KRBL Ltd

Meeting Details

• Date: Thursday, August 27, 2026; in-person one-to-one meeting with Banyan Capital Advisors LLP.

Participants

• Company representatives (management) to participate.

Purpose

• Interacting with analysts/institutional investors in a one-to-one setting.

Meeting Details

• Date: August 27, 2026; Time not disclosed.
• Type/Mode: One-to-one interaction, virtual.
• Analyst/Investor: Abakkus Asset Manager Private Limited.

Participants

• Company representative: Company Secretary & Compliance Officer.

Purpose

• Purpose: interaction with analysts/institutional investors.

Media interaction details

• CFO Ashish Jain's media interaction with NDTV Profit News held on August 24, 2026.
• Link to the interaction and the press coverage will be available on KRBL's Investor Relations page.

Financial Performance

• Total income for Q1 FY27: INR 1,560 crores, down 3% YoY.
• Domestic revenue: INR 1,221 crores; up 14% YoY.
• Export revenue: INR 244 crores; down 50% YoY.
• Other income: INR 64 crores; prior year INR 32 crores.
• Gross margin: 36.3%; excluding other income, 33.51%.
• EBITDA margin: 23.8%; PAT: INR 261 crores (16.7% margin).
• QoQ revenue: INR 1,496 crores; down 2%.
• Inventory: total INR 2,944 crores; paddy INR 286 crores; rice INR 2,481 crores.
• Paddy inventory: 71,000 tonnes; Rice inventory: 389,000 tonnes.
• Cash + investments: INR 1,841 crores as of 30 Jun 2026.

Domestic Update

• Modern Trade: rice volumes +6.5%; value +13% in Q1.
• E-commerce share: India Gate 41% in e-commerce; primary sales +50%.
• Masala portfolio grew 74% in value; annualized run rate ~INR 9 crores.
• Poha launched in 22 North Indian cities.
• Gangavathi facility to be operational by end of Q3 FY27.
• FY27 domestic volume growth target: ~10%.
• Masala run-rate target INR 25 crores by FY27.
• Regional rice growth driven by quick-commerce opportunities.

Export & Middle East Update

• Export revenue Q1 FY27: INR 244 crores; down 50% YoY.
• Non-Middle East exports grew 37% in the quarter.
• Basmati realizations up ~20% YoY; ~13% sequential.
• Exports to Middle East declined; ME volume ~1.5 Mt vs 1.7 Mt prior year.
• Saudi Arabia: distributor search ongoing; direct bookings paused.
• U.S. duty 18% settled; market stable; impact uncertain.
• Q2 outlook: shipments improving as route reopens.

Balance Sheet & Cash

• Inventory totals: INR 2,944 crores; paddy 286 crores; rice 2,481 crores.
• Paddy inventory: 71,000 tonnes; Rice inventory: 389,000 tonnes.
• Cash + investments: INR 1,841 crores.

Capex & Projects

• Gangavathi facility operational by end of Q3 FY27.
• Saudi distributor search ongoing; direct distribution in parallel.
• Masala portfolio growth; ready-to-cook range expanding; regional rice focus.
• Masala run-rate: INR 9 crores; target INR 25 crores by FY27.

Guidance & Outlook

• FY27 domestic volume growth target: ~10%.
• Export growth: meaningful export growth for full year.
• Gross margin ~30%; EBITDA ~17–18% for FY27.
• Q2 outlook: route partially opened; shipments recovering.
• Masala revenue target INR 25 crores by FY27.

Q&A Highlights

• Saudi Arabia: distributor selection delayed; awaiting peace; 3–4 candidates.
• US duty: impact uncertain; market stable; reaction depends on distributors.
• Export restocking: freight costs may pass through; Q2 volumes likely higher.
• Domestic market share: India Gate leads ~75% of states; traditional trade down 2 ppt YoY.
• Margin outlook: Q1 margins not sustainable; FY27 EBITDA 17–18%; gross margin ~30%.

