Adf Foods Limited · NSE:ADFFOODS
Adf Foods — Q4 FY26 Earnings Presentation
50 slides from Adf Foods's earnings presentation, May 13, 2026
Slide 1: Exchange filing cover letter
13th May, 2026 AtJr F O ODS LT D. 'Jeedi_,Uf dw wodd.. National Stock Exchange of India Limited, BSE Limited, Exchange Plaza, Department of Corporate Services, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Dalal Street, Mumbai - 400 051. Mumbai - 400 001. Symbol: ADFFOODS Scrip Cod
Slide 2: ADF Foods Ltd Investor Presentation Q4 & FY26
FOOD TD. J dim; tit wo~ld.. ADF Foods Ltd Investor Presentation Q4 & FY26 May 2026 o ..- ~ 1
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by ADF FOODS LTD (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and
Slide 4: Contents
Contents 01 Company Overview 02 Business Overview 03 Growth Strategy & Drivers • 5 Brands, 5 Stories • Strong Marketing & Distribution ADF • Manufacturing Excellence • Strategic Innovation SC®UL • People & Capabilities 04 ESG 05 Annual Performance Highlights
Slide 5: Company Overview
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Slide 6: ADF Snapshot
ADF Snapshot • -- • -- El _ _ Leading Manufacturer of Prepared Ethnic Food 9-decade Vintage with origins dating back to 1932 Cutting-edge Manufacturing & Extensive Distribution A Culinary Powerhouse with Diverse Products Leading Manufacturer & Supplier of prepared Cutting-edge ethnic food, specializ
Slide 7: Our Legacy
Our Legacy 2016 2023 Truly Indian brand Expanded launched in Germany manufacturing 1996 mainstream market. capacity at the Moving towards Products included RTE Nadiad plant to ₹1,000 Crore Set up a new foods, chutneys and 1960 1992 meet rising Revenue manufacturing sauces global demand Listed on BSE
Slide 8: Business Overview
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Slide 9: Executive Summary (1/2)
Executive Summary (1/2) Structural Category Multiple Scalable Growth Capacity Expansion Tailwinds Engines for Scale • Rising global demand for convenient, authentic • Ashoka anchors South Asian diaspora-led growth • Surat greenfield project (Phase 1) has begun RTE / RTC Indian food, driven by lifest
Slide 10: Executive Summary (2/2)
Executive Summary (2/2) Macro • Resilient business performance despite evolving macroeconomic headwinds, including tariff-related changes and geopolitical developments (West Asia conflict) Environment Update • Navigating growth amid trade-route disruptions and supply-chain challenges • Ashoka (flags
Slide 11: Q4 & FY26 Key Financial Update (Consolidated)
Q4 & FY26 Key Financial Update (Consolidated) Highest-Ever Revenue Backed by Strong Growth across key metrics INR 196.7 Crores INR 34.3 Crores INR 25.9 Crores Q4 FY26 Revenue from Operations EBITDA PAT 23.7% YoY 38.9% YoY 57.6% YoY • Strong double digit growth despite geopolitical • Robust YoY growt
Slide 12: Q4 & FY26 Key Financial Update (Standalone)
Q4 & FY26 Key Financial Update (Standalone) Robust Growth Across Revenue and Profits INR 150.3 Crores INR 36.5 Crores INR 30.1 Crores Q4 FY26 Revenue from Operations EBITDA PAT 11.6% YoY 24.8% YoY 40.0%YoY • EBITDA at INR 36.5 Crores, reflecting a • PAT increased by 40.0% YoY from INR • Sustained do
Slide 13: Q4 FY26 Financial Performance
Q4 FY26 Financial Performance Consolidated Performance Revenue from Operations (INR Cr.) EBITDA (INR Cr.) & EBITDA Margin (%) PAT (INR Cr.) & PAT Margin (%) 191.0 196.7 15.5% 19.4% 17.4% 10.3% 15.3% ( 13.2% ) 37.1 29.2 * 34.3 25.9 159.1 24.7 16.4 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Q4 FY
