Q1 2027 Foods and Inns Ltd Earnings Call

August 13, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Foods and Inns Q4 and Q1 FY27 conference call, hosted by Arjant Capital Markets Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to Foods and Inns Limited Q1 FY27 conference call hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Ms. Deepali Kumari from Arihant Capital Markets Limited. Thank you, and over to you, ma'am.

Speaker #1: Should you need assistance during the conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. I now hand the conference over to Ms. Deepali Kumari from Arjant Capital Markets Limited.

Speaker #1: Thank you, and over to you, ma'am.

Speaker #2: Thank you. Hello and good afternoon to everyone. On behalf of Arjant Capital Markets Limited, I thank you all for joining the Q1 FY27 earnings conference call of Foods and Inns Limited.

Deepali Kumari: Thank you. Hello, and good afternoon to everyone. On behalf of Arihant Capital Markets Limited, I thank you all for joining into the Q1 FY27 earnings conference call of Foods and Inns Limited. Today from the management, we have Mr. Milan Dalal, Managing Director, and Mr. Moloy Saha, Chief Executive Officer. Without any further delay, I will like to hand over the call to the management for their opening remarks. Over to you, sir.

Speaker #2: Today, from the management, we have Mr. Milan Dalal, Managing Director, and Mr. Moroi Saha, Chief Executive Officer. So, without any further delay, I would like to hand over the call to the management for their opening remarks.

Speaker #2: Over to you, sir.

Speaker #3: Hello, good afternoon. This side is Moroi Saha. Greetings to my fellow shareholders analysts while we share and prospective shareholders. While I'll be happy to elaborate further on the performance of Q1 for the current financial year, with me, Mr. Milan Dalal, our MD, has also joined for this call.

Moloy Saha: Hello. Good afternoon. This side, Moloy Saha. Greetings to my fellow shareholders, analysts, well-wishers, and prospective shareholders. While I will be happy to elaborate further on the performance of Q1 for the current financial year, with me, Mr. Milan Dalal, our MD, has also joined for this call. What I would like to mention are a few significant events since last call. This quarter, we have a mango production, and we saw a good encouraging trend. Quality of fruit was good as well as reasonable price. While our order book position is encouraging, the export dispatch has been slowed down due to vessel non-availability and significant increase in ocean freight. Though there is no order cancellation, there is a delayed call-ups continuing. Very happy moment. Our top customer, The Coca-Cola Company, has completed 50 years of their brand called Maaza.

Speaker #3: What I would like to mention are a few significant events since last call. This quarter, we had a mango production, and we saw a good, encouraging trend. The quality of the fruit was good, as well as the price being reasonable.

Speaker #3: While our order book position is encouraging, export dispatch has been slowed down due to vessel non-availability and a significant increase in ocean freight. Though there is no order cancellation, there continue to be delayed call operations.

Speaker #3: Very happy moment our top customer, Coca-Cola, has completed 50 years of their brand called Maza, in the recent event in Delhi. They have acknowledged our company's association and support, as also our farmers' engagement for sustainable sourcing.

Moloy Saha: In the recent event in Delhi, they have acknowledged our company's association and support, and also our foremost engagement for sustainable sourcing. Our effort on sustainability since 2014 has now showed significant recognition for a large French customer who has associated with us two years ago, and this program now extended to another UK-based large brand. This is a quite happy moment for us. We will now open the call for questions for my team and me as required to answer.

Speaker #3: Our efforts on sustainability since 2014 have now shown significant recognition from a large French customer who associated with us two years ago, and this program has now extended to another UK-based large brand. That is quite a happy moment for us.

Speaker #3: We'll now open the call for questions for my team and me, as required to answer.

Speaker #1: Thank you very much. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you very much. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Naren Shah from NVS Brokerage. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nalin Shah from NVS Brokerage.

Speaker #1: Please go ahead.

Speaker #3: To the Managing Director and the entire team of Foods and Inns: As you rightly pointed out, exports are impacted, as we are hearing from other clients also, because of the non-availability or very, very extraordinary shipping freights, which, you know, makes it totally unviable for the people who import in terms of costing.

Nalin Shah: To the Managing Director and the entire team of Foods and Inns. As you rightly pointed out, exports are impacted as we are hearing from other clients also because of the non-availability or very extraordinary shipping freights, which makes it totally unviable for the people who import in terms of costing. In view of the perishable nature of our products, do you think that delays into the time when it gets delayed because of the extraneous factors, there could be a big risk of the perishable products getting impacted and because of that, some loss could arise because of that. Is that a probability? If yes, you can just guide us on that. That is one. Secondly, in view of the very, I would say that very uncertain atmosphere in terms of logistics management, how do you guide for the current year?

Speaker #3: Now, in view of the perishable nature of our products, do you think that delays in to the time when it gets delayed because of the extraneous factors there could be a big risk of, you know, the perishable products, you know, getting, you know, impacted and because of that some loss could arise because of that?

Speaker #3: Is that a probability? And if yes, you can just guide us on that, Karke. That is one. Secondly, in view of the, you know, very—I would say very, very uncertain—this thing, you know, the atmosphere in terms of logistics management, how do you guide for the current year?

Speaker #3: Because it is very difficult to predict that what could be, you know, I mean, our the actual performance. So if you could guide us, how do you feel that is the balanced part of the nine months is going to span out for our company?

Nalin Shah: Because it is very difficult to predict our actual performance. If you could guide us, how do you feel that this balance part of the nine months is going to span out for our company?

Speaker #4: Thanks to Mr. Nalin. For your question, as you rightly said, the export community from India—we are all facing ongoing challenges. Now, regarding your question on the perishable nature of items:

Moloy Saha: Thank you, Mr. Naren, for your question. As you rightly said that export community from India, we are all having the ongoing challenges. Your question on the perishable nature of items. The finished products, what we packed in the drums or can, is not perishable in nature. It is a processed foods with having a shelf life of two years. On that point, we did not have any risk of any loss. Yes, there is a likely to be a delay in the shipment, but all our customers are committed, and they have not canceled any order, but we are expecting some delay. Second point is your guidance for the financial next nine months. Yes, you are absolutely correct. There are a lot of uncertainties across the world, and we also having a 35% to 40% on the export segment. We are also having the similar type of challenge.

Speaker #4: The finished products, what we pack in the drums or cans, are not perishable in nature. They are processed foods with a shelf life of two years.

Speaker #4: So on that point, we didn't have any risk of any loss. Yes, there is likely to be a delay in the shipment, but all our customers are committed and they have not cancelled any orders. We are expecting some delay.

Speaker #4: Now, the second point is your guidance for the financials over the next nine months. Yes, you are absolutely correct; there are a lot of uncertainties across the world, and we also have 35% to 40% exposure in the export segment.

