Annapurna Swadisht Ltd Management Discussions

FY 2025-26

ANNAPURNA SWADISHT LIMITED

Building scale through brands, distribution and :disciplined growth.

• For the Financial Year 2025-26

• Forming part of the Annual Report

SNACKS & NAMKEEN

CONFECTIONERY & SWEETS

BAKERY & OTHERS

MACRO ENVIRONMENT

ASL AT A GLANCE

FY2025-26 performance highlights, at a glance

*52,008 L	*3,033 L	*14.38
Consolidated Revenue +27.48% YoY	Consolidated PAT +40.99% YoY	Consolidated Basic EPS vs R10.84 in FY25
1,150+	5	7.45%
Distributors Pan-India network	Manufacturing Units West Bengal & MP	Return on Equity FY 2025-26
7.7%	*32,130 L	11.65%
India Real GDP Growth FY 2025-26	Standalone Net Worth as on Mar 31, 2026	Return on Capital Employed FY 2025-26

FY 2025-26 was a landmark year for ASL — marked by strong double-digit growth across revenue and profitability, strategic acquisitions in Andri Agro Foods and Madhur Confectioners, and continued progress towards a Main Board listing on the NSE.

Indian Economy

Indias Economic Resilience

India’s economy demonstrated strong resilience and broad-based growth during FY 2025-26, continuing to remain among the fastest-growing major economies globally. According to the Provisional Estimates released by the Ministry of Statistics and Programme Implementation (“MoSPI”), India’s real GDP grew by 7.7% in FY 2025-26, compared with 7.1% in FY 202425. Growth remained robust in the final quarter of the financial year, with real GDP expanding by 7.8% in Q4 FY 2025-26.

The strength of the economy was supported by a combination of domestic consumption, investment activity, infrastructure development, manufacturing expansion, services-sector momentum and continued formalisation of economic activity. These structural drivers continued to create a supportive environment for India’s consumer-facing industries, including the organised FMCG sector.

7.7%	7.1%	7.8%
FY 2025-26 : REAL GDP GROWTH	FY 2024-25 : REAL GDP GROWTH	Q4 FY 2025-26 : REAL GDP GROWTH

The acceleration in economic growth during FY 2025-26 highlights the continued strength of India’s domestic economic ecosystem. Importantly, the economy’s growth remains supported by structural factors that are relevant to the Company’s operating environment and long-term growth strategy.

Key factors supporting the economic environment included

Private consumption continued to remain an important pillar of India’s economic growth. Rising aspirations, improving consumer access, increasing urbanisation, evolving lifestyles and the growing participation of consumers in the formal economy continued to support demand across several consumption categories.

For the FMCG industry, the resilience of domestic consumption is particularly significant. Categories such as snacks, confectionery and other packaged food products benefit from high-frequency consumer engagement and increasing preference for organised, branded and hygienically manufactured products.

The continued expansion of consumption beyond metropolitan markets also presents significant opportunities for companies with strong brands and scalable distribution capabilities.

Improving Rural and Semi-Urban Consumption

Rural and semi-urban India continued to emerge as an important driver of the country’s consumption landscape. Improving connectivity, increasing market accessibility, rising aspirations, greater availability of branded products and the expansion of organised distribution networks are progressively narrowing the consumption gap between urban and non-urban markets.

Industrial Overview

Indian FMCG and Packaged Food Industry

The Indian Fast-Moving Consumer Goods (“FMCG”) industry continued to demonstrate resilience and structural growth during FY 2025-26, supported by robust domestic consumption, favourable demographics, improving purchasing power, increasing penetration of branded products and the continuing formalisation of India’s consumption ecosystem.

India’s real GDP is estimated to have grown by 7.7% during FY 2025-26, while private final consumption expenditure remained a key driver of economic activity. The Economic Survey 2025-26 notes that private final consumption expenditure accounted for 61.5% of GDP during FY 2025-26, its highest share since FY 2011-12, reflecting the continuing importance of domestic consumption to India’s growth trajectory.

Within the FMCG sector, packaged foods, snacks, confectionery and other affordable food categories continued to benefit from changing lifestyles, increasing preference for convenience, wider product availability and growing consumer acceptance of hygienically manufactured and branded products. The industry is progressively evolving towards a more organised, technology-enabled and consumer-focused ecosystem, creating opportunities for companies with strong brands, scalable manufacturing capabilities, efficient supply chains and extensive distribution networks.

