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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/E30.6
Book Value₹ 117
Price to Book2.57
Dividend Yield0.60 %
ROCE16.5 %
ROE13.9 %
Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Milk: 99.8% • 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

  • 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

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

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9139639239361,0201,0061,0201,0351,1191,0901,0911,1141,292
8759198738699299279529611,0511,0191,0351,0651,265
Operating Profit39444967907968746872575027
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%
323-12688-18515866
Interest3123344444458
Depreciation14141515161717171819192025
Profit before Tax25303637776655355164413033
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 Profit18232723584841213848302325
1.952.432.922.516.255.204.452.214.075.223.292.482.67

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,8712,3442,4822,6812,4072,6433,2093,7344,0804,4154,588
1,7622,6022,4303,0582,1562,4543,0723,5353,7674,1684,383
Operating Profit109-25952-377251189137199313247205
OPM %5.80%-11.03%2.11%-14.07%10.43%7.15%4.26%5.34%7.68%5.59%4.46%
2504031423038111-543334
Interest1119222219559171820
Depreciation2537444844505458677683
Profit before Tax32388129-14519613589127233186168
Tax %9.50%31.44%35.16%-10.59%26.01%24.93%26.25%28.54%27.97%24.81%24.59%
Net Profit2936083-1601451026691168140127
EPS59.2813.0117.98-34.4931.2911.107.199.8118.1115.05—
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

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
5677527794365676346877548981,014
1916985782905818162114150324
Trade Payables51666357334874138166181
134146153156176167152207259303
Total Liabilities9661,6851,5959628588911,1211,2601,5181,869
2794124504335345345776627021,074
Capital Work in Progress89227615720206847
4781,018860186496065172213224
116151132136189196366249342301
0000000293865
Cash & Bank46616555213519836862
39356676505974458796
Total Assets9661,6851,5959628588911,1211,2601,5181,869

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
133165180144216179-38375200225
Cash from Investing-90-217-119-10469-41-82-242-218-373
Cash from Financing-1658-11-21-185-90127-713142
-18-2113-04913-1662-15-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

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