Transcript of Investor Conference Call held on May 29, 2026
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DSM Fresh Foods reported a strong FY26 with revenue of INR 221 crores, up 69% YoY from INR 131 crores, while EBITDA nearly doubled to INR 31 crores. PAT stood at INR 14.4 crores (adjusted PAT INR 18.4 crores, excluding a deferred tax impact). H2 FY26 revenue grew nearly 100% YoY to INR 125 crores, though EBITDA margins came in at 13% versus prior year due to a heavier B2B mix (now 68% of sales vs ~20-25% earlier). Management is guiding 70-80% revenue growth for FY27, driven by scaling the new Meevaa frozen ready-to-eat brand (targeting 15-20% of revenue), expanding the fish and seafood business (already 27% of mix), and growing the partner store network from 100 to 300-400 outlets. The company sits on INR 20-25 crores of cash with net debt/equity below 0.5x. Management guided for 3-4% EBITDA margin expansion over the next two years from aquaculture integration and higher-margin value-added products, while expecting positive operating cash flow in 2-3 years. Promoter (28% holding) plans to exercise warrants soon.
The call reinforces a positive growth and profitability narrative for shareholders, with management committing to double-digit revenue growth, margin expansion, and clear catalysts from Meevaa and store expansion. Near-term stock reaction may be mildly cautious given the dip in H2 margins and continued negative operating cash flow, but the strong balance sheet, low leverage, and promoter confidence (warrant exercise) are supportive signals.