7 5.5 2.5 30.6 USD million 2.4 101.3 95.8 93.3 85.1 85.1 62.7 62.7 65.1 Normalised EBITDA - Volume VA variance Rate VA variance Other Film & Chips Other Variable Cost Fixed Cost Other Income Normalised EBITDA - FY 24-25 (Thin PE
Slide 13: Shareholders' Return
Shareholders’ Return Sustained Longer Term Shareholders’ Return 4,000 1,600 1,342 3,900 1,400 1,214 3,800 1,086 1,137 1,130 1,200 3,700 INR Crores 1,000 3,600 INR 800 3,500 600 3,400 3,300 400 3,200 200 3,410 3,569 3,549 3,810 4,214 3,100 - FY22 FY23 FY24 FY25 FY26 Shareholders' Fund (after adjustin
Slide 14: Success Enablers
Success Enablers POLYPLEX.
Slide 15: Success Enablers
Success Enablers 1 Global and Integrated Manufacturing Set-up 2 Diversified and Differentiated Product Portfolio Polyplex is the ONLY Player to Combine Key Attributes… Multifarious and Demanding Customer Base Served 3 by an International Sales & Distribution Network …Resulting in Resilient Continued
Slide 16: 8 Manufacturing Facilities in 5 Countries
1 A Self-Contained Manufacturing & Sales Capability in Each Region Manufacturing Proximity and an Entrenched Sales & Distribution Network in Major Demand Centers Ensure a Reliable Supply Chain for Customers 8 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwid
Slide 17: Integrated Manufacturing Capacities Across Geographies
1 Integrated Manufacturing Capacities Across Geographies Ability to Provide a Comprehensive Suite of Products in Each Manufacturing Location Resin Base Films Value Added Films Mechanically PET Film Recycled BOPET BOPET Blown PP / Resin1 Resin2 Thin Thick BOPP CPP PE Metallized Holography Coated3 TMP
Slide 18: Integrated Manufacturing Has Broadened Product Portfolio
1 Integrated Manufacturing Has Broadened Product Portfolio Base Film Lines with Upstream PET Resin Plants and Downstream Capabilities ◼ The only global player with resin plants at all manufacturing locations ◼ Forward integration provides ability to undertake one or more downstream processes on the
Slide 19: Integrated Manufacturing Across Geographies
1 Integrated Manufacturing Across Geographies Ensures Supply Chain Efficiency, Cost Optimization & Lower Time to Access and Market New Products and Applications Backward integration into captive PET resin Forward integration to downstream capabilities production at all film manufacturing locations i
Slide 20: Polyplex – A Respected Plastic Film Manufacturer
2 Polyplex – A Respected Plastic Film Manufacturer In addition to Sarafil range of standard and specialty base films, Polyplex has diversified into several value-added downstream products under Saracote, Saralam and Saraprint brands over the last 10-15 years Sarafil Base Films are suitable for a ran
Slide 21: Focus on Highly Differentiated Specialty Film Sales
2 Focus on Highly Differentiated Specialty Film Sales Differentiated Product, Application or Customer (D-PAC): Drives Polyplex’s Right to Win in a Competitive Industry Unique value proposition of differentiated products, applications and customers has led to a healthy growth in specialty portfolio ✓
Slide 22: Increasing Contribution of D-PAC Sales
2 Increasing Contribution of D-PAC Sales Continued Increase in D-PAC Volumes… …Resulting in Growth of Incremental1 D-PAC EBITDA KMT (films) Incremental EBITDA for D-PAC ($ / kg) EBITDA ($ million) 371 0.81 0.93 0.89 0.91 0.81 360 338 343 323 $186 263 268 244 239 $132 229 $110 $47 $89 $65 $61 $85 $83
Slide 23: Product and Application Penetration (1/6)
2 Product and Application Penetration (1/6) Flexible Packaging - Food¹ Sugar & Confectionary Frozen Food Cheese & Dairy Snacks & Cookies Tea & Coffee Cereals Food Staples Soups Liquids Specialty Food Others ¹ Sarafil Thin BOPET (Primarily). BOPP Specific 23
Slide 24: Product and Application Penetration (2/6)
2 Product and Application Penetration (2/6) Flexible Packaging – Non Food¹ Medical & Pharmaceutical Kitchen & Home Care Cigarettes & Tobacco Personal Care & Hygiene Pet Food Garden & Outdoor Electronics Packaging Miscellaneous Personal Care & Hygiene Shrink Films Textile Bags ¹ Sarafil Thin BOPET, B
Slide 25: Product and Application Penetration (3/6)
2 Product and Application Penetration (3/6) CPP & Blown PP/ PE Food Food Overwrap Flower Overwrap CPP Sealant Film Medical Retort Anti-fog Construction Underlayment Metallized PE, Sealant, Safety Air Bags Container Liner Labels & Specialty Blown PP Blown PE Retort PP Mulch Metal Protection Stretch W
