Transcript of Investors and Analysts Conference Call held on November 06, 2026

10th November 2026 The Manager, The Manager, BSE Limited, Listing Department, Floor 25, Pheroze Jeejeebhoy Towers, National Stock Exchange of India Limited, Dalal Street, Exchange Plaza, Bandra-Kurla Complex, Mumbai - 400 001. Bandra (E), Mumbai – 400 051. Ph. No. 022- 22721233 / 22721234 Ph. No. 022- 26598100 / 26598101 Fax No. 022-22723121 / 22721072 Fax No. 022-26598237 / 26598238 Codes: BSE: Scrip code 500215, Co. code 1311 NSE: Symbol SUNDROP, Series EQ-Rolling Settlement Dear Sir(s) / Madam, Sub: Disclosure under Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with amendments therein as notified from time to time (“the Listing Regulations”) – Transcript of the Investors/Analysts Conference Call held on 06th November 2026. In continuation to our earlier intimation letters dated 29th October 2026 & 06th November 2026, and pursuant to Regulation 30 read with Schedule III of the Listing Regulations, we are enclosing herewith the transcript of the Investors/Analysts Conference Call of Sundrop Brands Limited (formerly known as Agro Tech Foods Limited) (“the Company”) held on 06th November 2026 for discussion on the Unaudited Financial Results (Standalone and Consolidated- Limited Review) for Q2 Fy’27 and half year ended September 30, 2026. The transcript is also available on the website of the Company at the following webpage link: https://www.sundropbrands.com/analyst-calls.aspx You are requested to take this on record. Yours faithfully, For Sundrop Brands Limited (formerly known as Agro Tech Foods Limited) Kavita Company Secretary and Compliance Officer Membership Number: A-27174 Encl.: As Above Sundrop Brands Limited (Formerly known as Agro Tech Foods Limited) Registered office: 31, Sarojini Devi Road, Secunderabad- 500003, Telangana, India. Tel: 91-40-66650240 Corporate office: Tower C, 15th Floor, Building No. 10, Phase-II, DLF Cyber City, Gurugram-122002, Haryana. Tel: 0124-4593700 Web: www.sundropbrands.com; CIN: L15142TG1986PLC006957 “Sundrop Brands Limited Q2 FY27 Earnings Conference Call” November 06, 2026 MANAGEMENT: MR. NITISH BAJAJ – GROUP MANAGING DIRECTOR – SUNDROP BRANDS LIMITED MR. ASHEESH KUMAR SHARMA – CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR – SUNDROP BRANDS LIMITED MR. K.P.N. SRINIVAS – CHIEF FINANCIAL OFFICER – SUNDROP BRANDS LIMITED MR. ABHINAV KAPOOR – WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER – DEL MONTE FOODS MR. AMITOSH KUMAR BANKA – CHIEF FINANCIAL OFFICER – DEL MONTE FOODS MODERATOR: MR. SIDDHESH DESHMUKH – IIFL CAPITAL Page 1 of 22 Sundrop Brands Limited November 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Sundrop Brands Limited Q2 and H1 FY '27 Earnings Conference Call hosted by IIFL Capital Limited. 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 this conference is being recorded. I now hand the conference over to Mr. Siddhesh Deshmukh. Thank you, and over to you, sir. Siddhesh Deshmukh: Good morning, everyone. I have the pleasure to host the management of Sundrop Brands for their 2Q FY '27 earnings call. From the management, we have with us Mr. Nitish Bajaj, Group Managing Director; Mr. Asheesh Kumar Sharma, CEO and Executive Director; Mr. K.P.N. Srinivas, CFO; Mr. Abhinav Kapoor, Whole-Time Director and CEO, Del Monte Foods; and Mr. Amitosh Kumar Banka, CFO, Del Monte Foods. I'll hand over the call to Mr. Nitish Bajaj for his opening remarks, post which we'll open the floor for Q&A. Over to you, sir. Nitish Bajaj: Thank you, Siddhesh. Good morning, all, and welcome to the investor call for Q2 FY '27 for Sundrop Brands. Before we take you through the presentation and discuss our performance in greater detail, I would just like to spend some time sharing our perspective on the current operating environment and some of the key developments that are shaping our industry and our business. The overall consumption environment, as we see it, remains strong. FMCG demand across various categories remains stable in the improving trajectory despite the inflationary headwinds. So overall environment, I would say, remains strong for our industry. Consumer environment, if I see with the evolution we are seeing in the channel front, consumers are becoming more discerning. There are positivities in consumption cycle, both on the value-conscious customer side as well as on the premiumization side. There is a willingness to spend on trusted brands, products which bring convenience, products which offer differentiation; also affordable, valuable price points in the mass market category. As we see, this environment is very supportive of our diversified portfolio across cooking, convenient meals and snacking occasions. We continue to see very strong opportunities across our ready-to-cook and ready-to-eat products, culinary solutions, spreads, even oils and premium convenience categories. Page 2 of 22 Sundrop Brands Limited November 06, 2026 Our presence across general trade, modern trade, e-commerce, key accounts, quick commerce and the entire HORECA channel also enables us to participate in this expanding and stable environment and ride stronger on the emerging and new demand pools, which are also getting created. From a cost perspective, we are seeing that in the recent past, there has been inflationary environment, there has also been volatility. But as we have gone through the quarter, what we have also seen is over the last 2 or 3 months, the environment while volatile has remained range bound. We have been able to take price corrections, price increases in relevant categories where we have seen inflationary trends on certain commodities like packaging, etcetera, we have seen broad-based inflation. And these inflations, we have been able to calibrate in our pricing. And our brands have shown resilience and power so that our volume trajectory has not got impacted, while, of course, we have seen the benefit of that coming in the value side. This, of course, is also getting balanced by our very, very strong focus on driving procurement efficiency, driving our manufacturing productivity initiatives and also taking our portfolio mix towards more premium, greater value for our consumers and also for our business. Going forward also, in the light of this environment, our priority will remain on ensuring strong volume growth while we continue to drive margin improvements with a mix of initiatives, which I talked about. I will now take you through the presentation. And as I go through various slides, I will keep calling the slide numbers so that you have the context. I'm moving on to Slide number 3, where I'll briefly recap our vision and the journey we are building at Sundrop Brands. Our ambition, as we have talked always, is to build a scaled multi-category food platform, which addresses evolving consumer needs through innovative, delicious and convenient food solutions. I'm now moving to Slide number 6. With the addition of Del Monte, now we have 3 strong brands in our portfolio: Sundrop, ACT II and Del Monte, and each of these 3 brands combined give us exposure to very attractive categories across everyday cooking, convenient meals and snacking occasions. Over the last couple of years, we have strengthened and sharpened our focus on the core portfolio, faster-growing channels and on profitable growth. We are also strengthening our presence across modern trade and e-commerce while leveraging the combined platform to drive scale, efficiency and margin improvement. Page 3 of 22 Sundrop Brands Limited November 06, 2026 Most important, our growth model is now becoming increasingly capital efficient, combining our existing manufacturing foo [Showing first 8,000 characters — download PDF for full document]