Financial Performance Highlights

Consolidated Financial Results (₹ Crore):

| Metric | Q1FY27 | Q1FY26 | YoY Change | Q4FY26 | QoQ Change |

| Revenue from Operations | 157 | 236 | -33.5% | 289 | -45.7% |

| Other Income | 2 | 3 | -33.3% | 5 | -60.0% |

| Total Income | 160 | 239 | -33.1% | 294 | -45.6% |

| Raw Material Costs | 71 | 144 | -50.7% | 194 | -63.4% |

| Gross Profit | 87 | 92 | -5.4% | 95 | -8.4% |

| Gross Margin (%) | 55.1% | 39.0% | +16.1pp | 32.9% | +22.2pp |

| Employee Expenses | 13 | 14 | -7.1% | 14 | -7.1% |

| Other Operating Expenses | 53 | 54 | -1.9% | 42 | +26.2% |

| EBITDA | 23 | 27 | -14.8% | 45 | -48.9% |

| EBITDA Margin (%) | 14.3% | 11.5% | +2.8pp | 15.4% | -1.1pp |

| Depreciation | 6 | 6 | 0.0% | 6 | 0.0% |

| Finance Cost | 11 | 12 | -8.3% | 11 | 0.0% |

| Profit Before Tax | 6 | 10 | -40.0% | 28 | -78.6% |

| Tax Expenses | 2 | 3 | -33.3% | 9 | -77.8% |

| Profit After Tax | 4 | 7 | -42.9% | 19 | -78.9% |

| PAT Margin (%) | 2.4% | 3.0% | -0.6pp | 6.6% | -4.2pp |

Business Segment Performance

Fruit & Vegetable Pulps:

  • Mango: Lower fruit price in current procurement season compared to last year, expected to continue low realization
  • Tomato: Unable to execute canned tomato products against confirmed orders due to poor quality raw materials

Spray Dried Powders:

  • 22% growth in volumes in Q1 FY27

Frozen Food:

  • Volumes up ~10% YoY in Q1 FY27
  • Value up ~19.5% YoY in Q1 FY27
  • Improved realizations reflect higher contribution from value-added products
  • Growing demand from US market

Kusum Spices:

  • Spice business grew by 14.7% YoY in Q1 FY27

Operational Challenges

  • Export segment significantly impacted by freight and container availability issues due to continuing war situation
  • Approximately 1800 MT of finished goods overdue for shipment
  • Average realizations declined by ~18.5% YoY, reflecting sales of inventory manufactured during 2025 crop season at lower raw material costs
  • Pricing remains pure passthrough of raw material movements

Sustainability Initiatives

Sustainable Farming:

  • Scaled soil regeneration pilot from Konkan (2024) to Chittoor (2026)
  • Financial support from French customer and technical collaboration with leading French agricultural company
  • UK customer's Farm Innovation Fund support
  • Program promotes soil health, biodiversity, sustainable mango farming practices, water efficiency and tree resilience
  • Helps reduce fertilizer use and input costs while improving fruit quality, yields and long-term farmer profitability

Energy Efficiency:

  • Vankal Solar Capacity: 1263 kWp
  • Gonde Solar Capacity: 1850 kWp

Business Verticals Overview

Vertical Wise Revenue Contribution (FY26):

  • Well-established mango processing business (Alphonso, Kesar, Totapuri varieties)
  • Strong relationships with farmers for smooth procurement
  • Marquee customers include Coca-Cola and PepsiCo
  • Expanded into other fruits and vegetables: Guava, Tomato, Chilly, Papaya, Banana, Tamarind, Ginger, Garlic
  • Coca-Cola investing ~$1 billion to expand capacity by up to 40% in India

Spray Drying:

  • Capacity: 1,100 MT, adding 120 MTPA capacity
  • Products: Vegetable Powders, Fruit Powders, Natural Color, Dairy Powders, Specialty Powders
  • Enhances shelf-life to ~24 months
  • Strong demand from bakery and confectionary segments
  • Energy crisis in European markets shifting demand to Asian continent

Frozen Food:

  • Products: Individually Quick Frozen (IQF) Innovation, Frozen Foods & Snacks
  • Shelf stable for ~24 months
  • New state-of-the-art Cold Room installed in Gonde, Nashik and Vankal plants
  • In-house brand "GreenTop"

Spices & Masala:

  • 70+ products in Ground, Whole and Blended Spices categories
  • Acquired Kusum Spices in FY19
  • Legacy of over 50 years
  • Sold to 12 countries including US, UK, Oman, UAE
  • USFDA approved products

