The call ran from 10:59 AM to 12:10 PM IST (1 h 11 min).

Key takeaways

Q2 revenue up 21% YoY (H1 18%), normalized EBITDA margin up 240 bps; volume ~10%, with ~6-7% price and ~3-4% premiumisation contributing. Operating cash flow was negative in H1 on inventory build.

Highlights
Revenue growth	Q2 revenue +21% YoY, H1 +18%; value growth outpacing volume.
Margins	Normalized EBITDA margin +240bps; Foods +70bps; oils margin dilution.
Demand visibility	Consumption stable; festive season support; no broad inflation expected near term.
Management confidence	Balanced to confident; claims sustained growth, few hard numbers on outlook.

Growth

Value growth ~20-21% vs volume ~10-11%: ~6-7% price, 3-4% premiumisation. Ready-to-eat popcorn value +38%.

Outlook

Olive oil volume guided 12-15% for Q3; oils volume target 4-5% with margins protected; Del Monte contract price increases expected.

Risks

Edible oil margin dilution; H1 operating cash flow negative from inventory build; peanut butter volume still declining (~-1% in Q2).

Last quarter's promises, checked

Delivered

Mid-teens to high-teens growth ambition → Q2 revenue +21% YoY (= BEAT)
Italian volume ~15% sustained → Italian volume +30% (= BEAT)
Edible oil volume 4-5% target → edible oil +5% (= BEAT; metric assumed volume)

Partly delivered

EBITDA margin +300bps/yr → normalized EBITDA margin +240bps YoY (= PARTIAL)

Missed

Peanut butter return to growth in 'next few quarters' → Q2 peanut butter ~-1% (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 10 Nov 2026, 3:25 PM IST. Open it on ALFA Filings ›