Heritage Foods FY26 Revenue Up 9% Amid Milk Supply Constraints

Heritage Foods posted FY26 revenue of Rs 45,260 million, up 9% YoY, despite milk shortages and high input costs.
Q4FY26 revenue rose 10% YoY to Rs 11,576 million, with VAP sales up 18% YoY and contribution reaching 35.5% of total.
Milk procurement fell 7% YoY to 16.38 LLPD, milk price rose 8% YoY to Rs 46.7/L, cutting EBITDA margin to 4.5% (‑311 bps).
Emerging channels surged, with e‑commerce & Q‑commerce revenues up 56% YoY and fresh distribution up 49% YoY, boosting urban penetration.