Heritage Foods LimitedQuarter ended 30 September 2026 Results & Financial Update
Heritage Foods Limited: Quarter ended 30 September 2026 consolidated results and company financials – revenue ₹1,319.58 Cr, PAT ₹30.86 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
Find an answer
Ask this result
Chart · Market context
Heritage Foods price & chart
Market priceLoading…
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore Heritage Foods Quarter ended 30 September 2026 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Heritage Foods reported consolidated revenue from operations of INR 1,319.58 crore for the quarter ended September 30, 2026, representing a strong 18.61% year-on-year increase compared to INR 1,112.52 crore in the corresponding quarter of the previous fiscal year.
Consolidated net profit (PAT) for the quarter stood at INR 30.86 crore, compared to INR 51.00 crore in the same period last year, while profit before tax (PBT) reached INR 42.60 crore compared to INR 58.40 crore a year ago.
Despite persistent milk procurement inflation and monsoon-related supply constraints, the company achieved a sequential recovery in profitability, with EBITDA margin expanding by 98 basis points quarter-on-quarter to 5.6% and generating an absolute EBITDA of INR 74.00 crore.
Value-added products (VAP) continued to gain strategic share within the revenue mix, driven by broad-based volume momentum across categories such as lassi, buttermilk, ice cream, and paneer.
Milk procurement volumes grew 7% year-on-year to 17.28 lakh litres per day (LLPD) during the quarter, though landed procurement prices remained elevated at an average of INR 47.73 per litre, reflecting ongoing industry cost pressures.
The company's subsidiary, Heritage Nutrivet Limited, delivered robust growth with revenues up 47% year-on-year to INR 85.30 crore and a profit before tax of INR 3.70 crore for the quarter.
01 · Business model
What does Heritage Foods do?
Heritage Foods Limited is one of India's prominent private dairy enterprises, operating across 13 states and supplying milk and value-added dairy products to millions of households.
The company's primary revenue engine spans liquid milk sales, a robust value-added products portfolio including curd, buttermilk, lassi, ice cream, paneer, and flavored drinks, alongside cattle feed and renewable energy operations.
Heritage Foods employs an integrated farm-to-home business model, partnering closely with an extensive network of dairy farmers, supported by village-level outreach and dedicated quality assurance teams conducting rigorous daily checks.
02 · Historical context
What shaped the business before this quarter
Effective June 16, 2025, the Group acquired a controlling interest in Heritage Novandie Foods Limited, transitioning it from a joint venture to a wholly-owned subsidiary to scale up its yogurt operations.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Quarter ended 30 September 2026 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,319.58 Cr | ₹1,112.52 Cr | ₹1,338.09 Cr |
| Total income | ₹1,322.95 Cr | ₹1,117.68 Cr | ₹1,344.50 Cr |
| EBITDA | ₹74.00 Cr | — | — |
| Profit before tax | ₹42.60 Cr | ₹58.40 Cr | ₹33.55 Cr |
| Profit after tax | ₹30.86 Cr | ₹51.00 Cr | ₹24.97 Cr |
| EPS | ₹3.38 | ₹5.50 | ₹2.72 |
| EBITDA margin | 5.60% | — | — |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Milk revenue grew 8.5% year-on-year in Q2 FY27, supported by a 2.5% increase in milk sales volumes to 12.35 LLPD and calibrated consumer price increases that raised average milk realisations by 6% year-on-year to INR 60.34 per litre.
VAP revenue (excluding Ghee and Butter) expanded 32% year-on-year to INR 451.00 crore, raising VAP contribution to 35.4% of total revenue compared to 31.3% in Q2 FY26.
Significant volume expansion was recorded across key categories, led by lassi surging 91% in value (89% volume), ice cream growing 81% in value (44% volume), buttermilk up 66% in value (56% volume), paneer rising 38% in value (21% volume), and curd growing 26% in value (15% volume).
What drove margins
Average landed milk procurement prices rose 11% year-on-year to INR 47.73 per litre during Q2 FY27, up by INR 4.74 per litre compared to Q2 FY26 due to sustained demand, limited milk arrivals, and higher feed and fodder costs.
EBITDA margin recovered by 98 basis points sequentially to 5.6% in Q2 FY27, aided by calibrated pricing strategies, premiumisation, and improved operating leverage across processing facilities.
Consolidated gross margin stood at 21.8% for the quarter, reflecting the impact of persistent raw material inflation offset by a higher proportion of high-margin value-added product sales.