Slide 14: Segment Performance
Segment Performance Processed Foods Distribution Revenue from Operations (INR Cr.) Revenue from Operations (INR Cr.) 580.9 102.4 505.0 84.5 FY25 FY26 FY25 FY26 EBITDA (INR Cr.) & EBITDA Margin (%) EBITDA (INR Cr.) & EBITDA Margin (%) 22.4% ) [ 24.6% ) 13.4% [ 14.7% ) 15.1 142.8 113.1 11.3 FY25 FY26
Slide 15: Business Segments
Business Segments • Business comprises core manufacturing i.e., processed foods business and agency distribution business • 2 Core Segments Processed Foods Distribution 15% One of the largest Indian exporters of processed foods Strong presence in US and UK • Agency distribution business for leading
Slide 16: Product Portfolio
Product Portfolio Key Products [I - · Frozen Products - - ] [_■_1a_f Ready-to-eat & Ready-to-cook _ ____ J [_._ :_ 1 Food Accompaniments _ _ _ _ _] [_~_,,_~h_____J Spices & Others • Snacks & Samosas • Curries – Regular & Vegan • Pickles • Spices • Indian Breads • Cooked Rice • Chutneys • Tamarind •
Slide 17: Growth Strategy and Drivers
I' t[) 0 D TD. 1, J,,, 1ft w M.. Growth Strategy and Drivers
Slide 18: Strategic Growth Pillars
Strategic Growth Pillars Pillar 1 5 Brands, 5 Stories 01 Pillar 2 02 Strong Marketing & Strengthened Distribution Aligning Brand Pillar 3 Strength with 03 Manufacturing Excellence Scalable Execution Pillar 4 04 • Strategic Innovation 05 Pillar 5 • People & Capabilities: Strengthened Teams 0 17 AB~ ~
Slide 19: Key Growth Drivers
Key Growth Drivers Potential to reach INR 1,000+ crores Revenue in FY27 Continuous & Strategic Brand Investments - 1,000+ + 100+ Strengthening market presence through deeper penetration and enhanced shelf space across all brands ADF S<®UL ----------- - + ~180 ---------- +~250 Annual Growth Rate t 20
Slide 20: 5 Brands, 5 Stories
0 D LTD. 5 Brands, 5 Stories
Slide 21: 5 Brands, 5 Stories
5 Brands, 5 Stories Bold Flavours Made with Traditional Recipes, using Authentic Ingredients Target: South Asian Diaspora USA, Canada, UK, Europe, APAC, Middle East Affordable Indian Kitchen Staples for Convenient, Ready-to-eat Solutions for Everyday Use Globally Curious Consumers Target: Budget con
Slide 22: Ashoka: ADF Foods' Flagship Brand
Ashoka: ADF Foods' Flagship Brand ll Target Audience Born in 1980, Ashoka is ADF Foods' flagship brand catering to South Asian Sales & Distribution Channels diaspora families and working professionals seeking convenient, Ashoka Brand Sales (INR Cr.) authentic Indian dishes -- --- --· Product Feature
Slide 23: Truly Indian: Unlocking Global Markets With Authentic Indian Flavours
Truly Indian: Unlocking Global Markets With Authentic Indian Flavours Bridging Cultures with Authentic Indian Taste Target Audience Presence Targeted at the global mainstream population, specifically non-Indian Strong presence across Germany, now growing strong in USA audiences seeking to try authen
Slide 24: Truly Indian: Award-Winning, Industry-Recognized
Truly Indian… Award-Winning, Industry-Recognized Say Hello to a Industry-Endorsed Recognition in USA WINNER! At the biggest award ceremony in the industry and out of 1000s of products, Truly Indian Tikka Masala Naan took home the NEXTY for Best Breads and ,'"' Bakery Product, 1 of only 37 winners! ~
Slide 25: Truly Indian: Staple Award-Winning Heroes
