Slides
Page 1
Investor Presentation Strength at the CORE Value in the Making Q2 FY 2026-27 · Quarter ended 30 September 2026 BSE 524226 · NSE GAEL · CIN L15140GJ1991PLC016151 · www.ambujagroup.com Annexure - B
Page 2
Q2 FY 2026-27 Investor Presentation 2 Inside this PRESENTATION Corporate overview 03 - 09 The company at a glance Integration is the moat One platform, many end-markets Regulatory credentials Consolidated highlights Three decades of reinvention The decisive inflection Quarterly performance 10 - 14 Results at a glance From the leadership desk Profit and loss statement Trend and segment performance Five-year trends 15 - 17 Growth and profitability Returns and shareholder metrics Balance sheet and capital allocation Strategic priorities 18 - 20 Strategic developments and direction Growth strategies Operating environment Governance and investment case 21 - 23 Board of Directors and KMPs Shareholding pattern and market data The inflection point
Page 3
Q2 FY 2026-27 Investor Presentation Corporate Overview The company at a glance 3 Scale and reach Established 1991 Manufacturing facilities 10 States of operation 6 Countries served 120+ Employees 2,551 Financial position, FY 2025-26 Revenue from operations ₹ 5,728.60 Cr Profit before tax ₹ 405.12 Cr Profit after tax · EPS ₹ 304.99 Cr · ₹ 6.65 Market Cap ₹ 7,352 Cr Market capitalisation as on 30 September 2026 Major contributories of Revenue FY 2025-26 Maize Processing ₹ 3,565.95 Cr Agro Processing ₹ 2,089.21 Cr Spinning ₹ 65.11 Cr What distinguishes the platform • India's first maize starch-based fermentation facility for Sodium Gluconate • Multiple end-user industries, domestic and exports • Growth funded from internal accruals
Page 4
Q2 FY 2026-27 Investor Presentation Corporate Overview Integration is the moat, not scale alone 4 01 Procurement Direct-to-farm sourcing across state-level belts 02 Primary processing Corn Wet Milling 03 Base products Starch, meal, gluten, germ 04 Derivatives Glucose, dextrose, sorbitol, maltodextrin 05 Fermentation Sodium Gluconate and specialty chemicals 06 End markets Pharma, food, feed, construction, industrial applications Increasing value addition Four regional anchors North Sitarganj, Uttarakhand 1,950 TPD - near the northern corn belt; one of India's largest wet-milling hubs South Hubli, Karnataka 750 TPD Corn Wet Milling; First Fermentation facility (upcoming 850 TPD greenfield capacity at Hubli, Karnataka) West Himmatnagar, Gujarat and Chalisgaon, Maharashtra 2,600 TPD (Including upcoming 900 TPD greenfield capacity at Himmatnagar) East Malda, West Bengal 1,200 TPD - access to the Bihar corn-growing region
Page 5
Q2 FY 2026-27 Investor Presentation Corporate Overview One platform, many end-markets 5 Portfolio across markets Maize Processing 5,600 TPD Maize Starch · Liquid Glucose · Dextrose Monohydrate · Dextrose Anhydrous · Liquid Sorbitol 70% · Malto Dextrin Powder · Sodium Gluconate · Maltitol · Dextrose Syrup · High Maltose Corn Syrup · Corn Gluten Meal · Maize Germs · Corn Steep Liquor · Maize Fibre · CornGluten Feed Solvent Extraction 4,500 TPD Soyabean Meal · Hipro Soyabean Meal · Rapeseed Meal · Castor Meal · Sunflower Meal · Cotton Seed Meal · Groundnut Meal Edible Oil Refining 1,200 TPD Refined Soyabean, Cottonseed, Rapeseed, Sunflower, Corn, Groundnut, Palm Kernel and Palm Oils · RBD Palmolein · Blended Vegetable Oil. Brands: Ambuja Gold, Health, Magic Hydrogenated Vegetable Oil, Wheat and Cattle Feed 50 · 100 · 150 TPD Vanaspati · Whole Wheat Flour and Maida · Cattle feed. Brands: Ambuja Moon, Triveni, Happy, Ojas, Prime Gold, Prime Chakki Fresh, Ambuja Gold Dan Yarn Manufacturing 42 TPD Carded and combed yarn for knitting and weaving · counts 12s to 40s · 65,520 spindles Fermentation 30,000 TPA Sodium Gluconate (India's first maize starch-based fermentation facility, Hubli) Renewable Energy 47 MW Captive wind, solar, biomass and biogas-based power Why application-led matters 01 Green admixtures for infrastructure Bio-derived Sodium Gluconate acts as an eco-friendly concrete admixture and set retarder, improving mechanical strength and workability under extreme conditions, replacing fossil-fuel-derived synthetic alternatives. 02 Pharmaceutical and nutraceutical norms Dextrose Monohydrate, Dextrose Anhydrous and Sorbitol lines serve as binders, stabilisers and sweetening agents in tablets, syrups and intravenous fluids, for top-tier global pharmaceutical customers. 03 A USD 535 Billion food economy Expanded Maltodextrin and specialty starch capacity supplies clean-label, non-GMO and spray-drying carriers to the food, nutrition and dairy sectors. The financial outcome: margin stability Application-specific formulations yield significantly higher realisations than untailored starches. Once approved into a customer's formulation, switching barriers rise, producing predictable, long-term volume.
