Event Type: Q2 and H1 FY2027 Earnings Conference Call held in relation to the unaudited financial results for the quarter and half year ended September 30, 2026.

Date and Time: The call was held on November 03, 2026. Specific time and time zone were not mentioned in the transcript.

Purpose: Discussion of quarterly results, strategic update, and business performance for Q2 and H1 FY2027.

Management Participants:

  • Mr. Amit Kumat, Managing Director and CEO
  • Mr. Sumit Sharma, Executive Director and CFO
  • Mr. Rishabh Singh, Business Head
  • Mr. Mayank Vaswani from CDR India (Moderator)

Financial Period Discussed: Q2 FY27 (quarter ended September 30, 2026) and H1 FY27 (half year ended September 30, 2026).

Key Financial Highlights:

  • Revenue from operations in Q2 FY27 stood at Rs. 541 crore, representing 26% YoY growth and 10% sequential growth
  • H1 FY27 revenue stood at Rs. 1,031 crore, an increase of 23% over corresponding period last year
  • Gross margin for Q2 stood at 25.5% compared to 29.8% in corresponding quarter last year
  • EBITDA for Q2 was Rs. 12.9 crore with EBITDA margin at 2.4% compared to Rs. 22.9 crore last year
  • H1 FY27 EBITDA stood at Rs. 32 crore
  • Transaction growth (number of packets) was 17% for Q2 with pricing growth of 8-9%

Business Updates and Strategic Themes:

  • Namkeen and Potato Chips categories were key growth drivers with Namkeen contribution increasing to 25% of revenue from 20% last year
  • Current category mix: Namkeen 25%, Pellets 19-20%, Rings 10%, Extruded category 39%
  • Distribution reach at 2.5 million outlets with 2,200 direct distributors and 3,000 sub-distributors
  • Quick commerce currently at 1.2-1.5% of sales, targeting 5% of revenue in next 3 years
  • Pack size mix: MRP 5/- reduced from 85% to 82% YoY, MRP 10-20 packs increased to 14.5%

Manufacturing Expansion:

  • Completed acquisition of RLOP Foods which holds leasehold rights to 50 acres of land near Indore
  • Proposed greenfield facility with project cost of Rs. 421-422 crore
  • Planning to raise debt of Rs. 250 crore, rest funded by internal accruals
  • Target commercial production by January 1, 2028 (15-month timeline)
  • New facility capacity: 65,000 to 70,000 metric tons
  • Existing Indore land has commercial value estimated at Rs. 250-300 crore

Margin Improvement Initiatives:

  • Addressing input cost inflation through grammage rationalization, channel margin adjustments, and trade scheme optimization
  • Structural margin improvement target of 5-6% through multiple levers:
  • New integrated plant expected to improve margin by 1.5-2 percentage points
  • Distribution cost optimization targeting 1.5-2% improvement
  • Supply chain optimization targeting 1-1.5% improvement
  • Targeting 9-10% EBITDA margin on sustainable basis in 2-3 years

Compliance Statement: The document explicitly states that "No unpublished price sensitive information was shared/discussed on the call."

Additional Notes Section

Attachments: The transcript was enclosed with the regulatory filing as required under SEBI LODR Regulations.

Financial Data Disclosure: The announcement contained detailed financial figures from the earnings call including revenue, margins, growth rates, and category breakdowns.