ADF Foods Limited. — Investor Presentation 2026

Feb 3, 2026

3[rd] February, 2026

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National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. Symbol: ADFFOODS	BSE Limited, Department of Corporate Services, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001. Scrip Code: 519183

Sub: Investor Presentation of Q3 & 9M FY 2025-26.

Dear Sir/Madam,

Please find enclose herewith the Corporate Presentation of the Company for the Quarter ended 31[st] December, 2025.

The aforementioned Presentation has been uploaded on the Company’s website viz., www.adf-foods.com

You are requested to take the above on your records.

Thanking You,

Yours faithfully, For ADF Foods Limited SHALAKA Digitally signed by SHALAKA SWAPNIL SWAPNIL OVALEKAR Date: 2026.02.03 OVALEKAR 21:25:50 +05'30' Shalaka Ovalekar Company Secretary

Encl: As Above

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Regd Off: 83/86, G.I.D.C Industrial Estate, Nadiad - 387 001, India. Tel.: +91 268 2551381/82 Fax: +91 268 2565068 Email: nadiadfactory@adf-foods.com CIN: L15400GJ1990PLC014265 Corp. Off: Marathon Innova, B2, G01, Ground Floor, G. K. Road, Lower Parel, Mumbai 400 013. INDIA. Tel.: +91 22 6141 5555, Fax: +91 22 6141 5577, Email: info@adf-foods.com, Web: www.adf-foods.com

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ADF Foods Ltd

Investor Presentation Q3 & 9M FY26

Feb 2026

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1
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Safe Harbor

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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 shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world - wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness.

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2

Contents

01 Company Overview 02 Business Overview 03 Growth Strategy & Drivers

• 5 Brands, 5 Stories

• Strong Marketing & Distribution

• Manufacturing Excellence

• Strategic Innovation

• People & Capabilities

ESG 04 05 Annual Performance Highlights

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Company Overview

ADF Snapshot

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Leading Manufacturer of Cutting-edge Manufacturing A Culinary Powerhouse
Prepared Ethnic Food & Extensive Distribution with Diverse Products
9-decade Vintage with origins dating back to 1932
Leading Manufacturer & Supplier of prepared Cutting-edge
2 400+ Product SKUs
ethnic food, specializing in Frozen Foods, Ready- Manufacturing Facilities
to-eat (RTE), Ready-to-cook (RTC) items, & meal
accompaniments
Nadiad Nasik Prominent Brands
5
Gujarat Maharashtra with significant brand loyalty
Wide Presence in
55+ Countries
28,000 Annual Food processing
Global Presence across North America, UK, EU, MT Capacity
Middle East & Asia Pacific
Strong global distributor
network , warehouses & cold
storages ensure a strong
Key Customer Segments
presence across the value chain
Steered by an Experienced
Leadership & Management
• South Asian Diaspora (Worldwide)
Distribution
Leveraging extensive experience, deep domain 2 warehouses in USA • Mainstream Consumers (USA, Germany)
knowledge & multi-generational understanding
along with seasoned food industry professionals • Domestic Consumers (India)
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5

Our Legacy

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2023
2016
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
1960 1992 Set up a new foods, chutneys and meet rising Revenue
manufacturing sauces
global demand
Listed on BSE as a facility in Nasik,
Acquired the Camel
public limited Maharashtra,
brand, marking
entry into the company, expanding
enhancing production capacity
processed foods
business transparency
and access to
and the Middle East
market capital
1932
Established as
American Dry Fruits
Stores in Mumbai,
focusing on
specialty dried 2025
2024
fruits
2021 Surat CAPEX
Launched Truly
on track –
Indian range in
Acquired Vibrant Pilot run done,
US mainstream
1980 2001 2010 Foods LLC, to move up the value chain to market and Phase 1 to be
operational by
ADF Soul in
Launched Ashoka, Introduced frozen Acquired Elena control last Indian market Q4FY26
Food Specialties to mile distribution to
which became the food manufacturing
strengthen retailers in the
flagship brand, offering to diversify RTE
international Northeast Coast of the
a wide range of Indian offerings US
presence
food products
6
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6