Slide 26: Product and Application Penetration (4/6)
2 Product and Application Penetration (4/6) Labels, Carton, Holography¹ and Paper Labels Carton Packaging Direct and Transfer Metallized Paper Brand Protection - Holography 1Sarafil Thin BOPET, BOPP 26
Slide 27: Product and Application Penetration (5/6)
2 Product and Application Penetration (5/6) Industrial1,2 Thin Films¹ Flexible Ducting Hot Stamping Foil Tapes Release Liners¹,² EV Battery MLCC Construction, FRP 1,2 Window Films 1,2 Electronics 1,2 Others Thick Films² Media & Screen PV Solar Electricals Face Shield Electronic Liner Decoration Prot
Slide 28: Product and Application Penetration (6/6)
2 Product and Application Penetration (6/6) Downstream Construction Release Liners Saracote Saraprint (Digital Print Media) Saralam 28
Slide 29: Constantly Innovating to Ensure Sustained Differentiation
2 Constantly Innovating to Ensure Sustained Differentiation Dedicated R&D Ecosystem in India Demonstrated ability to partner with customers for joint product development and co-innovation due to strong technical capabilities, thereby deepening customer relationships A separate R&D department registe
Slide 30: Global and Well-Diversified Customer Base
3 Global and Well-Diversified Customer Base Deep-Rooted Relationships with Key Customers Spanning Over 15+ Years ◼ Tier I supplier to leading global and regional converters who cater to global CPGs / OEMs ◼ Strong manufacturing and distribution capabilities helps capitalize on the increasing prefere
Slide 31: Continued Focus on Operational Efficiencies and Costs
4 Continued Focus on Operational Efficiencies and Costs ◼ Business process continuous improvement and excellence programs — Undertaking several initiatives to improve business processes and optimize costs through continuous improvement in the areas of productivity, wastage, freight, packing, energy
Slide 32: Superior Utilization Relative to Industry
4 Superior Utilization Relative to Industry Polyplex has consistently improved capacity utilization through debottlenecking and outperformed the industry (Thin BOPET Film utilization) 320 99% 100% 99% 99% 99% 98% 96% 110% 260 87% 90% 200 74% 67% 140 80% 83% 82% 81% 59% 70% 54% 80 184 203 229 232 231
Slide 33: Polyplex's Commitment to Sustainable Development & Growth
5 Polyplex’s Commitment to Sustainable Development & Growth Commitment Towards Sustainable Environment A ◼ Strive to work on sustainable products and processes ◼ Continue to make multiple and substantial investments in recycling operations to provide solutions for post industrial as well as post-con
Slide 34: Continued Focus and Thrust on Sustainability
5 Continued Focus and Thrust on Sustainability 5 1 ◼ Industry Collaboration — Working in close collaboration ◼ Increase in Post-consumer / with industry associations, Post-industrial Recycling CPGs/OEM, Converters and Capacity research organizations to develop viable solutions 4 3 2 ◼ Ecoblue Initia
Slide 35: Recent Initiatives Undertaken by Polyplex (1/2)
5 Recent Initiatives Undertaken by Polyplex (1/2) Sustainable Products That Have Already Been Delivered Polyplex has successfully executed several sustainability initiatives till date Post-Consumer Foil Replacement Recycled PET Film - Mono PET structures (High Barrier 30% - 100% PCR Metallized films
Slide 36: Recent Initiatives Undertaken by Polyplex (2/2)
5 Recent Initiatives Undertaken by Polyplex (2/2) Sustainable Products That Have Already Been Delivered Polyplex RPET solutions - Sarafil rPET Films Available with 30, 70, Superior recycling 90 & 100% PCR in rPET grades available process – Glycolysis Transparent, Metalized in Metalized and White (Ch
Slide 37: Ecoblue - A Recycling Initiative of Polyplex
5 Ecoblue - A Recycling Initiative of Polyplex Ecoblue is helping brands meet their sustainability goals About Ecoblue ◼ Starting operations in 2013, Ecoblue provides sustainable solutions for film-based process waste as well as post- consumer plastic waste for varied applications Key Products ◼ Onl
Slide 38: Promoting Sustainability Through Ecoblue
