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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 27,402 | 78.6 | 14.98 | 28.6 | 13.4 | 10.5 | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · Heritage Foods to meet NV Alpha Fund on Sept 10, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Heritage Foods schedules one-on-one meeting with Banyan Capital on Sep 10 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Heritage Foods to meet Abakkus Mutual Fund on September 8, 2026 | board shareholder meetings | low | — | — |
| 29 Aug 2026 · Heritage Foods updates on 5.6% stake buy in Heritage Novandie Foods | strategic transactions | medium | — | — |
| 27 Aug 2026 · Heritage Foods ED Brahmani Nara Recognised in Fortune India 40 Under 40 2026 | general | low | — | — |
| 24 Aug 2026 · Heritage Foods Wind Farm wins Best Performing award for FY26 | business updates | low | — | — |
| 17 Aug 2026 · Heritage Foods to hold investor meeting with Aequitas Investment on Aug 21 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Heritage Foods schedules one-on-one meeting with Maximal Capital on Aug 19, 2026 | board shareholder meetings | low | — | — |
| 31 Jul 2026 · Heritage Foods gets ESG rating of 59 from CRISIL | general | low | — | — |
| 30 Jul 2026 · Heritage Foods gets ESG rating of 59 from SEBI-registered provider | business updates | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 10.9 |
| KWALITY WALL'S (INDIA) L | 10,176 | — | 15.14 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 6,517 | 26.6 | 3.89 | 17.6 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 4,972 | 22.2 | 5.85 | 18.6 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD ◆ | 3,888 | 28.8 | 3.51 | 13.9 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 3,327 | 25.3 | 2.64 | 12.7 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 894 | 17.6 | 27.03 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 197 | 17.1 | 1.17 | 12.2 | (5.1) | (3.2) | (4.1) | (3.0) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.8 | 19.7 | 11 of 12 | 9% |
| P/B | 3.5 | 3.5 | 6 of 11 | 50% |
| ROCE | 13.8 | 10.1 | 4 of 13 | 75% |
| ROE | 13.6 | 12.1 | 5 of 12 | 64% |
| Debt / Equity | 0.3 | 0.3 | 7 of 12 | 46% |
| 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 | 3888 | 894 | 5 of 13 | 67% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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