Business Overview

Q3 & 9M FY26 Key Financial Update (Consolidated)

Q3 FY26 Delivers stellar Performance

Q3 FY26

INR 191.0 Crores

Revenue from Operations

29.5% YoY

INR 37.1 Crores

EBITDA

40.6% YoY

INR 29.2 Crores[*]

PAT

55.7% YoY

• Strong double digit growth despite challenges posed by US tariffs

• Highest ever revenue in a quarter driven by traction from new listings and

• strengthening brand penetration across all key markets

• Strong YoY growth with improved revenue mix and cost optimisation

• Q3 FY26 EBITDA Margins at 19.4% with growth investments undertaken in this quarter

• PAT increased by 55.7% YoY from INR 18.8 crores in Q3 FY25 to INR 29.2 crores in Q3 FY26

• Q3 FY26 PAT Margins at 15.3%

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9M FY26
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INR 486.5 Crores

Revenue from Operations

13.0% YoY

INR 96.4 Crores

EBITDA

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30.8% YoY
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INR 70.8 Crores[*]

PAT

34.1% YoY

* PAT excludes exceptional items of INR 6.8 crores due to labour code

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8

Q3 & 9M FY26 Key Financial Update (Standalone)

Q3 FY26 Delivers stellar Performance

Q3 FY26

INR 137.2 Crores

Revenue from Operations

13.3% YoY

INR 34.4 Crores

EBITDA

35.1% YoY

INR 27.2 Crores[*]

PAT

34.7% YoY

• Continued double digit growth despite challenges posed by US tariffs

• Driven by traction from new listings and strengthening brand penetration across all key markets

• Strong YoY growth with improved revenue mix and cost optimisation​

• Q3 FY26 EBITDA Margins at 25.1%

• PAT increased by 34.7% YoY from INR 20.2 crores in Q3 FY25 to INR 27.2 crores in Q3 FY26

• Q3 FY26 PAT Margins at 19.8%

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9M FY26
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INR 377.6 Crores
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Revenue from Operations
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9.9% YoY
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INR 94.6 Crores
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EBITDA
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24.5% YoY
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INR 73.9 Crores[ *]

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PAT
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26.0% YoY
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* PAT excludes exceptional items of INR 6.8 crores due to labour code

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9

Q3 FY26 Financial Performance

Consolidated Performance

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Revenue from Operations (INR Cr.) EBITDA (INR Cr.) & EBITDA Margin (%) PAT (INR Cr.) & PAT Margin (%)
17.9% 22.0% 19.4% 12.7% 16.2% 15.3%
191.0
147.5 162.6 35.8 37.1 26.4 29.2
26.4
18.8
Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26
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Standalone Performance

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Revenue from Operations (INR Cr.) EBITDA (INR Cr.) & EBITDA Margin (%) PAT (INR Cr.) & PAT Margin (%)
21.0% 26.9% 25.1% 16.7% 21.2% 19.8%
37.7 29.7
34.4 27.2
140.1
137.2 25.5 20.2
121.1
Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26
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* PAT excludes exceptional items of INR 6.8 crores due to labour code

10

Segment Performance

Processed Foods

Revenue from Operations (INR Cr.)

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415.8
365.1
9M FY25 9M FY26
EBITDA (INR Cr.) & EBITDA Margin (%)
22.9% 24.1%
100.2
83.4
9M FY25 9M FY26
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Distribution

Revenue from Operations (INR Cr.)

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65.4 70.7
9M FY25 9M FY26
EBITDA (INR Cr.) & EBITDA Margin (%)
14.0% 16.2%
11.4
9.2
9M FY25 9M FY26
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11

Business Segments

Business comprises core manufacturing i.e., processed foods business and agency distribution business

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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 FMCG
• Own product portfolio of leading processed
companies
foods brands for South Asian diaspora,
mainstream & domestic customers
85%
• Nationwide presence in USA, spanning both
West and East Coasts, and also in the UK
Processed Foods Distribution
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9M FY26 Revenue breakdown
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12