For organised FMCG companies, greater formalisation can support the development of transparent supply chains, encourage the growth of compliant businesses and strengthen the competitive position of established players operating through organised manufacturing and distribution systems.

Digitalisation and Changing Consumer Behaviour

India’s rapidly expanding digital ecosystem continued to transform consumer behaviour, payments, commerce and distribution. The increasing adoption of digital payments, e-commerce, modern retail and technology-enabled supply-chain systems is progressively reshaping the FMCG landscape.

Digitalisation enables companies to engage more effectively with distributors and retailers, improve demand visibility, optimise inventory and strengthen supply-chain planning. It is also contributing to the emergence of new consumer touchpoints and purchase occasions.

For FMCG companies, the increasing integration of physical and digital commerce presents opportunities to improve market reach, enhance consumer engagement and build more responsive distribution models.

Rural and Semi-Urban Consumption

Rural and semi-urban markets remained important contributors to FMCG demand during FY 2025-26. According to the Economic Survey 2025-26, FMCG volume sales in rural India grew by 8.4% in Q1 FY26 and 7.7% in Q2 FY26, compared with 4.6% and 5.6%, respectively, in urban markets. The data indicates that rural consumption continued to grow at a faster pace than urban consumption during the first half of the financial year.

NIQ’s FMCG data similarly indicates that India’s FMCG market recorded 13.9% value growth and 6.0% volume growth during Q1 FY26, with rural markets continuing to outperform urban markets. NIQ has also highlighted affordability, pack-size architecture and changing channel dynamics as important considerations for FMCG companies operating in the current environment.

For affordable packaged-food categories, the continued expansion of branded consumption across smaller towns and rural markets presents a significant structural opportunity. Accessible price points, smaller pack sizes, product availability, quality and brand trust remain important factors in expanding consumer penetration. Companies with deep distribution networks and the ability to efficiently serve fragmented markets are therefore well positioned to participate in the next phase of FMCG growth.

Changing Consumer Behaviour and Consumption Patterns

Consumer behaviour in the FMCG industry continued to evolve during FY26. Affordability remained a key consideration, particularly in mass-consumption categories; however, consumers also demonstrated increasing awareness of product quality, hygiene, taste, convenience and brand reputation.

The market is consequently witnessing a gradual convergence of value and aspiration. Consumers in smaller towns and rural markets are increasingly seeking branded products that offer quality and variety, while urban consumers are exploring new flavours, formats and differentiated offerings. This is creating opportunities across traditional and emerging packaged-food categories.

Snacks and other impulse-consumption products remain attractive categories due to their relatively low ticket size, high frequency of consumption and broad consumer appeal. At the same time, product innovation, new flavours, convenient pack formats and category diversification are creating additional avenues for growth.

Increasing Formalisation of the Packaged Food Market

The Indian packaged food industry continues to evolve from a fragmented market towards a more organised, branded and scalable ecosystem. Increasing consumer awareness, greater emphasis on food safety and hygiene, improved retail infrastructure and wider availability of packaged products are supporting the gradual shift from unbranded and loosely sold products towards organised and branded alternatives.

The formalisation of the food-processing ecosystem is further supported by Government initiatives aimed at increasing processing capacity, promoting value addition, strengthening supply chains and supporting food-processing enterprises. Schemes such as the Production Linked Incentive Scheme for Food Processing Industries (PLISFPI), Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) and PM Formalisation of Micro Food Processing Enterprises (PMFME) continue to contribute to the development of Indias organised food-processing ecosystem.

These structural developments are favourable for companies possessing scalable manufacturing capabilities, efficient procurement systems, established distribution networks and the ability to develop and strengthen consumer-facing brands.

Distribution and Channel Evolution

Distribution remains one of the key competitive factors in the Indian FMCG industry. General trade continues to play a critical role, particularly for affordable and high-frequency consumption products in rural and semi-urban markets. At the same time, modern retail, e-commerce and emerging quick- commerce channels are expanding product visibility and consumer access, particularly in urban markets.

During FY26, e-commerce continued to gain importance as an incremental FMCG channel. NielsenIQ data indicated that e-commerce was gaining ground against modern trade in the largest metropolitan markets, while rural and smaller-town consumption continued to rely significantly on traditional distribution networks.

The evolving channel landscape presents opportunities for FMCG companies that can combine deep traditional distribution with selective participation in modern retail and digital channels. Strong distributor and retailer relationships therefore continue to be an important competitive advantage for mass-market packaged-food businesses.