Speaker #4: We are also having a similar type of challenge. The good part is that we have a well-balanced domestic and export market. Our domestic market is almost 65 percent.

Moloy Saha: Good part is that we have a well-balanced domestic and export. Our domestic market is almost 65%, and current year, as in our opening note, we told that Maaza are celebrating 50 years of their brand. We are happy to say that we got a good order from Maaza, which is higher than last year. The indication what have been received so far from the Indian beverage industry, that they are expecting that due to the El Niño effect, the climate condition may be favorable for juice consumption or drinks consumption in India. We are expecting that though there may be some challenges in the export section, but domestic segment may compensate that for us. As of today, we are not very much worried.

Speaker #4: And in the current year, as we mentioned in our opening note, Maza is celebrating 50 years of their brand. So we are happy to say that we have received a good order from Maza, which is higher than last year.

Speaker #4: And the indication that we have received so far from the Indian beverage industry is that they are expecting, due to the El Nino effect, the climate conditions may be favorable for juice or drinks consumption in India.

Speaker #4: So we are expecting that, though there may be some challenges in the export segment, the domestic segment may compensate for that. As of today, we are not very much worried.

Speaker #4: There may be one quarter less lower call option next quarter that can be made up, but overall, the scenario as of today is not any alarm situation.

Moloy Saha: There may be one quarter less, lower call-up next quarter that can be made up, but overall scenario as of today is not any alarm situation, it's bullish.

Speaker #4: It's a bullish.

Speaker #3: Just to add to what my colleague, Mullah Iqra, said—this is Milan Dalal here. Regarding the logistics situation and call ops, since you wanted some guidance.

Milan Dalal: Just to add what my colleague, Moloy, said. This is Milan Dalal here. About the logistics situation and call-offs, and you wanted some guidance. Generally, what can be seen, and we've gone through this crisis number of times, the latest being COVID, that generally we have seen that there will be a pent-up demand. So in fact, we should see growth. But yes, only if we can reach our goods to their shelves is very important. So a little bit of uncertain, but we shouldn't be worried at all for this balance nine months financial year to catch up on the pending export dispatches.

Speaker #3: Generally, what can be seen—and we've gone through these crises a number of times, the latest being COVID—is that, generally, we have seen that there would be a pent-up demand.

Speaker #3: So, in fact, we should see growth, but yes, only if we can reach our goods to their shelves—this is very important. So, a little bit uncertain, but we shouldn't be worried at all for this balanced nine months of the financial year to catch up on the pending export dispatches.

Speaker #3: Thank you.

Moloy Saha: Thank you.

Nalin Shah: Milan, my second question is that this frozen food market which you have entered has a huge opportunity. So in terms of, again, India, we find that distribution network, preservation of products, and the entire, I would say, distribution network preparation and everything is a challenge. So how do you see that frozen food business, which has a huge opportunity, how do you feel that you are in a position to encash over a period of this next six to 12 months and thereafter also? So there is a little, I would say, medium to long-term, one, three, five years, how do you see the business expanding?

Speaker #1: Milan brother, my second question is that, you know, this frozen food market, which you have entered, has a huge, you know, opportunity. So in terms of, again, you know, in India we find that, you know, distribution network, preservation of products, and, you know, I mean, the entire, I would say, distribution network preparation and everything is a challenge.

Speaker #1: So how do you see that frozen food, you know, business which has a huge opportunity? How do you feel that you are in a position to encash over a period of this next six to twelve months and thereafter also?

Speaker #1: So, there is a little, I would say, medium to long-term—one, three, five years—you know, how do you see the business expanding?

Speaker #4: Thanks to Mr. Nalin. That's a good point you have raised. If you see our balance sheet, as well as the last few calls over the past couple of years, we are always highlighting that the frozen food segment is very, very encouraging. In the last two years, we have grown at 30% CAGR. In the first quarter, also, we are at 20% growth.

Moloy Saha: Thanks, Mr. Manik. It is a good point you have raised. If you see our balance sheet as well as last few calls for last couple of years, we are always highlighting that frozen food segment is very encouraging. Last two years, we have grown at 30% CAGR. In the first quarter, also we are at a 20% growth. We see huge opportunity in export markets, especially in the USA and UK as well as Canada market. The order position for us is quite encouraging and that is the one segment is till today able to manage the higher freight cost. Though other segment is little conservative approach to absorb the higher freight cost, but this frozen segment is still continuing with high cost.

Speaker #4: We see huge opportunity in the export market, especially in the USA, UK, and Canada markets. The order position for us is quite encouraging, and that is the one segment which, till today, is able to manage the higher freight cost. Though other segments are taking a slightly conservative approach to absorb the higher freight cost, this frozen segment is still continuing with the high cost.

Speaker #4: So, we are very, very bullish, and as a company, we have also considered that we should expand our capacity to capitalize on the market demand in India as well as the export market.

Moloy Saha: We are very bullish, and as a company also, we have considered that we should expand our capacity to encash the market demand in India as well as export market. We are in process to expanding our capacity to cater this market.

Speaker #4: So, we are in the process of expanding our capacity to cater to this market. So again, can you just...

Nalin Shah: Can you just

Speaker #3: To add to what Mullah is saying, there are three particular segments in the frozen foods: there's the frozen mango and pulp, there are vegetables, and then there are our ethnic snack items—paratha, samosas, and naan.

Moloy Saha: To add what Milan is saying, there are three particular segments in the frozen foods. That is the frozen mango and pulp, there are vegetables, and then there are our ethnic snack items, parathas, samosas, naan.

Milan Dalal: To add what Milan is saying, there are three particular segments in the frozen foods. That is the frozen mango and pulp, there are vegetables, and then there are our ethnic snack items, parathas, samosas, naan.

Speaker #1: Right, right.

Nalin Shah: Right.

Speaker #3: We are seeing tremendous, tremendous growth potential in the frozen pulp division, also with the opening up of the new West Asia market. They are all set and ready—trial runs have already happened—and the kind of order booking that we are seeing is very, very encouraging.

Moloy Saha: We are seeing tremendous growth potential in the frozen pulp division also with opening up of new West Asia markets. They are all set and ready. Trial runs have already happened, and the kind of order booking that we are seeing will be very encouraging. Nothing has stopped us from expanding and looking towards the snacks. Vegetables will have its own up and down depending on the raw material cost. But the other two segments, pulps as well as snacks, is showing tremendous growth. Vegetables will have its own steady pace of demand.

Milan Dalal: We are seeing tremendous growth potential in the frozen pulp division also with opening up of new West Asia markets. They are all set and ready. Trial runs have already happened, and the kind of order booking that we are seeing will be very encouraging. Nothing has stopped us from expanding and looking towards the snacks. Vegetables will have its own up and down depending on the raw material cost. But the other two segments, pulps as well as snacks, is showing tremendous growth. Vegetables will have its own steady pace of demand.

