Company Overview

Foods & Inns Ltd. presented its Investor Presentation for November 2026, providing business updates and financial performance for Q2 and H1 FY27.

Financial Performance

Consolidated Profit & Loss (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹170 Cr (vs ₹193 Cr YoY)
  • Other Income: ₹2 Cr (vs ₹3 Cr YoY)
  • Total Income: ₹172 Cr (down 12% YoY from ₹195 Cr)
  • Raw Material Costs: ₹88 Cr (vs ₹111 Cr YoY)
  • Gross Profit: ₹82 Cr (up 1% YoY from ₹82 Cr)
  • Gross Margin: 48.2% (vs 42.4% YoY)
  • Employee Expenses: ₹13 Cr (vs ₹15 Cr YoY)
  • Other Operating Expenses: ₹59 Cr (vs ₹49 Cr YoY)
  • EBITDA: ₹13 Cr (down 38% YoY from ₹20 Cr)
  • EBITDA Margin: 7.3% (vs 10.4% YoY)
  • Depreciation: ₹6 Cr (vs ₹7 Cr YoY)
  • Finance Cost: ₹13 Cr (vs ₹13 Cr YoY)
  • Share of Profit of JV & Associate: ₹0 Cr (vs ₹0 Cr YoY)
  • Profit Before Tax: -₹7 Cr (vs ₹1 Cr YoY)
  • Tax Expenses: -₹2 Cr (vs ₹0 Cr YoY)
  • Profit After Tax: -₹5 Cr (down 837% YoY from ₹1 Cr)
  • PAT Margin: -2.9% (vs 0.3% YoY)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹328 Cr (vs ₹429 Cr YoY)
  • Total Income: ₹332 Cr (down 23% YoY from ₹433 Cr)
  • Gross Profit: ₹169 Cr (down 3% YoY from ₹174 Cr)
  • Gross Margin: 51.5% (vs 40.5% YoY)
  • EBITDA: ₹35 Cr (down 26% YoY from ₹48 Cr)
  • EBITDA Margin: 10.7% (vs 11.0% YoY)
  • Profit After Tax: -₹1 Cr (down 114% YoY from ₹8 Cr)

Balance Sheet Highlights (September 2026 vs March 2026)

Liabilities

  • Total Equity: ₹563 Cr (vs ₹566 Cr)
  • Share Capital: ₹7 Cr (unchanged)
  • Other Equity: ₹556 Cr (vs ₹559 Cr)
  • Non-Current Liabilities: ₹111 Cr (vs ₹74 Cr)
  • Borrowings: ₹91 Cr (vs ₹53 Cr)
  • Lease Liability: ₹6 Cr (vs ₹7 Cr)
  • Provisions: ₹1 Cr (unchanged)
  • Deferred tax liabilities: ₹13 Cr (unchanged)
  • Current Liabilities: ₹802 Cr (vs ₹661 Cr)
  • Borrowings: ₹459 Cr (vs ₹368 Cr)
  • Lease Liability: ₹3 Cr (unchanged)
  • Trade Payables: ₹223 Cr (vs ₹244 Cr)
  • Provisions: ₹3 Cr (vs ₹2 Cr)
  • Other Financial Liabilities: ₹88 Cr (vs ₹36 Cr)
  • Current tax liabilities: ₹3 Cr (unchanged)
  • Other Current Liabilities: ₹23 Cr (vs ₹5 Cr)
  • Total Liabilities: ₹1,476 Cr (vs ₹1,301 Cr)

Assets

  • Non-Current Assets: ₹393 Cr (vs ₹367 Cr)
  • Plant, Property & Equipment: ₹308 Cr (vs ₹312 Cr)
  • Right of use of Assets: ₹9 Cr (vs ₹10 Cr)
  • Capital WIP: ₹25 Cr (vs ₹10 Cr)
  • Intangible Assets: ₹13 Cr (unchanged)
  • Financial Assets: ₹14 Cr (vs ₹16 Cr)
  • Deferred Tax Assets: ₹2 Cr (unchanged)
  • Other Non-Current Assets: ₹23 Cr (vs ₹5 Cr)
  • Current Assets: ₹1,083 Cr (vs ₹934 Cr)
  • Inventories: ₹787 Cr (vs ₹640 Cr)
  • Financial Assets: ₹229 Cr (vs ₹233 Cr)
  • Current Tax Assets: ₹9 Cr (vs ₹8 Cr)
  • Other Current Assets: ₹57 Cr (vs ₹53 Cr)
  • Total Assets: ₹1,476 Cr (vs ₹1,301 Cr)

Operational Highlights

Fruit & Vegetable Pulps

  • Guava: Expect significant demand due to El Nino effect causing water shortage for irrigation. Worldwide processed guava product requirement increasing. Expecting overall guava prices to be higher.
  • Tomato: Started sourcing for Gujarat & Nashik plants. Expected shorter tomato crop period this year, aiming to maximize production during available period.

Spray Dried Powders

  • Division recorded 8% YoY volume growth in Q2, 14% growth on half-yearly basis.
  • Plant running at full capacity, expecting increased sales in next two quarters.
  • Expanded capacity construction in full swing, targeting commercial production in January 2027.

