Investor Presentation

Ref: SECT: STOC: 101-26 October 15, 2026 To To The Manager The Manager, BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, National Stock Exchange of India Limited Dalal Street, Exchange Plaza, C-1, G Block, Bandra-Kurla Mumbai - 400 001 Complex, Bandra (East), Mumbai – 400 051 Scrip Code: 519552 Scrip Code: HERITGFOOD Sub: Investor Presentation - reg Dear Sir/Madam, Pursuant to Regulation 30 and other respective regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are herewith enclosing the copy of Investor Presentation which covers the milestones achieved by the Company during the quarter and six months ended September 30, 2026, apart from that there are certain other information which is required to be known by our existing shareholders as well as prospective investors of the Company. The copy of the same also available in the website of the Company i.e. www.heritagefoods.in Kindly take the same on record and display the same on the website of your exchange. Thanks & Regards, For HERITAGE FOODS LIMITED UMAKANTA BARIK Company Secretary & Compliance Officer M No: FCS-6317 Encl: a/a The Promise of Health and Happiness QUALITY FROM FARM TO TABLE INVESTOR PRESENTATION Q2 & H1 FY27 Q2 & H1 FY27 Highlights Business Overview Table of Contents USPs Strategic Updates Annexure Q2 & H1 FY27 Financial Highlights Q2 FY27: Overview We are pleased to report another quarter of strong execution, with Heritage Foods delivering 19% YoY revenue growth and a 98bps sequential recovery in EBITDA margin to 5.6%, despite elevated milk procurement costs. This performance reflects the resilience of our integrated dairy model, strong consumer franchise and continued traction across our VAP portfolio. Q2 FY27 Procurement volumes increased to 1.73 MLPD (7% higher YoY) and Procurement prices increased to Rs 47.73/L (11% higher YoY). Q2 FY27 Milk Sales volumes stable at 1.24 MLPD up 2.5% YoY, The average selling price increased to ₹60.34/L up 6% reflecting stable market positioning and pricing power. Value-Added Products (VAP) segment, achieving a 32% increase in revenues, reaching Rs. 4,510 million in Q2FY27. Contribution of VAP to total revenue improved by 4.1% YoY to 35.4% from 31.3% in Q2FY26. When including consumer packs of Ghee and Butter, VAP revenue reached Rs. 5,408 million, up 31% YoY in Q2 FY27. This segment is up 4.6% YOY to reach 42.5% to total revenue compared to 37.9% in Q2 FY26. Our focus remains on strengthening the procurement ecosystem, expanding VAP capacity and accelerating innovation across premium and nutrition-led categories. Broad-based volume growth, calibrated pricing and an increasing contribution from higher-value products are strengthening our business mix and positioning us for sustained profitability improvement. While near-term cost pressures persist, we remain confident in our ability to drive sustainable margin improvement through continued premiumisation, tight cost control measures, improved operating leverage and disciplined execution. We remain firmly focused on our long-term vision of profitable growth, supported by strategic investments, an increasingly differentiated product portfolio and the enduring trust of our consumers and stakeholders. Mr. A V Girija Kumar, Chairperson HERITAGE FOODS LIMITED Q2 & H1 FY27 Consolidated Financial Performance (Rs. In Mn.) Revenue EBITDA PBT PAT Margins 6.9% 5.6% 6.1% 3.2% 4.6% 2.3% 13,196 678 510 2 426 309 2 11,125 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Revenue EBITDA PBT PAT Margins 6.7% 5.1% 5.5% 2.9% 4.1% 2.1% 26,577 1,227 22,493 1,511 1,358 2 761 558 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 Q2 & H1 FY27 Consolidated Financial Performance (Rs. In Mn.) Milk Revenue VAP Revenue Fat Products Others 6,857 4510 918 912 6,321 3418 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Milk Revenue VAP Revenue Fat Products Others 13,064 10,146 1753 12,262 1,614 1,562 7 7,451 1218 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27 