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Heritage Foods Ltd.

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heritagefoods.inBSE: 519552NSE: HERITGFOOD
Market Cap₹ 3,871 Cr.
Current Price
High / Low₹ 540 / 293
Stock P/E28.7
Book Value₹ 121
Price to Book2.48
Dividend Yield0.60 %
ROCE17.3 %
ROE14.5 %
Face Value₹ 5

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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 GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence
62%
View full sector analysis →

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
  • Valuation is stretched - P/E of 28.7 is well above its own 5-year median (19.0)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.NESTLEIND1384.0070.03266878.700.879586.801382.6763781.801157.0498.3523.86
2.VBL416.2541.58140795.100.361525.3615.088650.5720.7720.7327.04
3.BRITANNIA4970.0045.97119711.541.82593.3814.084999.9710.2656.4816.77
4.JUBLFOOD470.4071.5231039.120.26100.036.032569.6513.6625.5619.77
5.HATSUN1222.8078.2027237.660.4960.58—2363.7217.6117.4010.81
6.MILKYMIST293.30177.7822579.510.00646.79—9734.46—13.7914.77
7.ZYDUSWELL552.6593.4317583.150.22118.90-7.041437.0067.544.4216.82
8.DEVYANI137.950.0017008.400.0017.10667.681580.5216.478.9816.09
9.LTFOODS437.8523.7415204.470.691834.46988.6731518.311179.2019.7711.26
10.BIKAJI548.5053.2013752.890.2359.471.62734.2615.2621.6513.48
11.MANORAMA2063.4552.8113024.990.0478.6667.55404.0139.5335.0026.29
12.HERITGFOOD417.2028.663871.450.6024.97-38.411338.0917.7117.324.62
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9249799419511,0331,0201,0341,0481,1371,1131,1191,1581,338
8839318898809399369609691,0631,0351,0561,1051,311
Operating Profit40475270948374807477635227
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%
3235678-2515876
Interest3223344444458
Depreciation15151616171718181920202226
Profit before Tax25323856796961565668463234
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 Profit0000584943384151352425
1.802.422.904.366.305.244.644.114.375.503.732.602.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,8322,3732,5152,7262,4732,6813,2413,7944,1354,5264,727
1,7242,6292,4593,1072,2102,4893,1013,5843,8024,2584,508
Operating Profit108-25655-382264192140210333267219
OPM %5.91%-10.77%2.20%-14.00%10.66%7.18%4.32%5.53%8.04%5.91%4.64%
251403140303821212193436
Interest1120232421669171821
Depreciation2538455046525661708189
Profit before Tax32390128-15320313182145258201180
Tax %10.02%30.20%35.04%-10.01%26.40%26.17%29.08%26.56%27.09%25.35%25.14%
Net Profit2916383-1691499758107188150135
EPS118.5813.5317.55-34.5532.3210.556.3311.4820.2916.22—
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

Corporate actions

2026

Jul 15

₹ 0.50

Rs.2.5000 per share(50%)Final Dividend

2025

Jul 23

₹ 0.50

Rs.2.5000 per share(50%)Final Dividend

2024

Aug 13

₹ 0.50

Rs.2.5000 per share(50%)Final Dividend

2023

Aug 14

₹ 0.50

Rs.2.5000 per share(50%)Final Dividend

2022

Jul 21

₹ 0.50

Rs.2.5000 per share(50%)Final Dividend

2021

Nov 1

₹ 0.50

First Interim Dividend

2021

Jul 22

₹ 1

Rs.5.0000 per share(100%)Final Dividend

2018

Aug 20

₹ 0.40

Rs.2.0000 per share(40%)Dividend

2017

Aug 11

₹ 0.10

Rs.1.0000 per share(10%)Special Dividend

2017

Aug 11

₹ 0.30

2016

Aug 9

₹ 0.30

Rs.3.0000 per share(30%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital23232323232346464646
Minority Interest1111122000005
5647517764335696316767599221,054
1967045933107026172117153325
Trade Payables62686960365277145172204
139149161159180171154214265315
Total Liabilities9961,7071,6359888799031,1251,2811,5581,950
2954294724755755756177007431,162
Capital Work in Progress89427616720206847
4781,002835152131815140196186
123155138145198206379262355318
0000000293871
Cash & Bank58727760243619847070
35407181526175468895
Total Assets9961,7071,6359888799031,1251,2811,5581,950

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
143149187137228184-38390214237
Cash from Investing-120-200-133-9769-42-83-252-229-375
Cash from Financing-1355-3-22-191-93126-761138
-18-2312-25113-1762-140

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
41.3041.3041.3041.3041.3041.3041.3041.30
8.276.656.426.164.603.952.211.98
3.893.984.054.144.314.886.216.38
Government0.000.000.000.000.000.000.000.00
46.5548.0748.2348.4149.7949.8750.2750.34

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07
Analysts/Institutional Investor Meet/Con. Call Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

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
Updates

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
Updates

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
Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Heritage Foods Limited has informed the Exchange about Schedule of meet

2026-08-17
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Heritage Foods Limited has informed the Exchange about Schedule of meet

2026-07-31
Updates

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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