Competitive Environment

The FMCG industry remains highly competitive, with participation from large national brands, established regional players, emerging organised companies and a significant unorganised market. Competition is particularly intense in affordable food and snack categories, where consumer choice is influenced by price, taste, product availability, packaging, retailer preference and brand familiarity.

In this environment, sustainable growth requires a combination of product innovation, manufacturing efficiency, procurement strength, distribution reach, brand building and disciplined cost management. The ability to achieve operating leverage through scale while maintaining competitive consumer pricing is increasingly important.

The continued emergence of smaller manufacturers and regional brands is also contributing to a dynamic competitive environment. This reinforces the importance of strengthening brands, maintaining consistent product quality, improving distribution productivity and developing close relationships with distributors, retailers and consumers.

Input Cost Environment

Raw-material costs remain an important consideration for the packaged food industry. Prices of agricultural commodities, edible oils, potatoes, cereals, spices, sugar, packaging materials and other inputs can fluctuate depending upon crop conditions, weather patterns, commodity cycles, energy costs and broader domestic and global market conditions.

For FMCG companies, effective management of input- cost volatility requires a combination of efficient procurement, supply-chain optimisation, manufacturing productivity, product-mix management and disciplined pricing. Scale and operating efficiency can provide important advantages in absorbing shortterm cost fluctuations while maintaining competitive consumer price points.

Technology, Innovation and Brand Building

Technology and data-driven decision-making are becoming increasingly relevant across the FMCG value chain. Companies are leveraging technology to improve demand forecasting, inventory management, procurement, manufacturing efficiency, distribution visibility and consumer engagement.

At the consumer end, digital platforms are providing additional avenues for product discovery, brand communication and consumer engagement. Consequently, FMCG companies are increasingly required to balance investments in traditional distribution and trade relationships with focused investments in digital marketing, e-commerce and modern retail.

Product innovation and brand building will remain important differentiators as consumers gain access to a wider range of products. Companies capable of consistently combining taste, quality, affordability and innovation are expected to be better positioned to capture emerging consumption opportunities.

MARKET OPPORTUNITY

Indian Snacks Market

The Indian snacks market continued to present attractive structural growth opportunities during FY 2025-26, supported by changing consumer lifestyles, increasing urbanisation, rising disposable incomes, a growing young population and the increasing preference for convenient, affordable and ready-to- consume food products. The market is characterised by a wide range of traditional and ethnic snacks as well as western-style packaged snacks, with organised players increasingly expanding their presence across both urban and emerging markets.

India’s snack consumption landscape is undergoing a gradual shift from predominantly loose and locally manufactured products towards branded and packaged offerings. Increasing consumer awareness regarding product quality, hygiene, packaging and consistency, together with wider retail availability, is supporting the growth of organised snack manufacturers. At the same time, the affordability and relatively low ticket size of snack products make the category particularly relevant to India’s mass- consumption market.

Industry estimates indicate that the Indian snacks market was valued at approximately f50,590 crore in 2025, with the market expected to grow at a healthy pace over the medium term. Growth is being supported by increasing consumption of processed and on-the-go food products, changing eating habits and the availability of snacks across a broad range of price points and consumption occasions.

Particulars	2025	2034 (Projected)	CAGR
Indian Snacks Market Size (R Crore)	48,549.1	1,04,649.54	8.91%

From Local to Organised: A Market in Transition

The Indian snacks market remains diverse, comprising traditional and ethnic snacks such as namkeen, bhujia and sev, alongside western-style categories including chips, extruded snacks, pellets and puffs. While regional and unorganised players continue to have a significant presence, the market is progressively moving towards branded and organised products as consumers place greater emphasis on consistent taste, quality, hygiene, packaging and brand trust.

This transition presents a significant opportunity for organised manufacturers with scalable production capabilities, strong brands, efficient supply chains and extensive distribution networks.

Affordability Driving Mass Consumption

Affordability remains one of the defining characteristics of India’s snacks market. Small pack sizes, accessible price points and frequent consumption occasions enable packaged snacks to reach consumers across income groups and geographies. This is particularly relevant in rural and semi-urban markets, where consumers are increasingly adopting branded products while remaining value conscious.

Innovation and Evolving Consumer Preferences

Consumer preferences are becoming increasingly diverse, with demand extending beyond traditional flavours to new tastes, formats, textures and consumption occasions. Product innovation, differentiated packaging and appropriate pack sizes are consequently becoming important competitive levers.