Truly Indian… Award-Winning, Industry-Recognized Staple Award-Winning Heroes! National availability frozen and pantry must-haves! Simply Recipes The 2026 Freezies Awards AllRecipes Golden Cart Awards WINNER WINNER 2026 Tandoori Garlic Naan "<Ua!V ' 0 0• • 1R:Ull' l~DIANJ 4 , , . , . . , . , ~ - • -
Slide 26: ADF Soul: Delicious, better-for-you packaged food products
ADF Soul: Delicious, “better-for-you” packaged food products For modern Indian urban consumers Target Audience Sales & Distribution Channels • - - - - - - ~ • - - - - - Urban audience, residing in metropolitan cities Own website: https://soul-foods.in/ Consumers seeking products that balance flavour
Slide 27: Camel & Aeroplane: Our Other Esteemed Brands
Camel & Aeroplane: Our Other Esteemed Brands Delighting Arabic Offering Affordable Solutions to Consumers for 100+ years Budget Conscious Consumers Premium brand serving Tradition-Preserved Value for money brand targeted at quality - Recipes for Arab audiences Target Audience conscious expat consume
Slide 28: Strong Marketing & Strengthened Distribution
0 D LTD. Strong Marketing & Strengthened Distribution
Slide 29: Ashoka: Marketing Initiatives
Ashoka: Marketing Initiatives Branding and on-ground activation of our flagship brand Ashoka America's largest online .$~ Indian supermarket ,• n weee 1nd1an Bring Ho the Authe 28 ABf' F O O D S TT D 'JeNli1u1tliewmld.
Slide 30: Ashoka: Marketing Initiatives
Ashoka: Marketing Initiatives Increased Presence on Social Media Presence on Willow TV Digital ~ - -- -- - -- - - cl) WILLOW flome -Spo,b Matthes Series Teams -..-. Mo<e. @ "'~ India vs England, 2nd Semi.final • Live Stream Senes:ICCMetl'sT20WOftdCup202I \ltnUt:~SIDlffl ,._,,. Date&Tlfflfr.loday 700
Slide 31: Truly Indian: Marketing Initiatives
Truly Indian: Marketing Initiatives Branding and on-ground activation for Truly Indian Major Retail Campaigns Trade Marketing & Industry Awards Costco TX Rotation, Whole Foods Market national endcap! Expo West, KeHE Summer Show, C.A. Build Meeting 2026 ~ EDITORS' PICKS BEST NEW PRODUCT CosTCO WHOI.E
Slide 32: Truly Indian: Marketing Initiatives
Truly Indian: Marketing Initiatives Online Platform Growth 31 - ABf I OODS LTD u J,•('t/i,,9 11.,,"'..
Slide 33: Truly Indian: Marketing Initiatives
Truly Indian: Marketing Initiatives Digital Marketing Development Reaching shoppers through retail media, shoppable ads, and geo-targeted displays at point of purchase. H-E-8 amazon INMAR. CID ♦ Delivery by 6,00pm • 6.2 ml Central Market Prepared Meals • Groceries• Organic ~ +Delivery by 5:30pm • 4
Slide 34: ADF Soul: Marketing Initiatives
ADF Soul: Marketing Initiatives [_ _ _ _) [...__ _ _) [_ _ _ _) Continued presence on Social Media WhatsApp / Email and Referral Marketing E-Commerce and Quick Commerce Marketing This Gudi Padwa, add a little extra Soul to your plate. BUY ANY SOUL PICKLE GET ADIP FREE O 33 · • - - - - - - - - - - -
Slide 35: Manufacturing Excellence
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Slide 36: Manufacturing Facilities
Manufacturing Facilities Plant 1 Surat, Gujarat Plant 2 Nadiad, Gujarat Plant 3 Nashik, Maharashtra Surat • Total Built up area – ~14,300 Sq.mt. • Total Built up area - ~26,000 Sq.mt. • Total Built up area – ~12,000 Sq.mt. • Frozen foods (Snacks & Samosas, • Frozen foods (Snacks & Samosas, Indian •
Slide 37: Surat Greenfield Update
