Interim report
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November 4, 2026 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 National Stock Exchange of India Limited Exchange Plaza, C/1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai - 400051 Scrip Code: 500135 Trading Symbol: EPL Sub. : Outcome of the Board Meeting - EPL Limited (“Company”) Ref. : 1. Regulations 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (“SEBI LODR Regulations”) 2. ISIN: INE255A01020 Sir / Madam, In terms of the above referred provisions of the SEBI LODR Regulations a nd in furtherance of our intimation dated October 28, 2026, we wish to inform you that the Board of Directors of the Company (“Board”) has, a t its m eeting held today i.e. on November 4, 2026 (“said meeting”), inter alia considered and approved the Una udited Standalone and Consolidated Financial Results of the Company, for the quarter and half year ended on September 30, 2026 (hereinafter collectively referred as “Unaudited Financial Results”). The Unaudited Financial Results, along with the respective Limited Review Report(s) thereon dated November 4, 2026, issued by the Company’s Statutory Auditors, M/s. Walker Chandiok & Co LLP, Chartered Accountants a nd taken on record by the Board, are enclosed herewith. The said meeting commenced at 2:45 p.m. (IST) and concluded at 3:47 p.m. (IST). Please note that necessa ry arrangements have been ma de for publishing the Unaudited Financial Results in the newspaper(s), in the format a s prescribed by SEBI, in terms of the provisions of Regulation 47 of SEBI LODR Regulations. The above information is available on the website of the Company i.e. https://www.eplglobal.com/. Thanking you. Yours faithfully, For EPL Limited Onkar Ghangurde Head - Legal, Company Secretary & Compliance Officer ICSI Membership No. A30636 Encl.: As above .... ® --~ .. epl LEADING TIE PACK , f}(\J 1 • j1,1~rrtl" Page 1 of 18
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EPL LIMITED Corporate Office: Top Floor, Times Tower, Kamala Clty1 Scnapatl Bapat Marg1 Lower Pare l, Mumb ai 400013 . Tel: +91 22 2481 9000/9200, compllanceofflcer@eplglobal.com,www .eplglobal.com Regd. Office: P.O. Vaslnd, Taluka Shahapur, Thane 421604, Maharashtra Tel: +91 9673333971 CIN: L74950MH1982PLC 028947 STATEMENT OF STANDALONE UNAUD ITED FINANC IAL RESULTS I PROFIT AND LOSS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 /Rs. In milli on exceI t per shar e data) Quarter ended Half vear ended Year ended 30-Seo JO.Jun 3 0-Sep 30-Sep 30-Seo 31-Mar Particulars 2026 2026 2025 2026 2025 2026 Unaudit ed Unaud ited Unaudited Unaudit ed Unaudited Audi ted 1 Income a. Revenue from operations 4,555 4,003 3,490 8,558 6,830 13,829 b. Other Income (Refer note 6) 78 6 794 84 869 2,1 23 Total Income 4,633 4,009 4,284 8 642 7,699 15 952 2 Expenses a. Cost of materlals consumed 2,513 2,085 1,695 4,598 3,369 6,864 b. Changes in inventories of finished goods and work-in-progress (140) (114) (37) (254) (114) (203) c. Employee benefits expense 487 484 442 971 874 1,790 d. Finance costs 11 3 100 71 213 133 330 e. Depreciation and amortisation expenses 333 331 304 664 595 1,223 f. Other expenses 851 827 732 1,678 1,421 2,857 Total excenses 4,157 3,713 3,207 7,870 6,278 12,861 3 Profit before exceptional Items and tax (1 -2) 476 296 1,077 772 1,421 3,091 4 Exceptional Items (Refer note 10) 215 5 Profit before tax for the Period f3-4l 476 296 1 077 772 1,421 2 876 6 Tax expense i} Current tax expense/(credlt) - current period 11 5 84 135 199 183 - earller period (4) ii) Deferred tax expense/(credit) 6 (8 1 (2) (19 (69 Tota l tax expensel(credltl 121 76 136 197 164 (73 7 Net oroflt afte r tax for the oeriod f5-6l 355 220 941 575 1,257 2,949 8 Other comprehensive lncom e/(loss) i) Hems that will not be reclassified to profit or loss: - Remeasurement gains/(losses) on defined benefit plan (6) 1 (1) (5) (5) 3 • Changes In fair value of equity investmen t through OCI 0 Ill Income tax effect on above 1 (0) 0 1 1 (1' Other compre~enslve lncome/ (loss) for the period (net of tax) 151 1 (1) (4) 14 2 9 Total comorehenslve Income for the oerlod (7+8\ 350 221 940 571 1 253 2,951 10 Paid-up equity share capital (Face Value Rs. 2 each) 642 641 640 642 640 641 11 Other equity 11,166 12 Earnings Per Equity Share (EPS) (In Rs.) • (a) Basic 1.11 0.69 2.95 1.80 3.93 9.22 (b) Diluled 1.10 0.69 2.94 1.79 3.92 9.20 (• Quarterlv and half vearlv fiaures are nol annuali sed\ See accompanying notes to standalone unaudited financial results. Page 2 of 18
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Note 1: Standa lone Statement of Assets and Llebllltle s/ Standalone Balance Sheet (Rs. In mllllon) Asal Asat Particulars 30-Sen 31-.Mar 2026 2026 Unaudited Audited Assets Non-current assets (a) Property, plant and equipment 5,978 5,960 (bl Capital work-in-progress 253 262 (c) Right of use asset 938 972 (d) Goodwill 1,017 1,017 (e) Intangible assets 117 107 (f) Intangible assets under development 49 48 (g) Financial assets (i) Investments (Refer note 8) 4,669 4,520 (ii) Other financial assets 81 80 (h) Deferred tax assets (net) 226 221 (i) Income tax assets (net) 310 31 1 m Other non-current assets 289 329 Total non-current assets 13 927 13 827 Current assets (a) Inventories 2,546 1,933 (b) Financial assets (i) Investments 60 100 (ii) Trade receivables 4,189 3,256 (iii) Cash and cash equivalents 290 196 (iv) Bank balances other than cash and cash equivalents 68 62 (v) Other financial assets 123 66 (c) Other current assets 376 31 4 Total current assets 7 652 5 927 Total assets 21 579 19 754 Equity and llabllltles Equity (a) Equity share capital (Refer note 9) 642 641 (b) Other equity 11,888 11,166 Tot al equity 12 530 11 807 Llabltltles Non-current llablllttes (a) Financial llabllllies (I) Borrowings 2,260 2,457 (ii) Lease liabilities 664 719 (b) Other non-current liabilities 254 233. Tota l non-current llabllltles 3178 3 409 Current llabllltles (a) Financial liabilities (I) Borrowings 2,816 1,832 (II) Lease liabilities 232 221 (iii) Trade payables - Dues of micro enterprises and smell enterprises 264 57 - Dues of creditors other than micro enterprises and small enterprises 1,982 1,674 (Iv) Others financial llabllltles 225 376 (b) Income tax liabilities (net) 29 (c) Provisions 265 262 (d) Other current llabllltles 58 116 Total current llabllltles 5 871 4 538 Total eau ltv and tlabllltles 21 579 19 754 Page 3 of 18
