Analysts/Institutional Investor Meet/Con. Call Updates

November 4, 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, Sub: Investor Presentation on Unaudited Financial Results for quarter and half year ended September 30, 2026 In continuation to our letter dated November 3, 2026 informing the Unaudited Standalone and Consolidated Financial Results for Quarter and Half Year ended September 30, 2026 and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith a copy of Investor Presentation in this regard. The said presentation would also be used for Post Earnings Conference Call with Analysts/Investors scheduled on November 4, 2026. A copy of this intimation is also being made available on the Company's website i.e. www.paragmilkfoods.com. Request you to take the same on records and oblige. Thanking you. For Parag Milk Foods Limited Virendra Varma Company Secretary & Compliance Officer FCS No. 10520 Encl: As above. © 2026 All Rights Reserved | Parag Milk Foods SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), which have been prepared by Parag Milk Foods Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever, No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. © 2026 All Rights Reserved | Parag Milk Foods TABLE OF CONTENTS 01 Performance Highlights 02 Financial Update 03 Business Update 04 Strategic Priorities 05 About the Company © 2026 All Rights Reserved | Parag Milk Foods 3 PERFORMANCE HIGHLIGHTS © 2026 All Rights Reserved | Parag Milk Foods 43 KEY HIGHLIGHTS Q2FY27 Record quarter with strong growth across value, volume and premium brands REVENUE EBITDA PAT NEW AGE BUSINESS ₹1,241 Cr ₹101 Cr +42% +71% Highest-ever Q2 revenue Margin 8.1% vs 7.3% LY YoY growth YoY growth · Pride of Cows & Avvatar +23% YoY value +37% YoY Margin 3.4% vs 2.9% LY 12% of turnover +12% YoY volume ex LY one-off ex LY one-off STRATEGIC UPDATES Amalgamation of Bhagyalaxmi Dairy Farms Pvt. Ltd. with Holding Co. Board approved the scheme of amalgamation, subject to requisite approvals. Expected to unlock operational synergies, capital and resource efficiencies, and wider distribution reach. Pride of Cows brand relaunch 4× paneer capacity: 20 MT → 80 MT New egret persona and a wider brand world for Board-approved expansion to meet rapidly growing demand for branded paneer. younger, health-conscious consumers © 2026 All Rights Reserved | Parag Milk Foods © 2026 All Rights Reserved | Parag Milk Foods PERFORMANCE HIGHLIGHTS Q2 FY27 EBITDA % (ex LY one-off) 8.1% 1,241 101 42 CR CR CR vs 7.3% LY Volume Growth up 23% YoY up 37% YoY up 42% YoY Revenue EBITDA (ex LY one-off) PAT (ex LY one –off) PBT Growth (ex LY one-off) Value Growth 59.8% up YoY PAT % (ex LY one-off) 3.4% vs 2.9% LY Note: The one-off item in base year is ~Rs.16 Cr on account of reversal of MTM upon conversion of FCCB into Equity ©© 22002266 AAllll RRiigghhttss RReesseerrvveedd || PPaarraagg MMiillkk FFooooddss EBITDA (ex LY one-off ) PAT (ex LY one-off) PERFORMANCE HIGHLIGHTS H1 FY27 EBITDA % (ex LY one-off) 7.8% 2,185 170 64 CR CR CR vs 7.5% LY Volume Growth up 18% YoY up 23% YoY up 12% YoY Revenue EBITDA (ex LY one-off) PAT (ex LY one –off) PBT Growth (ex LY one-off) Value Growth 32.6% up YoY PAT % (ex LY one-off) 2.9% vs 3.1% LY Note: The one-off item in base year is ~Rs.16 Cr on account of reversal of MTM upon conversion of FCCB into Equity ©© 22002266 AAllll RRiigghhttss RReesseerrvveedd || PPaarraagg MMiillkk FFooooddss FINANCIAL UPDATE © 2026 All Rights Reserved | Parag Milk Foods 8 3 HIGHEST EVER Q2 Revenue Growth Snapshot -₹ Cr 1241 1013 1008 1008 945 945 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 PY CY Consistent revenue growth across the last five quarters, demonstrating sustained execution and stable business momentum. 9 © 2026 All Rights Reserved | Parag Milk Foods Q2FY27 BUSINESS MIX Contribution to consolidated turnover by category 63% 12% Flagship categories New-age business (Ghee, Cheese, Paneer, Curd) (Avvatar and Pride of Cows) Revenue Revenue ₹778 Cr ₹154 Cr ▲ +20% ▲ +71% YoY YoY 16% 7% 2% Ingredients Liquid milk Others Revenue Revenue Revenue ₹197 Cr ₹84 Cr ₹27 Cr ▲ +52% ▼ 11% ▼ 41% YoY YoY YoY © 2026 All Rights Reserved | Parag Milk Foods 10 H1FY27 BUSINESS MIX Contribution to consolidated turnover by category 62% 12% Flagship categories New-age business (Ghee, Cheese, Paneer, Curd) (Avvatar and Pride of Cows) Revenue Revenue ₹1,358 Cr ₹273 Cr ▲ +16% ▲ +66% YoY YoY 15% 8% 2% Ingredients Liquid milk Others Revenue Revenue Revenue ₹338 Cr ₹164 Cr ₹52 Cr ▲ +38% ▼ 10% ▼ 43% YoY YoY YoY © 2026 All Rights Reserved | Parag Milk Foods 11 HIGHEST EVER Q2 & H1 Revenue mix over the past 5 years Q2 Trend H1 Trend 1241 2185 1859 1008 16% 5% 7% 1629 5% 1548 8% 871 13% 12% 6% 13% 12% 798 9% 1356 8% 7% 9% 17% 10% 14% 7% 665 9% 23% 9% 5% 22% 10% 10% 24% 17% 6% 8% 6% 8% 4% 8% 4% 3% 3% 63% 62% 64% 63% 61% 57% 61% 67% 59% 58% Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY27 H1 FY23 H1 FY24 H1 FY25 H1 FY26 H1 FY27 Amount in ₹ Cr Over the last five years, revenue contribution from Flagship categories and New age Business has grown significantly, reflecting robust fundamentals, product quality and strong consumer trust. © 2026 All Rights Reserved | Parag Milk Foods FINANCIAL UPDATE Consolidated P&L Q2FY26 Q2FY27 Growth % Particulars H1 FY26 H1 FY27 Growth %2 1 ,008 1,241 23.1% Revenue 1,859 2 ,185 17.5% 260 3 23 24.0% Gross Margin 493 581 17.8% 25.8% 26 [Showing first 8,000 characters — download PDF for full document]