May 31, 2025

The Manager - Listing Department, The General Manager - Listing Department,

National Stock Exchange of India Limited, BSE Limited
Exchange Plaza, NSE Building, Phiroze Jeejeebhoy Towers,
Bandra Kurla Complex, Bandra East, Dalal Street,
Mumbai- 400 051 Mumbai- 400 001

SYMBOL : POLYPLEX BSE Scrip Code : 524051

Dear Sir(s),

Sub: Regulation 30 of SEBI (LODR) Regulations, 2015

Ref: Presentation on audited financial results for the Quarter and Year ended March 31,
2025.

We are pleased to enclose herewith our presentation on audited financial results for the
Quarter and Year ended March 31, 2025.

A Copy of the presentation is also being posted on Company’s Website i.e. www.polyplex.com.

Thanking you,

Yours faithfully,
For Polyplex Corporation Limited
Digitally signed by
ASHOK KUMAR ASHOK KUMAR GURNANI
GURNANI Date: 2025.05.31
14:50:51 +05'30'

Ashok Kumar Gurnani Email: akgurnani@polyplex.com

Company Secretary
Encl: as above

Polyplex Corporation Limited

CIN: L25209UR1984PLC011596

B-37, Sector-1, Noida-201301, Distt. Gautam Budh Nagar (U.P.) India

Board: +91.120.2443716-19, Fax: +91.120.2443724 Website: www.polyplex.com
Registered Office: Lohia Head Road, Khatima - 262308, Distt. Udham Singh Nagar, Uttarakhand, India
Polyplex Corporation Limited
May 31, 2025 Fourth Quarter & Financial Year 24-25
Financial Results & Business Profile

India - Bazpur India - Khatima

USA Thailand Indonesia

Ecoblue, Thailand Turkey

1
Contents

Company Overview

Quarter & Year under review

Success Enablers

Stability in Earnings

Industry Outlook

Growth Capex

Guidance

Annexures

2
Company Overview

3
Polyplex at a Glance

◼ Integrated and diversified manufacturer of plastic film substrates including BOPET (thin & thick), BOPP, CPP and Blown PP / PE
◼ Wide offering of specialty, innovative and differentiated products across a variety of packaging, electrical & electronic and
other industrial applications
◼ Unique value proposition of on-shoring, off-shoring and near-shoring for a global customer base, while maintaining cost
leadership
◼ Superior sales & distribution network and strong technical support in key demand centers driving deep customer relationships

Unique Global Business Model… …With a Diverse Product Profile…

Product Breakdown (FY25 Revenues)
Fully Integrated 3% 2%
Strong R&D and Upstream and
Application Development Downstream 4% 9%
Capability Capabilities
14% 51%

17%

37 Years of Thin PET Downstream BOPP Thick PET

Operation
PET Resin* CPP/Blown Other
At the Forefront 7 State-of-the-Art
of Sustainability Manufacturing
Facilities in 5 …Across a Wide Range of Applications
and Circular
Economy Countries Packaging Industrials
Electrical &
Food & Beverage
Electronic
Exceptional On- Building &
Textile Bags
shore Sales and Construction
Distribution Beauty, Personal & Film for Liners,
~2,735 Customers, Network in Asia, Home Care Labels, PV and LiB
Europe and North for EV
~86 Countries Healthcare &
America Pharma Digital
* Includes Recycled Resin
4
 Polyplex Journey so far: Ability to identify & capitalize on opportunities
Trend-Setter With Many ‘Firsts’ in the Industry

First in the industry First in the industry to invest First Indian producer to
First Indian manufacturer
to operate 10.6-meter line @ in post-consumer and post- undertake Direct Melt Casting
to set up overseas operations
675 mpm industrial plastic waste recycling for BOPET film manufacturing

Among the first to introduce Only multinational player First in the industry to forward
First in the industry to foray into
chemical recycling based integrated with resin at all integrate into metallizing
Digital Printing Films
rPET films locations

1988 2010 2012 2019/2020 2025

• Public listing of PCL • First BOPP & new BOPET • First silicone coating line in • TMP in Bazpur, India • New PET film line and OLC
• First Thin BOPET film line in film line in Bazpur, India Thailand • Started manufacturing in in USA
Khatima, India • CPP line in Thailand Indonesia • Expansion of Blown film
• Expansion of OLC and capacity in Thailand
holography business in • Expansion of OLC and TMP
1996/1997 2008 2013 Khatima, India capacity in India
• First Resin plant and • First extrusion coating line in • Started manufacturing in • Expansion of coating in
expansion of Thin BOPET Thailand Decatur, USA Thailand (OLC & Silicone)
film line capacity in Khatima, • Expanded Thin BOPET film • Thick BOPET film line along • Started holography in Turkey 2026
India line in Turkey with resin capacity & Blown • Silicon coating capacity in
film line in Thailand Turkey
2002 • Recycling plant in Thailand – 2021 • New PET Film line in India
• First Metallizer in Khatima, 2006/2007 EcoBlue • New BOPP film line
India • Acquisition of Spectrum • Second extrusion coating Indonesia
Marketing for warehousing & line in Thailand • Expansion of Blown film line
distribution of Polyplex in Thailand
2003 products in USA • Batch resin in Turkey
• First & second Thin BOPET • First silicone coating line in 2014 • New metallizer in India and
film line in Thailand Khatima, India • Started offline coaters (OLC) Indonesia
• Added resin capacity in in Turkey & India • Started holography in
Turkey Thailand

2004 2005 2018 2022

• Public listing of PTL • First Thin BOPET film line in • Started holography • Expansion of recycling unit in
• Added resin capacity in Turkey operations in India Thailand
Thailand • Expansion of Blown film line • Batch resin Thailand
in Thailand • OLC-2 and Blown line in
Turkey

5
Pioneer in Sustainable Products and Processes in the Industry
Strong Commitment Towards Sustainability Focused Innovative Solutions

◼ Spearheading post-consumer and post-industrial waste (PIW) recycling in the industry towards achieving the goal of circular
economy
◼ Has taken various initiatives to recycle waste, save energy and use clean technology to assert environmental commitment

