HMA Agro Industries Limited — Call Transcript 2026

Feb 14, 2026

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Five Star Export House Recognized by Government of India CIN No.: L74110UP2008PLC034977

Date: February 14, 2026

To, To, Dept. of Corporate Services-Listing Department Listing Department Bombay Stock Exchange Limited The National Stock Exchange of India Phiroze Jeejeebhoy Tower, LimitedExchange Plaza, Bandra Kurla Dalal Street, Mumbai – 400 001 Complex, Bandra, Mumbai – 400 051 SCRIP CODE: 543929 SCRIP CODE: HMAAGRO

Subject: Transcript of the Earnings Conference Call held on February 13, 2026 for the Quarter and Nine Months Ended December 31, 2025.

Pursuant to Regulations 30 read with Para A of Part A of schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the Earnings Conference Call to discuss the financial performance of the Company on Un-Audited Standalone and Consolidated Financial Results of the Company for the Quarter and Nine Months ended December 31, 2025 held on Friday, February 13, 2026 .

Further, in terms of Regulation 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the aforesaid Transcript of the Conference Call will also be available on the website of the Company at www.hmagroup.co

You are requested to take the above intimation on record and acknowledge the receipt.

For HMA Agro Industries Limited

NIKHIL Digitally signed by NIKHIL SUNDRANI SUNDR Date: 2026.02.14 14:56:28 +05'30' ANI

Nikhil Sundrani Company Secretary and Compliance Officer FCS No. 13843

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RegisteredOffice:18A/5/3, Taj View Crossing, Fatehabad Road, Agra-282001U.P.(INDIA) RegisteredOffice:18A/5/3, Taj View Cro sing, Fatehabad Road, Agra-282 01U.P.(INDIA) E-Mail: cs@hmaagro.com,info@hmaagro.comE-Mail: cs@hm agro.com,info@hm agro.com Website:www.hmagroup.co,Mob.:+91-7302746431,+91-7217018161Website:www.hmagroup.co,Mob.:+91-7302746431, +91-7217018161

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HMA AGRO INDUSTRIES LIMITED

Q3 9M FY26 Earnings Conference Call

Event Date / Time: 13/02/2026, 03:30 Hrs. Event Dura�on: 20 mins and 30 secs

MANAGEMENT DETAILS:

Nikhil Sundrani

(Company Secretary)

Aman Kaushik

(Senior Associate Finance)

Q&A PARTICIPANTS LIST:

• 1 Abin Banerjee : Allana Sons

• 2 Kapil Adwani : Aarth Growth Fund

Moderator

Good a�ernoon, ladies and gentlemen. I'm Akash, moderator for the conference call. Welcome to HMA Agro Food Limited Q3 and 9M FY26 Earnings Conference Call. As a reminder, all par�cipants will be in listen only mode and there will be an opportunity for you to ask ques�ons a�er the presenta�on concludes. Should you need assistance during the conference call, please signal an operator by pressing * and then "0" on your touch-tone phone. Please note, this conference is recorded.

Nikhil Sundrani

Thank you, sir. Good a�ernoon, ladies and gentlemen. I am Nikhil Sundrani, Company Secretary and Compliance Officer of HMA Agro Industries Limited. It gives me immense pleasure to welcome all our respected shareholders, investors, analysts and stakeholders to today's Earnings Conference Call for the quarter and nine months ended 31st of December, 2025. At the outset, I would like to sincerely thank all of you for your con�nued trust and confidence in the company. Your consistent support encourages us to maintain transparency of all governance standards and deliver sustainable growth.

Before we proceed further, I would like to state that certain statements made during this call may be forward looking in nature. These statements are based on current expecta�ons and assessments and are a subject to risks and uncertain�es that could cause actual results to differ materially. Par�cipants are requested to refer to our filings with the stock exchanges for detailed disclosures.

