Transcript of Investors & Analysts Conference Call

AI summary - Q2 CY2026 consolidated sales volume grew 19.8%, net revenue up 20.4% - EBITDA rose 17.2% to Rs. 23,430.4 million; margin at 27.7%, down 76 bps y-y due to Twizza consolidation - India volume growth 14.4% in Q2; international volumes up 38.4% including Twizza - Low/no sugar products contributed ~73% of consolidated volume in H1 CY2026 - Net debt Rs. 3,730 million consolidated; India net debt-free with Rs. 14,941 million cash - Capex of ~Rs. 9,500 million in H1 including expansions and market infrastructure - Long-term growth outlook positive with expanded capacities, diversified portfolio, and strong partnerships - Multiple analyst queries on India demand, pricing, and category growth; management confident of sustained double-digit growth - Regulatory update: Energy drink labeling to remove 'energy' word within 90 days; volumes recovering post temporary dip