Heritage Foods Limited

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To The Manager BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 To The Manager, Listing Department, National Stock Exchange of

10%

Annexure Q1 FY26 Financial Highlights Q1FY26: Overview Procurement volumes peaked to 1.8 MLPD (10%) and Procurement prices increased to Rs 43.3/L (4.7% higher YoY). Milk Sales volumes peaked to 1.

Rs 43.3

1FY26: Overview Procurement volumes peaked to 1.8 MLPD (10%) and Procurement prices increased to Rs 43.3/L (4.7% higher YoY). Milk Sales volumes peaked to 1.16 million liters per day (MLPD) up 2.8% YoY,

4.7%

rview Procurement volumes peaked to 1.8 MLPD (10%) and Procurement prices increased to Rs 43.3/L (4.7% higher YoY). Milk Sales volumes peaked to 1.16 million liters per day (MLPD) up 2.8% YoY, The ave

1.16 million

0%) and Procurement prices increased to Rs 43.3/L (4.7% higher YoY). Milk Sales volumes peaked to 1.16 million liters per day (MLPD) up 2.8% YoY, The average selling price increased to ₹56.4/L from ₹54.8/L las

2.8%

to Rs 43.3/L (4.7% higher YoY). Milk Sales volumes peaked to 1.16 million liters per day (MLPD) up 2.8% YoY, The average selling price increased to ₹56.4/L from ₹54.8/L last year, reflecting stable mar

₹56.4

s peaked to 1.16 million liters per day (MLPD) up 2.8% YoY, The average selling price increased to ₹56.4/L from ₹54.8/L last year, reflecting stable market positioning and pricing strength. Value-Added

₹54.8

.16 million liters per day (MLPD) up 2.8% YoY, The average selling price increased to ₹56.4/L from ₹54.8/L last year, reflecting stable market positioning and pricing strength. Value-Added Products (VAP

5.5%

g stable market positioning and pricing strength. Value-Added Products (VAP) segment, achieving a 5.5% increase in revenues, reaching Rs. 4,034 million. Contribution of VAP to total revenue fell to 36.

Rs. 4,034 million

ing strength. Value-Added Products (VAP) segment, achieving a 5.5% increase in revenues, reaching Rs. 4,034 million. Contribution of VAP to total revenue fell to 36.1%, down from 37.5% in Q1 FY26 due to unfavourabl

36.1%

.5% increase in revenues, reaching Rs. 4,034 million. Contribution of VAP to total revenue fell to 36.1%, down from 37.5% in Q1 FY26 due to unfavourable monsoons. When including consumer packs of Ghee

37.5%

venues, reaching Rs. 4,034 million. Contribution of VAP to total revenue fell to 36.1%, down from 37.5% in Q1 FY26 due to unfavourable monsoons. When including consumer packs of Ghee and Butter, VAP re

“23 Strategic Working Capital Management - Significant Reduction over last one year Working Capital Days 36 27 29 28 16 20 FY20 FY21 FY22 FY23 FY24 FY25 24 Mrs.”

“Bulk FATS) to Revenue Higher Gross Margins 27% 32% 25% 18% FY20 FY25 FY28E FY20 FY25 FY28E”

“Industry Growth potential (By Category) : • Urbanisation • Unorganised to Organised shift in the sector • Higher disposable income Category ICE CREAM CURD PANEER GHEE Organised Market Share CAGR (next 7 years) 40% 14% 4% 18-19% 18-20% 21-23% 23-25% 9-12% 28 From Commoditized to Customized - Shaping unique experiences in a world of sameness Truly Good Sweets Bring home the taste of tradition, every time SARVAGUNA Milk - the all - rounder your kitchen can count on.”

“PERCENTAGE OF DIVIDEND OF FACE VALUE 100% 100% 30% 30% 40% 40% 40% 50% 50% 50% 50% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 33 Srideep Kesavan CEO At Heritage, we transcend the identity of a dairy company, embodying the essence of a progressive FMCG brand.”