Joining with me today is Mr. Aman Kaushik, Senior Associate Finance. Our CFO, Mr. Gulzar Ahmad, is currently traveling outside India on official commitments and therefore is unable to atend this call. In his absence, Mr. Aman Kaushik and I will be presen�ng the financial performance and opera�onal highlights for the period under review. The third quarter and nine months for the current financial year have been marked as strong financial momentum, opera�onal discipline, and strategic expansion.

company reported revenue from opera�ons of INR 19,927.73 million as compared to INR 13,647.68 million in the corresponding quarter of the previous financial year, thereby registering a strong YoY growth of approximately 46%. This substan�al growth reflects improved realiza�on, strong export demand, enhanced opera�onal efficiency, and beter capacity u�liza�on across our facili�es.

compared to INR 445.31 million in the corresponding quarter of the previous year, registering an increase of approximately 61.5%. It is noteworthy that the growth in PBT has been significantly higher than the growth in revenue, which clearly demonstrates improved margin, cost of control measures, and

opera�onal leverage. The company has not only expanded its top line but also has strengthened its botom line reflec�ng a balanced and disciplined growth approach.

Now coming on to the standalone performance of the nine months basis. For the nine months ended 31st December, 2025, the standalone revenue from opera�ons stood at INR 52,304.33 million as compared to INR 34,253.23 million in the previous corresponding quarter, reflec�ng a significant growth of approximately 52.7%. This consistent growth over the three quarters highlights sustained demand across our markets and the strength of our export market.

859.75 million in the corresponding period of the previous year, reflec�ng a strong increase of approximately 69.7%. The higher growth in profitability indicates efficient cost management, improved realiza�on per unit, disciplined working capital management, and overall financial prudence. The standalone performance clearly demonstrates that the company is achieving scale while simultaneously improving profitability margins.

Coming to consolidated performance for the quarter ended 31st December, 2025, which includes the performance of subsidiaries, the company reported consolidated revenue of INR 20,594.48 million as compared to INR 14,549.83 million in the corresponding quarter of the previous year reflec�ng a growth of approximately 39%. This growth indicates strong growth level performance and improved contribu�on from subsidiaries.

million in the corresponding quarter of the previous year, marking a substan�al increase in approximately 112.9%. The more than double increase in consolidated PBT highlights improved opera�onal efficiencies, beter margin management, and stronger subsidiary performance. This significant botom line expansion reflects the effec�veness of our overall business strategy.

For the nine months ended 31st of December, 2025, consolidated revenues stood at INR 53,373.97 million as compared to INR 36,334.58 million in the previous corresponding period, registering a growth of approximately 46.9%. The consistent revenue expansion at the consolidated level demonstrates the stability and strength of opera�ons.

1,047.72 million in the corresponding period of the previous year, reflec�ng a remarkable growth of approximately 96.9%. The near doubling of consolidated profitability indicates strong cost efficiencies, improved scale benefits and effec�ve financial management across the group. The performance reinforces the company's focus on strengthening the botom line alongside revenue growth.

Thank you. Now, I hand over the call to Mr. Aman Kaushik for giving brief on EBITDA performance analysis.

Aman Kaushik

Thank you, Nikhil. So, we will now discuss the EBITDA for the quarter ended 31[st] December 2025. The company has noted a capital of 823.41 million as compared to 531.37 million the corresponding quarter of the previous. This represents strong the increase of approximately 54.8% YoY. This significant growth in EBITDA reflects simply company's opera�ng efficiencies, beter cost absorp�on due to higher volumes, and improved realiza�on in export markets. This increase also demonstrates that the company's opera�ng leverage is strengthening and revenues scale up. The improvement at the EBITDA level is par�cularly increasing as it indicates that core opera�onal profitability is expanding in line with the strategic expecta�ons.

For the nine months ended 31st December 2025, the standalone EBITDA stood at INR 1,725.69 million as compared to INR 1030.49 million in the corresponding period of the previous year, reflec�ng an increase of approximately 67.5%. This robust growth over the nine-month period aligns sustained opera�onal momentum and disciplined cost management. The growth in EBITDA outpacing revenue growth during the period indicates improved efficiency results, beter product mix, and effec�ve execu�on of opera�onal strategies. They were a very posi�ve indicator of the company's core business strength and opera�onal endurance.

