Heritage Foods Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Milk: 99.8% • 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
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.01x)
- Working capital cycle has improved - days down from 25 to 13
- Company comfortably covers its interest (11.5x coverage)
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Receivables are growing faster than sales - a possible quality concern
- Total debt has risen sharply - up 141.3% year on year
- Company has delivered a poor profit growth of -0.8% 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 | 1384.00 | 70.03 | 266878.70 | 0.87 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 416.25 | 41.58 | 140795.10 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 4970.00 | 45.97 | 119711.54 | 1.82 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 470.40 | 71.52 | 31039.12 | 0.26 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1222.80 | 78.20 | 27237.66 | 0.49 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 293.30 | 177.78 | 22579.51 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 552.65 | 93.43 | 17583.15 | 0.22 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 137.95 | 0.00 | 17008.40 | 0.00 | 17.10 | 667.68 | 1580.52 | 16.47 | 8.98 | 16.09 |
| LTFOODS | 437.85 | 23.74 | 15204.47 | 0.69 | 1834.46 | 988.67 | 31518.31 | 1179.20 | 19.77 | 11.26 |
| BIKAJI | 548.50 | 53.20 | 13752.89 | 0.23 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2063.45 | 52.81 | 13024.99 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| HERITGFOOD | 417.20 | 28.66 | 3871.45 | 0.60 | 24.97 | -38.41 | 1338.09 | 17.71 | 17.32 | 4.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 913 | 963 | 923 | 936 | 1,020 | 1,006 | 1,020 | 1,035 | 1,119 | 1,090 | 1,091 | 1,114 | 1,292 | |
| 875 | 919 | 873 | 869 | 929 | 927 | 952 | 961 | 1,051 | 1,019 | 1,035 | 1,065 | 1,265 | |
| Operating Profit | 39 | 44 | 49 | 67 | 90 | 79 | 68 | 74 | 68 | 72 | 57 | 50 | 27 |
| OPM % | 4.24% | 4.56% | 5.34% | 7.16% | 8.85% | 7.88% | 6.68% | 7.16% | 6.03% | 6.59% | 5.19% | 4.45% | 2.06% |
| 3 | 2 | 3 | -12 | 6 | 8 | 8 | -18 | 5 | 15 | 8 | 6 | 6 | |
| Interest | 3 | 1 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 8 |
| Depreciation | 14 | 14 | 15 | 15 | 16 | 17 | 17 | 17 | 18 | 19 | 19 | 20 | 25 |
| Profit before Tax | 25 | 30 | 36 | 37 | 77 | 66 | 55 | 35 | 51 | 64 | 41 | 30 | 33 |
| Tax % | 26.81% | 25.13% | 24.00% | 36.85% | 24.25% | 27.15% | 25.36% | 41.72% | 25.40% | 24.10% | 25.85% | 23.89% | 24.59% |
| Net Profit | 18 | 23 | 27 | 23 | 58 | 48 | 41 | 21 | 38 | 48 | 30 | 23 | 25 |
| 1.95 | 2.43 | 2.92 | 2.51 | 6.25 | 5.20 | 4.45 | 2.21 | 4.07 | 5.22 | 3.29 | 2.48 | 2.67 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,871 | 2,344 | 2,482 | 2,681 | 2,407 | 2,643 | 3,209 | 3,734 | 4,080 | 4,415 | 4,588 | |
| 1,762 | 2,602 | 2,430 | 3,058 | 2,156 | 2,454 | 3,072 | 3,535 | 3,767 | 4,168 | 4,383 | |
| Operating Profit | 109 | -259 | 52 | -377 | 251 | 189 | 137 | 199 | 313 | 247 | 205 |
| OPM % | 5.80% | -11.03% | 2.11% | -14.07% | 10.43% | 7.15% | 4.26% | 5.34% | 7.68% | 5.59% | 4.46% |
| 250 | 403 | 142 | 303 | 8 | 1 | 11 | -5 | 4 | 33 | 34 | |
| Interest | 11 | 19 | 22 | 22 | 19 | 5 | 5 | 9 | 17 | 18 | 20 |
| Depreciation | 25 | 37 | 44 | 48 | 44 | 50 | 54 | 58 | 67 | 76 | 83 |
| Profit before Tax | 323 | 88 | 129 | -145 | 196 | 135 | 89 | 127 | 233 | 186 | 168 |
| Tax % | 9.50% | 31.44% | 35.16% | -10.59% | 26.01% | 24.93% | 26.25% | 28.54% | 27.97% | 24.81% | 24.59% |
| Net Profit | 293 | 60 | 83 | -160 | 145 | 102 | 66 | 91 | 168 | 140 | 127 |
| EPS | 59.28 | 13.01 | 17.98 | -34.49 | 31.29 | 11.10 | 7.19 | 9.81 | 18.11 | 15.05 | — |
| Dividend Payout % | 3.17% | 15.37% | 11.12% | -7.25% | 15.98% | 22.85% | 35.21% | 25.48% | 13.80% | 16.61% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 13%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 7%
- 5 Years:
- -1%
- 3 Years:
- 28%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- 13%
- 3 Years:
- 23%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 14%
- 3 Years:
- 15%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 567 | 752 | 779 | 436 | 567 | 634 | 687 | 754 | 898 | 1,014 | |
| 191 | 698 | 578 | 290 | 58 | 18 | 162 | 114 | 150 | 324 | |
| Trade Payables | 51 | 66 | 63 | 57 | 33 | 48 | 74 | 138 | 166 | 181 |
| 134 | 146 | 153 | 156 | 176 | 167 | 152 | 207 | 259 | 303 | |
| Total Liabilities | 966 | 1,685 | 1,595 | 962 | 858 | 891 | 1,121 | 1,260 | 1,518 | 1,869 |
| 279 | 412 | 450 | 433 | 534 | 534 | 577 | 662 | 702 | 1,074 | |
| Capital Work in Progress | 8 | 9 | 22 | 76 | 15 | 7 | 20 | 20 | 68 | 47 |
| 478 | 1,018 | 860 | 186 | 49 | 60 | 65 | 172 | 213 | 224 | |
| 116 | 151 | 132 | 136 | 189 | 196 | 366 | 249 | 342 | 301 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29 | 38 | 65 | |
| Cash & Bank | 46 | 61 | 65 | 55 | 21 | 35 | 19 | 83 | 68 | 62 |
| 39 | 35 | 66 | 76 | 50 | 59 | 74 | 45 | 87 | 96 | |
| Total Assets | 966 | 1,685 | 1,595 | 962 | 858 | 891 | 1,121 | 1,260 | 1,518 | 1,869 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 133 | 165 | 180 | 144 | 216 | 179 | -38 | 375 | 200 | 225 | |
| Cash from Investing | -90 | -217 | -119 | -104 | 69 | -41 | -82 | -242 | -218 | -373 |
| Cash from Financing | -16 | 58 | -11 | -21 | -185 | -90 | 127 | -71 | 3 | 142 |
| -18 | -21 | 13 | -0 | 49 | 13 | -16 | 62 | -15 | -5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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