Slide 1: Q2 & H1 FY26 Earnings Presentation
Q2 & H1 FY26 Earnings Presentation 4th November 2025
Slide 2: Driving Q2 & H1 FY26
Driving Q2 & H1 FY26 Company Business Performance Overview Transformation Update 3 13 21 2
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Slide 4: Large, compounding market; significant revenue scale
Nationwide manufacturing & Large, compounding Significant revenue scale distribution footprint market INR 508 Bn market. Growing at 14% FY25 Revenue of INR ~ 17 Bn 16 manufacturing facilities; CAGR(1) 10-year revenue CAGR: 12%(2) Presence across ~2.5 Mn retail outlets Market Diverse product portfoli
Slide 5: Product Presence Facility
2003 2025 Product Single Product - Potato Chips Diverse Product Portfolio Presence Single Market – Mumbai Pan-India Presence 16 Facilities - 7 Owned and 9 3P Facility Single Facility - Indore Facilities Snapshot of Recent Growth 2015 2025 Revenue Rs. 549 Cr Rs. 1,707 Cr SKUs 60+ 150+ Facilities 4 Fa
Slide 6: Appealing to consumers and trade partners
Appealing to consumers and trade partners Extruded Snacks Potato Chips Namkeen Others 33% 56% 22% 21% 45% 18% 5% Industry PSL Industry PSL Industry PSL PSL MARKET LEADER IN RINGS, TOP 5 IN WESTERN SAVOURY SNACKS 6
Slide 7: 16 strategically located manufacturing facilities
Reduced distribution costs; Improved time-to-market; Disciplined investment mindset 16 STRATEGICALLY LOCATED MFG. FACILITIES TO CATER TO THE REGIONAL DEMAND Owned Facility North India 3P Facility (31% of rev.) Nationwide manufacturing footprint (4 plants) Hisar, Karnal, Kanpur, Patna ⚫ Optimised dis
Slide 8: Appealing to customers across socio-demographic profiles
Appealing to customers across socio-demographic profiles CATEGORIES CHILDREN YOUTH ADULTS/FAMILY Rings, Kurves, Puff, Stix ✓✓ Chulbule ✓✓ ✓✓ Extruded Snacks Pellets ✓✓ ✓✓ Potato Chips ✓✓ ✓✓ ✓✓ Potato Chips Namkeen ✓✓ ✓✓ Namkeen Others ✓✓ ✓✓ ✓✓ Others Targeting value for money segment 8
Slide 9: High standards of Corporate Governance
Chairman & Executive Director Managing Director and CEO Executive Director (Operations) Arvind Mehta Amit Kumat Apoorva Kumat Over 36 years of experience in the real estate Over 29 years of experience in the snacks Over 29 years of experience in the snacks sector and more than 22 years of expertise
Slide 10: Consistent execution track record
Growth impacted by sharp Consistent execution track record inflationary pressures which resulted in subdued consumer demand TOTAL REVENUE (INR Mn) COVID 17,077 16,529 16,179 DISRUPTION Avadh 13,938 13,966 Acquisition 1,688 11,706 11,711 10,174 8,940 7,572 5,493 12,250 4,460 FY14 FY15 FY16 FY17 FY18
Slide 11: Company history and milestones
2003 - 12 2014 – 19 2020 – 24 2025 - 26 Company founded Emerged as market leader in Rings Emerged as market leader in Extruded Peak XV Partners (formerly Sequoia category in India Snacks category in India Capital) sold its 47% stake to Authum Set up a plant to manufacture Potato Investment & Infrast
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Slide 13: A multi-pronged approach to unlock value and scale efficiently
A multi-pronged approach to unlock value, scale efficiently, and future proof operations Revamped Product Portfolio Operational Efficiency & Strategy Margin Focus Region Specific Growth Tech Enabled Execution Playbooks Channel Diversification Strategic Brand Building 13
Slide 14: Revamped product portfolio strategy
NEXT Products ANCHOR Products GROWTH Products (Healthy Puffs, Makhanas, Pop (Chips, Chulbule, Rings) (Pellets, Namkeen) Corn) ⚫ Premiumisation ⚫ Value-driven offerings ⚫ ‘Better for you’ positioning ⚫ Flavour led growth ⚫ Regional specific products ⚫ Channel specific play ⚫ Innovation led differenti
Slide 15: Strategic Market Segmentation: Command, Expand, Maintain
Strategic Market Segmentation to Drive Focused Investment and Scalable Growth Command Expand Maintain Regions Regions Regions ⚫ High-margin region with a strong ⚫ Large markets where PSL has gained ⚫ Maintain market share while optimizing existing PSL presence and an established initial traction cos
Slide 16: Scaling large packs via Q-Commerce, Modern Trade, Exports
Scaling large packs via Q-Commerce, Modern Trade, Exports & Institutions backed by a dedicated team Q-Commerce Channel Exports Modern Trade ⚫ Launched on multiple ⚫ Started distribution in 9 ⚫ Listed in a leading chain platforms in Q4FY25 countries across Middle and in discussion with 3 ⚫ Building d
Slide 17: Seeking improvement of 2-3% in EBITDA margin
