Heritage Foods Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Dairy: 94.5% • Feed: 5.2% • Renewable Energy: 0.2%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has a healthy return on capital (ROCE) of 20.8%
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.89x)
- Working capital cycle has improved - days down from 26 to 16
- Company comfortably covers its interest (11.9x coverage)
- Company has a consistent dividend-paying track record
CONS
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 14.6% versus prior year
- Total debt has risen sharply - up 137.3% year on year
- Company has delivered a poor profit growth of 0.1% over past five years
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1396.00 | 70.63 | 269192.68 | 0.86 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 411.30 | 41.09 | 139120.78 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 5011.00 | 46.35 | 120699.10 | 1.81 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 472.95 | 71.91 | 31207.38 | 0.25 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1192.20 | 76.24 | 26556.05 | 0.50 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 279.35 | 169.32 | 21505.58 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 565.60 | 95.62 | 17995.17 | 0.21 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 135.85 | 0.00 | 16749.49 | 0.00 | 17.10 | 667.68 | 1580.52 | 16.47 | 8.98 | 16.09 |
| LTFOODS | 442.00 | 23.97 | 15348.58 | 0.68 | 1834.46 | 988.67 | 31518.31 | 1179.20 | 19.77 | 11.26 |
| BIKAJI | 567.20 | 55.01 | 14221.77 | 0.22 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2082.90 | 53.30 | 13147.76 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| HERITGFOOD | 398.10 | 27.35 | 3694.21 | 0.63 | 24.97 | -38.41 | 1338.09 | 17.71 | 17.32 | 4.62 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 924 | 979 | 941 | 951 | 1,033 | 1,020 | 1,034 | 1,048 | 1,137 | 1,113 | 1,119 | 1,158 | 1,338 | |
| 883 | 931 | 889 | 880 | 939 | 936 | 960 | 969 | 1,063 | 1,035 | 1,056 | 1,105 | 1,311 | |
| Operating Profit | 40 | 47 | 52 | 70 | 94 | 83 | 74 | 80 | 74 | 77 | 63 | 52 | 27 |
| OPM % | 4.36% | 4.81% | 5.52% | 7.39% | 9.08% | 8.16% | 7.16% | 7.62% | 6.50% | 6.94% | 5.62% | 4.51% | 2.03% |
| 3 | 2 | 3 | 5 | 6 | 7 | 8 | -2 | 5 | 15 | 8 | 7 | 6 | |
| Interest | 3 | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 8 |
| Depreciation | 15 | 15 | 16 | 16 | 17 | 17 | 18 | 18 | 19 | 20 | 20 | 22 | 26 |
| Profit before Tax | 25 | 32 | 38 | 56 | 79 | 69 | 61 | 56 | 56 | 68 | 46 | 32 | 34 |
| Tax % | 26.94% | 25.56% | 24.30% | 25.38% | 24.39% | 27.12% | 25.99% | 28.75% | 25.60% | 24.75% | 25.41% | 25.12% | 25.57% |
| Net Profit | 0 | 0 | 0 | 0 | 58 | 49 | 43 | 38 | 41 | 51 | 35 | 24 | 25 |
| 1.80 | 2.42 | 2.90 | 4.36 | 6.30 | 5.24 | 4.64 | 4.11 | 4.37 | 5.50 | 3.73 | 2.60 | 2.72 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,832 | 2,373 | 2,515 | 2,726 | 2,473 | 2,681 | 3,241 | 3,794 | 4,135 | 4,526 | 4,727 | |
| 1,724 | 2,629 | 2,459 | 3,107 | 2,210 | 2,489 | 3,101 | 3,584 | 3,802 | 4,258 | 4,508 | |
| Operating Profit | 108 | -256 | 55 | -382 | 264 | 192 | 140 | 210 | 333 | 267 | 219 |
| OPM % | 5.91% | -10.77% | 2.20% | -14.00% | 10.66% | 7.18% | 4.32% | 5.53% | 8.04% | 5.91% | 4.64% |
| 251 | 403 | 140 | 303 | 8 | 2 | 12 | 12 | 19 | 34 | 36 | |
| Interest | 11 | 20 | 23 | 24 | 21 | 6 | 6 | 9 | 17 | 18 | 21 |
| Depreciation | 25 | 38 | 45 | 50 | 46 | 52 | 56 | 61 | 70 | 81 | 89 |
| Profit before Tax | 323 | 90 | 128 | -153 | 203 | 131 | 82 | 145 | 258 | 201 | 180 |
