Parag Milk Foods Limited

₹945 crore

IGHLIGHTS © 2026 All Rights Reserved | Parag Milk Foods 4 KEY HIGHLIGHTS Q4FY26 Q4 FY26 revenue ₹945 crore; Volume decline 5%, value growth 3% YoY Volume decline mainly in core categories due to base year

5%

s Reserved | Parag Milk Foods 4 KEY HIGHLIGHTS Q4FY26 Q4 FY26 revenue ₹945 crore; Volume decline 5%, value growth 3% YoY Volume decline mainly in core categories due to base year institutional and

3%

g Milk Foods 4 KEY HIGHLIGHTS Q4FY26 Q4 FY26 revenue ₹945 crore; Volume decline 5%, value growth 3% YoY Volume decline mainly in core categories due to base year institutional and exports sales. V

7%

ower institutional sales and planned reduction in SMP Core categories vol decline 3% value growth 7%. New Age business comprising Pride of Cows & Avvatar grew by 109%, contributing 11% to overall t

109%

ories vol decline 3% value growth 7%. New Age business comprising Pride of Cows & Avvatar grew by 109%, contributing 11% to overall turnover. The segment retained 100 Cr quarterly revenue mark Consoli

11%

% value growth 7%. New Age business comprising Pride of Cows & Avvatar grew by 109%, contributing 11% to overall turnover. The segment retained 100 Cr quarterly revenue mark Consolidated PAT grew by

23%

to overall turnover. The segment retained 100 Cr quarterly revenue mark Consolidated PAT grew by 23% backed by improvement in Gross Margin with improved product portfolio composition and calibrated p

₹3818 crore

omotion mix © 2026 All Rights Reserved | Parag Milk Foods 5 5 KEY HIGHLIGHTS FY26 FY26 revenue ₹3818 crore; Volume growth 5%, value growth 11% YoY Volume growth backed by 8% growth in core categories, str

8%

TS FY26 FY26 revenue ₹3818 crore; Volume growth 5%, value growth 11% YoY Volume growth backed by 8% growth in core categories, strong growth in New age business and offset by lower institutional sal

16%

lower institutional sales and planned reduction in SMP Core categories vol growth 8% value growth 16% New Age business comprising Pride of Cows & Avvatar grew by 91%, contributing 10% to overall tur

91%

gories vol growth 8% value growth 16% New Age business comprising Pride of Cows & Avvatar grew by 91%, contributing 10% to overall turnover Consolidated PAT bei grew by 19% backed by improvement in G

10%

8% value growth 16% New Age business comprising Pride of Cows & Avvatar grew by 91%, contributing 10% to overall turnover Consolidated PAT bei grew by 19% backed by improvement in Gross Margin with i

“Composition in % Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Core Categories New Age Business Liquid Milk Ingredient Business Others Over the last four years, revenue contribution from Core categories and New age Business has grown significantly, reflecting robust fundamentals, product quality and strong consumer trust.”

“© 2026 All Rights Reserved | Parag Milk Foods 12 FY26 BUSINESS SNAPSHOT YoY Growths Revenue 366 CR 91% Growth New age business Revenue 358 CR 4% Growth Liquid milk © 2026 All Rights Reserved | Parag Milk Foods Revenue 489 CR 17% Decrease Ingredients & SMP Revenue 321 CR 7% Decrease Others 13 Revenue 2283 CR 16% Growth Core categories Core Categories includes Ghee, Cheese and Paneer”

“Liquid Milk includes Liquid milk offerings Ingredients & SMP includes Lactose, Whey Powder, Skimmed Milk Powder HIGHEST EVER REVENUE Annual Revenue mix over the past 5 years 2893 6% 23% 10% 4% 58% 3139 8% 23% 9% 5% 55% 3432 10% 17% 10% 6% 57% 3818 8% 13% 9% 10% New Age business grew 91% YoY 60% FY23 FY24 FY25 FY26 Core Categories New Age Business Liquid Milk Ingredient Business Others 2072 7% 23% 10% 3% 57% FY22 Amount in ₹ Cr Rev.”

“265 Cr Q4 FY26 28.0% QoQ 4% YoY 15% YoY -5% Vol.”

“© 2026 All Rights Reserved | Parag Milk Foods DRIVING FINANCIAL GROWTH Net Debt and Net Worth Net Debt/Equity Ratio & Net Debt to EBITDA(Multiple) 808 539 539 FY23 912 912 540 FY24 1,023 1,259 561 FY25 561 484 FY26 Net Debt (₹ Cr) Networth (₹ Cr) Return on Capital 11.1 10.5 8.6 7.8 14.3 12.3 13.9 11.8 3.3 0.7 2.4 0.6 1.9 0.5 1.6 0.4 FY23 FY24 FY25 FY26 Net Debt / Equity Net Debt / EBITDA Net Working capital (no.”

“of days of sales) 75 70 74 72 21 72 28 62 61 28 68 23 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 ROCE (%) ROE (%) Inventory Receivables NWC The company’s financial position has strengthened in FY26 with healthy return ratios (ROCE at 13.6%, ROE at 11.3%), lower Net Debt/Equity (0.4x), material reduction in net debt which now stands at ₹484 Cr .”

“AWARDS & ACCOLADES s d o o F k l i M g a r a P | d e v r e s e R s t h g R i l l A 6 2 0 2 © Pride of Cows has been awarded Best Customer Retention Initiative of the Year 2025 37 ABOUT THE COMPANY © 2026 All Rights Reserved | Parag Milk Foods 38 CHAIRMAN’S MESSAGE A journey that began with farmers is now aiming to provide complete nutrition to consumers across the globe.”

