Prime Fresh Ltd. · BSE:PRIMEFRESH
Prime Fresh — Q2 FY26 Earnings Presentation
61 slides from Prime Fresh's earnings presentation, Dec 31, 2025
Slide 1: JASMIN JAYKUMAR DOSHI
JASMIN Digitally signed by JASMIN JAYKUMAR DOSHI DN: c=IN, o=Personal, title=0301, JAYKUMAR pseudonym=080595961c54422180c9ff3a86f3fe14, 2.5.4.20=c55ae4d7bb798438e05556d883aa57a46990da4bc6047422 56ed98a5fce8612f, postalCode=380015, st=Gujarat, serialNumber=f8082216b7513d72e4f42badf67d11281992e4691268
Slide 2: From Growers and Feeders to Buyers and Eaters
FROM GROWERS AND FEEDERS TO BUYERS AND EATERS 1.
Slide 3: Safe Harbor
SAFE HARBOR This presentation and the accompanying slides (the “Presentation”), which have been prepared by Prime Fresh 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, a
Slide 4: Contents
CONTENTS Business Highlights 5‐18 Business Overview 19‐31 Industry Overview 32‐34 Building Community 35‐37 Our Unique Approach 38‐40 Our Circle of Competence 41‐44 Financial Performance 45‐58 Management Commentary 59 Prime Fresh Limited |Earnings Presentation Q2FY2025 3.
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS Prime Fresh Limited |Earnings Presentation Q2FY2025 4.
Slide 6: We at a Glance
WE AT A GLANCE Prime Fresh Limited |Earnings Presentation Q2FY2025 14.
Slide 7: Our Vision, Mission and Goal
OUR VISION, MISSION AND GOAL VISION Build a respectable Indian Global Agri Institution (IGAI) which is scalable, sustainable, fair and equal to create value for all stakeholders in a globalized Agri eco system. MISSION Empowering communities at large for better health, cleaner environment and foster
Slide 8: Core Values
CORE VALUES Prime Fresh Limited |Earnings Presentation Q2FY2025 17.
Slide 9: Vision 2031: Laying the Foundation for Tomorrow, Today (1/3)
VISION 2031: LAYING THE FOUNDATION FOR TOMORROW, TODAY (1/3) Prime Fresh is charging ahead, fully aligned with the powerful shift in consumer demand toward premium, With unmatched scale, a rock‐solid business We are actively strengthening our footprint in high‐ purposeful food choices. The company i
Slide 10: Vision 2031: Laying the Foundation for Tomorrow, Today (2/3)
VISION Q1FY262031: LAYING THE FOUNDATION FOR TOMORROW, TODAY (2/3) SNAPSHOT • We have been partnering with multiple Farmer Producer Organizations (FPOs) over the past five years to enhance their In collaboration with ITC, Syngenta, and emerging capabilities, capacity, and growth potential. agritech
Slide 11: Vision 2031: Laying the Foundation for Tomorrow, Today (3/3)
VISION Q1FY262031: LAYING THE FOUNDATION FOR TOMORROW, TODAY (3/3) SNAPSHOT Leveraging underutilized agri‐infrastructure. Collaborating with local aggregators and farmer We are developing a City Distribution Business, aimed at Pursuing forward integration by expanding into networks servicing the lar
Slide 12: Q1FY26 Snapshot: Preparing for Orbit Pivot
PREPARING FOR ORBIT PIVOT: STEP TOWARDS GREENFIELD EXPANSION Q1FY26 SNAPSHOT Prime Fresh Limited, one of India's emerging agri‐supply‐chain and fresh‐produce distribution company, has successfully executed a sale deed for the acquisition of 6 acres of land in the State of Maharashtra, located at Shr
Slide 13: Q2FY26 Highlights
Q2FY26 HIGHLIGHTS Q1FY26 SNAPSHOT YoY QoQ 11% 7% 5% 2% 14% ‐2% 36% 24% Prime Fresh Limited |Earnings Presentation Q2FY2025 9.
Slide 14: H1FY26 Highlights
H1FY26 HIGHLIGHTS Q1FY26 SNAPSHOT YoY 7% 4% 15% 22% Prime Fresh Limited |Earnings Presentation Q2FY2025 10.
