20 Microns Limited · NSE:20MICRONS
20 Microns — H1 FY27 Earnings Presentation
25 slides from 20 Microns's earnings presentation, Oct 30, 2026
Slide 1: Cover letter: audio-video recording of earnings call
CIN: L99999GJ1987PLC009768 Regd. Office: 9-10, GIDC Industrial Estate, Waghodia, Dist.: Vadodara, 391760 Ph.:75 748 06350 | E-Mail: [email protected]| Website: www.20microns.com October 30, 2026 To, To, The Secretary, Asst. Vice President, BSE Ltd. National Stock Exchange of India Ltd., 25t
Slide 2: Engineered minerals. Essential performance.
Engineered minerals. Essential performance. Surface-engineered mineral inputs and functional additives for India's leading manufacturers H1 FY27 Results & Business Update DSIR-recognised R&D | 250+ specialised grades | 1,000+ customers October 2026 20 MICRONS LIMITED | NSE: 20MICRONS | BSE: 533022
Slide 3: Contents
CONTENTS H1 FY27 Results & Business Update – October 2026 H1 FY27 Also included Also Included Results snapshot · Management commentary · Backward Consolidated integration Financial Results Pages 3–5 Investment highlights At a glance · Management team · Investment case · Surface Company engineering ·
Slide 4: H1 FY27: revenue growth returns in Q2; H1 gross margin up ~80 bps
01 · H1 FY27 CONSOLIDATED RESULTS H1 FY27: revenue growth returns in Q2; H1 gross margin up ~80 bps H1 REVENUE Q2 REVENUE GROWTH H1 GROSS MARGIN H1 FINANCE COST ₹4,829 Mn +3.2% 48.3% ₹81 Mn +1.0% YoY YoY: back to growth +79 bps YoY -11.3% YoY ₹ Mn Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Revenue from
Slide 5: Building on a stronger core for the next phase of growth
01 · MANAGEMENT COMMENTARY Building on a stronger core for the next phase of growth Strengthening Disciplined Investing for the core finances next phase Revenue growth is back and our gross margins are expanding. We are Revenue growth returned in Finance costs fell 11% in H1 and Our ₹100 crore capac
Slide 6: New captive mines secure supply as mineral policies evolve
01 · STRATEGIC UPDATE, Q2 FY27 New captive mines secure supply as mineral policies evolve TWO ACQUISITIONS · Q2 FY27 Captive mines in Rajasthan and Andhra Pradesh OUR MINERAL BASE Rajasthan: Sirohi (calcite) · Bhilwara ₹7 Cr Talc · quartz · feldspar Dec 2026 (quartz, feldspar) total consideration fo
Slide 7: A specialty mineral solutions partner to Indian industry
02 · AT A GLANCE A specialty mineral solutions partner to Indian industry ₹954 Cr FY26 revenue from operations Surface engineering Mechanical, thermal and chemical processing changes what a mineral does in the customer's product EBITDA margin, every year FY22– ~13% FY26 Customised, not standardised
Slide 8: Second-generation leadership building on the founder's legacy
02 · MANAGEMENT TEAM Second-generation leadership building on the founder's legacy FOUNDER Late Shri Chandresh Rajesh C. Atil C. S. Parikh Parikh Parikh 1946 – 2021 Chairman & Managing CEO & Managing Director Director “Mineral Man of India” ▪ On the Board since age 27; leads technical ▪ Started at 2
Slide 9: 20 Microns is an Application focused business
02 · THE INVESTMENT CASE 20 Microns is an Application focused business TYPICAL COMMODITY PRODUCER Sells tonnes 20 MICRONS Sells engineered performance A few standard grades, priced per tonne What is sold 100+ engineered grades, customised to customer's formulation Mine, crush and ship How it is made
Slide 10: Surface engineering turns a raw mineral into a performance input
02 · SURFACE ENGINEERING Surface engineering turns a raw mineral into a performance input ENGINEERED MINERAL FEEDSTOCK SURFACE ENGINEERING PROPERTIES CUSTOMER OUTCOME ▪ Calcium carbonate ▪ Particle size & • Opacity & finish Mechanical distribution • Strength & stiffness ▪ Kaolin (hydrous & calcined)
Slide 11: Moving up the value curve: a richer, higher-margin mix
02 · PORTFOLIO Moving up the value curve: a richer, higher-margin mix Functional additives & Nano ROLE IN THE MIX DIRECTION OF TRAVEL Products sold for a defined function in the customer's product Fastest-growing, highest value TO FY2030 Opacifiers · Matting agents · Anti-blocking · Rheology modifie
Slide 12: We serve market leaders in every sector, with relationships of up to 25 years
02 · END MARKETS & CUSTOMERS We serve market leaders in every sector, with relationships of up to 25 years Sector FY26 revenue share Key customers Relationship Asian Paints · Berger · Kansai Nerolac · AkzoNobel · Nippon Paint · JSW 25 yrs Birla Opus: 3 yrs, Paints & coatings 46% Paints · Indigo · Jo
Slide 13: Long approval cycles make our grades hard to replace
02 · CUSTOMER-SPECIFIC PRODUCTS Long approval cycles make our grades hard to replace How a grade becomes a long-term supply relationship 1 2 3 4 1000+ Customer brief Grade design Trials & approval Repeat supply B2B customers across paints, polymers, rubber, paper, ceramics and more Target property o
Slide 14: Functional additives: a quarter of revenue from 250+ specialised grades
02 · FUNCTIONAL ADDITIVES Functional additives: a quarter of revenue from 250+ specialised grades DEEPER RELATIONSHIPS FILLERS FUNCTIONAL ADDITIVES Functional additives carry two-thirds 150+ Grades 250+ more grades than fillers for one-eighth of the customers, and already bring in a 800+ Customers 1
Slide 15: R&D turns minerals into engineered, customer-qualified products
02 · INNOVATION R&D turns minerals into engineered, customer-qualified products Technical capability Differentiated products Customer qualification Premium, recurring business Scientists and Engineers Recognised R&D Centre Breakthrough Innovations Specialty Products 35+ dedicated R&D team DSIR Govt.
