q1 transcript 2026

MANAGEMENT

MR. BBHARAT VAGERIA – MANAGING

DIIRREECCTTOORR – TIME TECHNOPLAST LIIMMIITTEEDD

MR. NAVEEN JAIN – WHOLE-TIIMMEE DIRECTOR,

TEECCHHNNIICCAALL – TIME TECHNOPLAST LIIMMIITTEEDD

MR. VVISHAL ANIL JAIN – NON-EXXEECCUUTTIIVVEE DIRECTOR

– TIIMMEE TECHNOPLAST LIMITED

MR. SANDIP MODI – SENIOR VIICCEE PRESIDENT,

ACCCCOOUUNNTTSS AND CORPORATE PLLAANNNNIINNGG – TIME

MODERATOR

MR. ABHIJEET MUKESH PUURROOHHIITT – KAVIRAJ

Moderator

Ladies and gentlemen, good day and welcome to the Q1 FY27 Earnings Conference Call of

Time Technoplast Limited, hosted by Kaviraj Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Mr. Abhijeet Mukesh Purohit from Kaviraj Securities. Thank you and over to you, sir.

Abhijeet Purohit

Thank you. Good evening, ladies and gentlemen. Kaviraj Securities welcomes you all for Q1

FY27 earnings conference call of Time Technoplast Limited. We have with us the management team, which is represented by Mr. Bharat Kumar Vageria, Managing Director;

Mr. Naveen Jain, Whole-Time Director Technical; Mr. Vishal Anil Jain, Non-Executive

Director; Mr. Sandip Modi, Senior VP Corporate Planning and Accounts; Mr. Hemant Soni,

Legal and Corporate Affairs; Mr. Bhaumin Shah, Manager Investor Relations. Now, without any further delay, I hand over the call to Mr. Bharat Kumar Vageria for his opening remarks, post which we could open the floor for Q&A. Thank you and over to you, sir.

Bharat Vageria

Yes, good afternoon my esteemed investors, respected members of the board, valued stakeholders, and thank you, Mr. Abhijeet, for the gracious introduction. It is privilege to address you today as present our financial and operational performance for Q1 FY2027 and share our outlook for the remainder of FY27 full year.

Update on the current geopolitical situation, as we all are aware that global market continue to navigate the geopolitical uncertainties during Q1 FY27, which started in on 28th February in the last quarter, March month was there. Particularly, development in the West Asia and ongoing Russia-Ukraine conflict, which is continuing since last three, four years, which contributed to volatility in energy and the raw material markets, which is the main inputs to the our 75% product, which is call as a polymer products.

Polymer prices witness significant movement during the quarter and our predominantly B2B business model establish pricing mechanism enable us to effectively manage input cost fluctuation and the maintain operational stability. Because of B2B business, we able to pass on price increases to our customer with the time gap of 20 to 25 days. At the same time, India focus on strengthening energy security, expanding gap -- gas infrastructure and accelerating adoption of the cleaner energy solution, continues to create significant opportunity across our portfolio.

We remain encouraged by the growing momentum in composite-based applications, supported by the approvals received for Type 3 and Type 4 hydrogen cylinders, ongoing development of higher capacity solutions for hydrogen applications, and progress towards the commercialization of 14.2 kg composite LPG cylinders. The recent LPG HPCL Swiggy

Instamart pilot further validate and advantage of lightweight composite cylinders for the modern LPG distribution and the last-mile delivery application.

Page 2 of 18

Time Technoplast Limited

August 06, 2026

Supported by this -- sorry, supported by this structural growth drivers, our composite products business continue to deliver strong performance and remain one of the key pillars of our long- term growth strategy. Our composite products segment emerge as a key growth drivers during the quarter, delivering a growth of about 29%, precisely it is 29.3%, making a significant contribution to overall business performance, supported by sustained demand across our broader composite portfolio.

Most importantly, our profit after tax registered a growth of 22.2%, underscoring our continued focus on the operational excellence, capacity optimization, cost efficiency, prudent financial management. Our disciplined approach towards the controlling finance cost and the improving operational leverage continue to strengthen profitability and the shareholders' value creation.

We remain highly optimistic about the opportunities ahead, particularly in the composite product segment, where the demand momentum continue to be encouraging. This is reflected in our robust order book of approximately INR185 crores. In parallel, our value-added product portfolio, including IBC, composite product, continue to witness healthy market acceptance and the sustained growth.

Our industrial packaging division has also maintain steady and consistent performance across the market. Further, reinforcing our growth visibility, we are pleased to announce confirmed packaging orders of approximately INR400 crores for the current calendar year, spanning both domestic and international markets. To -- achievements reaffirm strength of our diversified business portfolio, scalability of our operations, and strategic direction we have pursued over the years.

As industries globally transition towards the cleaner, safer and more sustainable energy and packaging solution, we believe our company is exceptionally well-positioned to capitalize on these structural growth opportunities. Looking to ahead to the FY27 and beyond, we remain committed to accelerate sustaining growth, enhancing opportunity efficiencies, expanding our innovation lead product portfolio and delivering long-term value for all our stakeholders.

With this, let us move to the detailed review of our financial and operational highlights for the first quarter of the year. I invite you all joined us as take through the key performance insights and strategic development shaping our future growth journey. The key figures are during the

Q1 net sales INR1,694 crores as against INR1,354 crores last year, same period. EBITDA

INR225 crores as against INR196 crores.

