Parag Milk Foods Limited has informed the exchange about transcript of Earnings Conference Call held on August 7, 2026.

August 13, 2026 Compliance Department, Compliance Department, BSE Limited National Stock Exchange of India Phiroze Jeejeebhoy Tower, Ltd. Exchange Plaza, Plot No. C/1, Dalal Street, Fort, G-Block, Bandra Kurla Complex Mumbai - 400 001 Bandra - (E), Mumbai - 400 051 Scrip Code: 539889 NSE Symbol: PARAGMILK Dear Sir / Madam, Sub: Transcript of Earnings Conference Call under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 In continuation to our letter dated August 4, 2026 and pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Transcript of the Earnings Conference Call held on Friday, August 7, 2026 for discussion on financial and operational performance of the Company for the quarter ended June 30, 2026. The aforementioned transcript is also available on Company’s website i.e. www.paragmilkfoods.com. You are requested to kindly take the same on records. Thanking you. For Parag Milk Foods Limited Virendra Varma Company Secretary & Compliance Officer FCS No: 10520 Encl: As above “Parag Milk Foods Limited Q1 FY27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MS. AKSHALI SHAH – EXECUTIVE DIRECTOR – PARAG MILK FOODS LIMITED MR. RAHUL KUMAR SRIVASTAVA – CHIEF OPERATING OFFICER – PARAG MILK FOODS LIMITED MR. ANKIT JAIN – CHIEF STRATEGY OFFICER– PARAG MILK FOODS LIMITED MR. RAKESH KOTHARI -- CHIEF FINANCIAL OFFICER– PARAG MILK FOODS LIMITED Page 1 of 17 Parag Milk Foods Limited August 07, 2026 Moderator: Ladies & Gentlemen, good day and welcome to Parag Milk Foods Limited Q1 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 the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Brian D'Penha, Head of Investor Relations at Parag Milk Foods Limited. Thank you, and over to you, sir. Brian D’Penha: Good day, good evening, everyone, and a warm welcome to the Q1 FY27 Earnings Call of Parag Milk Foods Limited. We are pleased to have you all join us for this virtual meeting. For the meeting today, we have with us our Executive Director, Ms. Akshali Shah; our Chief Operating Officer, Mr. Rahul Kumar Srivastava; our Chief Strategy Officer, Mr. Ankit Jain; and myself, Head of Investor Relations, Brian D'Penha. Today, it gives me great pleasure to introduce you all to Mr. Rakesh Kothari, who has been elevated as the Chief Financial Officer and key Managerial Personnel of Parag Milk Foods Limited effective 7th of August 2026. I would now like Rakesh to introduce himself and speak a few words. Rakesh Kothari: Yes. Thanks, Brian. Good evening, everyone. It's a privilege to join Parag Milk Foods as the Chief Financial Officer. I thank the Board and the management team for their confidence in me, and I'm excited to be a part of the company, which has strong brands and significant growth potential. With over 25 years of experience in banking and corporate finance, including more than 2 decades with Citibank, I look forward to leveraging my experience in financial strategy, fundraising, treasury and business transformation to support Parag's next phase of profitable growth. Our focus will remain on disciplined capital allocation, stronger cash flows, sound governance and creating long-term value for all stakeholders. I look forward to engaging with the investor community and appreciate your continued trust and support. Thank you. Over to you, Brian. Brian D’Penha: All the very best, Rakesh, and congratulations. Best wishes for continued excellence and impact. After the presentation concludes, we will commence with the Q&A session. Just a couple of points to remember, while asking a question, we request you to announce your name and organization. We request you that you limit your participation to one question at a time and rejoin the queue if you have additional questions. For the purpose of completeness, I do want to read out our safe harbor statement. Certain statements in this meeting with regard to our future growth prospects are forward-looking Page 2 of 17 Parag Milk Foods Limited August 07, 2026 statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. I now hand over to Ms. Akshali Shah for opening remarks. Over to you, Akshali. Akshali Shah: Thank you, Brian. Good evening, everyone, and thank you for joining us today. Before I begin, I would like to welcome Mr. Rakesh Kothari, who has recently taken over as the Chief Financial Officer of the company. I'm confident that he will add a significant strength to our finance function as we continue to build a stronger governance and financial framework and will take Parag to a newer height. Let me begin with the quarter. Q1 FY27 has been a quarter of continued execution for Parag Milk Foods. We delivered our highest ever Q1 revenue of INR945 crores, representing 11% year-on-year value growth and 3% volume growth. EBITDA stood at INR70 crores. Absolute EBITDA grew by 6% year-on-year, while the EBITDA margin was 7.4% compared to 7.7% last year. The PBT remained broadly flat, while the PAT declined by 20%, primarily due to the current tax impact in this year. What is important to us is not just the headline revenue growth, but how we have navigated the cost environment while continuing to build the business. The milk prices at INR42 per litre during the quarter, 13% higher year-on-year and flat sequentially. We responded to this through a combination of calibrated price increases, a better product mix and targeted promotional optimization and acceleration. As a result, the gross profit increased by 11% to INR258 crores, in line with the overall revenue growth, demonstrating that the cost push has been passed on. And as a result, gross margins remain stable. For us, this is an important aspect of the Parag model. We are not looking at pricing in isolation. We are managing price, product mix, promotion and category growth while continuing to protect the health of our overall dairy ecosystem. Our flagship categories, that is ghee, cheese, paneer and dahi, continue to form the backbone of the business contributing to 61% of our Q1 revenue. The flagship categories volume declined by 2% year-on-year, mainly due to a transient slowdown. But in B2C within the flagship categories recorded a robust growth, while the B2B declined modestly. The overall value growth, however, stands at 10% year-on-year. Go Cheese has 35% market share, and we are #2 in the cheese category in India. We are doubling our cheese production capacity from 60 metric tons per day to 120 metric tons per day over the next 1.5 years. With this capacity expansion, we will be able to drive a parallel expansion in our whey protein generation. This will enable us to tap the opportunity of both the categories, which is cheese and whey, a step towards becoming a health and nutrition powerhouse. The new age business, that is Pride of Cows and Avvatar, grew by 59% year-on-year in this quarter and now contributes to around 13% of our overall revenue versus 9% in the Q1 last year. This progress is in line with the road map that we have laid out for this business. Through these Page 3 of 17 Parag Milk Foods Limited August 07, 2026 brands, we are building a differentiated presence across premium dairy, health and wellness, sports nutrition and functional nutrition, clearly defining and strengthening our right to win in this space. Avvatar is allowing us to build a much broader sports and nutrition functional and nutrition platform. The portfolio has expanded well and beyond the whey protein powders to now [Showing first 8,000 characters — download PDF for full document]