Parag Milk Foods Limited - Investor Presentation on Unaudited Financial Results for quarter ended June 30, 2026

August 7, 2026 Compliance Department, Compliance Department, BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Tower, Exchange Plaza, Dalal Street, Fort, Plot No. C/1, G-Block, Mumbai - 400 001 Bandra Kurla Complex, Bandra (E), Mumbai - 400 051 Scrip Code: 539889 NSE Symbol: PARAGMILK Dear Sir/Madam, Sub: Investor Presentation on Unaudited Financial Results for quarter ended June 30, 2026 In continuation of our letter dated August 6, 2026, intimating the Unaudited Financial Results for quarter ended June 30, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby enclose a copy of Investor Presentation being issued by the Company in this regard. The said presentation would also be used for Post Earnings Conference Call with Analysts / Investors scheduled on August 7, 2026. Copy of the above document is also being made available on the Company's website www.paragmilkfoods.com. Requesting you to take the same on records and oblige. Thanking you. For Parag Milk Foods Limited Virendra Varma Company Secretary & Compliance Officer FCS No. 10520 Encl: As above © 2026 All Rights Reserved | Parag Milk Foods SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), which have been prepared by Parag Milk Foods Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever, No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. © 2026 All Rights Reserved | Parag Milk Foods CONTENT TABLE 01 PERFORMANCE HIGHLIGHTS 02 FINANCIAL UPDATE 03 BUSINESS UPDATE 04 STRATEGIC PRIORITIES 05 ABOUT THE COMPANY © 2026 All Rights Reserved | Parag Milk Foods 3 PERFORMANCE HIGHLIGHTS © 2026 All Rights Reserved | Parag Milk Foods 4 3 HIGHLIGHTS Q1FY27 Highest-Ever Q1 Revenue of ₹945 Crore in Q1 FY27; 11% YoY Value growth, 3% YoY Vol growth EBITDA at ₹70 crore increased by 6% YoY; 7.4% vs 7.7% LY. PBT flat YoY; PAT declined by 20% mainly due to current tax impact New Age business comprising Pride of Cows & Avvatar grew by 59%, contributing 13% to overall turnover Avvatar joined hands as a partner with India’s one of the most viral and talked-about shows hosted by Samay Raina - India’s Got Latent Season 2. The show has more than 64 mn views on Youtube and more than 2.2 mn views on Netflix Parag Milk Foods Board approves doubling of Cheese production capacity from 60 MT to 120 MT; driving parallel expansion in Whey Protein generations Parag Milk Foods elevates Mr. Rakesh Kothari as Chief Financial Officer and KMP © 2026 All Rights Reserved | Parag Milk Foods 5 BUSINESS HIGHLIGHTS Q1 FY27 EBITDA % of sales 7.4% 945 70 22 CR CR CR vs 7.7% LY Volume Growth Revenue EBITDA PAT up 11% YoY up 6% YoY down 20% YoY 11% PBT Growth Value Growth 0.4% up YoY PAT % of sales 2.3% vs 3.2% LY ©© 22002266 AAllll RRiigghhttss RReesseerrvveedd || PPaarraagg MMiillkk FFooooddss FINANCIAL UPDATE © 2026 All Rights Reserved | Parag Milk Foods 7 3 STRONG REVENUE MOMENTUM Revenue Growth Snapshot -₹ Cr 3% 11% 1013 12% 1008 945 945 852 852 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 PY CY Consistent revenue growth across the last five quarters, demonstrating sustained execution and stable business momentum. 8 © 2026 All Rights Reserved | Parag Milk Foods Q1FY27 BUSINESS SNAPSHOT YoY Growths 59% 10% 22% Revenue Growth Growth Revenue Growth Revenue 118 CR 580 CR 141 CR Flagship categories Ingredients & SMP New age business Revenue 81 CR Revenue NOTE: • Flagship Categories includes Ghee, Cheese, Paneer & Dahi 8% 46% • New Age Business includes Pride of Cows and Avvatar Decrease brands Decrease • Liquid Milk includes Liquid milk offerings • Ingredients & SMP includes Lactose, Whey Powder, Skimmed Milk Powder • Others includes UHT Products, Beverages, etc. Liquid milk Others © 2026 All Rights Reserved | Parag Milk Foods HIGHEST EVER Q1 Q1 Revenue mix over the past 4 years 3% 14% 9% 13% New Age business 24% grew 59% YoY 9% 6% Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY27 Amount in ₹ Cr Flagship Categories New Age Business Liquid Milk Ingredient Business Others Rev. Composition in % Over the last four years, revenue contribution from Flagship categories and New age Business has grown significantly, reflecting robust fundamentals, product quality and strong consumer trust. © 2026 All Rights Reserved | Parag Milk Foods FINANCIAL UPDATE Consolidated Financials​ ₹ Cr Particulars Q1 ​FY26​ Q1 ​FY27 Growth​ % YOY​ Revenue 852 945 11% Gross Margin 233 258 11% Gross Margin % 27.4% 27.3% EBITDA 66 70 6% EBITDA % 7.7% 7.4% 29 29 0.4% 28 22 -20% PAT % 3.2% 2.3% Parag milk foods delivered 11% YoY revenue growth in Q1FY27, reaching a turnover of ₹945 Cr, while overall volume grew by 3%. EBITDA increased by 6% YoY with a marginal decline in EBITDA % due to inflation. PBT flat YoY, PAT declined 20% YoY mainly due current tax impact from FY27. FINANCIAL UPDATE Standalone Financials​ ₹ Cr Particulars Q1 ​FY26​ Q1 ​FY27​ Growth​ % YOY​ Revenue 831 920 11% Gross Margin 218 237 9% Gross Margin % 26.3% 25.7% EBITDA 64 68 6% EBITDA % 7.8% 7.4% 33 32 -0.6% 32 25 -21% PAT % 3.9% 2.8% Standalone revenue grew by 11%, reaching a turnover of ₹920 Cr in Q1FY27. EBITDA increased by 6% YoY with a marginal decline in EBITDA % due to inflation. PBT marginally down YoY, PAT declined 21% YoY mainly due current tax impact from FY27. BUSINESS UPDATE © 2026 All Rights Reserved | Parag Milk Foods 13 3 Q1FY27 BUSINESS COMPOSITION 13% 15% New age business Flagship categories Ingredients & SMP Liquid milk Others © 2026 All Rights Reserved | Parag Milk Foods MILK PRICE For Q1 FY27, milk prices have moved MOVEMENT 13% up YoY; flat QoQ 42 42 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY2 [Showing first 8,000 characters — download PDF for full document]