Slides
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Investor Presentation Q2 FY 2025 -26 1
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Business Performance 2 Notable improvement in operating performance in Q2 FY26 and H1 FY26 Liquidity of the company remains strong ▪ Revenue grew by 4% over the past quarter. (Revenue – Q2 FY26: ₹ 859 Cr vs. Q2 FY25: ₹ 828 Cr) ▪ EBITDA stood at ₹ 130 Cr in Q2 FY26 compared to ₹ 11 Cr in Q2 FY25 ▪ PBT stood at ₹ 158 Cr in Q2 FY26 vs ₹ 62 Cr in Q2 FY25 Q2 FY26 H1 FY26 ▪ 3% lower revenue mainly on account of weaker realisation. (H1 FY26: ₹ 1,902 Cr vs. H1 FY25: ₹ 1,969 Cr) ▪ EBITDA stood at ₹ 224 Cr in H1 FY26 against EBITDA of ₹ 217 Cr in H1 FY25. ▪ PBT(before exceptional item) is ₹ 284 Cr in H1 FY26 vs. ₹ 290 Cr in H1 FY25. ▪ Strong liquidity with free cash (net) of ~ ₹ 2359 Cr (Q2 FY25 : ~ ₹ 2,406 Cr) Improved realization in Q2 Volume dipped marginally in both Q2 FY26 and H1 FY26 ▪ Volume decreased by 6% during the quarter (Q2 FY26: 65,336 MT vs Q2 FY25: 69,341 MT) ▪ Volume decreased by 2% (H1 FY26: 157,465 MT vs. H1 FY25: 159,961 MT)
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0 200 400 600 800 1000 1200 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 PVC Prices and PVC/EDC Delta PVC (USD/MT) PVC/EDC Delta (USD/MT) Q2FY25 Avg Q2FY26 AvgQ2FY25 Avg Q2FY26 Avg 846 737 513 535 3
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570,686 EBIT (₹ Cr) Business Performance of the Company (H1 FY26 vs. H1 FY25) 4 Revenue (₹ Cr)Sales volumes (in MT) PBT (₹ Cr) -2% -2% 3% -3% 4,102 535 4,102 570,689 1,902 H1 FY25 H1 FY26 165 170 H1 FY25 H1 FY26 1,969 1,902 H1 FY25 H1 FY26 290 284 H1 FY25 H1 FY26 159,961 157,465
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(16) 67 103 Q2 FY25 Q1 FY26 Q2 FY26 EBIT (₹ Cr) Business Performance of the Company for Q2 FY26 Revenue (₹ Cr)Sales volumes (in MT) PBT (₹ Cr) 157% 25% -6% -29% 748% 4% -18% 53% 5 All numbers are on Standalone basis Q2 FY25 Q1 FY26 Q2 FY26 69,341 92,129 65,336 62 126 158 Q2 FY25 Q1 FY26 Q2 FY26 828 1,043 859 Q2 FY25 Q1 FY26 Q2 FY26
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Summarised Income Statement All numbers on Standalone basis 6 ₹ Crore Particulars Sep-25 Jun-25 Sep-24 Sep-25 Sep-24 Unaudited Unaudited Unaudited Unaudited Unaudited Income Revenue from operations 858.74 1,043.15 828.43 1,901.89 1,968.92 Other income 59.60 64.68 84.24 124.28 139.14 Total income 918.34 1,107.83 912.67 2,026.17 2,108.06 Expenses Material cost 492.23 702.84 581.10 1,195.07 1,249.68 Employee benefits expense 52.01 58.35 56.45 110.36 114.03 Finance costs 4.30 5.51 6.80 9.81 13.45 Depreciation and amortisation expenses 27.44 26.61 26.43 54.05 52.51 Other expenses 184.33 188.37 180.31 372.70 387.99 Total expenses 760.31 981.68 851.09 1,741.99 1,817.66 Profit before exceptional items and tax 158.03 126.15 61.58 284.18 290.40 Exceptional gain - - - - 416.99 Profit before tax 158.03 126.15 61.58 284.18 707.39 Tax expense 38.83 29.22 10.14 68.05 150.75 Profit after tax 119.20 96.93 51.44 216.13 556.64 EBITDA 130.17 93.59 10.57 223.76 217.22 EBITDA % 15% 9% 1% 12% 11% PBT% 18% 12% 7% 15% 15% PAT% 14% 9% 6% 11% 28% Quarter ended Half year ended
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Summarised Balance Sheet 7 (All amounts in ₹ Crore, unless otherwise stated) Sept 30, 2025 Mar 31, 2025 ASSETS Fixed Assets 1,015 1,008 Capital WIP 41 73 Financial assets 2,375 2,639 Other non-current assets 16 27 Non Current Assets 3,447 3,747 7 Inventories 749 782 Investments 1,892 2,144 Trade receivables 325 379 Cash and bank balances 79 125 Current assets 117 45 Current Assets 3,162 3,476 Total assets 6,609 7,223 Equity and Liabilities Share Capital 124 124 Other Equity 5,666 5,855 Total Equity 5,789 5,978 Financial liabilities 5 10 Non-current liabilities 217 258 Non current liabilities 222 267 Short term borrowings 10 221 Current liabilities 276 312 Trade paybles 311 444 Current liabilities 598 978 Total equity and liabilities 6,609 7,223 Particulars Standalone
