PRIVI SPECIALITY CHEMICALS Q2 FY27 CONCALL: RETAINS 20% REVENUE GROWTH GUIDANCE, TARGETS ₹5,000 CR REVENUE BY FY30; ₹1,400 CR CAPEX PLAN & 27–28% EBITDA MARGIN OUTLOOK

• FY27 Revenue Guidance: Management maintains approximately 20% annual growth, expecting stronger performance in H2. • FY28 Growth Outlook: Management remains confident of maintaining or exceeding 20% growth, with revenue potentially reaching ₹3,750–4,000 Cr. • FY30 Target: Aims to achieve ₹5,000 Cr revenue under its 5K–1K+ long-term vision. • EBITDA Margin Guidance: Management expects to sustain margins near the current 27–28% level. • Capacity Expansion: Completed debottlenecking, with additional volumes expected in Q3 and a significant contribution from Q4 FY27. • Capacity Utilization: Expanded capacity expected to achieve approximately 85–90% utilization in Q4. • Total Capex Plan: Approximately ₹1,400 Cr across three expansion phases, with around ₹1,000 Cr remaining. • Phase 2 Commissioning: Expected between June and September 2027, with revenue contribution beginning around October 2027. • Phase 2 Revenue Potential: Approximately ₹1,000 Cr annually at full capacity of 12,000 TPA. • New Products: Phase 2 includes maltol, ethyl maltol, furfural derivatives and other specialty molecules. • Phase 3 Expansion: Approximately ₹400–425 Cr investment, with additional annual revenue potential of ₹450–500 Cr. • Total Expansion Potential: Management indicated approximately ₹1,700–1,900 Cr annual revenue potential across the three phases. • Privi Fine Science: Approximately 6,000 TPA capacity, with ₹300–350 Cr potential annual revenue, subject to regulatory approvals and utilization. • Privi Fine Science Outlook: Management expects a significant improvement in FY28 following pending regulatory approvals. • Joint Venture Guidance: Management indicated an approximately ₹225 Cr revenue target for FY27, supported by expansion. • JV Performance: Q2 revenue at ₹28 Cr with approximately ₹2 Cr PBT; H1 revenue at ₹47 Cr. • State Incentives: Management expects approximately ₹12–15 Cr of further incentives during H2 FY27. • Working Capital Guidance: Long-term working capital cycle expected around 105–110 days. • Operating Cash Flow: H1 cash generated from operations stood at ₹445 Cr. • Q2 Volume Growth: UP approximately 4% YoY; H1 volumes UP 7–7.5% YoY. • Q2 Total Income: UP 13.9% YoY to ₹773.16 Cr. • Q2 EBITDA: UP 16.66% YoY to ₹212.49 Cr; margin at 27.48%. • Q2 PAT: UP 24.61% YoY to ₹117.03 Cr. • H1 PAT: UP approximately 29% YoY to ₹201 Cr. • Net Debt: ₹814.51 Cr; net debt-to-EBITDA at 1.07x. • Return Ratios: ROCE at 24.30% and ROE at 26.34%. • Dividend: Board declared its first interim dividend of ₹5 per share.

PRIVI SPECIALITY CHE LTD

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