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Note 2: Standalone Statement of Cash Flows (Rs. In ml lllonl Half vear ended Particulars 30-Seo-26 30-Seo-25 Unaudited Unaudited A. Cash flow from operating activities Profit before tax 772 1,421 Adjustments for: Depreciation and amortisation expense 664 595 Finance costs 213 133 Guarantee commission income (2) (14) Interest income (4) (3) Share based payment expenses 47 18 Unwinding of discount on security deposits (4) (3) Net (galn)lloss on disposal of property, plant and equipment (4) (1) Net gain on sale of mutual funds (current investment) (2) (8) Dividend income (782) Income from government grant (67) (54) Provision towards financial/non-financial assets (net of write backs) 15 23 Unrealised foreign exchange gain/(loss) (4) 0 Operating profit before working capital changes 1,624 1,325 Adjustments for: (Increase)/ decrease in trade receivables and other assets (1 ,088) (826) (Increase)/ decrease In Inventories (611) (260) Increase In trade payables and other llabllitles 379 306 Cash generated from operations 304 545 Direct taxes paid (net of refunds) /170\ /33) Net cash generated from operating activities (A) 134 512 B. Cash flow from Investing activities Acquisition of property plant and equipment and intangible assets (including (564) (670) capital work In progress, Intangible assets under development, capital advances and capital creditors) Proceeds from sale of property, plant and equipment and intangible assets 14 1 Increase In other bank balances (2) (23) (Increase)/ decrease in fixed deposits (not considered as cash and cash equivalent) (2) (1) Investment in equity shares of subsidiaries (142) (1 ,653) Purchase of mutual funds (current Investments) (4,530) (5,870) Sale of mutual funds (current Investments) 4,572 6,048 Guarantee commission received 1 10 Interest received 4 2 Dividend received 782 Net cash used In Investing activities (B) (649) (1,374) C. Cash flow from financing activities Proceeds from issue of equity shares (including securities premium and share application money pending allotment] 97 98 Proceeds from long-term borrowings 260 950 Repayment of long-term borrowings (303) (156) Proceeds from short~term borrowings 6,277 4,010 Repayment of short-term borrowings (5,458) (3,114) Principal payment of lease liabilities (71) (73) Interest payment of lease llabllitles (36) (18) Interest paid (156) (11 5) Dividend paid (Including unclaimed dividend) /1) /798) Net cash generated from financ ing acti vities (C) 609 784 Net changes In cash and cash equivalents (A+B+C) 94 (78) Cash and cash equivalents at the beginning of the period 196 319 Cash and cash equivalents at the end of the perlod , 290 241 The Standalone statement of cash flows has been prepared under the indirect method as set out in Indian Accountinq Standard (Ind AS 7) "Statement of Cash flows". Page 4 of 18
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Note 3: The Comp any has raised fund s by Issuance of Comm ercial Papers, which are listed on National Stock Exch ange of India Li mited. Pursuant to SEBI Master Circu lar dated 15 Octob er 2025 to the extent applic able to Comm ercial Papers, additio nal disclosure as required und er Regu lation 52(4) of Securities and Exchange Bo ard of India (Listi ng Obligation and Disclosure Requirements) Regu latio n, 2015 (as amend ed) Is below: Quarter ended Half v ear ended Year ended Particulars 30-Sep 30.Jun 30-Sep 30-Sep 30-Sep 31-Mar 2026 2026 2025 2026 2025 2026 a) Net Worth (Rs in million) 12.132 11 .663 10,456 12.1 32 10.456 11,409 (Total equity less capital reserve ) b) Net profit after tax (Rs In million) 355 220 941 575 1.257 2,949 c) B asic earning per share (Quarterly and half yearly figures are not 1.1 1 0.69 2.95 1.80 3.93 9.22 annualised) d) DIiuted earning per share (Quarterly and half yearly figures are not 1.10 0.69 2.94 1.79 3.92 9.20 annualised) e) Debt-Equity ratio (in times) 0.41 0.37 0.37 0.41 0.37 0.36 (Total Borrowings/Total equity) f) Long tenm Debt to Working Capital (in times) 1.19 1.37 2.46 1.19 2.46 1.54 [(Non current borrowings + current maturities of long term borrowlngs)/(Cu rrent assets less current llabliitles excluding current maturities of long term borrowings)] g) Total Debts to Total Assets ratio (in %) 23.52% 21.29% 21.77% 23.52% 21.77% 21.71% (Total Borrowings/Total Assets) h) Debt service coverage ratio (in times) 3.17 2.29 5.75 2.71 4.37 4.55 [Cash profit b efore finance costs (excluding IND AS 116 i mpact) and deferred tax/((Finance cost (excluding IND AS 116 Impact) + Principal repayment of long term borrowing (excluding prepayment) during the perlod)] I) Interest service coverage ratio (in times) 5.21 3.96 16.17 4.62 11 .68 9.71 (Earning before finance costs and tax/ Finance