5 Promoting Sustainability Through Ecoblue Engaged in Adopting Innovative Recycling Solutions Ecoblue is a specialist in recycling a wide spectrum of materials Recycled Polyolefin for Virgin Recycling “Unrecyclable Materials” rPET for Virgin Replacement Replacement Ecoblue Strap2Strap Solution Bottl
Slide 39: Meaningful Social Impact
5 Meaningful Social Impact Conscientious Approach to Contribute to the Community ◼ Ensures safety and security of staff members — A robust health monitoring mechanism has been in place including handling of emergency situations — Proactive communication and prevention has been the hallmark of these
Slide 40: Focus on SCORE
5 Focus on SCORE Core Values Binding the Employees ◼ We leverage synergies across hierarchies, functions and Seamlessness locations Professional, highly Stable management qualified and team with almost ◼ We value our people and are committed to their experienced zero attrition over leadership team t
Slide 41: Creating Impact Through Strong Governance
5 Creating Impact Through Strong Governance Continuously Strives to Follow Best Practices ✓ Committed to promoting fundamental values of honesty, integrity, and ethical conduct among all stakeholders ✓ Strong compliance orientation — Adheres to all applicable laws, regulations and guidelines across
Slide 42: Recipient of Prestigious Awards and Accolades Globally
5 Recipient of Prestigious Awards and Accolades Globally Polyplex has been a recipient of some of the most prestigious awards in the industry, demonstrating its commitment towards becoming a global leader in the industry Prime Minister’s Best Public Best Public Corporate Social Green Award for Prime
Slide 43: Trends Key Financial Indicators
Trends Key Financial Indicators 43
Slide 44: Key Financial Indicators (1/3)
Key Financial Indicators (1/3) Sales Volume Across All Films (KMT) EBITDA ($mn) and EBITDA Margin (%) & $/kg 11% -6% 1% 8% 21% 14% 8% 11% 8% 0.57 0.37 0.18 0.26 0.18 371 360 186 338 343 132 323 89 61 65 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Sales Volume (KMT) Growth % EBITDA ($mn) Margin
Slide 45: Key Financial Indicators (2/3)
Key Financial Indicators (2/3) Revenue ($ mn) Effective Tax Rate 40 125.4% 35 30 25 887 951 20 760 812 801 15 14.8% 11.7% 11.9% 10.3% 10 5 1 3 5 154 18 89 11 9 53 2 0 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 PBT ($mn) Current tax adjusted ($mn) Current tax adjusted (%) Tax rate % for the FY
Slide 46: Key Financial Indicators (3/3)
Key Financial Indicators (3/3) EPS (INR/Share) Dividend Per Share (INR/Share) 68 65 181.19 110.97 12.05 66.64 14.32 36 3 3 23 13.5 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 * EPS is not Annualised Normal Dividend Special Dividend Normalized1 ROCE ROE 25% 25% 15% 14% 20% 19% 8% 7% 12% 4% 11%
Slide 47: Stability in Earnings
Stability in Earnings 47
Slide 48: Business Model Creates a Natural Hedge Against Industry Volatility
Key Attributes of the Business Model Creates a Natural Hedge Against Industry Volatility Global S&D Network => diversified Global – local manufacturing and fragmented customer base; => cater to local market optimized market mix to improve needs margins Diversified portfolio Integrated manufacturing
Slide 49: Superior and Stable Gross Margins Relative to the Industry
Polyplex Has Consistently Generated Superior and Stable Gross Margins Relative to the Industry VA Stability Polyplex’s strength as a diversified and specialty - focused business enables it to achieve steadier gross margins 1.30 160 1.09 1.11 1.09 1.25 1.05 140 1.10 1.00 1.01 1.00 0.95 0.92 114 0.84
Slide 50: Industry Outlook
Industry Outlook 50
Slide 51: Thin BOPET Film Demand
Thin BOPET Film Demand Thin BOPET Film Demand Expected to Stay Resilient and Accounts for 80% of Global BOPET Film Demand Thin BOPET Films Expected to Be the Fastest Growing Segment in the Global BOPET Films Market Demand growth of Global Thin BOPET Film Demand (KMT) 5%-6% 6,000 5,000 4,000 3,000 2,
Slide 52: Thin BOPET Industry Outlook
Thin BOPET Industry Outlook Upcoming Capacity Additions Expected Capacity - Thin PET Film ◼ The majority of new capacity additions scheduled for commissioning are concentrated in China. However, prevailing market conditions and existing overcapacity could lead to delays or cancellations of several p
Slide 53: Inorganic Growth
Inorganic Growth POLYPLEX.
