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HERITGFOOD - Heritage Foods

📊 NSE: HERITGFOOD 🏢 Food - Processing - Indian 📅 Last Updated: 12/13/2025 22:54

📢 Recent Corporate Announcements

Heritage Foods Schedules Q4FY26 Earnings Conference Call for May 12, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Apr 2026, 12:20 PM

Heritage Foods Limited has scheduled its earnings conference call to discuss the financial performance for the quarter and full year ended March 31, 2026. The call is slated for Tuesday, May 12, 2026, at 11:00 AM IST and will be hosted by Go India Advisors. Top management, including the Executive Director, CEO, and CFO, will be present to interact with analysts and institutional investors. This is a standard post-earnings event providing transparency into the company's operational and financial health.

Earnings conference call scheduled for May 12, 2026, at 11:00 AM IST.
Focus on financial results for the quarter and year ended March 31, 2026 (Q4FY26).
Key participants include Executive Director Mrs. N Brahmani and CEO Mr. Srideep Kesavan.
Universal dial-in numbers are +91 22 6280 1456 and +91 22 7115 8804.

💡 Investors should monitor the official Q4FY26 results release prior to the call and use the conference call to seek clarity on margin sustainability and growth guidance.

Heritage Foods to Meet Institutional Investors in Singapore on April 23, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 16 Apr 2026, 11:38 AM

Heritage Foods Limited has scheduled a series of one-on-one in-person meetings with prominent institutional investors in Singapore on April 23, 2026. The participating entities include Nikko Asset Management, Verition Fund Management, and Tantallon Capital Advisors. These meetings are part of the company's regular investor engagement strategy to discuss business operations and industry outlook. The company has explicitly stated that no unpublished price-sensitive information (UPSI) will be disclosed during these sessions.

One-on-one in-person meetings scheduled for April 23, 2026, in Singapore.
Interaction with three major funds: Nikko Asset Management, Verition Fund Management, and Tantallon Capital Advisors.
Compliance disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company confirms that no unpublished price-sensitive information (UPSI) will be shared.

💡 No immediate action is required as this is a routine investor relations activity. Investors should look out for any updated investor presentations or meeting transcripts that may be uploaded to the exchange following these interactions.

Heritage Foods Launches 100-Day Saksham Niveshak Campaign for KYC and Dividend Claims

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 10 Apr 2026, 11:14 AM

Heritage Foods has initiated the 'Second 100-Day Campaign – Saksham Niveshak' from April 1 to July 9, 2026, following directives from the Ministry of Corporate Affairs. The campaign focuses on assisting shareholders in updating their KYC details, including PAN, bank mandates, and nominations. It specifically aims to help investors claim unpaid dividends directly from the company before they are mandatorily transferred to the Investor Education and Protection Fund (IEPF). This initiative simplifies the recovery process for shareholders who have unclaimed funds for up to seven years.

Campaign runs for 100 days from April 01, 2026, to July 09, 2026
Aims to prevent the mandatory transfer of shares and dividends to the IEPF after 7 consecutive years of being unclaimed
Facilitates updating of bank mandates, PAN, and contact details for seamless future dividend credits
Allows shareholders to claim unpaid entitlements directly from the company rather than through the lengthy IEPF recovery process
Shareholders holding physical shares are specifically urged to submit Forms ISR-1, ISR-2, and SH-13 to the RTA

💡 Investors should verify their dividend history and ensure all KYC and bank details are updated with KFin Technologies or their Depository Participant. This is a critical window to recover unclaimed funds easily before they are transferred to government custody.

Heritage Foods to Host Analyst and Institutional Investor Plant Visit on April 8, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Apr 2026, 05:21 PM

Heritage Foods Limited has scheduled a plant visit for analysts and institutional investors at its Shamirpet facility in Hyderabad on April 8, 2026. The event, starting at 10:00 AM, includes a physical tour and a group meeting with the company's management. The company clarified that no unpublished price-sensitive information will be shared during this interaction, adhering to SEBI disclosure norms. This move is part of the company's regular investor engagement strategy to provide transparency into its operational processes.

Plant visit scheduled for April 8, 2026, starting at 10:00 AM onwards.
Location of the visit is the Shamirpet Facility in Hyderabad.
Interaction includes a physical plant tour and a group meeting with the management team.
Information shared will be limited to data already available in the public domain.