costs) j) Current ratio (in times) 1.30 1.25 1.04 1.30 1.04 1.31 (Current assets/current llablilties) k) Bad debts to accounts receivable ratio (in %) 0.22% 0.11% 0.07% 0.35% 0.15% 0.18% (Provision for bad and doubtful debts/advances and write offs, if any/ Average trade receivable) I) Current liability ratio (in%) 64.88% 64.59% 69.79% 64.88% 69.79% 57.10% (Current liabilities/Total liabilities) m) Trade receivables turnover (in times) 3.87 4.07 4.80 4.18 5.05 4.97 (Revenue from operations of trailing twelve months /Average trade receivable) n) Inventory turnover (in times) 6.12 6.48 8.13 6.95 8.36 8.16 (Revenue from operations of trailing twelve months/Average inventory) o) Operating margin (in%) 18.53% 18.01% 18.85% 18.29% 18.74% 18.23% (Profit before exceptional items,deprecialion and amortisation, interest and tax less other income/Revenue from operalions) p) N et profit margin (In %) 7.66% 5.49% 21.97% 6.65% 16.33% 19.83% (Profit after tax excluding expectional Items/ Total Income) Page 5 of 18
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Other Notes; 4 The above standalone financial results (the 'results') are prepared In accordance with the recognition and measurement principles laid down In Indian Accounting Standard (Ind AS) specified under section 133 of the Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India and are In compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 (4) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (as amended) read with SEBI Master Circular SEBIIHO/DDHS/DDHS-PoD/P/C iR/2025/0000000137 dated 15 October 2025 (as amended). These results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 04 November 2026. 5 Amounts shown as '0' In the results represent value less than Rupee one million. 6 Other Income includes: (Rs , In milli on) Quarter ended Half year ended Year ended 30-Seo 30-Jun 30-Seo 30-Seo 30-Seo 31-Mar 2026 2026 2025 2026 2025 2026 Dividend income received from wholly owned subsidiaries 730 782 1,598 Net aain on buvback of eauitv shares held bv its subsidarv 177 7 The Company publishes standalone financial results along with the consolidated financial results. Accordingly, as per Ind AS 108 'Operating Segments', no disclosures related to the segments are presented In these results. 8 Durlng the quarter ended 30 September 2026, the Company has made an additional Investment aggregating Rs.142 million In a wholly owned subsidiary named EPL Packaging (Thailand) Co.ltd. 9 During the quarter ended 30 September 2026, the Company has allotted 5,23,514 equity shares of face value Rs. 2 each to option grantees upon exercise of stock options under the Company's Employee Stock Option Scheme 2020. 1 0 Exceptional items represent following : Place: Date: (I} The Government of India consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes ('New Labour Codes'}, effective 21 November 2025. The Company assessed the estimated financial Implication arising from Implementation of New Labour Codes which resulted In an Increase In gratuity and compensated absences liability arising out of past service cost by Rs. 59 million for the year ended 31 March 2026, primarily due to change In the definition of "wages". Considering the materiality, regulatory driven and non-recurring nature of this Impact, the Company has presented It as exceptional Item In these financial results. The Company continues to monitor the flnallsatlon of Central and State Rules and clarificatlons from the Government on other aspects of the New Labour Codes and would provide appropriate accounting effect on the basis of such developments, as needed. (ii) The Board of Directors of the Company, at Its meeting held on 29 March 2026 approved the Scheme of amalgamation (by way of merger by absorption) of lndovlda India Prlvate Limited ("lndovlda India") with the Company and their respective shareholders on a going concern basis, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules framed thereunder read with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and the relevant circulars Issued by the Securities and Exchange Board of India, in consideration for the issuance and allotment of the equity shares of the Company to the shareholders of lndovida India in accordance with the share exchange ratio stipulated In the Scheme ("Mergen. Pursuant to receipt of requisite approvals from the Competition Commission of India, the Stock Exchanges and the relevant foreign antitrust authorities, an application has been filed by the Company on 23 October 2026 with the Hon'ble National Company Law Tribunal, Mumbai Bench ("NCLT"). The Merger Is subject to necessary approval(s) from the shareholders, NCL T, and fulfilment of other applicable conditions. Owing to the proposed Merger, the Company had Incurred a cost of Rs.156 million for the year ended 31 March 2026. Mumbai 04 November 2026 Page 6 of 18
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Walker Chandiok &..Co LLP Walker Chandiok & Co LLP 42nd Floor, Building Commerz Ill , International Business Park, Oberoi Garden City, Off Western express Highway, Goregaon, East, Mumbai - 400063 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601 Independent Auditor's Review Report on Standalone Unaudited Quarterly and Year To Date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) Tq the Board of Directors of EPL Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of EPL Limited ('the Company') for the quarter ended 30 September 2026 and the year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations') read with SEBI Master Circular SEBI/HO/DDHS/DDHS PoD/P/CIR/2025/0000000137 dated 15 October 2025 (as amended). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification nu mber Offices in Ahmadabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, AAC-2085 and has its registered office at L- Jaipur, Kochi, Kolkata, Mumbai, Now Delhi, Naida and Puna 41, Connaught Circus, Outer Circle, New Delhi, 110001, India Page 7 of 18
