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Disclaimer No part of this presentation is to be circulated, quoted, or reproduced for any distribution without prior written approval from Finolex Industries Limited, Chinchwad, Pune-411 019, India. Certain part of this presentation describing estimates, objectives and projections may be a “forward looking statement” within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied. 2

Contents Company at a glance 4 Business model 8 Investment proposition 9 Strategies & targets 10 Financial overview 12 Q3FY15 performance 16 Appendix 25 3

Company at a glance  India’s largest backward integrated PVC pipe manufacturer with a PVC pipe & fittings production capacity of 2.5 Lakh MT p.a.  Backward integration – • PVC resin plant capacity - 2.7 Lakh MT • Captive thermal power plant capacity – 43mw  Pan India distribution network through wide network of dealers, sub-dealers and retail outlets – 15,000+ touch points  Superior brand recall due to high quality product offerings for Agriculture, housing, building & construction. Focus now on increasing PVC pipes & fittings production capacity and widening distribution reach 4

Company at a glance - In pictures Storage tanks for raw material PVC resin plant at Ratnagiri Extruder lines PVC resin storage section 5

Company at a glance - In pictures PVC pipe plant, Masar, Gujarat Extruders at the plant Storage area for PVC fittings 6

Company at a glance - Pan India Reach PVC Pipe Corporate Office: Manufacturing Unit Finolex Industries Masar, Gujarat Limited, D/10, M.I.D.C. Chinchwad, Pune Maharashtra 1,30,000 sq.ft. PVC Pipe warehouse facility Manufacturing Unit exclusively for PVC Urse, Pune, Fittings at Chinchwad, Maharashtra Pune, Maharashtra. Corporate office at Warehouse facility Pune exclusively for PVC PVC Resin, PVC Pipe Works Pipes & Fittings at Manufacturing Unit & Branch Offices Bhubaneshwar Captive Power plant at Dealers Ratnagiri, Maharashtra  Widespread network - No single dealer contributes more than 1% of the PVC pipe and fittings revenues. Over 600 dealers and 15,000 + retail touch points across the 7 length and breadth of India 7

Business model  Key revenue driver – mainly PVC pipes and fittings segment, with steadily increasing in- house consumption of the PVC resin  Market wise sales are distributed between Agriculture (70%) and Non-agri (30%). Non- agri is mainly construction  Key cost components - EDC, Ethylene and VCM are key raw materials for PVC production – mainly imported from middle east  Margins improvement initiatives are underway, however, raw material prices movement (on back of crude oil) does impact operating margins in PVC resin segment  Operating under cash-n-carry model  0.9:1 debt equity ratio, with strong debt reduction plans over next few years On track toward complete backward integration and in implementing margin improvement initiatives 8

Investment proposition  Only 44% of agricultural land in India is under irrigation. Pipes industry is growing at about 10% CAGR. FIL’s PVC pipes & fittings volumes grew by 16% CAGR over last ten years  Government’s focus on increasing irrigation and housing will help to keep the industry growth strong over the next 3-5 years  Growing brand and quality consciousness – share of organized players to rise further  Margins improvement initiatives – focus on increasing sales of higher margins products viz. fittings, column pipes, CPVC pipes  Brown-field capex of FIL in pipes & fittings division only – to generate superior RoCE  Plans to reduce debt to minimum levels over next three years High demand for pipes, margin improvement and brownfield capex to generate superior return ratios 9

Strategies & targets  Production capacity – Capex only to increase PVC pipes and fittings capacity with average 30,000 MT p.a. over FY15-FY17. Investment in brownfield capex at INR 300mn p.a.  Building hub-n-spoke model – concentrated manufacturing facilities and plans to have multiple warehouses across India  Initiatives on track to scale up share of fittings in sales mix to over 10% from 6-7% currently  Reduce debts to minimum level by internal cash accrual – over next three years  Leverage existing distribution network to launch various products in water management business Expanding geographic presence to help increase markets share 10

Strategies & targets (Branding and advertisements) 1. Advertisements on-the-move 1. 2. Print Advertisements and TV commercials targeting Rural and Urban markets 3. Pipes display at an exhibition 2. 3. 11

Financial overview 12

Profit & Loss – Key indicators Profit & loss account (INR mn) FY11 FY12 FY13 FY14 9MFY15 19,777 20,998 21,448 24,530 16,915 Net Income 35.9% 6.2% 2.1% 14.4% 4.8% Growth in sales (%) 2,655 2,618 3,921 4,403 1,734 EBIDTA before exceptional items EBIDTA margins before exceptional 13.4% 12.5% 18.3% 17.9% 10.2% items (%) 2,490 2,472 2,960 3,705 1,229 EBIDTA after forex gain/(loss) 1,150 967 1,902 2,419 290 PBT 5.8% 4.6% 8.9% 9.9% 1.7% PBT (%) 762 752 1,361 1,701 201 PAT 3.9% 3.6% 6.3% 6.9% 1.2% PAT (%) 13