Pectin Project:

  • Pectin manufacturing facility in Chittoor, Andhra Pradesh
  • Lab test results approved by large MNCs and Indian companies
  • Converts ~50% mango waste (skins and kernels) into value-added products
  • India currently imports 95% of pectin from Brazil, China and Mexico
  • Usage across F&B, personal care and cosmetics industries

Tetra Recart:

  • Sustainable carton packaging alternative to canning
  • Lower carbon emissions than steel cans and juice jars
  • 25% more efficient to store and transfer than cans
  • Enables up to 2 years shelf life without preservatives

Company Overview

  • 50+ years of experience
  • Serves 50+ countries
  • Processes 30+ variety of products
  • 7+ processing units and two logistics centers
  • 600+ full-time employees

Manufacturing Facilities

| State | Location | Product Line | Capacity (MT/Hr) |

| Maharashtra | Nashik - Gonde | Aseptic | 13 |

| | | Spray Drying | 0.25 |

| | | Spice Plant Blending | 1.5 |

| | | Grinding | 1 |

| | | ETO | 0.5 |

| | | Frozen Vegetables | 0.7 |

| | | Frozen Snacks | 0.5 |

| | Nashik - Sinnar | Frozen Bread | 0.25 |

| | | Frozen Puree | 2 |

| | | Puff Pastry Sheets | 0.1 |

| | Ahmednagar (Leased) | Aseptic | 8 |

| | | Concentrate | 2 |

| Gujarat | Valsad | Aseptic | 4 |

| | | Canning | 5 |

| | Vankal | Aseptic | 6 |

| | | Tetra Recart | 3 |

| | | IQF | 0.8 |

| | | Plate Freezer | 2 |

| | | Blast Freezer | 1.3 |

| Andhra Pradesh | APP | Aseptic | 5 |

| | FPP1 | Aseptic | 18 |

| | FPP2 | Aseptic | 4 |

| | FPP3 | Canned | 2 |

Management Team

  • Mr. Bhupendra Dalal: Chairman & Non-Executive, Non-Independent Director (B.Com & L.L.B)
  • Mr. Milan Dalal: Promoter and Managing Director (B.Com)
  • Mr. Moloy Saha: Chief Executive Officer (Cost Accountant)
  • Board includes: Mr. Raymond Simkins, Mr. Maneck Davar, Karishma Bhalla, Mr. Hormazdiyaar Vakil, A. V. Seshadrinathan, Sanjay Naik

Sustainable Agricultural Initiatives

  • Programs with IDH (Sustainable Trade Initiative) of Netherlands
  • Covers ~10 villages in Ratnagiri and Konkan
  • Addresses environmental issues: climate impact, pesticide management, crop traceability
  • Soil and water conservation essential aspects
  • Certified 167 mango farmers, 45 guava farmers in Western India
  • Certified 1,289 mango farmers in Southern India under SAI and Rainforest Alliance platforms
  • Certified 213 tomato farmers under Unilever Sustainable Agriculture Code 2017 (SAC)
  • Committed USD 450,000+ to promote sustainable farming
  • Target: Cover 1500+ additional farmers over 2000+ hectares in next 5 years

Annual Financial Trends

Consolidated Profit & Loss (₹ Cr):

| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | 5-YR CAGR |

| Revenue from Operations | 371 | 632 | 996 | 1,020 | 992 | 868 | 19% |

| EBITDA | 32 | 57 | 102 | 127 | 129 | 112 | 28% |

| EBITDA Margin (%) | 8.5% | 8.9% | 10.1% | 12.4% | 12.9% | 12.7% | |

| PAT | 4 | 15 | 47 | 37 | 42 | 28 | 48% |

| PAT Margin (%) | 1.0% | 2.4% | 4.7% | 3.6% | 4.2% | 3.1% | |

Balance Sheet Highlights (₹ Cr)

March 2026:

  • Total Equity: 566
  • Share Capital: 7
  • Other Equity: 559
  • Non-Current Liabilities: 74
  • Current Liabilities: 661
  • Total Liabilities: 1,301
  • Non-Current Assets: 367
  • Current Assets: 934
  • Total Assets: 1,301

Market Information

  • BSE/NSE Code: 507552 / INE976E01023
  • CMP: ₹52
  • Market Cap: ₹380 Cr
  • Shares: 7,34,14,624
  • Face Value: ₹1.00