Page 6
Q2 FY 2026-27 Investor Presentation 6 With industry standards and REGULATORY CREDENTIALS 01 Complying with recognized global quality and food safety frameworks. 02 Upholding rigorous standards for product integrity and responsible sourcing. 03 Earning customer trust through diverse international certifications and verifications. “Ensuring regulatory compliance and global standards through recognized certifications”
Page 7
Q2 FY 2026-27 Investor Presentation 7 Consolidated financial HIGHLIGHTS Q2FY27 (₹ in Crores) Consolidated results for the quarters ended 30 September 2025 and 30 September 2026, as reported. ₹ in Crores, except EPS in ₹. Year-on-year change calculated from the reported figures. Revenue -2.4% Year-on-year 1,486.69 Q2FY26 1,450.73 Q2FY27 Profit before tax +248.9% Year-on-year 50.79 Q2FY26 177.19 Q2FY27 PAT +246.6% Year-on-year 38.02 Q2FY26 131.79 Q2FY27 Total income -2.5% Year-on-year 1,505.87 Q2FY26 1,467.70 Q2FY27 Total expenses -11.3% Year-on-year 1,455.08 Q2FY26 1,290.51 Q2FY27 EPS, basic (₹) +245.8% Year-on-year 0.83 Q2FY26 2.87 Q2FY27
Page 8
Q2 FY 2026-27 Investor Presentation Corporate Overview Three decades of reinvention 8 From early agro-industrial roots to a diversified, integrated manufacturer of specialty food, feed and industrial ingredients, each phase built the capability the next one needed. 01 Agro-industrial roots • Solvent extraction, edible oil refining and feed • Brand-building across Ambuja Gold, Health and Magic Capability gained: farm-gate sourcing depth and crush economics 02 Scale and geography • Corn Wet Milling built out across five plants in five states • Export relationships extended to 120+ countries Capability gained: multi-region maize access at 5,600 TPD 03 Value-added derivatives • Dextrose Monohydrate and Anhydrous, Sorbitol, Maltodextrin and Liquid Glucose Capability gained: application-grade quality and pharmaceutical compliance 04 Fermentation-led chemistry • India's first maize starch-based Sodium Gluconate plant, 30,000 TPA • Roadmap to 1,20,000 TPA aggregate capacity by CY 2028 of different products Capability gained: microbial process IP running on its own feedstock “Inspired by the founding vision of the late Mr. Vijaykumar Gupta and Mrs. Sulochana Vijaykumar Gupta, GAEL carries forward alegacy built on quality, robust customer relationships and continuous reinvention.”