At the same time, increasing consumer awareness around nutrition and ingredients is creating opportunities for differentiated and better-positioned snack offerings. The ability to combine taste, quality, affordability and innovation will remain critical to building sustainable consumer franchises.

Distribution: The Key to Market Penetration

General trade continues to be the backbone of mass-market snack distribution, particularly in rural and semi-urban India. At the same time, modern trade, e-commerce and quick commerce are expanding consumer access and creating new avenues for product discovery and impulse purchases.

The evolving channel landscape is increasingly favouring companies capable of combining deep traditional distribution with selective participation in modern and digital channels. Availability, distribution productivity and strong relationships with distributors and retailers therefore remain important competitive advantages.

Competitive Landscape

The snacks industry remains highly competitive, with national FMCG companies, established regional brands, emerging organised players and unorganised manufacturers competing across categories and price points. Competition is driven by price, taste, quality, brand recognition, product availability, innovation, packaging and distribution reach.

In this environment, sustainable growth requires continuous investment in brands, product development, manufacturing efficiency, procurement and distribution capabilities while maintaining competitive consumer price points.

Outlook

The long-term outlook for India’s snacks market remains positive, supported by increasing packaged- food penetration, rural and semi-urban consumption, rising preference for branded products, expanding retail infrastructure and the rapid development of digital commerce.

For Annapurna Swadisht Limited, these industry trends provide a strong platform for continued growth. The Company’s focus on affordable packaged foods, product diversification, manufacturing expansion, brand development and deeper penetration across rural and semi-urban markets is aligned with the evolving consumption opportunity.

Indian Savoury Snacks and Packaged Sweets Market

India’s savoury snacks and packaged sweets markets continued to present attractive structural growth opportunities during FY 2025-26, supported by evolving consumer preferences, increasing demand for convenient and affordable food products, rising penetration of branded products and the gradual formalisation of India’s food and consumption ecosystem.

Savoury Snacks

The Indian savoury snacks market remains a large and diverse category, comprising traditional products such as namkeen, bhujia and sev, alongside western formats such as chips, extruded snacks and pellets.

The market benefits from high consumption frequency, affordable price points and wide consumer acceptance across urban, semi-urban and rural markets.

Industry estimates indicate that the Indian savoury snacks market was approximately f89,000 crore in FY2025 and is projected to reach around f1,25,000 crore by FY2029, representing a CAGR of approximately 8.9%. The organised segment is expected to grow faster as consumers increasingly shift towards branded products offering consistent quality, hygiene, packaging and availability.

Particulars	FY 2025	FY 2029 (Projected)	CAGR
Indian Savoury Snacks Market Size (Rs. Crore)	89,000	1,25,000	8.9%

For ASL, the key opportunity lies in affordable price points, regional product relevance, deeper rural and semi-urban penetration, product innovation and strengthening distribution reach.

Packaged Sweets

The Indian packaged sweets market is progressively transitioning from a predominantly unorganised and locally driven market towards branded and packaged consumption.

The market was estimated at approximately f8,431 crore in 2025 and is projected to reach around f30,506 crore by 2034, representing a CAGR of approximately 15.36%. The segment also benefits from India’s strong cultural affinity towards sweets across festivals, celebrations and gifting occasions, while organised retail and digital commerce are expanding consumer access.

The addition of Madhur Confectioners strengthens ASL’s participation in this opportunity and complements its established snacks portfolio.

Particulars	2025	2034 (Projected)	CAGR
Indian Packaged Sweets Market Size (Rs. Crore)	8,431	30,506	15.36%

Company Overview

Annapurna Swadisht Limited (“ASL” or “the Company”) is an emerging and growing player in Eastern India’s fast-moving consumer goods (“FMCG”) industry, engaged in the manufacturing, marketing and distribution of a diversified range of packaged food products. The Company’s portfolio spans multiple high-consumption categories, including snacks, extruded products, namkeen, potato chips, cakes, noodles, confectionery, candies, bakery products and other value-added food products, catering to a broad and diverse consumer base.

Over the years, the Company has built its business around the core pillars of quality, affordability, product innovation, brand building and distribution reach. Its products are supported by an extensive distribution network comprising more than 1,150 distributors, along with wholesalers, retailers, modern trade and other channel partners, enabling the Company to expand its presence across diverse consumer markets.

