Slides
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Q2 & H1FY27 Performance Update 5th November 2026
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2 Q2FY27 Performance Overview Domestic Business (Reported-Value) +49% (Vol. Growth: 43%) *Like to like growth considering previous year revenues in the same period of Axiom Ayurveda and IncNut Digital Domestic Business (Like to Like-Value) +32%* (Vol. Growth: 26%) International Business -2% Consol. Revenue from Operations (Reported) +36% COGS +520 bps higher 34.2% COGS Consol. Revenues from Operations (Like to Like) +24%* EBIDTA 20.4% EBIDTA Margins 25% EBIDTA Growth PBT 17.8% PBT Margins 29% PBT Growth
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3 H1FY27 Performance Overview Domestic Business (Reported-Value) +33% (Vol. Growth: 28%) *Like to like growth considering previous year revenues in the same period of Axiom Ayurveda and IncNut Digital Domestic Business (Like to Like-Value) +21%* (Vol. Growth: 17%) International Business -7% Consol. Revenue from Operations (Reported) +25% Consol. Revenue from Operations (Like to Like) +16%* EBIDTA 21.1% EBIDTA Margins 14% EBIDTA Growth PBT 18.3% PBT Margins 15% PBT Growth COGS +440 bps higher 34.2% COGS
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4 Q2FY27 Business Performance *Like to like growth considering previous year revenues in the same period of Axiom Ayurveda and IncNut Digital Net Sales Contribution % Y-o-Y Growth Key Brands International Business ₹ 171 cr 16% (to Consol %) -2% Domestic Business Strategic Investments ₹ 239 cr 26% (to Domestic %) 73%* Health Care ₹ 284 cr 31% (to Domestic %) 11% Hair and Scalp Care ₹ 194 cr ~22% (to Domestic %) 30% Skin Care ₹ 191 cr 21% (to Domestic %) 31%
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5 H1FY27 Business Performance *Like to like growth considering previous year revenues in the same period of Axiom Ayurveda and IncNut Digital Net Sales Contribution % Y-o-Y Growth Key Brands International Business ₹ 293 cr 14% (to Consol %) -7% Domestic Business Strategic Investments ₹ 398 cr 22% (to Domestic %) 68%* Health Care ₹ 516 cr 28% (to Domestic %) 7% Hair and Scalp Care ₹ 465 cr 26% (to Domestic %) 18% Skin Care ₹ 437 cr 24% (to Domestic %) 14%
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6 21% of Q2FY27 domestic business Skin Care +31% Y-o-Y sales growth in Q2FY27 • BoroPlus grew in near twenties • Launched Baby Care Range “FromMaa”: • Range includes Lotion, Cream, Shampoo, Soap, Oil, Powder & Diaper Rash Cream • Talc & Prickly Heat powder sales more than doubled in Q2 • Launched Influencer campaigns and Re.1 sachet communication push • Smart and Handsome posted double digit growth • Brand restaged in Sep’26 • Sharper focus on Sunscreen & Shower Gel among NPDs
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7 ~22% of Q2FY27 domestic business Hair and Scalp Care +30% Y-o-Y sales growth in Q2FY27 • Cool Oils grew in thirties • Navratna won "Best Branded Content on OTT" at the MAA Awards 2026. • Kesh King posted growth in high teens • “Kesh King Scalp First” range launched across MT and ecom; Strategic entry into the emerging scalp-care space, beyond hairfall/hair-growth needs. • 7 Oils in One sales nearly doubled in Q2; • Sustained strong growth momentum. • Stepped-up digital activations with sharper content and media deployment
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8 Health Care 31% of Q2FY27 domestic business +11% Y-o-Y sales growth in Q2FY27 • Pain Management grew in teens • Zandu Balm: “Undo with Zandu” digital campaign across major OTT and digital platforms • Mentho Plus Balm: Onam activations in Kerala • Participated in Reliance weekend Health Fest across 12 stores in major cities. • Zandu Healthcare range posted high single digit growth • Strong double-digit growth in OTC range • Medico range posted single digit growth