Page 9
Q2 FY 2026-27 Investor Presentation Corporate Overview 9 The decisive INFLECTION “Strengthening our core while building the capabilities for the next phase of growth. We continue to leverage our integrated manufacturing strengths while expanding into value-added products, new technologies and higher-growth opportunities.” Manish Gupta, Chairman and Managing Director Traditional core Today The future moat Portfolio Commodity maize wet milling Starch derivatives and value-added products Fermentation-led specialty chemistry Margin character Crop volatility, spot cycles Mixed - derivatives cushioning commodity Application-driven, high-barrier Customer Bulk, price-sensitive Food, pharma, feed Specification-led B2B formulations Competitive basis Cost and scale Cost, scale, integration Biotechnology and process IP Commissioned in FY 2025-26 - the transition in hard assets Sodium Gluconate, Hubli 30,000 TPA India's first maize starch-based fermentation plant Maltodextrin, Hubli 7,000 → 23,000 TPA Infant food, dairy and pharmaceutical carriers Wet milling, Sitarganj +1,200 TPD to 1,950 TPD Largest Plant in India
Page 10
Q2 FY 2026-27 Investor Presentation Quarterly Performance 10 Results at a GLANCE Q2 FY 2026-27 Revenue ₹ 1,451.33 Cr Q2 FY 2025-26 ₹ 1,486.69 Cr Q1 FY 2026-27 ₹ 1,594.27 Cr Profit before tax ₹ 177.39 Cr Q2 FY 2025-26 ₹ 50.85 Cr Q1 FY 2026-27 ₹ 235.44 Cr Profit after tax ₹ 131.99 Cr Q2 FY 2025-26 ₹ 38.08 Cr Q1 FY 2026-27 ₹ 176.93 Cr Earnings per share ₹ 2.88 Q2 FY 2025-26 ₹ 0.83 Q1 FY 2026-27 ₹ 3.86 Reporting basis: standalone, as reported. Q2 FY 2025-26 = quarter ended 30 September 2025; Q1 FY 2026-27 = quarter ended 30 June 2026. Other reported figures, Q2 FY 2026-27 Total income ₹ 1,468.30 Cr Total expenses ₹ 1,290.91 Cr Total tax expense ₹ 45.40 Cr Profit after tax, H1 FY27 vs H1 FY26 ₹ 308.92 Cr vs ₹ 103.48 Cr FY 2025-26 for reference Revenue from operations ₹ 5,728.60 Cr Profit before tax ₹ 405.12 Cr Profit after tax ₹ 304.99 Cr Return on capital employed 11.26%
Page 11
Q2 FY 2026-27 Investor Presentation Quarterly Performance 11 From the Leadership Desk “Profit before tax rose to ₹177.39 Cr from ₹50.85 Cr a year ago: the strength at our core is now showing clearly in our earnings.” Q2 FY27 was a quarter in which our earnings moved well ahead of our revenue. Revenue from operations was ₹1,451.33 Cr, against ₹1,486.69 Cr a year ago, while profit after tax rose to ₹131.99 Cr from ₹38.08 Cr. For the first half, profit after tax stands at ₹308.92 Cr, against ₹103.48 Cr. Maize Processing led the improvement. Its segment revenue was ₹1,212.26 Cr against ₹755.45 Cr, and its segment result ₹168.07 Cr against ₹6.99 Cr, reflecting our steady shift towards value-added products. Other Agro Processing was softer, with revenue of ₹195.85 Cr against ₹483.54 Cr in Q1. We will keep building from internal accruals. The 900 TPD Himmatnagar plant is planned for 2027, fermentation-based capacity is targeted at 1,20,000 TPA by CY 2028, and we aim to reach 9,000 TPD of maize processing capacity by 2030 as announced in 35th AGM of the Company. Our focus is unchanged: a stronger core, and more value from every tonne of maize we process. Manish Vijaykumar Gupta Chairman and Managing Director
Page 12