Coming to the consolidated EBITDA performance for the quarter ended 31st December 2025, the company has noted EBITDA of INR 1051.29 million as compared to INR 579.77 million in the corresponding quarter of the previous year registering a substan�al increase of approximately 81.3%.

growth of opera�onal. This sharp growth demonstrates a consolidated business as compared to INR 1454.76 million in the previous corresponding period, reflec�ng a growth of approximately 74.1%. This remarkable increase highlights the company's ability to scale opera�ons efficiency while maintaining a strong cost discipline. This consistent improvement in EBITDA across both standalone and consolidated levels reinforces the strength of our core business model and the effec�veness of our growth strategy.

Now, I hand over the call to Mr. Nikhil for further --

Nikhil Sundrani

company has reached a new opera�onal and financial heights. However, we view this progress as a part of a long-term growth journey. The company con�nues to focus on diversifica�on ini�a�ves to broaden its product por�olio and strengthen the revenue streams. By expanding into new geographical markets, we aim to enhance our global footprint, build a stronger order book and reduce geographical concentra�on risk.

Year a�er year, we have consistently increased our turnover, which helps in maintaining a strong and sustainable market based across mul�ple regions. Our strategy remains centered on balanced growth, scaling revenue while improving margins and strengthening profitability. Opera�onal efficiency, disciplined capital alloca�on, cost op�miza�on and strong compliance standards will con�nue to guide our growth trajectory. We remain confident about the demand outlook and are commited to certain long-term value for all stakeholders.

segments, investors may write to us at cs@hmaagro.com. For queries rela�ng to financial performance, we will be happy to address them one by one during the session.

truly appreciate your par�cipa�on today. Thank you.

Moderator

Thank you, sir. Ladies and gentlemen, we will now begin the ques�on and answer session. If you have a ques�on, please press "" and "1" your telephone keypad and wait for your turn to ask the ques�on. If you would like to withdraw your request, you may do so by pressing "" and "1" again. In the interest of �me, we request the par�cipants to restrict to two ques�ons in ini�al round and get back to the queue for more ques�ons.

Ladies and gentlemen, if you have any ques�ons, please press "" and "1" on your telephone keypad. I repeat, if you have any ques�ons, please press "" and "1" on your telephone keypad.

Abin Banerjee

Hi. Good a�ernoon, sir. I just have one ques�on. I see that for the quarter ended September 30th, your other expenses stand at INR 834 million which have gone up to INR 2,217 million in quarter ended December 31st, 2025. I wanted to understand that how come there has been, like a, three �mes increase in other expenses?

Thank you.

Nikhil Sundrani

Please pardon, sir. Can you please repeat?

Abin Banerjee

Yes, sir. My ques�on is that for the quarter ended September 30, 2025, the other expenses stand at INR 834 million, whereas for quarter ended December 31st, 2025, the other expenses stand at INR 2,217 million. I wanted to understand the reason why it has increased nearly threefold on a QoQ basis. What are the drivers?

Nikhil Sundrani

we compare to Q3 of 2025-2026 and Q3 of 2024-2025, the percentage remains same. That is 10.03% for 2024-2025 and 10.76% for 2025-2026. But if you compare it with the last quarter of the same year and to this current quarter, Q3, the increase in freight cost was one of the main reason for this.

Abin Banerjee

You're saying freight cost. Right, sir?

Nikhil Sundrani

Yes, sir. Yes, sir.

Abin Banerjee

So what happened in Q2 freight cost? I mean, what is the driver for freight cost increase?

Nikhil Sundrani

The main reason for this, like, we use refrigerated containers. And refrigerator containers are in short quan�ty. It totally depends on demand and supply. As and when the demand increases, the freight cost increases and the container cost also increases. As and when demand decreases, the same amount decreases by the shipping lines. So that's one of the reasons which has contributed to the increase in other cost.

Abin Banerjee

Okay, sir. Thank you.

Moderator

Thank you, sir. Ladies and gentlemen, if you have any ques�ons, please press "*" and "1" on your telephone keypad.

The next ques�on comes from the line of Mr. Kapil Adwani from Aarth Growth Fund. Please go ahead, sir.

Mr. Kapil Adwani

Nikhil Sundrani

Sorry, sir?