PAT, after tax, is INR116 crores as against INR95 crores. The volume increased by 11%, which contribute India 10%, overseas 14%. Net sales increased by 25%, India 30%, overseas

17%. While on these figures, I'll just clarify you, my overseas business in the sales revenue for the January, February and March, because overseas follow the calendar year. So January,

February, March overseas business, and India business April, May, and June.

Therefore, you have seen the volume difference and volume difference of the overseas and net sales difference is only 3%, but India, which is 20%, because volume growth is 10%, revenue

Page 3 of 18

Time Technoplast Limited

August 06, 2026 growth is 30%. And that gap is going to be continue because overseas follow the calendar year and India follow the financial year, which is beginning from April.

So EBITDA increased by 15%, PAT increased by 22%. The higher EBITDA growth relative to volume growth demonstrate the company ability to improve profitability through effective pricing, product mix, operational efficiency, rather than relying solely on the volume expansion. I'm also pleased to share our overseas subsidiaries have delivered robust performance in Q1 FY27, despite ongoing global uncertainty.

And I'm given the -- I have received the commitment from international team, that is growth will be going to continue in the period ahead also. Share of the business, established product versus value-added product is 25.4% and it is going to be continue. Share of the India and overseas business is 65% versus 35%. 65% India, 35% overseas. And overseas 35% is also de- risked in the various countries, 10 countries we have a presence.

EBITDA margin in India and overseas almost about 13%. So India is 13.4%, overseas is

13.1%. PAT margin, overseas is higher because of the tax provision in India is higher and less tax provision required in the overseas. So PAT margin in India is 6.5%, overseas is 7.6%. Net cash from operating activity is INR155 crores in this quarter. Debt, net of debt, is was reduced by debt reduced by INR90 crores this quarter.

Total capex incurred during Q1, INR75 crores, which includes INR28 crores towards the regular maintenance capex, capacity expansion, reengineering, and automation for established products, and INR47 crores towards the value-added product, IBC and composite cylinders.

I would like to draw your attention couple of interesting development which has seen. Most of the things I have given in my earnings presentation, which is loaded on the BSE and NSE site also, and the company site. But very quickly, I will go through that. The despite the global war situation, FY26 performance target continue to remain strong momentum in Q1 '27, and that is to be continue.

The company remain well-positioned to sustain growth momentum and not changing any guidelines for the target because growth guidelines, volume growth I am talking, revenue growth depending on the prices of the input, which we don't know when the war will be over and the prices will be stabilized.

But yes, volume growth, as committed, will be above 15%. Share of the non-core assets, I mentioned in my that document also, but again, due to consolidation of the product, due to consolidation of the assets, the revised non-core assets is INR134 crores, for which realization commenced from Q1, and this quarter INR9 crores have been realized.

Balance will efforts will continue for realization occurs by sale of that particular item. Focus on the improve ROCE, that's continue focus will be there to increase 1.75% every year, and in the 3 years' time, it will reach to 24%, which March '26 was 19%. Acquisition update, I had given in my presentation, but yes, one small acquisition where the investment was only INR25 crores completed, equity have been acquired.

Page 4 of 18

Time Technoplast Limited

August 06, 2026

And now, that company which operates in Dhule, especially for PE pipe product, is already all plants have been made, all clearance have been observed, and from Q2, commercial production will start from that location. Another acquisition which was announced was

Ebullient Packaging Private Limited. Again, I have put up my all financial figures reference to this company in this board meeting, but again, board told me, Let's war should stabilize, prices should stabilize, then only will come to know exactly the volume growth of that company which is acquired.

Because revenue growth may be 25% to 30% on account of the prices increase. So when we will come to know sustainable EBITDA, only the war situation and the prices stabilized, because company presents do the business, presently do the business 60% export and 40% local business, and their export is also affected in nearby countries, mainly in the Middle East countries where they have export, for other countries, they are continuing.

So I have to follow my board guidelines, which again, we will see after settlement of the war and normalise of the businesses. Subject to that the that opposite company also should accept our terms. Otherwise, we will again put in the next board meeting, and we'll take whether this fund, which is lying in the general corporate purpose, may be used for the other purpose in the company and other better opportunity if available.

And consolidation of product and manufacturing units is continue as a part of this year. I'm just once again clarify you, the year 25-26 and 26-27 is a year of consolidation of the products unit, and do the capacity requirement after considering the automation. So therefore, these 2 years' expenses, capital expenses is high, which includes money received under the QIP plus already projected finance finalized prior to the QIP.

So this year, 26-27 and 25-26, capex will be in the range of around INR350 crores, but later on, subsequent to 2027, capex will be the normal capex, which will be in the range of INR200 crores to INR250 crores to capture the 15% growth for at least next 3 to 4 years. And when I talk about the capex requirement, at the same time, we should see the capacity utilization at present company in India is around 80% and overseas it 85%.

And when management planning to achieve growth over 15%, so definitely brownfield and greenfield expansion will be required, therefore, which we are considering the capex higher in this period. Green energy conversion electricity unit, that is continue. As we have mentioned that energy storage system in India, where the solar power is available, we are trying our best wherever in the state we operate, and if this facility available, we are capturing that.

