Event Type: Q2 and H1 FY'27 Earnings Conference Call hosted by Valorem Advisors.

Date and Time: Held on Friday, November 06, 2026. Specific time not mentioned in transcript.

Purpose: Discussion of quarterly results and strategic updates, including performance of dyes/intermediates business and progress on integrated copper/fertilizer project.

Management Participants:

  • Mr. Manish Kiri, Chairman and Managing Director
  • Mr. Jayesh Hirani, Vice President, Accounts and Finance
  • Mr. Suresh Gondalia, Company Secretary

Compliance Statement: The company included a cautionary statement about forward-looking statements being subject to risks and uncertainties. Purpose stated as "purely to educate and bring awareness about the company's fundamental business."

Financial Highlights Discussed:

  • Standalone Q2 FY27: Revenue INR 288 Cr (48% YoY growth), material margin 29.1% (vs 26.4% YoY), EBITDA INR 7 Cr (2.4% margin vs loss of INR 14 Cr YoY), loss after tax INR 23 Cr
  • Standalone H1 FY27: Revenue ~INR 584 Cr, EBITDA ~INR 30 Cr, PAT INR 248 Cr (supported by treasury gains in Q1)
  • Consolidated Q2 FY27: Revenue INR 299 Cr (40% YoY), EBITDA INR 2 Cr, loss after tax INR 39 Cr (before share of profit from associates)
  • Consolidated H1 FY27: Revenue ~INR 611 Cr, EBITDA ~INR 19 Cr, PAT ~INR 231 Cr (before share of profit from associates)
  • Q2 performance impacted by unrealized non-cash fair value loss of INR 57 Cr on treasury investments
  • Share of profit from associates (primarily Lonsen Kiri): INR 16 Cr in Q2, INR 37 Cr in H1

Strategic Updates:

  • Copper/Fertilizer Project: Progress on engineering, procurement, construction; equipment deliveries commenced; downstream value-added facilities planned ahead of smelting complex; phase one commissioning expected H1 FY28
  • Raw Material Sourcing: Advanced discussions with international mining companies/trading houses; secured visibility on 80% of copper concentrate requirements post-LME week participation
  • Mining Investments: Completed 40% stake acquisition in Makilala Mining (Philippines); incorporated Andamina SPA (Chile); Makilala expected to produce 140,000 tons copper concentrate with 100,000 tons coming to India
  • Market Conditions: H-Acid prices INR 1600-1800/kg; vinyl sulphone above INR 450/kg; Chinese H-Acid production below 50,000 tons due to new environmental regulations (continuous nitration requirement)

Forward-looking Statements:

  • Demand for dyes/intermediates expected stable in H2 FY27
  • Full benefit of price increases expected to reflect in Q3/Q4 FY27 due to order book lag (2-3 months)
  • Target peak dye business revenue: INR 1300-1500 Cr with 8-10% EBITDA margins
  • Copper business will employ 100% hedging on purchase/sale to maintain constant spreads

Additional Notes Section

Attachments: Transcript of earnings conference call was submitted as attachment.

Financial Data: Extensive financial data was disclosed in the conference call transcript.

Compliance: Document represents submission of transcript per Regulation 30 of SEBI LODR Regulations, 2015.