Parag Milk Foods Limited

INR 1008

Premiumization & Brand Strength Optimal Capital Structure • Highest ever quarterly revenue at INR 1008 Cr, up 16% YoY Volume growth 10% YoY • Core categories (Ghee, Cheese, Paneer) saw 23% value g

16%

& Brand Strength Optimal Capital Structure • Highest ever quarterly revenue at INR 1008 Cr, up 16% YoY Volume growth 10% YoY • Core categories (Ghee, Cheese, Paneer) saw 23% value growth, 14%

10%

al Capital Structure • Highest ever quarterly revenue at INR 1008 Cr, up 16% YoY Volume growth 10% YoY • Core categories (Ghee, Cheese, Paneer) saw 23% value growth, 14% volume growth • v EBI

23%

t INR 1008 Cr, up 16% YoY Volume growth 10% YoY • Core categories (Ghee, Cheese, Paneer) saw 23% value growth, 14% volume growth • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, w

14%

16% YoY Volume growth 10% YoY • Core categories (Ghee, Cheese, Paneer) saw 23% value growth, 14% volume growth • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, with Gross margin a

8.9%

• Core categories (Ghee, Cheese, Paneer) saw 23% value growth, 14% volume growth • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, with Gross margin at 25.8% vs 23.6% LY • Cash flo

8.8%

categories (Ghee, Cheese, Paneer) saw 23% value growth, 14% volume growth • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, with Gross margin at 25.8% vs 23.6% LY • Cash flow genera

INR 260

er) saw 23% value growth, 14% volume growth • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, with Gross margin at 25.8% vs 23.6% LY • Cash flow generated from operations INR 99 CR, du

25.8%

olume growth • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, with Gross margin at 25.8% vs 23.6% LY • Cash flow generated from operations INR 99 CR, during H1FY26 • Core category co

23.6%

th • v EBITDA 8.9% vs 8.8% LY, Gross margin grew to INR 260 Cr, with Gross margin at 25.8% vs 23.6% LY • Cash flow generated from operations INR 99 CR, during H1FY26 • Core category contributed

INR 99

w to INR 260 Cr, with Gross margin at 25.8% vs 23.6% LY • Cash flow generated from operations INR 99 CR, during H1FY26 • Core category contributed to 59% of total revenue; strong double digit volume

59%

• Cash flow generated from operations INR 99 CR, during H1FY26 • Core category contributed to 59% of total revenue; strong double digit volume growth of 14% during the quarter • New Age biz (P

“33 ABOUT THE COMPANY 34 CHAIRMAN’S MESSAGE A journey that began with farmers is now aiming to provide complete nutrition to consumers across the globe.”

Focus Products

1

Website

1

Focus Products

Four Cheese, Slices, and Pizza Cheese. Leveraging popularity of the platform and celebrity to connect with mothers and the younger demographic. Dedicated to a recipe creation segment featuring Go Cheese products. Views 37 Mn Impressions 92 Mn © 2025 All Rights Reserved | Parag Milk Foods 23 BRAND BUILDING & INNOVATION Social Media Festive Content Influencer Campaigns Outdoor Activities “What’s The Source” Quick Commerce Creatives & Campaign Performance Media Campaigns © 2025 All Rights Reserved | Parag Milk Foods 24 BRAND BUILDING & INNOVATION Impact Marketing Rise and Fall New Product Launch Offline Activities Influencer Activities New Accessories Launch © 2025 All Rights Reserved | Parag Milk Foods 25 STRENGTHENING NEW AGE BUSINESS Grew by 79% during Q2FY26 YoY Contributes to 9%of overall business Pride of Cows and Avvatar Sports Nutrition represent the New Age Business stream of the company - a strategic pivot towards premium, consumer-centric brands. These ventures are built on str

Website

B2B 30% of total Business Institutional Large Format Corporates E-Commerce Mobile Application 29 © 2025 All Rights Reserved | Parag Milk Foods DRIVING FINANCIAL GROWTH Revenue 1,200 1,000 800 600 400 200 - EBITDA 798 871 665 1008 Gross Margin 300 250 200 150 100 50 0 23.0% 23.6% 183 206 20.7% 138 25.8% 260 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Q2FY23 Q2FY24 Q2FY25 Q2FY26 Amount in ₹ Cr Gross Margin Gross Margin % Amount in ₹ Cr Q2FY23 Q2FY24 Q2FY25 Q2FY26 100 80 60 40 20 0 7.0% 56 91 5.7% 38 53 8.8% 77 8.9% 10.0% 8.0% 89 119 6.0% 4.0% 2.0% 0.0% PAT 50 40 30 20 10 0 3.2% 3.4% 1.7% 11 25 29 4.5% 46 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Q2FY23 Q2FY24 Q2FY25 Q2FY26 Q2FY23 Q2FY24 Q2FY25 Q2FY26 EBITDA EBITDA % PAT PAT % Amount in ₹ Cr Amount in ₹ Cr In Q2FY26, Parag Milk Foods demonstrated a robust financial performance. Gross Margin stood at 25.8%, and EBITDA at ₹89 Cr (8.9% of sales). PAT increased to ₹46 Cr, with PAT margin at 4.5% of sales, indicating strong bottom-line growth 30 © 2025 All Ri