Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2FY27 consolidated revenue grew 17% y-y to INR3,253 Cr; gross margin 32.5%, EBITDA margin 11% - H1FY27 revenue up 22% y-y to INR6,414 Cr; EBITDA margin 11.2%, PAT up 9% - India business grew 24% y-y with 10% volume growth; North America grew 21% y-y - Organic business improving, targeting 10-11% EBITDA margin in 2 years - Inventory days improved to 159 from 187; net cash position INR247 Cr - Mature markets EBITDA margin ~15%; consolidated margin expected to rise to 13-13.5% - Freight cost and brand investments impacted margins; price increases underway to offset costs - No demand impact seen from price hikes historically; Basmati market growing 5-7% - Forex depreciation benefits exports; estimated 4-5% positive impact on revenue - Ad spend elevated at ~2.5% of revenue this quarter, expected ~2.3% annually