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Sheetal Cool Products Limited (SCPL)

₹609.20 +1.46% last close, 16 Oct

📊 NSE: SCPL 🏢 Food - Processing - Indian 📢 Latest filing: 30 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sheetal Cool's revenue was ₹133 Cr (+19.0% year on year, -0.5% on the previous quarter), and net profit ₹7.0 Cr (+9.6% year on year); the operating margin was 10.5%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹133	+19.0%	-0.5%
Operating profit	₹14.0	+26.0%	-8.5%
Net profit	₹7.0	+9.6%	-14.4%
EPS (₹)	6.66	+9.5%	-14.4%
Operating margin	10.5%	—	—

Full quarterly financials → Results calendar →

SCPL exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 2 sessions in about the last 20.

₹609.20NSE close · +1.46%

Circuit stocks →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

SCPL Investor Presentation: FY26 Revenue Reaches ₹366.0 Cr, Up 13.9% YoY

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Sep 2026, 12:29 PM

Sheetal Cool Products Limited (SCPL) filed its Investor Presentation detailing full-year FY26 performance ahead of an investor meet on September 30, 2026. Revenue from operations increased 13.9% YoY to ₹366.0 Cr, while EBITDA grew 13.2% YoY to ₹41.9 Cr with stable margins at 11.4%. FY26 PAT rose 15.4% YoY to ₹19.1 Cr, and RoCE improved to 16.2% from 15.3% in FY25. The company also highlighted its recent commencement of a dedicated Ready-to-Eat/Ready-to-Cook (RTE/RTC) facility in 2026 to diversify beyond dairy and ice cream.

FY26 Revenue from operations rose 13.9% YoY to ₹366.0 Cr
EBITDA increased 13.2% YoY to ₹41.9 Cr, with EBITDA margin at 11.4%
FY26 PAT grew 15.4% YoY to ₹19.1 Cr; Diluted EPS was ₹18.2
Debt-to-Equity improved to 0.3x in FY26 from 0.6x in FY25
Daily production capacities include 1.7M+ ice cream candies, 700K+ cones, and 80,000 litres of milk products

💡 Track the commercial ramp-up and margin contribution of the new RTE/RTC processing facility in upcoming quarterly filings.

Sheetal Cool Products Issues Notice for 13th AGM on September 29, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 09:51 PM

Sheetal Cool Products Limited has issued the notice for its 13th Annual General Meeting scheduled for September 29, 2026, alongside publishing its FY 2025-26 Annual Report. The document outlines FY26 financial highlights, showing revenue from operations of Rs 366.00 Cr compared to Rs 321.31 Cr in FY25, and PAT of Rs 19.12 Cr compared to Rs 16.57 Cr in FY25. Net worth reached Rs 156.91 Cr with the Debt/Equity ratio moderating to 0.32 from 0.57. Proposed resolutions include routine ordinary business and ratifying cost auditor remuneration of Rs 29,500.

13th Annual General Meeting to be held via Video Conferencing on September 29, 2026
FY26 operating revenue reported at Rs 36,600.04 Lakhs (Rs 366.00 Cr) vs Rs 32,130.58 Lakhs in FY25
FY26 PAT reported at Rs 1,911.83 Lakhs (Rs 19.12 Cr), up from Rs 1,656.88 Lakhs in FY25
Net worth rose to Rs 15,691.40 Lakhs (Rs 156.91 Cr) with Debt/Equity ratio improving to 0.32
Proposed remuneration of Rs 29,500 for Cost Auditor for FY 2026-27

💡 Monitor voting outcomes from the September 29, 2026 AGM and watch for Q2 FY27 results to track revenue momentum outside the core Gujarat market.

