Pakka Ltd · NSE:PAKKA
Pakka — Q2 FY27 Earnings Presentation
55 slides from Pakka's earnings presentation, Nov 3, 2026
Slide 1: Exchange filing cover letter
7/Govt/SE/2026-27/0063 03rd November, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Department of Corporate Service Plot No. C/1, G Block, Bandra-Kurla Phiroze Jeejeebhoy Towers Complex, Bandra (East), 25th Floor, Dalal Street Mumbai 400 051 Mumbai - 400 001 Tr
Slide 2: Investor Presentation Q2 & H1 FY27 Investor Call
INVESTOR PRESENTATION Q2 & H1 FY27 Investor Call Date – 3 rd November, 2026 CLEANER PLANET HEALTHIER FAMILIES STRONGER BUSINESS
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Pakka Ltd (the “Company ”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and s
Slide 4: Building Forward with Grit
Building Forward with Grit https://youtu.be/tPlRWAb6BAo?si=ytrYpn8IKz8we6GD Please click here for the Video: https://youtu.be/tPlRWAb6BAo?si=ytrYpn8IKz8we6GD 3
Slide 5: Q2 Highlights
Q2 Highlights FINANCIAL PERFORMANCE WRAP & CARRY Interleaving paper for Reliance's solar Revenue ₹124.04 Cr, up 64% YoY; glass facility, India's largest; exports held EBITDA margin 14.2%, up from 6.1%. at 30% of sales . FOOD SERVICE flexC BASE Europe pilot trials completed, 500+ Revenue ₹18.77 Cr, u
Slide 6: Pakka 2.0
Pakka 2.0 STRENGTHEN THE CORE COMMERCIALISE HIGHER -VALUE PRODUCTS Stabilise Project Jagriti and improve Scale flexC base and speciality papers through operational efficiency. customer adoption. SCALE ASSET -LIGHT CAPITAL DISCIPLINE & PROFITABLE GROWTH Expand CHUK through partners and wider Strength
Slide 7: Business Performance
Business Performance
Slide 8: Q2FY27 Key Financial Performance
Q2FY27 Key Financial Performance (₹ Cr) Revenue EBITDA & EBITDA Margin (%)* 124.0 14.2% 17.6 75.8 6.1% 4.7 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Reported PBT & PBT Margin (%) Adjusted PBT & PBT Margins # 4.2 8.9 3.4% 7.2% 0.5% 0.5% 0.4 0.4 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Standalone. *EBITDA excludes other income.
Slide 9: H1FY27 Key Financial Performance
H1FY27 Key Financial Performance (₹ Cr) Revenue EBITDA & EBITDA Margin (%)* 241.2 13.7% 10.3% 158.1 33.0 16.2 H1FY26 H1FY27 H1FY26 H1FY27 Reported PBT & PBT Margin (%) Adjusted PBT & PBT Margins # 5.4% 7.3% 4.4% 4.4% 6.9 17.7 13.0 6.9 H1FY26 H1FY27 H1FY26 H1FY27 Standalone. *EBITDA excludes other in
Slide 10: Towards higher margins: we have done this before
Towards higher margins: we have done this before (₹ Cr) EBITDA ( ₹ Cr)* 14.20% 24.50% 13.20% 10.00% Average EBITDA margin 25.90 Global specialty paper: ~14% Global food -service packaging: ~15% 17.60 15.40 Q2 margin is back in line with global peers; our best quarter was well above them. 10.20 Q1FY2
Slide 11: Wrap & Carry
) = Wrap & Carry
Slide 12: Q2 Wrap & Carry: Financial Performance
Q2 Wrap & Carry: Financial Performance (₹ Cr) Revenue PBT (INR Cr) & PBT Margin (%)* 105.28 9.6% 2.4% 10.11 60.06 1.46 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Volumes in Tonnes 10,722 7,659 Q2FY26 Q2FY27 11
Slide 13: Wrap & Carry: Key Highlights
Wrap & Carry: Key Highlights New segment Exports Interleaving deal with Reliance, India's Maintaining export percentage of 30% in biggest facility for solar glass spite of geopolitical challenges Realisation Pulp Increase in NSR, Q2 versus Q2 Better contribution of pulp sale due to last year. innova
Slide 14: Food Service
@ Food Service
Slide 15: Q2 Food Service: Financial Performance
Q2 Food Service: Financial Performance (₹ Cr) Revenue Reported PBT 18.77 Q2FY26 Q2FY27 15.76 (1.06) (1.20) Q2FY26 Q2FY27 14
Slide 16: Food Service: Key Highlights