1 2 3 4 5 6

Ecoblue, a Optimized “chemical Investments in Increasing presence Developed Follows best

subsidiary of recycling” process for renewable energy in high potential monomeric PET practices relating to
Polyplex is a pioneer manufacturing Sarafil projects like Solar sustainability structures for the environment
in mechanical rPET film with Post- power. Already related applications circularity; and health & safety
recycling and is Consumer Recycled implemented in (Solar PV, Lithium- Promotes use of bio- of its employees and
amongst the leading (PCR) content up to Thailand, Bazpur & Ion Batteries, based raw the community
recycling 100% and increased Khatima and under Transfer Metallized materials and
companies in the product applications in implementation at film/paper) renewable energy
region both packaging and Indonesia & Turkey sources
industrial end uses

Active Participation in Several Industry Groups

Partnering with Leading Brands to
Develop Sustainable Products

6
Quarter under review

7
Financial Performance – Snapshot
India Rating & Research
IND AA- with Stable
Superior Value Creation Over the Years…

(Q4 FY 24-25) (FY 24-25)

$200mn $22mn $812mn $89mn

Revenue# Normalized Normalized
EBITDA* Revenue#
EBITDA*

11% 11%
Normalized 8% Normalized 8%
EBITDA* ROCE1 EBITDA* ROCE1
Margin Margin

…Driven by Strong, Sustainable Profitability

Widening of the Operational Efficiencies

Product Portfolio and Cost Optimization

Increasing Share of
Market Positioning
D-PAC Sales

* Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans; # Reported sales excluding other operating revenues;
1Normalized ROCE = Normalized EBIT [excluding impact of unrealized FX gains/(losses)] as % of Average Capital Employed; Capital Employed excludes 8
Cash & Cash Equivalents
Q4 FY 24-25 Performance Snapshot
QoQ Growth YoY Growth
(Q4 FY 24-25 v/s Q3 FY 24-25) (Q4 FY 24-25 v/s Q4 FY 23-24)

Sales Volume
(All Films) 88,226 MT 3% 1%

Sales Revenue
1% 4%
1,736 INR Crores ($ 200 million)

Normalized EBITDA
187 INR Crores ($ 22 million) 10% 37%

PAT (Before Minority)

INR 114 cr INR 40 cr
-9 INR Crores (-$ 1 million)

EPS 3.22 INR/Share INR 15.18 INR 0.54

Factors impacting QoQ: Factors impacting YoY:

• Higher sales revenue due to increased volume partially offset by fall in the selling • Improved market conditions and change in product mix resulted in higher
prices of Thin PET film revenue
• Better specialty mix and downstream product volumes have resulted in increased • Better specialty mix and downstream product volumes have resulted in
EBITDA partly offset by higher fixed cost increased EBITDA partly offset by higher fixed cost
• In Q4 24-25, there is an unrealized FX loss of INR 105.13 crores ($ 12.14 million) • In Q4 24-25, there is an unrealized FX loss of INR 105.13 crores ($ 12.14
as against an unrealized FX gain of INR 58.22 crores ($ 6.89 million) in Q3 24- million) as against an unrealized FX loss of INR 23.16 crores ($ 2.79
25, on account of restatement of foreign currency long term loans, a large part of million) in Q4 23-24, on account of restatement of foreign currency long
which relates to Inter-company loans, thus resulting in negative PAT term loans, a large part of which relates to Inter-company loans

9
EBITDA Evolution

Normalized EBITDA Bridge (Q4 24-25 vs Q3 24-25)

1.9 0.3 1.8

1.1 1.0
1.4
USD million

22.2 24.0 22.6

19.7 19.7 21.0 21.6 21.6

Normalised EBITDA - Volume VA variance Rate VA variance Other Film & Chips Other Variable Cost Fixed Cost Other Income Normalised EBITDA -
Q3 24-25 (Thin PET & OPP) (Thin PET & OPP) Contribution Q4 24-25

Normalized EBITDA has improved in Q4 FY25 due to:

▪ Higher Volume and VA rate variance including the Inventory impact resulting from carrying rate change
▪ Higher contribution from other film & chips
Above factors are offset by:
▪ Higher fixed cost – mainly due to bad debt provisioning and the impact of inflation
▪ Lower other income is mainly on account of higher insurance claim in the previous quarter

Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for Q4 FY 24-25 10
FY 24-25 Performance Snapshot

YoY Growth
(FY 24-25 v/s FY 23-24)

Sales Volume
1%
(All Films) 342,685 MT

Sales Revenue 9%
6,869 INR Crores ($ 812 million)

Normalized EBITDA
49%
752 INR Crores ($ 89 million)

PAT (Before Minority) INR 271 cr

358 INR Crores ($ 42 million)

EPS 66.64 INR/Share INR 54.59

Factors impacting YoY:

• Higher sales revenue due to increased volume, better sales mix and rise in selling prices
• Better market conditions and Speciality film portfolio resulted in higher EBITDA
• In FY 24-25, there is an unrealized FX gain of INR 39.59 crores ($ 4.68 million) as against unrealized
FX loss of INR 79.22 crores ($ 9.57 million) in FY 23-24 on account of restatement of foreign
currency long term loans

11
EBITDA Evolution

Normalized EBITDA Bridge (FY 24-25 vs FY 23-24)

15.2 0.6 12.7

19.1 1.1
USD million

7.1

100.5
85.8 87.9 87.9 88.9
59.7 59.7 66.8

Normalised EBITDA - Volume VA variance Rate VA variance Other Film & Chips Other Variable Cost Fixed Cost Other Income Normalised EBITDA -
FY 23-24 (Thin PET & OPP) (Thin PET & OPP) Contribution FY 24-25

▪ Higher Volume and VA rate variance on account of better Speciality mix

▪ Higher fixed cost – mainly due to
✓ Higher stores & spares consumption due to some unplanned maintenance activities
✓ Higher Bad debt provisioning
✓ Higher other Administrative overheads and Manpower costs reflecting largely impact of inflation

Note - Bracket implies negative numbers; The above numbers have been derived using simple average of monthly exchange rates for FY 24-25 12
Shareholders’ Return
Sustained Longer Term Shareholders’ Return

4,000 1,400
1,214
3,500 1,137 1,130
1,086 1,200
952 990
3,000
850 1,000
INR Crores