SCPL Q1 Net Profit Jumps 30.8% YoY to ₹6.99 Cr; Revenue Up 17.5% at ₹132.64 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 04 Sep 2026, 07:25 PM

Sheetal Cool Products reported a 17.5% YoY increase in revenue from operations to ₹132.64 Cr for the quarter ended June 30, 2026, compared to ₹112.90 Cr in the year-ago quarter. Profit after tax rose 30.8% YoY to ₹6.99 Cr from ₹5.34 Cr in Q1 FY26, with EPS improving to ₹6.66 from ₹5.09. Sequentially, revenue was broadly stable (₹132.64 Cr vs ₹133.31 Cr in Q4 FY26), while net profit declined 14.4% QoQ from ₹8.17 Cr.

Revenue from operations grew 17.49% YoY to ₹13,264.20 lakhs (₹132.64 Cr) in Q1 FY27 vs ₹11,289.87 lakhs in Q1 FY26
Net profit after tax rose 30.78% YoY to ₹698.95 lakhs (₹6.99 Cr) against ₹534.46 lakhs in the corresponding period last year
Diluted EPS increased to ₹6.66 per share compared to ₹5.09 in Q1 FY26
Cost of materials consumed stood at ₹9,419.16 lakhs, with total expenses of ₹12,334.62 lakhs

💡 Track operating margin trajectory amidst raw material price changes (milk/dairy inputs) and monitor execution of the planned FY2026 capacity expansion outside Gujarat.

SCPL Approves Q1 FY2026-27 Financial Results; Promoter Holding Rises to 70.08%

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 12:19 PM

Sheetal Cool Products Limited (SCPL) has approved its un-audited financial results for the quarter ended June 30, 2026. The board meeting, held on August 13, 2026, concluded within 50 minutes, confirming the statutory auditors' limited review. This period is critical as the company is executing a debt-funded capacity expansion planned for FY2026 to scale beyond its core Gujarat market. Notably, promoter holding has strengthened to 70.08% as of June 2026, up from 65.59% in December 2025.

Board approved un-audited financial results for the quarter ended June 30, 2026
Promoter holding increased to 70.08% as of June 2026 from 65.59% in Dec 2025
Company maintains a debt of ₹50 Cr against a net worth of ₹156 Cr (D/E ratio of 0.32)
Board meeting duration was 50 minutes, starting at 11:00 AM and concluding at 11:50 AM

💡 Review the detailed P&L statement to verify if operating margins are staying above the 11% target and monitor the progress of the FY2026 capacity expansion into Northern and Eastern India.

SCPL Clarifies No Undisclosed Material Information Following Trading Volume Spurt

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 05 Aug 2026, 06:50 PM

Sheetal Cool Products Limited (SCPL) has responded to a clarification request from the NSE and BSE regarding a significant increase in the trading volume of its equity shares. The company stated that it has complied with all SEBI LODR Regulations and has no pending material or price-sensitive information to disclose. Management characterized the volume increase as purely market-driven, asserting that the company has no control over trading activities. This filing is a routine response to exchange surveillance queries and contains no new fundamental data.

Clarification issued on August 5, 2026, in response to exchange queries dated August 3, 2026
Company confirms 0 pending material events or price-sensitive information under Regulation 30
Management attributes the volume spurt to being 100% market-driven with no internal influence
Company reaffirms commitment to timely disclosures as per SEBI LODR Regulations

💡 Investors should treat this as a routine regulatory clarification; focus on upcoming quarterly financial results for fundamental performance indicators rather than speculative volume spikes.

Sheetal Cool Products Submits Routine Share Dematerialization Certificate for June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Jul 2026, 05:30 PM

Sheetal Cool Products Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized during the quarter ended June 30, 2026, have been correctly furnished to the stock exchanges. This is a standard administrative filing required for all listed companies to ensure the integrity of the share registry. No financial results or operational updates were included in this specific disclosure.

Compliance certificate issued for the quarter ended June 30, 2026
Issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent
Confirms reporting of all dematerialized and rematerialized securities to BSE and NSE
Promoter holding remains stable at 67.07% as per latest March 2026 data

💡 This is a routine administrative filing; investors should instead monitor for upcoming Q1 FY2027 financial results and updates on the planned FY2026 capacity expansion.

