DSM Fresh Foods Ltd Management Discussions

Global Economy

Growth across the world economy held up better through FY 2025- 26 than many had expected, but it did so unevenly. The International Monetary Fund puts global real GDP growth at roughly 3.1% for 2026 - a figure close to the previous years, and one that flatters what sits beneath it. The gap between the advanced economies, where energy costs and weak productivity continue to bite, and the emerging economies of Asia, which now supply most of the worlds incremental demand, widened again during the year.

Trade policy was the dominant variable of the year. Tariff measures announced by the United States against a wide range of partners, India among them, forced exporters and multinationals alike to reopen sourcing, routing and pricing decisions that had been settled for years. Indias domestic food- service and fresh protein economy sits largely outside the direct line of that fire. What did reach it were the knock- on effects - freight rates that refused to settle, currency movement, and a steady repricing of imported inputs such as packaging film, processing equipment and refrigeration components, all of which feed the cost base of every organised food business in the country.

Price pressure eased materially over the same period. Crude oil fell more than 20% across calendar year 2025, benefiting food processors through lower energy and input costs and providing greater room for developed- market central banks to begin unwinding restrictive monetary policy.

The Indian Economy

India ended FY 2025- 26 growing faster than any other major economy, and faster than it had the year before. The First Advance Estimates carried in the Economic Survey 2025- 26 put real GDP growth at 7.4% against 6.5% in FY 2024- 25. Almost all of that came from domestic demand: private final consumption expenditure rose to 61.5% of GDP, a share not recorded since 2011- 12. Inflation moved in the same helpful direction. Retail inflation averaged 1.7% over April to December of the financial year, the lowest reading in the current CPI series, as favourable weather and a strong harvest pushed down the prices of vegetables, pulses and spices. With prices this subdued, the Reserve Bank of Indias Monetary Policy Committee had room to cut: 100 basis points came off the policy repo rate between April and December 2025, taking it to 5.25% and easing the cost of credit to the commercial sector. Services carried the expansion, with gross value added up 8.4%, ahead of industry at 6.5% and agriculture at 3.8%. For a consumer- facing fresh foods business the resulting combination was about as favourable as it gets: incomes rising, food prices flat, credit cheapening. Cheap food leaves household budgets with more room for discretionary protein and convenience purchases, and the GST 2.0 rate rationalisation reduced the tax burden on a number of consumer categories at the same time.

Indias Food Processing and Cold Chain Sector

Food processing now occupies an unusual position in the Indian economy, sitting at the intersection of farm income, manufacturing employment and export earnings. It represents roughly a third of the countrys total food market, generates close to 13% 13% of national exports, absorbs 6% 6% of industrial investment, and accounts for around 8.8% 8.8% of manufacturing gross value added and 8.4% 8.4% of agricultural gross value added.

For fresh and frozen protein, the limiting factor has never really been appetite - it has been the cost and reach of refrigeration. That constraint keeps loosening. Cold chain build- out under the Pradhan Mantri Kisan SAMPADA Yojana, the spread of agro- processing clusters and steadily falling unit costs for temperature- controlled storage and transport have together made it economic to deliver genuinely fresh, traceable product to a far wider customer base than was viable five years ago. No other single trend matters more to organised participants in the Companys category.

Indias Consumer Market and Digital Commerce

The reshaping of Indian food retail by digital commerce accelerated further during the year. Indias quick- commerce sector generated gross order value of approximately USD 7.4 billion (INR 652.8 billion) in FY 2024- 25 and is projected to reach USD 18- 20 billion by 2027. The behavioural consequence matters more than the headline number: rapid delivery removes the need for households to hold large freezer inventories, which structurally favours high- frequency, small- basket categories - precisely the purchase pattern of fresh meat, seafood and ready- to- cook products.

INDUSTRY STRUCTURE AND DEVELOPMENTS

Indias Meat and Seafood Market

India is among the largest and fastest- growing protein consumption markets in the world, and simultaneously among the least organised. The India edible meat market is valued at approximately USD 15.04 billion in 2026 and is projected to rise to USD 16.76 billion by 2031. Poultry accounted for 43.78% of the market in 2025 and fresh or chilled meat for 67.85% of volume by form.