Slide 15: Key Financial Highlights
KEY FINANCIAL HIGHLIGHTS Revenue‐ 33% D/E – 0.12 CAGR Average (2020‐2025) (2020‐2025) EBITDA (Ex Other Income)‐ 34% ROE ‐ 18% CAGR Average (2020‐2025) (2020‐2025) ROCE ‐ 21% PAT ‐ 41% Average CAGR (2020‐2025) (2020‐2025) Prime Fresh Limited |Earnings Presentation Q2FY2025 11.
Slide 16: Ahead of the Curve
AHEAD OF THE CURVE We promote and educate In line with the Government’s vision for farmers for residue‐free farming Aatmanirbhar Bharat we have embraced targeted Since 2013, we have independently practices, soil & water collaborative models to expand the scale and impact developed comprehensive supp
Slide 17: H1FY26 Key Highlights
H1FY26 KEY HIGHLIGHTS • We successfully migrated from the BSE SME platform to the Mainboard of BSE ` Limited (BSE). • Entering the organic food market enables us to align with growing consumer demand for health, sustainability, and transparency—opening up premium pricing opportunities, strengthening
Slide 18: From SME to Spotlight: Migrated to Mainboard of BSE Ltd
FROM SME TO SPOTLIGHT: MIGRATED TO MAINBOARD OF BSE LTD (wef 6th June 2025) Prime Fresh Limited |Earnings Presentation Q2FY2025 15.
Slide 19: Mapping Our Progress Over the Years
MAPPING OUR PROGRESS OVER THE YEARS 2007‐2010 2011‐2014 2015‐2016 2017‐2020 2021‐2024 2025 • Procurement tie‐ups: • Launched the B2C ecommerce • Started Distribution Center Reliance for mangoes, INI website for B2C customers. in Bengaluru Started and Farms for pomegranates, Introduced Imported fruit
Slide 20: Business Overview
BUSINESS OVERVIEW Prime Fresh Limited |Earnings Presentation Q2FY2025 19.
Slide 21: PFL From Roots to Every Route
PFL FROM ROOTS TO EVERY ROUTE In 2007, Prime Fresh Limited began with a mission: To redefine how India handles its harvest and delivers to the end consumers. Stakeholders in farming face high grading and transportation costs, often resulting in losses due to the perishable nature of produce. Leverag
Slide 22: Business Model Canvas
BUSINESS MODEL CANVAS Key Activities Key Resource Cost Structure We are engaged in • Skilled Team Our cost structure is built on a • service business (21 services) • Farmer Network proprietary backward‐ and • Cold Chain integration model that • supply chain business in fruits Infrastructure calculat
Slide 23: Your Trusted Connection from Farms to Consumers
YOUR TRUSTED CONNECTION FROM FARMS TO CONSUMERS FROM PROCUREMENT TO DELIVERY B2C Retail (Consumer) Distribution (Logistic & Supply Chain Planning) Mandi Primary Distribution Supply From Center Farms Aggregation/ Wholesale B2B Collection Center (E‐Commerce) Ripening Exports HoreCa Super Food Processo
Slide 24: Core Products Portfolio
CORE PRODUCTS PORTFOLIO Onions Pomegranates Oranges Bananas Sweet Limes Grapes Potatoes Apples Mangoes Prime Fresh Limited |Earnings Presentation Q2FY2025 23.
Slide 25: Procurement That Supports Farmers and Feeds Markets
PROCUREMENT THAT SUPPORTS FARMERS AND FEEDS MARKETS Kashmir Pomegranate Himachal Pradesh Long term association with suppliers Bananas Chandigarh Rajasthan Grapes Strong Procurement Team Uttar Pradesh with robust farmer connects Onion Gujarat Well Defined processes with Mangoes responsible sourcing a
Slide 26: Expanding Reach Built by Widespread Distribution Network
EXPANDING REACH BUILT BY WIDESPREAD DISTRIBUTION NETWORK A well‐oiled distribution system – getting fresh produce where it matters, when it matters. Prime Fresh Limited |Earnings Presentation Q2FY2025 25.