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EPL Limited Independent Auditor's Review Report on Standalone Unaudited Quarterly and Year To Date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Walker Chandiok & Co LLP Chartered Account ts Rakesh R Partner o. 001076N/N500013 Membership No. 109632 UDIN: 2.6 I 0 9 6 3 2.. u RT Gi ,DY 3 5':ff, Place: Mumbai Date: 04 November 2026 Chartered Accountants Offices in Ahmadabad, Benga[uru, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Goa, Guwahati, Gurugram, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered with limit ed liability with identification number AAC-2085 and has its regis tered office at L· 41, Connaugh t Circus, Outer Circle, New Delhi, 110001, India Page 8 of 18
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EPL LIMITED Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Tel: +91 22 2481 9000/9200,complianceofficer@eplglobal.com,www .eplglobal.com Regd. Office : P.O. Vasind, Taluka Shahapur, District Thane 421604, Maharashtra Tel: +91 9673333971 CIN: L74950MH1982PLC028947 CONSOLIDATED UNAUDITED FINANCIAL RES UL TS STATEMENT OF PROFIT AND LOSS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026 (Rs. in million , except per share data) Particulars Quarter ended Half Year ended Year ended 30-Sep 30-Jun 30-Sep 30-Sep 30-Sep 31-Mar 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income a. Revenue from operations 15,674 13,879 12,059 29,553 23,138 47,631 b. Other income 100 36 119 136 199 434 Total income 15 774 13 915 12 178 29 689 23 337 48 065 2 Expenses a. Cost of materials consumed 7,038 6, 111 4,960 13,149 9,746 20,255 b. Changes in inventories of finished goods and (255) (481) (88) (736) (463) (1,114) work-in-p rogress C. Employee benefits expense 2,928 2,797 2,340 5,725 4,586 9,464 d. Finance costs 328 291 285 619 566 1,147 e. Depreciation and amortisation expenses 1,134 1,094 944 2,228 1,840 3,850 f. Other expenses 3,083 2,840 2,331 5,923 4,485 9,370 Total expenses 14,256 12,652 10,772 26,908 20,760 42,972 3 Profit before share of profit/ (loss) of an associate, 1,518 1 ,263 1,406 2,781 2,577 5,093 exceptional items and tax (1 -2) 4 Share of profit/(loss) from an associate 2 26 3 28 5 (5) 5 Profit before exceptional item and tax (3+4) 1,520 1,289 1,409 2,809 2,582 5,088 6 Exceptional items - (loss) (Refer note 6) - - - - - (282) 7 Profit before tax for the period 15+6) 1 520 1 289 1 409 2 809 2 582 4 806 8 Tax expense/ (credit) i) Current tax - current period 259 196 433 455 596 963 - earlier period 15 3 7 18 8 5 ii) Deferred tax 137 84 (92) 221 (97) (101) Total tax exPense 411 283 348 694 507 867 9 Net Profit after tax for the period (7-8) 1 109 1 006 1 061 2 115 2 075 3 939 10 Other comprehensive income / (loss) a. Items that will not be reclassified to profit or loss: - Remeasurement gains/( losses) on defined benefit plan (5) 1 0 (4) (3) (8) - Changes in fair value of equity investment through other - - - - - 0 comprehensive income - Income tax effects relatina to above items 1 (0) (0) 1 1 3 b. Items that will be reclass ified to profit or loss: - Exchange differences on translation of financial results of foreign 262 323 723 585 1,332 2,567 operations - Income tax effects relating to above item - - - - - - Total other comprehens ive incomel(Jossl {net of tax) 258 324 723 582 1 330 2 562 11 Total comPrehensive Income for the Period {9+101 1 367 1 330 1 784 2 697 3 405 6 501 12 Net profit/ (loss) for the period attributable to: Owners of the Holding Company 1,101 986 1,043 2,087 2,043 3,889 Non-controllina interest 8 20 18 28 32 50 13 Other comprehensive income/(loss) attributab le to: Owners of the Holding Company 263 312 719 575 1,325 2,564 Non-controllina interest (5) 12 4 7 5 (2) 14 Total comprehensive income/(loss) attributable to: Owners of the Holding Company 1,364 1,298 1,762 2,662 3,368 6,453 Non-controllina interest 3 32 22 35 37 48 15 Paid-up equity share capital (Face Value Rs. 2 each) 642 641 640 642 640 641 16 Other equity 27,936 17 Earnings per equity share (EPS) (in Rs.) " Basic 3.44 3.08 3.26 6.52 6.39 12.15 Diluted 3.42 3.07 3.25 6.49 6.37 12.13 (" Quarterly and Half vearlv fiaures are not annualised) See accomPanyina notes to unaudited consolidated financial results. Page 9 of 18
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EPL LIMITED Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Pare!, Mumbai 400013. Tel: +91 22 2481 9000/9200,co mplianceofficer@ep lglobal.com,www.ep lglobal.com Regd. Office: P.O. Vasind, Taluka Shahapur, District Thane 421604, Maharashtra Tel: +91 9673333971 CIN: L74950MH1982PLC028947 (Rs. in million) Note 1 : Conso lidated segment information Quarter ended Half Year ended Year ended 30-Sep 30-Jun 30-Seo 30-Seo 30-Seo 31-Mar 2026 2026 2025 2026 2025 2026 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment revenue from operations a AMESA 4,997 4,374 3,904 9,371 7,643 15,441 b EAP 4,138 3,602 2,951 7,740 5,633 11,613 C AMERICAS 4,400 3,792 3,512 8,192 6,442 13,449 d EUROPE 3,507 3,214 2,690 6,721 5,364 10,916 e Unallocated 9 6 5 15 9 21 f Inter segmental elimination (1,377) (1,109) (1,003) (2,486) (1,953) (3,809) Total revenue from operations for the period 15,674 13,879 12,059 29,553 