The defining structural feature of the category is that more than 90% 90% of the Indian meat trade remains unorganised, conducted through wet markets and neighbourhood butchers with limited traceability, inconsistent hygiene standards and no cold chain. Organised retail and e- commerce channels are forecast to grow at a 5.95% 5.95% CAGR between 2026 and 2031, materially outpacing the broader market.

India is the worlds second- largest fish producer, with production reaching 19.77mn tonnes in FY2024- 25, up 106% 106% from FY2013- 14, with inland fisheries and aquaculture driving much of the growth. India consumes approximately 82% 82% of its fish production domestically, while seafood exports reached Rs62,408 crore in FY2024- 25, highlighting the significant domestic consumption and value- addition opportunity.

FROZEN, READY- TO- COOK AND READY- TO- EAT FOODS

The Indian frozen foods market was valued at INR 216.59 billion in 2025 and is projected to reach INR 643.64 billion by 2034, a CAGR of 12.86% 12.86% . Ready- to- eat formats account for the largest application share, driven by the elimination of preparation time for working- age consumers, while North India - the Companys core market - represents the largest regional pool, anchored by Delhi NCRs concentration of quick- service restaurants and cloud kitchens and a deep cultural affinity for frozen snack formats.

Demand in these categories is being driven by dual- income households, nuclear family structures, rising female workforce participation and the normalisation of food delivery. Critically for margin structure, ready- to- cook and ready- to- eat products carry materially higher gross margins than raw protein, so category mix shift is a profitability lever as well as a growth lever.

The Institutional Channel and the Wider Protein Market

The institutional channel that now supplies the majority of the Companys revenue sits on a large and steadily expanding base. Indias hotel, restaurant and catering market is estimated at approximately INR 24,066 billion in 2025 and is projected to reach approximately INR 46,800 billion by 2035, a compound annual growth rate of around 6.9% 6.9% . The Indian food processing market is estimated to grow from approximately INR 30,498 billion in 2024 to INR 40,263 billion by 2029, a compound annual rate of around 9.7% 9.7% .

GROWTH DRIVERS

1. Formalisation of a Predominantly Unorganised Market: More than 90%90% of Indias meat trade remains unorganised. As consumers migrate towards branded, traceable and hygienically processed protein, organised players capture share from a very large base without needing the underlying category to grow quickly. This is the Companys single largest structural opportunity.

2. Post-Pandemic Demand for Clean-Label and Safe Protein: Heightened consumer awareness of food safety, sourcing and hygiene has driven adoption of antibiotic-free, hormone-free and chemical-free fresh meat. Consumers increasingly treat provenance and processing standards as purchase criteria rather than as premium features.

3. Quick Commerce and Cold Chain Convergence: The expansion of quick-commerce networks, combined with falling costs of temperature-controlled fulfilment, has made high-frequency fresh protein purchasing viable at scale. Delivery in minutes rather than days removes the household freezer-inventory constraint that historically limited category penetration.

4. Institutional and HoReCa Demand: Hotels, restaurants, catering operators and cloud kitchens require consistent specification, reliable supply and food-safety documentation that the unorganised trade cannot provide. This channel delivers predictable, high-volume order flow and improves utilisation of processing and cold chain assets.

5. Migration to Higher-Value Formats: Growth in ready-to-cook marinades, ready-to-eat snacks, cold cuts and gourmet seafood raises average order value and gross margin simultaneously, while extending consumption into occasions that raw protein does not serve.

6. Tier-2 and Tier-3 Market Expansion: Rising urbanisation, internet penetration and disposable income beyond the metros are opening markets that were previously uneconomic to serve. These geographies remain almost entirely unserved by organised fresh protein retail.

COMPANY OVERVIEW

DSM Fresh Foods Limited, founded in 2015 and listed on the BSE Emerge platform in October 2025, is an integrated farm- to- fork food company focused on fresh meat, seafood and value- added food products. The Company operates through two complementary brands- Zappfresh, its fresh- protein and omnichannel consumer platform, and Meeva Foods, its frozen and convenience foods business- enabling it to address both the fresh and processed food segments.

