HERITAGE FOODS LTD

Processes and sells milk and a growing line of value-added dairy products in India. The Dairy segment, which contributed 99.8% of segment revenue at ₹4,414.319 crore in FY26 with an EBIT of ₹186.291 crore, covers raw milk procurement, processing and distribution plus a portfolio of value-added products (VAP) such as paneer, curd, buttermilk, lassi, ghee and butter. VAP revenue grew 40% year-on-year to ₹5,636 mn in Q1 FY27, reaching a record 44% of consolidated revenue versus 36% a year earlier, with paneer volumes +33%, curd +26%, buttermilk +60% and lassi +98%. The ice cream business — brands Alpenvie and Get-A-Way — crossed ₹550 mn in the quarter, up 65% year-on-year, with a new plant running at about 40% utilisation. A Renewable energy segment accounts for the remaining 0.2% of segment revenue (₹9.964 crore in FY26). Adjacent platforms include Heritage Nutrivet (cattle nutrition, ₹728 mn in Q1 FY27, +37% YoY), Heritage Novandie (Livo yogurt, now a wholly-owned subsidiary) and Peanutbutter & Jelly Limited (now a 71% subsidiary). Daily milk procurement volumes were 18.10 lakh litres per day in Q1 FY27 at an average procurement price of ₹46.61 per litre, up 7% YoY. FY27 capex is guided at around ₹250 crore, mainly for new paneer and ghee capacity. Raw milk, captured under materials at 73.7% of FY26 revenue, is the largest cost item.