23,138 47,631 Segment result a AMESA 597 476 447 1,073 867 1,656 b EAP 648 545 504 1,193 930 1,911 C AMERICAS 535 376 471 911 776 1,698 d EUROPE 91 154 158 245 435 689 e Unallocated (1) (3) - (4) (4) (11) f Inter segmental elimination (44) (30) (8) (74) (60) (69) Total segment result for the period 1,826 1,518 1,572 3,344 2,944 5,874 Finance costs (328) (291) (285) (619) (566) (1 ,147) Other income (excluding gain/loss on foreign exchange 115 21 109 136 149 434 fiuctuations) Gain/(loss) on foreign exchange fiuctuations (net) (95) 15 10 (80) 50 (68) Exceptional items - (loss) (Refer note 6) - - - - - (282) Share of profit/ (loss) from an associate 2 26 3 28 5 (5) Profit before tax for the oeriod 1 520 1 289 1 409 2 809 2 582 4 806 Segment Assets a AMESA 16,781 16,479 13,986 16,781 13,986 15,027 b EAP 14,001 12,662 9,602 14,001 9,602 11,256 C AMER ICAS 14,449 12,724 11,025 14,449 11 ,025 11,816 d EUROPE 10,235 10,322 9,115 10,235 9,115 9,665 e Unallocated 2,924 2,904 2,418 2,924 2,418 2,526 f Inter segmenta l elimination (2,540) (2,120) (1,550) (2,540) (1,550) (1,292) Total 55,850 52,971 44,596 55,850 44,596 48,998 Segment Liabilities a AMESA 4,304 4,953 3,914 4,304 3,914 4,122 b EAP 5,072 4,680 3,499 5,072 3,499 3,876 C AMERICAS 4,014 2,702 2,324 4,014 2,324 2,747 d EUROPE 3,160 3,164 1,976 3,160 1,976 2,544 e Unallocated 9,788 9,074 7,680 9,788 7,680 7,873 f Inter segmenta l elimination (2,002) (1,630) (1,110) (2,002) (1,110) (828) Total 24,336 22,943 18,283 24,336 18,283 20,334 The Group is engaged in the business of Plastic Packaging Material. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on analysis of various performance indicators by geographical segments. The items which are not allocated to segments are considered as "Unallocated". Geographica l Segments are: a AMESA : Africa, Middle East and South Asia - includes operations in India and Egypt. b EAP : East Asia Pacific - includes operations in China, Philippines and Thailand. C AMERICAS : includes operations in United States of America, Mexico, Colombia and Brazil. -d EUROPE : includes operations in United Kingdom, Poland, Russia and Germany. .h"'" \ I M ,~ - f<1.f~ ~ e,\',t,,.NDto,,.- I /JJ MB I ) .{y~ ,,,---- ...... { c;, :.:ti' \y I s:f I"" * ( MUMBAI / * I * " ~ -- Page 10 of 18
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EPL LIMITED Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg , Lower Parel, Mumb ai 400013. Tel: +91 22 2481 9000/9200, complianceofficer@eplglobal.com,www.eplglobal.com Regd. Office: P.O. Vasind, Taluka Shahapur , District Thane 421604, Maharash tra Tel: +91 9673333971 CIN: L74950MH1982PLC028947 Note 2: Consolidated Statement of Assets and Liabilities/ Consolidated Balance Sheet Assets Non-current assets (a) Property, plant and equipment (b) Capital work-i n-progress (c) Right of use assets (d) Goodwill (e) Intangible assets (f) Intangible assets under development (g) Investment in associate accounted for using equity method (h) Financial assets (i) Investment (ii) Other financial assets (i) Deferred tax assets (net) U) Income tax assets (net) (k) Other non-current assets Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Other financial assets (c) Other current assets Equity and liabilities Equity (a) Equity share capital (Refer note 7) (b) Other equity Equity attributab le to the owners of the Holding Company (c) Non-controlling interest Liabilities Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other non-current financial liabilities (b) Deferred tax liabilities (net) (c) Other non-current liabilities (d) Provisions Total non-current assets Total current assets Total assets Total equity As at 30-Seo 2026 Unaudited 20,856 1,881 2,464 1,159 238 49 121 46 92 695 440 1 584 29 625 11,858 60 10,864 1,760 76 237 1,370 26 225 55 850 642 30,750 31,392 122 31 514 3,417 1,774 14 873 137 312 Rs. in million\ As at 31-Mar 2026 Audited 20,077 1,481 2,481 1,159 257 48 93 46 87 680 436 962 27 807 9,268 100 8,710 1,973 63 124 953 21191 48 998 641 27,936 28,577 87 28 664 3,802 1,967 3 642 76 281 6 527 Total non-current liabilities>----~--+-- 6 771 Current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Trade payables - Dues of micro enterprises and small enterprises - Dues of creditors other than micro enterprises and small enterprises (iv) Other financial liabilities (b) Income tax liabilities (net) (c) Other current liabilities (d) Provisions - 4,965 3,288 700 568 264 57 9,432 7,627 1,580 1,259 157 127 428 355 283 282 17 809 13 563 55 850 48 998 Total current liabilities--~~~---~~-; ~ otal equity and liabilities l=========l=======~ Page 11 of 18
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EPL LIMITED Corporate Office : Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Pare!, Mumba i 400013. Tel: +91 22 2481 9000/9200, comp lianceofficer@ep lglobal.com,www.ep lglobal.com Regd. Office: P.O. Vasind, Taluka Shahapur, District Thane 421604, Maharashtra Tel: +91 9673333971 CIN: L74950MH198 2PLC028947 Rs. in million ) Note 3: Conso lidated statement of cash flows Half Year ended 30-SeP 30-Sep 2026 2025 Unaudited Unaudited A. Cash flow from operating activities Profit before tax 2,809 2,582 Adjustments for: Depreciation and amortisation expense 2,228 1 ,840 Finance costs 619 566 Income from government grant (81) (67) Provision towards finan cial/ non-financial assets (net of write backs) 59 - Interest income (19) (28) Share based payment expenses 65 23 Unwinding of discount on security deposits (4) (4) Net loss / (gain) on disposal of property, plant and equipment (1) 1 Provisions/liabilities no longer required