Q2 FY 2026-27 Investor Presentation Quarterly Performance Profit and loss statement 12 ₹ Crores Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Revenue from operations 1,451.33 1,594.27 1,486.69 3,045.60 2,777.92 Other income 16.97 39.13 19.18 56.10 49.76 Total income 1,468.30 1,633.40 1,505.87 3,101.70 2,827.68 Cost of materials consumed 929.73 837.43 870.74 1,767.16 1,693.22 Purchase of stock-in-trade 313.63 254.60 300.59 568.23 481.44 Changes in inventories (277.56) (12.51) (2.18) (290.07) (32.39) Employee benefits expense 46.46 50.30 29.85 96.76 62.44 Finance cost 3.19 2.45 9.16 5.64 14.59 Depreciation and amortisation 33.82 33.24 35.04 67.06 70.46 Other expenses 241.64 232.45 211.82 474.09 401.02 Total expenses 1,290.91 1,397.96 1,455.02 2,688.87 2,690.78 Profit before tax 177.39 235.44 50.85 412.83 136.90 Tax expense 45.40 58.51 12.77 103.91 33.42 Profit after tax 131.99 176.93 38.08 308.92 103.48 Total comprehensive income 132.19 177.14 37.13 309.33 102.85 Earnings per share - basic (₹) 2.88 3.86 0.83 6.73 2.26
Page 13
Q2 FY 2026-27 Investor Presentation Quarterly Performance Trend across the last five quarters 13 1,486.69 1,484 1,466 1,594.27 1,451.33 0 200 400 600 800 1000 1200 1400 1600 1800 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 ₹ Crores Standalone revenue from operations (₹ Cr), as reported. Q3 and Q4 FY 2025-26 are whole-number figures from the earlier draft. Drivers of the quarter • Revenue from operations of ₹1,451.33 Cr, against ₹1,486.69 Cr in Q2 FY26 and ₹1,594.27 Cr in Q1 FY27 • Maize Processing segment result of ₹168.07 Cr, against ₹6.99 Cr in Q2 FY26 • Other Agro Processing revenue of ₹195.85 Cr, against ₹713.31 Cr in Q2 FY26 • Finance cost of ₹3.19 Cr, against ₹9.16 Cr in Q2 FY26 ₹177.39 Cr Profit before tax, Q2 FY27 (Q2 FY26: ₹50.85 Cr)
Page 14
Q2 FY 2026-27 Investor Presentation Quarterly Performance Segment performance 14 Maize Processing Starch, derivatives and fermentation Revenue, Q2 FY27 ₹ 1,212.26 Cr Result, Q2 FY27 ₹ 168.07 Cr Revenue, Q2 FY26 ₹ 755.45 Cr Result, Q2 FY26 ₹ 6.99 Cr Revenue, Q1 FY27 ₹ 1,084.75 Cr FY26: revenue ₹ 3,565.95 Cr · result ₹ 249.02 Cr Other Agro Processing Solvent extraction, oils, feed Revenue, Q2 FY27 ₹ 195.85 Cr Result, Q2 FY27 ₹ 3.41 Cr Revenue, Q2 FY26 ₹ 713.31 Cr Result, Q2 FY26 ₹ 46.66 Cr Revenue, Q1 FY27 ₹ 483.54 Cr FY26: revenue ₹ 2,089.21 Cr · result ₹ 128.82 Cr Spinning Cotton and polyester yarn Revenue, Q2 FY27 ₹ 40.32 Cr Result, Q2 FY27 ₹ 1.13 Cr Revenue, Q2 FY26 ₹ 15.54 Cr Result, Q2 FY26 ₹ (0.49) Cr Revenue, Q1 FY27 ₹ 23.72 Cr FY26: revenue ₹ 65.11 Cr · result ₹ 0.23 Cr Renewable Power Captive wind, solar and biogas Revenue, Q2 FY27 ₹ 2.30 Cr Result, Q2 FY27 ₹ 1.36 Cr Revenue, Q2 FY26 ₹ 2.39 Cr Result, Q2 FY26 ₹ 1.24 Cr Revenue, Q1 FY27 ₹ 2.21 Cr FY26: revenue ₹ 8.33 Cr · result ₹ 3.51 Cr The transition is now visible in the reported segments Maize Processing reported segment revenue of ₹1,212.26 Cr out of a total of ₹1,450.73 Cr in Q2 FY27, against ₹755.45 Cr out o f ₹1,486.69 Cr in Q2 FY26. Its segment result was ₹168.07 Cr out of a total of ₹173.97 Cr, against ₹6.99 Cr out of ₹54.40 Cr a year ago. For FY 2025-26 as a whole, Maize Processing reported revenue of ₹3,565.95 Cr and a segment result of ₹249.02 Cr.
