Heritage Foods Limited

rs,

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

₹11,125 million

a Kumar Chairperson HERITAGE FOODS LIMITED Heritage Foods reported resilient Q2 FY26 Revenue of ₹11,125 million, up ~9% YoY, despite elevated procurement costs and extended monsoons. Operational agility and a

9%

HERITAGE FOODS LIMITED Heritage Foods reported resilient Q2 FY26 Revenue of ₹11,125 million, up ~9% YoY, despite elevated procurement costs and extended monsoons. Operational agility and a diversif

2%

will drive sustainable, long-term growth. 4 Procurement volumes dropped marginally to 1.6 MLPD (2%) and Procurement prices increased to Rs 42.8/L (6.3% higher YoY). Milk Sales volumes peaked to 1.

Rs 42.8

h. 4 Procurement volumes dropped marginally to 1.6 MLPD (2%) and Procurement prices increased to Rs 42.8/L (6.3% higher YoY). Milk Sales volumes peaked to 1.21 million liters per day (MLPD) up 1.1% YoY,

6.3%

urement volumes dropped marginally to 1.6 MLPD (2%) and Procurement prices increased to Rs 42.8/L (6.3% higher YoY). Milk Sales volumes peaked to 1.21 million liters per day (MLPD) up 1.1% YoY, The ave

1.21 million

2%) and Procurement prices increased to Rs 42.8/L (6.3% higher YoY). Milk Sales volumes peaked to 1.21 million liters per day (MLPD) up 1.1% YoY, The average selling price increased to ₹57.0/L from ₹54.6/L las

1.1%

to Rs 42.8/L (6.3% higher YoY). Milk Sales volumes peaked to 1.21 million liters per day (MLPD) up 1.1% YoY, The average selling price increased to ₹57.0/L from ₹54.6/L last year, reflecting stable mar

₹57.0

s peaked to 1.21 million liters per day (MLPD) up 1.1% YoY, The average selling price increased to ₹57.0/L from ₹54.6/L last year, reflecting stable market positioning and pricing strength. Value-Added

₹54.6

.21 million liters per day (MLPD) up 1.1% YoY, The average selling price increased to ₹57.0/L from ₹54.6/L last year, reflecting stable market positioning and pricing strength. Value-Added Products (VAP

14.8%

g stable market positioning and pricing strength. Value-Added Products (VAP) segment, achieving a 14.8% increase in revenues, reaching Rs. 3,417 million. Contribution of VAP to total revenue improved by

Rs. 3,417 million

ng strength. Value-Added Products (VAP) segment, achieving a 14.8% increase in revenues, reaching Rs. 3,417 million. Contribution of VAP to total revenue improved by 1.8% YoY to 31.4% from 29.6% in Q2FY26 showcasin

“Dairy Industry Average 29 Focused on Logistic Efficiencies- Lowering Operational Costs Freight spends as a % of Revenue 4.4% 4.6% 4.3% 4.2% 4.4% 3.8% 3.1% 2.8% 2.9% 2.9% 2.8% 3.0% FY20 FY21 FY22 FY23 FY24 FY25 Heritage Foods Ltd.”

“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% 34 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 39 Srideep Kesavan CEO At Heritage, we transcend the identity of a dairy company, embodying the essence of a progressive FMCG brand.”

Crafting cold delights

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INDICATORS

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Factors Driving VAP growth

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Investor Relations Contact

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Crafting cold delights

Ice Cream Plant Taking shape at Shamirpet, Hyderabad 11 Control, Leaner Model: Yogurt’s Next Chapter with Heritage Heritage Foods Limited (HFL) Heritage Novandie Foods Limited (HNFL) 01 Strategic Investment: HFL raised its stake in HNFL to 94.4%, deepening presence in the fast-growing fermented dairy segment. 02 Integrated, Lean Supply Chain: Driving speed, efficiency, and scalability across operations. 03 Fastest-Growing Yogurt Brand in Q2: Achieved national footprint within months, with listings across Q-commerce and modern trade. 12 Consolidated Financial Performance Particulars (INR Mn) Q2FY26 Q1FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Revenue from Operations 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) 11,125 10.353 772 6.9% 201 38 52 - 94 678 168 510

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 33 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% 34 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. 35 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-

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 9769364166