2,500
800

INR
2,000
600
1,500
400
1,000
500 200
2,719 3,046 3,109 3,410 3,569 3,549 3,810
- -
FY19 FY20 FY21 FY22 FY23 FY24 FY25

Shareholders' Fund (after adjusting for minority) - INR Crores Book Value/Share (excluding minority interest) - INR

Shareholders’ Return (CAGR) Last 1 year Last 3 years Last 5 years Since
IPO (1988)

(A) Total Returns*

➢ Polyplex 52% -17% 33% 23%

➢ Nifty 500-TRI 10% 20% 26% -

➢ BSE Small Cap-TRI 9% 27% 37% -

(B) Stock Price Movement

➢ Polyplex 51% -19% 24% 14%

➢ Nifty 500 9% 19% 25% 12%

➢ BSE Small Cap 9% 26% 36% 14%

* Dividend Reinvestment Method; Dividend considered based on the pay-out dates; The returns have been calculated based on the stock price 13
data as on 16 May’25
Success Enablers

14
 Success Enablers

1 Global and Integrated Manufacturing Set-up

2 Diversified and Differentiated Product Portfolio

Polyplex is the ONLY Multifarious and Demanding Customer Base Served

Player to Combine Key 3 by an International Sales & Distribution Network
Attributes…

Continued Focus on Operational Efficiencies and

4 Costs
…Resulting in Resilient
and Superior Margins
Track Record of Profitable Growth and Cash Flow
5 Generation

Focus on ESG (Environmental, Social and

6 Governance)

15
1 A Self-Contained Manufacturing & Sales Capability in Each Region
Manufacturing Proximity and an Entrenched Sales & Distribution Network in Major Demand
Centers Ensure a Reliable Supply Chain for Customers

7 Manufacturing Facilities In 5 Countries with Multiple Warehouses & Liaison Offices Worldwide with Total Base Films
Capacity1 of 492k MTPA (BOPET Films: 365k MTPA)

Netherlands Poland
Germany
Korea

Japan
USA Turkey

India Thailand

Singapore

Indonesia

Polyplex is Ranked #2
Globally (ex-China) in
Thin BOPET Film
Capacity1

Group Manufacturing Locations Warehouses Trading Company/Representative Office Countries with Direct Sales Presence Agent Presence

16
1 Including capacity under implementation
1 Integrated Manufacturing Capacities Across Geographies
Ability to Provide a Comprehensive Suite of Products in Each Manufacturing Location

Resin Base Films Value Added Films

Mechanically
PET Film Recycled BOPET BOPET Blown PP /
Resin1 Resin2 Thin Thick BOPP CPP PE Metallized Holography Coated3 TMP
(MT) (MT) (MT) (MT) (MT) (MT) (MT) (MT) (MT) (mm SQM) (mm SQM)

52,400 126 69

35,000 32,500 5,040

55,000 257 83
77,600
India

3,600

42,000 28,800 10,000 21,700 480 985

13,645
1,06,050 59,700
Thailand

158
58,000 4,392 20,700
75,850 320
Turkey

81,000 9,250 120

86,000
USA

48,000 60,000 18,000

90,000
Indonesia

Total 435,500 59,700 336,400 28,800 95,000 10,000 21,637 102,150 5,520 1,966 152

Total Resin Capacity 495,200 in MTPA Total Base Films Capacity (incl. upcoming capacities): Upcoming capacity
491,837 in MTPA

17
Note: 1 Includes capacities for Chemical recycling; 2 Represents extrusion capacity for Ecoblue Thailand ; 3 Includes Saracote, Saralam and OLC (including Saraprint).
1 Integrated Manufacturing Has Broadened Product Portfolio
Base Film Lines with Upstream PET Resin Plants and Downstream Capabilities

◼ The only global player with resin plants at all manufacturing locations
◼ Forward integration provides ability to undertake one or more downstream processes on the Base film, leading to higher
innovation and value addition, while ensuring cost effectiveness and reduced volatility
◼ Backward integration is vital to developing resins required for specialty products, apart from enhancing cost competitiveness
and ensuring supply security
◼ In-house mechanical and chemical recycling furthers Polyplex’s sustainability goals, by replacing virgin PET resins (made from
PTA and MEG) with Post consumer PET bales / flakes

Natural Basic Raw

Resources Petrochemicals Materials Plastic & Intermediate Products Consumers

Packaging & Industrial CPGs /

Ethylene MEG Film
Converters OEMs
Grade
PET
Resin
Retail Chain /
E-Commerce
Coating
Natural Gas

Post End
Base Films
Consumer Customers
PET Flakes
Paraxylene PTA Metallizing

Polypropylene /
PP / PE Resin Transfer /
Polyethylene
Direct
Holography Metallized
Oil
Paper

Paper

Polyplex’s Area of Operation 18

1 Integrated Manufacturing Across Geographies
Ensures Supply Chain Efficiency, Cost Optimization & Lower Time to Access and Market New
Products and Applications

Backward integration into captive PET resin Forward integration to downstream capabilities
production at all film manufacturing locations is results in superior market positioning and higher
unique to Polyplex in this industry returns

Assured and consistent availability of quality raw material Wider product and application range

Reduced costs with adequate and secured return on

Diversified customer base
incremental investment

Protects proprietary composition and helps in film product

Increase customer and market penetration
development, especially for D-PAC portfolio

Significant premium saved in buy v/s make for specialty Increased ability to provide customized and more technical
resin products

Direct Melt Casting (DMC) ensures better quality and energy Increasing proportion of value-added films with
management, while being cost competitive corresponding reduction in standard film sales

Substantial savings including freight, packing costs,

Chemical recycling of post consumer & post-industrial waste
wastage, fixed costs and technical development

Opens merchandizing opportunities Provides platform for future growth

19
2 Polyplex – A Respected Plastic Film Manufacturer

In addition to Sarafil range of standard and specialty base films, Polyplex has diversified into several value-added downstream
products under Saracote, Saralam and Saraprint brands over the last 10-15 years

Sarafil Base Films are suitable for a range of applications with their The Saracote range of silicone coated films (PET/PP) is designed to
inherent properties of being clear, transparent, flexible, sealable, provide an excellent carrier to pressure sensitive material. The typical
chemical inertness, high barrier, superior mechanical properties and applications are in labels, tapes, roofing shingles and “peel & stick”
high heat resistance underlayment

