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Revenue
₹1,044 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹93 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hindustan Foods delivered its highest-ever quarterly EBITDA of 93 crores in Q3 FY26, up 18% YoY, with PAT rising 26% to 36 crores despite a one-time labor code provision. The strong performance was driven by record production across HPC and food & beverage divisions, stabilization of the shoe business, and disciplined execution of a 750 crore capex program. Management guided FY27 PAT of 200-220 crores, implying ~1.4x growth over FY26, supported by ramp-up of newly commissioned assets and operating leverage. However, GST duty inversion in ice cream, bottled water, and foods may increase working capital, though management expects to mitigate via conversion-based models. Risks include slower-than-expected export traction in shoes and OTC pharma, and potential revenue recognition changes from GST-related model shifts.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided FY27 PAT in the range of ₹200-220 Cr, representing ~1.4x growth over FY26 expected PAT of ₹140-145 Cr.
- Earnings profile for FY27 expected to be balanced with H1 contributing 43-48% and H2 contributing 52-57% of full-year profit.
- Board authorized a greenfield HPC project with an investment of ₹50 Cr, with commercialization expected in FY28.
- Management indicated that capex will continue in FY27, with further announcements as contracts are signed.
Risks flagged
- GST reduction in ice cream, bottled water, and foods has caused duty inversion, increasing working capital requirements. Management is discussing conversion-based models with customers to mitigate.
- Export business in shoes and OTC pharma has long lead times (6-8 months) due to fashion cycles and regulatory approvals, delaying revenue contribution.
- If conversion-based models are adopted, reported revenues will decrease while margins appear optically higher, potentially confusing investors.
- Newly commissioned assets like Panipat may take until FY28 to reach normalized utilization, delaying ROCE improvement.
Key quotes
- We will close FI26 with a strong manufacturing platform, improving utilization, clear execution visibility, and we will enter FI27 with the same financial discipline, giving us the confidence of delivering on the guidance.
- The profitability of the company will remain the same. However, the revenues will probably change and the recognition of revenues will change in which case frankly the margins will appear very good.
- We are not comfortable trying to be maverick in terms of trying out new debt instruments... we will stick to the traditional project loans.
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