Analysts/Institutional Investor Meet/Con. Call Updates

Ref: SECT: STOC: 105-26 October 19, 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: Transcript of Conference Call held on October 16, 2026 - reg. Dear Sir / Madam, In Continuation of our letter dated October 7, 2026, the Company had organized a conference call with the Investors/Analysts on Friday, October 16, 2026 at 11.00 AM (IST). A copy of Transcript of conference call held with the Investors/Analysts is enclosed herewith and the same has also been available on the Company's Website at 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 HERITAGE FOODS LIMITED Q2 & H1 FY27 Earnings Conference Call October 16, 2026 MANAGEMENT: Mrs. N Brahmani – Executive Director Dr. M Sambasiva Rao – Whole Time Director Mr. Srideep Kesavan – Chief Executive Officer Mr. A Prabhakara Naidu – Chief Financial Officer Mr. J Samba Murthy – Chief Operating Officer Dr. Brij Mohan – Chief Executive Officer - Heritage Nutrivet Limited Mr. Umakanta Barik – Company Secretary & Compliance Officer INVESTOR RELATIONS REPRESENTATIVE: Ms. Diya Kaswa – GO India Advisors Heritage Foods Limited October 16, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Heritage Foods Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone telephone. Please note that this call is being recorded. I would now like to hand the conference over to Ms. Diya Kaswa. Thank you, and over to you, ma'am. Diya Kaswa: Thank you. Good morning, everyone. I am Diya Kaswa, and it's my pleasure to welcome you all on behalf of Heritage Foods Limited. Thank you for joining us today for the second quarter and first half of financial year '27 earnings call. This call is being hosted by Go India Advisors. Please note that today's discussion may include certain forward-looking statements. Therefore, they must be viewed in conjunction with the risks that the company faces. Today, on the call, we are joined by Mrs. Brahmani Nara, Executive Director; Dr. M. Sambasiva Rao, Whole-Time Director; Mr. Srideep Kesavan, CEO; Mr. A. Prabhakara Naidu, CFO; Mr. J. Samba Murthy, COO; Dr. Brij Mohan, CEO, Heritage Nutrivet Limited; and Mr. Umakanta Barik, Company Secretary and Compliance Officer. I now invite Dr. Rao to present the company's business outlook and performance, after which we will open the floor for Q&A. Over to you, sir. M. Sambasiva Rao: Thank you, Diya. Good morning, everyone. Thank you for joining us today. Before we begin the call, I would like to extend my warmest wishes to all of you and your families on the occasion of the festive season. I hope this special time brings happiness, prosperity and good health to everyone. Heritage Foods delivered a strong performance in quarter 2 of this financial year, sustaining revenue growth despite an inflationary environment marked by rising milk procurement costs and supply side constraints. Consolidated revenue grew 19% year-on-year to INR13,196 million in quarter 2, taking H1 revenue to INR26,577 million, up 18%. While elevated procurement costs continue to weigh on profitability, EBITDA stood at INR740 million with a margin of 5.6% and profit after tax was INR309 million. Encouragingly, EBITDA Page 1 of 20 Heritage Foods Limited October 16, 2026 margin improved by 98 basis points sequentially over Q1 of this financial year, reflecting a recovery in operating performance amid sustained cost pressures. Our integrated farm-to-consumer model underpins our ability to ensure reliable milk availability, strengthen farmer relationships and respond to evolving consumer preferences. During the quarter, we continued to build on this foundation through a stronger procurement network, expansion of our value- added products portfolio and investments in premium and nutrition-led categories. A strong and resilient procurement network remains fundamental to our business. During Q2, milk procurement volumes increased 7% year-on-year to 17.28 lakh liters per day, while H1 procurement volumes grew 4% to 17,69,000 liters per day. This growth, despite monsoon-related supply constraints, reflects our sustained efforts to deepen our village level procurement network and strengthen farmer engagement. At the same time, milk procurement inflation remains elevated across the country. Our average landed milk procurement cost increased 11% year-on-year to INR47.73 per liter in quarter 2, driven by sustained demand, limited improvement in milk arrivals and higher feed and fodder costs. These pressures continue to weigh on near-term profitability across the dairy industry, making procurement efficiency and calibrated pricing critical. On the consumer side, our core milk business continued to demonstrate strength of the Heritage brand and sustained consumer trust. Milk sales volumes increased 2% year-on-year to 12.35 lakh liters per day in Q2, while average selling prices improved 6% to INR60.34 per liter. For H1, milk sales volume grew at 1% to 11.99 lakh liters per day, while average selling prices increased 5% to INR59.54 per liter. Our focus remains on balancing volume growth with calibrated pricing while protecting the strength of our consumer franchise. The evolution of our business mix continues to be an important driver of Heritage's growth. Value-added products remain a key growth engine with revenue, excluding ghee and butter, increasing 32% year-on-year to INR4,510 million in Q2 and 36% to INR10,146 million in H1 of this year. Consequently, VAP contribution increased to 35.4% of revenue in Q2 from 31.3% in the corresponding quarter last year and to 39.6% in H1 from 33.7% in H1 of last year. Page 2 of 20 Heritage Foods Limited October 16, 2026 Growth was broad-based across categories, led by lassi, buttermilk, ice cream, paneer and curd. Volumes grew 89% in lassi, 56% in buttermilk, 44% in ice cream, 21% in paneer and 15% in curd during the quarter. We also achieved important scale milestones with daily curd sales crossing 500 tonnes, quarterly yogurt volumes exceeding 100 tonnes and Nourish+ high-protein paneer accounting for more than 15% of our paneer portfolio. These trends demonstrate the increasing scale of our brands and growing consumer preference for differentiated and nutrition-led products. Including our consumer packed ghee and butter portfolio, the broader value-added portfolio grew 31% year-on-year to INR5,408 million in quarter 2 and 35% to INR11,730 million in H1. Its contribution to revenue increased to 42.5% in quarter 2 from 37.9% a year ago. And to 45.7% in H1 from 39.3% in H1 of last financial year. The growing contribution of higher value-added products reflects our transition towards a more diversified and premium branded dairy business. We believe this shift will strengthen consumer loyalty, improve product differentiation and support earnings resilience over time. Alongside portfolio expansion, we continue to invest in innovation. During the quarter, we strengthened our high protein portfolio with the launch of Nourish+ High Protein Curd containing 25 grams of protein and Greek Yogurt available in single-serve packs containing 8 grams of protein and midsized packs containing 40 grams of protein. We also expanded the Alpenvie ice cream range and introduced organic curd, further strengthening our presence across premium dairy segments. Our objective is to build d [Showing first 8,000 characters — download PDF for full document]