Slide 27: Glimpse of Business Operations and Activities
GLIMPSE OF BUSINESS OPERATIONS AND ACTIVITIES Extensive hubs — ensuring every harvest finds its buyer. Prime Fresh Limited |Earnings Presentation Q2FY2025 26.
Slide 28: Our Key Supply Chain Partners for Fruits and Vegetables
OUR KEY SUPPLY CHAIN PARTNERS FOR FRUITS AND VEGETABLES We are the trusted supplier of vegetables and fruits to leading retail chains such as Tata Star Bazar, HyperCity, and Reliance Fresh Limited across various locations in Gujarat. Prime Fresh Limited |Earnings Presentation Q2FY2025 27.
Slide 29: Our Key Supply Chain Partners for 3PL Solutions and Services
OUR KEY SUPPLY CHAIN PARTNERS FOR 3PL SOLUTIONS AND SERVICES We have developed a service business using a 3PL model, serving major corporations such as RIL, Agility Logistics, Waghbakri Tea, as well as several pharmaceutical and spice companies, available at 25 locations for service. We provide ware
Slide 30: Voices of Our Valued Partners (1/2)
INSIGHTS FROM THE FIELDS‐ TESTIMONIALS (1/2) VOICES OF OUR VALUED PARTNERS- THE PROOF OF OUR PROMISE Prime Fresh Limited |Earnings Presentation Q2FY2025 29.
Slide 31: Voices of Our Valued Partners (2/2)
INSIGHTS FROM THE FIELDS‐ TESTIMONIALS (2/2) VOICES OF OUR VALUED PARTNERS Prime Fresh Limited |Earnings Presentation Q2FY2025 30.
Slide 32: Certifications
CERTIFICATIONS APEDA and FSSAI certified, with ISO 9001:2015 accreditation — validating our commitment to safe, high‐quality, and globally compliant agri‐supply chain operations. We have recently received certificate to deal in organic fruits and vegetables segment. Certified to deal in organic frui
Slide 33: Industry Overview
INDUSTRY OVERVIEW Prime Fresh Limited |Earnings Presentation Q2FY2025 32.
Slide 34: Agricultural Prospects in FY26 (1/2)
AGRICULTURAL PROSPECTS IN FY26 (1/2) • India is the world’s second largest producer of food grains, fruits and vegetables. • India has access to several natural resources that provides it a competitive advantage in the food processing sector. Due to its diverse agro‐ climatic conditions, it has a wi
Slide 35: Agricultural Prospects (2/2)
AGRICULTURAL PROSPECTS (2/2) India is well-positioned to emerge as the global leader in the fruits and vegetable processing sector Key Processed Fruits & Vegetables Products in Indian Market ‐There are several processed fruits and vegetables that are widely used in India, both in households and in t
Slide 36: Building Community via Collaboration and Relationships
BUILDING COMMUNITY VIA COLLABORATION AND RELATIONSHIPS Prime Fresh Limited |Earnings Presentation Q2FY2025 35.
Slide 37: With Farmers. Every Step. Every Season.
WITH FARMERS. EVERY STEP. EVERY SEASON. Better prices for their produce through improved market access and reduced dependence on middleman . By cutting out middlemen, farmers avoid hidden commissions and price manipulation. They get a larger share of the final sale price — earning what their produce
Slide 38: Sustained Engagement with the Community
SUSTAINED ENGAGEMENT WITH THE COMMUNITY Direct‐from‐source procurement improves margins and transparency. 01 Consistent supply through national presence ensures full Just‐in‐time supply model shelves and zero stockouts 06 02 reduces inventory burden and waste. Diverse product range, including organi
Slide 39: Our Unique Approach
OUR UNIQUE APPROACH Prime Fresh Limited |Earnings Presentation Q2FY2025 38.
Slide 40: Managing Volatility: Two Approach Strategy
MANAGING VOLATILITY: TWO APPROACH STRATEGY Competitive positioning in a tough sector: Wining Strategy Reducing State Concentration‐ • By targeting known crop belts like: Nashik for onions, Ratnagiri for mangoes, Pomegranates from Maharashtra, Gujarat and Rajasthan it ensures that sourcing is aligned
Slide 41: Managing Spoilage via Integrated Approach
MANAGING SPOILAGE VIA INTEGRATED APPROACH Approx, 18%‐24% of vegetables are wasted due to faulty post‐harvest practices during harvesting, packaging, storage, grading etc. Parameter Industry Level Loss Savings by PFL Corrective Measures Farm Level 3%‐7% 2%‐3% Efficient harvesting, grading, and farm‐
Slide 42: Our Circle of Competence
OUR CIRCLE OF COMPETENCE Prime Fresh Limited |Earnings Presentation Q2FY2025 41.
