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HERITGFOOD - Heritage Foods

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

📢 Recent Corporate Announcements

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.

Heritage Foods Releases Q3 FY26 Earnings Call Audio Recording Link

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Jan 2026, 02:55 PM

Heritage Foods Limited has provided the audio recording link for its investor conference call conducted on January 29, 2026. The session focused on the un-audited financial results for the third quarter and the nine-month period ending December 31, 2025. The company explicitly stated that no unpublished price sensitive information was shared during the interaction. This disclosure is part of the mandatory SEBI (LODR) Regulations, 2015, ensuring transparency for all shareholders.

Earnings call conducted on January 29, 2026, following Q3 FY26 results.
Recording link provided for the quarter and nine months ended December 31, 2025.
Management confirmed no UPSI was disclosed during the analyst interaction.
Compliance filing under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Review the audio recording to understand management's commentary on dairy segment margins and expansion plans. No immediate portfolio changes are necessary based on this procedural filing.

Heritage Foods Q3 Revenue Up 8% to ₹1,119 Cr; PAT Declines 20% Amid High Procurement Costs

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 28 Jan 2026, 05:19 PM

Heritage Foods reported a resilient revenue growth of 8% YoY to ₹11,192 million for Q3 FY26, supported by a 13.8% increase in Value-Added Products (VAP). However, profitability faced headwinds as EBITDA fell 15% YoY to ₹629 million and PAT dropped 20% to ₹346 million due to an 8.7% rise in milk procurement prices. The company continues to shift its mix toward high-margin segments, with VAP now contributing 30% of total revenue. Strategic moves include the 51% acquisition of 'Get-A-Way' ice creams and a new plant commissioning in March 2026 to drive future growth.

Q3 FY26 Revenue grew 8% YoY to ₹11,192 million, while 9M FY26 Revenue reached ₹33,684 million.
Value-Added Products (VAP) revenue rose 13.8% YoY to ₹3,271 million, increasing its revenue share to 30%.
EBITDA margins contracted to 5.6% from 7.2% YoY, primarily due to procurement prices rising to ₹45.55/L.
Milk sales volume increased 2.1% YoY to 1.2 MLPD with an improved average selling price of ₹57.31/L.
Acquired 51% stake in 'Get-A-Way' ice cream brand and targeting March 2026 for new ice cream plant production.

💡 Investors should watch for margin recovery as the company scales its high-margin VAP segment and integrates the 'Get-A-Way' acquisition. While short-term profitability is pressured by procurement costs, the focus on premiumization and capacity expansion remains a positive long-term catalyst.

Heritage Foods Q3 Revenue Up 8% to ₹11,192 Mn; PAT Declines 20% on High Input Costs

🔵 WATCH ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 05:08 PM

Heritage Foods reported a resilient 8% YoY revenue growth in Q3 FY26, crossing the ₹11,000 million mark for the third consecutive quarter. However, profitability was significantly impacted by a 9% YoY rise in raw milk procurement costs and a 9% decline in procurement volumes due to supply shortages. Despite these headwinds, the Value-Added Products (VAP) segment showed strong momentum, with consumer VAP revenue growing 22.6% YoY to contribute 38.4% of total sales. The company is expanding its capacity with new ice cream and flavoured milk plants expected to be commissioned in Q4 FY26.

Revenue grew 8% YoY to ₹11,192 Mn, while PAT fell 20% YoY to ₹346 Mn due to elevated input costs.
Consumer Value-Added Products (VAP) revenue surged 22.6% YoY, now contributing 38.4% to total revenue.
Average raw milk procurement cost rose 9% YoY to ₹45.55/Lt, leading to a 154 bps contraction in EBITDA margins to 5.6%.
Milk procurement volumes declined 9% YoY to 16.73 LLPD, though they showed a 4% sequential stabilization from Q2.
New ice cream and flavoured milk plants are on track for commissioning in Q4 FY26 to capture upcoming summer demand.

💡 Investors should monitor the company's ability to pass on rising procurement costs through pricing and the successful ramp-up of new VAP capacities in Q4. While margin compression is a short-term concern, the increasing share of high-margin value-added products remains a positive long-term structural driver.

Heritage Foods Q3 Net Profit Drops 26% YoY to ₹304.9 Million; Revenue Up 7%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 28 Jan 2026, 04:48 PM

Heritage Foods reported a 7% YoY growth in standalone revenue to ₹10,914 million for the quarter ended December 31, 2025. However, net profit declined significantly by 26% YoY to ₹304.9 million, primarily due to rising raw material costs and a one-time regulatory expense. Profitability was further impacted by a ₹27.42 million provision for employee benefits following the notification of new Labour Codes. Sequentially, profits fell sharply as the previous quarter (Q2) was aided by an exceptional GST refund of ₹93.56 million.

Standalone Revenue from operations grew 7% YoY to ₹10,914.08 million.
Net Profit for the quarter fell to ₹304.91 million compared to ₹412.92 million in the same period last year.
Cost of materials consumed rose to ₹7,961.67 million, up from ₹7,202.02 million in the previous quarter.
Recognized a one-time employee benefit expense of ₹27.42 million due to New Labour Code compliance.
Earnings Per Share (EPS) decreased to ₹3.29 from ₹4.45 in the year-ago quarter.

💡 Investors should be cautious as rising input costs are significantly compressing margins despite steady revenue growth. Monitor the company's ability to implement price hikes in the dairy segment to offset these cost pressures in future quarters.

