Earnings call transcript of the earnings conference call held on August 17, 2026

AI summary - Q1 FY27 exports revenue declined 50% YoY due to Middle East disruption; non-Middle East exports grew 37% - Overall Q1 revenue INR1,496 Cr, down 6%; EBITDA INR372 Cr, PAT INR261 Cr, highest quarterly profitability - Domestic revenue grew 14% YoY; 10% domestic volume growth guidance for FY27 - Gross margin 36.3% in Q1 FY27 vs 25.7% last year; EBITDA margin 23.8% vs 13.9% - Export volumes expected to recover progressively from Q2 as West Asia shipping stabilizes - FY27 EBITDA margin guidance 17-18%, gross margin ~30%; margins not sustainable at Q1 levels - New product launches include India Gate Light and Fluffy Poha; regional rice growing 25% - Inventory as of June 30, 2026: 389k tons rice, 71k tons paddy; cash and investments INR1,841 Cr - Management cautious on Saudi distributor selection; direct distribution continues - Multiple analyst queries on export recovery and margin sustainability; management expects export growth and calibrated pricing