LTFOODS Q3 FY26 earnings call.
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Revenue
₹2,809 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
LT Foods reported its highest-ever Q3 revenue of Rs 2,812 crore with 23% YoY growth, though normalized growth of 8% (excluding US tariffs and Golden Star) reveals the tariff impact. PAT grew 20% YoY to Rs 317 crore. The 23% consolidated revenue growth in Q3 was driven by 26% growth in the basmati segment (88% of revenue), partially offset by 4% degrowth in the Ready-to-Heat/Cook segment. North America (46% of revenue) faces demand headwinds from 50% US tariffs and rising basmati prices, with management noting January slowdown requiring Q4 validation. Basmati crop yields fell short of projections due to weather disruptions, pushing paddy prices 7-8% higher. Golden Star's EBITDA margin compressed 250bps to ~6% due to jasmine rice price inflation. The Hungary acquisition was rejected on national economic grounds. Management maintained double-digit revenue growth guidance but acknowledged margin pressure, with EBITDA margin declining 30bps in 9M to 11.6%. Key risks include US consumer demand destruction, paddy price volatility, and geopolitical disruptions impacting the Middle East strategy.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained double-digit revenue growth guidance for FY26, though normalized growth (excluding Golden Star and tariffs) is tracking at 12% for 9M.
- Management targets EBITDA break-even for Ready-to-Heat/Cook segment once it crosses Rs 400 crore revenue threshold, expected within next three years with ongoing investments.
- Management targets 20% YoY growth in Middle East region from current base, with Saudi Arabia branded revenue doubling YoY to Rs 35 crore in 9M.
- UK business targeting to double from current ~£45 million to £100 million over five years, with new capacity coming online.
Risks flagged
- Management acknowledged January slowdown in US mainstream consumption, though Q4 (January-March) will provide clearer trend. Consumer demand may shift to locally grown rice or Pakistani basmati due to ~25% price increase passed to consumers.
- Crop 2025 yields fell short of projections across major production states due to weather disruptions during critical crop phases, resulting in 7-8% paddy price increase year-on-year. Management covered 80% of procurement needs at current prices.
- Golden Star EBITDA margin declined 250bps YoY to ~6% due to jasmine rice input costs rising ~20% from Thailand. Management cited jasmine price inflation as primary cause.
- Final determination for Ecopure Specialty (subsidiary) CVD duty case extended to February 17, 2026 due to US government shutdown. Management deflected detailed questions on inventory write-down risk if tariffs reverse, stating competitive landscape determines impact.
Key quotes
- January we are seeing little bit slowdown in the mainstream but that will be more clear in JFM because sometimes people buy before the price increase. So this quarter the things will be more clear on how it is impacting the consumption.
- The pressures are very temporary because of this all this disruption geopolitically. The goal we have given what advice is that on the gross margin terms we are in the range of 20 and we wanted to move to 23 and business is very well placed on a structural level.
- We are covering ourselves roughly 80% of our paddy requirements and whatever the price in procurement has happened we will try to pass on to consumer some part of it and some part of it we have to evaluate how this duty impact goes away. By quarter end we will be more clear on the margin side.
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