Under the Zappfresh brand, DSM Fresh Foods has built an integrated supply chain that spans direct sourcing, processing, cold- chain logistics and last- mile distribution, thereby reducing dependence on traditional intermediaries. Direct procurement from farms and direct distribution to customers allow the Company to retain a meaningful portion of the value that would otherwise accrue to mandis, wholesalers and traders, supporting investments in processing, quality control and cold- chain infrastructure.

The portfolio spans fresh poultry, mutton, seafood and fish, alongside a growing range of pre- marinated ready- to- cook products, heat- and- eat snacks, kebabs and cold cuts such as chicken sausage and salami.

The Company follows an omnichannel distribution model, serving consumers through its proprietary website and mobile application, while also leveraging institutional and HoReCa partnerships, quick- commerce and e- commerce platforms and a growing network of partner retail outlets. Its operations are currently spread across five states, with a strong presence in key consumption markets including Delhi NCR, Bengaluru and Mumbai. The network is supported by cold- storage facilities, distribution hubs and fulfilment infrastructure, enabling the Company to maintain an end- to- end cold chain from sourcing to the point of consumption.

DSM Fresh Foods has also expanded its manufacturing and processing capabilities through Meevaa Foods, strengthening its presence in frozen, convenience and value- added food categories. The Companys secondary processing footprint comprises four facilities with an aggregate annual capacity of approximately 8,800 tonnes - Delhi (- 1,800 tonnes), Mumbai (- 1,000 tonnes) and Bengaluru (- 500 tonnes), primarily serving the Zappfresh business, and Chandigarh (- 5,500 tonnes), operated under the Meevaa Foods brand. In addition, the Company has developed an export- ready 30,000 sq. ft. manufacturing facility equipped with four parallel automated production lines, providing a platform for scaling value- added food production and pursuing export opportunities.

Beyond organic expansion, DSM Fresh Foods is strengthening its backward and forward integration through strategic investments across food processing, manufacturing and aquaculture businesses. This broader ecosystem approach is intended to improve sourcing security, expand manufacturing capabilities, diversify the product portfolio and capture a larger share of the food value chain.

Overall, DSM Fresh Foods is evolving from a fresh- meat focused business into a diversified, vertically integrated food platform, combining Zappfreshs fresh- protein and omnichannel capabilities with Meevaas frozen and convenience- food portfolio, while building the processing and manufacturing infrastructure required to participate across the wider Indian food ecosystem.

Acquisition Track Record

The Companys inorganic growth has followed a consistent acquihiring model: acquiring small, sub- scale or loss- making regional businesses, consolidating them under the Zappfresh platform, and applying the Companys technology, sourcing and process discipline to return them to profitability within a short period. Three acquisitions have been completed to date.

Acquired Business	Position at Acquisition	Outcome Under the Company
Sukos Foods Private Limited (Dr. Meat) July 2023	Loss-making, with inefficient business operations.	Brand consolidated under Zappfresh. Approximately fourfold revenue growth in the first year post-acquisition and a strengthened presence in the Bengaluru market. Turnaround driven by operational intelligence and business model change.
Majestic Aliments India Private Limited (Bonsaro) July 2024	Loss-making, limited scale, a standalone brand with a sub-optimal operating model.	Revenue of approximately Rs. 10 crores achieved in the first year post-acquisition and entry into the Mumbai market. Operations turned profitable through process and operating discipline, and the brand was consolidated under Zappfresh, improving scale and efficiency.
Ambrozia Frozen Foods Private Limited, acquired through Avyom Foodtech Private Limited January 2026	Peak revenue run-rate of approximately Rs. 16 crores, indicating scalable and viable operations, together with an avenue to an export-ready manufacturing platform.	Provided the Companys export-ready manufacturing platform and its entry into the frozen vegetarian ready-to-eat category. New products were launched into the domestic market through the existing app and website under the Meevaa Foods brand

Key Developments During the Year

Listing on BSE SME: The Company completed its initial public offering of 59,06,400 equity shares and was listed on the BSE SME platform on 9th October, 2025. Gross proceeds of Rs. 5,906.40 lakhs were received on 7th October, 2025, earmarked for capital expenditure, marketing expenditure, working capital and general corporate purposes.

