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DCM Shriram Limited Q2 FY 2027 Results Presentation October 26, 2026
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Safe Harbour Certain statements in this document may be forward-looking. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. DCM Shriram Ltd. will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. 2
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3 Note: All figures/ ratios mentioned in the presentation are consolidated unless otherwise mentioned. Table of Contents DCM Shriram Overview • Overview • Our Businesses • Management Message • Financial Snapshot • Revenue & PBDIT Drivers • Segment Results • Chemicals & Vinyl • Sugar & Ethanol • Fenesta Building Systems • Shriram Farm Solutions • Fertilizer • Bioseed • Other Businesses • Financials - Consolidated 4 5 6 Segment wise Performance 7 8 9 16-20 21-23 24 25 26 27 28 29 0101 Q2 & H1 FY 2027 Results Q2 FY 2027 H1 FY 2027 • Financial Snapshot • Revenue & PBDIT Drivers • Segment Results 10 11 12 13-14• Investments Update
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4 Overview – DCM Shriram Limited KEY NUMBERS FOR FY 2025-26 12 Locations 6609 Employees >10x Water Harvested & Conserved 1 27% Total Energy is Green . Agri Rural (56 %) (Sugar & Ethanol , Shriram Farm Solutions, Bioseed , Fertilizer ) Chemicals & Vinyl (34 %) Building Material Products (8%) (Fenesta Building Systems) PBDIT ₹16.9 bn PAT₹8.6 bn Credit Rating AA+/Stable (By ICRA) Overview – DCM Shriram Limited Net Revenue ₹135.4 bn (Net of excise duty) Net Worth ₹76.6 bn 1 as against water consumed
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Polymer Compounds (24,050 TPA) Caustic Soda (2,749 TPD) Aluminium Chloride (250 TPD) PVC Resins (220 TPD) Calcium Carbide (112,000 TPA) Calcium Chloride (133 TPD) 5 These businesses are supported by 383 MW coal based power plant,166 MW Co-Gen & 118 MW (peak) green power Fenesta Building Systems, Kota, Bhiwadi, Chennai, Bhubaneswar, Hyderabad Shriram Fertilizers & Chemicals, Kota-Rajasthan Shriram Alkali & Chemicals, & HSCL1 at Bharuch-Gujarat Sugar Production Units (Central UP) – Ajbapur, Rupapur, Hariawan & Loni and Distillery Units – Ajbapur & Hariawan Bioseed – Hyderabad & Philippines * On B Heavy Molasses ** Multi feedstock Philippines Fenesta Building Systems - uPVC Windows & Doors - System Aluminium Windows & Doors - WPC & Engineered Wood Doors - Façade - Aluminium Extrusion - Hardware Sugar (42,400 TCD) Co-Gen (166 MW) Distillery . (310)*+(250)** KLD Shriram Farm Solutions Bioseed Fertilizer (379,500 TPA) Agri Businesses Chemicals & Vinyl Businesses Building Material Products Our Businesses – Existing Facilities Compressed Biogas (12 TPD) Epoxy Resins2 (33,551 TPA) Epichlorohydrin (52,000TPA) 1HSCL: Hindusthan Speciality Chemicals Limited. 2Including Liquid & derivatives of epoxy resins Hydrogen Peroxide (165 TPD)
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Commenting on the performance for the quarter & half year ending September 2026, in a joint statement, Mr. Ajay Shriram, Chairman & Senior Managing Director and Mr. Vikram Shriram, Vice Chairman & Managing Director, said: Today’s global economy is being rewritten by two converging forces: the transformative power of AI and the rapid realignment of global trade partnerships. Heightened geopolitical friction, rising protectionism, and US-led tariff structures are straining global supply chains and inflating costs worldwide. India stands as a resilient outlier—fortified by structural reforms, strong domestic demand and competitive workforce. Despite our formidable macroeconomic fundamentals, India remains distinctly behind major global powers in developing sovereign AI and indigenous technological architecture The Chemicals business delivered reasonable performance despite a volatile global environment and supply-demand imbalances. Chlor-alkali witnessed healthy utilization, while Advanced Materials is stabilizing. Crucially, downstream integration and cost-competitiveness initiatives reached key milestones with the commissioning of the Aluminium Chloride plant, partial commissioning of the Calcium Chloride plant, and commissioning of the 68 MW (peak) renewable power project. The Sugar and Ethanol businesses are navigating a shifting landscape. While domestic sugar prices remain firm amidst a projected global deficit, the sector's investments in ethanol are significantly impacted by recent government tenders restricting certain sugarcane-based feedstocks. A clear roadmap, fair allocations, and pricing alignment with sugarcane costs remain critical to the sector's long-term viability. Our consumer-facing businesses demonstrated resilience amidst market and climatic volatility. Fenesta Building Systems sustained