Food Service: Key Highlights EXPANDING DISTRIBUTION GROWING FOOD SERVICE BUSINESS Presence across modern trade, Adding new accounts and deepening e-commerce and institutional channels. engagements. STRONGER BRAND VISIBILITY BROADER PRODUCT PORTFOLIO Building consumer recall through targeted New form
Slide 17: Project Jagriti
.° oo Project Jagriti
Slide 18: Project Jagriti Update
Project Jagriti Update Please Click here for the Video: https://youtu.be/t -LDAAsMyRw
Slide 19: Project Jagriti Progress
Project Jagriti Progress Capacity Expansion RECOVERY BOILER 15 MW POWER TURBINE PULP MILL EXPANSION PAPER MACHINE 4 STARTED UP STARTED UP COMPLETED Start -up Dec ’26 Oct ’26, stabilising Oct ’26, stabilising 18
Slide 20: flexC base: Seeding the market ahead of paper machine 4
flexC base: Seeding the market ahead of paper machine 4 Pilot trials completed in Europe. Partner reveal at the plant 500+ tonnes a month of That is about 17% of paper machine 4's equivalent grades already selling capacity, already in the market 19
Slide 21: Commitments
Commitments
Slide 22: Q2 Commitments: Delivered
Q2 Commitments: Delivered 01 02 03 PROJECT JAGRITI flexC BASE Recovery boiler, power boiler and Pilot trials in Europe completed; DELIVERY CONTAINERS turbine started up in October; under partner reveal held. Moving forward with plant set -up stabilisation. 04 05 PROFITABILITY INNOVATION H1 EBITDA ma
Slide 23: Q3FY27 Commitments
Q3FY27 Commitments 01 Project Jagriti: Commission paper machine 4 02 flexC base: Launch flexC base to partners and distributors . 03 Food Service: Reach profitability in Food Service 04 flexC : Advance development of the non -metallised flexC structure. 05 Innovation: Strengthen the Material Science
Slide 24: Q&A
Q&A 23
Slide 25: Company Overview
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Slide 26: Pakka at a Glance
Pakka at a Glance Company Overview Established in 1981 : over Integrated Player 3 Operating 130 TPD - Pulp capacity four decades of sustainable packaging From agricultural residue to pulp, paper, moulded fibre and Locations Ayodhya plant, 39,600 TPA - Paper capacity finished packaging solutions. Noi
Slide 27: What Pakka Does: Our Business Verticals
What Pakka Does: Our Business Verticals BUSINESS OVERVIEW MANUFACTURING & CONVERSION PACKAGING APPLICATIONS FIBRE -BASED RAW MATERIALS Paper, pulping, coating and Food service, carry, flexible, rigid Agricultural residue and value addition. and other packaging solutions. bagasse -based inputs. Our B
Slide 28: Wrap & Carry Business
Wrap & Carry Business Business at a Glance 82 % of FY26 ₹292.83 crore Wide application base segment revenue from Wrap & Carry revenue in FY26 Core business Supplies paper for carry, retail, food and other Wrap & Carry. packaging requirements. Key Applications Product Portfolio Pakka’s paper products
Slide 29: Food Service
Food Service Serving a Wide Range of What is CHUK? Revenue Performance Customers and Occasions CHUK is Pakka’s consumer -facing brand • Quick -service restaurants (QSRs) Financial Year CHUK Business Revenue for bagasse -based foodservice packaging, • Restaurants and cafés offering a wide range of co
Slide 30: Flexible Packaging
Flexible Packaging flexC is Pakka’s next-generation flexible packaging material, developed from fibre to offer a sustainable alternative to conventional plastic packaging. What is flexC ? Key Applications A fibre -based flexible packaging material Designed for a wide range of consumer packaging form
Slide 31: flexC base – Product Development