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Summarised Cash Flow Statement 8 Sr No Particulars Sept 30, 2025 Sept 30, 2024 I Cash flows from operating activities Profit before tax 284 707 Adjustments for Depreciation and amortisation expenses 54 53 Profit on sale or fair value of investments (net) (68) (78) Dividend income (20) (19) Exceptional item - (417) Interest income (34) (39) Finance costs 10 13 Other adjustments (7) (5) Operating profit before working capital changes 219 215 Cash (used in)/ generated from working capital changes (146) 206 Less - Income-tax paid (61) (105) Net cash generated from operating activities 12 316 II Cash flow from investing activities (19) (53) Proceeds from sale of assets classified as held for sale - 420 Investments purchased (net) 384 (415) Redemption/ (Investments) in fixed deposits (net) 22 (69) Interest income received 21 19 Net cash used/(generated) in investing activities 407 (99) III Cash flow from financing activities Finance costs paid (10) (14) (Repayment)/ proceeds of short-term borrowings (net) (216) (36) Dividend paid (Net of Unpaid of Rs.8.88 cr) (214) (155) Net cash used in financing activities (441) (204) IV (22) 13 V Cash and cash equivalents at the beginning of the year 44 2 VI 23 15 Payment for purchase of fixed assets (net) Net increase / (decrease) in cash and cash equivalents at the end of Cash and cash equivalents at the end of the year (IV+V) (All amounts in ₹ Crore)
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Marketing Initiatives Q2 : FY 25 -26
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22 Cr+* People reached through ATL, sponsorships and social media 55 Lakhs+* People reached through on-ground events & exhibitions across India Highlights *The data mentioned above are not unique & may contain overlaps within the platforms 18
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Brand Integrations & Festive Campaigns TV campaigns- Weather branding in regional news channels in 13 states Pandharpur Return Wari Engagement Print Ads & PR PM’s Birthday Wish Ad in TOI 19
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BTL Campaign: On-Ground Festival Activations • Ganesh Chaturthi – 50,000 Nos of Arti Booklet Distribution at Dagduseth Pandal, Pune • Ambaji Pad Yatra – 10,000 Nos of Cap Distributions & On-Ground Activation at Gujarat • Shravani Mela – 1000 Nos Raincoat distributed for the Police Authorities at Uttarakhand 20
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BTL Campaign: Network Engagement, Brand Visibility & Utility Support • Dealer & Retailers Branding - Pune (MH) & Mehboob Nagar Telangana ( 255+ Counters) • Stationery Kit Activity for Retailers (7849+ Retailers) • Dealer Birthday Celebration via Ecard giftings + Cake cutting celebrations across the country 21
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Dealer Participation: Top 72 Dealers from Maharashtra, Gujarat, MP,CG, Goa and Rajasthan. Meet Dates: 28th - 30th July’25 Key Highlights: - Introduction to Mr. Arunkant Ojha, the new incoming President Sales & Marketing - In-depth discussions with dealers on business strategy and growth - Collaboration between Dealers & Head Office team - Gala Dinner Night and engaging activities fostered strong connections Customer Business Meet - Top Dealers of West Zone 22
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Global Event Participation : Lokmat Global Convention – London (18th August’2025) Our Chairman, Mr. Prakash P. Chhabria, has been honored with the prestigious Kohinoor of India award. 23
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CSR Updates
