Shareholders meeting

September 5, 2026 Compliance Department, Compliance Department, BSE Limited National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra Kurla Complex Mumbai - 400 001 Bandra - (E), Mumbai - 400 051 Scrip Code:- 539889 NSE Symbol:- PARAGMILK Dear Sir / Madam, Ref: Disclosure under Regulation 30(2) and Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sub: Intimation of 34th Annual General Meeting and Integrated Annual Report for FY 2025-26 This is to inform you that the 34th Annual General Meeting (AGM) of Members of the Company will be held on Tuesday, September 29, 2026 at 4.30 P.M. (IST) through Video Conferencing / Other Audio- Visual Means (VC / OAVM), in accordance with the relevant circulars issued by Ministry of Corporate Affairs (MCA) and Securities and Exchange Board of India (SEBI), inter-alia, to transact the businesses stated in the Notice convening the said AGM. Pursuant to Regulations 30(2) and 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Notice of the 34th AGM and the Integrated Annual Report for Financial Year 2025-26 (Integrated Annual Report) for your information and records. In compliance with relevant circulars issued by MCA and SEBI, the Notice of the AGM along with the Integrated Annual Report are sent only by email to those Members whose e-mail IDs are registered with Depositories. Further, in compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, a letter is being sent to Members whose e-mail IDs are not registered with the Depositories, providing the weblink, path and QR code from where the Integrated Annual Report and Notice of the 34th AGM can be accessed. The Notice of the 34th AGM and the Integrated Annual Report are also available on the website of the Company at www.paragmilkfoods.com. Pursuant to Section 108 of the Companies Act, 2013 read with relevant rules and Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has fixed Tuesday, September 22, 2026 (close of business hours) as the cut-off date and record date, inter- alia, for determining the eligibility of the Members to cast their vote through remote e-Voting or through e-Voting during the 34th AGM and for entitlement of dividend for financial year ended March 31, 2026. The Notice of the AGM of the Company, amongst other things, indicates the process and manner of remote e-Voting / e-Voting at the AGM and instructions for participation at the AGM through VC / OAVM. Request you to kindly take the same on records. Thanking you. For Parag Milk Foods Limited Virendra Varma Company Secretary & Compliance Officer FCS No. 10520 Encl: As above. Integrated Annual Report 2025-26 NEXT GENERATI NUTRITION FACTS INNOVATIVE PRODUCTS | SMART NUTRITION | SUSTAINABLE GROWTH Contents Preface The dairy landscape is entering a new era, shaped by evolving lifestyles, more discerning consumers and a deeper Business Overview understanding of nutrition. At Parag Milk Foods, we see this 02 / Reimagining the Goodness of Dairy 24 / Financial Capital evolution as an opportunity to reimagine the role of dairy in 06 / A Journey of Ideas, Innovation and Impact 28 / Manufactured Capital 08 / From Farmers to Families 32 / Intellectual Capital everyday life, bringing together the trust built over decades 10 / Building a Footprint that Brings Us Closer to 36 / Human Capital with the possibilities emerging today. Consumers 40 / Social and Relationship Capital 12 / Goodness, Measured: FY26 in Numbers 44 / Natural Capital 14 / Our Brands Portfolio 46 / The Recognition We Earned This approach is reflected in a portfolio This evolution extends beyond our products 16 / Message from the Chairman 48 / Board of Directors that spans everyday nourishment, premium to the way we operate and grow. Technology 17 / Message from Managing Director 49 / Corporate Information experiences and new-age nutrition. and data are enabling more connected and 18 / The Parag Ecosystem - Our Value-Creation Framework Gowardhan, Go, Pride of Cows and Avvatar responsive operations, while our focus on 20 / Stronger Connections to Grow each serve distinct consumer needs, enabling renewable energy, biogas, water reuse, Today and Shape Tomorrow us to take dairy beyond traditional categories carbon reduction, soil health and responsible Manufactured Capital and into emerging consumption occasions. we farming is helping us build resilience across are translating consumer insight and technical the value chain. These efforts reflect a broader PAGE expertise into products that combine quality, commitment to growth that is both progressive taste and nutritional relevance. and responsible. From Farmers to Statutory Reports Families 50 / Management Discussion and Analysis At the heart of this journey is an interconnected ecosystem, where 64 / Board’s Report PAGE healthy soil supports healthy farms, quality milk becomes nourishing 85 / Report on Corporate Governance 114 / Business Responsibility and Sustainability Report products and trusted brands find their way into millions of homes. By advancing what dairy can offer Financial Statements 152 / Standalone Financial Statement 226 / Consolidated Financial Statement through innovative products, Forward-looking statements smarter nutrition, and how In this Integrated Annual Report we may have disclosed forward- looking information to enable investors to comprehend our prospects and take informed investment decisions. This report responsibly it can grow, we are and other statements- written and oral- that we periodically make contain forward-looking statements that set out anticipated results Scan the QR based on the management's plans and assumptions. We have tried code or visit our wherever possible to identify such statements by using words such as website to more shaping a future that is more ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, about us ‘likely’ and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these relevant to consumers and more forward-looking statements will be realized, although we believe we have been prudent in assumptions. The achievement of results is subject to risks, uncertainties and even inaccurate assumptions. enduring for generations to come. Should known or unknown risks or uncertainties materialize or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or otherwise. Parag Milk Foods Limited Integrated Annual Report 2025-26 Reimagining the Goodness of Dairy Business Overview Reimagining the Goodness of Dairy Built on the goodness of 100% cow’s milk, our portfolio today includes fresh milk, Founded in 1992, Parag Milk Foods Limited was established with a clear ghee, paneer, cheese, curd, purpose- to create lasting value from India’s dairy ecosystem while supporting milk powders, whey protein, farmers during periods of milk surplus. Over the years, that vision has grown into ready-to-eat sweets and nutrition products, brought to one of India’s leading private-sector dairy FMCG companies, with a presence consumers through a family of across more than 20 consumer-focused categories. four power brands: Together, these brands serve a wide range of consumer needs, from everyday dairy staples and premium offerings to performance nutrition for an increasingly health- conscious India. At the heart of our business is a fully integrated value chain that connects over half a million rural farmers with advanced manufacturing facilities, technology-enabled operations and a growing distribution network that reaches co [Showing first 8,000 characters — download PDF for full document]