Product Portfolio

• Key Products

• Ready-to-eat & Food

• Frozen Products Spices & Others Ready-to-cook Accompaniments

• • Snacks & Samosas • Curries – Regular & Vegan • Pickles • Spices • Indian Breads • Cooked Rice • Chutneys • Tamarind • Curries • Cooking & Condiment Pastes • Murabba • Indo Chinese Range • Fruits & Vegetables • Dipping Sauces • Canned – Sweets, Mango Pulp, • Soya Chaap

• (Cut & Whole) Cooking Sauces • Sweets • Puffs

• Rolls

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400+
SKUs
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13

Growth Strategy and Drivers

Strategic Growth Pillars

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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
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15

Key Growth Drivers

Potential to reach INR 1,000+ crores Revenue in FY27

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1,000+
+
100+
+
~250
+
~180
590
FY25 + Brownfield & + Greenfield + Distribution &
debottlenecking others
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Incremental revenue potential

Continuous & Strategic Brand Investments

Strengthening market presence through deeper penetration and enhanced shelf space across all brands

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Growing Store Presence Non-linear Growth

Strategic Expansion

Annual Growth Rate

Significant Growth potential

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20-25% CAGR
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Flagship brand already wellestablished in core markets

New listings & presence in marquee chains across ~2,000 stores in USA

Growth strategy aimed at broadening reach through expansion in new retail channels

Positioned to propel further growth with a consistent annual growth rate of 20-25%

Well positioned to replicate Germany’s success in the USA market

Focus on expanding via E-commerce and Modern trade

Harnessing Innovation Sustaining Robust for Organic & Inorganic EBITDA Margins Growth

Enhanced Distribution & Warehousing

Brownfield & Debottlenecking

• INR 180 – 200 crores at current capacities

Upcoming Greenfield expansion

• INR 250 – 275 crores

Distribution business & Outsourcing

• INR 100+ crores through scale up in Distribution business &

• outsourcing opportunities.

Enhanced supply chain capabilities through the establishment of cold storage facilities within the plants

Established global distribution network with multiple warehouses in key markets & Direct distribution in USA

Prospects in private label business bolstered by enhanced manufacturing capabilities

Inorganic growth opportunities

Maintaining net debt-free status while successfully sustaining EBITDA margins in high teens

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16

5 Brands, 5 Stories

5 Brands, 5 Stories

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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 conscious South Asian Diaspora Target : Mainstream Consumer
Middle East USA, Germany
Traditional Taste Profiles Catering to
Delicious, “Better-for-you” Packaged
Middle Eastern Households
Food Products with an Urban Appeal
Target : Arab Consumer
Middle East Target : Modern Indian Consumers
India
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18

Ashoka: ADF Foods' Flagship Brand

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Target Audience Born in 1980, Ashoka is ADF Foods' flagship brand catering to South Asian diaspora families and working professionals seeking convenient, authentic Indian dishes

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Product Features

Celebrating our proud Desi heritage, we deliver bold, vibrant Indian flavours to a global audience

Our ready-to-eat products blend tradition with convenience, catering to South Asian taste preferences.

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Product Range

Ambient Pickles, Chutney, Pastes, Pulp, Sauces, RTE Curries & Rice Range

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Frozen Indian breads, Snacks, Kathi Rolls, Wraps, Vegetables & Sweets Range

Global Presence

Ashoka products are enjoyed in 55+ countries worldwide

Primary markets: USA, Canada, UK, APAC, Middle East and EU

Sales & Distribution Channels

Ashoka Brand Sales (INR Cr.)

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267
254
211
157
119
FY21 FY22 FY23 FY24 FY25
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In the last 5 years , Ashoka has grown by CAGR of 20%+ , showcasing brand’s strength & acceptance amongst the diaspora consumers

Distribution Channels: Ethnic stores, Mainstream Retail & E-commerce channels

Outlook

Ashoka will continue to lead as the flagship brand, driving strong growth across core & emerging markets through focused market engagement, new product introductions, & deeper market penetration, supported by strengthened teams

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19

Truly Indian: Unlocking Global Markets With Authentic Indian Flavours

Bridging Cultures with Authentic Indian Taste

Target Audience

Presence

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Targeted at the global mainstream population, specifically non-Indian audiences seeking to try authentic Indian flavours