Consolidated Financial Performance Particulars(INRMn) Q2FY27 Q2FY26 Q1FY27 Y-o-Y (%) H1FY27 H1FY26 Y-o-Y (%) Revenue from Operations 13,196 11,125 13,381 19% 26,577 22,493 18% Expenses 12,456 10.353 12,762 20% 25,218 20,982 20% EBITDA 740 772 619 (4) % 1,358 1,511 (10) % EBITDAMargins(%) 5.6% 6.9% 4.6% (19) % 5.1% 6.7% (161) Bps Depreciation 275 201 265 37% 540 388 39% FinanceCost 73 38 82 89% 155 80 93% OtherIncome 34 52 64 (35) % 98 104 (6) % Share ofProfit/(Loss)ofanassociate & Joint - - - - (13) Venture Exceptional Item - 94 - - 94 Profit Before Tax 426 678 335 (37) % 761 1,227 (38) % Tax 117 168 86 (30) % 203 312 (35) % ProfitAfterTax 309 510 250 (39) % 558 915 (39) % PATMargins(%) 2.3% 4.6% 1.9% (49) % 2.1% 4.1% (197) Bps OtherComprehensive Income 0.37 (3) 0.48 (112) % 1 (6) TotalComprehensive Income 309 507 250 (39) % 559 909 (39) % EPSDiluted(INR) 3.4 5.5 2.7 (39) % 6.1 9.9 (38) % Milk Procurement Costs Continue to Rise Cow milk accounts for ~80% of procurement, with standard cost/litre rising steadily from April to September. YoY % increase +8.3% +7.2% +4.8% +5.1% +5.7% +6.4% 54.65 53.79 51.59 52.35 52.71 53.04 +14.5% +15.0% +15.5% +13.5% +9.5% +9.1% 40.73 40.07 38.80 39.02 39.34 39.51 Apr May Jun Jul Aug Sep Cow milk Buffalo milk Pricing Power Evident Across the Portfolio Almost All Products Recorded Volume Growth Despite Price Increase in Q2 FY27 Price up, volume up Price up, volume down 90 Lassi Butter Milk e 40 V Butter CP Paneer Ice-Cream & FD 15 Curd Doodhpeda Milk Ghee CP -5 5 15 25 35 Flavoured Milk Milk Shakes Realisation growth % Heritage Nutrivet Limited – Wholly owned subsidiary PRODUCT PORTFOLIO ➢ Enhances livestock health and longevity, boosts milk yield, prevents energy deficiencies, and promotes sustainable, innovation - driven nutrition. Fish Feed, Feed 12.60% Suppliment, 3.32% ➢ Q2 FY27 Revenues up 47% YoY, reflecting sustained demand and strong execution. ➢ Leading livestock feed producer & distributor in 9 States across India with strong farmer connect. Cattle Feed, 84.08% Products (in Rs. Million) 2454 1849 206 1601 1581 1069 56.2 FY23 FY24 FY25 FY26 H1 FY27 Revenue PBT Nourish+ | High Protein Platform Closing India's protein gap without changing its food habits 1 · THE PROBLEM → 3 · THE RANGE → 4 · THE PAYOFF PROTEIN PER PACK Nourish+ High Protein Paneer contributed >15% of all Paneer sale of Indians are protein Paneer · 240g deficient^ Milk · 500ml 2 · THE IDEA → Crossed 4,633 LPD/KGPD in Q2 Don't break up with what you love. n Just add Nourish+. t i More protein per pack, more d 25g Curd · 400g cup A value per household. Three staple Dairy Same habits. Better dairy. Up to 60g of protein/pack. ^ World Food Program & GOI study. Yogurt | Among the fastest growing Yogurt brands A protein habit worth craving 1 · THE CRAVING → 2 · THE STEP-UP → 3 · THE PRODUCT → 4 · THE PAYOFF Healthy all day protein per Evening craving hits 100g GREEK YOGURT · BUSY DAY Protein up front. No added sugar · No preservatives Crossed 100 Too sugary. Regret. · No artificial flavours or colours LIVO · CRAVINGS TONS in Q2 Protein built in. Busy 20–35s: healthy eating Pack Sizes feels like a chore. Classic · Blueberry · - 100g cup & 500g Cup Strawberry · Mango Plain now. Flavours next. Primary TG: 20–35 years, males and females, urban. MRP shown. Milk | Heritage Purity Promise Power to test milk, now in the consumer's hands 1 · THE DOUBT → 2 · THE SHIFT → 3 · THE PROOF → 3· AMPLIFICATION→ 4 · THE PAYOFF FROM Milk Adulteration Brand Purity Claims Suman TV’s investigative video Rising concerns around milk & food ↓ Verifiable MILK Rev. Growth adulteration Amplified by 9.4% proof Scan the pack's QR (TG*) mom influencers Consumers questioning purity See the batch report ↓ Q2 FY27 Growth vs. Q2 FY26 (YoY) Executed in our core Telangana of their everyday market* Buy with proof Garnered 2M+ milk organic views on Core Markets social media, Started Firing reinforcing Built to turn doubt into [Showing first 8,000 characters — download PDF for full document]