HERITGFOOD

Heritage Foods share price & financials

Price
₹330
Market cap
₹3.1k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
8
Latest concall · Q1 FY27 · call held 17 Jul 2026

Heritage Foods Limited Q1 FY27

Consolidated Revenue ₹1,338.1 cr +18%EBITDA ₹61.9 cr EBITDA Margin 4.6% PAT ₹15 cr

What went well

  • Consolidated revenue increased 18% year-on-year to ₹1338.1 crores, marking the highest quarterly revenue in the company's history.
  • Value-added products (VAP) revenue grew 40% year-on-year to ₹563.6 crores, contributing a record 44% of consolidated revenues.
  • The broader VAP portfolio, including consumer pack ghee and butter, grew 39% year-on-year to ₹632.2 crores, contributing a record 49% of consolidated revenues.

What to watch

  • EBITDA margin stood at 4.6% and PAT margin at 1.9% for Q1 FY27.
  • Milk procurement prices increased 7% year-on-year to ₹46.61 per liter, reflecting continued supply tightness across key milk-producing regions.
Read the full call →

What Heritage Foods Limited does

Heritage Foods procures raw milk directly from farmers through a federated supply chain of chilling centres and processing plants, then converts it into liquid milk and a wide range of value-added dairy products (curd, paneer, lassi, ghee, drinkables, ice-cream and sweets) sold under the Heritage brand through an omnichannel distribution network spanning owned retail, general trade, e-commerce and Q-commerce. Its wholly-owned subsidiary Heritage Nutrivet manufactures and distributes cattle feed, fish feed and feed supplements to farmers, while joint-venture subsidiary Heritage Novandie produces French-style yogurt under the "Mamie Yova" brand for the Indian market.

Segments

  • Dairy (Milk & Value-Added Products)
  • Heritage Nutrivet
  • Heritage Novandie
Farmer network
300,000+ farmers across 9 procurement states
Milk processing plants
18 state-of-the-art plants
Chilling centres / bulk coolers
190
Installed milk processing capacity
2.95 million litres per day (MLPD)
Distribution network
7,500+ distributors and 225,000+ retail outlets
Consumers serviced daily
10 million
Founded 1992Headquarters Andhra Pradesh, India Company website

Guidance record · Q1 FY27

what the last two calls moved 24 tracked 5 delivered 7 missed 12 open
  • Value-Added Products Revenue Growth delivered said Q2 FY25 Promised: high teens or even 20%, 21% Q1 FY27: VAP revenue grew an exceptional 40% year-on-year, significantly exceeding the 'high teens' target.
  • EBITDA Margin missed said Q2 FY25 Promised: 7% to 8% (Long-term) Q1 FY27: EBITDA margin stood at 4.6%, remaining significantly below the original 7-8% target, the revised 7-9% range, and even the 'bad year' floor of 6.5-7%.
  • Overall Volume Growth at risk said Q3 FY26 Promised: 10% to 11% for operating leverage to kick in Q1 FY27: While VAP volume growth was strong, stagnant liquid milk volume growth puts the overall 10-11% target required for operating leverage at risk.

All 24 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.7%, net profit down 39.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,020 1,034 1,048 1,137 1,113 +9%1,119 +8%1,158 +10%1,338 +18%
EBITDA81 72 78 73 77 −5%63 −12%52 −33%62 −15%
Net profit49 43 38 41 51 +4%35 −19%24 −37%25 −39%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −13.7% 1Y

₹300₹350₹400₹450₹500₹550Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 16 Oct 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 17 Jul 2026

1Y: ₹483.9 on 10 Sept 2025 → ₹417.4. High ₹533.45 (23 Sept 2025), low ₹293.95 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.3%
17 Jul
Q4 FY26
−7.6%
12 May
Q3 FY26
−8.5%
29 Jan
Q2 FY26
+1.1%
16 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.8% a year over 3 years, FY23 to FY26. Operating margin widened to 5.9%.

Year endingFY23FY24FY25FY26
Revenue₹3.2k Cr₹3.8k Cr₹4.1k Cr₹4.5k Cr
Operating profit₹131 Cr₹203 Cr₹323 Cr₹265 Cr
Operating margin4.0%5.3%7.8%5.9%
Interest₹3 Cr₹10 Cr₹15 Cr₹17 Cr
Depreciation₹56 Cr₹62 Cr₹70 Cr₹81 Cr
Net profit₹58 Cr₹106 Cr₹188 Cr₹151 Cr
Net margin1.8%2.8%4.5%3.3%
Cash from operations₹-61 Cr₹390 Cr₹214 Cr₹237 Cr
Free cash flow₹-140 Cr₹267 Cr₹42 Cr₹-142 Cr
ROCE10.0%16.0%25.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹23 Cr₹23 Cr₹46 Cr₹46 Cr₹46 Cr₹46 Cr
Reserves₹573 Cr₹634 Cr₹679 Cr₹762 Cr₹997 Cr₹1.1k Cr
Borrowings₹64 Cr₹19 Cr₹168 Cr₹132 Cr₹220 Cr₹361 Cr
Other liabilities₹219 Cr₹226 Cr₹231 Cr₹341 Cr₹399 Cr₹485 Cr
Total liabilities₹879 Cr₹903 Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹1.9k Cr
Fixed assets₹580 Cr₹579 Cr₹622 Cr₹704 Cr₹808 Cr₹1.2k Cr
Capital work in progress₹18 Cr₹8 Cr₹20 Cr₹20 Cr₹159 Cr₹50 Cr
Investments₹13 Cr₹18 Cr₹15 Cr₹140 Cr₹261 Cr₹186 Cr
Other assets₹267 Cr₹298 Cr₹469 Cr₹416 Cr₹434 Cr₹550 Cr
Total assets₹879 Cr₹903 Cr₹1.1k Cr₹1.3k Cr₹1.7k Cr₹1.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Attractive

To justify its price of ₹417, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~37%. At that growth it is worth ₹910 — upside of 118%.

Growth the price implies
21.5% a year
for 7 years, fading to 4%
It has actually compounded at
37.6% a year
net profit, FY23–FY26 · EPS 37.4%
The gap
-0.2 pp
118% downside if it only repeats history
Price today ₹417.4 Value at the reference growth ₹909.54

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Heritage Foods Limited

Guides on how to read this kind of business and the numbers that matter.