Speaker #3: Nothing has stopped us from expanding and looking towards the snacks. Vegetables will have their own ups and downs depending on the raw material cost.

Speaker #3: But the other two segments, pulps as well as snacks, are showing tremendous growth. Vegetables have their own steady pace of demand.

Speaker #1: Thank you. Milan Bhai, can you just give us some numbers from last year—what was the, I mean, talking about frozen snacks items, you know, the ones you are talking about, like samosas, chole puri, and all these things, paratha and all?

Nalin Shah: Thank you, Milan. Milan, can you just give us some numbers that last year, what was the, I am talking about frozen snacks item, which you are talking about, samosas and chole puri and all these things, paratha and all. If you can just give us some numbers that last year what you did, current quarter what you did, and what is your thinking in terms of what is the kind of levels at which it can be expanded, in terms of numbers, whether say INR 200 crore, INR 300 crore, what is the kind of numbers?

Speaker #1: So if you can just give us some numbers that last year what you did current quarter what you did and what is your thinking in terms of what is the kind of, you know, levels at which it can be expanded, you know, in terms of numbers whether say 200 crore, 300 crore, what is the kind of numbers?

Speaker #4: Our frozen segment last year was around 12 million US dollars. And this first quarter we are having around four, three million. And we are expecting that we see, sorry, this year it can be with a growth of 20 plus percent.

Moloy Saha: Our frozen segment last year was around 12 million US dollars.

Milan Dalal: Our frozen segment last year was around 12 million US dollars. This first quarter, we are having around 3 million, and we are expecting that sorry, this year, it can be with a growth of say 20%+ As a company, we are looking that this segment can give us in three years' time, 30-plus million US dollar. That is the direction we are working on it.

Moloy Saha: This first quarter, we are having around 3 million, and we are expecting that sorry, this year, it can be with a growth of say 20%+ As a company, we are looking that this segment can give us in three years' time, 30-plus million US dollar. That is the direction we are working on it.

Speaker #4: As a company, we are looking for this segment to give us, in three years' time, $30 million plus. That's the direction we are working on.

Speaker #1: Absolutely, yes. I am also with you totally. Excellent, excellent. Congratulations, and all the best for the future. Thank you.

Nalin Shah: Absolutely. Yes. I am also with you totally. Excellent. Congratulations and all the best for the future. Thank you.

Speaker #4: Thank you. Thank you so much. Thank you.

Moloy Saha: Thank you. Thank you so much. Thank you.

Speaker #2: Thank you. I remind all participants, anyone who wishes to ask a question may press star and one on the touch-tone telephone. The next question is from Khushi Solanki, an individual investor.

Operator: Thank you. A reminder to all the participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from Khushi Solanki as an individual investor. Please go ahead.

Speaker #2: Please go ahead.

Speaker #5: Hello. I'm audible.

Khushi Solanki: Hello, I am audible?

Speaker #2: Yes.

Operator: Yes.

Moloy Saha: Yes.

Speaker #5: Yeah, yeah. So, my question was: you reported 1,800 million tons of finished goods overdue for shipment due to the war situation. What is the projected timeline for clearing this backlog?

Khushi Solanki: Yeah. My question was, you reported 1,800 million tons of finished goods overdue for shipment due to the war situation. What is the projected timeline for clearing this backlog, and how has this impacted your working capital cycle?

Speaker #5: And how has this impacted your working capital cycle?

Speaker #4: Okay. As of today, these are all overdue, but we are having challenges on the export side. So we are trying, but it's at a slow pace.

Moloy Saha: Okay. As of today, these are all overdue, but we are having challenge on the export side. We are trying, it is a slow pace. It may take 60 days, it may take 45 days. Won't be able to say as of today, it is not in our control. On the working capital side, yes, there is a blockage. It is really paining us. Maybe for that, little bit more interest cost to bear. But this is not in our control.

Speaker #4: It may take 60 days, it may take 45 days—only able to say as of today, it is not in our control. On the working capital side, yes, there is a blockage.

Speaker #4: It is really penalizing us. And maybe for that little bit more, interest costs will be with us. But this is not in our control.

Speaker #5: Okay. And my second question is: Considering the freight and container availability issues, have you explored alternative logistic routes or regional hubbing to mitigate the impact on export volume?

Khushi Solanki: Okay. My second question is, considering the freight and container availability issues, have you explored alternative logistic routes or regional hubbing to mitigate the impact on export volume?

Speaker #4: Alternative is the air. It's almost 30 times the cost of what ocean freight is today, so that is ruled out. Not workable. So we have to only work on that.

Moloy Saha: Alternative is here. It is almost 30x cost than what is the Ocean freight today. That is ruled out, not workable. We have to only work on that, but we strongly believe that, and whatever information we are getting, that in couple of months, it should be getting normalized. Not normalized, at least much improved position than today. That is our expectation from when we are discussing with shipping companies, they are all talking that within a couple of months, it should be much better than today. But there is no alternative than here, and that has been a huge cost.

Speaker #4: But we strongly believe that, and whatever information we are getting, in a couple of months it should be getting normalized. If not normalized, at least in a much, much improved position than today.

Speaker #4: So that is our expectation from when we are discussing with shipping companies; they are all talking that within a couple of months, it should be much better than today.

Speaker #4: But there's no alternative to air, and that's having a huge cost.

Speaker #3: Just to add, there are minor variations of the route by choosing one airport to another port and then them kind of transporting. But that's very small in numbers.

Milan Dalal: Just to add up, there are minor variations of the route by choosing a port to another port, and then kind of transporting, but that's very small in numbers. It's basically, I would hate to say these words, but the shipping companies have decided to ensure that they have a run of their time and make money. It's unfortunate that, not unfortunate, fortunate that we don't have to bear that cost. It's the clients who have to decide, and that's where they are taking a pause, that instead of the current levels of 2X or 3X costs, wait for it to soften up. As my colleague did say, alternate to shipping, there is no other alternative. On a very futuristic, on a jocular part, what I saw a post on LinkedIn that things like we started exporting to Russia, but a train line is expected.

Speaker #3: And it's basically—I would hate to say these words—but the shipping companies have decided to ensure that they have a run of their time and make money. It's unfortunate that—well, not unfortunate, actually fortunate—that we don't have to bear that cost.

Speaker #3: It's the clients who have to decide, and that's where they are taking a pause—that instead of the current levels of 2x or 3x cost, they wait for it to soften up.

Speaker #3: But as my colleague did say, that alternate to shipping there is no other alternative. On a very futuristic or the jocular part, but I saw a post on LinkedIn that things like we started exporting to Russia, but a train line is expected—now I'm sure it's 25 years down the line, but I'm sure governments will look at various things happening. We live with it, but I'm optimistic that we should overcome all that.