The Saralam range of extrusion coated film products cater to a variety Saraprint is an innovative non-tearable polyester film designed for
of end uses such as thermal lamination products including digital print media segment for photo album, general printing,
documents, identity cards, carton lamination and wide format promotional & customized digital printing, mini-offset printing and
commercial films labels

20
2 Focus on Highly Differentiated Specialty Film Sales
Differentiated Product, Application or Customer (D-PAC): Drives Polyplex’s Right to Win in a
Competitive Industry

Unique value proposition of differentiated products, applications and customers has led to a healthy growth in specialty portfolio

✓
◼ Products where the competition is
limited
Sustained higher
◼ Special features for the customer, contribution over the relevant
delivering higher value standard product
Differentiated
Product ◼ May be specific to CPGs / OEMs and ✓
hence difficult to dislodge

Pricing stability

Differentiated
D-PAC
Customer ✓

◼ Significant entry barriers due

to stringent quality focus,
long qualification timelines or High entry barrier
significant trial costs
Differentiated
◼ Limited competition and Application ◼ Specific application for a standard
✓
ability to create better value product (sometimes with minor
for select customers modification) which may not be well
known in the market Price variations between
markets as well as customers
◼ Creates unique value proposition for
within the same market
the customer

21
2 Increasing Contribution of D-PAC Sales

Continued Increase in D-PAC Volumes… …Resulting in Growth of Incremental1 D-PAC EBITDA

KMT (films) Incremental EBITDA for D-PAC ($ / kg) EBITDA ($ million)
0.75 0.81 0.93 0.89 0.91

360
338 343 $186
323 $171
306
$132

268 239 $89

229 244 $47 $61
233 $110
$116

$55 $76 $85 $83 $95

94 92 94 104
73
-$22 -$6
FY21 FY22 FY23 FY24 FY25
FY21 FY22 FY23 FY24 FY25
DPAC (KMT) Standard (KMT) DPAC ($ million) Standard ($ million)

Polyplex’s Unique Strategy

Constant addition of new products to the differentiated portfolio, effectively “replacing” older and standard products

Sustained investments in projects in Turkey, US, India and Thailand expected to drive growth in D-PAC sales

Strong relationships and continued engagement with anchor customers for an iterative product development process

1 The contribution from D-PAC sales to the overall EBITDA represents “incremental” margin over and above standard products net of additional costs (raw
materials, differential productivity, wastages and conversion costs). As an illustration, if standard film price is 100, D-PAC product price is 200 and additional cost 22
is 30, then the resulting incremental margin would be 70;
2 Product and Application Penetration (1/6)
Flexible Packaging - Food¹

Sugar & Confectionary Frozen Food Cheese & Dairy

Snacks & Cookies Tea & Coffee Cereals

Food Staples Soups Liquids

Specialty Food Others

¹ Sarafil Thin BOPET (Primarily). BOPP Specific 23

2 Product and Application Penetration (2/6)
Flexible Packaging – Non Food¹

Medical & Pharmaceutical Kitchen & Home Care Cigarettes & Tobacco

Personal Care & Hygiene Pet Food Garden & Outdoor

Electronics Packaging Miscellaneous Personal Care & Hygiene

Shrink Films Textile Bags

¹ Sarafil Thin BOPET, BOPP and CPP film. BOPP Specific 24

2 Product and Application Penetration (3/6)
CPP & Blown PP/ PE

Food Food Overwrap Flower Overwrap

CPP

Sealant Film Medical

Retort Anti-fog

Construction
Underlayment Metallized PE, Sealant,
Safety Air Bags Container Liner
Labels & Specialty
Blown PP

Blown PE

Retort PP Mulch Metal Protection Stretch Wrap

25
2 Product and Application Penetration (4/6)
Labels, Carton, Holography¹ and Paper

Labels Carton Packaging

Direct and Transfer Metallized Paper Brand Protection - Holography

1Sarafil Thin BOPET, BOPP 26

2 Product and Application Penetration (5/6)
Industrial1,2

Thin Films¹

Flexible Ducting Hot Stamping Foil Tapes Release Liners¹,² EV Battery

MLCC Construction, FRP 1,2 Window Films 1,2 Electronics 1,2 Others

Thick Films²

Media & Screen

PV Solar Electricals Face Shield Electronic Liner
Decoration Protection

¹ Sarafil Thin BOPET; ² Sarafil Thick BOPET 27

2 Product and Application Penetration (6/6)
Downstream

Construction Release Liners

Saracote

Saraprint
Saralam

28
2 Constantly Innovating to Ensure Sustained Differentiation
Dedicated R&D Ecosystem in India

Demonstrated ability to partner with customers for joint product development and co-innovation due to strong technical capabilities,
thereby deepening customer relationships

A separate R&D department registered with the Department of Scientific and Industrial Research (DSIR), Ministry of
Science and Technology (India)

14 dedicated personnel in corporate R&D supplemented by local technical service and R&D team with significant
experience in chemicals, coatings, resin, converting process and other relevant fields

Growing IPR* portfolio (32 patents and 14 trademarks granted, 6 patents applied for)

Focus on innovation and

Better technical services and Collaborative research with Enhanced cross-learning and
collaborative application
new products are being government labs and sharing best
development to become a
facilitated by leveraging in- educational institutions to drive practices/benchmarking across
preferred supplier/partner of
house R&D capabilities and innovation and new various units to increase
several large multinational
experience sustainable products efficiency and synergy
customers

* Excluding Patents used by EcoBlue 29

3 Global and Well-Diversified Customer Base
Deep-Rooted Relationships with Key Customers Spanning Over 15+ Years

◼ Tier I supplier to leading global and regional converters who cater to global CPGs / OEMs
◼ Strong manufacturing and distribution capabilities helps capitalize on the increasing preference of customers to source locally

Access to Global Customer Base…

Geographic Business Mix (FY25 Revenue) ~2,735 customers in ~86 countries
across Europe, Asia (ex-India), India, the
Americas and RoW
21% 16%

8%
24%
Digitalized Packaging and Industrial
Processe applications (68% and 32% of
s FY25 turnover respectively)
31%

