Financial Performance Summary

Revenue Performance:

  • Reported revenue of ₹8,678 Mn in Q1 FY27
  • Organic Sales Growth (OSG): 16.6%
  • Organic Volume Growth (OVG): 14.9%
  • Organic Price Growth (OPG): 1.5%

Profitability Metrics:

  • EBITDA (before exceptional items): ₹1,049 Mn
  • EBITDA margin: 12.1% (improved 166 basis points YoY)
  • Gross margin: 45.6% (improved due to favorable product mix and disciplined pricing)

Exceptional Items:

  • Gain of ₹394 Mn from reversal of royalty and central service fees payable to Magnum IP Holding B.V. for the period from 1st October 2025 to 31st March 2026
  • Impairment allowance of ₹166 Mn on property, plant and equipment
  • Establishment costs of ₹93 Mn

Operational Highlights

Portfolio Performance:

  • Impulse portfolio maintained strong momentum with double-digit growth
  • In-home portfolio delivered double-digit growth after relaunch with improved formulation and "Made with Milk" proposition
  • Over 31 innovations and renovations introduced during the first six months

Product Innovations:

  • Premium portfolio expansion with Magnum Caramel Pop, Magnum Pistachio, and Cornetto Almond Crunch
  • Kulfeez portfolio scaling and extension to Quick Commerce
  • In-home portfolio transition to dairy-based range with richer, creamier recipe
  • Launch of premium international and regional flavors including Hawaiian Nut Sundae and Kesar Bhog

Distribution & Market Presence:

  • Distribution reach expanded through cabinet deployment
  • Quick Commerce delivered double-digit growth and remained strong growth engine
  • Modern Trade investments drove healthy growth with enhanced execution capabilities
  • Digital route-to-market capabilities strengthened using analytics and technology

Cost Structure & Investments

  • Employee benefit and other operating expenses remained elevated during the quarter
  • Continued investments in talent, organizational capabilities, and infrastructure to establish standalone operating model post-demerger
  • Investments in frontline and channel execution for future growth
  • Disciplined approach to cost management while driving productivity initiatives across value chain

Management Commentary

Chitrank Goel, Deputy Managing Director, stated: "We continued to stabilize our operations post-demerger and delivered organic sales growth of 16.6%, with a healthy balance of organic volume (OVG +14.9%) and organic price (OPG +1.5%). The growth momentum was driven by innovation intensity and broad-based growth across channels led by availability expansion in General Trade, and strong performance in Quick Commerce."

Business Outlook

  • Company remains committed to delivering growth agenda through innovation, creating new consumption occasions, and expanding consumer reach
  • Seasonality remains inherent characteristic of ice cream business
  • Investments in capabilities and strategic growth priorities may keep cost base elevated in near term
  • These investments expected to accelerate growth, drive scale, and deliver operating leverage as business expands

Background Context

The Company did not operate as a standalone entity prior to the demerger on December 1, 2025. It was incorporated on January 10, 2025, and the Ice Cream business was transferred from Hindustan Unilever Limited (HUL) on the effective demerger date. The Company was subsequently listed on Indian stock exchanges on February 16, 2026. Q1 FY26 financials have been prepared on a pro forma basis for comparability.

Financial Table

| Financial Metric | Q1 FY27 |

| Sale of products (₹Mn) | 8,678 |

| Organic Sales growth (%) | 16.6 |

| Organic Price growth (%) | 1.5 |

| Organic Volume growth (%) | 14.9 |

| EBITDA (₹Mn) | 1,049 |

| EBITDA (%) | 12.1 |