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Presence of Mukul Madhav Foundation in India 25
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26 SUSTAINABLE DEVELOPMENT GOALS (SDGS)
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Working in 15 out of 16 CSR Mandated Areas 27
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28 Agriculture & Rural Development Support to Differently Abled ▪ Provided toolkits, training, and capacity-building support to tribal women and small farmers for poultry development and sustainable agriculture along with implementation partner Shiva Livelihoods. ▪ Empowered farmers to adopt improved livelihood practices, reduce costs, and enhance food security. By promoting sustainable methods in poultry and agriculture, the activity strengthened household resilience and supported inclusive rural development. This benefitted 400 farmers. Environment Sustainability- Climate Action CSR activities Q2 FY26 - some snapshots ▪ Renewed partnership with the Association of People with Disabilities (APD) to support differently-abled children and adults through education, awareness, and rehabilitation programs along with Association of People with Disabilities. ▪ Renewed partnership to provide rehabilitation, educational, therapeutic, and vocational support for children and young adults with deaf blindness. ▪ Support provided to Mahesh Padhiyar aged 31 years, to start a stationery shop after a road accident resulted in disability. ▪ Three-day medical outreach and 10th anniversary celebration of Mission Cerebral Palsy, including consultations, therapy assessments, and NIRAMAYA Health Scheme enrollment. ▪ Tree plantation project in collaboration with Mr. Rohit Rakshita and Yashwantrao Chavan College, Karmala. 250 trees planted on secured grazing land, enhancing local ecology and supporting climate resilience.
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29 Promoting Gender Equality and empowering women CSR activities Q2 FY26 - some snapshots ▪ Training women in cutting and tailoring, delivered with a full curriculum and ITI certification, expanding vocational options for rural women (Implementation Partner Hope Foundation). Impacting 33 out of 55 trainees certified, fostering independence, employability, and new income streams in conflict-affected communities. ▪ Comprehensive digital literacy and entrepreneurship training for rural women, covering e-marketing, milk ATM setup, and food micro-enterprises, in partnership with FICCI FLO Pune. This is to ensure women to be prepared for the digital economy, encouraging micro entrepreneurship and supporting dairy and nutrition-based businesses for sustainable regional growth. ▪ Expanding capacity-building for women’s livelihood with hands-on training in mushroom farming and eco-friendly water hyacinth products, utilizing local resources for sustainable earning, with FICCI FLO North East Chapter along with implementation Partner Yuva Vikash Kendra. This is to ensure promotion of environmental stewardship and steady income while encouraging practical entrepreneurship and skill-sharing. ▪ Distributed sewing machines and beauty parlor kits, paired with local mentorship to promote women’s entrepreneurship in tailoring and beauty services along with implementation Partner BAIF Development Research Foundation This is to ensure reduced employment barriers for rural women, encouraged self-reliance, and fostered a ripple-effect of community mentorship. ▪ Hands-on workshop for women in aromatic plant cultivation, traditional deg-bhapka and steam distillation, blending, and product quality testing along with implementation Partners FLO Lucknow, Tirwa Farms . This is to ensure women’s to be professionally trained in sustainable fragrance and essential oil production, advancing heritage crafts and local entrepreneurship.