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9 Robust Growth across all Strategic Investments • The Man Company: Regional influencer campaigns across key grooming categories; strengthened Q-commerce activation through Blinkit and occasion-led content for Hair Removal Spray. • Brillare: Scaled digital marketing through creator-led and AI-generated content, marketplace activations and festive campaigns. • Axiom Ayurveda (AloFrut): Expanded offline distribution across More, Spencer’s, Reliance, Walmart, Metro and D-Mart; entered Q-commerce. • IncNut Digital (Vedix & SkinKraft): Strengthened presence across leading marketplaces and Q-commerce. Reported sales growth +3.9x Q2FY27 +3.8x H1FY27 Like-to-like sales growth* +73% Q2FY27 +68% H1FY27 Share of domestic business 26% Q2FY27 22% H1FY27 *Like to like growth considering previous year revenues in the same period of Axiom Ayurveda and IncNut Digital
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10 Q2FY27 New Launches: Domestic Business BoroPlus FromMaa range Kesh King Scalp First Range The Man Company Vedix Kumkumadi Skincare Hibiscus Haircare COCOFRUT by Alofrut Brillare SkinKraft PDRN + Ectoin Range Oligopeptide 68 RangeLip Balms “BLOSS” = Balm + Gloss Hair Wax Dark Elixir Fragrance Glowpro Facewash & Moisturizer Iconic perfume duo
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11 AI-driven sales ecosystem and supply chain transformation 01 Sales Code AI AI-native unified sales platform • Predictive sales planning • Intelligent recommendations • Real-time execution visibility • Higher field-force productivity • Better retailer engagement 02 Project SETU Supply chain transformation • SKU simplification • Enhanced distributor & inventory visibility • Logistics & technology modernisation • Inventory norms, replenishment & forecasting • Governance forums: better forecast accuracy, less planning bias 1 Higher sales productivity Sales productivity: coverage, calls & conversion 2 Better availability & reach Predictive ordering and inventory aligned to service levels 3 Trade spends More effective Trade spends One AI platform across the sales value chain Channel execution Field force | Distributors | Retailers • AI-targeted visits and perfect- basket nudges • Predictive ordering, inventory aligned to demand • Personalised offers for the right SKUs Frontline management Supervisors | RSMs / ASMs • Early risk detection and team coaching • Real-time KPIs, drill-down insights and decision support Strategy & leadership Trade Marketing | Senior Management • Demand sensing, promotion ROI and cross-sell optimisation • Growth opportunities and sales-loss visibility via AI action dashboards
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12 International Business -2% +6% Underlying growth Excluding Nepal & Iraq Y-o-Y sales growth Q2FY27 14% H1 contribution To consolidated business H1 contribution by region % of International Business 44% 37% 13% 6% MENAP SAARC & SEA CIS & EE Africa & Others Impact • Nepal floods and lower Gulf disruption • Supply disruptions caused stock-outs across multiple markets Mitigation • Alternative shipping routes • Container-load optimization • Disciplined spends • Price increases across most markets Outlook • Supply conditions expected to progressively improve
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13 Key Consumer Connect Initiatives Navratna Oil – Intergration with Sun Bangla Popular Game show Lakh Taker Lokkhi Labh, hosted by National Award - winning actor Sudipta Chakraborty Navratna Oil Influencer Campaign- 96 Mn+ Views across 241 assets Driving consideration for Navratna Gold Oil through expert based content) Dermat advocacy for Dermicool Influencer Campaigns for Dermicool HER Rakshabandhan Campaign for The Man Company on Blinkit Brillare Lip Balm Campaign AI campaigns for Vedix