05 · Demand, customers & order book
Where demand is coming from
Daily curd sales surpassed 500 tons per day during Q2 FY27, while quarterly yogurt volumes crossed 100 tons.
Nourish+ High Protein Paneer crossed 10% of the paneer portfolio, and the company expanded its high-protein offerings with Nourish+ High Protein Curd (25g protein) and Greek Yogurt.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The core dairy segment generated external revenue of INR 1,288.77 crore during Q2 FY27, contributing the overwhelming majority of consolidated turnover with a segment profit before finance costs and tax of INR 438.07 crore.
The renewable energy segment recorded external revenue of INR 3.97 crore and segment profit of INR 21.57 crore during the quarter, underpinned by the company's 6.3 MW wind farm operations.
The animal feed segment, operated through subsidiary Heritage Nutrivet Limited, recorded external revenue of INR 85.25 crore and segment profit of INR 33.29 crore, registering robust year-on-year expansion.
Geography and market mix
Heritage Foods' operations spanned 13 states across India, serving millions of consumers through an extensive distribution network and accelerating growth in core regional markets.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Milk procurement volumes increased by 7% year-on-year to 17.28 LLPD during Q2 FY27, supported by intensified village-level outreach and farmer engagement initiatives.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Heritage Novandie, the company's yogurt business, cemented its position among the Top 5 yogurt brands in India, while 71%-owned Get-A-Way delivered robust revenue growth during the quarter.
The company expanded its premium offerings with new additions to the Alpenvie Ice Cream range and the introduction of Organic Curd.
09 · Reported developments
What changed operationally
Heritage Foods' wind farm comprising three wind turbine generators with an aggregate capacity of 6.3 MW received the Indian Wind Power Association's 'Best Performing Wind Farm' award for FY 2025-26 across Andhra Pradesh, Telangana, and Karnataka.
Wholly owned subsidiary Heritage Nutrivet Limited achieved a revenue of INR 85.30 crore in Q2 FY27 (up 47% YoY) with a profit before tax of INR 3.70 crore.
10 · Pressure points & risks
What is not going smoothly
Persistent inflation in milk procurement prices and elevated feed and fodder costs continued to exert pressure on gross margins compared to the year-ago period.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Quality Assurance Standards
Heritage Foods works with a network supported by over 500 quality experts who perform more than 25 stringent daily quality tests across its processing units.
12 · Previous-quarter changes
What changed since the previous quarter
EBITDA margin recovered by 98 basis points sequentially from 4.62% in Q1 FY27 to 5.60% in Q2 FY27, driven by calibrated pricing adjustments and operating efficiencies.
13 · Key Q&A
The quarter, answered directly
What does Heritage Foods do?
Heritage Foods Limited is one of India's prominent private dairy enterprises, operating across 13 states and supplying milk and value-added dairy products to millions of households.
What is the clearest takeaway from Quarter ended 30 September 2026?
Heritage Foods reported consolidated revenue from operations of INR 1,319.58 crore for the quarter ended September 30, 2026, representing a strong 18.61% year-on-year increase compared to INR 1,112.52 crore in the corresponding quarter of the previous fiscal year.
What drove revenue or demand?
Milk revenue grew 8.5% year-on-year in Q2 FY27, supported by a 2.5% increase in milk sales volumes to 12.35 LLPD and calibrated consumer price increases that raised average milk realisations by 6% year-on-year to INR 60.34 per litre.
What mattered most for margins or profitability?
Average landed milk procurement prices rose 11% year-on-year to INR 47.73 per litre during Q2 FY27, up by INR 4.74 per litre compared to Q2 FY26 due to sustained demand, limited milk arrivals, and higher feed and fodder costs.
What changed operationally beyond the headline numbers?
Milk procurement volumes increased by 7% year-on-year to 17.28 LLPD during Q2 FY27, supported by intensified village-level outreach and farmer engagement initiatives.
What are the main pressure points disclosed for the quarter?
Persistent inflation in milk procurement prices and elevated feed and fodder costs continued to exert pressure on gross margins compared to the year-ago period.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario operating profit₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Milk Procurement Prices & Inflation Trends: Track average landed milk procurement costs and feed inflation trends across operating circles.
- 02
VAP Portfolio Scaling: Monitor the volume growth trajectory and revenue contribution of high-margin value-added products and newly launched protein-led SKUs.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.