Acquisition of Ambrozia Frozen Foods: In January 2026 the Company acquired Ambrozia Frozen Foods Private Limited through Avyom Foodtech Private Limited. The acquired business carried a peak revenue run- rate of approximately Rs. 16 crores and brought with it an export- ready manufacturing platform, which became the manufacturing base for the Companys entry into the frozen vegetarian ready- to- eat category.

Launch of Meevaa Foods: Following the Ambrozia acquisition, in February 2026 the Company launched Meevaa Foods, an export-grade frozen vegetarian snacks and ready-to-eat brand, with an earmarked investment of Rs. 10 crores over two to three years. The launch drew over 5,000 orders within 48 hours and represents the Companys first extension beyond the fresh protein category. Meevaa Foods is now the Companys second consumer brand alongside Zappfresh, manufactured at the Chandigarh facility and distributed through the existing Zappfresh network.

Backward integration into aquaculture: The Company established a seafood sourcing alliance covering 300 farmers organised on a farmer producer organisation model, began development of an aquaculture project with annual capacity of approximately 500 tonnes, and signed a memorandum of understanding with a Ghaziabad-based aquaculture farm operator covering approximately 270 acres at Village Masurie, in support of raising the fish and seafood contribution to revenue.

Institutional channel scale-up: The Company expanded its HoReCa and institutional footprint to over 300 restaurant and institutional customers, which drove a material shift in channel mix during the second half of the year.

Partner-led retail roll-out: Onboarded -100 stores, ahead of the original FY27 target, with a roadmap to 500 stores. The asset-light model can generate -Rs30 lakh annual revenue per store, supporting B2C expansion and brand visibility.

E-commerce listings: The Meevaa Foods range was listed on leading e-commerce platforms including Amazon and BigBasket during the year, extending availability across further consumption occasions and supporting convenience-led demand.

Awards and recognitions: The Company received the CII IPO Trailblazer 2025 Award, recognising governance, sustainable growth and long-term impact, and was a winner in two categories at AMA FutureScape 2025 – Innovation in Brand-Retailer Partnership, and Outstanding Start-up in the Agri-Food Sector.

Global recognition: The Managing Director was appointed IIMSAM Goodwill Ambassador, supporting advocacy for the UN Sustainable Development Goals of Zero Hunger, Good Health and Partnerships.

Financial Performance

Particulars (Rs. in Lakhs)	FY 2025-26	FY 2024-25	Change
Revenue from Operations	2,2081.81	13,073.38	68.9%
Total Income	22,230.93	13,147.48	69.1%
Total Expenses	19,881.13	11,982.34	65.9%
Gross Profit	-6,440	-4,560	41.4%
Gross Margin	29.2%	34.8%	-568 bps
EBITDA	-3,100	-1,600	-90.6%
EBITDA Margin	-14.0%	-12.2%	+180 bps
Profit Before Tax	2,316.50	1,165.14	98.8%
Profit After Tax	1,436.78	902.76	59.2%
Net Profit Margin	6.51%	6.91%	-40 bps
Basic / Diluted EPS (Rs.)	7.46	5.51	35.4%

Details of Significant Changes in Key Financial Ratios

Pursuant to Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details of significant changes in key financial ratios, being changes of 25% 25% or more as compared with the immediately previous financial year, together with explanations, are set out below.

Particulars	31.03.2026	31.03.2025	Change	Explanation
Current Ratio	2.17	1.84	18.25%	-
Debt-Equity Ratio	0.55	0.65	(14.27%)	-
Debt Service Coverage Ratio	1.61	1.15	40.07%	The reason for increase is due to increase in finance cost
Return on Equity Ratio	17.39	20.76	(16.24%)	-
Trade Receivables Turnover Ratio	6.09	11.87	(48.69%)	Decrease is on account of extended credit terms granted to key institutional and HoReCa customers in order to support the scale-up of the B2B channel, which now contributes 68% of revenue. Debtor days increased correspondingly during the year.
Net Capital Turnover Ratio	2.74	6.48	(57.80%)	Decrease is on account of net working capital expanding at a faster rate than revenue, reflecting deployment of IPO proceeds into working capital and the higher receivables associated with the institutional channel.
Net Profit Ratio	6.51	6.91	(5.77%)	-
Return on Capital Employed	16.83	19.20	(12.34%)	-

