• Event Type: This was a Q4 FY26 Results Earnings Conference Call, which included a management presentation followed by a Q&A session with analysts.

• Date and Time: The call was held on Monday, 18 May 2026. A specific start time was not disclosed in the transcript.

• Purpose: The primary purpose was to discuss the financial and operational performance for the quarter and year ended 31 March 2026.

• Management Participants: The following management personnel participated:

  • Mr. Dodla Sunil Reddy – Managing Director
  • Mr. BVK Reddy – Chief Executive Officer
  • Mr. Murali Mohan Raju – Chief Financial Officer

• Availability of Materials: The financial results and an investor presentation were referenced as having been uploaded to the stock exchanges and the company's website (www.dodladairy.com) prior to the call. The audio recording of the call was uploaded to the stock exchange on May 18, 2026, and is stated to prevail in case of any discrepancy with the transcript.

• UPSI Statement: The moderator's opening remarks included a standard caution that the call may contain forward-looking statements which are not guarantees of future performance and involve risks and uncertainties.

• Financial Period Discussed: The discussion focused on Q4 FY26 (Quarter ended 31 March 2026) and the full FY26 (Year ended 31 March 2026).

• Forward-Looking Statements & Strategic Themes: Management provided explicit guidance and strategic updates:

  • FY27 Revenue Growth: Expected to be in the low-to-mid teens percentage, supported by OSAM's full-year contribution, Africa's growth, and 8-9% organic growth in the India business.
  • FY27 Gross Margin: Expected to see a gradual recovery of 50 to 100 basis points over FY26 levels.
  • Effective Tax Rate: Expected to normalize to 25-27% in FY27.
  • Capital Allocation Priority: 1) Fund growth capex from internal accruals; 2) Regular dividends; 3) Selective bolt-on acquisitions.
  • Value-Added Products (VAP) Mix: Targeting a VAP contribution of 32% to 34% in the future, driven by curd, paneer, and ice cream.
  • Africa Business: Expected to scale towards 15% to 18% of consolidated revenue by FY28.

Additional Notes Section

• Attachments: The transcript was submitted as an enclosure to the stock exchanges pursuant to Regulation 30 of SEBI LODR Regulations. The accompanying financial results and investor presentation were referenced but not included in the transcript text provided.

• Financial Data: Extensive financial data was disclosed and discussed during the call. Key figures included:

  • Q4 FY26 Revenue: INR 1,074 crores (18.1% YoY growth)
  • Q4 FY26 EBITDA: INR 54 crores (5% margin)
  • Q4 FY26 PAT: INR 70 crores (6.5% margin). This includes a one-off tax credit of INR 29.2 cr and interest income of INR 10 cr. Underlying PAT was ~INR 40 crores.
  • FY26 Revenue: INR 4,125 crores (10.9% YoY growth)
  • FY26 EBITDA: INR 309 crores (7.5% margin)
  • FY26 PAT: INR 267 crores (6.5% margin). Adjusted for one-offs (~INR 70 cr), PAT was ~INR 215 crores (5.2% margin).
  • Cash & Equivalents (Mar '26): INR 649 crores
  • Dividend: A final dividend of INR 5 per equity share was recommended for FY26.
  • Procurement: Q4 average procurement cost was INR 41/liter (vs. INR 37.4/liter in Q4 FY25). Average milk sales price was INR 58.4/liter.
  • Volume: Milk procurement was 18.5 lakh liters per day (13.4% YoY growth). Milk sales were 14 lakh liters per day.
  • Capex: FY26 capex was ~INR 430 crores. FY27 planned capex includes INR 130 crores for standalone business and INR 180 crores for the Maharashtra project.

• Operational Updates: Detailed updates were provided on expansion projects:

  • Maharashtra Project: Progressing on schedule, expected commercial operations by end of FY27. Cumulative capex spent is INR 106 crores against a total budget of INR 280 crores.
  • Bihar: Allocated a 7-acre land parcel for a future project, requiring an investment of INR 4.4 crores for the land. Project is under board consideration.
  • Uganda Expansion: Acquired 70 acres for a greenfield expansion. Total budgeted capex is ~INR 60 crores, to be completed by year-end 2029.
  • OSAM (HR Food): Focus on improving operational efficiencies to converge margins with company levels over 6-12 months. Q4 FY26 revenue was INR 81.9 crores with an EBITDA of INR 2.7 crores.

Tagging: