Date: May 29, 2026

Financial Performance Summary

Quarterly Performance (Q4 FY2026 vs Q4 FY2025)

  • Total Revenue: ₹1,240.29 million (down 11% from ₹1,388.09 million)
  • EBITDA: ₹175.07 million (up from ₹159.82 million)
  • EBITDA Margin: 14.1% (improved from 11.5%)
  • Profit After Tax: ₹60.08 million (down from ₹61.94 million)
  • PAT Margin: 4.8% (improved from 4.5%)

Annual Performance (FY2026 vs FY2025)

  • Total Revenue: ₹5,716.22 million (flat growth from ₹5,730.15 million)
  • EBITDA: ₹843.43 million (up 20% from ₹703.67 million)
  • EBITDA Margin: 14.8% (improved 250 bps from 12.3%)
  • Profit After Tax: ₹353.02 million (up 38% from ₹256.08 million)
  • PAT Margin: 6.2% (improved from 4.5%)

Business Segment Performance

Revenue Breakdown (FY2026)

Affiliate Business:

  • PBI US Affiliate: ₹1,424 million (declined 40% YoY)
  • Non-PBI MARS Affiliates: ₹897 million (grew 148% YoY)
  • Total Affiliates: ₹2,320 million

Third Party Business:

  • Premier Foods: ₹1,191 million (grew 6% YoY)
  • Food Service: ₹1,963 million (grew 18% YoY)
  • Total Third Party: ₹3,154 million

Other Income: ₹242 million (up 9% YoY)

Q4 FY2026 Segment Performance

  • PBI US Affiliate: ₹320 million (down 58% QoQ)
  • Non-PBI MARS Affiliates: ₹242 million (up 537% QoQ)
  • Premier Foods: ₹173 million (down 4% QoQ)
  • Food Service: ₹439 million (up 28% QoQ)
  • Other Income: ₹66 million (up 9% QoQ)

Key Performance Drivers

Margin Improvement

EBITDA margin expanded by 250 basis points to 14.8% in FY2026, driven by:

  • Operational efficiencies
  • Strict control on fixed costs
  • Value Leadership Initiatives (VLS)
  • Disciplined cost controls across organization

Profitability Enhancement

PAT increased 38% despite flat revenue growth due to:

  • Higher EBITDA margins
  • Lower interest costs
  • 6% improvement in absolute margins
  • Reduction in overhead costs

Balance Sheet Strength

  • Company has fully repaid all borrowings and is now debt-free
  • Cash position almost doubled compared to previous year
  • Strong working capital management
  • Enhanced financial flexibility and long-term stability

Strategic Initiatives & Business Development

Brand Expansion

  • Cheffin (B2C Brand): Expanded presence on e-commerce platforms
  • Launched on Amazon in August 2025
  • Expanded to Zepto quick-commerce platform in March 2026
  • Gained valuable customer insights and market learnings
  • Tasty Bite EXCLUSIVE (B2B Brand for HoReCa): Strategic focus area

Operational Capabilities

  • Onboarded experienced digital talents
  • Partnered with specialized digital and marketing agencies
  • Increased advertisement and brand-building investments
  • Food Service business achieved 10th successive quarter of growth

Growth Drivers

  • Mars Affiliates business growth driven by successful new product launches
  • Food Service growth driven by Formed Frozen Products range
  • Expansion into HoReCA Distribution business
  • Quick-commerce channel expansion showing encouraging early outcomes

Capital Allocation

Dividend Declaration

  • Board proposes 100% dividend at ₹10 per share
  • This represents five times higher payout than previous year
  • Reflects strong financial position and confidence in future prospects

Future Investment Plans

  • Cash position to fuel scaling of branded business Cheffin and B2B Brand Tasty Bite EXCLUSIVE
  • These represent the two biggest growth bets for the company

Management Commentary

FY2025-26 was described as a "defining year" demonstrating resilience, strategic clarity, and disciplined execution. The flat revenue performance reflected significant impact on PBI business which declined 40% due to:

  • Adverse macroeconomic conditions
  • US tariff-related challenges

These external factors reinforced the importance of the long-term strategy to diversify and strengthen growth engines in India managed business. The company maintains confidence in scalability and potential of e-commerce and quick-commerce channels.

Risk Factors (Safe Harbor Statement)

The document contains forward-looking statements subject to risks and uncertainties including:

  • Fluctuations in earnings and market growth
  • Intense competition and pricing environment
  • Consumption level variations
  • Ability to maintain key customer relationships and supply chain sources
  • Changes in regulatory environments
  • Political instability
  • Changes in international oil prices and input costs
  • New or changed priorities of the trade