Company Overview

Krishival Foods Limited (NSE: KRISHIVAL, BSE: 544416), incorporated in 2014, is an FMCG company specializing in premium nuts, dry fruits, and ice cream. The company has over 12 years of industry experience and holds FSSAI, ISO, and HACCP certifications. Product range includes 73+ SKUs for Dry Fruits and 196+ SKUs for Ice Creams.

Financial Performance - Q2 FY27

  • Revenue from Operations: ₹85.66 crore, up 28.5% YoY from ₹66.67 crore in Q2 FY26
  • EBITDA: ₹14.77 crore, up 53.1% YoY from ₹9.65 crore in Q2 FY26
  • EBITDA Margin: 17.24%, improved from 14.47% in Q2 FY26 (+277 bps)
  • Net Profit: ₹6.82 crore, up 17.6% YoY from ₹5.80 crore in Q2 FY26
  • Net Profit Margin: 7.96% compared to 8.70% in Q2 FY26 (-74 bps)
  • Basic EPS: ₹2.77 compared to ₹2.55 in Q2 FY26
  • Other Income: ₹2.97 crore compared to ₹2.23 crore in Q2 FY26

Financial Performance - H1 FY27

  • Revenue from Operations: ₹174.62 crore, up 50% YoY from ₹116.19 crore in H1 FY26
  • EBITDA: ₹26.33 crore, up 52% YoY from ₹17.35 crore in H1 FY26
  • EBITDA Margin: 15.08%, improved from 14.93% in H1 FY26 (+15 bps)
  • Net Profit: ₹12.42 crore, up 22% YoY from ₹10.20 crore in H1 FY26
  • Net Profit Margin: 7.11% compared to 8.78% in H1 FY26 (-167 bps)
  • Basic EPS: ₹5.05 compared to ₹4.48 in H1 FY26

Segment Performance - Q2 FY27

Healthy Snacks Division (Krishival Nuts)

  • Revenue: ₹63.16 crore, up 19% YoY
  • EBITDA: ₹10.44 crore, up 33% YoY
  • EBITDA Margin: 17%, improved from 15% in Q2 FY26

Ice Cream Division (Melt N Mellow)

  • Revenue: ₹22.50 crore, up 65% YoY
  • EBITDA: ₹3.54 crore, up 557% YoY
  • EBITDA Margin: 16%, improved from 4% in Q2 FY26

Operational Highlights

  • Deep Freezer Network: 18,750+ units, with 1,472 added in Q2 FY27
  • Distribution: 205+ distributors with 85 added in Q2 FY27
  • Market Expansion: Entered Tamil Nadu through 5 CNF locations (Vellore, Hosur, Erode, Tiruvannamalai, Salem)
  • Retail Expansion: First 'Mellow & Co' outlet under commissioning at Apte Road, Deccan, Shivaji Nagar, Pune
  • Leadership: Vivek Kumar Jain appointed as CBO with 25+ years of experience

Balance Sheet Position (H1 FY27)

Assets

  • Total Assets: ₹390.97 crore compared to ₹250.18 crore as of March 31, 2026
  • Property, Plant & Equipment: ₹51.60 crore
  • Intangible Assets: ₹1.95 crore
  • Right of Use assets: ₹6.62 crore
  • Capital Work-in-progress: ₹21.21 crore
  • Inventories: ₹75.08 crore
  • Trade Receivables: ₹76.03 crore
  • Cash and Cash Equivalents: ₹34.27 crore

Liabilities and Equity

  • Total Equity: ₹265.61 crore compared to ₹199.91 crore as of March 31, 2026
  • Equity Share Capital: ₹25.26 crore
  • Other Equity: ₹232.13 crore
  • Non-Controlling Interest: ₹8.21 crore
  • Borrowings: ₹93.45 crore (Non-current: ₹31.18 crore, Current: ₹62.27 crore)
  • Trade Payables: ₹15.17 crore

Business Overview

Krishival Nuts

  • Product Range: Premium dry fruits & nuts including cashews, almonds, pistachios, figs, and flavoured varieties
  • Sourcing: Direct procurement from 9 countries (India, Ghana, USA, Guinea-Bissau, Cambodia, Indonesia, Benin, Ivory Coast, Tanzania)
  • Manufacturing: Two factory units in Kolhapur (Halkarni and Shinoli)
  • Certifications: FSSAI, ISO, HACCP

Melt N Mellow

  • Product Range: Six formats - Novelties, Cakes, Charms, Marvel Bars, Pastries, Zero Added Sugar
  • Manufacturing: Aurangabad facility with ice cream capacity of 1 lakh liters/day
  • Cold Chain: 18,750+ deep freezers across retail touchpoints
  • Distribution: 205+ distributors across Mumbai, Pune, Hyderabad, Bengaluru, Goa, Nagpur

Growth Strategy

  • Expand pan-India distribution with deeper penetration in Tier II, III & IV markets
  • Strengthen export footprint in Singapore, Japan & US markets
  • Scale Melt N Mellow through wider distribution and higher freezer penetration
  • Drive phased capacity expansion while maintaining operational efficiency
  • Target deep freezer network of 26,500+ units in FY27
  • Target consolidated topline of ₹1,500 crore by FY29
  • Increase ice cream contribution to 50-55% of topline from 31% in FY26

Management Commentary

Chairperson Whole-Time Director Sujit Bangar stated: "We are pleased to report a strong Q2 FY27 performance, with consolidated EBITDA growing 64% year-on-year, ahead of revenue growth of 28%. EBITDA margin expanded to 16% from 12% in the corresponding quarter last year, reflecting operating leverage and improving profitability." Management remains confident in building a diversified, scalable FMCG platform and creating sustainable long-term shareholder value.

Historical Performance

FY26 Financial Highlights:

  • Revenue: ₹292.67 crore (+45% YoY)
  • EBITDA: ₹39.07 crore (+55% YoY)
  • PAT: ₹22.20 crore (+64% YoY)
  • Basic EPS: ₹9.63