Americas Other Asia Europe India RoW

…Given Capability of Catering to Customers’ Diversified end-use across

Preference for Local Sourcing several industries
✓ Domestic availability helps in improving supply chain
reliability and optimizing inventory
✓ Changing needs of CPGs/ OEMs requiring quick
turnaround
✓ Flexibility in small order deliveries and responding to Low customer concentration risk
unplanned requirements with top 10 film customers accounting
for 29% of total FY25 turnover
✓ Domestic purchase reduces risk from pricing and foreign
exchange movements
✓ Limited financial capability of small customers 30
4 Continued Focus on Operational Efficiencies and Costs

◼ Business process continuous improvement and excellence programs

— Undertaking several initiatives to improve business processes and optimize costs through continuous
improvement in the areas of productivity, wastage, freight, packing, energy conservation, inventory
management and other processes
— Benefits from these programs have been accruing over the last several years and incremental benefits are
expected in the future as well

◼ Structure new investments to build on leadership in delivered cost

— Near-shore and on-shore manufacturing strategy
— Benefit from logistics and trade duty differentials

◼ Capacity utilization
— Ensuring ~100% CUF across all manufacturing plants even in the context of global over-capacity:
– Swift ramp up in capacity utilization of BOPET, BOPP and other downstream assets
— Debottlenecking existing assets

◼ Asset configuration
— Cost efficiency through large contemporary assets being used for standard products
— Continue to repurpose older lines for producing specialty films efficiently
— Economies of scale through minimum asset base of two base film lines, resin plant and downstream
capabilities at each manufacturing location

31
4 Superior Utilization Relative to Industry

Polyplex has consistently improved capacity utilization through debottlenecking and outperformed the industry

(Thin BOPET Film utilization)

500 99% 99% 99% 98% 96%

120%
100%
400
80%
300 82% 81% 60%
74%
67% 59% 40%
200
229 232 231 230 226 20%
100 0%
FY21 FY22 FY23 FY24 FY25

Polyplex Production (KMT) Polyplex Capacity Utilization (%) Industry Capacity Utilization (%)

Key Drivers for Strong Capacity Utilization

Diversification
Deep customer
across packaging
access and higher Ability to move
and industrial Consistent
market Higher and Extensive sales material between
segment and in- improvement in
penetration in key increasing and distribution different regions
house productivity and
demand centers proportion of network with local depending on
downstream cost
due to multi specialty films warehousing local market
businesses with competitiveness
location conditions
varying market
manufacturing
conditions

Note: 32
Polyplex CUF is calculated based on the extant capacity;
Industry CUF as per CY, Polyplex CUF as per FY; Industry CUF is based on internal estimates
5 Sustained and Profitable Growth (1/3)

Sales Volume Across All Films (KMT) EBITDA ($mn) and EBITDA Margin (%) & $/kg

6% 11% -6% 1% 26% 21% 14% 8% 11%

0.56 0.57 0.37 0.18 0.26

360 186
338 343 171
323 132
306 89
61

FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25

Sales Volume (KMT) Growth % EBITDA ($mn) Margin % EBITDA ($/kg)

Cash Flow from Operations1 ($mn) Capex ($mm) & Net Debt ($mn)

(75) (38) (57) (42) (24)

170 71
161
62 59
54
110
87 34
59
150
103
77 67 56

FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Cash Flow after change in NWC ($mn) Change in NWC ($mn) Capex ($mn) Net Debt ($mn)
+ Denotes deployment
- Denotes release
33
Note: 1 Cash flow from operations have been adjusted for tax on inter-company dividend and interest
5 Sustained and Profitable Growth (2/3)

Revenue (USD million) Effective Tax Rate

14.8%
11.7% 11.9%
10.3%
887 951
760 812 6.6%
660

FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25

Current tax adjusted*

Free Cash Flow Deployment Trend ($ mn)#

171
165 64
12
4
108
73 85
29
93 9
52
11 11 32
52 7

71 7
54 62 59
34
-7 -14 -8 -5
-10
-33 -20
-7

FY21 FY22 FY23 FY24 FY25

Capex Increase/(Decrease) in NWC Dividend Paid BuyBack of shares (incl. Tax) Net Repayment/(Borrowings) incl. Interest Other items

Note: 34
* Current tax adjusted for tax on intercompany dividend and interest as the corresponding income gets eliminated at Consolidated level
#Translated using simple average of monthly exchange rates for the respective applicable period(s)
5 Sustained and Profitable Growth (3/3)

EPS (INR/Share) Dividend Per Share (INR/Share)

132
181.19
162.57 68
65
110.97
66.64
32 36 23
12.05 3 13.5
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25

Normal Dividend Special Dividend

Normalized1 ROCE ROE

26% 25% 25% 25%

20% 15% 14%

19% 18% 19%
8% 7%
12% 11%
4%
2%
7% 6%
3% 1%
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25

Normalized ROCE (With Cash & Cash Equivalents) ROE (With Cash & Cash Equivalents)
Normalized ROCE (Excluding Cash & Cash Equivalents) ROE (Excluding Cash & Cash Equivalents)

35
1Normalized ROCE = Normalized EBIT [excluding impact of unrealized FX gains/(losses)] as % of Average Capital Employed
6 Polyplex’s Commitment to Sustainable Development & Growth

Commitment Towards Sustainable Environment

A ◼ Strive to work on sustainable products and processes

◼ Continue to make multiple and substantial investments in recycling operations to

provide solutions for post industrial as well as post-consumer plastic waste

Meaningful Social Impact

◼ Focused on the health and safety of employees
B
◼ Makes monetary contributions to NGOs, hospitals and Government relief funds and
helped support the infrastructure in hospitals

◼ Has undertaken various initiatives to help communities in areas adjoining its plants

Strong Governance And Accountability

◼ Promoting fundamental values of honesty, integrity, and ethical conduct among all
C stakeholders

◼ Ensuring strict adherence to laws and regulations across all jurisdictions where it
functions

◼ Operates with a strong governance and accountability framework

36
6 Continued Focus and Thrust on Sustainability

5 1

◼ Industry Collaboration
— Working in close collaboration ◼ Increase in Post-consumer /
with industry associations, Post-industrial Recycling
CPGs/OEM, Converters and Capacity
research organizations to
develop viable solutions

