NSE: KRISHIVAL · BSE: 544416
KRISHIVAL FOODS LIMITED
Operates two branded food platforms in India and Singapore: nuts and dry fruits under the Krishival brand sold through general trade retailers, and ice creams under the Melt N Mellow brand distributed to retailers via a company-placed deep freezer network. For FY26 (year ended 31 March 2026), the Nuts and Dry Fruits segment contributed Rs 202.452 crore of revenue (69.2% of segment revenue, Rs 25.8325 crore EBIT) and Ice Creams contributed Rs 90.2204 crore (30.8%, Rs 5.8244 crore EBIT), with consolidated revenue of Rs 292.6724 crore and an EBITDA margin of 13.35%. Operations span 189 ice cream SKUs and 67 nuts SKUs, with a geographic footprint covering 300+ Indian towns and 300+ outlets in Singapore. The ice cream business is run through subsidiary Melt N Mellow Foods Private Limited, whose turnover grew from Rs 37.28 crore in FY24 to Rs 90.22 crore in FY26. The cost base is dominated by raw materials at 71.1% of revenue, followed by other operating expenses at 17.0%, employees at 4.1% and depreciation at 2.5%, with capex at 9.7% of revenue funding nuts processing and cold-chain expansion. Customers are Indian general trade retailers reached via the company's deep freezer fleet for ice cream, Singapore retailers for the nuts brand, and a planned franchise-owned, company-operated Mellow & Co. ice cream parlour rollout in Mumbai and Pune from July-August FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Nuts and Dry Fruits (69%), Ice Creams (31%). Branded, distribution-intensive FMCG food business combining a higher-margin nuts and dry fruits segment with a scaling, deep-freezer-dependent ice cream business.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 202 | 293 |
| EBITDA (ex other income) | 21 | 27 |
| margin % | 10.5 | 9.3 |
| Owners' profit | 14 | 21 |
| EPS, as reported (₹) | 6.08 | 9.63 |
| ROE % · ROCE % | 9.6 · 13.6 | 11.1 · 14.5 |
| Debt / equity (x) | 0.09 | 0.18 |
| Cash from operations | 46 | (15) |
| Capex | (13) | (28) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 128 | 50 | 67 | 74 | 102 | 89 |
| Profit before tax | 9 | 6 | 7 | 8 | 7 | 7 |
| Net profit | 5 | 4 | 6 | 6 | 6 | 6 |
| EPS (₹) | 2.36 | 1.98 | 2.60 | 2.88 | 2.42 | 2.40 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Nuts and Dry Fruits | 114 | 38.9 |
| Ice Creams | 90 | 30.8 |
| Nuts and Dry fruits | 89 | 30.3 |
| Total, before eliminations | 293 | 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. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 11,113 | 23.9 | 0.74 | 3.8 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD | 10,767 | 42.0 | 15.78 | 29.9 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED | 6,958 | 23.6 | 2.53 | 15.6 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED ◆ | 823 | 34.7 | 4.11 | 21.3 | 11.1 | 13.1 | — | 13.0 |
| APIS INDIA LTD. | 727 | 2.9 | 3.66 | 18.9 | 12.7 | 15.5 | 7.4 | 11.9 |
| Pajson Agro India Limited | 686 | 52.6 | — | — | — | 24.0 | — | — |
| Chemkart India Limited | 315 | 15.0 | — | — | — | 20.7 | — | — |
| MEGASTAR FOODS LIMITED | 309 | 31.3 | 3.01 | 12.2 | 9.0 | 7.5 | 26.4 | 5.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.7 | 23.8 | 19 of 26 | 28% |
| P/B | 4.1 | 1.6 | 18 of 19 | 6% |
| ROCE | 13.1 | 12.6 | 15 of 30 | 52% |
| ROE | 11.1 | 6.8 | 5 of 21 | 80% |
| Debt / Equity | 0.2 | 0.4 | 6 of 21 | 75% |
| EBITDA margin | 13.0 | 8.7 | 6 of 21 | 75% |
| Revenue growth | 79.6 | 8.6 | 4 of 17 | 81% |
| Profit growth | 27.2 | 32.7 | 12 of 20 | 42% |
| Market cap | 823 | 104 | 4 of 29 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 19 Oct 2026 · Krishival Foods appoints Vivek Kumar Jain as Chief Business Officer | compliance | low | — | — |
| 19 Oct 2026 · Krishival Foods appoints Vivek Kumar Jain as Chief Business Officer | management changes | medium | — | — |
| 17 Oct 2026 · Rights issue call conversion: 5.51 lakh shares converted to fully paid-up | corporate actions | medium | — | — |
| 7 Oct 2026 · Compliance certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 29 Sept 2026 · Krishival Foods management met investors via Arihant Capital conference | investor communications | low | — | — |
| 29 Sept 2026 · Krishival Foods 12th AGM: All 9 resolutions approved, dividend declared | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 12th AGM: All 9 resolutions passed, dividend of Rs 0.35 per share approved | compliance | minimal | — | — |
| 28 Sept 2026 · Krishival Foods meets ICICI Securities and Equentis Wealth Advisory | investor communications | low | — | — |
| 28 Sept 2026 · Krishival Foods 12th AGM: 9 resolutions including Rs 0.35 dividend | board shareholder meetings | medium | — | — |
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 |
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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.