Slide 43: Where We Create Disproportionate Impact (1/3)
WHERE WE CREATE DISPROPORTIONATE IMPACT (1/3) Our expertise in supply chain Strong distribution network across 18 states. management is reflected in below 3% F&V wastage in 01 supply chain. Only public listed company with 07 02 unique business model across 6+ channels We are the primary supplier of
Slide 44: Where We Create Disproportionate Impact (2/3)
WHERE WE CREATE DISPROPORTIONATE IMPACT (2/3) We operate through an Omni channel sales Backward integration through structured strategy encompassing HoReCa, General Trade, contract farming to ensure consistent supply Retail, and APMC markets — HoReCa offers and reduce procurement costs high‐volume,
Slide 45: Optimized Procurement for Maximum Supply Chain Impact (3/3)
OPTIMIZED PROCUREMENT FOR MAXIMUM SUPPLY CHAIN IMPACT (3/3) Loyalty programs and fair‐pricing policies lead to exclusive or first‐preference supply from farmers. Difficult for new entrants to break High procurement volumes these relationships. give us negotiation power 01 with suppliers Absence of g
Slide 46: Financial Performance
FINANCIAL PERFORMANCE Prime Fresh Limited |Earnings Presentation Q2FY2025 45.
Slide 47: Financial Highlights - Q2FY26
FINANCIAL HIGHLIGHTS‐ Q2FY26 All figures in Millions Revenue from Operations EBITDA (ex Other Income) 664.0 39.7 38.9 533.4 489.9 34.2 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 PAT EBITDA Margin PAT Margin 30.6 7% 7% 6% 6% 5% 5% 28.6 27.6 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Prime Fresh Limited |Earnings Pre
Slide 48: Financial Highlights - H1FY26
FINANCIAL HIGHLIGHTS‐ H1FY26 All figures in Millions Revenue from Operations EBITDA (ex Other Income) 1197.5 78.6 979.8 68.3 H1FY25 H1Y26 H1FY25 H1Y26 PAT EBITDA Margin PAT Margin 59.1 7% 7% 6% 5% 55.3 H1FY25 H1Y26 Prime Fresh Limited |Earnings Presentation Q2FY2025 H1FY25 H1Y26 47.
Slide 49: Financial Highlights - Q2FY26 & H1FY26 (Consolidated)
FINANCIAL HIGHLIGHTS‐ Q2FY26 & H1FY26 (CONSOLIDATED FIGURES) Q2FY26 H1FY26 12% 12% 88% 88% Service Business Revenue F&V Business Revenue Service Business Revenue F&V Business Revenue Prime Fresh Limited |Earnings Presentation Q2FY2025 48.