Strong presence across Germany, now growing strong in USA

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Sales & Distribution Channels

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Sold through mainstream / modern trade stores, bolstering its presence across large supermarkets, club stores, and food service markets

Product Features

Delivers the REAL taste of India with fresh, shelf-stable ready-to-heat foods, offering vegan & vegetarian options

Retail Expansion to ~2,000 Outlets with a growing presence on Amazon

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Wide product range includes ready-to-eat meals, pastes and sauces, meal accompaniments, carefully crafted for a milder palate

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Product Range

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Existing Range: Regular Meal Assortments

Frozen Breads Poppadum Boxes Frozen Snacks Condiment Pastes Frozen Wraps Cooking Sauces RTE Curries & Rice Chutneys

Outlook

Expanded range and new offerings to drive deeper penetration and enhance shelf space

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20

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

Consumers seeking products that balance flavour, health, and convenience

Own website : https://soul-foods.in/ Leading E-Commerce / Quick Commerce Platforms Key Modern Trade Chains

Product Features

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ADF Soul products are created with “better-for-you” ingredients or cooking methods that enables consumers to make better choices when it comes to choosing food products

We cover the top Indian cities through our company website Presence on Amazon, Flipkart, Big Basket, Swiggy Instamart & Zepto Also available in key modern trade outlets in Mumbai & Pune

We offer India’s first range of Pickles and Chutneys that are prepared using 100% extra-virgin Olive Oil

Recently launched our frozen range including handmade parathas & samosas

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Outlook

Product Range

22 SKUs of pickles (in Olive Oil & Sunflower Oil) and chutneys

6 SKUs of dips 5 SKUs of frozen breads 3 SKUs of frozen snacks

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Driving an aggressive growth strategy to expand reach via enhanced E-commerce & modern trade channels

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21

Camel & Aeroplane: Our Other Esteemed Brands

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Delighting Arabic Consumers for 100+ years

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Offering Affordable Solutions to Budget Conscious Consumers

Premium brand serving Tradition-Preserved Recipes for Arab audiences

Target Audience

Value for money brand targeted at quality - conscious expat consumers in Middle East

Strong consumer base across Middle Eastern markets

Presence

Enjoys patronage across all major Middle Eastern markets

Pickles, Condiments, Pastes, Sauces, Marinades, Curry powder, Tamarind, Essences, Food flavours

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Product Range

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Frozen Indian breads and Snacks, Pickles, Pastes, Chutneys, Curry powders

Ethnic Grocery Retail, Cooperatives and Supermarkets

Channel mix

Ethnic Grocery Retail and Supermarkets

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22

Strong Marketing & Strengthened Distribution

Ashoka: Marketing Initiatives

Branding and on-ground activation of our flagship brand Ashoka

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24

Ashoka: Marketing Initiatives

Increased Presence on Social Media

Ashoka Ad Campaigns on TV

Presence on OTT, YouTube & other Digital platforms

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Truly Indian: Marketing Initiatives

Branding and on-ground activation for Truly Indian

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Truly Indian: Marketing Initiatives

Increased Presence on Social Media

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Influencer Collaborations

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ADF Soul: Marketing Initiatives

Branding and on-ground activation

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ADF Soul: Marketing Initiatives

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Continued presence on Social Media
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WhatsApp / Email and Referral Marketing
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E-Commerce and Quick Commerce Marketing
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29

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 cold storage facility to enhance the handling of our frozen product range, increasing service levels and boosting margins

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Cold Storage
New Jersey New Jersey
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Atlanta, USA (34,000 sq.ft.)

New Jersey, USA (66,000 sq.ft.)

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30

Manufacturing Excellence

Manufacturing Facilities

Plant 1 Nadiad, Gujarat

Plant 2 Nasik, Maharashtra

• Total Built up area - ~26,000 Sq.mt.

• Total Built up area – ~12,000 Sq.mt.