written back - (4) Net gain on sale of mutual funds (current investments) (2) (8) Share of loss I (profit) from associate (28) (5) Unrealised foreion exchanae adjustments (net) 215 230 Operat ing profit before working capital changes 5,860 5,126 Changes in working capital: (lncrease)/decrease in trade receivable and other assets (2,748) (1,527) (lncrease)/decrease in in ventories (2,634) (1,198) lncrease/(de crease) in trade payables and other liabilities 2,446 1,064 Cash generated from operations 2,924 3,465 Direct taxes (paid)/refund (net), including interest thereon (447) (500) Net cash qenerated from operatinQ activities (Al 2477 2 965 B. Cash flow from investing activities Acquisition of property, plant and equipment and intangible assets (including capital work in progress, intangible assets under (3,150) (1,681) development, capital advances and capital creditors) Proceeds from sale of property, plant and equipment and intangible assets 14 12 (Increase) I decrease in other bank balances (4) (23) (Increase) I decrease in fixed deposits (to the extent not considered as cash and cash equivalent) (9) (2) Purchase of mutual funds (current investments) (4,530) (5,870) Sale of mutual funds (current investments) 4,572 6,048 Interest received 19 28 Net cash used in investinQ activities (Bl (3 088) (1 488) C. Cash flow from financing activities Proceeds from issue of equity shares [including securities premium and share application money pending allotment] 97 98 Proceeds from long-term borrowings 534 1,429 Repayment of long-term borrowings (609) (2,258) Proceeds from short-term borrowings 8,666 7,151 Repayment of short-term borrowings (7,330) (6,240) Principal payment of lease liabilities (368) (192) Interest paid on lease liabilities (95) (55) Interest paid on borrowings (493) (494) Dividend paid to owners of the holdinq company (includinq unclaimed dividend) (1) (798) Net cash Qenerated from I (used in) financinq activities (C) 401 (1 359) Net changes in cash and cash equiva lents (A+B+C) (210) 118 Cash and cash equival ents at the beginning of the period 1,973 1,909 Exchange difference on translation of foreign currency cash and cash equivalents (3) 83 Cash and cash equiva lents at the end of the period 1 760 2 110 Note: The consolidated statement of cash flows has been prepared under the Indirect method as set out in Indian Accounting Standard (IND AS 7) "Statement of Cash Flows". - ~UM~ e,rl~~O,t rf l '3e o ) ~~ ,,,.- ""', ~ I ~( \y I ;( MUMBftJ ); I "\ /"' * .,~ 'J - - Page 12 of 18
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EPL LIMITED Corporate Office: Top F loor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Pare!, Mumbai 400013. Tel: +91 22 2481 9000/9200, comp lianceofficer@ep lglobal.com,www.ep lglobal.com Regd. Office: P.O. Vasind, Taluka Shahapur, Distr ict Thane 421604, Maharas htra Tel: +91 9673333971 CIN: L74950MH1982PLC028947 Note 4: The Holding Company has raised funds by issuance of Com mercial Papers, which are listed on National Stock Exchange of India Limited. Pursuant to SEBI Master Circu lar dated 15 October 2025 to the extent app licable to Commercia l Papers, add itional disc losure as required under Regulation 52(4) of Secur ities and Exchange Board of India (Listing Obligation and Disc losure Requ irements ) Regu lation, 2015 (as amended ) is below: Particulars Quarter ended Half Year ended Year ended 30-Sep 30-Jun 30-Seo 30-Seo 30-Seo 31-Mar 2026 2026 2025 2026 2025 2026 a) Net Worth (Rs in million) 25,459 23,976 20,304 25,459 20,304 22,644 (Equity share capital + Other equity less capital reserve) b) Net profit after tax (Rs in million) 1,109 1,006 1,061 2,115 2,075 3,939 c) Basic earning per share (Quarterly and Half Yearly figures are 3.44 3.08 3.26 6.52 6.39 12.15 not annualised) d) Diluted earning per share (Quarterly and Half Yearly figures are 3.42 3.07 3.25 6.49 6.37 12.13 not annualised) e) Debt-Equity ratio (in times) 0.27 0.26 0.26 0.27 0.26 0.25 (Total Borrowings/Equity share capital plus other equity) f) Long term Debt to Working Capital (in times) 0.50 0.50 0.49 0.50 0.49 0.57 [(Non current borrowings + current maturities of long term borrowings)/(Curre nt assets less current liabilities excluding current maturities of long term borrowings)] g) Total Debts to Total Assets ratio (in %) 15.01% 14.81% 15.31% 15.01% 15.31% 14.47% (Total Borrowings/Tota l Assets) h) Debt service coverage ratio (in times) 4.10 3.95 0.84 4.03 1.35 1.93 [Cash profit before finance costs (excluding IND AS 116 impact) and deferred tax/{(Finance cost (excluding IND AS 116 impact)+ Principal repayment of long term borrowings made during the period}] i) Interest service coverage ratio (in times) 5.63 5.43 5.94 5.54 5.56 5.19 (Earnings before finance costs and tax/ Finance costs ) j) Current ratio (in times) 1.47 1.50 1.51 1.47 1.51 1.56 (Current assets/current liabilities) k) Bad debts to accounts receivable ratio (in%) 0.10% 0.04% 0.04% 0.15% 0.24% 0.04% (Allowance for bad and doubtful debts/advances and write offs/ Average trade receivable) I) Current liability ratio (in %) 73.18% 71 .87% 72.67% 73.18% 72.67% 66.70% (Current liabilities/Total liabilities) m) Trade receivables turnover (in times) 5.12 5.32 5.65 5.52 5.83 6.07 (Revenue from operations of trailing twelve months /Average trade receivable) n) Inventory turnover (in times) 4.72 4.96 5.42 5.12 5.68 5.78 (Revenue from operations of trailing twelve months/Average inventory) 0) Operating margin (in %) 18.39% 19.01% 20.89% 18.68% 20.70% 20.26% (Profit before exceptional item, depreciat ion and amortisation, finance cost and tax less other income/Revenue from operations) p) Net profit margin (in %) 7.03% 7.23% 8.71% 7.12% 8.89% 8.78% (Profit after tax excluding exceptional item/Total income) -- q_~\JMt r~ c,~1>.NDI0I( ,,,~ .--.--.... " c I"' M~ ,o l .J.?1 \0-;:. I ! ( MUMB~ J;) ~':5 'J, \ \. If * -,:: ./'C' Page 13 of 18