As per the present estimation and the agreement signed, we were able to save around INR12 crores this year on account of the energy solar power, which the agreement have been signed.

And this next year, definitely certain new states where this policy is coming, and it will be increase further, because as per our current estimation, if wherever our company operates states and the all solar that states clear the green power by way of a solar, then we can save more than INR35 crores.

Page 5 of 18

Time Technoplast Limited

August 06, 2026

But we have doubt whether certain states will follow these guidelines or not, because the surplus power, government power itself is available, so will not allow to the solar power. But that we will update quarter-on-quarter, which are the states coming up for the solar energy. So then every time the best judgment can be taken.

Products update, like hydrogen Type 3, Type 4, fire extinguisher, air receiver tanks, batteries for power sectors, then is already developed. Another product development, higher capacity of

250 liter and 350-liter cylinder for CNG cascade operations, hydrogen operations, that will make our product more competitive. And as we get the approval, we will be update to the market.

We expect in the next 90 days, some of the approvals will be in hand, so that we can produce and our product value key will be more cost advantage compared to other available products, in spite of additional benefits available for composite products, lighter weight and long shelf life. Update on the LPG cylinders, yes, we have updated time to time, and once again, because some of the new investor, you are not aware about how the requirement of the LPG cylinder in

India, I just would like to update.

In current position also, around 32.6 crores active connections are here in India, because most of the 70% backward rural sector still people are using the LPG cylinders. And further, 50 crores cylinders are in circulation. And it currently, this government is offering 5 kg, 10 kg cylinders, and for commercial applications, bigger size like 15 kg, 26 kg.

And as you have seen recent development which is happened, specially which we have updated also, recent company received the order for 140,000 cylinders from HPCL. Further, immediately HPCL had tied up with the Swiggy Instamart for the delivery, immediate delivery, and we all are aware that e-commerce delivery day by day is increasing.

Nobody has a time to go to the collection centers and give the cylinders and get back, but if you are getting within 10 minutes, 15 minutes instant delivery, which will increase the business of the LPG cylinder. So it's a good development as far LPG cylinder, and this development is going to be continue by the other oil gas distribution companies also, like

Indian Oil, then BPCL, all companies going to be have that follow in the other suppliers of the gas.

Then some of the specific products like CNG higher capacity, 250, 350 I mentioned to you, going to get the approval, that will reduce the cost of the products, and it will be more saving products for the end users. Then further, as far as fire extinguisher, yes, very good market, company's first focusing on the oil marketing company, refinery company where the 800,000 units are required.

Product is ready now and it is now commercial under discussion, and you will hear good volume of the business in the second half of this year. Then composite air receiver tank, again it's a OEM business, which every air receiver tank used in the electrical vehicle, all types of the buses and the trucks, need air receiver tank.

Page 6 of 18

Time Technoplast Limited

August 06, 2026

So company has developed in-house air receiver tank, which is cost competitive compared to currently available MS tank, receiver tank. So it will give the lightweight advantage to all the

OEM, who are the bus manufacturers and the truck manufacturers. And for your information, I want to update, every trucks or buses need 3 to 4 tanks in one vehicle, whether it's electric, whether diesel or a petrol.

So very large requirement in the sector and that company has developed in-house by using existing composite technology available. Then we have a one subsidiary company, Power

Build Batteries Private Limited. Already 4 products in the previous year which is developed, e- rickshaw batteries, power sector batteries and another data center area batteries, which is very large market.

So initially for agreement have been tied up with the Monbat company in Europe, who is the battery manufacturers of the data center batteries. And we all are aware that how the business data center is increasing in India, because there is a major business expansion where the energy storage equipments will be required there. So it's a good opportunity in that energy storage space.

And that company is currently doing in business in the range of INR125 crores, but projecting over 30% growth year-on-year for at least next 3 years. And there will be the EBITDA substantially expansion will be there, which currently 12% and targeting to reach 15% in the next 2 years' time.

Then project-related, yes, we have given in our earnings presentation, but just highlight, as I mentioned to you, year '25-'26 and '26-'27 is the year of the consolidation of units and the product. Therefore, in the year this '25-'26, company completed fully automatic plant that near

Mouda for the composite products, and which again, some of the investor are asking and then can tell to their friends also, who are the investor or they would like to visit the plant.

The company is organizing visiting to the plants in the western area, especially this Mouda plant, which is the automatic plant, fully automatic plant, and all the most of the equipments imported only. Plant is commensurate the production, and that is able to see. And plant schedule on 21st and 22nd August, which is called Friday and Saturday.

So any interested investor and their friends would like to visit the plant, they can register their name, so logistics arrangement will be carried out. So Mouda plant completed. Another, that green recycling, green field recycling plant completed, that's also wholly-owned subsidiary of

Time Technoplast. The name of the company is Time Ecotech Private Limited. That also will be unit visit during 21st and 22nd August schedule.

Then another place called brownfield automation IBC facilities, fully automatic plant in

Silvassa Phase 1 completed, Phase 2 is under implementation. So Phase 1 where you will see the automation by using the robotic technology, and similar automation will be carried out at other locations also in India and overseas.

Then further, we have done the Gummidipoondi near Chennai. The pipe production facility separately have been installed and operational already, so that existing spare space can be

Page 7 of 18

Time Technoplast Limited

August 06, 2026 utilized in expansion of the brownfield for the packaging product, because market demand is good as far as southern regions are there.