Heritage Foods Receives GST Refund Order of ₹77.95 Lakhs

🟢 POSITIVE ⭐ 3/10

REGULATORY 📅 21 Jan 2026, 11:50 AM

Heritage Foods Limited has received a favorable GST refund order amounting to ₹77.95 Lakhs from the CGST authorities in Chennai. The refund pertains to the classification of flavored milk for the period between July 2017 and October 2021. This follows a successful appeal process where the Additional Commissioner (Appeals) ruled in favor of the company. The refund consists of ₹38.80 Lakhs each for CGST and SGST, plus ₹0.35 Lakhs for IGST.

Total GST refund sanctioned amounts to ₹77.95 Lakhs following a favorable appeal order.
The dispute involved the tax classification of Flavoured Milk for the period July 2017 to October 2021.
Refund breakdown includes CGST of ₹38.80 Lakhs, SGST of ₹38.80 Lakhs, and IGST of ₹0.35 Lakhs.
The order was issued by the Assistant Commissioner, CGST, Poonamallee Division, Chennai on January 20, 2026.

💡 This is a minor positive development resolving a historical tax classification issue. Investors should view this as a routine regulatory clearance with no material impact on the company's valuation.

Heritage Foods Schedules Q3FY26 Earnings Conference Call for January 29, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Jan 2026, 04:51 PM

Heritage Foods Limited has scheduled its earnings conference call for Thursday, January 29, 2026, at 11:00 AM IST. The call will focus on the company's financial performance for the third quarter and nine-month period ended December 31, 2025. Senior management, including the Executive Director, CEO, and CFO, will be present to discuss operational results and answer investor queries. This is a standard post-earnings engagement hosted by Go India Advisors.

Earnings conference call scheduled for January 29, 2026, at 11:00 AM IST.
Focus on financial results for the quarter and nine months ended December 31, 2025 (Q3FY26).
Participation from top leadership including Executive Director Mrs. N Brahmani and CEO Mr. Srideep Kesavan.
Universal dial-in numbers provided: +91 22 6280 1456 and +91 22 7115 8804.

💡 Investors should monitor the call for management commentary on milk procurement costs and the growth of value-added dairy products. It is advisable to review the Q3FY26 financial results prior to the call to identify specific areas for clarification.

Heritage Foods Fined ₹1 Lakh by FSSAI for Sub-standard Curd Fat Content

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Jan 2026, 07:01 PM

Heritage Foods has received a notice from FSSAI authorities in Jhajjar, Haryana, regarding sub-standard milk fat content in its 'Heritage Total Curd' product. The company has been ordered to pay a compounding fee of ₹1,00,000 for this non-compliance under the Food Safety and Standards Act, 2006. Management stated that there is no material impact on the company's financials or operations. The company intends to pay the penalty within the required timeframe to resolve the matter.

FSSAI imposed a compounding fee of ₹1,00,000 on Heritage Foods for quality non-compliance.
The penalty relates to 'Heritage Total Curd' having milk fat content below the prescribed minimum limit.
The notice was issued by the Adjudicating Officer-cum-Additional Deputy Commissioner, Jhajjar, Haryana.
Management confirms no material impact on the company's financials, operations, or other activities.

💡 The financial impact of this penalty is negligible; however, investors should monitor for any recurring quality issues that could affect brand reputation. No immediate action is required.

Heritage Foods MD N. Bhuvaneswari Honored with Outstanding Dairy Professional Award 2025

🟢 POSITIVE ⭐ 3/10

MANAGEMENT 📅 10 Jan 2026, 12:56 PM

Mrs. Nara Bhuvaneswari, Vice Chairperson & Managing Director of Heritage Foods, has been honored with the 'Outstanding Dairy Professional Award 2025' for Andhra Pradesh. The recognition was conferred at the Indian Dairy Association – Southern Dairy & Food Conclave 2026 held in Kozhikode, Kerala. This award acknowledges her leadership and significant contributions to the dairy sector. While the news is a positive reflection of management quality, it is a non-financial update and does not impact the company's immediate operational metrics.

Mrs. Nara Bhuvaneswari conferred with the 'Outstanding Dairy Professional Award 2025 (Andhra Pradesh)'
Award presented at the Indian Dairy Association – Southern Dairy & Food Conclave 2026
CEO Mr. Srideep Kesavan accepted the award on behalf of the MD on January 10, 2026
Recognition highlights leadership and significant contribution to the dairy sector

💡 This is a positive reputational update for the company's leadership. Investors should maintain their current outlook as this award does not change the company's financial fundamentals.

Heritage Foods Completes Acquisition of 51% Stake in Peanutbutter and Jelly Pvt Ltd

🟢 POSITIVE ⭐ 8/10

M&A 📅 09 Jan 2026, 06:18 PM

Heritage Foods Limited has successfully completed the acquisition of a 51% controlling interest in Peanutbutter and Jelly Private Limited (PBJ). The shares were acquired from Sky Gate Hospitality Private Limited and were credited to the company's demat account on January 08, 2026. Following this, a formal Shareholders' Agreement was executed on January 09, 2026, finalizing the transaction. This strategic move allows Heritage Foods to diversify its product portfolio into the health-focused spreads and snacks segment.

Acquisition of 51% equity share capital of Peanutbutter and Jelly Private Limited completed.
Shares were purchased from Sky Gate Hospitality Private Limited and credited on January 08, 2026.
Execution of the Shareholders' Agreement with PBJ and its founders took place on January 09, 2026.
The move marks a significant step in Heritage Foods' diversification strategy beyond traditional dairy products.

💡 Investors should view this as a positive diversification move into high-growth food categories; monitor the integration and its impact on consolidated margins in upcoming quarters.

View All HERITGFOOD Announcements on Live Market Tracking →

💰 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.