SEGMENT-WISE AND PRODUCT-WISE PERFORMANCE

Product- wise Performance

Product Category	Primary Offerings	Role in the Portfolio
Fresh Poultry & Mutton	Curry-cut, boneless, drumsticks and tender goat meat cuts.	Baseline volume driver and the principal source of order frequency. Chicken remains the single largest contributor to revenue.
Seafood & Fish	Responsibly sourced freshwater and marine varieties, cleaned and recipe-ready.	The Fastest-growing category and the focus of backward integration. Contributed approximately 27% of core non-vegetarian revenue in FY 2025-26, against a medium-term target of around 30%.
Ready-to-Cook (RTC)	Pre-marinated gourmet selections including tandoori, malai and afghani preparations.	Gross-margin accretive; raises average order value and share of wallet without additional acquisition cost.
Ready-to-Eat (RTE) & Cold Cuts	Heat-and-eat kebabs, snacks, samosas, chicken ham and salami; frozen vegetarian range under Meevaa Foods.	Highest-margin category and the Companys principal route into a broader, non-meat-eating consumer base and export base.

Geographic Split (FY 2025-26) Figure 3: Geographic revenue split, FY 2025-26.

RISKS AND MITIGATION

1. Supply Chain and Cold Chain Disruption Risk

Risk: Fresh meat and seafood are highly perishable. Any failure in cold chain logistics, temperature control or regional transport can result in product spoilage, inventory loss, service failure and reputational damage. The risk is inherent to the Companys core proposition, since it sells fresh rather than preserved product.

Mitigation: The Company operates its own processing centres, cold storages, distribution hubs and Fulfilment infrastructure rather than relying on third- party cold chain, giving it direct control over temperature integrity across the value chain. Capital expenditure from IPO proceeds has been directed towards additional cold storage capacity. Monitoring systems and defined escalation protocols operate across the network, and demand forecasting is used to align procurement with expected offtake and limit inventory exposure.

2. Raw Material Sourcing and Input Cost Risk

Risk: Volatility in livestock feed prices, seasonal availability of seafood and disease outbreaks affecting poultry or livestock directly influence input costs and operating margins. As a substantially domestic sourcing business, the Company has limited ability to hedge these exposures financially.

Mitigation: Purchases are spread across a wide supplier base so that no single source is critical, and the Company is progressively moving upstream. The aquaculture sourcing alliance, organised on a farmer producer organisation model, together with the associated land aggregation and the Companys own aquaculture project, is intended to bring a growing share of seafood volume under direct or contracted supply, reducing exposure to spot market volatility while supporting an expected gross margin benefit of 200-300 basis points in that vertical.

3. Working Capital and Receivables Risk

Risk: The scale- up of the institutional and HoReCa channel, which now represents 68% 68% of revenue, has required the extension of credit to key B2B customers. Trade receivables turnover declined by 48.69% 48.69% during the year and the net capital turnover ratio by 57.80% 57.80% , the working capital cycle extended to 67 days from 43 days, and cash flow from operations was an outflow of approximately Rs. 4,780 lakhs. A lengthening cycle absorbs cash that would otherwise fund growth, and concentrates counterparty credit exposure.

Mitigation: The Company monitors its liquidity position on a continuous basis and maintains a prudent liquidity management framework. Credit is extended selectively and against defined internal limits, with collection performance reviewed by management on a regular cycle. IPO proceeds have been allocated in part to working capital specifically to fund this growth without recourse to incremental borrowing; the debt- equity ratio improved to 0.55 from 0.65 during the year. The Company continues to balance the revenue visibility that the institutional channel provides against the working capital it consumes.

4. Competition Risk

Risk: The organised fresh protein segment is competitive and well capitalised, with participants including Licious, FreshToHome and TenderCuts, alongside regional operators and the unorganised trade which still controls the majority of volume. Barriers to entry in online retail are low, and aggressive discounting across the quick- commerce and D2C landscape can compress margins and inflate customer acquisition costs.

