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Below-normal monsoon risk
View Risks →Heritage Foods Ltd — Q4 FY26
Heritage Foods reported Q4 FY26 revenue of ₹1,157.6 crore, up 10% YoY, driven by resilient consumer demand and strong value-added product (VAP) growth of 18% YoY.
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Heritage Foods reported Q4 FY26 revenue of ₹1,157.6 crore, up 10% YoY, driven by resilient consumer demand and strong value-added product (VAP) growth of 18% YoY. EBITDA margin contracted to 4.5% due to unprecedented procurement inflation (milk prices up 8% YoY). PAT stood at ₹23 crore. Milk volumes grew only 1% YoY as price increases muted demand, while VAP contribution rose to 35.5% of revenue. Management guided for continued price increases in Q1 FY27 and expects margin recovery as cow flush improves supply. Capex for FY27 is guided at ~₹200 crore. Key risk: below-normal monsoon could prolong supply tightness and keep margins under pressure.
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Milk procurement volume
16.38 lakh LPD
-7% YoY
Reflects persistent supply-side constraints across the industry.
Milk sale volume
11.73 lakh LPD
+1% YoY
Muted growth due to aggressive price increases to offset procurement inflation.
Value-added products revenue growth
18% YoY
+18% YoY
Driven by curd, paneer, ghee, ice creams; VAP share now 35.5% of revenue.
Average milk procurement price
₹46.67/L
+8% YoY
Industry-wide milk inflation; landed cost includes farmer price and collection expenses.
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Primarily for expanding paneer and ghee capacity, plus regular maintenance capex.
El Niño predictions could impact fodder availability and milk production, prolonging supply tightness.
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