Page 15
Q2 FY 2026-27 Investor Presentation Five-Year Trends 15 Growth and PROFITABILITY Revenue from Operations (₹ in Crores) FY 2025-26 5,728.60 FY 2024-25 4,612.58 FY 2023-24 4,926.93 FY 2022-23 4,908.99 FY 2021-22 4,670.31 EBITDA (₹ in Crores) FY 2025-26 574.02 FY 2024-25 484.87 FY 2023-24 587.11 FY 2022-23 549.12 FY 2021-22 741.18 Maize Processing Revenue (₹ in Crores) FY 2025-26 3,565.95 FY 2024-25 3,376.47 FY 2023-24 3,434.20 FY 2022-23 3,203.00 FY 2021-22 2,644.04 EBITDA Margin (%) FY 2025-26 10.02 FY 2024-25 10.51 FY 2023-24 11.92 FY 2022-23 11.19 FY 2021-22 15.86 Agro Processing revenue rose to ₹ 2,089.21 Crores in FY 2025-26 from ₹ 1,168.19 Crores, the main driver of the year's 24.2% revenue growth. FY 2025-26 was a recovery year, with EBITDA +18.4% and PAT +21.6%, while FY 2021-22 remains the five-year peak, on an exceptional commodity cycle rather than a like-for-like base. Five-year CAGR Revenue +5.2% Maize Processing +7.8%
Page 16
Q2 FY 2026-27 Investor Presentation Five-Year Trends 16 Returns and shareholder METRICS Profit After Tax (₹ in Crores) FY 2025-26 304.99 FY 2024-25 250.82 FY 2023-24 345.92 FY 2022-23 330.17 FY 2021-22 475.44 Earnings per Share (in ₹) FY 2025-26 6.65 FY 2024-25 5.47 FY 2023-24 7.54 FY 2022-23 7.20 FY 2021-22 10.37 Capital Investment (₹ in Crores) FY 2025-26 259.52 FY 2024-25 281.40 FY 2023-24 181.27 FY 2022-23 243.32 FY 2021-22 277.25 Dividend per Share (in ₹) FY 2025-26 0.30 FY 2024-25 0.25 FY 2023-24 0.35 FY 2022-23 0.70 FY 2021-22 0.65 Return metrics, FY 2025-26 Return on capital employed 11.26% Return on net worth 9.25% Capital base Capital employed ₹ 3,818 Cr Capital invested, FY22-FY26 ₹ 1,243 Cr
Page 17
Q2 FY 2026-27 Investor Presentation Five-Year Trends Balance sheet and capital allocation 17 A near debt-free balance sheet, funding growth from internal accruals Equity and reserves ₹ 3,297.39 Cr Capital employed ₹ 3,818 Cr Total borrowings ₹ 434 Cr Long-term debt ₹ 36.04 Cr Capital investment, FY26 ₹ 259.52 Cr Ratios 0.13 x Total Debt to Equity ₹2,391 Cr Investment in Capital Assets ₹543 Cr Operating Cash Flow Funding the roadmap - ₹1,243 Crores invested across FY 2021-22 to FY 2025-26, funded from internal accruals.
Page 18
Q2 FY 2026-27 Investor Presentation Strategic Priorities Strategic developments and direction 18 ▶ Fermentation Breakthrough Commissioned India's first maize starch-based Sodium Gluconate facility at Hubli, Karnataka, with 30,000 TPA installed capacity ▶ Future Capacity Roadmap Outlined a target to scale fermentation-based products to 1,20,000 TPA aggregate installed capacity by CY 2028 ▶ Maize Processing Future Capacity Roadmap 900 TPD greenfield Corn Wet Milling plant at Himmatnagar, Gujarat by 2027, taking total capacity to 6,500 TPD Proposed 850 TPD greenfield Corn Wet Milling plant at Hubli, Karnataka, adjacent to the existing 750 TPD unit, subject to regulatory approvals and clearances 9,000 TPD capacity to be achieved by 2030 ▶ Value-added Derivatives Expanded Maltodextrin capacity at Hubli from 7,000 TPA to 23,000 TPA; further expansion in Dextrose and Sorbitol lines under process ▶ Renewable Energy Adoption of wind, solar, biomass and biogas-based power with increasing solar capacity from 12 MW to 14 MW ▶ Strategic Direction Strengthened focus on scale, integration, value addition and bio-based specialty products for domestic and global markets
Page 19
Q2 FY 2026-27 Investor Presentation 19 Growth STRATEGIES We are scaling capacity, expanding value-added bio-based products, strengthening integration, improving efficiency, and growing markets Scaling Fermentation Capacity Target 1,20,000 TPA by CY 2028 Expanding Maize Processing Increasing capacity to 7,350 TPD Corn Wet Milling Optimising Product Mix Expanding specialty derivatives and bio- based products Strengthening Integration and Manufacturing Enhancing value-chain integration and regional manufacturing hubs Diversify Markets and Applications Expand across food, pharma, nutrition, feed and industrial segments Advance Green Chemistry and Sustainability Scale bio-based ingredients, renewable energy and resource efficiency Enhance Operational Efficiency Ramp up new facilities and improve capacity utilization Maintain Capital Discipline and Market Reach Fund growth through internal accruals while expanding domestic and export opportunities
Page 20