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14 Financial Snapshot PAT impacted due to normalization of Effective Tax rate to ~25% (MAT credit utilisation vs entitlement last year) Revenue from Operations ₹1,088 Cr ▲ 36% EBITDA ₹222 Cr ▲ 25% PBT ₹194 Cr ▲ 29% PAT ₹144 Cr ▼−3% Revenue from Operations ₹2,127 Cr ▲ 25% EBITDA ₹449 Cr ▲ 14% PBT ₹388 Cr ▲ 15% PAT ₹282 Cr ▼−10% Q2FY27 H1FY27 Gross Profit ₹716 Cr ▲ 26% Gross Profit ₹1,400 Cr ▲ 17% Gross Margins 65.8% ▼ −520 bps EBIDTA Margins 20.4% ▼ −200 bps PBT Margins 17.8% ▼ −100 bps PAT Margins 13.3% ▼ −530 bps Gross Margins 65.8% ▼ −440 bps EBIDTA Margins 21.1% ▼ −200 bps PBT Margins 18.3% ▼ −150 bps PAT Margins 13.2% ▼ −520 bps
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15 EBIDTA Margin Movement Q2FY27 EBITDA margin bridge H1FY27 EBITDA margin bridge 22.4% −5.2 +2.3 −0.3 +1.2 20.4% Q2FY26 COGS Staff costs A&P Admin & other Q2FY27 23.1% −4.4 +1.2 0.0 +1.2 21.1% H1FY26 COGS Staff costs A&P Admin & other H1FY27 -200 bps -200 bps Despite significant pressure on Gross Margins, moderated EBIDTA margin contraction
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16 Q2FY27 Consolidated Financials ₹ in crore Particulars Q2FY27 % Q2FY26 % Growth over PY FY26 % Net Sales 1,079.6 99.3% 786.7 98.5% 37.2% 3,745.3 99.1% Other Operating Income 8.0 0.7% 11.8 1.5% -32.0% 34.2 0.9% Revenue from Operations 1,087.7 100.0% 798.5 100.0% 36.2% 3,779.5 100.0% Materials Cost 371.7 34.2% 231.4 29.0% 60.7% 1,138.0 30.1% A&P 215.7 19.8% 156.4 19.6% 37.9% 739.2 19.6% Staff Cost 140.1 12.9% 121.2 15.2% 15.6% 479.1 12.7% Admin and other expenses 137.8 12.7% 111.0 13.9% 24.1% 459.5 12.2% EBIDTA 222.3 20.4% 178.5 22.4% 24.5% 963.6 25.5% Other Income 23.0 2.1% 21.4 2.7% 7.4% 85.1 2.3% Interest 6.1 0.6% 2.6 0.3% 131.3% 11.1 0.3% Amortisation of acquired TM’s/ brands 20.8 1.9% 23.0 2.9% -9.9% 88.5 2.3% Depreciation/Amortisation of other assets 24.5 2.3% 22.2 2.8% 10.4% 88.9 2.4% PBT before share of Profit /Loss of associate 193.9 17.8% 152.0 19.0% 27.6% 860.3 22.8% Share of Profit /(loss) of associate (0.3) 0.0% (1.8) -0.2% -85.4% (4.1) -0.1% Exceptional Items - 0.0% - 0.0% (10.1) -0.3% PBT 193.6 17.8% 150.2 18.8% 28.9% 846.1 22.4% Current Tax 41.1 3.8% 31.9 4.0% 28.9% 173.0 4.6% Deferred Tax (4.8) -0.4% (2.7) -0.3% 78.4% (18.0) -0.5% MAT Credit utilised / (entitlement) 11.8 1.1% (27.4) -3.4% -143.2% (84.2) -2.2% Tax Expense 48.1 4.4% 1.8 0.2% 2525.8% 70.8 1.9% Profit After Tax 145.5 13.4% 148.3 18.6% -1.9% 775.3 20.5% Non controlling interest 1.1 0.1% (0.0) 0.0% 100% (0.0) 0.0% Profit for the Period 144.4 13.3% 148.3 18.6% -2.7% 775.3 20.5%
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17 H1FY27 Consolidated Financials ₹ in crore Particulars H1FY27 % H1FY26 % Growth over PY FY26 % Net Sales 2,109.8 99.2% 1,679.9 98.7% 25.6% 3,745.3 99.1% Other Operating Income 17.1 0.8% 22.7 1.3% -24.8% 34.2 0.9% Revenue from Operations 2,126.9 100.0% 1,702.6 100.0% 24.9% 3,779.5 100.0% Materials Cost 726.9 34.2% 507.8 29.8% 43.1% 1,138.0 30.1% A&P 419.1 19.7% 336.1 19.7% 24.7% 739.2 19.6% Staff Cost 275.9 13.0% 240.7 14.1% 14.6% 479.1 12.7% Admin and other expenses 256.5 12.1% 225.2 13.2% 13.9% 459.5 12.2% EBIDTA 448.5 21.1% 392.7 23.1% 14.2% 963.6 25.5% Other Income 41.5 1.9% 43.0 2.5% -3.5% 85.1 2.3% Interest 11.7 0.5% 5.1 0.3% 130.8% 11.1 0.3% Amortisation of acquired TM’s/ brands 39.5 1.9% 45.8 2.7% -13.7% 88.5 2.3% Depreciation/Amortisation of other assets 48.5 2.3% 44.0 2.6% 10.4% 88.9 2.4% PBT before share of Profit /Loss of associate 390.2 18.3% 340.9 20.0% 14.5% 860.3 22.8% Share of Profit /(loss) of associate (1.9) -0.1% (3.9) -0.2% -52.3% (4.1) -0.1% Exceptional Items - 0.0% - 0.0% (10.1) -0.3% PBT 388.3 18.3% 336.9 19.8% 15.3% 846.1 22.4% Current Tax 83.8 3.9% 68.3 4.0% 22.8% 173.0 4.6% Deferred Tax (5.2) -0.2% (6.2) -0.4% -15.8% (18.0) -0.5% MAT Credit utilised / (entitlement) 25.3 1.2% (37.8) -2.2% -166.9% (84.2) -2.2% Tax Expense 103.9 4.9% 24.3 70.8 1.9% Profit After Tax 284.4 13.4% 312.6 18.4% -9.0% 775.3 20.5% Non controlling interest 2.7 0.1% (0.0) 0.0% 100% (0.0) 0.0% Profit for the Period 281.7 13.2% 312.6 18.4% -9.9% 775.3 20.5%