Milan Dalal: Now, I'm sure it's 25 years down the line, but various governments will look at various things happening. We live with it, but optimistic that we should overcome all that.

Speaker #4: One more thing I would like to highlight as of asking this what is the alternative in India we are trying to do we have a port multiple ports as you know so if you have any opportunity to avail any other port like we have mainly we export from Chennai and Mumbai so we always reshuffle and look the opportunity based on the transit time sometimes we may bring the product from our south factory to Mumbai and from there we ship it out like that we are always try to do maximize whatever possible.

Moloy Saha: One more thing I would like to highlight. As you're asking this, what is alternative? In India, we are trying to do. We have multiple ports, as you know. So if you have any opportunity to avail any other port, like mainly we export from Chennai and Mumbai. So we always reshuffle and look the opportunity based on the transit time. Sometimes we may bring the product from our south factory to Mumbai, and from there we ship it out. Like that, we are always trying to maximize whatever possible.

Speaker #5: Okay sir. And I had one more question like with the demanding growing in US demand growing in US market for frozen foods what steps have been taken to ensured there is high growth shipments from the current global shipment disruptions?

Khushi Solanki: Okay, sir. I have one more question. With demand growing in US market for frozen foods, what steps have been taken to insulate these high-growth shipments from the current global shipment disruptions?

Speaker #4: As I like to informed in the last when Mr. Nanak said I informed that only segment is the frozen segment who are able to absorb this significant increase of freight cost.

Moloy Saha: As I like to inform in the last, when Mr. Naren Shah said, I informed that only segment is the frozen segment who are able to absorb this significant increase of freight cost. The frozen segment is growing and there is an ample demand. We are unable to fulfill the demand. Situation is like that. Moreover, I think the issue is that, as our MD told that during COVID time also had similar kind of situation. It is more on the food security in the sense that if tomorrow there is a big war across the world, whether food will be available or not. On that point, I think frozen segment is growing and likely to grow during this uncertainty. We do not see any issue on this segment, and is likely to grow.

Speaker #4: So on the frozen segment, it is growing and there's ample demand. We are unable to fulfill the demand—the situation is like that. Moreover, I think the issue is that, as our MD told us, during COVID time we also had a similar kind of situation. It's more about food security in the sense that if someone wants to borrow, there is a big worry across the world about whether food will be available or not.

Speaker #4: So on that point, I think the frozen segment is growing and likely to grow during this uncertainty. So we don't see any issue in this segment, and it is likely to grow.

Speaker #2: Okay, sir. Thank you so much.

Khushi Solanki: Okay, sir. Thank you so much.

Speaker #4: Thank you. Thank you.

Moloy Saha: Thank you.

Milan Dalal: Thank you.

Milan Dalal: Thank you. Thank you.

Khushi Solanki: Thank you.

Speaker #2: Thank you. The next question is from Arno Sakuja from Ambit. Please go ahead.

Operator: Thank you. The next question is from Arnav Sakhuja from Ambit. Please go ahead.

Speaker #5: Hi.

Arnav Sakhuja: Hi.

Speaker #2: Mr. Arno?

Operator: Mr. Arnav?

Speaker #5: Yes, hi. Thanks for taking my question. You had mentioned that you are expecting 30% growth over the next two to three years in some segments.

Arnav Sakhuja: Yes. Hi. Thanks for taking my question. You had mentioned that you are expecting 30% growth over the next two, three years in some segment. Sorry, I did not catch which segment that was.

Speaker #5: Sorry, I didn’t catch which segment that was.

Speaker #4: Frozen segment.

Moloy Saha: Frozen segment.

Milan Dalal: Frozen segment.

Speaker #5: Frozen segment. Okay. And how is the growth in the pectin segment?

Arnav Sakhuja: Frozen segment. Okay. How has been the growth in the pectin segment?

Speaker #4: Pectin segment commercial production has already started, as we informed. Audit is also going on, and the good part is that a few big brands in export—big brands—they have also shown a lot of interest.

Moloy Saha: Pectin segment, commercial production already started, as we informed. Audit also going on. Good part is that few big brands in export big brand, they also shown lot of interest, and we have also sent samples. This particular category, this sampling approval process is very longer time because unless the brands do the consumer testing, they don't give the procurement order. Couple of consumer testing is on the way, and we believe very soon we'll have the result. We expect a good opportunity in this segment as a H2 of the year. Post, I think from October or November onwards, we see opportunity in this segment. It is taking time, but once a client approves, then orders is not an issue because as you know, we are producing from our waste.

Speaker #4: And we have also sent samples. But for this particular category, this sampling approval process takes a very, very long time because, unless the brands do the consumer testing, they don't give the procurement order.

Speaker #4: So, a couple of consumer tests are on the way, and we believe we will have the results very soon. We expect a good opportunity in this segment in the second half of the year.

Speaker #4: So post—I think from October or November onwards—we see opportunity in this segment. It is taking time, but once a client approves, then orders are not an issue because, as you know, we are producing from our waste, so we are quite competitive on the pricing in India as well as in overseas markets.

Moloy Saha: We are quite competitive on the pricing in India as well as in overseas market.

Speaker #3: So just to add to what Baloy said, there are three parts of IT production we have in our crack state, and everything is up to date.

Milan Dalal: So just to add what Buloi said, that is three parts of it. Production, we have crack stake and everything is up to date. Luckily, our consumer base would be of a same primarily sales, which is of the juice manufacturers, et cetera. Nothing stops us from doing non-client of ours, but there is enough that they could pick up. The third, to get the real results, they need time to have their tests done. So we are not foreseeing any hiccups, any issues henceforth in pectin.

Speaker #3: Luckily, our consumer base would be our same primary sales, which is our juice manufacturers, etc. Nothing stops us from going to non-clients of ours, but there is enough that they could pick up.

Speaker #3: And the third, to get the real results, they need time to have their tests done. So we are not forcing any hiccups or issues henceforth in pectin.

Speaker #5: And I also didn't fully catch the part where someone is asking about the guidance. So if you could reiterate whether we're changing the guidance or if it's a bit too uncertain to tell whether we'll be able to meet the guidance that we mentioned earlier of 20% volume growth.

Arnav Sakhuja: I also didn't fully catch the part where someone was asking about the guidance. So if you could reiterate if we're changing the guidance or it's a bit too uncertain to tell whether we'll be able to meet the guidance that we had earlier mentioned of 20% volume growth.

Speaker #4: It's not very clear, Mr. Arno. May I request you to please repeat?

Moloy Saha: It's not very clear, Mr. Arnav. May I request you to please repeat?

Speaker #5: Is that better?

Arnav Sakhuja: Is that better?

Speaker #4: Yeah. Tell me.

Moloy Saha: Yeah. Tell me.

Speaker #5: Hello.

Arnav Sakhuja: Hello.