Mitigation: The organised fresh protein segment is competitive and well capitalised, with participants including Licious, FreshToHome and TenderCuts, alongside regional operators and the unorganised trade which still controls the majority of volume. Barriers to entry in online retail are low, and aggressive discounting across the quick- commerce and D2C landscape can compress margins and inflate customer acquisition costs.

5. Product Quality, Food Safety and Regulatory Risk

Risk: Product quality and food safety are existential concerns for a business of this kind. A single failure against established standards can trigger regulatory action, forfeit consumer trust and damage the brand far beyond the incident that caused it. Operating under Food Safety and Standards Authority of India norms, environmental standards and local municipal regulation require continuing compliance investment and operational vigilance.

Mitigation: Quality and safety are managed through defined procedures at every stage - sourcing, processing, storage, dispatch and delivery - with monitoring built into each. Operations are certified under FSSAI registration, HACCP, ISO 9001 and Halal standards, and the Company holds SMSLA certification. The Companys export- ready processing platform is constructed to standards that support entry into international markets, which sets a higher bar than domestic requirements alone. Management reviews quality parameters on a regular cycle, and deviations are investigated and corrected at source.

Fssai (License Number: 10821999000392) Halal Certificate Number: IND25032707

Internal Control Systems and Their Adequacy

The Company operates a system of internal controls scaled to the nature, size and complexity of its business. The system is built to give reasonable assurance on five things: that assets are safeguarded; that fraud and error are prevented or detected; that accounting records are accurate and complete; that applicable law and regulation are complied with; and that reliable financial information is produced on time.

Documented policies, procedures and authority matrices govern procurement, inventory, processing, sales, logistics, finance and information technology. Because the Companys inventory is perishable and its cold chain network geographically dispersed, controls over stock movement, temperature compliance and wastage carry particular weight and receive proportionate attention.

Controls are tested through the year, and where testing surfaces a gap, remedial and preventive action follows. Management reviews run on a regular cycle across the network. The Audit Committee considers the adequacy and effectiveness of the internal financial control framework together with the findings raised through internal audit, and tracks those findings through to closure.

FY 2025- 26 was the Companys first full reporting cycle as a listed entity. Compliance and financial reporting processes were strengthened accordingly to meet the standard expected of listed companies, and an additional Independent Director was appointed to reinforce oversight at Board level.

Material Developments in Human Resources and Industrial Relations

The Company continued to strengthen its human resource capabilities during FY 2025- 26 in support of its growth strategy, operational expansion and product diversification. Focus areas included talent acquisition, employee engagement, capability development, leadership strengthening and technology- enabled workforce management.

The Companys workforce is deployed across processing, cold chain and fulfilment operations, technology, sales and corporate functions. As on 31st March, 2026, the Company had a workforce strength of approximately 73 employees across its operations. The Company also engages a wider network of associated personnel across its fulfilment and delivery operations.

Industrial relations remained cordial and harmonious throughout the year, with no significant disruption to operations. The Company maintained a positive work environment founded on employee welfare, transparency and compliance with applicable labour laws. Given the nature of its processing operations, the Company places continuing emphasis on workplace safety, hygiene training and food- handling standards across all facilities.

Community Initiatives

The Company continued to run community programmes alongside its commercial operations during the year. Under a partnership directed at women farmers below the poverty line, the Company committed to sourcing 1,000 kg of poultry directly from women farmers on fair and stable pricing terms, supported by access to technology and digital farming tools, financial support through Heifer Impact and improved market linkages - an arrangement that strengthens the Companys own sourcing base while raising farm incomes. Through the Beti Foundation the Company supported education and learning initiatives, womens empowerment and livelihood programmes, girls hygiene and sanitary distribution drives, and financial, food and in- kind community welfare support.