Trading Window Closure from July 01, 2026 for Q1 FY2026 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 01:00 PM

Sheetal Cool Products Limited (SCPL) has announced the closure of its trading window for all designated persons starting July 01, 2026. This is a standard regulatory procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. The specific board meeting date for the results approval is yet to be announced.

Trading window closure commences on July 01, 2026.
Closure is for the finalization of unaudited financial results for the quarter ended June 30, 2026.
Window to remain closed until 48 hours after the results are declared.
Restriction applies to all designated persons including promoters, directors, and senior management.

💡 Monitor the exchange for the upcoming announcement of the Board Meeting date to track the release of Q1 FY2026 financial results.

SCPL Bags Export Order Worth ₹4 Crore for Shrikhand and Paneer

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 25 Jun 2026, 01:45 PM

Sheetal Cool Products Limited (SCPL) has secured a new international export order valued at approximately ₹4 Crore. The contract involves the supply of 75 tons of Shrikhand and 75 tons of Paneer, to be executed through a domestic merchant exporter. The entire order is scheduled for completion by August 2026. This development signifies the company's expanding reach in the international dairy and sweets market.

Received an export order worth approximately ₹4 Crore for dairy products.
Order includes the supply of 75 tons of Shrikhand and 75 tons of Paneer.
Execution timeline is short, with completion expected by August 2026.
The contract is international in nature, facilitated via a Domestic Merchant Exporter.

💡 Investors should view this as a positive sign of the company's export potential and product demand. Monitor the company's ability to scale these international orders and their impact on overall profit margins.

SCPL Commences Operations at New RTE and RTC Food Manufacturing Unit in Amreli

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 01 Jun 2026, 01:47 PM

Sheetal Cool Products Limited (SCPL) has announced the commencement of operations at its new manufacturing facility, Sheetal Food Safari, in Amreli, Gujarat, effective June 1, 2026. The plant is specifically designed for the production of Ready-to-Eat (RTE) and Ready-to-Cook (RTC) food products, targeting both domestic and global markets. This expansion follows the formal inauguration of the state-of-the-art unit on May 31, 2026. The move signifies a strategic push into value-added food segments to drive future revenue growth.

Commencement of operations at the Sheetal Food Safari plant on June 1, 2026.
Strategic focus on the high-growth Ready-to-Eat (RTE) and Ready-to-Cook (RTC) food categories.
Facility located at New APMC Road, Amreli, Gujarat, enhancing the company's production capacity.
Inaugurated by Shri Kaushikbhai Vekariya, a Minister in the Government of Gujarat, on May 31, 2026.

💡 Investors should monitor the utilization levels of the new plant and its contribution to top-line growth in upcoming quarterly results. The shift toward RTE/RTC products is a positive indicator for potential margin expansion.

SCPL Q4 FY26 Net Profit Surges 72% YoY to ₹8.17 Cr; Revenue Up 42%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 May 2026, 03:14 PM

Sheetal Cool Products Limited (SCPL) delivered a robust performance in Q4 FY26, with revenue from operations rising 42.5% YoY to ₹133.31 crore. Net profit for the quarter jumped significantly by 72.4% YoY to ₹8.17 crore, driven by strong operational growth. For the full financial year 2025-26, the company reported a total income of ₹366.71 crore and a net profit of ₹19.12 crore. However, investors should note the auditor's emphasis of matter regarding the lack of physical inventory verification and concerns over the adequacy of provisions for certain trade receivables.

Quarterly Revenue from Operations grew 42.5% YoY to ₹13,330.87 lakhs.
Net Profit for Q4 FY26 increased by 72.4% YoY to ₹816.96 lakhs.
Full-year FY26 Net Profit rose to ₹1,911.83 lakhs from ₹1,656.88 lakhs in FY25.
Earnings Per Share (EPS) for the full year improved to ₹18.21 from ₹15.78.
Auditors raised an emphasis of matter regarding trade receivables recovery and inventory verification procedures.