Speaker #4: Can you repeat the question, please? We didn't get it.

Moloy Saha: Can you repeat the question, please? We didn't get it.

Speaker #5: So my question is, I just didn't fully hear the question on the guidance that someone had asked before. So if you could just reiterate the guidance for FY27.

Arnav Sakhuja: My question is, I didn't fully hear the question on the guidance that someone had asked before. If you could just reiterate the guidance for FY27.

Speaker #4: No, the guidance was primarily on the shipping—what's likely to happen. So that was the guidance that we gave to the first speaker, Mr. Naleem Shah.

Moloy Saha: No. The guidance was primarily on the shipping, what's likely to happen. That was the guidance that we gave to the first speaker, Mr. Nalin Shah, that factually we haven't dispatched enough in Q1 for our exports. We should be able to catch up with optimism over the next three quarters, the dispatches of the orders in hand. Also, I highlighted that in the domestic segment, we are expecting good demand due to the El Niño effect. The climatic condition may be favorable for the larger consumption of juice and drinks in India. There's a noise we are hearing from many brands, and we expect that may help for a quicker growth in this segment.

Milan Dalal: No. The guidance was primarily on the shipping, what's likely to happen. That was the guidance that we gave to the first speaker, Mr. Nalin Shah, that factually we haven't dispatched enough in Q1 for our exports. We should be able to catch up with optimism over the next three quarters, the dispatches of the orders in hand. Also, I highlighted that in the domestic segment, we are expecting good demand due to the El Niño effect. The climatic condition may be favorable for the larger consumption of juice and drinks in India. There's a noise we are hearing from many brands, and we expect that may help for a quicker growth in this segment.

Speaker #4: That’s assuming that—we’re not assuming, factually—that we haven’t dispatched enough in the first quarter for our exports. We should be able to catch up with optimism over the next three quarters.

Speaker #4: The dispatches of the orders in hand. Also, I highlighted that in the domestic segment we are expecting good demand. Due to the El Niño effect, the climatic condition may be favorable for larger consumption of juice and drinks in India; that's the noise we are hearing from many brands, and we expect that that may help with quicker growth in this segment.

Speaker #5: So, will we be able to meet that 20% volume guidance, or is that looking difficult given the geopolitical climate that we're currently in?

Arnav Sakhuja: Will we be able to meet that 20% volume guidance or is that looking difficult given the geopolitical climate that we are currently in?

Speaker #4: As of today on the domestic market yes but export market it's depends on how the situation moves. In international market on the freight. Otherwise domestic market as of today yes we see that type of volume growth.

Moloy Saha: As of today on the domestic market, yes. But export market, it depends on how the situation moves.

Arnav Sakhuja: Right

Moloy Saha: In international market on the freight. Otherwise, domestic market as of today, yes, we see that type of volume growth.

Speaker #5: All right. Thank you so much for answering my questions.

Arnav Sakhuja: All right. Thank you so much for answering my questions.

Speaker #4: Thank you Mr. Arnold.

Moloy Saha: Thank you, sir.

Speaker #2: Thank you. The next question is from Ankur Agrawar from RC Business House. Please go ahead, sir.

Operator: Thank you. The next question is from Ankur Agrawal from R.C. Business House. Please go ahead, sir.

Speaker #5: Thanks for taking my question. Your top line has been stagnant for the last four years. In 2023, your top line was somewhere around ₹1,000 crore, and now it's below ₹1,000 crore.

Ankur Agrawal: Thanks for taking my question. Your top line is stagnant from last four years. Like 2023, your top line is somewhere INR 1,000 crore and now it is below INR 1,000 crore. What is the reason that we will not grow, not growing last four years?

Speaker #5: What is the reason that we have not grown, not growing, in the last four years?

Moloy Saha: I am not sure whether you are following our earlier call or not. We as a company, being an agricultural segment, raw material price is not in our control or in our hand. As a company, we focus on the volume growth and the margin. In the industry, we work on the cost-plus model. That means our raw material price will be variable, but all other costs, including margin, more or less will be within the 5% plus minus. That is the industry norms, and that is why we are working for many last 30 years. If you see the last, when you talk about 2023, 2024, that time, one particular category of mango I will tell you, the raw material price was INR 25 average. The same raw material price today is INR 6 average. You can see the drastic reduction in the raw material price.

Speaker #4: I am not sure whether you are following our earlier call or not. So, we as a company, being in the agricultural segment, do not have raw material prices in our control or in our hands.

Speaker #4: As a company, we focus on volume growth and margin. In the industry, we work on the cost-plus model. That means our raw material price will be variable, but all other costs, including margin, will more or less be within 5 percent, plus or minus.

Speaker #4: That's the industry norm, and that's why we've been working like this for so many years, almost 30 years. So, if you see, when you talk about 2023-24, at that time one particular category of mango—I'll tell you—the raw material price was 25 rupees average.

Speaker #4: The same raw material price today is ₹6 on average. So, you can see the drastic reduction in the raw material price. So, if there is a raw material price reduction, automatically our final realizable price has reduced by five times or three times, and that's causing the lower sales realization, though our volume has grown.

Moloy Saha: So if there is a raw material price reduction, automatically our final realizable price has reduced by 5x time or 3x time, and that causing the lower sales realization, though our volume has grown. In our investor note, we are mentioning that last year also we have grown in the volume, but value has reduced. This year also, raw material price is lower than last year. So again, we can see a slightly lower realization. Though there will be a volume growth, but value growth may not be there.

Speaker #4: So, you know, in the investor note you have mentioned that last year also we grew in volume but the value has reduced, and this year also the raw material price is lower than last year.

Speaker #4: So again, we can see a slightly lower realization. Though there will be volume growth, value growth may not be there.

Speaker #5: Okay. And in the last two quarters, your top line as a net volume amount has degrown by 30% and 25%. Will that trend continue for the next three to four quarters?

Ankur Agrawal: Okay. The last two quarters, your top line, not volume, amount degrow by 30%, 25%. That trend will continue for next three, four quarters?

Speaker #4: Volume volume is not degrowth.

Moloy Saha: Volume is not degrowth.

Speaker #5: Value, value growth, value, value degrowth.

Ankur Agrawal: Value growth. Value degrowth.

Speaker #4: Value growth this quarter may not be as expected because last year's March quarter, and March 2026 as well, compared to March 2025, there is a distortion on the realizable value.

Moloy Saha: Value growth this quarter may not be, because last year, March 2026 as well as compared to March 2025, there is a distortion on the realizable value. But if we see the September 2025 vis-à-vis September 2006, I don't think any major challenge in the realizable price. It will be 10% plus minus. So if there's a volume growth, we may not have major challenges in the value. It will not de-grow like that.

Speaker #4: But if we see September 2025 vis-à-vis September 2006, I don't think there will be any major challenge in the realizable price. It will be 10%, plus or minus.