Then we have completed in overseas also, Georgia is the USA, where the good demand is there, and I am glad to tell you, U.S., capacity utilization is above 90%. Company's currently operating in the 5 states, and further 6 states are under implementation. Before end of the year, that plant will be finalized, because company is looking after on the built-to-suit premises on the ready basis. So that will give the more opportunity for increase our presence in USA.

Then further, as I mentioned to you, '26-'27 is again year of consolidation units and the products. Therefore, very aggressive plans have been taken. Therefore, the capex I mentioned to you will be in the range of INR350 crores. And thereafter, the capex will be in the range of

INR200 to INR250 crores, which includes maintenance capex of INR100 crores, considering the size of the business and to capture the 15% growth.

The project of 2027 includes in Gujarat, Sanand, where company has already submitted plot, plans is under approval. Another in Odisha, again, the government allotted land, and the plans have been submitted for the buildings, as rains will be over, construction active will be started.

Chiplun, Maharashtra, looking after the infra development and the chemical zone is in

Chiplun, Maharashtra, packaging products and PE products will be there.

Then north and southern region expansion of the Ecotech recycling as the commitment given for the QIP funds, which will be invested further, and it's a similar to western region plant, which already my investor will be able to see during their visit.

Then Saudi Arabia, plant is there, building almost will be completed in the next month's time.

Then depending on the war situation, the machinery will be commissioned, and demand is already there. And some of the consolidation of the existing unit in the Saudi, per further expansion will be carried out with the 100% ownership of the Time Technoplast.

Growth drivers, segment-wise major segment packaging, yes, we consider growth of 11% to

13% in this year, whole year, and that is going to be continue. Composite products growth estimation over 25% to 30%, focus is completely there, which has a higher margins also, then only the ROCE and EBITDA margin will be improved.

PE pipe, consider more than 20% to 25% growth. Most of the business, PE pipe carried out, almost 35% to 40% business in the first half always, and 60% to 65% business in the second half, considering the government guidelines, government project. And the last quarter always in the PE pipe business is a very high, because otherwise if the EPC contractor do not complete the project, government levy the delay charges from them and delay project charges.

Other product, 10% to 12%. All combined put together considering growth of over 15%. When

I am highlighting on the volume growth, at the same time, I am very sure investor would like to understand the volume growth will be 15%, then what will be the EBITDA and PAT growth? I am very clear, considering the automation, considering the power cost saving, considering manpower cost reduction on account of the automation.

Page 8 of 18

Time Technoplast Limited

August 06, 2026

I am very clear, when the growth volume growth will be 15%, then definitely EBITDA growth will be 19% to 20% and PAT growth will be 23% to 24%, considering the debt repayment already carried out and the company considering the operational cash flow from the operating activity and the commitment provided already towards the debt obligation. And further, already company has considered a capex plan of INR350 crores this year.

So, absolute EBITDA, as I mentioned to you, relating to volume growth. So percentage for the time being till the war situation improve, do not see the percentage of the EBITDA, because prices are uncertain.

And EBITDA growth drivers very clear, increase in efficiency, consolidation of products and units, manpower cost saving, power cost saving, finance cost saving, and realization of non- core assets, which is already identified as the consolidation of the products and unit is going to be, parallely, disposable action will also also be taken.

Now, I know that I have taken too much time of you, so remaining time, I would like to open for the question and answer for the specific, which I have not covered and which is not covered in my earning presentation, which is quite detailed submitted to the BSE, NSE, and available on the site also.

One my request, considering the time short, if any my investor have asked one question, others should listen properly, they should not repeat the same question. Right? Thank you.

Moderator

The first question is from the line of Kumar Saurabh from Scientific Investing. Please go ahead.

Kumar Saurabh

Hello, sir. Am I audible?

Bharat Vageria

Yes, just a minute, let me reduce the voice. Yes.

Kumar Saurabh

Sir, my question is on the working capital days. In last 2 years, it looks like our working capital days is deteriorated and cash flow growth is also has been stagnant. So will it change?

That is one. And second, once we are done with this high capex cycle, I think the kind of growth we are having, we should be doing INR600 crores, INR700 crores of cash flows.

So how do you plan to utilize, because you have done a excellent demonstration, sir, and congratulations for good set of numbers, we are almost getting debt-free and we will be generating more cash, so do we have some inorganic growth strategy in plan in next 2, 3 years once we start piling up cash? These are 2 questions.

Bharat Vageria

Yes, Saurabh, I think you have a good question, but we are little conservative. First question is right, the washing facility, but you know the statutory requirement for the green energy we have to use, especially the packaging product.

Now in India, packaging product is almost, if you total packaging product is almost 75%, but packaging product which we divided in two parts, India and overseas, then India, we have a

50%. So I consider in my overall revenue around 35% is the packaging business, and out of

Page 9 of 18

Time Technoplast Limited

August 06, 2026 that packaging business, we have to use 30% recycle material, and that also government has given certain exemption.

The product which have already exported, no requirement to compliance, and product which going in the food and pharma companies also not required. So I consider washing line, that is again, even I need to pay cash buying material from the secondary market to my agent to arrange the inputs for me, because I do not buy that material on the credit basis. I have to pay them cash immediately by money transfer in their account, then my agent will get the material, that material will come to my recycling plant.

