Risks
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Geopolitical tensions in Iran
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KRBL LTD — Q3 FY26
KRBL reported Q3 FY26 consolidated revenue of ₹1,476 crore, down 11% YoY due to lower export revenue (₹357 crore vs ₹563 crore) from high base in private label.
bullish
medium
✓ Verified against BSE filing
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KRBL reported Q3 FY26 consolidated revenue of ₹1,476 crore, down 11% YoY due to lower export revenue (₹357 crore vs ₹563 crore) from high base in private label. Domestic revenue excluding power was flat at ₹1,114 crore. However, EBITDA margin expanded sharply to 16.9% (vs 12% YoY) driven by lower raw material costs and favorable mix, with PAT at ₹170 crore (11.3% margin). Management guided Q4 EBITDA margin to improve by 200-250 bps further, citing recent 7-8% price hikes. Export growth of 21% in 9M FY26 and strong branded non-basmati growth (+35% in 9M) underscore strategic pivot to premium segments. Risks include geopolitical tensions in Iran and competitive intensity in domestic market from regional players.
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Domestic market share - General Trade
37.8%
flat
Market share in general trade remains stable despite competitive pressure.
Domestic market share - Modern Trade
39.3%
down
Slight loss due to private label expansion at a major retailer; recovery expected.
Domestic market share - E-commerce
41.2%
up
Leading share in e-commerce, benefiting from shift to organized channels.
Retail outlet count
3.2 lakh
-11%
Reduction from 3.6 lakh due to shift to quick commerce and co-branding pauses.
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Guidance and risk preview
Management expects EBITDA margin to expand by 200-250 basis points in Q4 FY26 due to recent price increases and lower input costs.
Management noted they are cautious on Iran business due to US-Iran tensions, which could impact export volumes.
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