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30 ▪ Ongoing collaboration to provide treatment for children with clubfoot, including brace provision, physiotherapy, surgeries, and post-care support, addressing high regional demand along with CURE India. Children from under-resourced families are enabled to enjoy independent, healthy childhoods. ▪ Three-day medical camp for truck drivers and cleaners offering oral cancer screening, dental and eye exams, nutritional counselling, physiotherapy, dermatological screening, and blood tests. Delivered comprehensive free health services to truck drivers and cleaners, addressing key health concerns and promoting wellbeing. ▪ Free medical camp for army personnel and their families providing consultations in pediatrics, general medicine, ENT, dental, dermatology, bone density screening, diet/nutrition counselling, ophthalmology, and gynecology along with Army Welfare Women Association (AWWA), New Delhi; and hospitals from Pune, Pimpri, Karad, Chandoli. This offered comprehensive healthcare access covering multiple specialties to army family members. ▪ Awareness and blood testing camp for MCA students, with 70 attending and 60 tested for CBC, Thalassemia Minor, and Blood Sugar along with Thalassemia Society (Pune Chapter), KEM Hospital, Jankalyan Blood Bank. The program reached 16+ colleges, conducted 5,000+ tests, engaged students across streams since 2023. ▪ Youth Mental Health Program, included sessions on psychological first aid and career guidance in the social sector. Promoted mental health awareness and open dialogue among youth participants and 30 NGOs, fostering greater understanding and support for mental wellness. ▪ Multi-speciality health camp with screenings for eye, dental, pediatric, dermatology, ENT, and nutrition education for students and staff along with Bharati Hospital, Pune; H.V. Desai Eye Hospital, Pune. Students received preventive check-ups and referrals, promoting early care and healthy habits. ▪ Major upgrade and capacity expansion of the Neonatal Intensive Care Unit (NICU) with 10 beds to address rising births and critical newborn care needs in 32+ rural villages. This enhanced neonatal care for infants from over 32 villages in Mulshi Taluka, enabling advanced treatment closer to home. ▪ Providing medicines and filters and conducting awareness sessions. Provided critical support to individuals suffering with thalassemia. ▪ supporting patients with blood tests, awareness session and data collection for research. Provided critical support to individuals suffering with Diabetes. ▪ Providing medicine kits and conducting awareness sessions. Provided critical support to individuals suffering with TB. ▪ Sweaters distributed to students at Panchgani Municipal School to support their comfort during the colder season, also being supported through provision of teachers & ancillary educational items to enhance learning quality. This is to ensure improved student’s well-being and strengthened academic environment through combined educational and seasonal support. Promoting Preventive Healthcare CSR activities Q2 FY26 - some snapshots
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31 • Providing clean drinking water to schools, treated fluoride- contaminated sources, built SMC capacity, improved WASH infrastructure, and promoted hygiene awareness and ensured access to clean water and better sanitation for students improving health, attendance, and hygiene behavior. Beneficiaries: 533 students across 6 schools Clean Water & Sanitation CSR activities Q2 FY26 - some snapshots • Educational materials and resources provided to Pune Seva Sadan Society’s Dilasa Kendra and associated institutions. This is to ensure enhanced quality and inclusivity of learning environments, supporting diverse learners and special education needs. • Distribution of bicycles to school students along with implementation Partners FICCI FLO Pune Chapter & FICCI FLO Vadodara Ch apter. This is to ensure Promotion to education access, reducing dropout rates, and empowering girls by easing their school commute. • On-site fire safety training with a practical fire drill, emergency response sessions by Finolex Industries safety experts, including a fire van equipment demonstration and evacuation practice. Approx. 600 students and teachers gained essential safety skills, improving emergency preparedness and school resilience. • Funding salaries of seven teachers to ensure quality education along with Akanksha Foundation. This is to ensure supporting quality education and community development. Promotion of Education through Mukul Madhav Vidyalaya • 164 students from Grades 6–9 participated in the HCL Jigsaw National Critical Thinking and Problem-Solving Quiz Competition’s first online round. • Students participated in a mock election to learn about democratic processes. The first session introduced election basics an d ballot preparation, while the second session featured an in-class polling area managed by student officers. All students voted confidentially, and a president and vice-president were elected. Promotion of Education
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32 Eradication of Hunger and Poverty ▪ Provided monthly fodder support for 67 cows at Someshwar Shantipith Goshala, Ratnagiri. ▪ Improved the nutrition and overall health of cows while ensuring consistent care and sustenance, contributing to better livestock management and welfare. Animal Welfare CSR activities Q2 FY26 - some snapshots Skills and Livelihood ▪ Welding training program inaugurated for jail inmates, covering practical welding techniques and industry relevance along with Maharashtra Utkarsh Associates . This is to ensure Inmates to gain vocational welding skills and certificates, improving post-release employability and livelihood prospects. ▪ Special plumbing training sessions at Vadodara Central Jail for inmates focusing on product knowledge, production processes, quality management, and career opportunities along with implementation Partners Government ITI Tarsali. This is to empower inmates with technical plumbing skills, enhancing post-release employability and livelihood prospects. ▪ Monthly grocery support to various institutes. This is to ensure improved food security and reduced the financial burden of the institute in Maharashtra, Gujarat, Rajasthan & Karnataka ▪ Hot meals to pavement dwellers and school students. Students and underprivileged individuals will now have access to nutritious meals at Pune, Maharashtra ▪ Inauguration of chapati-making machine donated with traditional rituals at the Annachatra, Pandharpur. This is to ensure enhanced food service efficiency supporting community meals.
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THANK YOU