Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, please find enclosed herewith Transcript of the Earnings Call for Q1 FY 2026-27.

.. l JI FOODS LT D. 4th August, 2026 7eedi1lfl tl\e wodd. . National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Department of Corporate Services, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Dalal Street, Mumbai - 400 051. Mumbai - 400 001. Symbol: ADFFOODS Scrip Code: 519183 Subject: Transcript of Q1 FY 2026-27 Earnings Conference Call. Dear Sir/Madam, Pursuant to Regulation 30 & 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we attach herewith a copy of the transcript of Q1 FY 2026-27 Earnings Conference Call held on Thursday, 30th July, 2026. The same is also available on the website of the Company at www.adf-foods.com. This is for your information and record. Thanking You, Yours faithfully, For ADF Foods Limited Shalaka Ovalekar Company Secretary Encl: as Above Regd Off: 83/86, G.I.D.C Industrial Estate, Nadiad - 387 001, India. Tel.: +91 268 2551381/82 Fax: +91 268 2565068 Email: nadiadfactory@adf-foods.com CIN: L15400GJ1990PLC014265 Corp. Off: Marathon Innova, B2, G01, Ground Floor, G. K. Road, Lower Parel, Mumbai 400 013. INDIA. Tel.: +91 22 6141 5555, Fax: +91 22 6141 5577, Email: info@adf-foods.com, Web: www.adf-foods.com FOOD S LTD. 7e.edi.,,u; tli<v wa1,U. “ADF Foods Limited Q1 FY '27 Earnings Conference Call.” July 30, 2026 fU 1.U ~.,I .J ,i4~ , ....... L I,!I U. E 1v I ~ wn i, t1 hp ce o1 nn fe ,cfJ et nu cr ?~ MANAGEMENT: MR. BIMAL THAKKAR – PROMOTER, CHAIRMAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – ADF FOODS LIMITED MR. SRINIVAS AYYAGARI – CHIEF FINANCIAL OFFICER – ADF FOODS LIMITED MR. SUMER THAKKAR – PROMOTER, VICE PRESIDENT, SALES AND STRATEGY – ADF FOODS LIMITED MODERATOR: MR. SUMEDH DESAI – EY LLP Page 1 of 18 ADF Foods Limited July 30, 2026 FOODS LTD .wJ...,,N-.u Moderator: Ladies and gentlemen, good day and welcome to the ADF Foods Limited Q1 FY27 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 touchtone phone. I now hand the conference over to Mr. Sumedh from EY. Thank you and over to you, sir. Sumedh: Thank you, Sumit, and good afternoon, everyone. We welcome you to the Q1 FY27 Earnings Conference Call of ADF Foods Limited. To take us through the results and to answer your questions, we have with us today the top management of ADF Foods represented by Mr. Bimal Thakkar, the Promoter, Chairman, Managing Director and CEO; Mr. Sumer Thakkar, the Promoter, Vice President - Sales and Strategy; and Mr. Srinivas Ayyagari, the Chief Financial Officer. We will start the call with an overview of the business and recent updates by Mr. Bimal Thakkar and then Mr. Srinivas will give his comments on the financials. As usual, the standard Safe Harbor clause applies when we start the call. Over to you. Bimal Thakkar: Thank you, Sumedh. Good afternoon, everyone, and thank you for joining us today. We have commenced FY27 on a strong note, delivering our fourth consecutive quarter of strong double- digit growth year-on-year. In Q1 of FY27, our consolidated revenue from operations increased by 25.9% year-on-year to INR167.3 crores. On a stand-alone basis, revenue grew by 20.5% year-on-year to INR120.9 crores. This performance was driven by deeper shelf space penetration, continued category diversification, traction from product listings secured over the past few quarters and strong execution across our key international markets. Importantly, we achieved this growth despite continued geopolitical uncertainties arising from the West Asia conflict, supply chain and trade route disruptions, vessel shortages and elevated fuel and increased ocean freight costs. Consumer demand for authentic, convenient and value- added ethnic Indian food products continues to remain healthy across our markets. The increasing preference for ready-to-eat, ready-to-cook, shelf-stable and frozen categories continue to support our growth strategy. Our diversified product portfolio, wide geographic presence and established distribution capabilities are enabling us to address these opportunities across diaspora as well as mainstream consumer segments. Coming to our brands. Ashoka continued to deliver strong quarter-on-quarter growth supported by robust demand from South Asian diaspora and deeper penetration across our core and emerging international markets. The brand has delivered a revenue CAGR of more than 20% over the last 5 years reflecting the brand strength, sustained marketing investments, continuing product innovation and expansion across channels and geographies. Going forward, our focus remains on expanding shelf space, introducing new products and strengthening engagement across retail and e-commerce channels. Page 2 of 18 ADF Foods Limited July 30, 2026 FOODS LTD .wJ...,,N-.u Truly Indian has also sustained its growth momentum. The brand is now present across more than 3,000 stores in the United States through marquee mainstream clients. Our investment in product development, refreshed packaging, retail engagement, sampling and digital marketing are helping us strengthen brand visibility and encourage consumer trials. Repeat orders received from several retail partners provide encouraging validation of consumer acceptance and we remain focused on building deeper penetration with existing accounts while pursuing additional listings. Our domestic brand Soul continued to strengthen its presence in India. During the quarter, our focus remained on expanding the product portfolio, increasing reach across e-commerce, quick commerce and modern trade channels and undertaking targeted in-store and digital consumer engagement initiatives. With a refreshed team and a differentiated portfolio of better-for-you packaged food products, we are building this brand with a long-term perspective. On manufacturing, our Surat greenfield facility, which commenced operations in Q4 of financial year '26, has now begun commercial deliveries and initial container shipments. The facility expands our frozen food manufacturing capabilities and provides additional capacity to support future demand. We will continue to scale operations at Surat in a calibrated manner over the coming years while maintaining our focus on quality, efficiency and execution. We also received an important milestone during the quarter by receiving the highest AEO-T3 certification from the CBIC. This strengthens our export operations by enabling faster customs clearances, reduced inspections and improved export efficiency. For a business with significant international presence, this certification further strengthens our trade and compliance capabilities. On profitability, consolidated EBITDA increased by 26% year-on-year to INR29.7 crores with the EBITDA margin at 17.7%. This performance was supported by an improved product mix, continued momentum in frozen foods, tariff refunds, cost optimization initiatives and operational efficiencies despite elevated freight costs and ongoing investments in our brand and organizational capabilities. The operating environment remains uncertain particularly amid evolving geopolitical developments, tariff-related uncertainties, vessel shortages and ongoing disruptions in global shipping networks. This continues to impact freight costs and transit timelines. Despite ongoing external uncertainties, we remain cautiously optimistic as we continue to expand shelf space, scale manufacturing capacity, further strengthen our brands and introduce relevant products across markets. With strong business momentum, we remain well positioned to deliver revenue upwards of INR900 crores in financial year 27 while maintaining healthy high-teen EBITDA margins. The resilience of our business reinforces our confidence in our brand, execution capability and diversified market prese [Showing first 8,000 characters — download PDF for full document]