4 3 2
◼ Ecoblue Initiative ◼ Eliminate Scrap Sales
— Recycle BOPP / EVA thermal ◼ New Product Development
— New facility uses post-
consumer bottle / container films and sell as resin — Promoting use of rPET in
waste (PET and Olefin) as — Planned to chemically recycle different end applications in
input with wash lines and reuse BOPET film line both packaging & industrial
lumps in film line end uses
— Most countries now permit the
use of recycled PET in food — Considering delaminating — Develop and promote products
contact applications which BOPET / EVA thermal films to enable conversion to mono-
provides strong growth and recycling separated layers PET structures
opportunity to produce resin

37
6 Recent Initiatives Undertaken by Polyplex (1/2)
Sustainable Products That Have Already Been Delivered

Polyplex has successfully executed several sustainability initiatives till date

Post-Consumer Foil Replacement

Recycled PET Film - Mono PET structures (High Barrier
30% - 100% PCR Metallized films)

PVC Replacement
Eco Friendly BOPET Transfer Metallized
(Formable, Dead
Film (Heavy Metal Films, Paper, Board
Fold, Twist
Free) (Plastic Free Cartons)
Properties)

PVDC Replacement Source Reduction –

Digital Printable –
(Transparent Barrier Down Gauging,
Solvent Free
Chlorine Free) Internal Recycling

38
6 Recent Initiatives Undertaken by Polyplex (2/2)
Sustainable Products That Have Already Been Delivered

Polyplex RPET solutions - Sarafil rPET Films

Available with 30, 70, Superior recycling

90 & 100% PCR in rPET grades available
process – Glycolysis
Transparent, Metalized in Metalized and White
(Chemical recycling)
and White

Availability across the Compliances – for all the Verification criteria for
globe – manufacturing relevant US FDA, EU food PCR RPET contents as
in India, Thailand, safety & recycling as well per : ISO14021:2016
Turkey & USA. as other regulations

Sarafil RPET Film have the same properties as Virgin PET

39
6 Ecoblue - A Recycling Initiative of Polyplex

Ecoblue is helping brands meet their sustainability goals

About Ecoblue
Key Products
◼ Starting operations in 2013, Ecoblue provides sustainable solutions for film-based process rPET resin
waste as well as post-consumer plastic waste for varied applications rPP resin
rHDPE resin
◼ Only recycler in the region to develop food grade products across different polymers
including rPET, rHDPE and rPP spanning several applications

◼ Has been working with different post-consumer and industrial wastes (both PET and Certifications
Polyolefin based) over the years US FDA, EFSA & Thai FDA
approvals and GRS certification for
◼ Focused on developing and producing high quality recycled materials which can replace rPET, rPP, rPE
virgin resin in high end applications such as Bottles, BOPET Film and Filament Yarn

◼ First in Thailand to produce food grade rPET resin for bottle application

◼ Recycling of Ocean-bound plastics Current Capacity

rPET – 49,200 TPA
— Working with Ocean-bound plastics marketplace platforms – Plastic Bank and Oceanworks Polyolefin –10,500 TPA
Manufacturing in Thailand
— Ocean bound plastics certified
Global Partnerships

Empowering the world to stop ocean plastic

Plastic Bank has pioneered in the concept of Social

UPM Raflatac, a part of the Eur10 Plastic, where the individual waste collectors are
billion UPM group, is one of the rewarded by preventing marine litter in high risk zones.
world's leading producers of self- This has positive social impact along with the
adhesive label materials. environmental benefits.
Ongoing partnership for recycling for EcoBlue’s partnership with Plastic Bank extends to setting
Filmic Liner Waste up the Waste Collection system in Thailand and
processing it into high quality recycled materials

40
6 Promoting Sustainability Through Ecoblue
Engaged in Adopting Innovative Recycling Solutions

Ecoblue is a specialist in recycling a wide spectrum of materials

Recycled Polyolefin for Virgin
Recycling Unrecyclable Materials rPET for Virgin Replacement Replacement

Ecoblue Strap2Strap
Solution Bottles rHD for Bottles
(under development)
US FDA approved

Metallized BOPET Film

Recycling (Patented) rPP COPO with High
BOPET Film Impact
US FDA approved

Ecoblue CircuLiner
Solution
rPP Clear HOPO
Injection Molding &
High Quality Fiber Filaments

Ecoblue Laminate
Solution

41
6 Meaningful Social Impact
Conscientious Approach to Contribute to the Community

◼ Ensures safety and security of staff members

— A robust health monitoring mechanism has been in place including handling of emergency situations
— Proactive communication and prevention has been the hallmark of these initiatives
Safety &
◼ Monetary contributions to NGOs, hospitals and Government relief funds across all its locations
Security
— Donates medical equipment, supplies and protective gear for healthcare workers
— Supports various NGOs by providing necessary food supplies to the communities around Polyplex’s locations
— Provides infrastructure facilities to Government hospitals at the plant locations in India

Job ◼ Committed to hiring and promoting local talent in each of the geographies
Creation ◼ Equal opportunity employer across geographies

◼ Has been running a school at its Khatima plant for the past three decades
— The school provides over 2,111 students with best-in-class educational facilities
— Under a PPP model at Bazpur and Khatima, Polyplex has adopted two local schools and
provides them with the necessary infrastructure
Education
◼ Contributes to the Rekhta Foundation, which is a non-profit organization established to promote
and and disseminate literature and culture
Culture
◼ Offers a slew of sports and educational sponsorships as well as full scholarships to the
school-going children of deceased employees
◼ Regular contributions to various other schools/educational institutes in order to promote
education and help contributing to a better society

42
 6 Focus on SCORE
Core Values Binding the Employees

◼ We leverage synergies across hierarchies, functions and

Seamlessness locations

Professional, highly Stable management

qualified and team with almost
◼ We value our people and are committed to their experienced zero attrition over
leadership team the last several
development years
Care ◼ We are sensitive to and respect diversity
◼ We take a long-term approach to all our relationships

◼ We display ownership and feel responsible for the

Ownership and organization’s performance
Responsibility ◼ We trust in the capabilities of our people and believe in Strong and Holistic
delegation while adopting a hands-on approach institutionalized development with
employee opportunities for
engagement cross-learning &
◼ We exhibit a passion to excel and strive to continuously schemes/programs growth
improve the way we work
Excellence
◼ We constantly pursue newer and better ideas, processes,
products and practices

43
6 Creating Impact Through Strong Governance
Continuously Strives to Follow Best Practices

✓ Committed to promoting fundamental values of honesty, integrity, and ethical conduct among all stakeholders