The Company has developed a strategically diversified manufacturing footprint with facilities located at Asansol, Siliguri, Gurap and Dhulagarh in West Bengal, and Indore in Madhya Pradesh. This manufacturing infrastructure provides the Company with operational flexibility and supports efficient servicing of its key markets. The Companys manufacturing capabilities are complemented by quality assurance systems, supply-chain integration and a continued focus on improving operational efficiencies.

Brand building remains an integral part of the Companys growth strategy. During the year, the Company continued to strengthen the market presence and consumer recall of its flagship OFFSIDE brand through focused marketing and consumer engagement initiatives. The association of former Indian cricket captain Mr. Sourav Ganguly as the brand ambassador has further enhanced the brands visibility and recognition, supporting the Companys efforts to strengthen its presence in the organised packaged-food market.

The Company continues to pursue a balanced growth strategy comprising organic expansion, product development and strategic acquisitions. This approach enables ASL to strengthen its product portfolio, diversify its presence across complementary food categories, expand its manufacturing capabilities and create opportunities for operational and distribution synergies.

During FY 2025-26, the Company further strengthened its business ecosystem through strategic initiatives, including the acquisition of the remaining equity stake in Madhur Confectioners Private Limited, resulting in the entity becoming a Wholly Owned Subsidiary of the Company. The Company also strengthened its presence in value-added and protein- based food categories through the acquisition of a controlling stake in Andri Agro Foods Private Limited. These initiatives represent important steps in the Companys journey towards building a broader and more diversified packaged-food platform.

Subsequent to the close of the financial year, the Company achieved a landmark milestone with the successful migration of its equity shares from the NSE EMERGE Platform to the Main Board of the National Stock Exchange of India Limited ("NSE"). NSE granted its approval on August 10, 2026, and the migration became effective from August 12, 2026. The Main Board listing is expected to enhance the Companys market visibility, improve liquidity, broaden its investor base and support its long-term growth strategy.

Backed by an experienced management team, diversified product portfolio, expanding manufacturing infrastructure, recognised brands, extensive distribution capabilities and disciplined financial management, Annapurna Swadisht Limited remains focused on strengthening its competitive position and creating sustainable long-term value for all its stakeholders.

Competitive Strengths

The Company continues to derive competitive advantage from several strategic strengths:

FY 2025-26

Key Business Developments During FY 2025-2026

FY 2025-26 represented an important year in the Company’s growth journey, marked by strategic expansion, portfolio diversification, investment in manufacturing infrastructure and optimisation of its investment portfolio.

Strategic Investment in Andri Agro Foods Private Limited

The Company acquired a 50.57% equity stake in Andri Agro Foods Private Limited and proposes to acquired equity stake upto 75% of their total stake, strengthening its presence in complementary food categories.

Andri Agro Foods operates in categories including soya chunks, granules, pellets, pasta and allied value- added food products. The investment provides the Company with an opportunity to diversify its product portfolio and participate in additional consumer food categories.

• The strategic benefits expected from the investment include:

• Diversification into complementary and value-added food categories;

• Expansion of the Company’s product portfolio;

• Potential manufacturing and operational synergies;

• Opportunities to leverage distribution capabilities;

• Access to additional revenue streams; and

• Potential opportunities in domestic and export markets.

Acquisition of Remaining 26% Stake in Madhur Confectioners Private Limited.

During FY 2025-26, the Company acquired the remaining equity stake in Madhur Confectioners Private Limited, resulting in Madhur Confectioners becoming a Wholly Owned Subsidiary of the Company.

The acquisition represents an important step towards strengthening the Companys presence in the confectionery and allied food segments. Full ownership is expected to facilitate greater operational integration, strategic alignment and improved coordination across manufacturing, product development and business operations.

The acquisition also complements ASLs existing product portfolio and supports its strategy of building a diversified packaged-food platform.

PERFORMANCE REVIEW

Key Financial Performance & Ratios

FY 2025-26 was another year of strong operational and financial performance for the Company.

During the year, the Company recorded healthy growth in revenue and profitability, supported by:

• expansion of the distribution network;

• increased sales across key product categories;

• improved manufacturing efficiencies;

• effective cost management;

• better product mix; and continued focus on brand development.

Financial Performance Review

The financial performance of Annapurna Swadisht Limited (“ASL” or "the Company”) during FY 2025-26 reflected the continued benefits of its focus on business expansion, operational efficiency, product portfolio diversification and disciplined financial management. During the year, the Company recorded healthy growth in revenue and profitability on both a standalone and consolidated basis, while continuing to invest in manufacturing infrastructure and strategic growth initiatives.