It is the statutory requirement, but I do not think that will disturb our anywhere working capital cycle time. I am coming out very important thing, my working capital cycle time prior to war situation, you see the December 2025, my working capital cycle time reach to 100 days, which was disturb at the time of the COVID period, and we had kept our target to reach the working capital cycle time of 90 days. How 90 days we considered? Very clear.

70 days is on account of the receivables, 65 days is on account of the inventories, that is called

135 days. 45 days is on account of the creditors we minus, then the balance 90 days is our working capital cycle time, we ourselves have kept the target.

In the last quarter of March '26, it is disturb because of the raw material prices increase by

INR40, almost 25% to 30% suddenly in the March because of the West Asia war. So that therefore, working capital cycle time increase to 115 days, which now you see already in this quarter, where some prices have stabilized. Okay, so I think reach to 110 days reducing. So again you will see in the next quarter it will further reduce.

We are targeting ourselves at the end of the year, it should reach to around 100 days, come back to the original which was in December. But yes, you asked me the 3 years down the line or 2 years down the line, definitely my target is 90 days.

Now, you are right, you are asking when company has a cash from the surplus fund, what to do? Very clear. When anybody is giving me the fund, once I have made the repayment of the debt, what to use this money? You know very well, most of the company, and I have always follow the my guidelines of the valued investor, we have certain large mutual funds are there.

We will take guidelines of the board and our valued investor, and will do the investment, yes, if any opportunity arise where I can increase my more ROCE, where the good value of the business we are getting it, then definitely the organic and inorganic growth, both are open for us.

But yes, if a company surplus fund, that is funds are for the investor funds and funds of the promoters for their share of the holdings only. Yes, because we can also see the explore the possibility as time required to buy back the shares of the company at the right time, so that will also give the enhanced value to my valued investor.

Page 10 of 18

Time Technoplast Limited

August 06, 2026

But yes, we have to follow the certain guidelines of the SEBI and stock exchange, what is the timeline, when we can do the buyback. So definitely '27 onwards, definitely we can consider this aspect.

Further, company focus to increase the return whatever profit earnings, PAT earnings are there, certain payout ratio also will increase. So I also investor have a opportunity to see the other options available.

At the same time, I am telling you, we have discussed yesterday in board meetings also, and further going to discuss in the upcoming board meeting, because we have come across so many other things also where that products fitted in the company's guidelines, because promoter have an experience in this line, polymer products, polymer buying, nationally, internationally, across the 10 countries experience.

So what other opportunity where company can get good value of the return of the money, and that also possibility will be explore in the in the period ahead. So yes, as you are worried, we are also worried. Once when company do not have a funds, people have a problem. When the company has more fund, then also the problem multiply, because you have a funds, you have to invest it and give the return.

So definitely we will take the majority advice from our investor and the board and do the best interest of the both. You got my answer?

Kumar Saurabh

Yes, thanks for the detailed answer, sir, and thanks for the great execution. Wish you all the best and I would love to be part of the plant visit, I will reach out to the IR team separately.

Thank you, sir.

Bharat Vageria

Thank you, sir. Yes.

Moderator

Thank you. The next question is from the line of Karan from Guardian Capital Partners. Please go ahead.

Karan

Hi, thanks for the opportunity. Sir, last quarter, you had indicated that the polymer price increase pass-through would happen over the coming months. So I want to understand how much of that has been passed on to the customers, and is there still a meaningful amount left to be passed on?

Bharat Vageria

No, I am just very clear. Tell you, what is our pricing system? Because most, I can say 70% to

75% customer, just for example, I am telling you April, May, and June month, there was the increase, no downward was there. Only the downward started from July only, and July also, this local manufacturers' prices change either Monday or Thursday. Why they do Monday?

Because Friday they used to receive the ICIS report, there is the international report, and on

Wednesday, they used to receive the Platts report, these are the two reports which these polymer manufacturers follow.

Page 11 of 18

Time Technoplast Limited

August 06, 2026

So certain time, they see the market conditions, see their input cost, and they do their changing. But we do not change our weekly pricing. We do our pricing with our customer once in a month, and most of the customer have chosen the date between 8th to 12th of next month. So whatever prices changes taken place in the, for example, in the month of July, will be effective in the month of August.

August changes, means between 8th August to 12th August, up to 1st August to 8th August, business will continue as per the old pricing only. Whatever prices changes will come between

8th to 12th, most of the customer finalize prices based on the July prices, and the business will be confirmed, because every person need every day.

Packaging is a basic product for most of my customer, and one thing I am telling you, packaging is hardly 6% to 7% of their cost, so that is not their main cost. That is one of the packaging is cost for their product. So with the time lag of, if you sum of the 3 months, there will not be find any difference in the pricing.

And whatever prices increase, major price increase was taken in the month of March and

April, which everything have been pass on, nothing is there. And that is I am talking about packaging products, which is 75% of total revenue, and 75% business also in the two parts, around 37% business in India and 37% business in overseas manufacturing location.

And for packaging business, policy is same, whether in India and overseas, because customer profile is also same. Even many customers, more than 50 customers who are international customers, they are buying in India as well as buying in other countries. So we follow the same practice. And other manufacturers, internationally, also follow the same practice of the monthly pricing, because when your input cost itself is a 70%, which is linked to the polymer prices, nobody can afford increase prices.

