Analysts/Institutional Investor Meet/Con. Call Updates

November 5, 2026 BSE Limited National Stock Exchange of India Limited 20th Floor, P.J. Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai - 400001 Mumbai - 400 051 Scrip Code: 544868 Scrip Symbol: MILKYMIST Dear Sir/Madam, Subject: Transcript of Q2 2026-27 Analysts/Investors Earnings Conference call held on October 30, 2026 In continuation to our intimation dated October 24, 2026, with respect to the scheduling of a conference call with the analysts/ investors, post results for the quarter and half year ended September 30, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of Q2 2026- 27 Analysts/Investors Earnings Conference call held on Friday, October 30, 2026. The above disclosure is also being made available on the website of the Company at https://www.milkymist.com This is for your information and records. Thanking You, For Milky Mist Dairy Food Limited (formerly Known as Milky Mist Dairy Food Private Limited) S Prakash Company Secretary and Compliance Officer Membership No: A22495 Encl: a/a “Milky Mist Dairy Food Limited Q2 FY27 Earnings Conference Call” October 30, 2026 E&OE: This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on October 30th 2026, will prevail. MANAGEMENT: MR. T. SATHISH KUMAR – CHAIRMAN AND MANAGING DIRECTOR – MILKY MIST DAIRY FOOD LIMITED DR. K. RATHNAM – WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER – MILKY MIST DAIRY FOOD LIMITED MR. BISWAJIT MISHRA – CHIEF FINANCIAL OFFICER – MILKY MIST DAIRY FOOD LIMITED MR. PARTHIBAN N – BUSINESS DEVELOPMENT, STRATEGY, AND MARKETING – MILKY MIST DAIRY FOOD LIMITED MODERATOR: MS. DEVIKA SHAH – ADFACTORS PR Page 1 of 21 Milky Mist Dairy Food Limited October 30, 2026 Moderator: Ladies and gentlemen, good day and welcome to Milky Mist Dairy Food Limited 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 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. Devika Shah from Adfactors PR. Thank you, and over to you, ma'am. Devika Shah: Thank you. Good morning everyone and welcome to the Q2 FY27 and H1 FY27 Earnings Conference call of Milky Mist Dairy Food Limited. Today we have with us Mr. T. Sathish Kumar, Chairman and Managing Director, Dr. K. Rathnam, Whole- Time Director and CEO, Mr. Biswajit Mishra, Chief Financial Officer. We will begin with the opening remarks from the management followed by a Q&A session. Please note that this call may contain forward-looking statements about the company which are based on the belief, opinion and expectation of the company as on the date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. I now hand over the conference to the management for their opening remarks. Thank you, and over to you, sir. K. Rathnam: Yes, good morning, Devika and good morning everyone. I welcome you all to our Q2 and H1 FY27 Earnings Conference call. Thank you for your continued interest in and support of Milky Mist, . We had a very, very successful Q2 FY27. We achieved significant milestones with the revenue, EBITDA and margins reaching new peaks during the quarter. During the quarter, we continue to strengthen Milky Misty value-added product packaged food business, while navigating a dynamic operating environment. Our efforts remained focused on diversifying our portfolio, expanding our market presence and strengthening our operational capabilities to support the next phase of growth. We continue to balance growth opportunities with operational discipline, keeping our long-term business objectives in focus. Allow me to throw some light on the industry environment that prevailed in the September quarter. During the September quarter 2026, the FMCG sector navigated a challenging demand and cost environment. Retail inflation rose to 5.54% in September '26, while food inflation accelerated to 7.74%, putting additional pressure on household budgets ahead of the festive season. Industry commentary also pointed to a slower-than-the-expected recovery in festive demand and the possibility of more moderate FMCG growth in H1 FY27. Input cost pressures also remained significant for food companies. Cattle feed costs were reported to be 15% to 20% higher year-on-year in September, while the milk prices in some markets were around 30% higher than the earlier year. These trends reinforced the importance of efficient procurement and disciplined cost management across the value chain. At Milky Mist, our strong procurement ecosystem and stable demand of our products allowed us to navigate this situation. Coming to the products in large. Paneer continued to be a large lead category for Milky Mist in the September quarter as well with year-on-year growth of 44%. Page 2 of 21 Milky Mist Dairy Food Limited October 30, 2026 The category witnessed greater regulatory scrutiny, especially on the analogue products and increased emphasis on product identification and food safety matters. Milky Mist was a clear beneficiary of this situation. Yes, we are a very clean label products, quality-led, branded paneer player across the country. Our current paneer production is 100 tons per day with an installed capacity of 150 tons per day. The current capacity utilization stands at close to 65%, but we still have a larger headroom to increase the production within our existing capacity. Our continued priority is to increase capacity utilization by expanding distribution, market expansion and strengthening the brand position. Next is our protein-focused portfolio. We have been witnessing growing demand and interest in protein-rich foods as consumers become more and more conscious of their nutritional needs. Yes, we know we had introduced high-protein paneer cubes in Q1 FY27, extending our presence in the protein-focused segment. Cheese and curd segments offer huge opportunities to deepen our presence in the packaged product category. With regard to cheese, it grew at 31% year- on- year and the curd segment grew by 22% year- on- year. Yogurt category has been the fastest growing category in Q2 FY27 with a revenue growth of 168% on a year-on-year basis. In September 2026, we commissioned our new manufacturing facility to manufacture Skyr and Greek yogurt at Perundurai plant. Built with an investment of INR40 crores, the facility uses latest ultrafiltration technology, increasing the current capacity from 20 tons per day up to 150 tons per day. We strengthened our ability to scale high-protein yogurt portfolio to meet this demand. Currently, we manufacture about 35 to 40 tons a day. For the convenience of the consumer, we have also introduced like any other markets in Europe and other parts of the country we also introduced a pack of 4 Skyr and Greek yogurt. This gives an option to the consumers to buy 4 packs at one go and take the protein to the level of 42 grams per day consumption. To augment the protein category, recently we launched a high-protein lactose-free milk in October 2026. The 250 ml pack contains 25 grams of protein. Together with high-protein paneer, high-protein cheddar cheese, high-protein milk and high-protein yogurt category, these products gives us a broader presence in the protein-focused segment. Protein category had emerged as one of the fastest growing segment as far as Milky Mist is concerned and across the country. And contributed to the overall sales and volume mix to the extent of 12% to 13% of our top-line sales. Yes, you all are aware protein market size in India is currently valued at [Showing first 8,000 characters — download PDF for full document]