💡 While the growth numbers are strong, investors should exercise caution and monitor the company's trade receivable aging and cash flow health due to the auditor's remarks. The stock remains a growth play in the FMCG/Cool products space, but the quality of earnings needs verification against actual cash realizations.

Sheetal Cool Products Q4 Net Profit Surges 72% YoY to ₹8.17 Cr; FY26 Revenue Up 14%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 21 May 2026, 02:50 PM

Sheetal Cool Products Limited (SCPL) reported a strong set of numbers for Q4 FY26, with revenue from operations jumping 42.5% YoY to ₹133.31 crore. Net profit for the quarter saw a significant increase of 72.4% to ₹8.17 crore, driven by robust operational performance. For the full year FY26, the company recorded a net profit of ₹19.12 crore compared to ₹16.57 crore in FY25. However, the auditor's report includes an emphasis of matter regarding the lack of physical inventory verification and potential risks in trade receivable recoveries.

Quarterly revenue from operations grew to ₹13,330.87 lakhs from ₹9,354.76 lakhs in the previous year's corresponding quarter.
Annual Net Profit for FY26 increased by 15.4% to ₹1,911.83 lakhs, up from ₹1,656.88 lakhs in FY25.
Full-year Earnings Per Share (EPS) rose to ₹18.21 from ₹15.78 YoY.
Auditors raised an emphasis of matter regarding a 1% Expected Credit Loss (ECL) provision on significant trade receivables where no recovery has been seen since original sales.
Total income for the full year FY26 stood at ₹366.71 crore compared to ₹322.07 crore in FY25.

💡 While the headline growth numbers are impressive, investors should exercise caution and investigate the auditor's comments regarding trade receivables and inventory verification. Monitor the company's ability to convert these reported profits into actual cash flow in the next few quarters.

Sheetal Cool Products Expands Retail Presence with New Ice Cream Café in Ahmedabad

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 27 Mar 2026, 05:01 PM

Sheetal Cool Products Limited (SCPL) has announced the opening of a new premium Ice Cream Café in the high-traffic Sindhu Bhavan area of Ahmedabad, Gujarat. The outlet officially commenced operations on March 26, 2026, at 6:30 P.M. as part of the company's ongoing strategy to strengthen its brand presence in key urban markets. This expansion into the café format allows the company to showcase its premium product range and enhance direct customer engagement. The move is expected to contribute to the company's retail footprint growth in its home state of Gujarat.

New retail outlet launched at Magnifico Complex, Sindhu Bhavan, Ahmedabad on March 26, 2026.
The café format focuses on the retail sale of premium ice cream and allied products.
Strategic expansion aimed at strengthening brand visibility in a key high-end market segment.
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015 as a general business update.

💡 Investors should view this as a positive step toward brand building and retail expansion, though the financial impact of a single outlet is limited. Monitor the company's ability to scale this café model to other urban centers to drive higher-margin retail sales.

SCPL Announces Trading Window Closure from April 1, 2026, for FY26 Annual Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 06:45 PM

Sheetal Cool Products Limited (SCPL) has informed the exchanges that its trading window will be closed starting April 1, 2026. This closure is in compliance with SEBI Insider Trading regulations ahead of the finalization of audited financial results for the quarter and year ending March 31, 2026. The window will remain shut for all designated persons, including promoters and directors, until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated at a later time.

Trading window closure effective from Wednesday, April 01, 2026.
Closure pertains to the audited financial results for the quarter and year ended March 31, 2026.
Restriction applies to promoters, directors, senior management, and connected persons.
Window will reopen 48 hours after the official announcement of the financial results.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to review the company's full-year financial performance.

