Transcript of Q2 FY27 Results Earnings Call held on Thursday, 29 October 2026

An ISO 22000-2005 & 50001 EnMS Certified Company CIN: L15209TG1995PLC020324 Date: 04 November 2026 The General Manager The Manager Department of Corporate Services Listing Department BSE Limited National Stock Exchanges of India Limited Phiroze Jeejeebhoy Towers "Exchange Plaza", 5th Floor, Dalai Street, Fort Plot No.C/1, G Block Mumbai-400 001 Bandra-Kurla Complex Bandra (East), Mumbai 400051. Scrip Code : 543306 Scrip Code : DODLA Dear Sir/Madam, Sub: Transcript of Q2 FY27 Results Earnings Call held on Thursday, 29 October 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Q2 FY27 Results Earnings Call held on Thursday, 29 October 2026 for the quarter and half year ended 30 September 2026. This is for your information and records. Thanking You, Yours Faithfully, For Dodla Dairy Limited Surya Prakash M Company Secretary & Compliance Officer Encl: as above Registered & Corporate Office: # 8-2-293/82/A, 270/Q, Road No 10-C, Jubilee Hills, Hyderabad – 500 033, Telangana, India. Tel: +91 40 45467777, Fax: +91 40 45467788 Website: www.dodladairy.com, Email: mail@dodladairy.com & cs@dodladairy.com, Toll Free No: 1800-103-1477 “Dodla Dairy Limited Q2 FY27 Earnings Conference Call” October 29, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on October 29, 2026, will prevail.” MANAGEMENT: MR. DODLA SUNIL REDDY – MANAGING DIRECTOR – DODLA DAIRY LIMITED MR. B.V.K. REDDY – CHIEF EXECUTIVE OFFICER – DODLA DAIRY LIMITED MR. MURALI MOHAN RAJU – CHIEF FINANCIAL OFFICER – DODLA DAIRY LIMITED Page 1 of 19 Dodla Dairy Limited October 29, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Dodla Dairy Limited Q2 FY '27 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involves risks and uncertainties that are difficult to predict. 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 the conference call, please signal an operator by pressing star then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Dodla Sunil Reddy, Managing Director. Thank you, and over to you, sir. Dodla Sunil Reddy: Thank you very much. Good morning to all the participants. On behalf of Dodla Dairy Limited, I extend a warm welcome to everyone joining us today on our call. I would also like to take this opportunity to wish everyone a very happy and prosperous Diwali. On this call, I'm joined by our CEO, Mr. B.V.K. Reddy; CFO, Mr. Murali Mohan Raju; and SGA, our Investor Relations Advisors. I hope everyone had an opportunity to go through the financial results and investor presentation, which have been uploaded on the stock exchange and our company website. Coming to our performance during Q2 FY '27, we reported a revenue of INR1,196 crores, registering a healthy year-on-year growth of 17.4%. EBITDA and PAT for the quarter stood at INR64 crores and INR37 crores, respectively. The performance was a combination of volume growth as well as some improvement in the realization, which is supported by a price increase of INR2.5 per liter implemented during the fag end of the quarter. Full impact of the price increase is expected to be visible in the next quarter. However, the milk procurement price increase also remained elevated, keeping the profitability under pressure. Additionally, the margins are compressed due to the inflationary environment in terms of logistics costs, packaging costs and other overheads. Despite a challenging and uncertain operating environment, Dodla achieved healthy revenue growth, demonstrating strong market presence, superior product quality, farmer relation and executional expertise. The raw material supply stayed healthy during the quarter as we strategically built adequate inventory to cater to the demand in the upcoming quarters. Coming to our value-added portfolio, the revenue from this category grew 11.7% on a year-on- year basis. However, the demand for the higher-margin summer-related products such as curd, butter milk, flavored milk, ice cream, etcetera, remained softer as compared to the previous quarters due to seasonality factor. We are focused on strengthening our existing VAP portfolio and expand into well-established categories like paneer and ghee, where the demand is stable throughout the year, and there is potential to build scale over time. Moving on to our Africa business. It delivered a strong quarter with a record of INR179 crores, representing a year-on-year growth of 56%. We continue to focus on strengthening our presence across Uganda and Kenya. The planned greenfield expansion in Uganda is expected to support Page 2 of 19 Dodla Dairy Limited October 29, 2026 growing demand and provide additional capacity for future growth. In Kenya, our focus remains on increased market penetration and strengthening our own procurement network. I would also like to inform you that the Board has approved a proposal to establish a joint venture in India with Meadow India Holdings Limited with Dodla Dairy and Meadow India Holdings Limited having an equity stake of 40% and 60%, respectively. The proposed joint venture will focus on marketing and selling high-quality dairy ingredients to the B2B market. The proposal is subject to execution of the joint venture agreement, completion of the requisite formalities and the receipt of applicable regulatory and statutory approvals, if any. We will keep you informed about any future material development in regard. Going forward, the operational environment remains dynamic with elevated raw milk prices and inflationary pressure arising from geopolitical uncertainties continuing to post challenges. We remain focused on strengthening our procurement and distribution capabilities, driving operational efficiencies, expanding our value-added product portfolio and executing our planned expansion initiatives, which are progressing as planned. With a disciplined approach towards product quality, cost management, capital allocation, we remain committed to strengthening our market position and deliver long-term profitable growth. With this brief, I will now hand it over to the CEO of our company, Mr. B.V.K. Reddy. Thank you very much. B.V.K. Reddy: Thank you, Mr. Sunil Reddy, and happy Diwali to everyone. I will now walk you through the quarter performance, highlights of our business, starting with our Indian operations. The overall milk supply situation began to improve during the quarter, supporting to recovery in our milk procurement volumes. For Q2 FY '27 the milk procurement stood at 21.3 lakh liters per day, registering year-on-year growth of 9.3%. Average milk procurement cost increased to INR43.2 per liter in Q2 FY '27 compared to INR41 per liter in previous quarter and INR37.3 per liter in Q2 of FY '26. In response to the rising procurement cost, we implemented the price increase of approximately INR2.5 per liter. Consequently, our average milk sales realization improved to INR61.9 per liter in Q2 FY '27 compared with INR59.4 per liter in the previous quarter and INR57.3 per liter in the corresponding quarter of last year. However, the increase in selling price was not sufficient to fully offset the impact of the higher milk procurement cost. And profitability, therefore, remained under pressure during the quarter. To put this into perspective, the spread between the milk sales realization and procurement cost narrowed to INR18.7 per liter in Q2 FY '27 compared to INR20 per liter in Q2 of FY '26. In addition, [Showing first 8,000 characters — download PDF for full document]