The consolidated financial performance also reflects the increasing contribution of the Companys expanded business portfolio and subsidiaries, while the standalone performance demonstrates the continued strength of the Companys core operations.

Standalone Financial Performance

During FY 2025-26, the Companys Revenue from Operations increased to f41,492.27 Lakhs, compared with f37,409.98 Lakhs in FY 2024-25, representing a growth of 10.91%. The growth was supported by continued demand across key product categories, expansion of market reach and a continued focus on product availability and portfolio development.

Total Income increased to f41,574.03 Lakhs from f37,480.69 Lakhs, registering a growth of 10.92%.

Total Expenditure increased to f38,300.23 Lakhs, compared with f35,081.98 Lakhs in the previous financial year. The increase was primarily associated with the growth in business operations, including higher material consumption, employee costs, manufacturing and operating expenses, freight and distribution costs and other expenses required to support the Companys expanding scale of operations.

Despite the increase in operating expenses, the Company continued to maintain a focus on cost optimisation and operational efficiency. Profit Before Tax (PBT) increased by 28.91% to f3,272.77 Lakhs, compared with f2,538.75 Lakhs in FY 2024-25.

Profit After Tax (PAT) increased to f2,306.47 Lakhs, compared with f1,878.85 Lakhs in the previous financial year, representing a growth of 22.76%.

The Companys Basic Earnings Per Share (EPS) increased to f10.57 from f9.46, reflecting the growth in profitability and continued value creation for shareholders.

Particulars (Rs. in Lakhs)	FY 24-25	FY 25-26	Growth (%)
Revenue from Operations	37,409.98	41,492.27	10.91%
Total Income	37,480.69	41,574.03	10.92%
Total Expenditure	35,081.98	38,300.23	9.17%
Profit Before Tax (PBT)	2,538.75	3,272.77	28.91%
Profit After Tax (PAT)	1,878.85	2,306.47	22.76%
Basic EPS (f per share)	9.46	10.57	11.73%

Consolidated Financial Performance

On a consolidated basis, the Company recorded a strong increase in revenue and profitability during FY 2025-26. The performance reflects the continued growth of the core business, contribution from subsidiaries and the benefits of the Companys strategy to diversify its business across complementary food categories.

Revenue from Operations increased to Rs.52,008.05 Lakhs, compared with Rs.40,797.06 Lakhs in FY 202425, representing a growth of 27.48%.

Total Income increased to Rs.52,157.92 Lakhs from Rs.40,871.36 Lakhs, reflecting the expansion in the scale of consolidated operations.

Total Expenditure stood at Rs.47,701.36 Lakhs, compared with Rs.38,160.96 Lakhs in the previous financial year. The increase was largely attributable to higher business volumes, expansion of operations, increased manufacturing and input costs, logistics expenses and the consolidation of subsidiary operations.

Consolidated Profit Before Tax (PBT) increased significantly to Rs.4,430.04 Lakhs, compared with Rs.2,893.88 Lakhs, representing a growth of 53.08%.

Consolidated Profit After Tax (PAT) increased to Rs.3,033.32 Lakhs, compared with Rs.2,151.30 Lakhs in FY 2024-25, registering a growth of 40.99%.

Consolidated Basic Earnings Per Share (EPS) increased to Rs.14.38, compared with Rs.10.84 in the previous financial year, reflecting the improvement in consolidated profitability.

Particulars (Rs. in Lakhs)	FY 24-25	FY 25-26	Growth (%)
Revenue from Operations	40,797.06	52,008.05	27.48%
Total Income	40,871.36	52,157.92	27.62%
Total Expenditure	38,160.96	47,701.36	25.00%
Profit Before Tax (PBT)	2,893.88	4,430.04	53.08%
Profit After Tax (PAT)	2,151.30	3,033.32	40.99%
Basic EPS (Rs. per share)	10.84	14.38	32.66%

Consolidated PBT surged 53.08% YoY to f4,430.04 Lakhs; Consolidated PAT rose 40.99% YoY to f3,033.32 Lakhs.

Financial Position and Capital Deployment

The Company’s financial position remained focused on supporting growth while maintaining prudent financial discipline. The Company’s standalone net worth increased to f32,130.41 Lakhs as on March 31, 2026, compared with f29,823.94 Lakhs as on March 31, 2025, supported primarily by the retention of profits generated during the year.

