Revised Investor Presentation for the period ended March 31, 2026
HERITGFOOD · price
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Heritage Foods reported FY26 revenue of ₹45,260 million (up 9.5% YoY) with Q4 revenue of ₹11,576 million (up 10.4% YoY), but profitability was significantly impacted by industry-wide milk shortages and procurement inflation. Q4 FY26 EBITDA fell 34.6% YoY to ₹522 million with margins compressing 311 bps to 4.5% from 7.6% in Q4 FY25. Full year FY26 EBITDA margin declined 210 bps to 5.9% from 8.0% in FY25. Value-Added Products (VAP) growth was a bright spot, with VAP revenue (including consumer fats) reaching ₹4,668 million in Q4 FY26 (up 22.5% YoY), and VAP contribution to total revenue improving to 41.9% from 36.8% YoY. The company maintained its 50% dividend payout and is investing in ice cream capacity expansion targeting revenue growth from ₹106 crore (FY26) to ₹500+ crore (FY30).
The stock faces near-term margin pressure from raw milk inflation, but the strategic shift toward higher-margin VAP products and premium offerings positions the company for margin recovery as industry conditions normalize.