💡 This is a routine disclosure; investors should monitor for any post-visit presentations or reports that may provide qualitative insights into the company's operational efficiency.

Heritage Foods Secures CRISIL AA-/Stable Rating for Rs 653.5 Crore Bank Facilities

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 31 Mar 2026, 09:05 PM

CRISIL Ratings has assigned a long-term rating of 'CRISIL AA-/Stable' and a short-term rating of 'CRISIL A1+' to Heritage Foods Limited's bank facilities. The total rated amount stands at Rs 653.5 crores, covering various instruments including long-term loans, cash credit, and bank guarantees. These high-grade ratings reflect the company's robust financial position and its ability to meet debt obligations promptly. The stable outlook suggests that the company is expected to maintain its credit profile in the medium term across its major lending partners.

Total bank loan facilities of Rs 653.5 crores rated by CRISIL Ratings
Long-term rating of CRISIL AA-/Stable assigned to major debt components
Short-term rating of CRISIL A1+ assigned, indicating the highest credit quality
Major long-term loans include Rs 134 crore from HDFC Bank and Rs 120 crore from ICICI Bank
The rating certificate is valid until March 31, 2027, under continuous surveillance

💡 The high credit rating underscores the company's financial strength and low default risk, which is a positive signal for long-term stability. Investors should maintain confidence in the company's balance sheet health.

Heritage Foods to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 04:00 PM

Heritage Foods Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This mandatory regulatory action is taken in compliance with SEBI insider trading norms ahead of the company's audited financial results for the quarter and full year ending March 31, 2026. The trading restriction will remain in effect until 48 hours after the financial results are officially declared. The specific date for the board meeting to approve these results will be communicated to the exchanges in due course.

Trading window closure begins on April 1, 2026, for all designated persons.
Closure is related to the Audited Financial Results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the declaration of the financial results.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Board meeting date for result approval to be announced at a later date.

💡 This is a routine regulatory filing with no impact on business fundamentals. Investors should monitor for the future announcement of the Q4 and FY26 earnings date.

Heritage Foods Director Rajesh Thakur Ahuja Steps Down After Completing Second Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 22 Mar 2026, 05:17 PM

Heritage Foods Limited has announced that Mr. Rajesh Thakur Ahuja has ceased to be a Non-Executive Independent Director effective March 22, 2026. This departure is a result of him completing his second and final term, which is a standard regulatory requirement under SEBI norms. Consequently, he has also vacated his positions as Chairperson of the Risk Management and CSR Committees. The board will need to appoint a successor to maintain the required composition of these key committees.

Mr. Rajesh Thakur Ahuja ceased his directorship effective close of business hours on March 22, 2026.
The exit follows the completion of his second and final term as an Independent Director.
He held Chairperson roles in the Risk Management and Corporate Social Responsibility Committees.
He was a member of three other key board committees: Audit, NRC, and Stakeholders Relationship.

💡 No immediate action is required as this is a planned retirement due to tenure completion; however, investors should monitor the appointment of a qualified replacement to the board.

Heritage Foods Independent Directors Review Operations and Governance in March 17 Meeting

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 17 Mar 2026, 04:35 PM

Heritage Foods Limited held a meeting of its Independent Directors on March 17, 2026, to review the company's operational performance and strategic initiatives. The directors deliberated on key business developments and provided guidance on governance and regulatory compliance. This meeting is part of the standard corporate governance framework to ensure independent oversight of the company's affairs. No specific financial data or material changes were announced during this session.

Independent Directors met on March 17, 2026, to review business developments and operational performance.
The meeting focused on strategic initiatives and the overall functioning of the company.
Discussions included a detailed review of governance and regulatory compliance standards.
The directors provided guidance to the management regarding the company's future affairs.

💡 This is a routine regulatory filing with no material impact on the company's fundamentals. Investors should continue to monitor quarterly earnings for specific financial performance metrics.

Heritage Foods Appoints 14 Internal Audit Firms for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Mar 2026, 04:33 PM

Heritage Foods Limited has announced the appointment and renewal of 14 Chartered Accountant firms as internal auditors for the financial year 2026-27. These firms will provide localized internal audit coverage across various regional hubs including Bengaluru, Hyderabad, Mumbai, and New Delhi. The decision was finalized during a board meeting on March 17, 2026, following recommendations from the Audit Committee. This extensive audit network is designed to ensure robust internal controls across the company's pan-India operations.