its volume- driven growth momentum and commissioned phase one of its Aluminium Extrusion Plant. Meanwhile, Shriram Farm Solutions navigated one of the weakest monsoons in a decade, leaning on a differentiated product portfolio to offset weather-driven demand challenges. However, Bioseed business faced significant performance challenges in India as well as Philippines on account of El-Nino. We are actively translating our strategy of cost discipline and integration into action through new project announcements, including solar expansion, caustic debottlenecking, and specialty polymer diversification. With interest rates remaining elevated, our robust balance sheet, comfortable leverage, and ample liquidity position us well to absorb market volatility and pursue continued growth. Sustainability remains intricately linked to our operational DNA. By advancing our ESG roadmap across energy transition and resource efficiency, we are ensuring that the business remains agile and future-ready. 6 Management’s Message
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* Net revenue includes operating income. Net of excise duty of Rs 174 cr (LY Rs 161 cr) on country liquor sales. # ROCE calculated on average of capital employed at end of the last five quarters & trailing 12 month PBIT. Capital Employed excludes CWIP and Liquid Investments. 7 All figures in Rs/Cr Net Revenue* PBDIT PAT Q2 FY26Q2 FY27 Financial Snapshot – Q2 FY27 408 319 Q2'26 Q2'27 -22% 159 106 Q2'26 Q2'27 -33% 773 917 Net Debt (Rs/Cr) 15.0 12.2 ROCE (%) 3,272 3,977 Q2'26 Q2'27 22% • Board announced an interim dividend of 200% amounting to Rs. 62.38 crores.
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8 *Net of excise duty of Rs 174 cr (LY Rs 161 cr) on country liquor sales, UPPCL – Uttar Pradesh Power Corporation Limited Note: 1. Net revenue includes operating income, 2. SFS : Shriram Farm Solutions, Fenesta : Fenesta Building Systems All figures in Rs/Cr • ECU higher by 6% and caustic volumes by 2% • New products i.e. H2O2, AlCl3 and Advanced material (i.e. Glycerin to ECH to Epoxy value chain) contributed positively towards revenue. • Higher input prices led to lower margins. • Significant +ve impact of Rs 76 cr LY due to Govt. incentive scheme . • Domestic Sugar prices higher by 14%, volumes were lower by 6%. • Ethanol volumes were up by 24%, a timing difference during the season. Production was in line with last year • Higher margins in Sugar due to increase in prices. Higher margins in Ethanol due to lower cost • Significant +ve impact of Rs 15.5 cr LY on account upward power tariff revision by UPPCL. • Lower volumes across all verticals except Crop Protection. • Partially offset by higher realizations in Research Wheat seed and Speciality Plant Nutrition verticals. • Lower volumes in Research Wheat due to timing difference. • Volume driven growth, led by Projects vertical. • New platforms revenue continue to add to topline as well as bottom line. • Product mix changes, elevated input cost & higher fixed expenses impacted margins. Chemicals Sugar & Ethanol* Fenesta SFS Q2 FY 2027 Q2 FY 2026 Revenue & PBDIT Drivers – Q2 FY27 471 106 423 78 Revenue PBDIT -10% -27% 913 254 1,343 158 Revenue PBDIT 47%47% -38% 47% 933 33 1,023 62 Revenue PBDIT 10% 85% 283 43 344 49 Revenue PBDIT 15% 22%
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* Net of excise duty of Rs 174 cr (LY Rs 161 cr) on country liquor sales. Note: Net revenue includes operating income 9 Segment Results – Q2 FY27 All figures in Rs/Cr Q2'27 Q2'26 YoY % Change Q2'27 Q2'26 YoY % Change Q2'27 Q2'26 Chemicals & Vinyl 1,577 1,108 42 134 201 (33) 8 18 - Chemicals 1,343 913 47 87 193 (55) 7 21 - Vinyl 234 195 20 46 7 536 20 4 Sugar & Ethanol* 1,023 933 10 30 2 1,218 3 0 Fenesta Building Systems 344 283 22 40 35 14 11 12 Shriram Farm Solutions 423 471 (10) 76 105 (27) 18 22 Fertilizer 502 357 40 21 17 27 4 5 Bioseed 73 86 (15) (43) (9) - - - Others 62 56 11 (8) (9) - - - Total 4,004 3,295 22 250 341 (27) 6 10 Less: Intersegment Revenue 27 23 19 Less: Unallocable Exp. (Net) 62 52 19 Total 3,977 3,272 22 188 289 (35) 5 9 Revenues PBIT PBIT Margins % Segments
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10 All figures in Rs/Cr Net Revenue* PBDIT PAT** H1 FY26H1 FY27 Financial Snapshot – H1 FY27 6,534 7,541 H1'26 H1'27 15% 734 683 H1'26 H1'27 -7% 273 799 H1'26 H1'27 193% * Net revenue includes operating income. Net of excise duty of Rs 395 cr (LY Rs 354 cr) on country liquor sales. ** Includes Rs 474.3 cr tax adjustment on account of favorable judgement relating to claim under Section 80-IA of the Income Tax Act, 1961 for previous years and one-time exceptional items oRs 79.4 cr on account of profit on sale of land and stake sale to form a JV. (Effective normal PAT is Rs 253 cr).
