Board Meeting Details

The Board of Directors meeting was held on May 29, 2026, commencing at 3:30 PM and concluding at 10:15 PM.

Key Approvals

1. Approved audited Financial Statements (Standalone and Consolidated) as per IND-AS for the year ended March 31, 2026

2. Approved Financial Results for the quarter and year ended March 31, 2026 along with Auditor's Report

3. Declaration pursuant to Regulation 33(3)(d) stating Auditor's Report issued with unmodified opinion

4. Recommended Dividend of 30% (₹0.30 per equity share of ₹1 face value) for FY26

5. Submitted Integrated Filing (Financial) as per SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated December 31, 2024

Financial Performance - Standalone (₹ in Lakhs)

Quarterly Performance (Q4 FY26 vs Q4 FY25):
  • Revenue from Operations: ₹28,459.13 vs ₹39,320.69 (-27.6%)
  • Total Income: ₹29,015.84 vs ₹39,621.69 (-26.8%)
  • Profit Before Tax: ₹2,949.84 vs ₹3,126.20 (-5.6%)
  • Net Profit: ₹2,040.33 vs ₹2,466.32 (-17.3%)
  • EPS: ₹2.78 vs ₹3.37
Annual Performance (FY26 vs FY25):
  • Revenue from Operations: ₹85,001.37 vs ₹97,291.93 (-12.6%)
  • Total Income: ₹86,334.25 vs ₹98,688.32 (-12.5%)
  • Profit Before Tax: ₹4,512.54 vs ₹5,273.58 (-14.4%)
  • Net Profit: ₹3,135.89 vs ₹4,472.67 (-29.9%)
  • EPS: ₹4.27 vs ₹6.38

Financial Performance - Consolidated (₹ in Lakhs)

Quarterly Performance (Q4 FY26 vs Q4 FY25):
  • Revenue from Operations: ₹28,889.40 vs ₹39,733.38 (-27.3%)
  • Net Profit: ₹1,949.11 vs ₹2,331.91 (-16.4%)
  • EPS: ₹2.71 vs ₹3.14
Annual Performance (FY26 vs FY25):
  • Revenue from Operations: ₹86,802.27 vs ₹99,207.72 (-12.5%)
  • Net Profit: ₹2,768.59 vs ₹4,231.43 (-34.6%)
  • EPS: ₹3.79 vs ₹5.98

Operational Performance

Sales Tonnage (MT):

Q4 FY26:

  • Total: 36,579 MT (Q4 FY25: 40,051 MT; -9% YoY)
  • Exports: 7,349 MT (Q4 FY25: 7,721 MT; -5% YoY)
  • Domestic: 29,230 MT (Q4 FY25: 32,330 MT; -10% YoY)

FY26:

  • Total: 1,02,072 MT (FY25: 98,399 MT; +4% YoY)
  • Exports: 27,855 MT (FY25: 26,145 MT; +7% YoY)
  • Domestic: 74,216 MT (FY25: 72,254 MT; +3% YoY)
Sales Value:
  • Q4 FY26: ₹248 crore (Q4 FY25: ₹365 crore; -32% YoY)
  • FY26: ₹809 crore (FY25: ₹938 crore; -14% YoY)

Kusum Spices Performance (₹ in Crores)

Quarterly:

  • Q4 FY26: ₹4.49 crore (Q4 FY25: ₹5.0 crore)
  • Q3 FY26: ₹4.2 crore
  • Q2 FY26: ₹5.5 crore
  • Q1 FY26: ₹4.8 crore

Annual:

  • FY26: ₹18.9 crore (FY25: ₹21.4 crore; FY24: ₹23.1 crore; FY23: ₹18.4 crore; FY22: ₹15.9 crore)

Business Commentary

PLI Incentive:
  • FY25 incentive claim of PLI received ₹33.86 crore booked in Q4 FY26
Sales Performance:
  • Q4 sales volumes impacted by war situation in March 2026
  • Average realizations declined ~25.3% YoY due to sales of inventory manufactured during 2025 crop season at lower raw material costs
  • Pricing remains pure passthrough of raw material movements
Fruit & Vegetable Pulps:
  • Mango: Conflict in West Asia led to diversion of quality mangoes to processing industry at favorable prices
  • Mango pulp business has ~USD 2 million exposure to Middle Eastern markets
  • Tomato: Lower paste production due to constrained availability of quality tomatoes
Spray Dried Powders:
  • Capacity expansion of 120 MTPA underway with estimated investment of ₹2.5 crore
  • Operations temporarily impacted during March-April 2026 due to unavailability of gas supply
Frozen Food:
  • Volumes grew ~28% YoY in FY26
  • Improved realizations from higher contribution from value-added products
  • Growing demand from US market
Tetra Recart:
  • Expanding international presence
  • Confirmed orders: ~400 MT valued at ~₹8 crore
  • Additional orders under discussion

Capital Structure

  • Paid-up Equity Share Capital: ₹735.32 lakhs (7,353,200 shares of ₹1 each)
  • Other Equity: ₹56,611.11 lakhs (Standalone); ₹55,850.03 lakhs (Consolidated)

Dividend Information

  • Recommended 30% dividend (₹0.30 per share) for FY26
  • Dividend per share: ₹0.30
  • Face value: ₹1 per share

Subsidiaries and Joint Ventures

Subsidiaries:

  • FNI Spices Private Limited

Joint Venture:

  • Udhyaan Agroproduct and Trading Private Limited

Key Financial Ratios

  • Current Ratio: 1.43 (Standalone, March 2026)
  • Debt-Equity Ratio: 0.72 (Standalone, March 2026)
  • Return on Equity: 5.5% (Standalone, FY26)

Default Status

  • No defaults on loans/debt securities as of March 31, 2026
  • Total financial indebtedness: ₹39,517.13 lakhs