Rating action

• Instrument: Commercial Papers; rating withdrawn by CARE Ratings Limited.

Reason

• Reason: No amount outstanding against the Commercial Papers.

Agency

• Agency: CARE Ratings Limited.

Material change

• Material change: Withdrawal of rating due to zero outstanding CP.

Meeting Details

• Date of earnings conference call: August 17, 2026.
• Event: KRBL Q1 FY27 earnings conference call; mode: audio recording.
• Organizer: KRBL Limited.

Participants

• Key participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: discuss KRBL Q1 FY27 performance and unaudited results.

Additional Notes

• Audio recording available on KRBL's Investor Relations site.

Event update

• Media interaction with CFO Ashish Jain on KRBL Q1 2026 results held on Aug 14, 2026.
• Broadcast link and details to be available on KRBL's Investor Relations site.

Business overview

• KRBL is a leading basmati rice exporter operating in 90+ countries.
• Q1 FY27 consolidated revenue from operations ₹1,496 Cr; total income ₹1,560 Cr.
• EBITDA ₹372 Cr; PAT ₹261 Cr; EBITDA margin 23.8%; PAT margin 16.7%.
• Domestic revenue grew 14% YoY; overall revenue declined 6% YoY.
• India revenue ₹1,221 Cr; rice realization up 11%.
• Credit ratings: ICRA AA(Stable) and CARE A1+ reflect strong liquidity.
• Exports declined YoY; other regions exports grew 37%.
• Launched India Gate Poha in June 2026 across 22 North Indian cities.
• Overseas revenue ₹244 Cr; YoY growth −50%; Middle East exports lower.

Key operational highlights

• Consolidated P&L shows gross profit ₹566 Cr and gross margin 36.3%.
• Inventory at ₹2,944 Cr; strong domestic GT/MT/E-commerce channel shares.
• Strategically located facilities: Dhuri (Punjab), Alipur (Delhi), Sonipat (Haryana), GB Nagar (Uttar Pradesh), Anjar (Gujarat).
• Channel mix: General Trade 37%, Modern Trade 38%, Ecommerce 41%.
• Poha launch expands product portfolio; ongoing foray into new categories.

Financial performance

• Total income declined 3% YoY to ₹1,560 Cr; revenue from operations down 6%.
• EBITDA ₹372 Cr; EBITDA margin 23.8%; PAT ₹261 Cr; PAT margin 16.7%.
• EBITDA growth YoY: 65%; PAT growth YoY: 73%.

Capital structure & liquidity

• Net bank borrowings ₹(1,841) Cr; cash ₹1,841 Cr; net debt near zero.
• Net worth ₹6,070 Cr; strong internal accruals; low reliance on debt.
• Credit ratings: ICRA AA(Stable); CARE A1+.

Strategic priorities & outlook

• Foray into new product categories; Poha launched June 2026 with rapid uptake in 22 cities.
• Remodelling supply chain and democratizing distribution; continued brand investment.
• Strengthen export growth outside Middle East; leverage India Gate branding and direct marketing.

Standalone financials

• Revenue from operations: Rs 149,586 lakh; total income: Rs 156,013 lakh.
• PBT: Rs 34,757 lakh; PAT: Rs 26,063 lakh; EPS: Rs 11.39.

Geography & segments

• Geographic mix: India Rs 124,827 lakh; Rest of World Rs 24,360 lakh (Agri).
• Segment revenue: Agri Rs 149,187 lakh; Energy Rs 6,535 lakh.
• Segment results before tax: Agri Rs 33,481 lakh; Energy Rs 1,759 lakh.

Consolidated view

• Consolidated total income: Rs 156,022 lakh; PAT: Rs 26,074 lakh.

Corporate actions & risks

• AGM fixed for Sep 24, 2026; record date Sep 18, 2026 for final dividend if approved.
• Independent auditor's review is qualified due to ED investigation; next hearing Sep 15, 2026.