Analysts/Institutional Investor Meet/Con. Call Updates

October 30, 2026 To, To, The Manager The Manger Department of Corporate Services (DCS-Listing) Listing Compliance BSE Limited, National Stock Exchange India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G-Block, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai- 400001 Mumbai- 400051 Script Code: 531717 Trading Symbol: VIDHIING Dear Sir/Madam, Subject: Transcript of the Q2 & H1 F.Y’ 27 Earning Conference Call held on October 26, 2026. Further to our letter dated October 26, 2026, whereby the Company had submitted the link of audio recording of the Q2 & H1 FY27 Earning Conference Call on the Financial Results for the Second Quarter and Half Year ended September 30, 2026 and pursuant to Regulation 30(6) read with Part A of Schedule III of the Listing Regulations, please find attached transcript of the aforesaid Earning Conference Call for your information and records. This intimation is also being made available on the website of the Company at www.vidhifoodcolors.com. Thanking you, Yours faithfully, For Vidhi Specialty Food Ingredients Limited Anupam J Vyas Company Secretary and Compliance Officer A60464 Encl: As above “Vidhi Specialty Food Ingredients Limited Q2 & H1 FY27 Earning Conference Call” October 26, 2026 MANAGEMENT: MR. MIHIR MANEK – JOINT MANAGING DIRECTOR – VIDHI SPECIALTY FOOD INGREDIENTS LIMITED MR. MITESH MANEK – CHIEF FINANCIAL OFFICER – VIDHI SPECIALTY FOOD INGREDIENTS LIMITED MODERATOR: MS. VIDHI VASA – MUFG INTIME INDIA PRIVATE LIMITED Page 1 of 16 Vidhi Specialty Food Ingredients Limited October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Vidhi Specialty Food Ingredients Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participants' 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Vidhi Vasa from MUFG Intime. Thank you, and over to you, ma'am. Vidhi Vasa: Thank you, Sourya. On behalf of MUFG Intime, I welcome you all to Vidhi Specialty Food Ingredients Limited Q2 and H1 FY27 Earnings Conference Call. From the management side, we have Mr. Mihir Manek, Joint Managing Director; and Mr. Mitesh Manek, Chief Financial Officer. I hope everybody had an opportunity to go through our investor deck that we have uploaded on an exchange and the company's website. A short disclaimer I would like to say before we begin the call. This call will contain some of the forward-looking statements, which are completely based upon our beliefs, opinion and expectations as of today. These statements are not a guarantee of our future performance and involve unforeseen risks and uncertainties. With this, now I hand over the call to Mr. Mihir Manek. Over to you, sir. Mihir Manek: Yes. Am I audible? Moderator: Yes, sir, you're audible. Mihir Manek: I believe Mr. Mitesh Manek will start first, and then I will follow-up. Mitesh Manek: . Hello. This is Mitesh Manek here. Good afternoon, everyone, and a very warm welcome to all of you to our Q2 and H1 FY27 Earnings Conference Call. First and foremost, I would like to sincerely thank each and every one of you for joining us today and for your continued trust and support throughout our journey. Your confidence in Vidhi Specialty Food Ingredients Limited continues to inspire us as we move ahead with focus, resilience and optimism. The global food colors market size was valued at USD3.5 billion in 2025 and is projected to grow to USD3.7 billion in 2026, all the way up to USD5.6 billion by the year 2033, which means at a CAGR of 5.9% from '26 to '33. Market growth is primarily driven by increasing demand for visually appealing food products across confectionery and sugar products, beverages, bakery and dessert items, snacks and savory foods, dairy and frozen desserts, pet food, animal nutrition, pharmaceutical industry, cosmetic industry, personal care, oral hygiene, agrochemical industries, fertilizer industries, etcetera. Page 2 of 16 Vidhi Specialty Food Ingredients Limited October 26, 2026 The growth in the industry is being supported by several structural drivers. Firstly, the Indian market is witnessing an annual growth of about 7% to 9%, fueled by the expansion of modern retail formats, quick service restaurants and regional snack and beverage brands. Our strong export positioning, customer relationships and consistent quality standards will continue to support our growth momentum across global markets. The overall industry environment remains highly encouraging. Demand continues to rise steadily. We believe Vidhi is well-positioned to benefit from the increasing formulation of the global food ingredients industry, rising combined requirements and customers' preference for reliable and quality-focused and scalable manufacturing partners. Over the years, we have significantly enhanced our product portfolio to cater to evolving customer requirements. Our offerings include synthetic water-soluble food colors, their insoluble versions, which are the lakes and blends, drug and cosmetic dyes and lakes, fluorescent dyes, solvent dyes, salt-free dyes and tablet coating solutions under our brand CoatIcon, allowing us to participate across a wider range of end-use industries and applications. At Vidhi, we remain focused on strengthening our leadership position in this segment while continuously improving our product portfolio mix and enhancing value-added offerings for our customers. Expansion plan updates. As we continue to strengthen our manufacturing footprint and support future growth, we remain on track to achieve full capacity utilization at the Dahej facility during the current financial year. This reflects the successful ramp-up of operations, strong customer demand and our continued focus on optimizing capacity utilization across the portfolio. Beyond the existing facilities, we are also progressing well on our expansion plans on the new plot in Dahej GIDC at measuring 16,834 square meters allotted recently to the company. Our existing range as well as new value-added and forward integrated product line at Dahej represents a significant growth initiative for the company. While details remain confidential at this stage for the project, we are currently in the process of confirming structural and process flow drawings and the construction work is scheduled to begin in the last quarter of financial year '26-'27. The expected capital investment will be approximately to the tune of INR75 crores to INR85 crores with a commissioning targeted around the middle to end of FY28. Importantly, this opportunity operates in a segment characterized by relatively limited competition and attractive margin potential. Leveraging our existing customer relationships and global distribution network, we believe this initiative will further enhance our growth trajectory and create meaningful long value for stakeholders. Now I would request Mr. Mihir Manek to give you some updates on our brand CoatIcon. Page 3 of 16 Vidhi Specialty Food Ingredients Limited October 26, 2026 Mihir Manek: Thanks, Mitesh. Am I audible now? Moderator: Yes, sir, you're audible. Mihir Manek: Okay. So I would like to take up from here and give some updates with regards to our new endeavor of CoatIcon. As we continue to grow, strengthen our manufacturing footprint in this new endeavor, we have been seeking approvals from domestic and international pharmaceutical formulation companies working on solid oral dosage forms where these product line of tablet coatings are being utilized. We have been experiencing strong customer demand and acceptance for our products. And we are aggressively following up on the vendor approval process for these products with several prestigious pharmaceutical [Showing first 8,000 characters — download PDF for full document]