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18 Balance Sheet ₹ in crore As at 30.09.2026 As at 31.03.2026 As at 30.09.2026 As at 31.03.2026 Unaudited Audited Unaudited Audited EQUITY Non -Current Assets (a) Equity Share capital 43.7 43.7 (a) Property, Plant and Equipment 654.9 529.2 (b) Other Equity 2,881.8 2,880.3 (b) Capital work-in-progress 1.8 0.8 Total Equity attributable to equity holders of the Parent 2,925.4 2,924.0 (c) Investment Properties 39.6 40.1 (c) Non-Controlling Interest -1.6 -1.5 (d) Intangible Assets 262.6 68.2 Total Equity 2,923.8 2,922.4 (e) Right of Use Assets 664.6 206.8 (f) Intangible assets under development 60.7 42.2 LIABILITIES 1.4 0.6 Non-Current Liabilities (g) Financial Assets (a) Financial Liabilities (i) Investments 313.2 275.9 (i) Borrowings 73.3 - (ii) Loans 9.2 4.7 (ii) Lease Liabilities 38.2 24.1 (iii) Other Financial Assets 14.0 11.4 (iii) Other Financial Liabilities 219.3 3.2 (h) Deferred Tax Assets (net) 613.0 626.2 (b) Provisions 39.5 31.4 (i) Other Non-Current Assets 20.6 9.0 (c) Deferred Tax Liabilities (Net) 130.9 5.9 2,659.8 1,901.6 (d) Other Non-Current Liabilities 10.3 11.1 511.6 75.8 Current liabilities Current assets (a) Financial Liabilities Inventories 532.6 399.6 (i) Borrowings 101.6 122.4 (a) Financial Assets (ii) Lease Liabilities 17.7 15.4 (b) (i) Investments 184.9 471.9 (iii) Trade Payables (ii) Trade Receivables 425.7 343.3 Total oustanding dues of Micro & Small Enterprises 64.3 53.0 (iii) Cash & Cash Equivalents 47.4 176.8 Total oustanding dues of creditors Other than M&SE 479.5 424.1 (iv) Bank Balances other than (iii) above 205.6 233.1 (iv) Other Financial Liabilities 204.9 66.6 (v) Loans 2.8 23.2 (b) Other Current Liabilities 42.6 38.5 (vi) Other Financial Assets 159.0 72.9 (c) Provisions 106.8 99.0 Current Tax Assets (Net) 0.7 0.7 (d) Current Tax Liabilities (Net) 32.3 19.2 (d) Other Current Assets 266.4 213.5 1,049.6 838.2 1,825.1 1,934.9 Total Equity and Liabilities 4,484.9 3,836.4 Total Assets 4,484.9 3,836.4 Sl. Equity & Liabilities Sl. Assets
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19 Capital Allocation SH A R E B UY BACK COMPLETED ₹281.24 crore utilised 99.73%of ₹282 crore approved by the Board 73 lakh shares bought back via open market 1.67% share capital reduced ₹42.92 cr revised share capital F I RST I N T E R I M D I V I D E N D ₹5/- per share Dividend payout summary 500% Dividend (%) ₹214.6 cr Total dividend payout DECLARED ₹495.8 crore to be returned to shareholders: Buyback + First interim dividend
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20 Awards & Accolades Mr. Aditya V. Agarwal, Director, felicitated as the ‘Visionary Entrepreneur of the Year’ Award at the Times Now Leaders of Excellence – East 2026 Navratna Oil honored with the "Best Branded Content on OTT" award at the MAA Awards 2026 by Adgully Founders, Mr. R.S. Agarwal and Mr. R.S. Goenka felicitated by Hurun India at the inaugural Neo Wealth Hurun Stars of the East 2026 for their extraordinary contribution to business and entrepreneurship and for their enduring role in strengthening Eastern India's presence on the global business landscape
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Thank you