Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 revenue grew 41.6% y-y to INR1,089 Cr; EBITDA margin expanded to 15.2% from 14%; PAT tripled to INR77.9 Cr - High-protein products now 12% of sales, expected to reach 18-20% in 2-3 years with 50%+ gross margins - Paneer volume grew 28%, capacity utilization at 65%, plans to add 200 tons/day capacity by 2035 - Yogurt revenue grew 168% y-y; new plant commissioned with capacity increase from 20 to 150 tons/day - Milk procurement grew 31% y-y to 246.5 million liters; farmer network expanded to 92,000 - Distribution expanded to 4 lakh retail outlets, 4,200 distributors, 45,000+ visicoolers; e-com now 21% of revenue - Capex of INR40 Cr on yogurt plant; Maharashtra plant in planning with milk procurement underway - Price hikes of ~11% taken in Q4 FY26 to Q2 FY27; calibrated pricing to sustain margins amid input cost inflation - Channel mix: General trade 28-30%, Modern trade 22%, Quick commerce 21%, HoReCa 14-15%, B2B 8%, Exports 4% - Management confident of sustaining 15%+ EBITDA margin and 28-30% volume growth going forward