Balance sheet – Key indicators Balance Sheet (INR mn) FY11 FY12 FY13 FY14 1HFY15 Equity and liabilities 1,240 1,241 1,241 1,241 1,241 Share capital 4,963 5,381 5,971 6,656 7,092 Reserves and surplus 1,954 1,896 1,397 2,322 2,239 Long term borrowings Short term borrowings (incl. loans 5,512 8,528 6,997 4,812 5,293 repayable in one year) 7,466 10,424 8,394 7,134 7,531 Total borrrowings Assets 7,924 7,840 8,795 9,052 8,630 Fixed assets (Net block) 722 854 506 325 269 Capital WIP 1,221 1,221 1,274 1,274 1,274 Non current investments 859 3,711 2,322 941 351 Current investments 14

Strong balance sheet RoE (%) RoCE (%) Net Debt:Equity (x) 30.0% 1.5 1.6 24.2% 1.4 20.0% 1.2 8.4% 1.0 21.1% 1.0 10.0% 0.9 0.8 4.7% 0.0% 0.6 0.4 -10.0% FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Working Capital Turnover (x) Fixed Asset Turnover (x) 6.0 2.8 5.3 3.0 5.0 2.5 4.0 2.0 3.0 1.5 2.0 1.0 1.8 1.2 0.5 1.0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 With no major CAPEX in the pipeline, healthy cash inflows will be used to repay debt 15

Q3FY15 performance 16

Business performance  The sales volumes for PVC declined 13% YoY to 61,826 MT and pipes and fittings declined by 10% YoY to 38,856 MT in Q3FY15. Particulars Q3FY15 Q3FY14 Variance breakup (INR Mn.) INR Mn. MT Rs./Unit INR Mn. MT Rs./Unit Volume Price Total PVC 3,664 61,826 59,263 4,911 71,238 68,938 -649 -598 -1,247 PVC Pipes & Fittings 3,480 38,856 89,561 3,819 42,974 88,868 -366 27 -339 Power (Mwh) 175 11,418 346 40,884 -171 - -171 17

Result update – Profit & Loss Particulars (INR mn) Q3FY15 Q3FY14 Q2FY15 6,429 6,599 3,859 Net Sales (110) 1,180 445 EBIDTA before exceptional items -1.71% 17.90% 11.50% EBIDTA margins (%) (388) 1,276 385 EBIDTA after exceptional items 146 177 149 Depreciation (256) 1,002 296 EBIT before exceptional items -3.98% 15.20% 7.70% EBIT margins (%) 14 9 86 Other Income 119 188 108 Interest (639) 920 215 PBT -9.94% 13.90% 5.60% PBT margins (%) (201) 281 77 Tax (438) 639 137 PAT -6.81% 9.70% 3.60% PAT margins (%) 18

Business performance (contd.) The business performance in Q3FY15 was impacted due to multiple factors:  Sharp drop in PVC prices from USD 1,000 i.e. Rs. 70,500 per MT in September 2014 to USD 780 i.e. Rs. 56,300 per MT in December 2014, resulted in inventory losses of around Rs. 100 crores. Comparatively, PVC prices were USD 1,050 i.e. Rs. 70,700 per MT in September 2013 and USD 1010 i.e. Rs. 68,100 per MT in December 2013. PVC/EDC spread further reduced to USD 455 per MT during Q3FY15 as against USD 662 per MT during Q3FY14.  PVC prices (on back of crude oil prices) continuously drifted downward during Q3FY15, which put the dealers in wait-n-watch mode and to certain extent postponing purchase of pipes and fittings. This also impacted the PVC resin volumes. Crude prices dropped from $92/bbl in September 2014 to $54/bbl by end of December 2014.  Captive power plant took longer than expected to resume operations. The company had to purchase power from grid, leading to higher cost of power by approx. Rs. 8 crores. The CPP has resumed operations from December 2015.  Increase in other expenses by Rs. 9 crores, mainly due to current branding initiatives, plant maintenance, etc.  Rupee depreciation during the quarter from Rs. 61.75 to Rs. 63.04 per dollar, the impact of which is approx. Rs. 14 crores. 19

Business scenario in charts 300 350 400 450 500 550 600 650 700 750 800  Lower spreads resulted in fall in margins May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 PVC - EDC Delta $/MT May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Source: IHF and ICIS chemical weekly reports Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 20