Speaker #4: So, if there is volume growth, we may not have major challenges in value. It will not degrow like that.

Speaker #5: The next question: the promoter holding in the total equity is just 25%. Is there any chance to increase that holding if the promoter is so positive on the company?

Ankur Agrawal: The next question. The promoter holding in the total equity is just 25%. Any chance to increase that holding if promoter is so positive on the company?

Moloy Saha: This question comes up quite time and again. As a promoter group, we are currently maintaining over 25%, and about two years back, I even came up with an open offer and Milan Dalal himself kind of at INR 150. Very sadly though, we are now at one third of that, so it's definitely a very attractive purchase. Have been doing little small quantities, but it's high time that some master planning happens, and would definitely look at the opportunities to increase the promoter's holding.

Speaker #4: This question comes up quite time and again. So as a promoter group we are currently maintaining over 25% and about two years back I even came up with an open offer and Milan Dalal himself kind of at 150 rupees and very sadly those we are now at one third of that.

Speaker #4: So it's definitely a very attractive purchase. We have been doing little small quantities, but it's high time that some master planning happens, and we would definitely look at the opportunities to increase the promoter's holding.

Speaker #5: Because if you issue some preferential, then the company gets some money to repay debt, and the promoter holding will increase. That will benefit the minority shareholders.

Ankur Agrawal: Because if you issue some preferential, then the company gets some money to repay debt and the promoter holding will increase. That will benefit for minority shareholder.

Speaker #4: Sure. Sure. We will we'll take your suggestions and haven't thought about another preferential issue. Generally in my opinion having a historical background of being a stock broker I find that just to give shares to yourself and not to the others to benefit other shareholders is not great but if it's making sense for the interest of the company we'll look at that and or acquisition in the open market whatever works out right we'll definitely and thank you for your suggestion.

Milan Dalal: Sure. We will take your suggestions and haven't thought about another preferential issue. Generally, in my opinion, having a historical background of being a stockbroker, I find that just to give shares to yourself and not to the others to benefit other shareholders is not great. But if it's making sense for the interest of the company, we'll look at that and/or acquisition in the open market. Whatever works out right, we'll definitely. And thank you for your suggestion.

Speaker #5: Because it also creates some confidence among minority shareholders if promoters increase their stake in the company at that market value, and the company also gets some funds to repair their debt.

Ankur Agrawal: Because it also create some confidence from minority shareholder if promoters increase their stake in the company on that market value, and company also get some funds to repay their debt.

Speaker #4: Yes, we are taking your suggestion in a very positive way. We'll work on it.

Milan Dalal: Yes. We are taking your suggestion quite positive way. We'll work on it.

Milan Dalal: Yes.

Moloy Saha: We are taking your suggestion quite positive way. We'll work on it.

Speaker #5: Okay, thank you. That's all from my side.

Ankur Agrawal: Okay. Thank you. That's all from my side.

Speaker #2: Thank you, sir. A reminder to all participants: anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from Marjorie, as a retail investor. Please go ahead.

Operator: Thank you, sir. A reminder to all participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. The next question is from Madhuri, as a retail investor. Please go ahead.

Speaker #6: Hello, sir. My question is regarding your marketing side, as your biggest client, Coca-Cola, is investing around $1 billion to expand capacity.

[Company Representative]: Hello, sir. Sir, my question is, on your marketing side, as your biggest client, The Coca-Cola Company, is investing around $1 billion to expand the capacity. So what specific percentage of this new demand in Foods and Inns are contracted to supply towards pulp business?

[Retail Investor] (Foods and Inns Ltd): Hello, sir. Sir, my question is, on your marketing side, as your biggest client, The Coca-Cola Company, is investing around $1 billion to expand the capacity. So what specific percentage of this new demand in Foods and Inns are contracted to supply towards pulp business?

Speaker #6: So, what specific percentage of this new demand in foods has been contracted to supply through its pulp business?

Speaker #4: We may not be able to disclose the details you're asking for due to the confidential contract with our client, but it's quite substantial in terms of their annual requirement.

Moloy Saha: We may not be able to disclose the details which you are asking for due to the confidential contract with our client. But it is quite substantial of their annual requirement. It is, I can say, quite substantial figure. More than that, we will not be able to disclose as per the contract.

Speaker #4: It's a, I can say, quite substantial figure. More than that, we won't be able to disclose as per the contract. If I may just add to your opening statement that Coca-Cola is planning to invest a billion dollars or whatever, the more they invest in their infrastructure, the more raw materials would be required. I just hope that they allocate enough for the juice manufacturing and not necessarily more for the fizzy drinks, which is a segment we are not able to contribute to. But we definitely see, based on the order book position, it is quite encouraging.

Milan Dalal: If I may just add with your opening statement that The Coca-Cola Company is planning to invest $1 billion or whatever. The more they invest in their infrastructure, more raw materials would be required. Just hope that they allocate enough for the juice manufacturing and not necessarily more on the fizzy drinks, which segment we are not able to contribute. But we definitely see based on the order book position, it is quite encouraging.

Speaker #6: Okay, sir, got it. So my follow-up question is: how are the other restructured brand portfolios, like Madhu, Green Top, and Kusum, aligning with your goals to shift more revenue towards high-margin B2C value-added products?

[Company Representative]: Okay, sir. Got it. Sir, my follow-up question is, how does the restructured brand portfolio like Madhu, Green Top, Kusum, are aligning with your goals to shift from more revenue towards high margin B2C value added products?

[Retail Investor] (Foods and Inns Ltd): Okay, sir. Got it. Sir, my follow-up question is, how does the restructured brand portfolio like Madhu, Green Top, Kusum, are aligning with your goals to shift from more revenue towards high margin B2C value added products?

Speaker #4: So basically, you know, B2C was a new initiative. One important brand that you had forgotten in our stable is Kusum in the spices segment, and we have seen some better performance in Q1.

Milan Dalal: Basically, B2C was a new initiative. One important brand that you have forgotten in our stable is Kusum in the spices segment, and we have seen some better performance in Q1. We have lot of hopes, expectation, and lot of plans to expand under that brand into various other things other than spices, also in condiments and other things where the parent company definitely has the capabilities of doing the formulation. Madhu, we aren't operating as much right now, but Green Top is very much there in multiple countries around the world, as also in India. So those efforts of high margin will definitely do. In fact, it's slightly as a variance to your specific query about high margin consumer products, whether it would be under this brand and/or a SPV.

Speaker #4: We have a lot of hopes, expectations, and a lot of plans to, you know, expand under that brand into various other things—not just spices, but also condiments and other things—where the parent company definitely has the capabilities of doing the formulations.

Speaker #4: Madhu, we aren't operating as much right now, but Green Top is very much there in multiple countries around the world, as also in India, so those efforts of high margin will definitely do.

