Transcript of the Earnings Conference Call for the Unaudited Financial Results for the second quarter (Q2) and half year ended September 30, 2026

Ref: KRBL/SE/2026-27/61 November 11, 2026 The General Manager National Stock Exchange of India Department of Corporate Services Limited BSE Limited “Exchange Plaza”, C-1, Block-G Floor 25, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E), Mumbai-400051 Scrip Code: 530813 Symbol: KRBL ISIN: INE001B01026 Sub: Transcript of the Earnings Conference Call held on Tuesday, November 3, 2026 on Unaudited Financial Results of KRBL Limited for the second quarter (Q2) and half year ended September 30, 2026. Dear Sir/Madam, Pursuant to the provisions of Regulation 30 read with Para A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Transcript of the Earnings Conference Call of KRBL Limited held on Tuesday, November 3, 2026 at 12:00 Noon (IST) onwards on the Unaudited Financial Results for the second quarter (Q2) and half year ended September 30, 2026. The above information will also be available on the Company's website at www.krblrice.com under the head ‘Investor Relations’. You are requested to kindly take the same on record. Thanking you, Yours faithfully, For KRBL Limited Shubham Kandhway Company Secretary & Compliance Officer M. No. – F10757 “KRBL Limited Q2 FY27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. ANIL KUMAR MITTAL – CHAIRMAN AND MANAGING DIRECTOR – KRBL LIMITED MR. ANOOP KUMAR GUPTA – JOINT MANAGING DIRECTOR – KRBL LIMITED MR. AYUSH GUPTA -- HEAD-INDIA BUSINESS – KRBL LIMITED MR. AKSHAY GUPTA – HEAD-BULK EXPORTS – KRBL LIMITED MR. ASHISH JAIN – CHIEF FINANCIAL OFFICER – KRBL LIMITED Page 1 of 17 KRBL Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to KRBL Limited Q2 FY27 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 this 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. Ashish Jain, Chief Financial Officer of KRBL Limited. Thank you, and over to you, sir. Ashish Jain: Thank you, and thank you for joining us. Welcome to the Q2 FY27 earnings conference call for analysts and investors of KRBL Limited. Today we have Mr. Anil Kumar Mittal, Chairman and Managing Director, Mr. Anoop Kumar Gupta, Joint Managing Director, Mr. Ayush Gupta, Head of the India Business, and Mr. Akshay Gupta, Head - Bulk Exports, as key speakers on the call. To begin the call, Mr. Anil Kumar Mittal will share updates on the business, industry, and our overall strategy. Following that, Mr. Ayush Gupta will provide insights into the performance and outlook of our domestic business. Finally, I will present the financial overview of the company for the second quarter and half year ended September 30, 2026. Once the management has concluded their opening remarks, we will open the floor for an interactive question-and-answer session. Please note that some of the statements made during the call may contain forward-looking information, and actual results may differ from these statements. You can refer to KRBL's investor presentation available on the stock exchange websites and our company’s website. Now, I would like to invite Anil ji to share his views. Anil Mittal: Good afternoon, everyone. Thank you for joining us for KRBL's Q2 FY27 earnings call. I will briefly cover the global and Indian rice outlook, the new basmati crop and paddy prices, the export environment, and the company's performance. Let me begin with global picture, which is broadly unchanged since our last call. As per USDA's October estimate, the world rice production in 2026-27 is expected to fall to 537 million tons from 546 million tons last year, with India accounting for most of the decline. Consumption, meanwhile, is expected to rise to a record of about 539 million tons. Global stocks are therefore expected to draw down. India continues to hold close to 30% of world rice trade, and USDA expects Indian exports of about 24 million tons in 2026-27, higher than the previous year. For India, USDA now estimates for 26-27 production at about 147 million metric tons against a record of 154 million tons last year, reflecting a weaker monsoon. India will remain alongside China, one of the two largest rice producers in the world, and domestic consumption is expected to rise by about 4 million tons. The 2026 monsoon ended about 13% below normal nationally, the weakest since 2015 under a strong El Nino. Last quarter, I flagged the risk this posed to the basmati belt. I am glad to say that risk largely did not materialize. Northwest India finished about 6% below normal. Page 2 of 17 KRBL Limited November 03, 2026 Irrigation carried the crop through, and trade estimates currently put the year's basmati crop modestly above last year's. The unseasonal rain in part of Punjab in the mid-October wet some harvested paddy in the mandis and flattened standing crop in places. The damage appears localized and will have a clear picture as arrivals progress. Despite a larger crop, basmati paddy prices have risen sharply. Major varieties are trading at around INR4,500-INR5,200 per quintal, well above last year's paddy price. There are three reasons. First, the industry has entered this season with almost no carryover stock. Second, the export realization have stayed high. And third, buyers across the Middle East need to rebuild depleted inventories, and the trade is pricing that demand in. Our procurement approach reflects this. We will not chase the market. We are buying in a staggered manner across the season with a firm focus on quality, low moisture, high recovery paddy. And our inventory position gives us the flexibility to be patient whenever prices run ahead of fundamentals. On exports, between April and August, India shipped about 2.5 million tons of basmati against 2.7 million tons in the same period last year. The entire decline was in the Middle East. Shipments to the rest of the world were unchanged. Realizations were about 21% higher in rupee terms. So, the rupee value of India's basmati export actually rose by around 12%. In August, volumes were back over last year's level. As I said last quarter, this remains a logistics problem and not a demand problem. The situation in the Gulf remains unsettled. Transit through the Strait of Hormuz has been intermittent, and freight and war risk premiums remain elevated and sensitive to every development. Marine cover continues to be available, priced shipment by shipment, and buyers have largely absorbed the higher cost because food security leaves them little alternative. Trade has adapted around the disruptions. Basmati shipment to Jordan, largely for onward movement to Iraq, are up almost six fold this year, more than offsetting the fall in direct shipments to Iraq. Iran is the exception. Payment and banking channels have become considerably more difficult since U.S. sanctions were tightened in August, and that market will take longer to normalize. Our view of recovery is unchanged. Inventories in the region are low, and when the route becomes dependable, restocking will be significant but we expect that normalization to be gradual rather than sudden. Now coming to KRBL's performance. KRBL recorded its highest-ever quarterly revenue of INR1,727 crores, up 14% on the same quarter last year, driven by 33% growth in domestic revenue. Export revenue for the first half was INR541 crores, lower by 41%. The decline was almost entirely in bulk export to the Middle East, where three factors weighted on the business. Payment channel in parts of the region became more difficult, movement through the Strait of Hormuz became more restricted, and weighing risk against reward. Page 3 of 17 KRBL Limited November 03, 2026 We chose to [Showing first 8,000 characters — download PDF for full document]