Transcript of Conference Call held on May 12, 2026
HERITGFOOD · price
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Heritage Foods reported Q4 FY26 consolidated revenue of INR 11,576 million (up 10% YoY) with full-year revenue crossing INR 45,000 million milestone. EBITDA margin compressed to 4.5% due to unprecedented milk supply constraints and 8% YoY increase in procurement prices to INR 46.67 per liter. However, value-added products grew strongly at 18% YoY in Q4, with VAP contribution increasing to 35.5% of revenues. The company took 4% milk price increases during the quarter and additional hikes in April/May. New ice cream facility in Hyderabad is now operational while paneer and ghee capacity expansion is underway. Management guided for ~INR 200 crores CAPEX going forward and targets reaching 50% VAP contribution in about 4 years with median EBITDA moving toward 9%.
Near-term profitability remains pressured by high procurement costs, but strong VAP growth and price hikes should help margin recovery. New capacity additions and improving cow milk supply are positive signals for FY27.