Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 call discussed freight cost easing and dispatch recovery post geopolitical changes - Forex loss of INR106 million due to forward contract mark-to-market; company halting forward hedging - Spray Drying division sales hit record 100 MT in October; capacity expansion of 120 MT p.a. expected by Jan 2027 - H2 volume growth guidance at 17-19% y-y; revenue guidance withheld due to raw material price volatility - Export frozen segment margins better than domestic; Spray Drying EBITDA around 18% - Govt cluster development scheme to assure quality raw material and provide farmer subsidies - Frozen segment capacity expansion subsidy of 35-38% approved; aiming to triple frozen segment in 3 years - Brand Green Top launched in North India, expanding distribution; focus on building B2C brand - Promoter considering buying shares at current low valuations to consolidate holding - Q3 expected to see improved exports with better freight availability and rates