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11 *Net of excise duty of Rs 395 cr (LY Rs 354 cr) on country liquor sales. Note: 1. Net revenue includes operating income, 2. SFS : Shriram Farm Solutions, Fenesta : Fenesta Building Systems, All figures in Rs/Cr • ECUs were higher by 6% • New Projects commissioned in recent years supported revenue growth. • Higher input prices impacted margins. • Significant +ve impact of Rs 76 cr LY due to Govt. incentive scheme • Sugar prices were higher by 8%, while volumes were lower by 7%. • Volumes of Ethanol were up 12%, timing difference during the season • Higher margins in both Sugar & Ethanol. • Significant +ve impact of Rs 15.5 cr LY on account upward power tariff revision by UPPCL. • Lower volumes across the verticals, except crop protection vertical, partially offset by higher realizations across verticals. • Lower volumes in Research Wheat seed due to timing difference. • Both Projects & Retail vertical recorded higher volumes. • New platforms adding to both topline & bottom line. • Volume driven profits were offset by product mix, elevated input cost and higher fixed expenses, a part of plan to strengthen capabilities and brand positioning. Chemicals Sugar & Ethanol* Fenesta SFS H1 FY 2027 H1 FY 2026 Revenue & PBDIT Drivers – H1 FY27 1,818 476 2,548 432 Revenue PBDIT 40% -9% 1,757 27 1,834 84 Revenue PBDIT 4% 214% 532 78 648 89 Revenue PBDIT 22% 14% 821 130 780 108 Revenue PBDIT -5% -18%
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* Net of excise duty of Rs 395 cr (LY Rs 354 cr) on country liquor sales. Note: Net revenue includes operating income 12 Segment Results – H1 FY27 All figures in Rs/Cr H1'27 H1'26 YoY % Change H1'27 H1'26 YoY % Change H1'27 H1'26 Chemicals & Vinyl 2,969 2,222 34 376 385 (2) 13 17 - Chemicals 2,548 1,818 40 292 361 (19) 11 20 - Vinyl 421 404 4 84 25 238 20 6 Sugar & Ethanol* 1,834 1,757 4 21 (35) - 1 - Fenesta Building Systems 648 532 22 70 62 14 11 12 Shriram Farm Solutions 780 821 (5) 104 127 (18) 13 16 Fertilizer 935 748 25 41 52 (21) 4 7 Bioseed 283 370 (24) (54) 31 - - 8 Others 142 133 7 (14) (10) - - - Total 7,591 6,582 15 545 612 (11) 7 9 Less: Intersegment Revenue 50 49 2 Less: Unallocable Exp. (Net) 121 109 11 Total 7,541 6,534 15 424 503 (16) 6 8 Segments Revenues PBIT PBIT Margins %
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13 TPA : Tonne Per Annum, TPD : Tonne Per Day, TCD – Tonne Crush per Day, MW - Megawatt Key Investments completed FY 2025 to date S.No. Particulars Commissioning/ Completion Date 1 850 TPD Caustic Capacity Expansion at Bharuch May 2024 2 120 MW Power Plant at Bharuch June 2024 3 52,500 TPA Hydrogen Peroxide (H2O2) Plant at Bharuch August 2024 4 2100 TCD Sugar capacity expansion at Loni Unit November 2024 5 12 TPD Compressed Bio Gas (CBG) Plant at Ajbapur Unit March 2025 6 Acquisition of 53% stake in DNV Global Pvt Ltd. (Hardware) May 2025 7 Acquisition of 100% stake in HSCL* (Adv. materials viz. Epoxy/ FRs) August 2025 8 52,000** TPA Epichlorohydrin Plant at Bharuch April 2026 9 133 TPD Calcium Chloride (CaCl2) at Bharuch (Partial -1 of 2 lines) September 2026 10 Fenesta Aluminium Extrusion Plant at Kota (In Phases, First Phase) September 2026 11 100 TPD Aluminium Chloride at (AlCl3) Bharuch September 2026 12 68 MW (peak) captive renewable energy for Kota October 2026 *HSCL : Hindusthan Speciality Chemicals Limited, ** 35,000 TPA commissioned in Oct 2025 & balance 17,000 TPA capacity commissioned in April 2026. Investments Update