Seeking improvement of 2-3% in EBITDA Margin as outcome of these efforts Cost Enhanced Optimization Visibility of Plant Initiatives Margin Network Realignment ⚫ Optimizing factory and field costs through ⚫ Securing forward contracts for key manpower benchmarking, automation, and ⚫ Plan to consolidat
Slide 18: Leveraging technology for smarter, faster operations
Leveraging technology for smarter, faster, and scalable operations Implemented leading ERP system Sales Tech for organization-wide for real-time data Market visibility and faster decisions in sales, procurement, production, and Execution and inventory Channel Growth Backend Tech based procurement pl
Slide 19: Brand seen to be energetic and vibrant
Brand seen to be energetic and vibrant Brand Philosophy Brand tagline encapsulates the Consumer oriented focus philosophy of Providing value in multiple ways – great delivering value taste, high quality ingredients, vibrant to the customer packaging, reasonable price Past Associations / Brand Ambass
Slide 20: Revenue growth, EBITDA margin, ROCE targets
CONSISTENT ~15% GROWTH Revenue growth (faster than industry) PROFITABILITY >10% CENTRIC EBITDA margin CAPITAL 15-20% EFFICIENCY ROCE 20
Slide 21: - _ TOY, TRAIN
- _ TOY, TRAIN INSIDE: 21
Slide 22: Improvement in profitability in Q2FY26 YoY and QoQ
Witnessed improvement in PSL is working on further levers for Reported Revenue of Rs. 4,298 Mn profitability in Q2FY26, on a YoY as growth and structural in Q2, growth of 5% QoQ well as QoQ basis enhancement of margin ⚫ The Company delivered revenue growth on a ⚫ Slight easing in palm oil prices alo
Slide 23: Initiatives to overcome sharp rise in input prices
Undertaking multiple initiatives to overcome sharp rise in input prices RM/PM Price variance from Q2 FY25 to Q2 FY26 +28% -21% -3% 0% Palm Oil Potato Corn Film ⚫ On a YoY basis, there has been sharp inflation in Palm Oil prices, which is the most widely used input across the product basket ⚫ There w
Slide 24: Management commentary on second quarter
“We have navigated the second quarter with resilience amid a demand environment that continues to be challenging. Revenues for Q2FY26 of Rs. 4,298 million were higher by 5% on a QoQ basis. However, Q2 revenues reflect a modest decline on a year-on-year basis, primarily due to impact from GST transit
Slide 25: Profit and loss statement
Y-o-Y Y-o-Y (INR Mn) Q2 FY’26 Q2 FY’25 H1 FY’26 H1 FY’25 Change (%) Change (%) Sales/Income from operations 4,297.9 4,387.5 -2% 8,387.3 8,578.7 -2% Other operating Income 21.0 23.4 -10% 41.6 46.5 -11% Total Income from Operations 4,318.9 4,410.8 -2% 8,428.9 8,625.2 -2% Raw Material Cost 3,031.0 3,12
Slide 26: Balance sheet
September September (INR Mn) March 2025 Change (%) (INR Mn) March 2025 Change (%) 2025 2025 Closing cash and cash 283.4 111.6 154% Payables 1,064.6 1,251.3 -15% equivalents Fixed Deposit with Banks 645.3 952.3 -32% Other current liabilities 191.0 252.6 -24% Inventory 1,299.7 1,486.5 -13% Other finan
Slide 27: Cash flow and cash position
Y-o-Y (INR Mn) H1 FY’26 H1 FY25 Change (%) Reported EBITDA 409.1 491.9 -17% Non cash items in P&L 8.1 (39.8) -120% Commentary Change in WC (153.7) 134.6 -214% • Continued to generate healthy cash flows Income tax paid 0.9 (37.8) -102% Cash From Operating Activities 264.4 548.8 -52% • Strong balance
Slide 28: Revenue from Operations and Gross Profit
Revenue from Operations Gross Profit (INR Mn) (INR Mn) Gross Profit Gross margin 8,625 8,429 2,598 2,462 4,411 4,319 1,282 1,288 29% 30% 30% 29% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Modest decline in topline by 2% YoY Gross margin improved to 29.8% in Q2 FY26 ⚫ Income from
Slide 29: EBITDA and PAT
EBITDA (INR Mn) PAT (INR Mn) EBITDA EBITDA margin PAT PAT margin 156 492 409 229 192 62 48 41 1.4% 1.8% 4.3% 5.3% 5.7% 4.9% 0.6% 1.0% Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Reported EBITDA of Rs. 229 Mn in Q2 FY26 Reported PAT of Rs. 41 Mn in Q2 FY26 ⚫ EBITDA increased by 19
Slide 30: Adj. Cash profit and Adj. Cash EPS
Adj. Cash profit Adj. Cash EPS (INR Mn) (INR) 18.9 451 15.9 380 202 8.0 8.5 190 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Reported increased Cash profit in Q2 FY26 on a YoY basis Cash EPS remains resilient ⚫ Increase in cash profit is in line with improving trend in ⚫ The Compa
Slide 31: Forward-looking statements disclaimer
Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, like regulatory changes, local political or economic developments, and many other factors that could cause our actual results to differ materially fr
Slide 32: Contact details
Sumit Sharma Prataap Snacks Ltd Email: cfo@yellowdiamond.in Mayank Vaswani / Mit Shah CDR India Tel: +91 98209 40953 / +91 99201 68314 Email: mayank@cdr-india.com / mit@cdr-india.com