The Company continued to deploy capital towards strengthening its business infrastructure and supporting future growth opportunities. Capital Work- in-Progress (CWIP) increased significantly to f5,704.20 Lakhs as on March 31, 2026, from f1,290.73 Lakhs as on March 31, 2025.

The increase in CWIP reflects ongoing investments in manufacturing infrastructure, capacity expansion and other projects intended to strengthen the Company’s operational capabilities and support its future growth strategy.

Key Financial Ratios

The following ratios provide an overview of the Company’s financial position and operating performance during FY 2025-26:

Particulars (R in Lakhs)	As on March 31, 2025	As on March 31, 2026
Net Worth (Standalone)	29,823.94	32,130.41
Capital Work-inProgress (CWIP)	1,290.73	5,704.20

Opportunities and Threats

Annapurna Swadisht Limited (“ASL” or “the Company”) operates in a dynamic and evolving FMCG and packaged-food industry. The Company’s growth prospects are supported by favourable demographic trends, increasing consumption aspirations, rising penetration of branded packaged foods and the continued formalisation of the food-processing ecosystem. At the same time, the business remains exposed to competitive, operational and economic challenges.

Opportunities

The Company is well positioned to benefit from the growing demand for affordable, convenient and branded packaged food products across India. Key opportunities include:

Increasing consumption and formalisation of the packaged-food market;

• Expansion into rural, semi-urban and emerging urban markets;

• Deeper market penetration through the Company’s extensive distribution network;

• Product innovation and expansion across complementary food categories;

• Strengthening of consumer brands and market visibility;

• Growth of modern trade, e-commerce and other emerging distribution channels;

• Benefits from manufacturing expansion, improved capacity utilisation and operating leverage; and

• Opportunities arising from strategic acquisitions and portfolio diversification.

Threats

The FMCG and packaged-food industry remains highly competitive and subject to various external and business risks, including:

• Volatility in prices of agricultural commodities, edible oils, packaging materials and other inputs;

• Intense competition from national, regional and unorganised players;

• Changing consumer preferences and pricing sensitivity;

• Distribution, supply-chain and operational challenges;

• Food safety and product-quality risks;

• Changes in regulatory and compliance requirements; and

• Inflationary pressures and changes in consumer spending patterns.

Outlook

ASL continues to focus on leveraging emerging market opportunities while proactively managing business challenges through product innovation, disciplined cost management, efficient procurement, manufacturing excellence, quality assurance, brand building and distribution expansion.

The Company believes that its diversified portfolio, expanding manufacturing capabilities and extensive distribution network provide a strong foundation to strengthen its market position and create sustainable long-term value for its stakeholders.

GOVERNANCE & CONTROL

Internal Control Systems and Their Adequacy

Annapurna Swadisht Limited (“the Company”) has established and maintained an adequate system of internal financial controls and internal control mechanisms commensurate with the size, scale and nature of its business operations. The Companys internal control framework is designed to provide reasonable assurance regarding the reliability of financial reporting, safeguarding of assets, compliance with applicable laws and regulations, operational efficiency and adherence to established policies and procedures.

The internal control framework is aligned with the Companys business requirements and encompasses key processes relating to procurement, production, inventory management, sales, receivables, payments, fixed assets, human resources, statutory compliance and financial reporting. Appropriate policies, standard operating procedures, delegation of authority and approval mechanisms are in place to ensure that business transactions are undertaken in an authorised, transparent and controlled manner.

The Company has implemented appropriate checks and balances across its operations, supported by periodic reviews and management oversight. Key financial and operational controls are designed to ensure the accuracy and completeness of accounting records, timely identification of risks and exceptions, protection of Company assets and compliance with applicable accounting standards and statutory requirements.

The internal audit function plays an important role in evaluating the effectiveness of the Companys internal control systems. The internal auditors conduct periodic reviews of operational and financial processes based on an audit plan approved by the Audit Committee. The scope of internal audit covers key areas of the Companys operations, including financial controls, procurement, inventory, sales, manufacturing processes, statutory compliance and other risk- sensitive areas.

The observations and recommendations arising from internal audit reviews are periodically presented to the management and the Audit Committee. The Audit Committee reviews the adequacy and effectiveness of the internal control systems, significant audit observations, corrective actions and the implementation status of agreed recommendations. The Committee also provides guidance and oversight to strengthen the Companys control environment and risk-management practices.

