Analysts/Institutional Investor Meet/Con. Call Updates

Date: 22.08.2026. To To The General Manager, The General Manager, Department of Corporate Services, Listing Department, Bombay Stock Exchange Limited, National Stock Exchange of India Limited PhirozeJeejeebhoy Towers, Exchange Plaza, Plot No C/1, G Block, Dalal Street, BandraKurla Complex, Mumbai- 400001. Bankdra (East), Mumbai - 400 051. Scrip Code : 540692 Scrip Symbol : APEX Dear Sir/Madam, Sub: Transcript of Q1FY27 Earnings Conference Call held on 18th August, 2026- Reg. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, kindly find enclosed a transcript of the Q1FY27 Earnings Conference Call, which was held on 18th August, 2026. The aforementioned Earnings Conference Call, as per the transcript enclosed, incorporates mainly the highlights of Un-Audited financial results of the 01st Quarter ended 30th June, 2026 and other related information which is already in public domain and/or made available/uploaded on the Company’s website. Please take the same on record. For Apex Frozen Foods Limited Karuturi Subrahmanya Chowdary Managing Director & CFO DIN: 03619259 Encl: a/a “Apex Frozen Foods Limited Q1 FY27 Earnings Conference Call” August 18, 2026 MANAGEMENT: MR. KARUTURI CHOWDARY – MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER – APEX FROZEN FOODS LIMITED MR. DURGA PRASAD – SENIOR MANAGER, ACCOUNTS – APEX FROZEN FOODS LIMITED MODERATOR: MR. HRITHIK HATTIANGADI – STELLAR IR ADVISORS Page 1 of 16 Apex Frozen Foods Limited August 18, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Apex Frozen Foods Limited Q1 and FY27 Earnings Conference Call. As a reminder, all participants 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. I now hand the conference over to Mr. Hrithik Hattiangadi from Stellar IR Advisors. Thank you, and over to you, Hrithik. Hrithik Hattiangadi: Thank you. Good morning, everyone, and thank you for joining us today. We have with us today the senior management team of Apex Frozen Foods Limited, Mr. Chowdary Karuturi, Managing Director and Chief Financial Officer; and Mr. Durga Prasad, Senior Manager Accounts, who will represent Apex Frozen Foods on the call. The management will be sharing the key operating and financial highlights for the quarter ended 30th June 2026, followed by a question-and-answer session. Please note that this call may contain some of the forward-looking statements, which are completely based upon the company's beliefs, opinions and expectations as of today. These statements are not a guarantee of the company's future performance and involve unforeseen risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect developments that occurs after a statement is made. I now hand over the call to Mr. Chowdary Karuturi. Thank you, and over to you, sir. Karuturi Chowdary: Thank you, Hrithik. Good morning, everyone, and thank you for joining us on this investor call for Q1 FY27. We have uploaded the Investor Presentation on the website of the stock exchanges, and we do hope that you had a chance to go through it. Q1 FY27 was a quarter of mixed trends with improving global shrimp prices and higher conversion rate for USD INR, aiding realization growth on one hand, while labour shortage mainly in the months of April and May and war-led transportation disruptions across certain export markets affecting the shrimp sales volumes on the other hand. Against this backdrop, our average shrimp realization grew 15% year-on-year to almost INR930 per kilo in the Q1 of FY27, offsetting the impact of decline in total shrimp sales, which stood at 2,624 metric tons in Q1 FY27 compared with 3,015 metric tons in Q1 FY26. We are hopeful of a recovery in sales volume in the Q2 of FY27, subject to the normalization or improvement of global transportation conditions. In terms of profitability, Q1 FY27 benefited from improving shrimp realizations, stable farm gate prices. and continued cost-efficiency measures. While the farm gate prices are beginning to rise, we expect other factors to remain favourable for clocking a healthy profit margin in the current fiscal. Page 2 of 16 Apex Frozen Foods Limited August 18, 2026 Coming to our geographical mix. The U.S.A. accounted for 70% of our total shrimp sales in Q1 of FY27 compared with 54% in Q1 of FY26. Shrimp sales to the U.S. increased 13% year- on-year and 121% quarter-on-quarter supported by softening tariff-related uncertainties. The U.S.A. continues to remain an important market for our company and we remain well positioned to capitalize on improving market conditions. The EU and the U.K. together contributed 25% of the total shrimp sales compared with 39% in Q1 of FY26. Sales to these markets were impacted during the quarter by the war-led transportation disruptions and certain regulatory basically the testing and certification requirements done at the origin in India. Despite the near-term impact, these markets continue to remain an important part of our diversified export portfolio. We continue to focus on expanding our presence across markets to build a more diversified and resilient business. Alongside the geographical diversification, we continue to strengthening our product mix with a higher share of value-added products, which garners higher realization and margins, of course. Now coming to our financial performance for the Q1 of FY27. Net revenue remained flat at INR257 crores compared with INR258 crores in the first quarter of FY26. EBITDA increased 79% year-on-year to INR33 crores compared with INR18 crores in the first quarter of FY26 with EBITDA margin expanding to 12.7% from 7.1% in the first quarter of FY26. Profit after tax stood at INR22 crores compared with INR9 crores in the first quarter of FY26, registering a 138% year-on-year growth, while the PAT margin improved to 8.4% from 3.5%. The improvement in profitability was mainly supported by the higher shrimp realizations along with stable farm gate prices and ongoing cost efficiency measures, which more than offset the impact of lower volumes. Coming to the balance sheet, we continue to maintain a lean financial profile with debt levels prudently managed and at comfortable levels. Our focus remains on disciplined working capital management and maintaining a healthy balance sheet as the business scales. With that, we would like to conclude our opening remarks and reiterate with our diversified market presence, focused on value-added products, established manufacturing capabilities and the available capacity, we remain well positioned to capitalize on improving market conditions and drive sustainable growth going forward. I think we can now open the floor for a question-and-answer session. Thank you very much. Moderator: Thank you so much, sir. Ladies and gentlemen, we will now begin with the question-and- answer session. First question comes from the line of Murtaza with Pinpoint X Capital. Murtaza: Congratulations on a set of good numbers. Sir, I just had a quick question regarding the sharp increase in the price you've been seeing for the fish meal and the shrimp feed prices. So, could Page 3 of 16 Apex Frozen Foods Limited August 18, 2026 you like please help us understand the economics, like how is it affecting the shrimp farmers? And ultimately, how is it impacting us? And also, if you could help us understand like to what extent are these costs really passed through? And if we were to see further increase in such prices. So can we see any impact on the farmers stocking up or overall demand scenario. And lastly, like, do you see this higher feed cost as a temporary thing? Or can they remain like a headwind for a while for over a few quarters? Yes, so on that. Karuturi Chowdary: Yes. 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