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14 TPA : Tonne Per Annum, TPD : Tonne Per Day, TCD – Tonne Crush per Day, MW - Megawatt *HSCL : Hindusthan Speciality Chemicals Limited Investments Update Investments under implementation S.No. Particulars Expected Completion Date 1 Fenesta Aluminium Extrusion Plant at Kota (In Phases, Phase II) Q3 FY 2027 2 133 TPD Calcium Chloride (CaCl2) at Bharuch (balance - 2nd line) Q3 FY 2027 3 Proposed acquisition of Salt works with total capacity of 208000 mtpa Q3 FY 2027 4 58 MW (peak) captive renewable energy & related infra at Bharuch (Group Captive -SPV) Q1 FY 2028 5 40 MW (peak) solar renewable energy plant at Kota Q1 FY 2028 6 36 KTPA Formulated Resins (FR) Capacity Expansion in HSCL* Q2 FY 2028 7 Filter Presses in Cement (waste utilisation) Plant at Kota Q3 FY 2028 8 Manufacturing lines for Specialty polymer compounds in our joint venture Shriram Teknor Limited Q3 FY 2028 9 Caustic capacity debottlenecking towards improving energy efficiency at Bharuch & Kota Q4 FY 2028
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15 Segment Wise Performance
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Capital employed includes CWIP of Rs 222 cr at 30th September 2026 vs Rs 801 cr at 30th September 2025. 16 Chemicals & Vinyl Business Overview ▪ The Chemicals & Vinyl business has highly integrated operations with multiple revenue streams. Chemicals operations are at two locations (Bharuch – Gujarat and Kota – Rajasthan), while Vinyl is at Kota only. ▪ The business is supported by a total of 345 MW captive power facilities at both locations. Company has 50 MW (peak) captive renewable power at Bharuch and 68 MW (peak) captive renewable power at Kota (these are under Group captive mechanism). ▪ Company has signed another agreement for supplying upto 58 MW (peak) renewable energy, along with related infra development at Bharuch thereby taking total renewable power capacity to 108 MW at Bharuch. ▪ Company has announced setting up of 40 MW (peak) Solar energy plant at Kota by Q1 FY28 with an investment of Rs 145 cr. ▪ In line with our strategy of foraying into advanced materials, the company is expanding the formulated resins capacity by 36 KTPA, in its subsidiary Hindusthan Specialty Chemicals Limited. The expansion is expected to be commissioned by Q2 FY28. ▪ The proposed acquisition of salt works with an installed capacity of 208000 MTPA in the state of Gujarat is under the process of regulatory approvals. ▪ Investment of Rs 120 cr towards improving energy efficiency through de-bottlenecking caustic soda capacity at Bharuch and Kota. This debottlenecking is expected to be completed by Q4 FY28. Q2 FY27 1,576.7 208.9 5,638.5 Q2 FY26 1,108.4 266.8 5,104.0 % Shift 42.2 (21.7) 10.5 H1' 27 2,968.5 525.7 5,638.5 H1' 26 2,222.2 511.4 5,104.0 % Shift 33.6 2.8 10.5 Particulars Revenues (Rs/ Cr) PBDIT (Rs/Cr) Cap. Employed (Rs/Cr) The products include Caustic (liquid and flakes), Chlorine, Hydrogen, Hydrogen Peroxide, Aluminium Chloride, Calcium Chloride Epichlorohydrin, Glycerine, Epoxy Resins, PVC, Calcium Carbide, Stable Bleaching Powder etc.
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17 Caustic- DCM Realizations and Import Prices Chemicals 31,550 30,488 30,980 30,150 30,372 30,785 32,260 36,889 36,211 34,358 32,742 32,511 33,056 463 460 440 427 403 413 525 538 460 436 390 385 390 DCM Realizations ECU (Rs/T) Caustic Soda Import (CFR Sea) Prices ($/T) Q2 FY27 2,07,167 32,774 1,342.9 157.7 11.7 Q2 FY26 2,02,325 31,020 913.1 254.5 27.9 % Shift 2.4 5.7 47.1 (38.0) (57.9) H1' 27 4,04,711 34,190 2,547.9 432.0 17.0 H1' 26 3,99,629 32,266 1,817.9 476.5 26.2 % Shift 1.3 6.0 40.2 (9.3) (35.3) Operational Financial PBDIT Margin (%)Particulars Caustic Sales (MT) ECU Realisations (Rs/MT) * Revenues (Rs/Cr) PBDIT (Rs/Cr) * ECU realizations have been reinstated to include Flakes as well.
