Transcript of Conference Call held on July 17, 2026

Ref: SECT: STOC: 76-26 July 21, 2026 To To The Manager The Manager, BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, National Stock Exchange of India Limited Dalal Street, Exchange Plaza, C-1, G Block, Bandra-Kurla Mumbai - 400 001 Complex, Bandra (East), Mumbai – 400 051 Scrip Code: 519552 Scrip Code: HERITGFOOD Sub: Transcript of Conference Call held on July 17, 2026 - reg. Dear Sir / Madam, In Continuation of our letter dated July 8, 2026, the Company had organized a conference call with the Investors/Analysts on Friday, July 17, 2026 at 4.00 PM (IST). A copy of Transcript of conference call held with the Investors/Analysts is enclosed herewith and the same has also been available on the Company's Website at www.heritagefoods.in. Kindly take the same on record and display the same on the website of your exchange. Thanks & Regards, For HERITAGE FOODS LIMITED UMAKANTA BARIK Company Secretary & Compliance Officer M No: FCS-6317 Encl: a/a HERITAGE FOODS LIMITED Q1 FY27 Earnings Conference Call July 17, 2026 MANAGEMENT: Mrs. N Brahmani – Executive Director Dr. M Sambasiva Rao – Whole Time Director Mr. Srideep Kesavan – Chief Executive Officer Mr. A Prabhakara Naidu – Chief Financial Officer Mr. J Samba Murthy – Chief Operating Officer Dr. Brij Mohan – Chief Executive Officer - Heritage Nutrivet Limited Mr. Umakanta Barik – Company Secretary & Compliance Officer INVESTOR RELATIONS REPRESENTATIVE: Ms. Garima Singla – GO India Advisors Heritage Foods Limited July 17, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Heritage Foods Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will remain 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 the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Garima Singla from Go India Advisors for opening remarks. Thank you, and over to you. Garima Singla: Thank you. Good afternoon, everyone. I'm Garima Singla, and it's my pleasure to welcome you on behalf of Heritage Foods Limited. Thank you for joining us today for Q1 FY27 Earnings Conference Call. This call is being hosted by Go India Advisors. Please note that today's discussion may include certain forward- looking statements. Therefore, they must be viewed in conjunction with the risks that the company faces. Today, on the call, we are joined by Mrs. Brahmani Nara, Executive Director; Dr. M. Sambasiva Rao, Whole-Time Director; Mr. Srideep Kesavan, CEO; Mr. A. Prabhakara Naidu, CFO; Mr. J. Samba Murthy, COO; Dr. Brij Mohan, CEO, Heritage Nutrivet Limited; and Mr. Umakanta Barik, CS and Compliance Officer. I now invite Dr. Rao to present the company's business outlook and performance, after which we will open the floor for Q&A. Thank you, and over to you, sir. M. Sambasiva Rao: Thank you, Garima. Good afternoon, everyone, and thank you for joining us today. Financial year '27 has begun with another quarter of disciplined execution for Heritage. Despite the challenging environment for the dairy industry, we delivered the highest quarterly revenue in the company's history while continuing to strengthen the building blocks of our long-term growth. Throughout the quarter, we remain focused on our strategic priorities, namely reinforcing our procurement network, expanding our value-added products portfolio, investing in manufacturing capabilities and building new growth platforms. Our integrated farm-to-consumer model continued to differentiate Heritage by ensuring reliable milk availability while supporting the rapid expansion of our value-added products portfolio. This disciplined execution was reflected in our financial performance. Consolidated revenue increased 18% year-on-year to INR13,381 million, marking another important milestone for Heritage. EBITDA Page 1 of 21 Heritage Foods Limited July 17, 2026 stood at INR619 million with an EBITDA margin of 4.6%, while profit after tax stood at INR150 million, translating into PAT margin of 1.9%. Although elevated milk procurement costs continue to weigh on the dairy industry, resilient demand across our value-added products portfolio, calibrated pricing actions and disciplined execution enabled us to deliver another quarter of healthy growth while continuing to invest for the future. Every successful dairy business is built on a strong and resilient procurement network. During the quarter, milk procurement prices increased 7% year-on- year to INR46.61 per liter, reflecting continued supply tightness across key milk producing regions. Despite these industry-wide challenges, Heritage increased milk procurement volumes by 2% year-on-year to 18.10 lakh liters per day through its sustained investments in farmer engagement, vet services, cattle nutrition programs and timely payments. These initiatives ensured uninterrupted milk availability while further reinforcing one of Heritage's most enduring competitive strengths. On the demand side, milk sales volume remained stable, while average milk sale prices improved 4% year-on-year to INR58.68 per liter, reflecting the strength of the Heritage brand and sustained consumer trust. The benefits of these investments are becoming increasingly visible in the evolution of our business mix. Value-added products continue to be the primary growth engine during this quarter with VAP revenues growing 40% year-on-year to INR5,636 million. Importantly, this performance was driven by healthy underlying volume growth across categories with paneer volumes growing 33%; curd, 26%; ice cream, 25%; butter milk, 60%; and lassi, 98% year-on-year, demonstrating the growing consumer preference for our differentiated portfolio. Consequently, value-added products contributed a record 44% of consolidated revenues compared to 36% in the corresponding quarter last year. Including our consumer pack ghee and butter portfolio, the broader VAP portfolio grew 39% year-on-year to INR6,322 million, contributing a record 49% of consolidated revenues versus 41% a year ago. This continued improvement in our product mix reflects the premiumization of our portfolio and our steady transition towards a more branded value-added business. Our ice cream business also continued to build strong momentum Page 2 of 21 Heritage Foods Limited July 17, 2026 during the quarter. It crossed INR550 million, growing 65% year-on-year with Alpenvie, our new brand, delivering robust growth of 44%. Get-A-Way also delivered an encouraging performance with revenue growing 196% year-on-year, supported by improved product availability following capacity expansion while achieving a near breakeven bottom line. Supporting this momentum, our newly commissioned ice cream facility ramped up well during the quarter, reaching approximately 40% capacity utilization. The facility now manufactures both Alpenvie and Get-A-Way portfolios from a common platform, enabling faster capacity absorption, improving operating leverage and providing sufficient headroom to support future growth. Together, these developments reinforce our strategy of building differentiated high-growth brands across premium dairy and nutrition-led categories. Beyond our core dairy operations, our adjacent business also delivered encouraging performance. Heritage Nutrivet reported revenue of INR728 million, represent a robust growth of 37% year-on-year despite elevated input costs across the animal nutrition industry, while delivering a PBT of INR20 million. This performance reflects the strength of the business model and the growing opportunities within the Animal Nutrition segment. We also continued to strengthen our long-term growth platforms during the quarter. Heritage Novandie Foods became a wholly owned subsidiary, reinforcing our presence in the fast-growing high-protein yogur [Showing first 8,000 characters — download PDF for full document]