Surat Greenfield Update Surat plant operations commenced in Q4 FY26 0 36 AB~ ~OODS I.TD. '7eNli1u1 tlu, wml,L
Slide 38: Warehousing Facilities
Warehousing Facilities Cold storage facility in New Jersey, USA Warehousing and Distribution Facilities • Combined area of 100,000 sq. ft for warehousing and distributing operations shared among two warehouses in Atlanta and New Jersey (NJ) • Enhanced capabilities through the establishment of a new
Slide 39: Strategic Innovation
0 D LTD. Strategic Innovation
Slide 40: Shaping Products and Processes for a Changing Market
Shaping Products and Processes for a Changing Market Driving innovation through practical solutions that balance consumer needs with scalability and quality. New Product Development Category Expansion Packaging Adaptation Launch of combo packs – Royal Introduction of health-forward Shelf-stable form
Slide 41: Supported by Stringent Quality Control
Supported by Stringent Quality Control Quality control certifications and processes ensure high standards and excellence in our industry SMETA~• Sede~ 0 UKAS PRODUCT Food Safety CERTIFICAT ION CERTIFICATED 0005 40 ;\Bf' F ,,:, \ ' 1 .:i :.; I T .)_ ·_7. ..,.•ff•~ •::~- .,,:.Vi~i .
Slide 42: People & Capabilities
0 D LTD. People & Capabilities
Slide 43: Governed by experienced Board Of Directors
Governed by experienced Board Of Directors Bimal Thakkar Viren Merchant Jay Mehta Ameet Hariani Chairman, Managing Non-Executive Director Non-Executive Director Independent Director Director and CEO • 40+ years of experience in • 40+ years of experience and • 40+ years of rich industrial • 35+ years
Slide 44: Organisation Chart
Organisation Chart CMD India Support Sales and Marketing Manufacturing operations Business Functions President USA Business 11 Country / Sales Director Operations j President J CFO Managers Vice President Marketing Head VP - Sales & Strategy Manufacturing Canada : 1 USA : 5 Sales Head CS, VP - Legal
Slide 45: ESG
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Slide 46: ESG Metrics & Key Initiatives – FY26
ESG Metrics & Key Initiatives – FY26 Improving resource efficiency, strengthening compliance, and scaling community impact through focused CSR programs Environmental – Performance Metrics & Initiatives Better conservation of natural resources ZLD commissioned ZLD upgraded Renewable transition 7.17%
Slide 47: Annual Performance Highlights
0 D LTD. Annual Performance Highlights
Slide 48: Consolidated 5-year Financial Highlights
Consolidated 5-year Financial Highlights Particulars (INR crores unless stated) FY22 FY23 FY24 FY25 FY26 Profit & Loss Highlights Revenue from Operations 421.2 450.3 520.3 589.6 683.2 Gross Profit 211.5 235.9 276.2 341.4 410.5 Gross Profit (%) 50.2% 52.4% 53.1% 57.9% 60.1% EBITDA 66.6 80.6 104.9 98.
Slide 49: Consistent Shareholder Returns
Consistent Shareholder Returns Value creation for shareholders Consistent shareholder value creation through dividend payouts and buyback of shares INR 100+ Cr. returned to our shareholders since FY22 43.9 13.2 13.2 13.2* 11.0 8.8 FY22 FY23 FY24 FY24 FY25 FY26 - Regular Dividend (INR Cr) - Special D
Slide 50: Thank You!
Thank You! ADF Foods Limited Ernst & Young LLP CIN: L15400GJ1990PLC014265 Investor Relations Advisory Srinivas Ayyagari, CFO Ravi Udeshi Sumedh Desai srinivas@adf-foods.com ravi.udeshi@in.ey.com sumedh.desai@in.ey.com FOODS l TD. 9eedilUf tlw w=&l..