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18 Industry Overview Outlook Performance Overview ▪ Globally, the chemical industry is facing headwinds from volatile input costs & uneven demand across regions. ▪ Asia pacific region remains a strong volume driver, with India showing robust domestic consumption across key end use sectors like textiles, alumina and infrastructure. ▪ The demand supply imbalance has created near term oversupply impacting price and margins. ▪ Volatile energy and input costs and uneven regional demand may put pressure on pricing and margins. ▪ Expect growth to continue over medium term, driven by robust domestic demand, subject to evolving global supply chain. ▪ Working towards mitigating domestic pricing pressure by expanding into export markets, deepening downstream integration and optimizing cost efficiencies. TPD : Tonne Per Day, Chemicals ▪ Capacity utilization for our caustic plants stood at 89% (LY 81%) for the quarter (H1 FY27 at 86% vs 81% LY) ▪ Revenues for Q2 FY27 up by 47% YoY (H1 FY27 up 40% YoY) o Caustic volumes for the quarter up by 2% (H1 FY27 up by 1%, QoQ up by 5%) o ECU prices for the quarter up 6% YoY (H1 up by 6%, QoQ down by 8%) o Advanced materials added significantly to the top line ▪ PBDIT for the quarter stood at Rs 158 cr vs Rs 254 cr LY (H1 FY27 at Rs 432 cr, down by 9%) o Impacted by higher input costs, partially offset by higher realizations & volumes. o In Q2 FY26, there was a significant positive impact of Rs 76 cr related to incentive received from Gujarat govt in relation to projects commissioned in FY 2017 at Bharuch location ▪ 100 TPD Aluminium Chloride (full) and 133 TPD Calcium Chloride (part) plants have been commissioned during the quarter.
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19 PVC- DCM Realizations and Import Prices 72,068 70,866 69,081 64,450 66,362 71,618 91,451 85,827 82,116 82,380 81,797 89,999 96,905 748 724 694 623 646 712 926 953 864 790 738 809 881 45,000 55,000 65,000 75,000 85,000 95,000 1,05,000 DCM Realizations PVC (Rs/T) PVC Import (CFR SEA) Prices ($/T) Q2 FY27 18,761 87,884 8,739 66,997 233.8 51.2 21.9 Q2 FY26 14,544 70,357 7,621 57,577 195.3 12.4 6.3 % Shift 29.0 24.9 14.7 16.4 19.7 313.4 245.5 H1' 27 31,958 85,769 17,659 67,277 420.6 93.7 22.3 H1' 26 32,050 69,087 15,384 58,327 404.3 35.0 8.6 % Shift (0.3) 24.1 14.8 15.3 4.0 168.1 157.7 Operational Financial Particulars PVC Sales (MT) PVC XWR Realisations (Rs/MT) Carbide Sales (MT) Carbide XWR Realisations (Rs/MT) Revenues (Rs/Cr) PBDIT (Rs/Cr) PBDIT Margin (%) Vinyl
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20 Industry Overview Outlook Performance Overview ▪ Higher feedstock costs & elevated PVC prices have dampened overall global demand. ▪ Indian PVC demand declined by 2% during H1 as monsoons slowed construction, while elevated prices forced buyers to de-stock and maintain minimal inventory. ▪ Elevated energy prices and supply chain imbalances may continue to support prices. ▪ Monsoon withdrawal is expected to bring a short-term rebound in PVC and Carbide demand ▪ Minimum import price introduced in July’26 will provide support to domestic prices, in the event of decline in import prices ▪ Capacity utilization in Q2 FY27 at 103% vs 86% LY owing to maintenance shutdown in last year (H1 FY27 at 101% vs 92% LY). ▪ Revenue for Q2 FY27 up at to Rs 234 cr vs Rs 195 cr LY (H1 FY27 up 4% at Rs 421 cr) o Both PVC & carbide volumes were up by 29% and 15% respectively in the quarter vs LY (H1 FY27 volumes for PVC were flat whereas Carbide was up by 15%) o Prices of both PVC & Carbide were up by 25% & 16% in Q2 FY27 vs LY (H1 FY27 prices were up by 24% & 15% respectively) ▪ PBDIT for Q2 FY27 at Rs 51 cr vs Rs 12 cr LY (H1 FY27 at Rs 94 cr, up by 168%) o Better margins led by both higher volume and realizations, partially offset by higher input costs. Vinyl