• Frozen foods (Snacks & Samosas, Indian Breads, Curries, Fruits & Vegetables (Cut), etc); Meal accompaniments (Pickles, Chutneys); RTE/RTC (Cooking & Condiment Pastes, Sauces)

• RTE/RTC (Cooked Rice, curries and spices; Meal accompaniments (Pickles, Chutneys); Spices

	28,000 MT Annual food processing capacity
	CAPEX Initiatives - Unlocking capacities in existing & new facilities	Incremental Benefits
	Ongoing Surat Greenfield expansion(~INR 90 crores – Phase 1) in existing and new lines for frozen foods ; pilot completed – to be operational by Q4FY26	Incremental revenue INR250 - 275crores
	Completed Various Brownfield & debottleneckingefforts at existing plants in Nadiad & Nasik anda Cold Storage upgradein Nadiad	Incremental revenue INR180 - 200crores
	Completed New brownfield initiative: Retort Expansion, along with additionalbrownfield projects & infrastructure support	Enhancedoperational efficiency

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32

Surat Greenfield Update

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Surat project expansion: Pilot run done, Phase 1 to be operational by Q4FY26

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Strategic Innovation

Shaping Products and Processes for a Changing Market

Driving innovation through practical solutions that balance consumer needs with scalability and quality.

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New Product Development

Launch of combo packs – Royal Indian meals (thali) and Desi Delights (snacks)

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Category Expansion

Introduction of health-forward products under ADF Soul, including pickles in olive oil, chutneys & condiments and frozen Indian breads and snacks

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Packaging Adaptation

Shelf-stable formats optimised for durability, retail presence, and international shelf-life standards

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Manufacturing Automation

Continuous focus on investments in automated machinery in existing as well as new plants

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Retort & Freezer Capacity

Enhancements across facilities to support extended shelf life and demand for frozen meals

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Cold Chain Integration

Upgraded cold storage infrastructure in Nadiad; expanded freezer space at US warehouses for improved fulfilment

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Supported by Stringent Quality Control

Quality control certifications and processes ensure high standards and excellence in our industry

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36

People & Capabilities

Governed by experienced Board Of Directors

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Bimal Thakkar Chairman, Managing Director and CEO

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Viren Merchant Non-Executive Director

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Jay Mehta Non-Executive Director

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Ameet Hariani Independent Director

• 40+ years of experience in domestic and export food industry

• Instrumental role in developing brands and new products, tapping new markets, international acquisitions, setting up of subsidiary companies in India and abroad

• 40+ years of experience and expertise in business management and pharmaceutical and healthcare industry

• Currently CEO of Encore Healthcare Pvt Ltd.

• 40+ years of rich industrial experience group and is the director of Indian operations at Mehta Group, that spans 4 continents and has business interests in cement & building materials, horticulture, consultancy, etc.

• Executive Chairman of Saurashtra Cement Ltd.

• 35+ years of experience in the field of corporate and commercial laws, merger and acquisition, real estate and Finance transactions

• Independent Director of various entities such as Strides Pharma Ltd., Mahindra Logistics Ltd, Mahindra Life Space Developers Ltd, Aptech Ltd.

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Deepa Harris Independent Director

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Pheroze Mistry Independent Director

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M. M. Srivastava Independent Director

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Arjuun Guuha Whole Time Director

• 30+ years of expertise in high end luxury hospitality category

• Successfully driven India’s luxury brand The Taj Group of Hotels

• Independent Director of reputed listed entities such as PVR Ltd, Jubilant Foodworks, Yatra Online and TCPL Packaging.

• 40+ years of experience in business administration.

• He is associated with Pallonji Group of companies dealing in logistics, industrial coating and painting, shipping, dredging, general and Life Insurance, Investments Immovable Property etc.

• A senior food industry professional, with 30+ years of experience.

• A science graduate, master in physics IAS (Retd) & MBA with 40+ years administrative & corporate experience

• He has held several senior

• • Held positions such as Member (Fin) - management roles, including Gujarat Electricity Board, MD - Gujarat Head of Operations & CEO Agro Industries, Secretary - Finance positions, both in India and Department, Commissioner of overseas, with leading Indian Commercial Tax Department, Corporations and MNCs. Principal Secretary - Energy Petrochemicals.