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OTHER NOTES: EPL LIMITED Corporate Office: Top Floor, Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai 400013. Tel: +91 22 2481 9000/9200,complianceofficer@eplglobal.com,www.eplglobal.com Regd. Office: P.O. Vasind, Taluka Shahapur, District Thane 421604, Maharashtra Tel: +91 9673333971 CIN: L74950MH1982PLC028947 5 EPL Limited (the 'Holding Company') and its subsidiaries are together referred to as 'the Group' in the following notes. The above consolidated financial results (the 'results') of the Group and its associate have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (as amended) read with SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15 October 2025 (as amended). These results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 04 November 2026. 6 Exceptional items represent following: (i) The Government of India consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes ('New Labour Codes'), effective 21 November 2025. The Group assessed the estimated financial implication arising from implementation of New Labour Codes which resulted in an increase in gratuity and compensated absences liability arising out of past service cost by Rs. 59 million for the year ended 31 March 2026, primarily due to change in the definition of "wages". Considering the materiality, regulatory driven and non-recurring nature of this impact, the Group has presented it as exceptional item in these financial results. The Group continues to monitor the finalisation of Central and State Rules and clarifications from the Government on other aspects of the New Labour Codes and would provide appropriate accounting effect on the basis of such developments, as needed. (ii) Due to closure of a factory unit in one of its subsidiary, the Group had incurred a cost of Rs. 67 million during the year ended 31 March 2026. (iii) The Board of Directors of the Holding Company, at its meeting held on 29 March 2026 approved the Scheme of Amalgamation (by way of merger by absorption) of lndovida India Private Limited ("lndovida India") with the Holding Company and their respective shareholders on a going concern basis, under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules framed thereunder read with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) and the relevant circulars issued by the Securities and Exchange Board of India, in consideration for the issuance and allotment of the equity shares of the Holding Company to the shareholders of lndovida India in accordance with the share exchange ratio stipulated in the Scheme ("Merger"). Pursuant to receipt of requisite approvals from the Competition Commission of India, the Stock Exchanges and the relevant foreign antitrust authorities, an application has been filed by the Holding Company on 23 October 2026 with the Hon'ble National Company Law Tribunal, Mumbai Bench ("NCL T"). The Merger is subject to necessary approval(s) from the shareholders, NCL T, and fulfilment of other applicable conditions. Owing to the proposed Merger, the Group had incurred a cost of Rs.156 million for the year ended 31 March 2026. 7 During the quarter ended 30 September 2026, the Holding Company has allotted 5,23,514 equity shares of face value Rs. 2 each to option grantees upon exercise of stock options under the Holding Company's Employee Stock Option Scheme 2020. 8 Amounts shown as 'O' in the above results represent value less than Rupee one million. Place : Mumbai Date : 04 November 2026 For EPL Limited ;L(~ ,h; Managing Director & Global Chief Executive Officer DIN: 02362738 Page 14 of 18
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Walker Chandiok &.Co LLP Walker Chandiok & Co LLP 42nd Floor, Building Commerz Ill, International Business Park, Oberoi Garden City, Off Western express Highway, Goregaon , East, Mumbai - 400063 Maharashtra , India T +91 22 6626 2699 F +91 22 6626 2601 Independent Auditor's Review Report on Consolidated Unaudited Quarterly and Year To Date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of EPL Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of EPL Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its associate (refer Annexure 1 for the list of subsidiaries and associate included in the Statement) for the quarter ended 30 September 2026 and year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations') read with SEBI Circular SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15 October 2025 (as amended). 2. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable. Chartered Accountants Walker Chandiok & Co LLP is registered with Offices in Ahmadabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Goa, Guwahati, Gurugram, Hyderabad, Indore, limited liability with identification number Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune AAC-2085 and has its registered office at L- 41, Conn aught Circus, Outer Circle, New Delhi, 110001, India Page 15 of 18
