Investor Presentation for the period ended March 31, 2026
HERITGFOOD · price
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Heritage Foods delivered 9.5% YoY revenue growth to ₹45,260 million in FY26 despite one of the toughest operating environments for dairy — marked by severe milk shortages and elevated procurement inflation. Q4 FY26 revenue was ₹11,576 million, up 10.4% YoY, driven by higher selling prices (₹57.80/L vs ₹55.6/L) and strong VAP momentum (revenues up 18% YoY to ₹3,957 million). VAP including consumer fats contributed 41.9% to total revenue vs 36.8% a year ago. However, EBITDA for Q4 FY26 dropped 34.6% YoY to ₹522 million (margin of 4.5% vs 7.6% last year) due to raw milk inflation (procurement price up 8% YoY to ₹46.67/L) and elevated global butter prices. FY26 EBITDA fell 19.5% to ₹2,663 million (5.9% margin vs 8.0%). PAT declined 31% YoY to ₹1,299 million. The subsidiary Heritage Nutrivet saw feed volumes grow 40% YoY. A new ice cream plant at Shamirpet (24M litres/year capacity) is underway targeting ₹500 crore ice cream revenue by FY30.
Revenue growth is solid but margin compression from raw material inflation is significant — EBITDA and PAT fell sharply YoY. The shift toward higher-margin VAP products is a strategic bright spot, but near-term profitability remains under pressure from industry-wide dairy shortages.