Please find enclosed herewith transcript of Earnings Conference call of the Company held on 7th August, 2026 to discuss Q1 FY 27 results.

AI summary - Q1 FY27 revenue grew 16% y-y to INR548.7 Cr; EBITDA rose 23.8% y-y to INR72.1 Cr with 13.1% margin (+80 bps y-y) - Domestic biscuit growth mid-to-high single digits, driven by pricing and volume - EBITDA margin target of 14% by Q4 FY27 despite commodity inflation and wage hikes - Export business grew high double digits; no restocking impact, growth driven by new SKUs and markets - Capex of ~INR200 Cr planned for FY27; new plants commissioned in Kolkata and Khopoli - Marketing investments increased to support brand building and premiumization - Mid-teens revenue growth targeted for FY27; long-term EBITDA margin goal 15-16% by FY30 - North India remains core market; expansion underway in West, South, East India - Export contribution ~35%, with U.S., South America, Africa as largest markets - Contract manufacturing minimal (~1-1.5%); focus on quality and brand-led growth