KAVERI SEED Q2 FY27 CONCALL: EXPECTS H2 REVENUE WITHIN ±10% YOY; COTTON BUSINESS COULD DOUBLE IN 3–4 YEARS, VEGETABLES TARGET ₹100 CR

• H2 FY27 Revenue Outlook: Management expects second-half revenue to remain within approximately ±10% of last year's level, supported by stronger exports and selective recovery in crop demand. • FY27 EBITDA Margin Outlook: Management aims to broadly maintain EBITDA margins, supported by export growth and northern cotton sales. However, weak seasonal demand could create some pressure. • Cotton Growth Target: Management believes cotton seed revenue could double over the next 3–4 years, supported by newly introduced hybrids and improving market share. • Cotton Product Mix: New cotton hybrids contributed 37.7% of H1 revenue versus 21.4% last year. Management expects new hybrids to account for approximately 80–90% of cotton sales in the next 3–4 years. • Vegetables Business: Management targets approximately ₹100 Cr revenue from vegetables over the next 1–2 years, compared with ₹65–70 Cr achieved last year. • Maize Outlook: Management expects a recovery in maize seed demand during the next Kharif season, supported by elevated maize prices and potentially higher sowing acreage. • Maize Performance: H1 maize revenue declined 36.3% to ₹188.47 Cr, primarily due to weak monsoon conditions and a sharp reduction in Karnataka sowing acreage. • New Maize Hybrids: New single-cross hybrids contributed approximately 21.8% of the maize portfolio, supporting the company's long-term product diversification strategy. • Cotton Market Share: Management expects further market-share gains in northern, central and southern India, driven by better-performing new hybrids despite competition from illegal Bt cotton seeds. • Madhya Pradesh Expansion: Management expects to gradually increase its maize market share in Madhya Pradesh, where its presence is currently weaker than in southern India. • Exports Growth: H1 exports increased 2.63 times to ₹33.07 Cr from ₹12.56 Cr. Management expects strong export momentum to continue in H2 FY27. • International Expansion: Company plans wholly owned subsidiaries in eight countries—Tanzania, Kenya, Vietnam, Thailand, Philippines, Indonesia, Zambia and Peru—to support product registration, research and distribution. • Overseas Brand Development: Management expects local hybrid registration, testing and development of its own branded seed business to take approximately 4–5 years. • Export Product Focus: Maize, rice, cotton and vegetables remain the key target categories for international expansion. • Inventory Position: Inventory is approximately ₹150 Cr higher YoY, mainly due to higher production and lower-than-expected sales across certain crops. • Inventory Write-Off Outlook: Management does not anticipate major additional inventory write-offs, citing satisfactory seed quality, regular testing and adequate storage infrastructure. • Maize Production Strategy: Management has stopped fresh maize seed production for the current cycle to utilize existing inventory during upcoming Rabi and Kharif seasons. • Cash Flow Outlook: Cash balance stood at ₹178 Cr. Management expects cash recovery as existing seed inventory is sold, particularly during the first half of the next financial year. • Q2 Financial Performance: Revenue grew 29.84% YoY to ₹125.44 Cr, EBITDA turned positive at ₹5.42 Cr versus a loss of ₹6.47 Cr, while net loss narrowed to ₹3.21 Cr from ₹15.05 Cr. • H1 Financial Performance: Revenue stood at ₹940.44 Cr versus ₹1,041 Cr last year, while standalone EBITDA margin remained broadly stable at 30.48% versus 30.32%. • Segment Performance: H1 hybrid rice revenue declined 6.4% to ₹264.4 Cr, while vegetables revenue declined 18% to ₹25.99 Cr. Other crops grew approximately 71.6% to ₹70.70 Cr. • Dividend: Board declared an interim dividend of ₹5 per share, equivalent to 250% of the ₹2 face value. • Key Risks: Unpredictable monsoon conditions, lower crop acreage, illegal cotton seed sales, high maize inventory, dependence on major hybrid rice varieties and delays in overseas product registrations remain important challenges.

KAVERI SEED CO. LTD.

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