STRATEGIC PRIORITIES TO FY 2027- 28

The plan to FY 2027- 28 rests on four pillars, set against a base that has compounded at approximately 58% 58% a year between FY 2022- 23 and FY 2025- 26 - from revenue of Rs. 56.3 crores to Rs. 220.8 crores - with EBITDA margin rising from approximately 5.5% 5.5% to 14.1% 14.1% over the same period. The Companys own projection to FY 2027- 28 assumes revenue growth of approximately 70-80% 70 - 80% a year and an EBITDA margin in the 17-19% 17 - 19% range.

Acquiring model. Continued acquisition of sub-scale or underperforming regional businesses for consolidation under the Zappfresh platform, following the template established by the Sukos Foods, Majestic Aliments and Ambrosia transactions.

Diversifying the geographic footprint. Pin-code-led expansion within existing geographies, focused on consumption-heavy cities and deeper serviceable demand pockets; scale-up of Meevaa Foods through the existing Zappfresh network, which gives the brand plug-in access from day one, pan-city visibility without incremental distributor onboarding and a scale-up cycle of six months or less against a standalone launch; and build-out of regulated export markets including Canada, the Middle East, the United States and Europe with stock-keeping units targeted at global frozen and ready-to-eat demand.

Higher share of value-added products: Continued shift towards ready-to-cook, ready-to-eat and frozen products under Meevaa Foods, alongside a greater mix of higher-margin fish and seafood categories, supporting portfolio diversification and margin expansion.

Backward integration: Strengthening its integrated aquaculture ecosystem with 1,700+ seafood farmers, supported by sourcing partnerships, land aggregation and Varuna Aquatech, aimed at improving supply security, reducing procurement costs and driving 200-300 bps EBITDA margin expansion, while creating an estimated -Rs40 crore annual revenue opportunity. Seafood accounted for approximately 27%27% of core non-vegetarian revenue in FY 2025-26 against a medium-term target of around 30%30% .

CAUTIONARY STATEMENT

The above mentioned statements are only forward looking statements based on certain assumptions and expectations. The Companys actual performance could differ materially from those expressed/projected depending upon changes in various factors. The Company does not assume any responsibility to any change(s) in forward looking statements, on the basis of subsequent developments, information or events etc.

Important developments that could affect the Companys operations include a downward trend in the domestic industry, competition, rise in input costs, exchange rate fluctuations, and significant changes in the political and economic environment in India, environmental standards, tax laws, litigation and labour relations

References

1. International Monetary Fund, World Economic Outlook, April 2026 - https://www.imf.org/- /media/files/publications/weo/2026/april/english/text.pdf

2. Economic Survey 2025-26, Government of India, as summarised by IBEF, Economic Survey 2025-26, Analysis and Key Findings (global food prices and crude oil movement, CY2025).

3. International Monetary Fund, World Economic Outlook, April 2026.

4. Economic Survey 2025-26, tabled in Parliament on 29th January, 2026; summary published by PRS Legislative Research - https://prsindia.org/policy/report- summaries/economic- survey- 2025- 26.

5. Economic Survey 2025- 26 - https://www.pib.gov.in/economicsurvey/2026/en/index.aspx?reg=48&lang=2.

6. Press Information Bureau, Government of India, 2025: A Defining Year for Indias Growth; Reserve Bank of India Monetary Policy Committee decisions, April- December 2025.

7. Economic Survey 2025- 26; sectoral GVA growth and GST 2.0 rate rationalisation.

8. India Brand Equity Foundation, Food Processing Industry, 2026 - https://www.ibef.org/industry/food- processing

9. Mordor Intelligence, India Frozen Traditional Meals Market, 2026 (India quick- commerce gross order value, FY 2024- 25 and 2027 projection) - https://www.mordorintelligence.com/industry- reports/india- edible- meat- market

10. Mordor Intelligence, India Edible Meat Market Size & Share Outlook to 2031- https://www.mordorintelligence.com/industry- reports/india- edible- meat- market

11. IMARC Group, Indian Frozen Foods Market Size, Share and Forecast 2034 - https://www.imarcgroup.com/frozen- foods- market- indian

12. Persistence Market Research, India Frozen Food Market Size, Share and Growth Forecast 2026- 2033 - https://www.persistencemarketresearch.com/market- research/india- frozen- food- market.asp

13. Seafood Space - https://www.imarcgroup.com/india- aquaculture- market?utm