Q2 FY 2026-27 Investor Presentation Strategic Priorities Operating environment 20 01 Global de-risking The IMF projects global growth of approximately 3.1% in 2026. Buyers are diversifying procurement away from single-source geographies, favouring scale-capable, quality-certified Indian suppliers. 02 India's industrial momentum Real GDP expanded an estimated 7.4% in FY 2025-26, against 6.5% in FY 2024-25, powering the consumption- driven end markets GAEL serves. 03 The green chemistry shift A secular transition from petrochemical inputs to bio- based, agro-derived alternatives, the structural driver behind the fermentation platform. End-market demand drivers Food processing Pharmaceuticals and nutrition Construction Animal nutrition Paper, textiles and industrial Exports Approximately USD 535 Billion by end-FY 2025-26, against USD 354.5 Billion in FY 2023-24 Sustained expansion driving demand for excipients, sweeteners and starches Green admixture demand tracking infrastructure investment Corn gluten meal, germ and feed ingredient demand Steady demand for native and modified starches 120+ countries served through 80+ distribution partners Competitive Moat While industry capacity has expanded, GAEL differentiates through formidable barriers to entry that peers cannot easily replicate. The response • Unmatched Scale • Vertical Integration • Geographic Dispersion • Financial Muscle
Page 21
Q2 FY 2026-27 Investor Presentation Governance Board of Directors and KMPs 21 Seven directors, of whom Four are independent, bringing regulatory, banking, legal, taxation, cost accounting and public admi nistration expertise to a promoter-led business. Mr. Manish Vijaykumar Gupta Chairman and Managing Director Mr. Sandeep Agrawal Whole-Time Director Mr. Shreyaan Manish Gupta Whole-Time Director Mr. Sudhin Bhagwandas Choksey Independent Director Mr. Yogesh Ghanshyambhai Shah Independent Director Mr. Dukhabandhu Rath Independent Director Ms. Gauri Surendra Trivedi Independent Director Mr. Giridhar Nagaraj Chief Financial Officer Mr. Kalpesh Bhupatbhai Dave Company Secretary & Compliance Officer Three executive · Four independent · One women directors
Page 22
Q2 FY 2026-27 Investor Presentation Governance Shareholding pattern and market data 22 Shareholding pattern as at 30 September 2026 Promoter and promoter group 63.84% Number of shares: 29,28,37,968 Foreign portfolio investors 3.31% Number of shares: 1,51,72,287 Mutual funds and domestic institutions 11.79% Number of shares: 5,40,64,445 Public and others 21.06% Number of shares: 9,65,95,960 Source: shareholding pattern for the quarter ended 30 September 2026. Market data Equity share capital ₹ 45.87 Cr Face value per share ₹ 1 Shares outstanding 45.87 Cr BSE code 524226 NSE symbol GAEL Market capitalization (as on 30th September, 2026) ₹ 7,352 Cr 52-week range (1 Oct 2025 to 30 Sep 2026) Low: 101.40 High: 184.95 Per share, FY 2025-26 Earnings per share ₹ 6.65 Dividend per share ₹ 0.30 Q2 FY 2026-27 EPS, not annualised ₹ 2.88
Page 23
Q2 FY 2026-27 Investor Presentation The Inflection Point GAEL is at an earnings inflection driven by three forces: a richer product mix, operating leverage from new capacity and a near debt-free balance sheet. investor-jcsl@ambujagroup.com Safe harbour statement: refer Annexure 23
Page 24
Q2 FY 2026-27 Investor Presentation Disclaimer Safe harbour statement 24 This presentation and the accompanying slides (the “Presentation”) have been prepared by Gujarat Ambuja Exports Limited (the “Company”) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Basis of preparation Financial information for the quarter ended 30 September 2026 is unaudited and has been subjected to a limited review by the Company’s statutory auditors. Segment information is presented on a consolidated basis; other quarterly financial information is presented on a standalone basis unless otherwise stated. Figures for the quarter ended 31 March 2026 are balancing figures between the audited figures for the full financial year and the reviewed figures for the nine months ended 31 December 2025. Certain figures have been rounded and totals may not sum precisely. Forward-looking statements Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets; the performance of the agro-processing, maize processing, starch and starch derivatives, edible oil and specialty ingredients industries in India and worldwide; the availability, price and quality of agricultural raw materials, including maize and oilseeds, and the effect of monsoon conditions, crop yields and government procurement, ethanol blending, import and export policies thereon; competition; the Company’s ability to successfully implement its strategy, including the commissioning, ramp-up and utilisation of new and expanded manufacturing capacity; the Company’s future levels of growth and expansion; technological implementation, changes and advancements; changes in revenue, income or cash flows; movements in foreign exchange rates and international trade measures affecting the Company’s export markets; changes in applicable food safety, environmental and other regulatory requirements; the Company’s market preferences and its exposure to market risks; as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.