And similar policy, customer ask, because we have experienced and is the available, that when the prices went down, we similarly pass on. For example, in the month of July, prices down by

3 times, INR10, INR9, and INR4, INR23 polymer prices were down. But at the same time, we you and we all know very well, again war started.

Once they have agreed for a signing of the MoU, MoU signed, but again, it reversed back, then again started increasing, and almost INR6 further increased. So 10 plus 9 plus 4, INR23, INR6 increase, so net INR17 will be pass on in the current month to them, and similar I am getting this price decrease from my local manufacturers also.

And when we do the buying from the overseas also, we are keeping in the mind what is the exchange rate, what is the current rate scenario, we always keep the contingency of 2% to 3% in our pricing system, so that will not affect our EBITDA margin in terms of the absolute figure.

Now, on the 25% other products, where we carry the inventory, I mentioned in my last call also, the critical product, high-value product where EBITDA margin is in the range of 18%, like in composite product, we carry the inventory for the 6 months, because we all are aware that Russia-Ukraine war has created uncertainty, but at the same time, because most of the

Page 12 of 18

Time Technoplast Limited

August 06, 2026 composite product, I am servicing to the government and semi-government companies and big corporates, where I have to give the timely delivery.

So, I carry the inventory for the more than 6 months, so I can give them service on time. And these orders also on the fixed pricing system also, so I cannot get the increase or decrease, but

I carry the inventory based on that, we do the costing, and most of the composite product, my input cost is also fixed for the 12 months, so I am getting my inputs cost accordingly, so there is no affected will be the EBITDA margin.

Karan

Understood. Yes, thanks a lot for that detailed answer. Sir, my second question is on PE pipes.

You continue to maintain a healthy growth outlook, yet the Q1 volumes were relatively subdued. So, was there a timing issue related to a project execution or should we expect the growth to be tilted towards the second half of FY27?

Bharat Vageria

No, still I agree with you, because I am happy to tell you, just today morning also I reviewed the business, considering how the rains are coming in each part of the regions of India, and I am pleased to tell you, I have received from PE department, infra division, the good demand is there in the month of now August and September, almost I will be able to use my 75% of my capacity in these 2 months.

So yes, so as far as first quarter, yes, the demand was slow a little, and not only the -- because of the -- there was no any other reason, except the price increases substantially, which government has not given price increase to the EPC contractor, and EPC contractor wanted product, but we have not supplied, wherever we could get the business with the price increase, because we also don't -- when our product input cost itself is a 70% and EBITDA margin is in the range of 10% to 12%.

And the price increase by 30%, who has told us, and in which school we studied that we should absorb the loss and supply to the fulfillment of the commitment. That's very clear. We should get the price increase, we are willing to supply, we have a capacity. So, first quarter business is affected, but second quarter, as only one month last month is only completed, and remaining 2 months, I'm quite hopeful will able to achieve our target. And the overall growth more than 20% in a year, which is projected, we are going to get it.

Orders are in hand, confirmed orders are in hand, but price, yes, and we accept the prices are going to be reasonable in the period ahead, considering the or two things, government also has to compromise and will be required to give the market conditions -- required to give them an increase to the EPC contractor, because very thin margin EPC contractor also work. If government need infrastructure development, government need some foreigners to come to

India, then infra-activity has to be increased, cost is immaterial.

You have seen that now, the chips India has a shorten, which is affecting the electronic business. Now, government is supporting, government is giving the benefits to the each of the industry and they are expanding each of the state for the chips industry, which is basic requirement in electronic segment. Otherwise, entire industry will be affected.

Page 13 of 18

Time Technoplast Limited

August 06, 2026

So, government definitely will support to the EPC contractor and currently, even price come to the reasonable, but certain state or certain area where the rains are ongoing, they cannot do the lay out the pipe in that line. And pipes are used for the various segment for water management, sewage management, drainage, power duct line, all. But yes, if you ask me, I have seen the trend also, in the first half, normally 35% business and the balance half 65% business as far as

PE pipes are concerned, and based on that, we are working out.

Karan

Understood. Thanks a lot for that explanation. That was it from my side. All the best.

Bharat Vageria

Thank you.

Moderator

The next question is from the line of Aryan from Equitas Investments. Please go ahead.

Aryan

Hi, sir. Congratulations for the good set of numbers.

Bharat Vageria

Thank you. Yes.

Aryan

Just wanted to understand that because of the increase in crude prices, we saw our gross margins fall a bit. So, for our company, what would be the ideal level of crude where our margins will be the highest?

Bharat Vageria

I'll tell you. If you see the absolute EBITDA per ton. Okay? Don't see the percentage terms. As

I mentioned to you, 15% volume growth, 19% EBITDA growth, and 23% to 24% PAT growth. Now, I have seen in my life of 40 years, the polymer prices change whether it's downward or upward. First time it was happened in 2008-2009, Lehman Brothers crisis, when the prices were $1,300 per ton, but the dollar rate was INR50. Today dollar is INR100, around

INR96- INR97. Then the prices again in the 4 months came back to the average level.