Slide 16: Same capability, new minerals and new markets
02 · GROWTH FRONTIERS Same capability, new minerals and new markets Oil & Gas Personal care Construction chemicals ADJACENT Drilling-fluid minerals and MARKETS: High-purity, fine-particle Tile adhesives and building rheology additives; ONGC and ENTERING minerals for cosmetics and solutions through t
Slide 17: Indian specialty businesses, Malaysian and UAE arms, and two German JVs
02 · GROUP STRUCTURE Indian specialty businesses, Malaysian and UAE arms, and two German JVs 20 MICRONS LIMITED Listed on BSE & NSE INDIAN SUBSIDIARIES OVERSEAS SUBSIDIARIES PARTNERSHIP FIRM JV / ASSOCIATES 20 Microns Nano Minerals Ltd 20 Microns FZE NEW · AUG 2026 Dorfner 20 Microns India Sharjah,
Slide 18: ₹100 Cr capex programme: ₹30 Cr deployed, nearly half by end of Q3 FY27
02 · GROWTH PLAN & CAPEX PROGRESS ₹100 Cr capex programme: ₹30 Cr deployed, nearly half by end of Q3 FY27 CAPEX PROGRESS ₹30 Cr +₹17 Cr ~47% deployed to date: 30% of the ₹100 Cr programme in Q3 FY27, all for captive solar To be deployed by end of Q3 FY27: nearly half Deployed so far includes captive
Slide 19: FY22–FY26: steady growth, rising profits and a stronger balance sheet
03 · 5-YEAR FINANCIAL TRENDS FY22–FY26: steady growth, rising profits and a stronger balance sheet REVENUE FROM OPERATIONS EBITDA PAT ₹9,538 Mn ₹1,231 Mn ₹667 Mn FY26 · 11.7% CAGR FY26 · 11.6% CAGR · 12–13.5% margin every year FY26 · 17.7% CAGR · margin 5.7% → 7.0% 9,128 9,538 1,174 1,231 625 667 7,
Slide 20: 12–14% EBITDA margins every year for a decade
03 · OPERATING CONSISTENCY 12–14% EBITDA margins every year for a decade Consolidated EBITDA margin (%), FY17–FY26 12.1%–14.4% 14.3% 14.4% Range of EBITDA margin over FY17–FY26; never below 12%, 14.1% 13.5% with a 10-year average of 13.2% 12.9% 12.9% 12.9% 12.5% 12.1% 12.2% What the margin has absor
Slide 21: Leaner inventory, stronger liquidity and consistent returns
03 · OPERATIONAL HIGHLIGHTS Leaner inventory, stronger liquidity and consistent returns INVENTORY TURNOVER CURRENT RATIO RETURN ON EQUITY 8.3x 1.9x 14.6% FY26 · up from 5.8x in FY22 FY26 · up from 1.3x in FY22 FY26 · 15–17% in FY23–FY25 8.1x 8.3x 1.8x 1.9x 17.4% 7.4x 1.7x 16.0% 6.2x 1.5x 14.9% 15.4%
Slide 22: Promoter-backed company with a broad public shareholder base
03 · KEY MARKET METRICS & SHAREHOLDING Promoter-backed company with a broad public shareholder base MARKET DATA (as of 26 Oct 2026) THREE-YEAR SHARE PRICE vs SENSEX (rebased to 100) SHAREHOLDING PATTERN Share price (₹) 179.85 20 Microns Sensex 300 52-week high / low (₹) 238 / 130 250 Market cap (₹ M
Slide 23: A specialty mineral solutions company with several levers for value creation
INVESTMENT HIGHLIGHTS A specialty mineral solutions company with several levers for value creation New frontiers Mix shift underway Proven resilience Embedded with Engineered, not sector leaders extracted Hundreds of customer- specific grades Surface engineering approved into the converts minerals i
Slide 24: Product portfolio
APPENDIX Product portfolio Industrial minerals Functional additives & specialty Other businesses ▪ Ground calcium carbonate ▪ Rutile TiO₂ (white, buff, grey, coloured) ▪ Minfert: mineral-based plant nutrition, soil conditioners and crop care (20+ products) ▪ Dolomite ▪ White pigment opacifier ▪ Reta
Slide 25: Safe harbour, contacts and locations
IMPORTANT INFORMATION Safe harbour, contacts and locations This presentation has been prepared by 20 Microns Limited for general information only. It is not an offer, recommendation or solicitation to buy or sell any securities. Certain statements are forward-looking and are 20 Microns Limited based