Speaker #4: And we in fact so you know it's slightly as a variance to your specific very about high margin consumer products whether it would be under this brand and or a SPV we have got a couple of opportunities very soon to be announced for brands to be jointly held in certain geographies and most of these rather two of them in particular they have thoroughly impressed with our manufacturing capabilities and we should see a joint venture sign up into these geographies and expand our brand.

Milan Dalal: We have got a couple of opportunities very soon to be announced for brands to be jointly held in certain geographies. And most of these, rather two of them in particular, they have thoroughly impressed with our manufacturing capabilities, and we should see a joint venture sign up into these geographies and expand our brand. So at this stage, it's little fluid whether it will be the same brands doing it or a joint ownership of a brand. But at Foods and Inns level, the manufacturing would be very much with us, and maybe there is a sharing of the brand ownership. But we will take up on the potentiality and keep all of you informed at the right stage.

Speaker #4: So at this stage, it's a little fluid whether it will be the same brands doing it or a joint ownership of a brand. But at Foods and Inns' level, the manufacturing would very much be with us, and maybe there is a sharing of the brand ownership. We will take up on the potentiality and keep all of you informed at the right stage.

Speaker #6: Okay, sir. So, one last question: to improve asset utilization during the mango off-season, which other pulpy products are showing the highest margin potential and capacity update?

[Company Representative]: Okay, sir. Sir, one last question. To improve the asset utilization during the mango off-season, which of the pulpy products are showing the highest margin potential and capacity uptake?

[Retail Investor] (Foods and Inns Ltd): Okay, sir. Sir, one last question. To improve the asset utilization during the mango off-season, which of the pulpy products are showing the highest margin potential and capacity uptake?

Moloy Saha: If I correctly understood, you are trying to know that during non-mango season period

Speaker #4: If I understood you correctly, you are asking about the non-mango season period.

Speaker #6: Yes perfect yeah right.

[Company Representative]: Yes, completely.

[Retail Investor] (Foods and Inns Ltd): Yes, completely.

Speaker #4: What is the maximum capacity utilization for which product? Tomato tomato is a major non-mango and if you see non-mango there are two other segments which are working throughout the year one is the frozen segment that is there is no mango non-mango as well as our spray drying division and spice division these are 24 our 365 days production cycle but on the pulping segment tomato is the second largest capacity utilization.

Moloy Saha: What is the maximum capacity utilization for which product?

[Company Representative]: Yes.

[Retail Investor] (Foods and Inns Ltd): Yes.

Milan Dalal: Tomato.

[Company Representative]: Yes.

[Retail Investor] (Foods and Inns Ltd): Yes.

Moloy Saha: Tomato is a major non-mango. If you see non-mango, there are two other segments which are working throughout the year. One is the frozen segment, that is there is no mango, non-mango, as well as our spray drying division and spice division. These are 24-hour, 365 days production cycle. On the pulping segment, tomato is the second-largest capacity utilization.

Speaker #4: Followed by Guava. Guava.

Moloy Saha: Followed by guava.

Milan Dalal: Followed by guava.

Speaker #6: Okay, got it, sir. Thank you so much. That's all from my side. Wish you all the best.

[Company Representative]: Okay. Got it, sir. Thank you so much. That is all from my side. Wish you all the best.

[Retail Investor] (Foods and Inns Ltd): Okay. Got it, sir. Thank you so much. That is all from my side. Wish you all the best.

Speaker #4: Thank you.

Moloy Saha: Thank you.

Speaker #2: Thank you. Participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. We have a follow-up question from Khusi Solanki.

Operator: Thank you. Participants, anyone who wishes to ask a question, may press star and one on their touchtone telephone. We have follow-up question from Khushi Solanki, as an individual investor. Please go ahead.

Speaker #2: As an individual investor, please go ahead.

Speaker #7: Hello.

Khushi Solanki: Hello.

Speaker #2: Yes ma'am you are audible.

Operator: Yes, ma'am. You are audible.

Speaker #7: Hello yeah.

Khushi Solanki: Hello. Yeah.

Speaker #4: Yes please go ahead.

Moloy Saha: Yes, please go ahead.

Milan Dalal: Yes, please go ahead.

Speaker #7: So I wanted to ask the average realization decline by 18.5% year on year what is the what is this management outlook on price recovery of the mango segment given the lower fruit prices in the current procurement season?

Khushi Solanki: I wanted to ask, the average realization declined by 18.5% year-on-year. What is this management outlook on price recovery of the mango segment, given the lower fruit prices in the current procurement season?

Speaker #4: Yes, in fact, some of the categories are lower than last year—also slightly lower than last year—so we don't see any major drop in the realization, but slightly it may reduce this year.

Moloy Saha: Yes. In fact, some of the category is lower than last year, also slightly lower than last year. We do not see any major drop in the realization, but slightly it may reduce this year compared to last year.

Speaker #4: Compared to last year.

Speaker #7: Okay.

Speaker #4: Which, in fact, may come from the latter part of the year and the first part of next year.

Khushi Solanki: Okay.

Moloy Saha: Those impacts may come from the latter part of the year and next year H1.

Speaker #7: Okay, so another question was: Kusum Spices grew by 14.7% year-on-year. What is your strategy to increase market share in the branded spice market segment, where large retail brands are currently active in acquisitions?

Khushi Solanki: Okay. Another question was, Kusum Spices grew by 14.7% year-on-year. What is your strategy to increase market share in the branded spice market segment, where large retail brands are currently active in acquisitions?

Speaker #4: We are working on it. We have started, though at a slow pace, on the retail segment, but we are focusing on the HoReCa segment—especially, as it represents a larger share of the business. We have been continuing in that segment for many years, and business is growing there, especially in the export market. We are also seeing some good opportunities in the Oman market. Though due to this ongoing war situation things are slightly uncertain, there is good demand.

Moloy Saha: We are working on it. We have started, though in a slow pace, on the retail segment. But we are focusing on the HoReCa segment, especially for the larger pie of the business, because that segment, we are continuing for many years. Business is growing, that segment, especially in the export market also, we are having some good opportunity in the Oman market. Though, due to this ongoing war situation, slightly uncertain, but there is a good demand. We are progressing on the retail brand, but it is not in a very big pace, but in a slow pace, we are progressing on it.

Speaker #4: So we are progressing on the retail brand, but it's not at a very big pace; it is a slow pace, but we are progressing on it.

Speaker #7: Okay, sir. Thank you so much.

Khushi Solanki: Okay, sir. Thank you so much.

Speaker #4: Thank you.

Moloy Saha: Thank you.

Speaker #2: Thank you. The next question is from Amit Gori. As an individual investor, please go ahead.

Operator: Thank you. The next question is from Amit Gauri, as an individual investor. Please go ahead.