| Tax % | 10.02% | 30.20% | 35.04% | -10.01% | 26.40% | 26.17% | 29.08% | 26.56% | 27.09% | 25.35% | 25.14% |
| Net Profit | 291 | 63 | 83 | -169 | 149 | 97 | 58 | 107 | 188 | 150 | 135 |
| EPS | 118.58 | 13.53 | 17.55 | -34.55 | 32.32 | 10.55 | 6.33 | 11.48 | 20.29 | 16.22 | — |
| Dividend Payout % | 3.37% | 14.78% | 11.40% | -7.24% | 15.47% | 24.02% | 40.01% | 21.77% | 12.32% | 15.41% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 13%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 11%
- 5 Years:
- 0%
- 3 Years:
- 37%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- 13%
- 3 Years:
- 23%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 15%
- 3 Years:
- 17%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 46 | 46 | 46 | 46 |
| Minority Interest | 11 | 11 | 12 | 2 | 0 | 0 | 0 | 0 | 0 | 5 |
| 564 | 751 | 776 | 433 | 569 | 631 | 676 | 759 | 922 | 1,054 | |
| 196 | 704 | 593 | 310 | 70 | 26 | 172 | 117 | 153 | 325 | |
| Trade Payables | 62 | 68 | 69 | 60 | 36 | 52 | 77 | 145 | 172 | 204 |
| 139 | 149 | 161 | 159 | 180 | 171 | 154 | 214 | 265 | 315 | |
| Total Liabilities | 996 | 1,707 | 1,635 | 988 | 879 | 903 | 1,125 | 1,281 | 1,558 | 1,950 |
| 295 | 429 | 472 | 475 | 575 | 575 | 617 | 700 | 743 | 1,162 | |
| Capital Work in Progress | 8 | 9 | 42 | 76 | 16 | 7 | 20 | 20 | 68 | 47 |
| 478 | 1,002 | 835 | 152 | 13 | 18 | 15 | 140 | 196 | 186 | |
| 123 | 155 | 138 | 145 | 198 | 206 | 379 | 262 | 355 | 318 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29 | 38 | 71 | |
| Cash & Bank | 58 | 72 | 77 | 60 | 24 | 36 | 19 | 84 | 70 | 70 |
| 35 | 40 | 71 | 81 | 52 | 61 | 75 | 46 | 88 | 95 | |
| Total Assets | 996 | 1,707 | 1,635 | 988 | 879 | 903 | 1,125 | 1,281 | 1,558 | 1,950 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 143 | 149 | 187 | 137 | 228 | 184 | -38 | 390 | 214 | 237 | |
| Cash from Investing | -120 | -200 | -133 | -97 | 69 | -42 | -83 | -252 | -229 | -375 |
| Cash from Financing | -13 | 55 | -3 | -22 | -191 | -93 | 126 | -76 | 1 | 138 |
| -18 | -23 | 12 | -2 | 51 | 13 | -17 | 62 | -14 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Heritage Foods Limited has informed the Exchange about Schedule of meet - One-on-One meeting is scheduled with the Analyst/Institutional Investor on September 10, 2026
2026-09-07 - Heritage Foods Limited has informed the Exchange about Schedule of meet- One-on-One meeting is scheduled with the Analyst/Institutional Investor on September 10, 2026
2026-09-07 - Heritage Foods Limited has informed the Exchange about Schedule of meet - One-on-One meeting is scheduled with the Analyst/Institutional Investor on September 8, 2026
2026-08-29 - Heritage Foods Limited has informed the Exchange regarding 'Update on acquisition of 5.60% equity share capital of Heritage Novandie Foods Limited'.
2026-08-27 - Heritage Foods Limited has informed the Exchange regarding 'Recognition of Ms. Brahmani Nara, Executive Director, in Fortune India s 40 Under 40, 2026'.
2026-08-24 - Heritage Foods Limited has informed the Exchange regarding 'Heritage Foods Limited receives Best Performing Wind Farm Award for FY 2025 26'.
2026-08-17 - Heritage Foods Limited has informed the Exchange about Schedule of meet
2026-08-17 - Heritage Foods Limited has informed the Exchange about Schedule of meet
2026-07-31 - Heritage Foods Limited has informed the Exchange regarding 'ESG Rating'.
News
Recent coverage and analyst commentary for HERITGFOOD
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Heritage Foods Ltd.
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