Board approved the appointment of 14 CA firms as internal auditors for the 2026-27 financial year.
Audit coverage spans major geographical locations including Mumbai, New Delhi, Chennai, and Hyderabad.
M/s. Brahmayya & Co, a firm with over 90 years of experience, will handle audits near the Head Office.
Appointments are effective from April 01, 2026, to ensure continuous internal oversight.

💡 This is a routine administrative update regarding corporate governance and does not require any specific trading action. Investors should view this as a standard procedure to maintain internal financial discipline.

Heritage Foods Opens 24 Mn Litre Ice Cream Plant; Targets 5x Segment Revenue Growth

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Mar 2026, 03:16 PM

Heritage Foods has inaugurated a new greenfield ice cream manufacturing facility in Shamirpet, Telangana, with an annual capacity of 24 million litres. The plant is designed to support the company's strategy of growing its high-margin value-added dairy portfolio. Management expects this facility to help scale ice cream revenues from the current ₹100 crore to five times that amount over the next 7-8 years. The automated facility will strengthen the company's distribution reach across South and Western India.

New facility at Shamirpet has an installed production capacity of 24 million litres per annum
Targets scaling the ice cream business from ₹100 crore to approximately ₹500 crore in 7-8 years
Strategic focus on high-margin value-added dairy products to drive overall corporate profitability
Plant features advanced automated production lines and quality control to support regional expansion

💡 This expansion signals a strong commitment to high-margin segments; investors should monitor the utilization rates and the resulting impact on EBITDA margins in upcoming quarters.

CRISIL Upgrades Heritage Foods Long-Term Rating to AA-/Stable; Bank Facilities at Rs 653.5 Cr

🟢 POSITIVE ⭐ 7/10

OTHER 📅 06 Mar 2026, 02:39 PM

Heritage Foods has received a credit rating upgrade from CRISIL Ratings, with its long-term rating moving from CRISIL A+/Positive to CRISIL AA-/Stable. The total bank loan facilities rated have been increased to Rs 653.5 Crores, up from the previous Rs 503.5 Crores. Additionally, the company's short-term rating has been reaffirmed at CRISIL A1+. This upgrade reflects an improved financial profile and stronger creditworthiness for the dairy major.

Long-term credit rating upgraded to CRISIL AA-/Stable from CRISIL A+/Positive
Short-term credit rating reaffirmed at CRISIL A1+
Total bank loan facilities rated enhanced to Rs 653.5 Crores from Rs 503.5 Crores
Upgrade indicates improved operational stability and financial health of the company

💡 Investors should view this upgrade positively as it likely leads to lower borrowing costs and reflects management's efficient capital handling. Monitor if this translates into improved net profit margins in upcoming quarters.

Heritage Foods Files ₹100 Cr Defamation Suit; Delhi HC Orders Content Takedown

🟢 POSITIVE ⭐ 6/10

LEGAL 📅 19 Feb 2026, 10:19 PM

Heritage Foods has initiated a ₹100 crore civil defamation suit against Sakshi Media House and associated parties for publishing allegedly false and malicious content. The Delhi High Court, in an order dated February 19, 2026, granted an interim injunction requiring the removal of the defamatory material within 24 hours. The court has also restrained the defendants from further publishing misleading content that could tarnish the company's reputation. This legal action is intended to protect the company's goodwill and stakeholder interests.

Claimed ₹100 crores in damages for reputational harm caused by defamatory media reports
Delhi High Court ordered Sakshi Media to take down impugned articles and reports within 24 hours
Interim injunction restrains defendants from publishing any further misleading content on any platform
The company has already paid court fees amounting to ₹97,65,000 for the litigation
Defendants include Jagati Publications, Sakshi TV, and major social media platforms like Meta, X, and Google

💡 Investors should view this as a proactive management step to safeguard brand equity and reputation. Monitor the legal proceedings for any potential impact on the company's public perception or operational focus.

Heritage Foods VP & Head National Sales Makarand Shastri Resigns Effective March 31, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Feb 2026, 07:39 PM

Heritage Foods Limited has announced the resignation of Mr. Makarand Shastri, who held the position of Vice President and Head of National Sales. Classified as Senior Management Personnel (SMP), Mr. Shastri is leaving the company to pursue a larger role with another group for career growth. He will continue in his current capacity until his relief date on or before March 31, 2026. The company has accepted the resignation and will begin the transition of his responsibilities immediately.