“Composition in % FY21 FY22 FY23 FY24 FY25 FY26 Core Categories New Age Business Liquid Milk Ingredient Business Others Over the last six years, revenue has grown approximately twofold, reflecting robust fundamentals, product quality, and strong consumer trust.”

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Building Mindshare

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Website

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NOTE

• • New Age Business includes Pride of Cows and Avvatar brands • • • Others includes Dahi, UHT Products, Beverages, etc. Liquid Milk includes Liquid milk offerings Ingredients & SMP includes Lactose, Whey Powder, Skimmed Milk Powder Revenue 143 CR 13% Decrease Ingredients & SMP 32% Decrease Revenue 80 CR Others 11 HIGHEST EVER Q4 Q4 Revenue mix over the past 4 years 801 7% 24% 8% 4% 57% 790 9% 23% 9% 6% 53% 918 13% 18% 10% 5% 54% 945 8% 15% 9% 11% New Age business grew 109% YoY 57% Amount in ₹ Cr Rev. Composition in % Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Core Categories New Age Business Liquid Milk Ingredient Business Others Over the last four years, revenue contribution from Core categories and New age Business has grown significantly, reflecting robust fundamentals, product quality and strong consumer trust. © 2026 All Rights Reserved | Parag Milk Foods 12 FY26 BUSINESS SNAPSHOT YoY Growths Revenue 366 CR 91% Growth New age business Revenue 358 CR 4% Growth Liquid milk © 2026 All Rights R

NOTE

• • New Age Business includes Pride of Cows and Avvatar brands • • • Others includes Dahi, UHT Products, Beverages, etc. Liquid Milk includes Liquid milk offerings Ingredients & SMP includes Lactose, Whey Powder, Skimmed Milk Powder HIGHEST EVER REVENUE Annual Revenue mix over the past 5 years 2893 6% 23% 10% 4% 58% 3139 8% 23% 9% 5% 55% 3432 10% 17% 10% 6% 57% 3818 8% 13% 9% 10% New Age business grew 91% YoY 60% FY23 FY24 FY25 FY26 Core Categories New Age Business Liquid Milk Ingredient Business Others 2072 7% 23% 10% 3% 57% FY22 Amount in ₹ Cr Rev. Composition in % Over the last five years, revenue contribution from Core categories and New age Business has grown significantly, reflecting robust fundamentals, product quality and strong consumer trust. © 2026 All Rights Reserved | Parag Milk Foods 14 FINANCIAL UPDATE Consolidated Financials​ ₹ Cr Q4 ​FY25​ Q4 ​FY26​ Growth​ % YOY​ 918 246 945 265 26.7% 28.0% 75 78 8.2% 8.3% 33 26 26 40 32 32 2.9% 3.4% 3% 8% 4% 23% 23% 23% Particulars R

Building Mindshare

Enabling Modern Trade Sales Interns to Aid Upselling Moment Marketing on International Men’s Day Moment Marketing on International Women's Day Moment Marketing On Valentine’s Day Building HoReCa Connect Leveraging leading exhibitions to build trust and penetration in HoReCa © 2026 All Rights Reserved | Parag Milk Foods 27 BRAND BUILDING & INNOVATION Amazon Store Revamp Influencer Campaigns Offline Activities Consumer Gifting Ideas Product focused Republic Day Neck Tag & App Icon Change © 2026 All Rights Reserved | Parag Milk Foods Ghee Curd and Paneer 28 BRAND BUILDING & INNOVATION Impact Marketing Gym & Store Branding New Product Launch Flavoured Creatine Avvatar Partnered with Indigo & Akasa Air E-Com & Quick Com © 2026 All Rights Reserved | Parag Milk Foods 29 STRENGTHENING NEW AGE BUSINESS Grew by 91% during FY26 YoY Contributes To 10%of overall business Pride of Cows and Avvatar Sports Nutrition represent the New Age Business stream of the company - a strategic pivot towards premi

Website

B2B 30% of total Business Institutional Large Format Corporates E-Commerce Mobile Application 34 © 2026 All Rights Reserved | Parag Milk Foods DRIVING FINANCIAL GROWTH Gross Margin 24% 749 27% 27% 943 1020 20% 569 30% 25% 20% 15% 10% 5% 0% EBITDA 350 300 250 200 150 100 50 0 7.2% 226 5.7% 163 8.5% 8.1% 293 310 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% FY23 FY24 FY25 FY26 Gross Margin Gross Margin % Amount in ₹ Cr FY23 FY24 FY25 FY26 EBITDA EBITDA % Amount in ₹ Cr 2.9% 91 91 1.8% 53 53 3.5% 3.7% 119 141 119 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% FY23 FY24 FY25 FY26 Cashflow from Operations 212 102 149 FY23 FY24 FY25 FY26 1200 1000 800 600 400 200 0 PAT 160 140 120 100 80 60 40 20 0 PAT bei PAT bei % Amount in ₹ Cr -190 Amount in ₹ Cr In FY26, Parag Milk Foods demonstrated a robust financial performance. Cashflow from operations grew steadily to ₹149 Cr. Gross Margin improved to 27%, and EBITDA rose to ₹310 Cr (8.1 of sales). PAT bei increased to ₹141 Cr, with PAT margin st