flexC base – Product Development Expands Addressable Markets: Enables Pakka to enter high -growth flexible packaging segments. WHAT PM4 PILOT SAMPLES AND TARGET MAKES TRIALS PARTNER APPLICATION LAUNCHES Enables in -house manufacturing of specialised flexC base paper at scale INITIAL APPLICATION AREA
Slide 32: Pakka | A Journey of Growth & Innovation
Pakka | A Journey of Growth & Innovation From a kraft paper manufacturer to a diversified, sustainable packaging platform Phase 3: Sustainable Packaging Innovation | 2014–2018 Moved beyond conventional Phase paper into moulded fibre Phase 1: Foundation and food -service Phase 4: Brand 5 Phase Transf
Slide 33: Investing In Right People, Capabilities and Execution
Investing In Right People, Capabilities and Execution BUILDING A STRONGER Future -Ready Organisation TALENT DEVELOPMENT Building depth and domain expertise. INNOVATION & R&D Strengthening the Material Science Centre and product development. PURPOSE -DRIVEN CULTURE EXECUTION EXCELLENCE Enabling a sus
Slide 34: Our Way Forward
Our Way Forward Commission and Stabilise Project Jagriti Scale the Sustainable Tableware Business (CHUK) • Complete commissioning and stabilise operations. • Expand CHUK through a broader product • Unlock expanded manufacturing capacity to portfolio. support the next phase of growth. • Strengthen br
Slide 35: Our Clients
Our Clients Customer Reach 330+ 33 Serving leading global Customers Countries and domestic brands 34
Slide 36: Operating Locations & Capacity
Operating Locations & Capacity Ayodhya, Uttar Pradesh, India Integrated Manufacturing Facility Other Operating Locations Existing installed capacity as of 31 March 2026: 130 TPD - Pulp capacity • Noida, Uttar Pradesh: corporate office. 39,600 TPA - Packaging paper capacity • Bangalore, Karnataka: Ma
Slide 37: Board of Directors
Board of Directors Pradeep Vasant Dhobale Ved Krishna Gautam Ghosh Chairman and Independent Director Managing Director Executive Director Manjula Jhunjhunwala Kimberly Ann McArthur Himanshu Kapoor Director, Promoter Director, Promoters’ Group Non-Executive Director Dinika Bhatia Basant Kumar Khaitan
Slide 38: Experienced Leadership Team
Experienced Leadership Team Ved Krishna Sarita Upadhyay Group Lead Foundation Head Driving innovation and Driving social impact through growth through education and community regenerative solutions. development Mayank Jindal Vibha Yadav Manufacturing Business Head People & Culture Head 35+ years of
Slide 39: ESG
ESG ENVIRONMENTAL SOCIAL GOVERNANCE Resource Efficiency for a Circular Empowering People and Strong Ethics, Transparency and Future Strengthening Communities Responsible Growth • Renewable Raw Materials: Utilisation • Education and Skill Development: • Ethical Business Conduct: of renewable agricult
Slide 40: CSR Initiatives | Creating Impact Through Education, Employment and Ecology
CSR Initiatives | Creating Impact Through Education, Employment and Ecology Education Employment & Livelihoods Ecology • 280+ students enrolled through • 226+ youth trained through skill • 10,000 community members engaged education initiatives. development initiatives. in waste management, segregati
Slide 41: Certifications, Licenses and Awards
Certifications, Licenses and Awards Key Certifications, Licenses and Awards FSC® Certified ISO 9001:2015 Certified ISO 14001:2015 Certified Responsible sourcing and sustainable Quality Management Systems. Environmental Management Systems. packaging solutions. Food Safety Certifications Plastic Neutr
Slide 42: Industry Overview
| ”. Industr Overview
Slide 43: Industry Opportunity: The Shift Towards Sustainable Packaging