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EPL Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly and Year To Date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We did not review the interim financial information/ interim financial results of seven (7) subsidiaries included in the Statement, whose interim financial information/ interim financial results (before consolidation adjustments) reflect total assets of INR 39,633 million as at 30 September 2026, total revenues of INR 9,282 million and INR 17,653 million, total net profit after tax of INR 607 million and INR 1,325 million and total comprehensive income of INR 607 million and INR 1,325 million, for the quarter and half year ended 30 September 2026, respectively, and cash outflows (net) of INR 273 million for the half year ended 30 September 2026, as considered in the Statement. The interim financial information/ interim financial results of these subsidiaries have been reviewed by other auditors whose review reports have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Further, these seven (7) subsidiaries are located outside India, whose interim financial information/ interim financial results have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by the other auditors based on the standard on review engagement applicable in their respective countries. The Holding Company's management has converted the interim financial information / interim financial results of such subsidiaries from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Holding Company's management. Our conclusion, in so far as it relates to the balances and affairs of these subsidiaries located outside India is based on the reports of such other auditors and the conversion adjustments prepared by the management of the Holding Company and reviewed by us. Our conclusion is not modified in respect of these matters with respect to our reliance on the work done by and the reports of the other auditors. Chartered Accountants Offices in Ahmadabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Goa, Guwahati , Gurugram, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Puna Walker Chandiok & Co LLP is registered with limited liability w ith identification number AAC-2085 and has its registered office at L- 41, Connaught Circus, Outer Circle, New Delhi, 110001, India Page 16 of 18
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EPL Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly and Year To Date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 6. The Statement includes the interim financial information/ interim financial results of three (3) subsidiaries, which have not been reviewed by their auditors, whose interim financial information/ interim financial results (before consolidation adjustments) reflect total assets of INR 75 million as at 30 September 2026, total revenues of INR 16 million and INR 37 million, total net loss after tax of INR 1 million and INR 2 million and total comprehensive loss of INR 1 million and INR 2 million, for the quarter and half year ended 30 September 2026, respectively, and cash outflows (net) of INR 2 million for the half year ended 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net profit after tax of INR 2 million and INR 28 million and total comprehensive income of INR 2 million and INR 28 million for the quarter and half year ended 30 September 2026, respectively, in respect of one (1) associate, based on its interim financial information, which has not been reviewed by its auditor, and has been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and an associate, are based solely on such unreviewed interim financial information/ interim financial results. According to the information and explanations given to us by the management, these interim financial information/ interim financial results are not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the interim financial information/ interim financial results certified by the Holding Company's management. For Walker Chandiok & Co LLP Chartered Accountants Rake~ . garwal Partner : 001076N/N500013 Membership No. 109632 Place: Mumbai Date: 04 November 2026 Chartered Accountants Offices in Ahmadabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Goa, Guwahati, Gurugram, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune Walker Chandiok & Co LLP is registered with limited liability with idenlificalion number AAC-2085 and has its registered office at l · 41, Connaught Circus, Outer Circle, N ew Delhi, 110001, India Page 17 of 18
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EPL Limited Independent Auditor's Review Report on Consolidated Unaudited Quarterly and Year To Date Financial Results of the Company pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015 (as amended) Annexure 1 List of subsidiaries and associate included in the Statement Subsidiaries (including step-down subsidiaries): 1. Lamitube Technologies Limited 2. Lamitube Technologies (Cyprus) Limited 3. Arista Tubes Inc. 4. EPL America, LLC 5. Laminate Packaging Colombia SAS 6. EPL Prepack de Mexico, S.A. de C.V. 7. EPL Deutschland Management GmbH 8. EPL Oeutschland GmbH & Co. KG 9. EPL Misr for Advanced Packaging S.A.E. 10. EPL Packaging (Guangzhou) Limited 11 . EPL Packaging (Jiangsu) Limited 12. EPL Prepack Philippines, Inc 13. EPL Prepack LLC 14. EPL Poland sp. z.o.o 15. EPL Prepack UK Limited 16. MTL De Panama, S.A. 17. EPL Brasil L TOA. 18. EPL Packaging (Thailand) Co., Ltd. Associate: 1. PT. Lamipak Primula Chartered Accountants Walker Chandiok & Co LLP is registered with Offices in Ahmadabad, Bengaluru, Bhubaneshwar, Chandigarh, Chennai, Dehradun, Goa, Guwahati, Gurugram, Hyderabad, Indore, limited liability with i dentification n umber Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune AAC-2085 and has its registered office at L- 41, Connaught Circus, Outer Circle, New Delhi, 11000 1, India Page 18 of 18