Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q1 FY27 revenue grew 44% y-y to INR973.45 Cr, led by paneer (+34%), cheese (+38%), curd (+27%), ice cream (+60%), and yogurt (+153% q-q) - Gross margin expanded 270 bps to 34.2% driven by product mix, pricing, and scale - EBITDA margin improved to 14.9% from 12.24% in Q1 FY26; PAT margin at 6.6% - New cheddar cheese plant commissioned with 120 MT/day capacity - Own logistics fleet of 375 vehicles reduces costs by 18-20% and ensures faster delivery - Milk procurement volume grew 28% y-y to 13.2 lakh liters/day; 85% direct farmer sourcing - Price hikes of ~10.5% taken last year offset input cost inflation; further hikes possible - Capacity utilization ~50%, with potential to triple FY26 revenue from current plant - Expansion plans include whey protein concentrate plant in 12-15 months and new Maharashtra plant in 3 years - Expect operating margin leverage of ~0.5% with scale; potential for margin expansion beyond 15% - Strong growth outlook driven by organized paneer market expansion, analogue paneer ban, and protein-rich product demand