Crafting cold delights

1

Key markets

1

Duration

1

INDICATORS

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Factors Driving VAP growth

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Total Board Size

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Investor Relations Contact

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Crafting cold delights

Ice Cream Plant Taking shape at Shamirpet 9 Consolidated Financial Performance Particulars (INR Mn) Operating Income Expenses EBITDA EBITDA Margins (%) Depreciation Finance Cost Other Income Share of Profit/(Loss) of an associate & Joint Venture Exceptional Item Profit Before Tax Tax Profit After Tax PAT Margins (%) Other Comprehensive Income Total Comprehensive Income EPS Diluted (INR) Q1FY26 Q1FY25 Y-o-Y (%) Q4FY25 Q-o-Q (%) 11,368 10,629 10,327 9,389 739 6.5% 187 42 53 (13) - 550 144 405 3.6% (3) 402 4.4 938 9.1% 166 34 56 (16) - 778 193 584 5.7% (3) 582 6.3 10% 13% (21)% (258) Bps 12% 24% (5)% - - (29)% (26)% (31)% (209) bps - (31)% (30)% 10,485 9,686 799 7.6% 178 42 65 (15) (87) 542 160 382 3.6% (5) 377 4.1 8% 10% (7)% (112) Bps 5% 1% (19)% - - 1% (10)% 6% (7) bps - 6% 6% 10 Q1FY26 Key Marketing Actions Launched New Heritage Livo – Badam Milk and Yogurt Aiming to build an emotional bond with the consumer by establishing Heritage Milk as a partner in Mom’s quest for pure milk nutri

Duration

April – July’25 TVC Top Channels Value Ads Influencer campaign Visibility 11 Q1FY26 Key Marketing Actions Launched New Heritage Livo platform – for “Healthy Living” Livo as a platform to introduce and re-position dairy ready to consumer dairy products as healthy alternative to junk, unhealthy drinkables as well as foods and promoting active, holistic lifestyle for young professionals Heritage Livo Badam Milk with Vit A & D Heritage Livo High Protein Yogurt Business Overview Heritage: Delivering across the Dairy Value Chain Operating as a large FMCG company Winning Model Operational Excellence Business Metrics Balanced Full Stack Portfolio Deep relation with 300,000+ farmers, built on immutable principles. Unique, federated supply chain model that gives a strong advantage of ‘freshness’. Top brand in Southern metro cities, on brand recall and loyalty* Strong professional leadership that thrive in this ‘Great Place to work’. *Brand Health Track – internal study 3 Decades of Operations 2.

INDICATORS

• Milk and Milk Products Sales - 17 States • Milk Procurement - 9 States Sangvi Manor Karnataka Vadamadurai Telangana Kalluru Yadavanahalli Narket pally Sindhanur Haryana Shamirpet Rai Uppal Pammaru Bayyavaram Bobbili B. Kothakota Gokul 27 VAP portfolio to Improve Margins Higher Contribution of VAP (exc. Bulk FATS) to Revenue Higher Gross Margins 27% 32% 25% 18% FY20 FY25 FY28E FY20 FY25 FY28E

Factors Driving VAP growth

Industry Growth potential (By Category) : • Urbanisation • Unorganised to Organised shift in the sector • Higher disposable income Category ICE CREAM CURD PANEER GHEE Organised Market Share CAGR (next 7 years) 40% 14% 4% 18-19% 18-20% 21-23% 23-25% 9-12% 28 From Commoditized to Customized - Shaping unique experiences in a world of sameness Truly Good Sweets Bring home the taste of tradition, every time SARVAGUNA Milk - the all - rounder your kitchen can count on. Livo Drinkables – Sip Pure. Live More. Truly Good Gawa ghee – Bengal’s own rich, aromatic brown ghee. Total Curd – Full of Goodness, Packed with Taste. 29 Digitally Enabled Operations DMS Customer Live Application helps streamline sales and costs attributable while creating a responsible and accountable support environment at Heritage DIGIT Centre Distributor Management System helps streamlining the primary and secondary sales process from Agent level up to the counter sales level in an authentic manner Heritage VET+ is a one-

Total Board Size

7 Whole Time Directors, 2 Independent Directors, 4 Non-Independent Directors, 244 years of cumulative corporate exposure Lowering carbon footprint through climate - aligned initiatives. HFWA empowers farmers with high - yield practices and income - boosting support. Governed with integrity and transparency, rooted in the Group’s legacy of ethical leadership. 100% facility coverage under waste minimization and recycling framework. VET+ app: a 24/7 digital vet and dairy guide in every farmer’s pocket. Experienced board driving strategic, cross - sector decision - making. 12.76 MW renewable capacity fulfilling 39% of total power needs. Thousands of cattle treated - transforming animal health and farmer prosperity. Balanced and independent oversight focused on long - term stakeholder value creation. 37 APPENDIX Board of Directors Mr. Angara Venkata Girija Kumar Chairperson, Non-Executive Independent Director Commerce graduate, MBA, AIII, and Member of FSIB, Ministry of Finance. Former CMD

Investor Relations Contact

Garima Singla Go India Advisors Sheetal Khanduja Go India Advisors Mail id : garima@goindiaadvisors.com M : +91 9780042377 Mail id : sheetal@goindiaadvisors.com M : +91 97693 64166