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* Net of excise duty on country liquor sales amounting to Rs 174 cr in Q2 FY27 vs Rs 161 cr in LY. (H1 FY27 is Rs 395 cr vs Rs 354 cr LY) 21 DCM Sugar Realizations (Domestic) (Rs/ Qtl) 4,098 4,081 3,991 4,029 4,061 4,042 4,093 4,094 4,083 4,055 4,096 4,088 4,091 4,175 4,196 4,357 4,781 4,694 April May June July August September October November December January February March FY26 FY27 Particulars Revenues * (Rs/Cr) PBDIT (Rs/Cr) PBDIT Margin (%) Cap. Employed (Rs/Cr) Q2 FY27 1,023.0 61.6 6.0 2,522.4 Q2 FY26 933.0 33.4 3.6 2,860.3 % Shift 9.7 84.7 68.4 (11.8) H1' 27 1,834.2 83.7 4.6 2,522.4 H1' 26 1,757.0 26.7 1.5 2,860.3 % Shift 4.4 213.9 200.7 (11.8) Sugar & Ethanol
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▪ Global sugar balance sheet expected to swing into a deficit of ~2.6 MMT in SS 2026-27 (vs 2.1 MMT surplus LY), driven by uncertain crop in India and greater diversion to ethanol in Brazil. ▪ SS 2025-26 in India is expected to end with a stock of 3.6 MMT (LY 5.1 MMT) ▪ To reduce diversion towards ethanol, OMCs in their tender for ESY 26-27 have excluded ethanol from sugarcane juice & B-heavy molasses. ▪ The procurement price of maize based Ethanol has also been cut. ▪ Latest details of ethanol blending are as below: 22 * As on 30/09/2026 Industry Overview Particulars Sugar Sales (Domestic) (Lac Qtls) Sugar (Domestic) XWR (Rs/Qtl) Distillery Sales (Lac Ltrs) Distillery XWR (Rs/ Ltrs) Q2 FY27 14.0 4,606 474.2 62.1 Q2 FY26 14.9 4,046 383.6 58.8 % Shift (5.9) 13.8 23.6 5.6 H1' 27 25.3 4,397 886.2 60.7 H1' 26 27.1 4,055 794.4 60.2 % Shift (6.7) 8.4 11.6 0.7 Operational No Particulars UOM ESY 22-23 ESY 23-24 ESY 24-25 ESY 25-26* 1 Total Requirement by OMCs Cr. Ltrs. 600 825 1206 1199 2 Total Qty Contracted " 574 717 1132 1119 3 Total Lifting " 506 707 1039 895 4 Blending % % 12.0% 14.6% 19.2% 20.0% Sugar & Ethanol
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23 Outlook Performance Overview ▪ Global sugar supply over demand is expected to remain in deficit following downward revisions to production, supporting a firm price outlook. ▪ Sugarcane crushing at our plants is expected to start in the first week of November. ▪ Revenues for Q2 FY27 up by 10% YoY (H1 FY27 up by 4%) o Domestic sugar volumes down 6% in Q2 FY27 (H1 FY27 down 7%). o Domestic Sugar prices for Q2 FY27 up at Rs 4,606/qtl vs Rs 4,046/ qtl LY (H1 FY27 also up 8% YoY). o Ethanol volumes in the current quarter were up by 24%, a timing difference during the season (H1 FY27 is also up by 12%) o Ethanol prices increased by 6% & 1% in Q2 & H1 FY27, result of change in sales mix. ▪ PBDIT for Q2 FY27 up 85% at Rs 62 cr (H1 FY27 up at Rs 84 cr vs Rs 27 cr LY) o Higher sugar realizations partly offset by increased production costs due to increased cane prices. o Better ethanol margins on account of change in sales mix and lower cost. o In Q2 FY26, there was significant positive impact of Rs 15.5 cr on account of upward revision of power tariff by UPPCL ▪ Sugar inventory as on 30th September 2026 at 6.81 lac qtl (Rs 3,940/qtl) vs 12.7 lac qtl (Rs 3,673/qtl) LY. Sugar & Ethanol
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24 ▪ Fenesta continues to drive sustained growth by simultaneously widening the geographic footprint & diversifying product portfolio with innovative offerings across windows, doors, facades & new hardware platformsOutlook ▪ Revenues for Q2 FY27 up 22% (H1 FY27 also up by 22%) due to higher volumes in Project segment. ▪ PBDIT up 15% at Rs 49 cr YoY (H1 FY27 up 14% at Rs.89 cr) o Higher volumes added to earnings, partially offset due to change in product mix, elevated input cost and higher fixed costs for setting up new business platforms. ▪ Currently 7 Fabrication plants (4 uPVC, 2 Aluminium windows and 1 Facade) and one uPVC