Mr. Makarand Shastri, Vice President & Head National Sales, resigned on February 14, 2026.
The resignation is effective on or before March 31, 2026, allowing for a transition period.
The departure is cited as a move for career growth into a larger group.
The company has formally accepted the resignation as per SEBI Listing Regulations.

💡 Investors should monitor for the announcement of a successor to ensure there is no disruption in the company's national sales and distribution execution. No immediate portfolio action is required as this is a standard professional departure.

Heritage Foods VP Marketing Puneet Kusumbia Resigns After 3-Year Tenure

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 12:17 PM

Heritage Foods Limited has announced the resignation of Mr. Puneet Kusumbia, Vice President (Marketing) and Senior Management Personnel, effective February 5, 2026. Having served the company for 3 years, Mr. Kusumbia cited personal reasons for his departure. The company has accepted the resignation and expects to relieve him of his duties on or before May 5, 2026. This transition marks a change in the leadership of the company's brand and marketing agenda.

Mr. Puneet Kusumbia resigned as VP (Marketing) and Senior Management Personnel on February 5, 2026.
The executive will be relieved from his duties on or before May 5, 2026, allowing for a transition period.
The resignation is attributed to personal reasons after a 3-year stint with the company.
Heritage Foods is currently in the process of managing the transition for its marketing leadership.

💡 Investors should monitor the company's announcement regarding a successor to ensure continuity in brand strategy. No immediate portfolio action is required as this appears to be a routine management change.

Heritage Foods Q3 FY26 Revenue Hits INR 11,192 Mn; Margins Squeezed by 9% Rise in Milk Costs

🔵 WATCH ⭐ 8/10

EARNINGS 📅 31 Jan 2026, 02:49 PM

Heritage Foods reported a resilient 8% YoY revenue growth to INR 11,192 million in Q3 FY26, despite a challenging procurement environment. EBITDA margins faced pressure as milk procurement costs rose 9% YoY, while procurement volumes declined 9% due to unusual weather patterns and industry-wide butter shortages. A significant positive was the growth in Value-Added Products (VAP), which now contribute 38% to total revenue. The company is nearing the commissioning of new ice cream and flavored milk plants in Q4 FY26 to drive future growth.

Consolidated revenue grew 8% YoY to INR 11,192 million, crossing the INR 11,000 million mark for the third straight quarter.
Milk procurement volumes fell 9% YoY to 16.73 lakh liters per day due to excessive rainfall and supply constraints.
Value-added product (VAP) revenue grew 22.6% YoY, increasing its revenue share to 38% from 33.8% last year.
EBITDA stood at INR 629 million, impacted by a 9% surge in procurement costs and a one-time labor code provision of INR 27.78 million.
Hyderabad ice cream plant and flavored milk plant are scheduled for commercial commissioning in Q4 FY26.

💡 Investors should monitor the stabilization of milk procurement prices and the successful ramp-up of the new ice cream plant in Q4. While short-term margins are under pressure, the increasing share of high-margin value-added products remains a positive long-term structural driver.

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💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, Milk revenue grew 5.6% YoY to INR 632.1 Cr, while Value-Added Products (VAP) grew 14.8% YoY to INR 341.7 Cr. Fat products declined 5.2% YoY to INR 75.1 Cr. For H1 FY26, total revenue reached INR 2,249.3 Cr, up 9.6% from INR 2,052.2 Cr in H1 FY25.

Geographic Revenue Split

The company operates milk procurement across 9 states and maintains a sales presence in 17 states, including Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, and Haryana. Specific percentage split per region is not disclosed.

Profitability Margins

Gross margins were impacted by a 6.3% rise in milk procurement costs against only a 4.5% rise in selling prices. PAT margin for Q2 FY26 stood at 4.6% (INR 51.0 Cr) compared to 4.8% (INR 48.6 Cr) in Q2 FY25. FY25 annual PAT margin was 4.6% on INR 188.3 Cr profit.

EBITDA Margin

EBITDA margin for Q2 FY26 was 6.9% (INR 77.2 Cr), a decline of 122 basis points from 8.2% (INR 83.2 Cr) in Q2 FY25. H1 FY26 EBITDA margin was 6.7% compared to 8.6% in H1 FY25, reflecting higher operating costs and procurement pressures.