Frozen Food

  • Volumes up ~11% and value up ~27% YoY in Q2 FY27.
  • Improved realizations reflect higher contribution from value-added products.
  • Strong growing demand from US and GCC markets.
  • Healthy order position.

Kusum Spices

  • Spice business registered 0.7% YoY growth in Q2 FY27, compared to 7.3% YoY growth on half-yearly basis.
  • Expecting to keep growing as per target, business restructuring expected to increase overall margin.

Tetra Recart

  • Continuing to expand international presence while evaluating additional avenues to enhance capacity utilization.
  • Repeat business from existing customers indicating growing acceptance in international markets.

Sales Performance

  • Q2 sales volumes in export segment significantly impacted by deferred call offs due to high export freight and container availability issues related to continuing war situation.
  • Approximately 3,300 MT of finished goods (₹32 Cr) could not be shipped against confirmed orders, spilled over to current quarter.
  • Average realizations declined by 12% YoY, reflecting sales of inventory manufactured during 2025 crop season at lower raw material costs.
  • Domestic market experienced surge in demand for processed tomato products, resulting in significant growth for the quarter.

Strategic Initiatives

Nashik Tomato Cluster

  • Foods and Inns Limited selected as Implementing Agency under National Horticulture Board's Cluster Development Programme.
  • 12 horticulture clusters launched virtually by Hon'ble Prime Minister Shri Narendra Modi on 30 October 2026.
  • Key objectives: Promote modern farming technologies, enhance productivity, strengthen processing and value addition, improve market linkages and boost exports.
  • Event hosted at Foods and Inns' Gonde facility with participation from NHB officials, farmers, FPOs and other stakeholders.

Participation in Exhibitions

  • SIAL Food Exhibition, Paris (17-22nd Oct'26)
  • Gulf Food Exhibition, Dubai (3-5th Nov'26)

Key Growth Areas

  • Pulping Theorem: Focus on growing demand for Mango Pulp and improving asset utilization during off-season by adding other pulpy products.
  • Restructured Brand Portfolio: Focus on growing brand sales with innovative packaging (Tetra Recart):
  • Pulp & Paste: 'Madhu'
  • RTE/RTC: 'Green Top'
  • Frozen Food: 'Green Top'
  • Spices: 'Kusum'
  • Continuously adding newer geographies, value-added products and general product offerings.

Sustainability Initiatives

  • Pectin Project: Invested and set up JV to convert fruit waste generated during pulping into Pectin, Oils and Butter.
  • Wide usage in F&B, Pharma, Personal Care & Cosmetics industries.
  • India currently imports 95% of pectin from Brazil, China and Mexico.

Business Verticals Overview

Vertical Wise Revenue Contribution (FY26)

  • Well-established business processing variety of mangoes (Alphonso, Kesar, Totapuri, etc.)
  • Strong relationships with farmers for smooth procurement.
  • Marquee customers include Coca-Cola and PepsiCo.
  • Coca-Cola investing ~$1 bn to expand capacity by up to 40% in India.

Processing Facilities

  • 7 state-of-the-art self-owned facilities across Maharashtra, Gujarat, and Andhra Pradesh
  • 2 Logistics Centres in Mumbai & Chennai
  • Total processing capacity includes:
  • Aseptic: 13-18 MT/Hr
  • Spray Drying: 0.25 MT/Hr
  • Various freezing and processing capabilities

Quality Certifications

  • Quality Control Certifications and Processes act as entry barriers

Management Team

  • Mr. Bhupendra Dalal: Chairman & Non-Executive, Non-Independent Director
  • Mr. Milan Dalal: Promoter and Managing Director
  • Mr. Moloy Saha: Chief Executive Officer
  • Board includes multiple independent and non-executive directors

Sustainable Agricultural Initiatives

  • Programs with IDH (Sustainable Trade Initiative) of Netherlands to help smallholder mango farmers produce more sustainably.
  • Project addresses environmental issues (climate impact, pesticide management, crop traceability) and social aspects.
  • Key objectives: Soil and water conservation, bettering environment via IPM, soil management, water conservation.
  • Program started in 2011, currently covers 167 mango farmers, 45 guava farmers in Western India, and 1,289 mango farmers in Southern India under SAI/Rainforest Alliance platforms.
  • Certified 213 tomato farmers under Unilever Sustainable Agriculture Code 2017 (SAC).
  • Plans to cover 1500+ additional farmers over 2000+ hectares in next five years.
  • Partnered with Biospheres (French company) for soil rejuvenation and enhancing biodiversity.
  • Partnered with AXA Climate to study climate change impacts on agricultural produce.
  • Committed to contributing over USD 450,000 to promote sustainable farming.

Annual Financial Performance (FY21-FY26)

| Consolidated (Rs Cr) | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | 5 YR CAGR (%) |

| Revenue from Operations | 371 | 632 | 996 | 1,020 | 992 | 868 | 19% |

| EBITDA | 32 | 57 | 102 | 127 | 129 | 112 | 28% |

| EBITDA Margin (%) | 8.5% | 8.9% | 10.1% | 12.4% | 12.9% | 12.7% | |

| Profit After Tax | 4 | 15 | 47 | 37 | 42 | 28 | 48% |

| PAT Margin (%) | 1.0% | 2.4% | 4.7% | 3.6% | 4.2% | 3.1% | |