SCPL Proposes Appointment of Secretarial Auditor for 5-Year Term via Postal Ballot

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Mar 2026, 07:10 PM

Sheetal Cool Products Limited (SCPL) has issued a postal ballot notice to seek shareholder approval for the appointment of M/s. Pitroda Nayan & Co. as the company's Secretarial Auditor. The proposed appointment is for a five-year term spanning from FY 2025-26 to FY 2029-30. The e-voting process is scheduled to commence on March 4, 2026, and will conclude on April 2, 2026. Shareholders appearing in the register as of the cut-off date, February 20, 2026, are eligible to participate in the electronic voting process.

Proposal to appoint M/s. Pitroda Nayan & Co. as Secretarial Auditor for a 5-year term from FY 2025-26 to FY 2029-30
Cut-off date for determining shareholder eligibility for e-voting was February 20, 2026
Remote e-voting period is scheduled from March 4, 2026 (09:00 AM) to April 2, 2026 (05:00 PM)
The resolution is being proposed as an Ordinary Resolution through a strictly electronic postal ballot process

💡 This is a routine administrative resolution for corporate governance compliance. Shareholders should review the notice and cast their votes through the NSDL e-voting platform before the April 2, 2026 deadline.

SCPL Allots 8.40 Lakh Warrants to Raise Capital; Shifts Office to Ahmedabad

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 26 Feb 2026, 05:33 PM

Sheetal Cool Products Limited (SCPL) has approved the allotment of 8,40,000 convertible warrants to non-promoters at an issue price of Rs. 317.65 per warrant. The company has received Rs. 6.67 crore, representing 25% of the total subscription amount, with the remaining 75% payable upon conversion within 18 months. Additionally, the board has approved shifting the registered office from Amreli to Ahmedabad and appointed a new Secretarial Auditor for a five-year term. These moves indicate a strategic push for capital infusion and a relocation to a major commercial hub.

Allotment of 8,40,000 convertible warrants at an issue price of Rs. 317.65 per warrant.
Upfront receipt of Rs. 6,67,06,500, representing 25% of the total subscription value.
Warrants are convertible into equity shares within 18 months, resulting in a 7.40% post-issue stake for allottees.
Strategic relocation of the registered office from Amreli to Ahmedabad, subject to shareholder approval.
Appointment of M/s. Pitroda Nayan & Co. as Secretarial Auditor for a five-year term (FY 2025-26 to 2029-30).

💡 Investors should monitor the utilization of the raised capital and the potential operational benefits of moving the headquarters to Ahmedabad. Be mindful of the 7.40% equity dilution that will occur upon full conversion of the warrants.

View All SCPL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue for 9MFY25 was INR 228 Cr, representing a 14.9% decline compared to INR 268 Cr in 9MFY24. The company has delivered a poor 5-year compounded sales growth of 4.41%, while the 3-year growth is slightly negative at -1%.

Geographic Revenue Split

The company exhibits high geographic concentration with ~75% of revenue derived from Gujarat, followed by Maharashtra at ~15%, and the remaining 10% from Rajasthan, Madhya Pradesh, and other states.

Profitability Margins

PAT margins stood at 5.86% in FY24 (INR 20.84 Cr) compared to 5.98% in FY23 (INR 20.45 Cr). Operating margins have been volatile, ranging between 9.7% and 13.6% over the four fiscals through March 2024.

EBITDA Margin

EBITDA margin was 13.11% in FY23 (INR 44.83 Cr) and 12.28% in FY22. Operating margins are expected to moderate to approximately 11-11.5% for FY25 due to high raw material costs and competitive pricing pressures.

Capital Expenditure

The company has planned a debt-funded capital expenditure (capex) for fiscal 2026 to expand capacity and support its entry into new markets like Uttar Pradesh and West Bengal.

Credit Rating & Borrowing

Crisil reaffirmed a 'Crisil BBB/Stable' rating in May 2025. Conversely, Infomerics downgraded the company to 'IVR BB-/Negative' and classified it as 'ISSUER NOT COOPERATING' due to non-furnishing of information. Interest coverage is comfortable at over 6 times as of H1 FY24.