✓ Strong compliance orientation

— Adheres to all applicable laws, regulations and guidelines across all jurisdictions
— Undertakes a wide variety of steps to keep employees informed about current and proposed laws, regulations, and guidelines

✓ Strong governance and accountability framework

— Accomplished and experienced Board of Directors in India and Thailand

— Board of Directors have constituted various committees in India

– Audit Committee, Nomination and Remuneration Committee, Stakeholder’s Relationship Committee, Corporate Social Responsibility
Committee and Risk Management Committee

✓ Unwavering commitment towards occupational health and safety performance

— Best practices relating to the health and safety standards by continuously improving working conditions, minimizing workplace hazards
and raising awareness through involvement, participation and continuous training of the shop floor workforce

– Focus is on ensuring that the health and safety standards are adhered to as per the local legislations and standards

– The approach is reflected in the Environmental, Health and Safety (EHS) policy that emphasizes continuous improvement

— All the manufacturing facilities are certified on occupational health and safety management system

44
6 Recipient of Prestigious Awards and Accolades Globally

Polyplex has been a recipient of some of the most prestigious awards in the industry, demonstrating its commitment towards
becoming a global leader in the industry

Prime Minister’s
Best Public Best Public Corporate Social
Award for Prime Minister’s
Company of 2020 – Green Innovation Company of 2021 – Responsibility
Innovation 2021 – Industry Award
Industrial Group at Award 2021 at Industrial Group at Award - 2023 from
Chemical 2022 for Quality
Money & Banking ACES Money & Banking Department of
Recycling in Management
Awards Awards Industrial work
Thailand

45
Stability in Earnings

46
 Key Attributes of the Business Model Creates a Natural Hedge Against
Industry Volatility
Global S&D Network => diversified
Global – local manufacturing and fragmented customer base;
=> cater to local market optimized market mix to improve
needs margins

Diversified portfolio
Integrated manufacturing and with increasing share
productivity improvement => of D-PAC sales
cost reduction

Significant proportion
of Raw Material linked
Flexible packaging and
Preferred supplier & to Sales
industrial end-use => differentiated pricing
resilient and growing power
demand

$ 0.60

$ 0.50

$ 0.40

$ 0.30 $ 0.57
$ 0.56

$ 0.20 $ 0.37
$ 0.26
$ 0.10 $ 0.18
Normalized
EBITDA ($ / kg) $ 0.00
FY21 FY22 FY23 FY24 FY25

47
Polyplex Has Consistently Generated Superior and Stable Gross Margins
Relative to the Industry
VA Stability

Polyplex’s strength as a diversified and specialty - focused business enables it to achieve steadier gross margins

1.40 114 120

1.20 1.09 1.11 1.09 100

1.25 1.05 89
1.00 1.01 1.00 84 85
0.95 80 80
1.00 0.92 78 76
0.84 0.85 75 0.85 75 80
0.80 69 69 69 0.81

$/Barrel
0.80 0.74 61 63 0.72 0.72 0.73
$/Kg

0.78 0.82 60
49 50 0.76 0.76
0.60 46 44 0.72 0.70
0.65
30 40
0.40 0.51
0.43
0.39
0.20 20
0.29
0.23 0.21 0.22 0.20 0.21 0.21
0.14 0.15 0.17
- 0.10 -
Q3 17-18

Q1 21-22

Q2 24-25
Q1 16-17

Q3 16-17

Q1 17-18

Q1 18-19

Q3 18-19

Q1 19-20

Q3 19-20

Q1 20-21

Q3 20-21

Q3 21-22

Q1 22-23

Q3 22-23

Q1 23-24

Q3 23-24

Q1 24-25

Q3 24-25

Q4 24-25
China VA over Index RM (on 12 mic) - $/Kg PCL VA* (Consol-all films) - $/Kg Crude Oil - $/Barrel

◼ Raw Material (PTA/MEG melt cost) tracks crude oil ◼ The gap between Polyplex and Chinese players’ gross margin

◼ Raw material movements tend to be ‘pass through’ in increases significantly during the trough of industry cycle

film prices ◼ Chinese players achieved a higher margin for a short period in

◼ Value Addition (VA/material margin) is dependent on second half of 2021 owing to supply constraints resulting from

industry CUF logistic disruption / energy crisis

* PCL VA is after eliminating consolidation impact of FX on change in stock 48

Industry Outlook

49
Thin BOPET Demand

Thin BOPET Film Demand Expected to Stay Resilient and Accounts for 80% of Global BOPET Film Demand

Thin BOPET Films Expected to Be the Fastest Growing Segment in

the Global BOPET Films Market

Global Thin BOPET Film Demand (KMT)

Demand growth
7,000 of 5%-6%
5,000
3,000
1,000
-1,000
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025E

2026E

2027E

2028E
Global Demand (KTPA) Demand Ex-China (KTPA)

Key Trends - Demand

Global thin film growth has been resilient and Ageing population, evolving retail formats and penetration of
expected to grow at more than 5%. Due to e-commerce, together with focus on safety and hygiene has led
recessionary pressures across the globe, there to rise in per capita packaging material consumption. There is a
was some short-term impact on demand which continued shift from rigid to flexible packaging, and from loose
has been largely reversed to packaged products

Growth drivers include population growth,

increasing urbanization, changing Demand driven by higher disposable income. Technological
demographics, trend towards nuclear families developments are leading to accelerated demand in electrical,
and increase in purchasing power in electronics and other industrial applications, along with new
developing countries applications which is expected to further increase demand

The demand may be accelerated with growth in energy transition end-uses, such as solar panel
backsheet, battery, electric vehicle and MLCC applications. The drive for sustainable packaging and
evolving regulatory mandates may create additional opportunities as well as raise concerns on usage of
certain substrates of plastics in flexible packaging 50

Source: Industry Publications/Company Estimates

Thin BOPET Industry Outlook

Upcoming Capacity Additions Expected Capacity Additions - Thin PET Film

◼ The vast majority of capacity set to come online 2025 onwards is in China. Market
conditions and overcapacity could incentivize much of this to be postponed or
cancelled. 9,000

◼ Based on the latest information, several of the recently announced lines (primarily in 8,000
China) are expected to be in non-packaging segment with focus on optical applications,
release liners etc. 7,000

