Diversified FMCG & edible-oil major selling Patanjali, Nutrela and Ruchi Gold branded products across India.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,337 | +29.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 4.8 | +1.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 336 | +86.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 17.73 | +4.5 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -3.24 | −3.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 20.24 | +13.2 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 5 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| HPC EBITDA Margin | head back towards somewhere around 16% to 17% margin construct... 200 basis points expansion in Q1 or Q2 FY26 | Q4 FY25 | HPC EBITDA margin was 19.4%, continuing to exceed the original 16-17% target band. | Achieved |
| Foods/FMCG EBITDA Margin | between 8% to 10% margin construct that we have always maintained in the Food business | Q4 FY25 | FMCG EBITDA margin was 6.45%, falling below the 8-10% target band due to negative EBITDA in the staples segment. | Missed |
| Edible Oil EBITDA Margin | range of margins is 2% to 4% | Q4 FY25 | Q1 margin was 5.22%, exceeding the 2-4% band. Management revised guidance upwards, targeting 'consistently 5-plus percent' going forward. | Revised Up |
1 of Patanjali Foods Limited's 19 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 16 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹580.95 on 24 Oct 2025 → ₹347.95. High ₹609.55 (30 Oct 2025), low ₹336.15 (22 Jul 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Patanjali Foods Limited (formerly Ruchi Soya Industries, acquired by the Patanjali Consortium in 2019) is a diversified FMCG company operating across Edible Oils, FMCG (Food & Other FMCG plus Home & Personal Care), Oil Palm Plantation and Wind Turbine Power Generation segments. It refines and markets branded edible oils such as Ruchi Gold, Mahakosh, Sunrich and Nutrela, alongside packaged foods, biscuits, nutraceuticals and personal-care products sold under the Patanjali, Dant Kanti and Kesh Kanti brands, reaching consumers through distributors, mega stores, e-commerce and rural Arogya Kendra outlets. It also runs one of India's largest domestic oil palm plantation businesses, developed in partnership with farmers, which supplies fresh fruit bunches that are crushed into crude palm oil feeding its own edible-oil value chain, and it exports products to multiple countries.
Segments
close before → close after
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.
Guidance
4 of 5 judged targets kept · 14 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| HPC EBITDA Margin | head back towards somewhere around 16% to 17% margin construct... 200 basis points expansion in Q1 or Q2 FY26 | Q4 FY25 | HPC EBITDA margin was 19.4%, continuing to exceed the original 16-17% target band. | Achieved |
| Foods/FMCG EBITDA Margin | between 8% to 10% margin construct that we have always maintained in the Food business | Q4 FY25 | FMCG EBITDA margin was 6.45%, falling below the 8-10% target band due to negative EBITDA in the staples segment. | Missed |
| Edible Oil EBITDA Margin | range of margins is 2% to 4% | Q4 FY25 | Q1 margin was 5.22%, exceeding the 2-4% band. Management revised guidance upwards, targeting 'consistently 5-plus percent' going forward. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 19 tracked commitments, with each call’s wording and source.
Call summaries
Patanjali Foods Limited Q1 FY27
Patanjali Foods Limited reported a strong Q1 FY27 with 29% YoY revenue growth to INR 11,337 crores, driven by edible oil and oil palm segments. The FMCG segment also performed well, particularly biscuits, with improved EBITDA margins. However, challenges remain in the staples and ghee segments, alongside broader concerns about El Nino's impact and rural demand.
Read the full callPatanjali Foods Q4 FY26
Patanjali Foods reported its highest ever quarterly revenue of INR 11,155.60 crores in Q4 FY26, driven by strong performance in both Edible Oil (23.28% YoY growth) and FMCG segments (10.11% EBITDA margin). The Home and Personal Care business also showed robust growth at 35.42% YoY. However, the company faced significant input cost inflation across edible oils and packaging materials, and experienced a sequential dip in biscuit sales due to seasonality, and a decline in staples revenue. The company also noted increased receivables and borrowings, partially offset by a significant tax refund.
Read the full callPatanjali Foods Q3 FY26
Patanjali Foods reported its highest ever quarterly revenue in Q3 FY26, driven by strong performance in the FMCG segment, particularly HPC. Despite temporary trade disruptions from GST 2.0 reforms and volatile palm oil prices impacting edible oil margins, the company expanded its distribution and maintained robust profitability in high-margin segments. Management provided optimistic long-term growth and margin targets across its business verticals.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2016 to Mar 2026).