Slide 50: Financial Highlights - Sales Volume (Tonnage)
FINANCIAL HIGHLIGHTS‐ Q2FY26 Sales Volume (Tonnage) 4.48 x 16244 10702 9711 8634 8850 8875 8179 8003 8269 7068 4003 3822 3622 3401 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 96% YOY YoY 52% QoQ Prime Fresh Limited |Earnings Presentation Q2FY2025
Slide 51: Financial Highlights - Historical (Consolidated)
FINANCIAL HIGHLIGHTS‐ HISTORICAL (CONSOLIDATED FIGURES) All figures in Millions 123.8 Revenue from Operations 4.26x 4.14x EBITDA (ex Other Income) PAT 2067.7 97.3 92.1 1492.1 71.1 70.4 48.8 51.3 993.5 42.1 772.0 33.4 655.8 29.0 499.7 23.8 16.6 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 F
Slide 52: Financial Highlights - Historical (Consolidated)
FINANCIAL HIGHLIGHTS‐ HISTORICAL (CONSOLIDATED FIGURES) ROE ROCE 38% 36% 20% 18% 17% 19% 16% 11% 15% 13% 15% 13% FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Interest Coverage Ratio Working Capital Cycle Days 39 11 4 17 20 11 779 20 81 20 21 23 24 45 1801 112 96 11 95 112 115 5 5 636
Slide 53: Profit and Loss Statement - Q2FY26 & H1FY26
PROFIT AND LOSS STATEMENT‐ Q2FY26 & H1FY26 (CONSOLIDATED FIGURES) All figures in Millions Particulars (Rs in Mn) Q2FY26 Q1FY26 QoQ Q2FY25 YoY H1Y26 H1FY25 YoY Revenue from Operations 664 533 24.48% 490 36% 1198 980 22% Other Income 2 0.4 3.5 2.4 7 Total Revenue 666 534 24.76% 493 35% 1120 987 22% To
Slide 54: Balance Sheet Statement - H1FY26
BALANCE SHEET STATEMENT‐ H1FY26 (CONSOLIDATED FIGURES) All figures in Millions Balance Sheet Key Items (In Millions) H1FY26 H2FY25 Assets Property Plant and Equipment 10.29 10.51 Inventory 124.74 88.60 Trade Receivables 582.41 533.50 Cash and Bank Balance 15.54 47.747 Total 904.69 817.00 Equity and
Slide 55: Cash Flow Statement - H1FY26
CASH FLOW STATEMENT‐ H1FY26 (CONSOLIDATED FIGURES) All figures in Millions Cash Flow Statement (In Millions) H1FY26 H2FY25 CFO ‐54.71 ‐83.71 CFF 18.31 11.66 CFI 4.19 68.79 Cash and Cash Equivalent at the end of the year 15.54 45.81 Prime Fresh Limited |Earnings Presentation Q2FY2025 54.
Slide 56: Profit and Loss Statement (Consolidated) - Historical
PROFIT AND LOSS STATEMENT (CONSOLIDATED)‐ HISTORICAL All figures in Millions Particulars (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 Revenue from Operations 499.7 655.8 772.0 993.5 1492.1 2067.7 Other Income 0.1 0.2 2.2 3.5 3.7 9.4 Total Revenue 499.8 656.0 774.3 996.9 1495.8 2077.1 Total Expenses exce
Slide 57: Balance Sheet (Consolidated) - Historical
BALANCE SHEET (CONSOLIDATED)‐ HISTORICAL All figures in Millions Key Balance Sheet Items(Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 Equity Share Capital 34.9 39.4 118.3 125.2 136.5 136.5 Reserves 8.6 141.4 107.7 178.6 487.9 575.2 Borrowings 33.9 40.8 41.9 47.2 0.4 43.5 Other Liabilities 11.8 14.4 3.1 3
Slide 58: Cash Flow Statement (Consolidated) - Historical
CASH FLOW STATEMENT (CONSOLIDATED)‐ HISTORICAL All figures in Millions Particulars (Rs in Mn) FY20 FY21 FY22 FY23 FY24 FY25 Cash Flow From Operating Activities ‐31.0 ‐19.3 ‐0.3 ‐12.3 ‐109.1 ‐107.8 Cash Flow From Investing Activities ‐0.1 ‐0.1 ‐4.1 ‐2.8 ‐66.8 71.4 Cash Flow From Financing Activities
Slide 59: Financial Resilience Reinforcing Momentum
FINANCIAL RESILIENCE REINFORCING MOMENTUM Our bottom line has expanded at a faster pace than our topline, with a 41% CAGR vs. 33% over FY20–FY25 respectively. Near‐zero debt (D/E 0.06). Long Term Borrowings is NIL in FY25. Our working capital cycle remained stable over the last two years, with worki
Slide 60: Management Commentary
MANAGEMENT COMMENTARY Mr Hiren Ghelani, Founder and Whole Time Director, said I am pleased to share that Prime Fresh Ltd has continued into FY26 on a strong performance, underscoring the strength of our strategic direction, robust operational execution, and the unwavering commitment of our team. Our
Slide 61: Prime Fresh Limited
For further information; please visit: www.primefreshlimited.com PRIME FRESH LIMITED +91 9909032351 ir@primefreshlimited.com 60.