NSE: KRBL · BSE: 530813
KRBL LIMITED
Mills and sells basmati rice under the flagship India Gate brand, and exports basmati to international markets, primarily the Middle East. The Agri segment, which generated ₹6,087.9 crore in FY26 (96.3% of segment revenue), covers branded basmati sold in Indian general trade, modern trade and e-commerce, branded non-basmati rice, and overseas basmati shipments. The Energy segment contributed ₹234.47 crore, or 3.7% of segment revenue, with no further product detail available in the facts. In FY26, basmati exports reached a record 6.5 MMT and the company held channel market shares of 36.9% in general trade, 38.7% in modern trade and 40.1% in e-commerce for domestic basmati packaged rice. The branded non-basmati business scaled to ₹271 crore, up 38% year-on-year, while a new India Gate Classic Biryani Kit was launched in July 2026. Inventory stood at roughly 530,000 MT of rice-equivalent at locked-in prices, and the business was in a net cash position of negative ₹789 crore (i.e., ₹789 crore of net cash). Raw materials (paddy and rice) account for 67.5% of revenue, making commodity sourcing the dominant cost driver. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agri (96%), Energy (4%). Asset-heavy, commodity-linked rice milling and branded FMCG, with export volumes sensitive to geopolitical disruption
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,211 | 5,363 | 5,385 | 5,594 | 6,098 |
| EBITDA (ex other income) | 662 | 939 | 802 | 674 | 902 |
| margin % | 15.7 | 17.5 | 14.9 | 12.1 | 14.8 |
| Owners' profit | 459 | 701 | 596 | 476 | 648 |
| EPS, as reported (₹) | 19.52 | 29.78 | 25.69 | 20.80 | 28.31 |
| ROE % · ROCE % | 11.3 · 14.8 | 14.9 · 19.7 | 12.3 · 16.4 | 9.1 · 12.1 | 11.2 · 14.8 |
| Debt / equity (x) | 0.04 | 0.05 | 0.11 | 0.08 | 0.03 |
| Cash from operations | 561 | (360) | 226 | 961 | 933 |
| Capex | (42) | (59) | (86) | (96) | (68) |
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 | 1,270 | 1,682 | 1,442 | 1,584 | 1,511 | 1,477 | 1,526 | 1,496 |
| Profit before tax | 138 | 182 | 207 | 202 | 233 | 229 | 210 | 348 |
| Net profit | 103 | 133 | 154 | 151 | 172 | 170 | 155 | 261 |
| EPS (₹) | 4.49 | 5.79 | 6.74 | 6.58 | 7.52 | 7.43 | 6.79 | 11.39 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Agri | 6,088 | 96.3 |
| Energy | 234 | 3.7 |
| Total, before eliminations | 6,322 | 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. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,296 | 20.8 | 2.94 | 11.3 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED ◆ | 8,012 | 10.6 | 1.38 | 8.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,614 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,616 | 14.6 | 2.06 | 9.8 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,233 | 23.0 | 2.05 | 12.7 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,966 | 22.3 | 29.05 | 217.6 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,165 | 20.7 | 2.34 | 12.7 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,839 | 54.6 | — | — | — | — | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.6 | 12.6 | 22 of 53 | 60% |
| P/B | 1.4 | 1.5 | 22 of 51 | 58% |
| ROCE | 14.7 | 4.1 | 20 of 67 | 71% |
| ROE | 11.2 | 3.5 | 16 of 51 | 70% |
| Debt / Equity | 0.0 | 0.4 | 13 of 51 | 76% |
| EBITDA margin | 24.9 | 9.7 | 7 of 45 | 86% |
| Revenue growth | (5.6) | 10.3 | 31 of 51 | 40% |
| Profit growth | 73.2 | 16.6 | 17 of 51 | 68% |
| Market cap | 8012 | 62 | 2 of 69 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · KRBL to discuss Q2 and H1 FY27 results on November 3 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 2 to review Q2 and half-year results | results | low | — | — |
| 21 Oct 2026 · ICRA reaffirms credit ratings on KRBL banking facilities worth Rs 2,055 crore | credit debt | medium | — | — |
| 13 Oct 2026 · Reg 74(5) Depository Certificate for Q2 FY27 Filed by RTA | compliance | minimal | — | — |
| 28 Sept 2026 · KRBL trading window closed from Oct 1 for Q2 results declaration | compliance | minimal | — | — |
| 24 Sept 2026 · KRBL AGM 2026: 4 resolutions passed, ₹4.50 dividend declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · KRBL 33rd AGM held — final dividend of Rs 4.50 per share proposed | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · KRBL to meet analyst Dante Equity on Sept 25, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · KRBL 33rd AGM on Sept 24, 2026; final dividend record date Sept 18 | compliance | minimal | — | — |
| 3 Sept 2026 · KRBL 33rd AGM notice published in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
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.