Financial Performance Highlights (FY26 Consolidated)

Annual Results (FY26 vs FY25):

  • Revenue: ₹2,208 million (69% YoY growth from ₹1,307 million)
  • EBITDA: ₹311 million (91% YoY growth)
  • EBITDA Margin: 14.1% (160 bps improvement YoY)
  • Profit Before Tax: ₹232 million (98% YoY growth from ₹117 million)
  • Profit After Tax: ₹143 million (59% YoY growth)
  • PAT Margin: 6.5% (41 bps decline YoY)
  • Normalised PAT: Approximately ₹184 million (reflecting stronger underlying earnings capability)

Half-Yearly Performance:

  • H2 FY26 Revenue: ₹1,250 million (approximately 50% sequential growth from H1 FY26 revenue of ₹959 million)

Business Highlights and Strategic Developments

Strategic Acquisitions:

  • Acquired ready-to-eat business from Ambrozia via Avyom Foodtech
  • Acquisition significantly strengthened export-ready manufacturing platform by adding vegetarian portfolio to core non-vegetarian categories

Brand Expansion:

  • Meevaa Foods (ready-to-cook and ready-to-eat brand) witnessed strong launch response with over 5,000 orders within 48 hours in Delhi NCR
  • Marked company's strategic entry into broader convenience and value-added foods segment

Backward Integration:

  • Strengthened seafood sourcing through partnerships with nearly 300 seafood farmers under FPO model
  • Developed integrated aquaculture platform spread across approximately 270 acres
  • Estimated annual production capacity: nearly 500 tonnes
  • Enhanced sourcing reliability, traceability, quality control and long-term procurement efficiencies

Retail Expansion:

  • Continued scaling local meat shop partnership initiative (Zappfresh as sourcing, supply chain and technology partner)
  • Pilot involving 15-20 stores delivered encouraging results in customer engagement and operational integration
  • Identified and signed 100 store partners for next phase of expansion

Business Mix Evolution:

  • B2B contribution rose to approximately 68% in FY26
  • Driving strong scale and revenue visibility despite near-term margin moderation

Product Mix Diversification:

  • Chicken: 50%
  • Seafood: 27%
  • Mutton: 23%

Recognition and Awards

  • Received "IPO Trailblazer 2025" recognition at CII Unicorn Summit 2026
  • Received "Innovation in Brand Retailer Partnership" award at AMA Futurescape 2025
  • Received "Outstanding Start-up in Agri-Food Sector" award at AMA Futurescape 2025

Leadership Recognition

  • Mr. Deepanshu Manchanda, Managing Director, appointed as Goodwill Ambassador by IIMSAM to advocate for UN Sustainable Development Goals - Zero Hunger, Good Health, & Partnerships

CSR Initiatives

  • Continued support for nutrition awareness, women empowerment and community welfare initiatives through association with Beti Foundation

Management Commentary

Mr. Deepanshu Manchanda, Founder and Managing Director, stated:

  • FY26 described as "most consequential year in the history of DSM Fresh Foods"
  • Delivered strongest-ever financial performance as newly listed company
  • Made deliberate, long-term investments in foundational pillars for next five years
  • Revenue growth of 69% and near doubling of PBT reflect operational discipline and sustained consumer demand
  • Strategic investments (Ambrozia acquisition, Meevaa Foods entry, seafood sourcing alliances) expected to translate into scaled outcomes in FY27 and FY28

Investor Communication

  • Earnings conference call scheduled for Friday, May 29, 2026 at 10:00 AM IST
  • Universal access dial-ins: 086 3416 9087 / 086 4536 7362
  • Also accessible via provided link

Company Background

  • Founded: 2015
  • Listed on BSE Emerge: October 2025
  • Operates Zappfresh, India's first profitable omnichannel fresh protein platform
  • Expanded into broader food ecosystem through Meevaa Foods (frozen and convenience foods brand)
  • Strengthened backward integration through strategic investments across processing, manufacturing and aquaculture businesses