extrusion unit (11 extrusion lines) and one Hardware (DNV) Plant are operational. There are 437 dealers in 276 cities along with 9 company owned and company operated showrooms. International presence in 7 countries. Total 976 cities served in India. ▪ As part of backward integration strategy, we have commissioned Phase-I of the Aluminium extrusion project. Performance Overview Note: Results include financials of DNV Global Private Limited Operational Order Book Revenues PBDIT (Rs/Cr) (Rs/Cr) (Rs/Cr) Q2 FY27 356.7 344.4 49.4 14.3 328.1 Q2 FY26 489.2 283.3 43.1 15.2 155.8 % Shift (27.1) 21.6 14.6 (5.7) 110.5 H1' 27 640.2 647.5 89.0 13.7 328.1 H1' 26 770.2 531.7 78.2 14.7 155.8 % Shift (16.9) 21.8 13.8 (6.6) 110.5 Cap. Employed (Rs/Cr) Financial Particulars PBDIT Margin (% ) Fenesta Building Systems
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The products includes Seeds, Pesticides, Soluble Fertilizer, Micro-nutrients etc. This business is seasonal in nature and the results in the quarter are not representative of annual performance 25 ▪ Given the El-Nino year, Rabi outlook remains cautiously optimistic with selective growth opportunities. ▪ Favorable mustard economics, strong vegetable prices and crop diversification expected to drive input demand. Outlook Performance Overview Q2 FY27 423.1 78.0 18.4 (263.3) Q2 FY26 471.0 106.2 22.5 (231.0) % Shift (10.2) (26.5) (18.2) - H1' 27 780.4 107.6 13.8 (263.3) H1' 26 820.7 130.4 15.9 (231.0) % Shift (4.9) (17.5) (13.3) - Particulars Revenues (Rs/Cr) PBDIT (Rs/Cr) PBDIT Margin (% ) Cap. Employed (Rs/Cr) ▪ Revenues for Q2 FY27 down by 10% YoY at Rs 423 cr (H1 FY27 down by 5%) o Lower volumes across Seed & Specialty Plant Nutrition verticals partially set off by higher realizations in Research Wheat and Specialty Plant Nutrition verticals. ▪ PBDIT for the current quarter was lower at Rs 78 cr vs Rs 106 cr LY (H1 FY27 down by 18%) o Lower volumes in Research Wheat largely due to timing difference. o Partially offset by higher realizations in Research Wheat and Specialty Plant Nutrition verticals. ▪ Launched 8 new products in H1 FY27 in seed & Crop Protection vertical with 5 products from our own R&D. Shriram Farm Solutions
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26 ▪ In view of high gas rates owing to West Asia conflict, there will be shortfall in Government’s subsidy budget. ▪ Plant operations continue to stay stable and working on improving efficiencies towards energy consumption, maximizing production & controlling costs. Outlook ▪ Revenues for Q2 FY27 at Rs 502 cr vs Rs 357 cr LY , up 40% YoY (H1 FY27 up by 25%) o Prices in the quarter up 46% YoY (H1 FY 27 up by 32%) , gas prices were higher at $18.1/mmbtu vs $13.3/mmbtu LY o Volumes in the current quarter were slightly down by 3% (H1 FY27 down by 2%) ▪ PBDIT for the quarter up 25% at Rs 25 cr (H1 FY27 down by 17%) o Better margins on account of higher gas rates and better energy efficiency. o In H1 FY26, a one-time positive impact of ~₹24 crore was recorded due to the revision of the FY23 retention price. ▪ Subsidy outstanding as at 30th September 2026 is Rs 446 cr (LY Rs 187 cr) vs Rs 189 cr as on 31st March 2026. Performance Overview Q2 FY27 1,02,524 47,191 501.9 25.0 5.0 482.7 Q2 FY26 1,05,904 32,406 357.4 20.0 5.6 149.5 % Shift (3.2) 45.6 40.4 25.1 (10.9) 223.0 H1' 27 2,06,518 43,658 934.5 48.0 5.1 482.7 H1' 26 2,09,802 33,109 747.6 57.8 7.7 149.5 % Shift (1.6) 31.9 25.0 (16.9) (33.6) 223.0 Operational Financial Cap. Employed (Rs/Cr) PBDIT Margin (% )Particulars Sales (MT) Realisations (Rs/MT) Revenues (Rs/Cr) PBDIT (Rs/Cr) Fertilizer (Urea)
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Bioseed business is intensely research based and is diversified across key crops (Cotton, Corn, Paddy and Vegetables). India is the key market with presence across all above crops. International presence is in Philippines wherein the key crops are Corn & Paddy. The performance of the business has seasonality, with Kharif being the major season in India. 27 ▪ El Nino-related weather uncertainties may pose challenges for sowing progress in certain regions. ▪ Positive sentiments towards principal Rabi crops of Mustard, Wheat, Corn & Paddy. Outlook Performance Overview Bioseed India Subsidiaries Total Q2 FY27 69.5 3.8 73.4 (40.8) - 889.7 Q2 FY26 76.3 9.9 86.2 (6.6) - 659.4 % Shift (8.8) (61.3) (14.8) - - 34.9 H1' 27 245.1 38.0 283.2 (49.7) - 889.7 H1' 26 301.2 69.0 370.2 35.2 9.5 659.4 % Shift (18.6) (44.9) (23.5) - - 34.9 Particulars Revenues (Rs/Cr) PBDIT (Rs/Cr) PBDIT Margin (%) Cap. Employed (Rs/Cr) ▪ Q2 FY27 revenues down at Rs 73 cr vs Rs 86 cr LY (H1 FY27 down by 24%) mainly due to lower demand across the country, especially the south and central, owing to severe El Nino conditions. ▪ PBDIT for Q2 FY27 down at –ve Rs 41 cr vs –ve Rs 7 cr LY (H1 FY27 down at –ve Rs 50 cr vs Rs 35 cr LY) o Lower volumes led to lower margins across the segments. o Higher provisions towards doubtful debts in India and seed discard in Philippines. Bioseed
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28 Other Businesses includes : 1. Cement Business : The Company’s cement business is located at Kota (Rajasthan) with manufacturing capacity of 4 lakh MT. The cement business leverages the waste generated from the Calcium Carbide production process to produce cement. 2. Hariyali Kisaan Bazar : The company currently operates 5 (five) retail fuel pumps, the remaining business has been rationalized. Q2 FY27 61.7 (6.3) Q2 FY26 55.5 (7.9) % Shift 11.1 - H1' 27 142.2 (11.0) H1' 26 133.0 (7.1) % Shift 7.0 - Particulars Revenues (Rs/Cr) PBDIT (Rs/Cr) Others
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29 Amount in Rs/Cr Financials (Consolidated) *Quarterly EPS numbers are not annualized # Includes Rs 474.3 cr tax adjustment on account of favorable judgement relating to claim under Section 80-IA of the Income Tax Act, 1961 for previous years and one-time exceptional items of Rs 79.4 cr on account of profit on sale of land and stake sale to form a JV. (Effective normal PAT is Rs 253 cr). ## Finance cost net of Interest / Dividend income and Interest subsidy/grants remains flat for Q2 FY27 at Rs 19 cr (LY Rs 22 cr) and H1 FY 27 at Rs 43 cr (LY 47 cr) Particulars Revenue from Operations Total Income PBDIT Depreciation and Amortization Finance Cost## Profit Before Tax Exceptional Item# Profit Before Tax (after exceptional item) Tax Expenses# Profit After Tax EPS/Diluted EPS (before exceptional item) EPS/Diluted EPS (after exceptional item) Q2 FY 2027 Q2 FY 2026 4150.8 3432.4 4178.3 3531.3 318.8 407.9 131.0 119.0 35.5 43.1 152.4 245.9 - - 152.4 245.9 47.8 87.1 105.7 158.7 6.7 10.1 6.7 10.1 FY 2026 14263.9 14460.2 1693.7 502.4 175.7 1015.7 23.4 992.3 136.3 856.0 55.7 54.7 H1 FY 2027 H1 FY 2026 7935.5 6887.6 7990.6 7008.7 683.0 733.7 259.3 230.5 76.6 87.1 347.1 416.0 (79.4) - 426.6 416.0 (370.2) 143.5 799.1 272.5 46.5 17.4 51.1 17.4
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About Us & Investor Contacts DCM Shriram Ltd. is a diversified and an integrated business entity with extensive and growing presence across the Agri value chain, Chemicals & Vinyl industry and Building Material Products. Access to captive power at all key manufacturing units enables the businesses to optimize competitive edge. For more information on the Company, its products and services please log on to www.dcmshriram.com or contact: Himanshu Bokaria Siddharth Rangnekar / Shruti Joshi DCM Shriram Ltd. CDR India Tel: +91 11 4210 0200 Tel: +91 22 6645 1209 Fax: +91 11 2372 0325 Fax: 91 22 6645 1213 Email: himanshubokaria@dcmshriram.com Email: siddharth@cdr-india.com / shruti@cdr-india.com 30 About Us & Investor Contacts