⚙️ Operational Drivers

Raw Materials

Key raw materials include raw milk, Skimmed Milk Powder (SMP), and various packaging materials. Milk prices are highly volatile and directly impact the operating margin, which fluctuates based on the company's ability to pass on costs.

Import Sources

Primary procurement is domestic, centered in Gujarat and surrounding regions to support its manufacturing base in Amreli.

Key Suppliers

The company maintains relationships with a vast network of milk suppliers and over 400 distributors to manage its supply chain.

Capacity Expansion

Capacity expansion is scheduled for fiscal 2026 to increase volumetric sales and support the distribution network expansion into Northern and Eastern India.

Raw Material Costs

Raw material costs are a significant portion of the expense structure; high costs in Q2 FY25 impacted margins, though they recovered to 11.3% in Q3 FY25. Procurement is seasonal, peaking between October and March.

Manufacturing Efficiency

Efficiency is monitorable through the company's ability to ramp up planned capacity and maintain operating margins above 11% amidst input price volatility.

Logistics & Distribution

The company is increasing its distribution network by opening new outlets in Gujarat and commencing distribution to UP and West Bengal to reduce regional dependency.

📈 Strategic Growth

Expected Growth Rate

5-6%

Growth Strategy

Growth will be driven by a debt-funded capacity expansion in FY2026, increasing the distribution footprint in UP and West Bengal, and leveraging a diversified product mix including ice cream, frozen foods, and snacks.

Products & Services

Ice cream, milk, lassi, buttermilk, flavored milk, namkeen, wafers, fryums, frozen foods, bakery products, and sweets.

Brand Portfolio

Sheetal and J'adore.

New Products/Services

The company continues to diversify into frozen items and bakery products to complement its core dairy business.

Market Expansion

Targeting expansion beyond the core Gujarat market into Maharashtra (currently 15%), Rajasthan, Madhya Pradesh, Uttar Pradesh, and West Bengal.

Market Share & Ranking

Not disclosed in absolute percentage, but it holds an established market position in the Gujarat dairy and snacks segment.

🌍 External Factors

Industry Trends

The FMCG and dairy industry is seeing a shift toward organized players, but remains highly competitive. SCPL is positioning itself by diversifying into value-added products like frozen foods and snacks which offer different margin profiles than liquid milk.

Competitive Landscape

Faces intense competition from large organized dairy cooperatives and local unorganized snack manufacturers.

Competitive Moat

The moat is built on the 25-year experience of the Bhuva family and an established distribution network in Gujarat. However, this is challenged by low switching costs for consumers and intense competition.

Macro Economic Sensitivity

Highly sensitive to agricultural output and cattle health; cattle diseases can lead to milk shortages, impacting production volumes.

Consumer Behavior

Demand is seasonal, particularly for ice cream and cold dairy products, peaking during summer months.

Geopolitical Risks

Susceptible to government regulations such as intermittent bans on the export of Skimmed Milk Powder (SMP), which affects domestic availability and pricing.

⚖️ Regulatory & Governance

Industry Regulations

Subject to FSSAI standards for food safety, ISO 9001:2008, and ISO 22000:2005 certifications. Operations are also influenced by government milk procurement policies.

Taxation Policy Impact

The company follows standard Indian corporate tax laws; specific tax rate percentages were not detailed.

Legal Contingencies

The company was classified as 'Non-cooperative' by Infomerics Valuation and Rating Pvt Ltd in 2022 for failing to furnish information required for monitoring ratings. Auditors (H.B. Kalaria & Associates) noted in November 2025 that they did not perform physical verification of inventory or cash, relying solely on management records.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw milk prices and the ability to scale up volumetric sales from new capacity are primary uncertainties, with a potential margin impact of 2-3% based on historical fluctuations.