• Independent Director of Adani Power

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38

Organisation Chart

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CMD
India Support
Sales and Marketing Manufacturing operations
Business Functions
President 11 Director Operations President CFO
USA Business Country / Sales
Managers Vice President
Marketing Head VP - Sales & Strategy
Manufacturing
Canada : 1
USA : 5 Sales Head CS, VP - Legal & HR
UK & EU : 2
Supply Chain Head VP Intl. Ops. & Supply Chain
GCC & APAC : 1
Australia : 2 Procurement Head
Intl. Marketing Head
IT Head
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39

ESG

Creating a Sustainable Future

Sustained Renewable Power Management

550-kW solar plant

The 550-kW solar installation at the Nasik facility continues to be a fundamental element of our sustainable energy approach.

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Growth in Renewable Energy Consumption

Significant Growth in Renewables

21%

In FY25, renewable energy use increased 21% to 32.06 Mn MJ, up from 26.45 Mn MJ in FY24, improving energy sustainability.

Efficient energy intensity usage

3.92 MJ/kg

Although higher production resulted in greater total energy consumption, our energy intensity continues to be efficient.

Controlled Emissions

0.00047 TCO₂e/kg

Despite production volumes increase, the intensity of Scope 1 and 2 greenhouse gas emissions successfully controlled.

Water Efficiency & Air Quality and Circularity Waste Reduction

Reduced NOx Emissions

ZLD Excellence

12.60 0 µg/m³

90,000 litres water per day

Achieved significant decrease in NOx emissions, lowering the levels from 13.11 to 12.60 µg/m³ in FY25

Zero Liquid Discharge system at Nasik facility, recycling around 90,000 litres of water daily , satisfying ~80% plant’s water needs.

Improved Water Intensity

Landmark Waste Reduction

1.856 KL/lakh

49%

Total waste generation decreased significantly by 49%, dropping from 37.60 MT in FY24 to 19.15 MT in FY25.

Improved water consumption efficiency, with water intensity per rupee of turnover decreasing from 1.874 KL/lakh in FY24 to 1.856 KL/lakh in FY25.

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Reduced Freshwater Dependency

From 101,099 KL of freshwater withdrawn, our reuse and recycling efforts greatly lowered our dependence on new water sources.

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41

Annual Performance Highlights

Consolidated 4-year Financial Highlights

Particulars (INR crores unless stated)	FY22	FY23	FY24	FY25
Profit & Loss Highlights
Revenue from Operations	421.2	450.3	520.3	589.6
Gross Profit	211.5	235.9	276.2	341.4
Gross Profit (%)	50.2%	52.4%	53.1%	57.9%
EBITDA	66.6	80.6	104.9	98.3
EBITDA Margin (%)	15.8%	17.9%	20.2%	16.7%
PAT	48.5	55.9	73.8	69.3
PAT Margin (%)	11.5%	12.4%	14.2%	11.8%
Balance Sheet Highlights
Equity	345.6	421.6	442.0	492.7
Net Debt*	(101.3)	(143.4)	(144.5)	(118.0)
Tangible & Intangible Assets	160.3	181.6	187.4	204.6
ROCE	18.1%	18.1%	22.2%	20.2%
ROE	14.0%	17.7%	17.1%	14.1%
Working Capital	115.6	134.9	131.4	161.9

• Negative figure represents surplus cash, bank and short-term investments

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43

Consistent Shareholder Returns

Value creation for shareholders

Consistent shareholder value creation through dividend payouts and buyback of shares

INR ~97 Cr. returned to our shareholders since FY22

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43.9
13.2 13.2
11.0
8.8
6.6
FY22 FY23 FY24 FY24 FY25 FY26
Regular Dividend (INR Cr) Special Dividend (INR Cr)
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• Interim Dividend (INR 6.6 Cr)

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44

Thank You!

ADF Foods Limited CIN: L15400GJ1990PLC014265 Srinivas Ayyagari, CFO srinivas@adf-foods.com

Ernst & Young LLP Investor Relations Advisory

Ravi Udeshi ravi.udeshi@in.ey.com

Sumedh Desai sumedh.desai@in.ey.com

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