Slide 54: Acquisition of 51% Stake in TechNova Printrite Products (1/2)
Acquisition of 51% Stake in TechNova Printrite Products Private Limited (1/2) Strengthening Polyplex’s position in the digital print media segment Polyplex Corporation Limited (“Polyplex”) on April 30, 2026, has successfully completed the acquisition of a 51% equity stake in TechNova Printrite Produ
Slide 55: Acquisition of 51% Stake in TechNova Printrite Products (2/2)
Acquisition of 51% Stake in TechNova Printrite Products Private Limited (2/2) Strengthening Polyplex’s position in the digital print media segment This strategic acquisition is aligned with Polyplex’s growth ambitions in the digital print media segment and is expected to significantly enhance the pr
Slide 56: Growth Capex
Growth Capex POLYPLEX.
Slide 57: Investment Under Implementation
Investment Under Implementation Key Investment Rationale Capital Cost Projects Location Likely Start Up (In USD million) New BOPET Film Line India 56 Q4 FY 26-27 Metallizers India 7 Q4 FY 26-27 Coater Turkey 10 Q1 FY 26-27 Total 73 Investment rationale: BOPET Film Line – India: — PET Film Demand exp
Slide 58: Impact of Middle East Crisis
Impact of Middle East Crisis 58
Slide 59: Navigating the Middle East Crisis
Navigating the Middle East Crisis Global Diversification Driving Operational Continuity and Margin Resilience Financial Impact & Margin Trajectory Polyplex Advantage Global Diversification – Wide geographic The Headwinds The Tailwinds presence helps us stay resilient, minimizing the impact of disrup
Slide 60: Guidance
Guidance POLYPLEX.
Slide 61: First Quarter 26-27 Guidance
First Quarter 26-27 Guidance Normalized EBITDA ($ mn) 39 45 46 40 44 37 50 54 52 36 32 13 13 16 15 16 24 23 20 22 22 16 14 14 Q1 20- Q2 20- Q3 20- Q4 20- Q1 21- Q2 21- Q3 21- Q4 21- Q1 22- Q2 22- Q3 22- Q4 22- Q1 23- Q2 23- Q3 23- Q4 23- Q1 24- Q2 24- Q3 24- Q4 24- Q1 25- Q2 25- Q3 25- Q4 25- Q1 26-
Slide 62: Annexures
Annexures POLYPLEX.
Slide 63: Shareholder Pattern
Shareholder Pattern • Polyplex Corporation Limited (PCL) is the Group Holding Company • PCL’s economic interest in the overseas businesses is 51% • PCL listed on BSE/NSE in India and the Thai subsidiary (PTL) on the Stock Exchange of Thailand (SET) • Shareholding of the Company (as on 31st March’202
Slide 64: Group Structure
Group Structure Polyplex Corporation Limited (PCL / Polyplex India) INDIA Private Investors *TechNova Printrite Polyplex (Thailand) Public Co. Ltd. Products Pvt. Ltd (PTL / Polyplex Thailand) (TPPPL) THAILAND Private Investor J 100% } 100% ] 100% 100% | PT. Polyplex Films Indonesia (PFI / Polyplex I
Slide 65: Disclaimer
Disclaimer • This presentation may contain forward-looking statements which are based on the Company’s current expectations and estimates about the industry, management’s beliefs and various other assumptions. These forward-looking statements are subject to various risks, uncertainties and other fac
Slide 66: Glossary
Glossary • EBITDA: Reported Earning before interest, tax, depreciation and amortisation • Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans • Revenue: Reported sales excluding other operating revenues • Net debt: Long-term debt + short term debt + current
Slide 67: Thank You
Thank You Polyplex Corporation Limited B-37, Sector-1, NOIDA Distt. Gautam Budh Nagar Uttar Pradesh-201 301 Board:+91.120.2443716-19 Fax:+91.120.2443724 BSE (scrip code) : 524051 Symbol : PTL NSE (symbol) : POLYPLEX ISIN : INE633B01018 Polyplex India Polyplex Thailand 67