During FY 2025-26, the Company continued to strengthen its internal control environment in line with the growth and increasing complexity of its operations, including expansion of manufacturing activities, portfolio diversification and strategic investments. The Companys management remains committed to continuously reviewing and strengthening its systems and processes to ensure that the control framework remains appropriate and effective.

Based on the internal audit reviews, management assessments and oversight exercised by the Audit Committee, the Company believes that its internal control systems and internal financial controls are adequate and commensurate with the size, scale and complexity of its operations. The Company continues to focus on strengthening its governance framework, improving process efficiencies and enhancing internal controls in line with its evolving business requirements.

Human Resources

Human capital remains a key enabler of Annapurna Swadisht Limiteds ("ASL” or "the Company”) growth and long-term success. The Company continues to focus on building a capable, engaged and performance-oriented workforce to support its expanding manufacturing operations, diversified product portfolio and growing market presence.

ASLs human resource practices are focused on talent acquisition, capability development, employee engagement, performance management, workplace safety and employee welfare. The Company provides learning and development opportunities across manufacturing, sales, supply chain, quality, finance and other functional areas, with emphasis on strengthening technical and managerial capabilities, operational efficiency, food safety and quality standards.

As on March 31, 2026, the Company had 637 permanent employees supporting its operations across manufacturing locations and corporate functions. The

RESPONSIBLE GROWTH

Sustainability / ESG & CSR

The Company recognizes that sustainable business practices are fundamental to long-term value creation. It remains committed to conducting its business in an environmentally responsible, socially inclusive and ethically governed manner.

The Company continues to focus on:

• efficient utilisation of energy and natural resources;

• reduction of manufacturing waste through process improvements;

• optimization of packaging materials;

• responsible sourcing of raw materials;

• compliance with applicable environmental and food safety regulations;

Company continued to maintain a collaborative work environment and harmonious industrial relations during the year.

Workplace safety and employee well-being remain important priorities, particularly across the Companys manufacturing facilities. The Company continues to promote a culture of safety, accountability, collaboration and continuous improvement, while providing employees with opportunities for professional growth and development.

Going forward, ASL will continue to strengthen its human capital through focused investments in skill development, leadership capabilities, employee engagement and talent retention, aligned with the Companys long-term growth strategy.

The Company believes that a skilled and motivated workforce remains fundamental to strengthening organisational capabilities and creating sustainable long-term value for all stakeholders.

• maintaining high standards of product quality and consumer safety; and promoting ethical business practices and corporate governance.

Through its Corporate Social Responsibility initiatives, the Company continues to contribute towards education, healthcare, sanitation, nutrition, environmental sustainability and community development in accordance with its CSR Policy and the provisions of the Companies Act, 2013.

The management remains committed to integrating sustainability considerations into its long-term business strategy and operational decision-making.

Risk Management

Annapurna Swadisht Limited (“ASL” or “the Company”) recognises that effective risk management is an integral component of sustainable growth, operational resilience and long-term value creation. The Company operates in a dynamic FMCG environment characterised by changing consumer preferences, competitive intensity, input-cost volatility and evolving regulatory and market conditions. Accordingly, the Company follows a structured approach to identify, assess, monitor and mitigate risks across its business operations and strategic initiatives.

The Companys risk management framework is designed to support informed decision-making and provide reasonable assurance regarding the achievement of business objectives, protection of assets, financial discipline and compliance with applicable laws and regulations. Key risks are periodically reviewed by the management and placed before the appropriate Board-level Committees and the Board, as applicable, for oversight and guidance.

The Companys risk management process covers strategic, operational, financial, market, compliance and reputational risks. The framework is supported by established policies, internal controls, standard operating procedures and periodic management reviews. As the Company continues to expand its manufacturing capabilities, distribution network and product portfolio, the risk management framework is continuously reviewed and strengthened in line with the scale and complexity of operations.

Cautionary Statement

Statements contained in this Management Discussion and Analysis describing the Company’s objectives, expectations, projections, estimates and predictions may constitute “forward-looking statements” within the meaning of applicable securities laws and regulations.

Actual results may differ materially from those expressed or implied in such statements due to various factors including changes in economic conditions, government policies, taxation, interest rates, consumer demand, competition, raw material prices, regulatory developments, exchange rate fluctuations, supply chain disruptions and other factors beyond the Company’s control.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable laws.