Financials
Net profit, year on year: +87% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,102 | 8,997 | 9,692 | 8,766 | 9,777 | 10,484 | 11,156 | 11,337 |
| Expenses | 7,639 | 8,439 | 9,176 | 8,445 | 9,225 | 10,049 | 10,710 | 10,794 |
| Operating profit | 462 | 558 | 516 | 321 | 552 | 434 | 445 | 543 |
| Operating margin | 6.0% | 6.0% | 5.0% | 3.7% | 6.0% | 4.1% | 4.0% | 4.8% |
| Other income | 31 | 24 | 53 | 13 | 51 | 27 | -112 | 4 |
| Interest | 20 | 20 | 25 | 24 | 35 | 35 | 36 | 41 |
| Depreciation | 56 | 70 | 85 | 62 | 63 | 62 | 62 | 53 |
| Profit before tax | 417 | 491 | 458 | 249 | 505 | 364 | 236 | 453 |
| Tax rate | 26.0% | 24.0% | 22.0% | 27.0% | −2.0% | −63.0% | −122.0% | 26.0% |
| Net profit | 309 | 371 | 359 | 180 | 517 | 593 | 524 | 336 |
| EPS (₹ per share) | 2.84 | 3.42 | 3.30 | 1.66 | 4.75 | 5.46 | 4.82 | 3.09 |
| Line item | Mar 2019 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 12,730 | 31,525 | 31,728 | 33,968 | 40,183 |
| Expenses | 12,657 | 30,245 | 30,444 | 32,021 | 38,429 |
| Operating profit | 72 | 1,281 | 1,285 | 1,946 | 1,752 |
| Other income | 120 | 297 | 234 | 133 | -21 |
| Interest | 143 | 240 | 190 | 84 | 130 |
| Depreciation | 139 | 160 | 269 | 268 | 249 |
| Profit before tax | -88 | 1,178 | 1,061 | 1,725 | 1,354 |
| Net profit | -88 | 886 | 766 | 1,302 | 1,814 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 59 | 72 | 72 | 72 | 218 | 218 |
| Reserves | 6,112 | 9,774 | 10,133 | 11,298 | 11,895 | 12,879 |
| Borrowings | 3,696 | 1,454 | 1,049 | 788 | 2,895 | 2,789 |
| Other liabilities | 1,613 | 1,943 | 2,008 | 3,359 | 2,693 | 2,917 |
| Total liabilities | 11,480 | 13,244 | 13,262 | 15,517 | 17,700 | 18,802 |
| Fixed assets | 4,900 | 5,148 | 4,963 | 5,553 | 5,508 | 5,366 |
| Capital work in progress | 28 | 80 | 101 | 95 | 56 | 51 |
| Investments | 42 | 38 | 1,041 | 158 | 311 | 24 |
| Other assets | 6,510 | 7,978 | 7,157 | 9,711 | 11,825 | 13,361 |
| Total assets | 11,480 | 13,244 | 13,262 | 15,517 | 17,700 | 18,802 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 241 | 724 | -339 | 1,746 | 197 | -333 |
| Cash from investing | -42 | -1,562 | 526 | -912 | -14 | -840 |
| Cash from financing | -307 | 1,167 | 241 | -1,100 | -611 | 1,680 |
| Net cash flow | -108 | 329 | 428 | -266 | -428 | 507 |
| Free cash flow | 220 | 690 | -433 | 1,649 | 57 | -1,302 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 10 | 12 | 18 | 16 | 17 | 22 |
| Inventory days | 63 | 52 | 55 | 51 | 81 | 79 |
| Days payable | 17 | 16 | 18 | 22 | 34 | 25 |
| Cash conversion cycle | 55 | 48 | 55 | 46 | 65 | 76 |
| Working capital days | 35 | 31 | 40 | 33 | 53 | 51 |
| Return on capital employed | 12.0% | 16.0% | 14.0% | 11.0% | — | 12.0% |
| Dividend payout | 0.0% | 18.0% | 24.0% | 28.0% | 28.0% | 33.0% |
The businesses behind the company’s reported revenue.
Edible oils contributes 74.2% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹8,504.72 crore
₹2,937.75 crore
₹11.87 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Edible oils | 8,504.72 | 74.2% |
| FMCG | 2,937.75 | 25.6% |
| Wind turbine power generation | 11.87 | 0.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Each segment’s share of reported revenue, quarter by quarter.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Edible oils | — | — | — | 74% | 70% | — | 74% | 74% | +27.2% |
| FMCG | — | — | — | — | 29% | — | 26% | 26% | — |
| Wind turbine power generation | — | — | — | — | <1% | — | <1% | <1% | — |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹348, this stock must grow earnings at 10% every year for 6 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹425 — upside of 22%.
PATANJALI has demonstrated a significant turnaround, moving from negative net profits in 2018-2019 to consistent and growing profitability since 2022, with recent annualized net profit growth exceeding 29% and sales growth around 14-15%. Operating profit margins have also shown improvement, from 2-3% to 4-6%, with management targeting 8-10% for the food business, indicating further room for profit expansion. Management's guidance for key segments, such as HPC exceeding 15% and Food growing 8-10%, combined with a decent promise track record (75% achieved/on-track), supports a defensible stage-1 growth rate of 14%. A 6-year stage-1 period is appropriate given the ongoing strategic initiatives, including oil palm plantation expansion targeted for FY27, allowing for sustained above-average growth before fading over 3 years to a conservative terminal growth of 3%. The suggested discount rate of 11% reflects the company's healthy leverage and improving financial stability, balanced against its past volatility.
Through 2025-12-31
Ownership
Promoters hold 68.25% as of Sept 2026; institutions added 0.17 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Patanjali Foods Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 29.60% | unchanged | |
| 14.11% | unchanged | |
| 13.49% | unchanged | |
| 11.03% | unchanged | |
| Insurer | 9.13% | unchanged |
| Global fund house | 2.32% | −0.57 pp |
| 1.66% | +0.39 pp | |
| 1.25% | unchanged | |
| 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 4 added, 5 trimmed, 0 sold out — net +12.12 L shares (+22.2%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Arbitrage Fund (Erstwhile known as SBI Arbitrage Opportunities Fund) SBI Mutual Fund | ₹98 Cr | +7.41 L | Apr '25 |
| Nippon India Arbitrage Fund Nippon India Mutual Fund | ₹66 Cr | +1.44 L | Mar '25 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹34 Cr | +3.34 L | Apr '25 |
| SBI Equity Savings Fund SBI Mutual Fund | ₹19 Cr | held | Jul '25 |
| Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund | ₹12 Cr | −0.03 L | Sep '22 |
| Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund | ₹8 Cr | −0.02 L | Sep '22 |
| SBI Nifty Midcap 150 Index Fund SBI Mutual Fund | ₹4 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | −0.03 L | Sep '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
4 added, 5 trimmed — net +12.12 L shares (+22.2%)
Shares held by these funds +10645%
Oct '23 66.64 L shares Sep '26
Your own record
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