Mr. Kapil Adwani

Sir, can you bifurcate the capacity u�liza�on in Q2 versus Q3?

Nikhil Sundrani

Capacity u�liza�on?

Mr. Kapil Adwani

Right.

Nikhil Sundrani

Sir, actually, this ques�on is related to, Mr. Gulzeb, and currently, he's not available. So if you can write, we can give you a brief reply on that.

Mr. Kapil Adwani

Sure. No issues. My second ques�on is on export. Can you provide a breakdown of revenue contribu�on from your top five markets?

Nikhil Sundrani

and Iraq.

Mr. Kapil Adwani

Can you provide a bifurca�on in terms of as a percentage of revenue?

Nikhil Sundrani

Sir, for that, you need to write us so that we can give you the detail at what percentage comes from which country.

Mr. Kapil Adwani

Okay. Yes, sure. No issues. So my next ques�on is on livestock. So how have raw material cost for --? Hello?

Nikhil Sundrani

You want to ask that is there any rise or is there any fall in the raw material cost? Am I correct?

Mr. Kapil Adwani

constraints?

Nikhil Sundrani

No. No. We are not facing any kind of supply constraint. Even the raw material prices are stable. There's no such kind of varia�on in the raw material prices. Because of this only, we have achieved this much of good profit. If we compare it with the previous year, the same quarter, the raw material cost in the previous year, in the same quarter, Q3, was 85.41%, and for this year, it's 84.03%. So, it's a slight difference of 1.38%. In fact, we should say a slight decrease in the prices of raw material.

Mr. Kapil Adwani

Okay. Thank you. That's all from my end. I will joint in the queue.

Nikhil Sundrani

Thank you.

Moderator

Ladies and gentlemen, if you have any ques�ons, please press "*" and "1" on your telephone keypad.

Ladies and gentlemen, if you have any ques�ons, please press "*" and "1" on your telephone keypad.

We have a follow-up ques�on from Mr. Kapil Adwani from Aarth Growth Fund. Please go ahead, sir.

Mr. Kapil Adwani

Sir, is there any update on the retail market that we were entering? I think we talked about it in the last call. You men�oned that we are tes�ng retail products for Indian market. Is there any progress that has been made?

Nikhil Sundrani

Sir, it's in process.

Mr. Kapil Adwani

Okay. And, sir, what is the current status of the Jabalpur Chicken Processing Plant? When do you expect the commercial opera�ons to begin?

Nikhil Sundrani

Most probably by end of this year, it will be completed.

Mr. Kapil Adwani

End of FY26?

Nikhil Sundrani

Yes, sir. Yes, sir.

Mr. Kapil Adwani

Okay. So what type of contribu�on you are expec�ng to add in the top line by FY27?

Nikhil Sundrani

hens and chickens. So, it's a product mix, and, we see it's a good market for poultry farm products. Not as such we recommend that --

Mr. Kapil Adwani

Can you give a --

Nikhil Sundrani

Sorry?

Mr. Kapil Adwani

Sorry. Please go ahead.

Nikhil Sundrani

You're asking something. Yeah?

Mr. Kapil Adwani

Nikhil Sundrani

See, as of now, it would be too early to comment on this.

Mr. Kapil Adwani

Okay. Yeah. Sure. No issues. That's all from my end. Thank you.

Nikhil Sundrani

Thank you. Thank you.

Moderator

Thank you, sir.

Ladies and gentlemen, if you have any ques�ons, please press "" and '1" on your telephone keypad. I repeat, if you have any ques�ons, please press "" and "1" on your telephone keypad. There are no further ques�ons, sir. Now I hand over the floor to the management team for closing comments.

Aman Kaushik

Thank you, everyone, for joining us today and for con�nued trust and support. We appreciate your though�ul ques�ons and ongoing engagement. If you have any follow-up ques�ons, please reach out to us at cs@hmaagro.com.

Thank you once again. We look forward to connec�ng with you in the next quarter. Thank you.

Moderator

Thank you, sir. Thank you, ladies and gentlemen. This concludes the conference for today. Thank you for your par�cipa�on and for using Door Sabha's conference call service. You may disconnect your lines now. Thank you, and have a pleasant day.