Speaker #4: Okay. So, the JV which you mentioned just now, can you please guide me on what kind of products we will be manufacturing for that JV? Basically, you know our core competence is in pulpy. Obviously, only the big juice manufacturers need that, and nobody is going to offer us any JV.

Amit Gauri: Okay. Sir, the JV which you mentioned just now, can you please guide on what kind of products we will be manufacturing for that JV?

Moloy Saha: Basically, our core competence is in pulping. Obviously, only need big juice manufacturers for that, and nobody is going to offer us any JV. So come the next segment, which is the frozen food. That is the most promising one which is there. The next one that we can do, so frozen could be either in the pulse part of it, or it could be the snacks part of it, or a total range. Both of them, the possibilities are very strong and kind of developing very well. There is a separate segment of value addition for our Kusum Spices, where, as I mentioned little earlier in the call, is expand the range to condiments, which is there. International clients want marinades. The base is spicing, but it would have some more other ingredients. We have the capabilities of product development, and we have the manufacturing capabilities.

Milan Dalal: Basically, our core competence is in pulping. Obviously, only need big juice manufacturers for that, and nobody is going to offer us any JV. So come the next segment, which is the frozen food. That is the most promising one which is there. The next one that we can do, so frozen could be either in the pulse part of it, or it could be the snacks part of it, or a total range. Both of them, the possibilities are very strong and kind of developing very well. There is a separate segment of value addition for our Kusum Spices, where, as I mentioned little earlier in the call, is expand the range to condiments, which is there. International clients want marinades. The base is spicing, but it would have some more other ingredients. We have the capabilities of product development, and we have the manufacturing capabilities.

Speaker #4: So, coming to the next segment, which is the frozen food — that's the most promising one at present. The next one that we can do, frozen, could be either in the pulses part of it or it could be in the snacks part of it, or a total range. For both of them, the possibilities are very, very strong and are developing very well.

Speaker #4: There is a separate segment of value addition for our Kusum spices where as I had mentioned little earlier in the call is expand the range to condiments which is there you know international clients want marinades they need the base is spicing but it would have some more other ingredients and we have the capabilities of product development and we have the manufacturing capabilities.

Speaker #4: So, it would be in these segments. Okay, okay. And also, is there any reason why our B2C products are not available online on online market portals?

Moloy Saha: It would be in these segments.

Milan Dalal: It would be in these segments.

Amit Gauri: Okay. Also, any reason why our B2C products are not available online on online market portals? As I see, just before this call, I cross-checked on Flipkart, Amazon, BigBasket, Myntra. Our products are not available on any of these websites. Any reason?

Speaker #4: As I see, just before this call, I cross-checked on Flipkart, Amazon, Big Basket, and Myntra. Our products are not available on any of these websites.

Speaker #4: Any reason? I may stand corrected, but to the best of my knowledge, whether we have got any order, we are into Zepto and Blinkit for sure.

Moloy Saha: I may stand corrected, but to the best of my knowledge, whether we have got any order, but we are into Zepto and Blinkit for sure.

Milan Dalal: I may stand corrected, but to the best of my knowledge, whether we have got any order, but we are into Zepto and Blinkit for sure.

Amit Gauri: Oh, sorry. I mean

Speaker #4: Zepto and Big Basket in some geographies we already have our product available. We are just expanding across India, and we are in talks with Swiggy—it may take a little more time—and with Blinkit. So I think in the next couple of months we will be in these four segments.

Moloy Saha: Zepto and BigBasket. In some geography, already our product is available. We are just expanding across India. We are in talk about Swiggy. It may take a little more time, and Blinkit. I think in next couple of months, we will be in these four segments.

Speaker #4: Okay, okay. And also, Anand Krishnan just resigned, right? His last day is over? Yes, his last day was the day before he started—on the 11th.

Amit Gauri: Okay. Anand Krishnan just got resigned, right? His last day is over?

Moloy Saha: Yes. Last day was on the day before yesterday, 11th. Anand Krishnan has resigned about, I think 60 days ago.

Speaker #4: Anand Krishnan resigned about, I think, 60 days ago, which you already informed me of, and then he continued till our board meeting.

Amit Gauri: Yeah.

Moloy Saha: Which he already informed, and then he continued till our board meeting. He leaves-

Speaker #2: Any appointment? New appointment? Any new appointment on his behalf?

Amit Gauri: Any appointment till this date? New appointment?

Moloy Saha: Pardon.

Amit Gauri: Any new appointment on his role?

Speaker #4: He's under process. Yeah, yeah, it's statutorily also required, but more than statutorily, it makes tremendous corporate sense to have the CFO in place quickly. So the process is on, and very soon we should be able to announce. We have shortlisted a few candidates, so the minute we find the right candidate, we would appoint him or her and announce.

Moloy Saha: It is under process. Yeah. It is statutorily also required, but more than statutorily, it makes tremendous corporate sense to have the CFO in place quickly. So the process is on, and very soon we should be able to announce. We have shortlisted few candidates. So the minute we find the right candidate, we would appoint him or her and announce.

Moloy Saha: It is under process.

Milan Dalal: Yeah. It is statutorily also required, but more than statutorily, it makes tremendous corporate sense to have the CFO in place quickly. So the process is on, and very soon we should be able to announce. We have shortlisted few candidates. So the minute we find the right candidate, we would appoint him or her and announce.

Speaker #4: Okay, sure. That's all from my side. Thank you. Thank you.

Amit Gauri: Okay. Sure. That's all from my side. Thank you.

Moloy Saha: Thank you.

Speaker #2: Thank you. Participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

Operator: Thank you. Participants, anyone who wishes to ask a question, may press star and one on their touchtone telephone. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, as there are no further questions, I now hand the conference over to management for closing comments. Over to you, sir.

Speaker #2: Ladies and gentlemen, as there are no further questions, I now hand the conference over to management for closing comments. Over to you, sir.

Moloy Saha: Thank you very much, Arihant Capital, for hosting this investor call. To all the participants, many of whom have asked questions, and have always been supporting us and would like you all to continue your support. Some very valid suggestions have also come up. Some good thought-provoking questions, definitely I would take it up with my team and ensure and get back to you all within the next quarter. Thank you all so much.

Speaker #4: Thank you very much, Arian Capital, for hosting this investor call, and to all the participants, many of whom have asked questions and have always been supporting us. I would like you all to continue your support. Some very valid suggestions have also come up, and some good, thought-provoking questions. I will definitely take them up with my team and ensure to get back to you all within the next quarter.

Speaker #4: Thank you all so much.

Speaker #2: Thank you. On behalf of Arian Capital Markets Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Operator: Thank you. On behalf of Arihant Capital Markets Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

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Q1 2027 Foods and Inns Ltd Earnings Call

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Foods and Inns

Earnings