Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY2027 revenue grew 14.3% y-y to INR630.5 Cr; EBITDA grew 19.1% with 13.1% margin (+50 bps y-y); PAT grew 25.3% to INR45.7 Cr - H1 FY2027 revenue up 15.1%, EBITDA up 21.2%, PAT up 25.4%; EBITDA margin expanded 70 bps y-y to 13.1% - Domestic biscuit business grew low teens; bakery business grew high teens in Q2 - Price increases of ~3% in Q2; full year price hikes expected around 5-6% - EBITDA margin target maintained at ~13.5% in Q3 and 14% in Q4 FY2027 despite commodity inflation - Quick commerce channel growing, with better margins and driving premiumization in bakery - Distribution expanded aggressively; biscuit reach ~700k outlets, targeting 900k-1 million by 2030 - Export growth impacted by Middle East crisis and freight issues but mid-teens growth expected for FY2027 - Management confident of sustaining mid-to-high teens revenue growth for full year FY2027