Similarly, thing I've seen in the COVID period, when the prices reach to $1,700, then again come, after that, in '22-‘23 come back to $1,000-$1,200, and the same is continuing since last 3 to 4 years. Reasonable level of the polymer, next 3 years visible, considering the capacity expansion by the large companies in India by the petrochemical products and considering the expansion plan nearby countries, mainly in the Middle East, and in addition to that, the USA expansion and Korea expansion for the local manufacturers.

And, I also used to read many reports, polymer markets reports, India and international, both.

Reasonable polymer prices in terms of the polymer are considered $1,100 to $1,300. $900 is also not correct, people will not make the money. Similarly, if you ask me, the oil prices reasonable price is $70, between $70 to $80 is a reasonable price per barrel for that, and that will able to stay the polymer prices $1,100 to $1,250. Because I understand from many petrochemical companies, cost of the producing oil per barrel is $55, so they also make certain money then only.

Again, certain company who buy the oil, crack the oil and make the polymer, certain companies buy the ethylene, from ethylene, they make the polyethylene products.

Polyethylene products mean the polymer products. Certain company buy the polypropylene, so every company do not put their own petrochemical complex, because petrochemical complex

Page 14 of 18

Time Technoplast Limited

August 06, 2026 very cost high, then you should have a complete very big size of the lands and investment is also very large. So many company buy directly from ethylene and make the polymer.

So, I give your answer, the reasonable price of the oil is between $70 to $80, not $100. I have seen $125 long back in the COVID period, but again, if the polymer prices lowest I have seen

$600 in my life, and maximum $1,800. But does not mean that today, for example, when the oil price is $60, and polymer price is $1,000, and when the oil reach to $120, then polymer will reach to $2,000, I have not seen at all. It's not proportionately increased.

It's again demand supply gap, availability in country. So, as I mentioned to you, reasonable oil price $70-$80 and the polymer prices ranging from $1,100 to $1250 is the reasonable price, where all people are happy, packaging cost will be reasonable cost, and we will able to maintain our margin EBITDA in the range of 14% to 15.5%. This is the figure.

Aryan

Understood, sir. Yes, thank you very much, all the best.

Bharat Vageria

Yes.

Moderator

Thank you. The next question is from the line of Rohit Suresh from Samatva Investments.

Please go ahead.

Rohit Suresh

Good evening, sir. Thank you for the opportunity. Sir, I had a couple of questions. First, on the

LPG cylinders, how much for FY26 will be domestic and how much will be exports?

Bharat Vageria

Normally you will find domestic and export will be almost 50-50.

Rohit Suresh

Okay.

Bharat Vageria

Okay. Again, I have, if you are asking me for 26, 5/26, that data have been provided at time, currently I don't have that figure, but normally we consider, because my capacity is currently

1.4 million cylinders, considering the different sizes of the LPG cylinder, we do different sizes,

5 kg, 10 kg, 15 kg, 26 kg. We can maximum can produce 12.5 lakh cylinders in a year. But this year, yes, in the Q1 figure is already given to you, and it is depending how much export order, because it is in our hand.

We have a something in our hand, if the export order is there, party want, we can delay it also if local requirement is more, because we have to see in which month they should arrive it, we can take the direct vessel, we can take some indirect vessel and give the servicing to our customer. But normal when we take the order, we consider almost 50% to 60% first, the local

Make in India to support the local industry, local OEM market, and balance 40% we used to do the export.

Rohit Suresh

Understood. Sir, and within the 50% domestic market, how much will be PSU versus non-

PSU?

Bharat Vageria

It is entirely PSU, all companies are PSU, only currently, no, no, we are not supplying to non-

PSU, long back we have supplied to some of the confidential petroleum company, some we

Page 15 of 18

Time Technoplast Limited

August 06, 2026 have given to the Reliance, that's all. They are re-using back and completing that, otherwise no, everything is PSU only.

Rohit Suresh

Understood. Thank you so much, sir. All the very best. Thank you.

Bharat Vageria

Yes, thank you.

Moderator

Thank you. The next question is from the line of Devam from ARDEKO Asset Management.

Please go ahead.

Devam

Yes. Hello, sir. Sir, wanted to confirm the level of debt, the cost of debt, and the exact working capital at the end of Q1, what would be the one-off working capital level in the numbers right now? And finally, given the INR342 crores of unutilized QIP proceeds, our other income should be much higher than what it is, even if it we compute at around 5.5% to 6%, so what is the reason for the difference over there?

Bharat Vageria

Let me see that. You ask some relating to figure questions, but I'm very roughly I know, my cost of the fund -- cost of fund is in range of 8.5%. 8.5% is cost of the fund is there, and another you have asked me about INR340 crores FD is there. Yes, FD is given there, because I have required to give put the money under FD money, which unutilized money for the QIP portion is kept under that, and I'm getting the interest income over there.

And the interest income has been net-off, so that will not come under the other income, because the interest earned on the FD is already considered in the net interest income. So, this company other income is hardly other income, other income, how much other income is there?

Mainly on account of the rent or something which you receive, that will be how much other income is there in the Q1?

Management

INR2 crores to…

Bharat Vageria

Let me see that how much other income is there. INR1 crores other income in the first quarter, which is mainly on account of the rental income, because certain premises which company is owning and given on the rentals, including the molded machinery given on the rental, which were not utilized by the company. And in the whole of the year, you will see, last year was the

INR9 crores, right? Whole of the year was INR9 crores.

