Transcript of investor conference call held on 14.11.2025.
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DSM Fresh Foods (Zappfresh) held its maiden post-listing earnings call. H1 FY'26 revenue grew 43% YoY to INR 95.85 crores, with gross margin expanding from 29% to 34% and EBITDA margin doubling from 8% to 16%. PAT came in at INR 7.03 crores (7% margin vs 4% prior). Margin gains were driven mainly by deeper play in fish (margin up from ~17% to 23%) and mutton (10% to ~15%) categories, which together contribute ~46-47% of revenue. B2B/B2C split is now 50:50 vs 70:30 earlier, with HoReCa and institutional clients scaling up. The company is in audit-stage on two inorganic acquisitions in non-meat, export-oriented categories that are described as roughly 10x the size of previous deals. Cash stood at INR 2.4 crores and working capital cycle at 69 days. IPO proceeds of INR 54 crores are being deployed for capacity, working capital and technology.
Strong H1 print with healthy margin expansion and improving mix supports the newly-listed stock's growth story, though low absolute cash and tight working capital warrant monitoring. Two sizable acquisitions could be a near-term swing factor for revenue trajectory but also raise execution risk.