Key Financial Performance (Consolidated)

  • Revenue: ₹13,381 million, up 18% YoY (highest-ever quarterly revenue)
  • Gross Margin: 21%, declined 260 basis points YoY
  • EBITDA: ₹619 million, declined 29% YoY
  • EBITDA Margin: 4.6%, declined 188 basis points YoY
  • PAT: ₹250 million, declined 38% YoY

Operational Highlights

Procurement Performance:

  • Milk procurement volumes: 18.10 LLPD (Lakh Liters Per Day), up 2% YoY
  • Average milk procurement price: ₹46.61/liter, increased 7.2% YoY
  • Industry faced milk shortages and elevated procurement inflation

Sales Performance:

  • Milk sales volumes: 11.62 LLPD (stable YoY)
  • Average milk selling price: ₹58.68/liter, increased 4% YoY
  • Value-added products (VAP) revenue: ₹5,636 million, up 39.7% YoY
  • VAP contribution reached record 44% of overall revenues (vs 36% in Q1FY26)
  • Consumer ghee and butter portfolio revenue: ₹6,322 million, up 39.3% YoY
  • Consumer fats contribution reached record 49% of revenues (vs 41% in Q1FY26)

Value-Added Product Growth:

  • Paneer: +33% volume growth
  • Curd: +26% volume growth
  • Buttermilk: +60% volume growth
  • Lassi: +98% volume growth
  • Ice Cream: +25% volume growth

Subsidiary Performance

  • Heritage Nutrivet Limited (wholly owned subsidiary): Revenue ₹728 million, up 37% YoY; Profit before tax ₹20 million

Strategic Investments and Ownership Changes

  • Heritage Novandie Foods Limited: Company acquired remaining 5.6% equity stake, now 100% wholly owned subsidiary
  • Peanut Butter and Jelly Limited (GETAWAY brand): Increased stake to 71% from previous level
  • Ice cream business (including GETAWAY) crossed ₹550 million revenue in Q1FY27, growing 65% YoY
  • Alpenvie ice cream brand grew 44% YoY

Capacity and Facility Update

  • New ice cream facility reached 40% capacity utilization in Q1FY27
  • Facility services both Alpenvie and GETAWAY portfolios

Product Innovation

  • Launched premium Creamy Shakes in Badam and Mango variants in glass bottle format
  • Nourish+ High Protein Paneer contributing over 15% of overall paneer portfolio
  • First on-pack gamified consumer engagement platform introduced

Awards and Recognition

  • Received IR Excellence Award in Food & Beverage category by Investor Relations Society
  • Mrs. N. Brahmani, Executive Director, recognized among Fortune India's Most Powerful Women 2026

Management Commentary

Mrs. Brahmani Nara, Executive Director, stated: "We are pleased to report another quarter of strong execution, with Heritage Foods delivering record quarterly revenue of ₹13,381 million, up 18% YoY, while our value added products portfolio reached an all-time high contribution of 44% of revenues. This performance reflects the strength of our integrated dairy model, resilient consumer franchise, expanding Value-Added Products portfolio and disciplined execution across the value chain."

She further commented: "The quarter was marked by elevated milk procurement costs and constrained milk availability across the industry. Despite these headwinds, we prioritized strengthening our procurement ecosystem, expanding market share and accelerating the growth of our Value-Added Products portfolio, even as input cost inflation temporarily weighed on profitability."

Additional Information

  • Results prepared under Ind AS
  • Full financial statements and segment results available on company website
  • Earnings conference call scheduled for July 17, 2026 at 4:00 PM IST
  • Presentation will be submitted to stock exchanges and hosted on company website