Heritage Foods

Heritage Foods reported a resilient Q3 FY26 with consolidated revenue of ₹1,119 croreCurrent reported value: ₹1,119 crore. No comparable prior figure is available in the source record., up 8% YoYCurrent reported value: 8% YoY. No comparable prior figure is available in the source record., driven by steady demand and value-added product (VAP) growth. However, EBITDA margin compressed to 5.6%Current reported value: 5.6%. No comparable prior figure is available in the source record. (down ~180bps YoY) due to a sharp 9% YoY increaseCurrent reported value: 9% YoY increase. No comparable prior figure is available in the source record. in milk procurement prices, outpacing price realizations. Milk procurement volumes declined 9% YoY to 16.73 lakh liters/dayCurrent 16.73 lakh liters/day. Reported change: -9% YoY., the first drop in years, as excess rainfall hurt animal productivity. VAP revenues grew 22.6% YoY, contributing 38%Current 38%. Reported change: +4.1pp YoY. of total revenue (vs 33.9% last year). Management expects margins to normalize as supply conditions improve and summer demand boosts higher-margin products like curd and ice cream. The Hyderabad ice cream plant is on track for commercial commissioning in Q4. Key risk: procurement prices may harden further in the near term, delaying margin recovery.