Earning Call Transcript of Q1 & FY 2026-27 results conference call made on Friday, 14th August, 2026.

19th AAugust 2026 Bombbay Stockk Exchangge Ltd., NNational SStock Exchhange of India Ltdd. 1st Flooor New TTrading RRing EExchange Plaza, 5th Floor, Rotimmda Buildding PPlot No.C//1, G Blocck, P.J.Toowers, Daalal Street,, Fort, BBandra Kuurla Compplex, Banddra (E) MUMMBAI – 4000 001 MMUMBAII – 400 0511 Scripp Code: 5332899 SScrip Code: KSCL Dear Sir/ Maddam, Sub: Trranscript – Kaveri Seed Q1 && FY 20266-27 Resuults Conference Calll on Frriday, 14thh August, 2026 – Reeg., Pursuuant to RRegulatioon 30 of SEBI (LListing Obligationss and Disclosure Requiremments) Reguulations, 2015, Pleasse find atttached heerewith Trranscript of Kaverii Seed Company Liimited Q1 && FY 2026-227 Resultss Conferennce Call mmade on FFriday, 14tth August,, 2026. The transcript and audioo is uploaaded on thhe Companny’s webssite as welll on beloww link: htttps://www.kaveriseedss.in/wp-conntent/uploadds/2026/08//EarningCalllTranscript..pdf This iis for yourr information and rrecords. Thannking you,, Yourss faithfullly, For KKAVERI SSEED COMPANY LIMITEDD SREEELATHA VISHNUUBHOTLAA COMMPANY SEECRETARRY Encl: a/a. “Kaveri Seed Company Limited Q1 FY27 Earnings Conference Call” August 14, 2026 MANAGEMENT: MR. MITHUN CHAND – EXECUTIVE DIRECTOR – KAVERI SEED COMPANY LIMITED MR. RAMA NAIDU – INTELLECT PR Page 1 of 14 Kaveri Seed Company Limited August 14, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Kaveri Seed Company's Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation. Please note that this conference call will be recorded. Joining us today on the call, Mr. Mithun Chand, Executive Director. Before we begin, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For a list of such considerations, please refer to the earnings presentation. I would now like to hand over the call to Mr. Mithun Chand. Thank you, and over to you, sir. Thank you. Mithun Chand: Good afternoon, and welcome, everyone, to our Q1 FY27 earnings conference call. We hope you have had a chance to review the presentation of our results, which is also available on our website. I would touch upon the operational financial operations of the company and then open the floor for Q&A session. Revenue from operation was at RS. 815 crores as compared to RS. 945 crores. EBITDA was at RS. 285 crores as compared to RS. 332 crores. Operating margin stood at about 35%, the same level as last year, slightly above. Net profit was at RS. 271.3 crores as compared to RS. 316 crores. The cash on books stands at RS. 267 crores. Coming to segment-wise revenue breakup, non-cotton revenue was RS. 601.57 crores, and cotton revenue was at RS. 213.43 crores. Cotton stayed at the level of last year. Major highlights. El Nino brought a weak monsoon and Q1 had one of the shortest sowing windows of recent seasons with less rain through the quarter. Farmers bought fewer premium and high-value products. Our new cotton products did very well. They now make up 37% of our cotton sales against 22% last year. This is a big jump in single year, and it shows the farmers are choosing our newer hybrids despite challenges from illegal cotton and reduced sowing acreages. Our new single-cross maize hybrids are doing well. They now make up more than 20% of our maize sales. A bigger share of maize now comes from our newer and better products, which gives a stronger base to grow from once maize sowing returns to normal. Maize was slow this quarter because of the deficiency in the rain. Karnataka is our main maize market and only about 1/5 of the land has been sown by mid-June. Rain returned in July, and we expect maize demand to pick up in Q2 FY27. We launched 2 new hybrids paddy products, KRH7344 and KRH7227 in their very first season. They brought in 62% of our new product sales. This is a strong start for our new rice products. Our export business grew close to 4x from RS. 1.1 crores to RS. 5.79 crores. Demand from overseas markets is clearly building, and this is an area we will keep pushing on. Operational highlights. Operating margins held steady at about 35% through the quarter. In cotton, the company has built a strong base in the northern markets of Haryana, Punjab and Rajasthan. Hybrid rice stay our largest non-cotton segment at RS. 247.07 crores in a quarter Page 2 of 14 Kaveri Seed Company Limited August 14, 2026 which rice sowing area in the country was lower. Selection rice revenue grew marginally to RS. 159.07 crores, holding up despite poor rain in the rice sowing areas. New Bajra hybrids now make up 65% of the Bajra volumes, up from 61% with volumes sustained through the season. Vegetable seed revenue was at RS. 15.08 crores with few new varieties going into the coming season. If rainfall improves during Q2 financial, we expect some spillover demand. The growth story stays intact. We are working on new variants across all seed segments, and we will keep raising the share in maize, vegetables, rice and cotton. I would now open the floor for question-and-answer session. Moderator: Thank you very much. We will now begin the question-and-answer session. Your first question comes from the line of Rushabh Shah with BugleRock PMS. Rushabh Shah: Sir, if I see your numbers in the last 10, 11 years. Mithun Chand: Sorry, can you be a bit louder? Rushabh Shah: So if I see your financials in the last 10, 11 years, we have reached a profit of around RS. 300 crores in 2015. And after that, we were building a non-cotton business, our vegetable business and which we have grown to a significant size. But still, we are not able to cross that peak profit in the last years. Is it because like we couldn't get any hit hybrids like Money Maker or ATM? I mean, what kind of challenges we are facing? And like what do you think we can achieve in the next, let's say, 3 to 5 years? Mithun Chand: Rightly observed. If you see from 2014, '15, the profit remained in and around the RS. 300 crores in most of the years, but if you see the product mix, wherein the cotton was contributing around 90% in 2014, '15 and the margins are pretty high there. Coming back to this present season, if you see the mix has changed, wherein cotton only contributed close to 20% and 80% in non- cotton segment. And even cotton margins shrink to much lower than what we used to have, even though we were able to maintain those margins at a 35% EBITDA for the first quarter. And leaving apart this year, if you see in the last years, we were growing in non-cotton segment and we were declining cotton. But by seeing the current season, which is a very challenging season for us, where across the first time where we are seeing this type of season where across India, we have seen monsoon deficit till June 15, which has disrupted the cropping patterns and the farmer choices. So that's making an impact. This is one of the years where we should not take into consideration. But coming back to if you see the portfolio levels to the other levels, even in these tough conditions, we were able to do well. And with the products what we have and with the research what we have spent in the last years and the hybrids which were developed, the research are doing very well, and they are very encouraging. It's just one-off an year, and it should not be a benchmark for the performance. Page 3 of 14 Kaveri Seed Company Limited August 14, 2026 Rushabh Shah: Okay. My second question is, we have entered into the export market for quite some time. We have grown in that area also. So what I mean is that are we facing any challenges in those regions? Because in one of the calls, I remember you have said that gaining farmers' trust even in India, we are an Indian company, which took so long. So are we facing such kind of challenges in the export market? And second part of the question i [Showing first 8,000 characters — download PDF for full document]