NSE: HERITGFOOD · BSE: 519552
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dairy (100%), Renewable energy (0%). Cyclical, asset-heavy dairy and FMCG with a growing value-added and ice cream portfolio.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,681 | 3,241 | 3,794 | 4,135 | 4,526 |
| EBITDA (ex other income) | 176 | 130 | 203 | 315 | 275 |
| margin % | 6.6 | 4.0 | 5.4 | 7.6 | 6.1 |
| Owners' profit | 97 | 58 | 107 | 188 | 150 |
| EPS, as reported (₹) | 20.81 | 6.33 | 11.48 | 20.29 | 16.22 |
| ROE % · ROCE % | 14.6 · 18.7 | 6.8 · 10.6 | 13.2 · 15.8 | 19.4 · 23.2 | 13.5 · 15.0 |
| Debt / equity (x) | 0.02 | 0.19 | 0.11 | 0.14 | 0.29 |
| Cash from operations | 148 | (61) | 390 | 214 | 237 |
| Capex | (46) | (83) | (127) | (176) | (382) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,020 | 1,034 | 1,048 | 1,137 | 1,113 | 1,119 | 1,158 | 1,338 |
| Profit before tax | 67 | 59 | 54 | 56 | 68 | 46 | 32 | 34 |
| Net profit | 49 | 43 | 38 | 41 | 51 | 35 | 24 | 25 |
| EPS (₹) | 5.24 | 4.64 | 4.11 | 4.37 | 5.50 | 3.73 | 2.60 | 2.72 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Dairy | 4,431 | 94.5 |
| Renewable Energy | 4 | 0.1 |
| Feed | 245 | 5.2 |
| Renewable energy | 6 | 0.1 |
| Total, before eliminations | 4,686 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 21,739 | 62.4 | 11.89 | 23.1 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 8,528 | — | 12.69 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 5,974 | 24.4 | 3.57 | 16.2 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,280 | 23.6 | 6.21 | 19.7 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD ◆ | 3,331 | 24.7 | 3.01 | 12.0 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 2,985 | 22.6 | 2.37 | 11.6 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 817 | 78.4 | 24.69 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 222 | 19.2 | 1.31 | 13.1 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.7 | 23.6 | 7 of 9 | 25% |
| P/B | 3.0 | 3.0 | 6 of 11 | 50% |
| ROCE | 13.8 | 10.1 | 4 of 13 | 75% |
| ROE | 13.6 | 10.7 | 4 of 11 | 70% |
| Debt / Equity | 0.3 | 0.3 | 6 of 11 | 50% |
| EBITDA margin | 5.1 | 6.5 | 7 of 11 | 40% |
| Revenue growth | 17.7 | 17.7 | 6 of 11 | 50% |
| Profit growth | (38.4) | 19.8 | 10 of 10 | 0% |
| Market cap | 3331 | 817 | 5 of 13 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Heritage Foods to merge Livo yogurt business into parent company | compliance | low | — | — |
| 23 Oct 2026 · Heritage Foods approves merger of wholly owned Livo yogurt subsidiary | strategic transactions | medium | — | — |
| 19 Oct 2026 · Heritage Foods Q2 FY27: Revenue up 19%, VAP drives growth despite cost inflation | investor communications | medium | — | — |
| 16 Oct 2026 · Heritage Foods acquires remaining 5.60 percent in Heritage Novandie Foods, making it wholly owned | strategic transactions | medium | — | — |
| 16 Oct 2026 · Audio link shared for Oct 16, 2026 Q2 FY27 earnings call | investor communications | low | — | — |
| 16 Oct 2026 · Newspaper publication of Q2 FY26 unaudited results | compliance | minimal | — | — |
| 15 Oct 2026 · Heritage Foods Q2 FY27: Revenue up 19%, margins under pressure | investor communications | medium | — | — |
| 15 Oct 2026 · Heritage Foods Q2 FY27: 19% Revenue Growth, EBITDA Margin Recovers 98 bps QoQ | compliance | low | — | — |
| 15 Oct 2026 · Q2 FY26 results: Revenue grows 17% but profit falls sharply YoY | results | high | — | — |
| 15 Oct 2026 · Heritage Foods Q2 FY27 Results: Revenue Up, Profit Down | results | high | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.