Devam

Sir, so on that, just the understanding that what you mentioned, that actually if we just reverse work the debt, that is around INR546 crores, based on the ratios given in the quarterly update.

So, if it is INR546 crores of debt, and the cost is 8.5%, then after netting off a QIP proceeds, let's say, 6% of 5.5% sort of quarterly number, INR15 crores finance cost does not tally up, so is there something else from just interest, what are the other components of finance cost if you can just...?

Bharat Vageria

No, I think I will explain you this. I am explaining you. You know the major cost which is coming, even I have mentioned in my last call also, even company pay off entire debt, no any outstanding is there on account of the debt and company has no any cost of the funds. Even though there is a certain non-fund-based facilities, which is called the bank guarantees, import

Page 16 of 18

Time Technoplast Limited

August 06, 2026 cost, documentation cost, export documentation cost, which is going to be continue, because I have to continue -- have a sanction of the banks.

Normally, the bank when sanction the facility, for example, I need a INR1,000 crores facility on account of the bank guarantees, on account of the documentation, LC facilities, like that, then you know that every bank charge some kind of the 0.5% to 0.75%, it is called the renewal fee need to be paid.

So, I mentioned that, and company, most of the composite product which servicing to the government companies and semi-government companies and multinational companies, even in some of the packaging product also, which is company has a working on the tender-based system, need to provide the guarantee, bank guarantee.

So, utilization of guarantee limit in the range of INR400 crores to INR500 crores need to be given, and if the 5% value of the guarantee or 10% in certain cases, which is to be for 2 years or 3 years, performance guarantee is to be given, so INR30 crores to INR35 crores facility on account of the non-fund-based facility cost is going to be continue, number one. Number two, we have a debt-free as a company as a overall, but if I will see the country-wise differently, certain countries I have a facilities available, I'm continuing.

Certain countries I have a cash surplus available, so they use their surplus cash for buying of the material on the cash basis and sell off material. I can't transfer the inter-country fund available on every fortnight or every month like that. So, the running cost INR35 crores to

INR40 crores on account of the non-fund non-fund-based facility cost plus the renewal cost of the facilities will continue in the range of INR35 crores to INR40 crores as against INR100 crores which were there the cost of the finance cost 2 years back last year, '24-25 and '25-26,

'24-25.

Devam

Sir, so that part, that part and trend is very much appreciated and that is also understood from the annual report. Just...

Bharat Vageria

So, I think if you need detailed working, I welcome you, you can come with and understand with my Chief Finance Officer about this entire transaction, we have a detailed working available.

Devam

Sir, just one part, what is the one-off capital working capital level, because I think this non- fund-based difference seems to have increased, so the one-off working capital level seems to have gone up, that should moderate in the next two quarters, is that the right understanding?

Bharat Vageria

No, I could not get you first thing what you want. I have mentioned you about the working capital cycle of 115 days which was in March, you then which is reduced to 110 days, which is currently. Company's keeping target of 90 days. Working capital cycle time how work out which I've explained to you, 70 days receivable, 65 days inventory, and 45 days creditors, then net 90 days is the company target.

Now, the certain things, working capital parts is depending on the sales in the whole month take place. You are very well aware that, always you can't compare and one another thing I

Page 17 of 18

Time Technoplast Limited

August 06, 2026 would like to tell you, in first quarter, company used to do 22% business, second quarter 24%, third quarter 26%, and the last quarter 28%, that's way 100% business whole projected carried out. In other words, in first half 45%, 44% to 45%, and second half 55% to 54%, the sales take place.

Exact working, at currently I don't have available how much working capital, how much term loan, but yes, overall figure is available, and from that, the working can be possible. Last quarter interest and this quarter interest multiplied by company's having fund cost of 8.50% in

India, 6.5% overseas, and the borrowing internationally and India put together different, I can say, almost it's 70% to 30%, 70% borrowings in India and 30% borrowings are overseas, this is the way of the working.

So, exactly working if you want to understand, you are welcome and understand from my office. You can send the time and accordingly, they will devote the time and you can understand. Exactly working how the interest has been worked out for this quarter.

Devam

Okay, sure. Thank you, sir.

Bharat Vageria

Yes, thank you.

Moderator

Thank you. Ladies and gentlemen, due to time constraints, we will take that as the last question. I now hand the conference over to Mr. Bharat Kumar Vageria for closing comments.

Bharat Vageria

Oh, thank you very much. It means I'm very happy that most of the valued investor has got required information in my detailed Investor Presentation, which is loaded on the site.

Otherwise, I was thinking that with a lot of question in the quarter one, considering the ongoing war and understand the company profile. Once again, I would like to thank for hearing the management comments on that.

Again, I am assuring, as far as there is no any change in the growth guidance, margin guidance and the PAT guidance for the next 3 years, because everything is online, all the commitments provided, we assure you to fulfill and return to the investor, which have been assured. And we are the fully compliant of all the guidance and the rules and regulations of the Exchanges, whichever are required to fulfill that. Thank you very much once again.

Moderator

On behalf of Kaviraj Securities, that concludes this conference. Thank you for joining us and you may now disconnect your lines.

Bharat Vageria

Thank you.

Page 18 of 18