Capital Expenditure

The company is investing in new processing facilities and automation to drive margins. While specific total INR Cr for future capex is not explicitly totaled, it is funded through strong cash flows (INR 100 Cr annual accrual) and low debt, with a focus on ice cream and VAP capacity expansion.

Credit Rating & Borrowing

CRISIL A+/Stable for long-term and CRISIL A1+ for short-term facilities. The company maintains a low debt-equity ratio of 0.16 to 0.18. Bank limit utilization averaged 21% through August 2023, indicating high financial flexibility.

⚙️ Operational Drivers

Raw Materials

Raw milk is the primary raw material, with procurement costs increasing 6.3% YoY in Q2 FY26. Milk procurement accounts for the bulk of the cost of goods sold.

Import Sources

Sourced domestically from 9 states including Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Maharashtra, and Haryana.

Key Suppliers

Procured directly from a network of farmers and through established relationships with rural collection centers; specific corporate suppliers are not listed as the model is farmer-direct.

Capacity Expansion

Ice cream volume grew 16.5% in Q2 FY26, prompting investments in higher internal capacity to reduce reliance on outsourced manufacturing. Automation is being integrated into all new processing facilities.

Raw Material Costs

Raw milk procurement prices rose 6.3% YoY in Q2 FY26. The company manages costs by adjusting market prices, though price corrections often lag procurement hikes, as seen in the 4.5% selling price increase vs 6.3% cost increase.

Manufacturing Efficiency

The company reported operating below expected capacity utilization due to weather-related growth impacts (4-5% below target), leading to temporary loss of operating leverage.

Logistics & Distribution

Freight, selling, and distribution expenses have been growing at 15% to 20% YoY, outpacing revenue growth in some quarters and limiting operating leverage.

📈 Strategic Growth

Expected Growth Rate

15-16%

Growth Strategy

Growth is driven by shifting the product mix toward Value-Added Products (VAP), which grew 18% YoY and contributed 38% of sales. The strategy includes expanding the retail footprint, increasing VAP revenue share to 32% by FY28, and leveraging Q-commerce which is expected to grow to INR 2,00,000 Cr by FY28.

Products & Services

Milk, Curd, Paneer, Ghee, Ice Cream, and Drinkables (Buttermilk, Lassi).

Brand Portfolio

Heritage

New Products/Services

New product launches in the VAP segment (curd, paneer, ice cream) are expected to drive gross margins from 18% (FY20) to 25% (FY28E).

Market Expansion

Expanding into 17 states with a focus on North and West India (Haryana, Maharashtra) to reduce geographic concentration in South India.

Market Share & Ranking

Holds 40% of the organized market share in Ice Cream, 14% in Curd, 4% in Paneer, and 18-19% in Ghee within its operating regions.

Strategic Alliances

Maintains a Joint Venture/Associate which contributed a share of loss of INR 6.9 Cr in FY25.

🌍 External Factors

Industry Trends

The domestic healthy food market is projected to reach USD 120.3 Bn by 2035. The dairy industry is shifting from unorganized to organized, with VAP categories like Paneer expected to grow at 23-25% CAGR over the next 7 years.

Competitive Landscape

Faces competition from both organized cooperatives and private players; responds through product differentiation and high-margin VAP focus.

Competitive Moat

31-year legacy and strong relationships with farmers across 9 states create a high barrier to entry for procurement. The brand's 40% share in the organized ice cream market provides a competitive advantage in high-margin segments.

Macro Economic Sensitivity

Highly sensitive to urbanization and rising disposable income, which are primary drivers for the 21-25% projected CAGR in Curd and Paneer segments.

Consumer Behavior

Shift toward branded, healthy, and convenient dairy products (VAP) and increasing adoption of Q-commerce for daily essentials.

Geopolitical Risks

Profitability is susceptible to volatility in global Skimmed Milk Powder (SMP) prices which can impact domestic realizations.

⚖️ Regulatory & Governance

Industry Regulations

Complies with FSSAI quality standards and SEBI (Prohibition of Insider Trading) Regulations 2015. Maintains a Digital Structural Database for monitoring trade activities.

Environmental Compliance

The company monitors carbon footprint risks and rising emission disclosure mandates; mitigation includes continuous monitoring and potential carbon tax planning.