Heritage Foods Limited submitted an investor presentation for Q1 FY27 (quarter ended June 30, 2026) pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Q1 FY27 Financial Performance (Consolidated)

  • Revenue from Operations: ₹13,381 Mn (up 18% YoY from ₹11,368 Mn in Q1FY26, up 16% QoQ from ₹11,576 Mn in Q4FY26)
  • Expenses: ₹12,762 Mn (up 20% YoY from ₹10,629 Mn)
  • EBITDA: ₹619 Mn (down 16% YoY from ₹739 Mn, up 18% QoQ from ₹522 Mn)
  • EBITDA Margin: 4.6% (down 188 bps YoY from 6.5%, up 11 bps QoQ from 4.5%)
  • Depreciation: ₹265 Mn (up 42% YoY from ₹187 Mn)
  • Finance Cost: ₹82 Mn (up 96% YoY from ₹42 Mn)
  • Other Income: ₹64 Mn (up 22% YoY from ₹53 Mn)
  • Profit Before Tax: ₹335 Mn (down 39% YoY from ₹549 Mn, up 5% QoQ from ₹320 Mn)
  • Tax: ₹86 Mn (down 40% YoY from ₹144 Mn)
  • Profit After Tax: ₹250 Mn (down 38% YoY from ₹405 Mn, up 4% QoQ from ₹239 Mn)
  • PAT Margin: 1.9% (down 170 bps YoY from 3.6%)
  • EPS Diluted: ₹2.7 (down 38% YoY from ₹4.4, up 5% QoQ from ₹2.6)
  • Total Comprehensive Income: ₹250 Mn (down 38% YoY from ₹402 Mn)

Operational Highlights

Procurement:

  • Milk procurement volume: 1.81 MLPD (2% higher YoY)
  • Milk procurement price: ₹46.61/L (7% higher YoY)

Sales:

  • Milk sales volume: 1.16 MLPD (up 0.3% YoY)
  • Average selling price: ₹58.68/L (up 4% YoY)

Value-Added Products (VAP):

  • VAP revenue: ₹5,636 million (up 40% YoY)
  • VAP contribution to total revenue: 43.6% (up from 36.1% in Q1FY26)
  • Including consumer packs of Ghee and Butter: VAP revenue reached ₹6,322 million (up 39% YoY)
  • Contribution including Ghee and Butter: 49.0% of total revenue (up from 40.6% in Q1FY26)

Strategic Developments

Subsidiary Updates:

  • Acquired remaining 5.6% stake in Heritage Novandie Foods Limited, making it a 100% wholly owned subsidiary
  • Heritage Novandie is described as a leading digital-first yogurt & dessert brand among Top 5 yogurt brands in organized trade
  • Acquired additional 20% stake in Peanutbutter & Jelly Limited, increasing ownership to 71%
  • Peanutbutter & Jelly is described as one of India's fastest-growing premium protein ice cream brands

Heritage Nutrivet Limited (Wholly owned subsidiary):

  • Q1 FY27 Revenues up 37% YoY
  • Leading livestock feed producer & distributor in 9 States across India
  • 30+ products in portfolio

Business Overview & Capacity

  • 3 decades of operations
  • Chilling capacity: 2.68 MLPD
  • Processing capacity: 2.95 MLPD
  • 19 plants closer to the consumer
  • 10 Mn consumers serviced daily
  • Revenue CAGR 14% (FY22-FY26)
  • Gross margin: 23.4%
  • EBITDA Margin: 5.9%
  • Net Debt/Equity: 0.33
  • ROCE: 13.95%

Distribution & Procurement Network

  • 300,000+ farmers across 9 states
  • 1.74 Mn litres procurement per day
  • Zero Milk Holiday policy
  • 191 Chilling Centres/Bulk Coolers
  • 2,200+ Vehicles
  • 7,500+ Distributors
  • 205,000 Retail Outlets

New Product Launches & Initiatives

  • Launched Premium Creamy shakes in Badam & Mango variants in Glass Bottle format
  • 1st on Pack Gamified Experience with daily cash rewards
  • Ice Cream Plant taking shape at Shamirpet, Hyderabad
  • Heritage Curd Portfolio Pack Refresh

Sustainability Initiatives

  • 100% facility coverage under waste minimization and recycling framework
  • 14.92 MW renewable capacity fulfilling 39% of total power needs (8.62 MW solar, 6.30 MW wind)
  • 1,032 Cattle Health Camps Conducted
  • 22,471 Cattle Treated
  • 2,284 Farmers Awareness Programs

Leadership & Governance

  • Total Board Size: 6 Directors (3 Whole Time Directors, 3 Independent Directors)
  • 200+ years of cumulative corporate exposure
  • Mr. A V Girija Kumar: Chairperson, Non-Executive Independent Director
  • Mrs. Nara Bhuvaneswari: Vice Chairperson/Managing Director
  • Mrs. Nara Brahmani: Executive Director
  • Dr. M Sambasiva Rao: Whole Time Director
  • Mr. Srideep Kesavan: CEO
  • CA A. Prabhakara Naidu: CFO
  • Mr. J Samba Murty: COO
  • Mr. Umakanta Barik: Company Secretary & Compliance Officer

Industry Context

  • India contributes 24% of global milk production
  • ~40% of milk sales handled by organized sector (vs. 90% in developed nations)
  • Government impetus through National Action Plan for Dairy Development (NAPD), National Programme for Dairy Development (NPDD), Interest Subvention on Working Capital Loans

Historical Financial Performance (Consolidated)

Income Statement (INR Mn):

| Particulars | FY24 | FY25 | FY26 |

| Operating Income | 37,939 | 41,346 | 45,260 |

| EBITDA | 2,095 | 3,310 | 2,663 |

| EBITDA Margin (%) | 5.5% | 8.0% | 5.9% |

| PAT | 1,065 | 1,883 | 1,501 |

| PAT Margin (%) | 2.8% | 4.6% | 3.3% |

| EPS Diluted (INR) | 11.48 | 20.29 | 16.22 |

Balance Sheet (INR Mn):

| Particulars | FY24 | FY25 | FY26 |

| Equity Share Capital | 464 | 464 | 464 |

| Reserve and Surplus | 7,618 | 9,256 | 10,569 |

| Shareholders Fund | 8,082 | 9,720 | 11,033 |

| Total Equity | 8,082 | 9,720 | 11,081 |

| Long-term Borrowings | 1,095 | 1,461 | 2,543 |

| Short-term Borrowings | 226 | 283 | 1,072 |

| Total Assets | 12,811 | 15,583 | 19,498 |