Industry Opportunity: The Shift Towards Sustainable Packaging Global sustainable Food Packaging Industry India’s consumer packaging market A large, resilient industry driven by diverse end -use applications. Is projected to reach - USD 68.6 Billion (Indian, by FY30) Growth: 7.9% CAGR (Global, FY25 –
Slide 44: The opportunity for Pakka
The opportunity for Pakka Growth Drivers Create a Strong Addressable Opportunity for Pakka Expanding Demand for Fibre - Acceleration of Regulatory Support Global Customer Commitments based Packaging Sustainable Packaging Growth in e -commerce, food and Rising adoption of compostable Increased restri
Slide 45: Quarterly Financial Trends
ia _ Quarterly Financial Trends
Slide 46: Q2 & H1FY27 – Standalone Profit & Loss Statement
Q2 & H1FY27 – Standalone Profit & Loss Statement Particulars Q2 -FY27 Q2 -FY26 Y-o-Y H1-FY27 H1-FY26 Y-o-Y Revenue from Operations 124.0 75.8 63.6% 241.2 158.1 52.6% Raw Material 57.1 38.8 112.1 74.3 Gross Profit 66.9 37.0 80.9% 129.1 83.7 54.2% Gross Profit Margin 53.9% 48.8% 53.5% 53.0% Employee C
Slide 47: Standalone Balance Sheet
Standalone Balance Sheet Particulars Sep -26 Mar-26 Particulars Sep -26 Mar-26 ASSETS EQUITY AND LIABILITIES Non-current assets Equity Property, plant and equipment 195.4 204.9 Equity share capital 47.7 44.9 Capital work -in-progress 734.4 554.7 Money received against share warrant 21.2 24.5 Right o
Slide 48: Standalone Cash flow Statement
Standalone Cash flow Statement Particulars H1FY27 H1FY26 Net Profit Before Tax* 17.7 6.9 Cash generated from Operations 60.7 45.7 Direct taxes paid (net of refund) (0.1) (5.6) Net Cash from Operating Activities 60.6 40.0 Net Cash from Investing Activities (204.7) (174.3) Net Cash from Financing Acti
Slide 49: Strengthening Cash Flow Generation
Strengthening Cash Flow Generation Revenue ( ₹ Cr) Net Cash from Operating Activities ( ₹ Cr) 404.7 406.0 355.8 73.73 60.61 241.2 53.1 23.28 FY24 FY25 FY26 H1FY27 FY24 FY25 FY26 H1FY27 Business model that generates positive cash flow from operations, even in high expansion and growth phase 48
Slide 50: Historical Financial Trends
Historical Financial Trends
Slide 51: Key Financial Performance
Key Financial Performance (₹ Cr) Total Revenue (INR Cr) EBITDA & EBITDA Margin (%) 21.1% 18.8% 405 406 11.8% 86 76 356 42 FY24 FY25 FY26 FY24 FY25 FY26 PAT & PAT Margin (%) Earnings Per Share (INR) 14.0% 13.53 12.0% 12.57 5.1% 49 57 4.04 18 FY24 FY25 FY26 FY24 FY25 FY26 50
Slide 52: Standalone Profit & Loss Statement
Standalone Profit & Loss Statement Particulars FY26 FY25 FY24 Revenue from Operations 355.8 406.0 404.7 Raw Material 160.9 167.4 148.9 Gross Profit 194.9 238.7 255.8 Gross Profit Margins 54.8% 58.8% 63.2% Employee Benefits expenses 38.4 45.2 44.6 Power and Fuel 51.0 52.6 68.6 Other expenses 63.4 64.
Slide 53: Standalone Balance Sheet
Standalone Balance Sheet Particulars Mar-26 Mar-25 Mar-24 Particulars Mar-26 Mar-25 Mar-24 ASSETS EQUITY AND LIABILITIES Equity Non-current assets Equity share capital 44.9 44.9 39.2 Property, plant and equipment 204.9 206.0 196.6 Money received against share warrant 24.5 24.5 0.0 Capital work -in-p
Slide 54: Standalone Cash flow Statement
Standalone Cash flow Statement Particulars FY26 FY25 FY24 Net Profit Before Tax 25.2 67.2 72.6 Cash generated from Operations 84.8 40.6 72.3 Direct taxes paid (net of refund) (11.1) (17.3) (19.2) Net Cash from Operating Activities 73.7 23.3 53.1 Net Cash from Investing Activities (366.2) (191.4) (74
Slide 55: Thank You
THANK YOU For further information, please contact: Investor Relations Advisors: PAKKA Limited Adfactors PR Pvt. Ltd. Mr. Vatsal Shah Mr. Sachin Kumar Srivastava [email protected] [email protected] Ms. Kareena Jain 5 [email protected] 4