6,000
◼ The impact of capacity additions may be significant in China with moderate
influence in other regions, as Chinese players have typically focused only on the 5,000
domestic market and select SEA markets with standard products due to variety of reasons.
Among other reasons, trade barriers, established relationships with incumbent suppliers 4,000
and a distrust around the quality of imported material by some buyers are major barriers 3,000

◼ Excluding impact of China, the capacity utilization (CUF) rates are steadier with 2,000
lower variance in peaks and troughs
1,000
◼ The expected closure / underutilization of older lines due to changing cost dynamics -
are expected to positively impact the outlook on utilization rates 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E

◼ Trend towards Deglobalization, Protectionism and preference for local and regional Global Capacity (KTPA) Capacity Ex-China (KTPA)
supplies Capacity CAGR (Global ) – 7.97%
Capacity CAGR (Ex-China) – 4.65%
Polyplex Strengths

◼ Players with global footprint can better withstand the regional imbalances and industry volatility
◼ With its global manufacturing presence in key demand centers, Polyplex can cater to all geographies, thereby maintaining ~100% CUF levels and
superior margin profile over the years
◼ Focus on speciality and high value-added products thus making earnings more predictable
◼ Competitive cost structure (on DDP basis) helps sustain competitive advantage
◼ Pricing is a function of demand/supply - effect of crude is limited as RM prices are passed through to customers with a varying lag
◼ Supply chain disruptions mainly caused by Red Sea crisis and container shortages are generally positive due to our business model of distributed
manufacturing and sales
◼ Tax efficient structure
◼ Recent and ongoing capex on various line upgrades to enable optimal utilization of assets

51
Growth Capex

52
Investment Under Implementation
Key Investment Rationale

Projects Location Capital Cost Likely Start Up

(In USD million)
New BOPET Film Line India 58 H2 FY 26-27

Other Projects India 4.5 Upto Q3 FY 25-26

Other Projects Overseas 14 Upto Q4 FY 25-26

Total 76.5

Investment rationale:

India Project:
— PET Film Demand expected to grow at 10%+, making it the fastest-growing market in the world
— Cost Structure Optimization

Other Projects:
— Expansion of product portfolio
— Increasing the share of speciality films
— Growing focus on industrial applications

53
Guidance

54
First Quarter 25-26 Guidance
Normalized EBITDA (USD million)

60

50

40

30 26
54 52
50
44
20 37 36
32
24 23 22
10 16 16 20
13 13 15
-
Q1 21-22 Q2 21-22 Q3 21-22 Q4 21-22 Q1 22-23 Q2 22-23 Q3 22-23 Q4 22-23 Q1 23-24 Q2 23-24 Q3 23-24 Q4 23-24 Q1 24-25 Q2 24-25 Q3 24-25 Q4 24-25 Q1 25-26

Short to Medium term outlook

• Normalized demand/growth in both Industrial and Packaging segments
• Additional volumes from US expansion and continued efforts on portfolio expansion, increase in DPAC sales will help support
improvement in margins

The forward-looking statements reflect Polyplex’s expectations of its next quarter earnings. These are based on certain assumptions as on date and are subject to significant risks and uncertainties, as
they could be substantially influenced by several factors which are beyond Company’s control including, but not limited to, fluctuations in foreign exchange rates, changes in key raw material prices,
changes in market dynamics, impact of consolidation of subsidiaries and any unexpected production down times due to machinery breakdown, unforeseen delays in project start up etc. The Company
does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will actually be achieved.

55
Annexures

56
Shareholder Pattern

• Polyplex Corporation Limited (PCL) is the Group Holding Company

• PCL’s economic interest in the overseas businesses is 51%
• PCL listed on BSE/NSE in India and the Thai subsidiary (PTL) on the Stock Exchange of Thailand (SET)
• Shareholding of the Company (as on 31st Mar’25) is as below:

PCL Shareholding PTL Shareholding

26.69%

44.20%

51.00%

62.80% 10.50%

4.80%

Promoter Institutions Non-Institutions Polyplex Group Institutions Non-Institutions

57
Group Structure

58
Disclaimer

• This presentation may contain forward-looking statements which are based on the
Company’s current expectations and estimates about the industry, management’s
beliefs and various other assumptions. These forward-looking statements are subject
to various risks, uncertainties and other factors, some of which maybe beyond our
control. No assurance is given with regard to future events or the actual results, which
may differ materially from those projected herein.
• This presentation does not constitute an offer to sell or a solicitation of an offer to buy
or sell PCL stock and in no event shall the Company be held responsible or liable for
any damages or lost opportunities resulting from use of this material.
• Numbers for previous periods may have been regrouped/rearranged/reworked for
comparison purpose and for better analysis.
• Financial information provided in US Dollars have been illustratively translated from
reported financial information in Indian Rupees to US Dollars using simple average of
monthly exchange rates for the respective applicable period(s) for the P&L related
items and respective period ending exchange rate(s) for the Balance Sheet related
items.
• Growth rates have been calculated based on reported INR financial information.

59
Glossary

• EBITDA: Reported Earning before interest, tax, depreciation and amortisation

• Normalized EBITDA: EBITDA excluding impact of unrealized FX gains/(losses) on long term loans
• Revenue: Reported sales excluding other operating revenues
• Net debt: Long-term debt + short term debt + current maturities of long-term debt – cash & cash equivalents
• Cash & Cash Equivalent: Cash & bank balance + other bank balances + fixed deposits with bank + other
investments in bonds and liquid funds
• RoW: Rest of the World
• PET: Polyethylene Terephthalate
• BOPP: Biaxially Oriented Polypropylene
• CPP: Cast Polypropylene
• TMP: Transfer Metallized Paper
• TRI: Total Return Index
• VA: Value Addition
• MEG: Mono Ethylene Glycol
• PTA: Purified Terephthalic Acid
• RM: Raw Material

60
 Thank You
Polyplex Corporation Limited
B-37, Sector-1, NOIDA
Distt. Gautam Budh Nagar
Uttar Pradesh-201 301
Board:+91.120.2443716-19
Fax:+91.120.2443723 & 24

BSE (scrip code) : 524051 Symbol : PTL

NSE (symbol) : POLYPLEX
ISIN : INE633B01018

Polyplex India Polyplex Thailand

61