Transcript of the earnings conference call conducted on August 17, 2026

AI summary - Q1 FY27 consolidated revenue grew 38% y-y to Rs. 53,972 million; EBITDA rose 92% y-y to Rs. 9,198 million with 17% margin, highest in 21 quarters - Overseas operations contributed 80% incremental revenue and 91% incremental EBITDA, driving profitability - Packaging Films volume grew 4.9% y-y; overall packaging volume declined 8.4% due to strategic product mix shift and market softness - Capex of Rs. 4,782 million in Q1 across Egypt aseptic plant, Mexico WPP bags, Noida recycling, Dharwad BOPP line; Egypt aseptic commissioning on track for FY27 - FY27 guidance: 35% growth in top line and EBITDA; margins sustainable at 15.5% normalized EBITDA; long-term growth supported by capex ramp-up and geographic diversification - Volume expected to double by FY29 with ramp-up of new facilities; debt-to-EBITDA ratio reduced from 4.5x to 3.5x, targeted below 3x by FY28 - Pricing stable with BOPP and BOPET prices up 25-35% since Feb 2026; raw material prices normalizing; value-added products driving margin expansion - Management confident in sustaining growth and margins despite geopolitical risks due to diversified, integrated global footprint