Earnings call transcript of the earnings conference call held on May 18, 2026
KRBL · price
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KRBL Limited reported Q4 FY26 total income of INR1,526 crores, up 6% YoY. Domestic business delivered its best ever quarter with INR1,230 crores revenue, growing 22% YoY on 16% volume growth and 5% realization growth. Export revenue declined 33% to INR279 crores due to Middle East geopolitical disruptions affecting shipping and logistics. Full year FY26 revenue stood at INR6,168 crores (up 9%), with EBITDA margin of 15.8% and PAT margin of 10.5%. Gross margin in Q4 contracted to 29.6% vs 31.5% YoY due to higher COGS. The company maintained strong market leadership in domestic basmati with 36.9% general trade, 38.7% modern trade, and 40.1% e-commerce share. Branded non-basmati business scaled to INR271 crores, growing 38% YoY. The company has inventory of INR3,714 crores (530,000 tons) and net cash position of negative INR789 crores. Management expects domestic 10% volume growth for FY27 while export outlook depends on Middle East situation stabilization.
Strong domestic performance partially offset export weakness. Middle East geopolitical tensions and elevated freight/insurance costs are temporary headwinds. Once tensions ease, export demand could double as Middle Eastern countries rebuild food reserves, benefiting KRBL's large inventory position. Domestic brand strength and market leadership provide earnings visibility.