Arthneeti

Heritage Foods Q2 FY27 Share Price & Earnings Call Analysis

₹355.35+0.40% today
Market cap
₹3,298 Cr
P/E
28.97
ROE
12.60%
PEG
0.85
Price to sales
0.67
Debt to equity
0.34
52W high / low
₹492 / ₹294
Sales growth (5Y)
12.85%
EBITDA margin
5.09%
Net profit margin
2.89%
Promoter holding
41.30%
Sales (last year)
₹4,934 Cr

Incorporated in 1992, Heritage Foods Ltd is in the business of Dairy, Renewable energy, and Animal feed[1]

Guidance scorecard · Q2 FY27 call

What Heritage Foods's management guided
and where it ranks in Food Products

#24of 30 in
Food Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Heritage Foods targets strong growth driven by value-added products (VAP), with Q2 VAP revenue up 32% YoY and contribution rising to 35.4% of revenue.
  • The company expects continued traction in premium segments like high-protein curd, paneer, and ice cream, with ice cream revenue nearing INR200 crores and a 6-7 year goal of INR500 crores.
  • Milk procurement volumes have grown 7% YoY despite supply challenges; efforts to empower farmers and improve productivity underpin procurement volume growth.
  • Price increases have been calibrated, with overall consumer price hikes around 8%; value-added product prices have been raised more than milk.
  • Focus remains on deepening market penetration rather than geographic expansion domestically, complemented by global entries in 12 countries.

2 more points from Heritage Foods's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what Heritage Foods said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Heritage Foods Limited has capitalized several large projects recently, leading to higher depreciation impacting the P&L, indicating recent significant capital investments.
  • Operating leverage is improving with higher volumes and throughput, suggesting ongoing investments in capacity and efficiency.
  • The company focuses on expanding its value-added products portfolio, which may require strategic investments in production capabilities.
Full Q2 FY27 analysis

FundraisingQ2 FY27 call

See what Heritage Foods said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what Heritage Foods said on the order book →

Full Q2 FY27 analysis
Full Food Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Food Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Heritage Foods rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Food Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹459 Cr7.9
240%+Up 2%+₹454 Cr79.8
340%+Flat₹1,061 Cr48.2
440%+Flat₹157 Cr10.5
520–40%Up 2%+₹671 Cr48.3
620–40%Up 2%+₹265 Cr7.8

Sign up free to see every company in the sector ranking and track Heritage Foods.

Pro shows every company guiding 40%+ revenue growth →Full Food Products ranking

Financials of Heritage Foods

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Heritage Foods

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%
FIIs +1.73%2.01%3.33%8.27%6.65%6.42%6.16%4.60%3.95%2.21%1.98%1.71%
DIIs +11.97%11.74%3.91%3.89%3.98%4.05%4.14%4.31%4.88%6.21%6.38%6.29%
Public +44.99%44.96%51.48%46.56%48.08%48.23%48.41%49.78%49.86%50.28%50.34%50.70%
No. of Shareholders57,28756,2251,74,8491,37,0211,34,4761,35,6601,32,5481,31,8041,27,4701,27,6711,26,5131,18,993

Financials of Heritage Foods

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +9799419511,0331,0201,0341,0481,1371,1131,1191,1581,3381,320
Expenses +9338918829409389629701,0641,0351,0561,1051,2761,246
Operating Profit45506992817278737763526274
OPM %4.6%5%7%9%8%7%7%6%7%6%4.5%4.6%6%
Other Income +235678-25158763
Interest2233444444587
Depreciation15161617171818192020222627
Profit before tax31365578675954556846323443
Tax %27%25%26%25%28%27%30%26%25%25%25%26%28%
Net Profit +22274058494338415135242531
EPS in Rs2.412.904.366.305.244.644.114.375.503.732.582.693.33

Financials of Heritage Foods

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +2,0732,3811,8942,3732,5152,7262,4732,6813,2413,7944,1354,5264,934
Expenses +1,9892,2481,7612,6282,4583,1082,2122,4953,1093,5903,8094,2604,683
Operating Profit84132134-25557-382261186132203326266251
OPM %4.0%6%7%-11%2.2%-14%11%7%4.1%5%8%6%5%
Other Income +75251402138302721212193424
Interest18174920232421669171825
Depreciation34352538455046525661708196
Profit before tax398631090127-15420213082145258201154
Tax %28%36%10%30%35%10%26%26%29%27%27%25%
Net Profit +28552786383-1691489658107188150114
EPS in Rs3.065.9729.646.768.77-17.2716.1610.416.2511.4820.2916.1812.33
Dividend Payout %25%13%3%15%11%-7%15%24%40%22%12%15%

Financials of Heritage Foods

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital23232323232323234646464646
Reserves1702175687547794365736346797629261,0571,090
Borrowings +1571261582802993066419168132175361384
Other Liabilities +175209247649533223219226231341412485477
Total Liabilities5265759961,7071,6359888799031,1251,2811,5581,9501,998
Fixed Assets +2813122964334764815805796227047481,1641,198
CWIP91089427718820206850129
Investments114781,002835152131815140196186174
Other Assets +235252214263282278267298469416547550497
Total Assets5265759961,7071,6359888799031,1251,2811,5581,9501,998

Financials of Heritage Foods

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +52125115121148117174148-61390214237
Cash from Investing Activity +-47-66-126-200-133-9769-42-83-252-229-375
Cash from Financing Activity +-8-55-1355-3-22-191-93126-761138
Net Cash Flow-44-24-2312-25113-1762-140
Free Cash Flow45824-19248108106-14026742-142
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit73%117%108%-59%328%-36%87%98%-29%210%86%104%

Financials of Heritage Foods

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days443263233336
Inventory Days312831312724393855334435
Days Payable1716151313107107182123
Cash Conversion Cycle181619192017353152182618
Working Capital Days-13-8-18-22-18-154101315-5
ROCE %17%29%64%12%14%-14%31%21%10%16%25%15%

Guidance history

How Heritage Foods's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →20–40%Up 0–2%Planned——
Q4 FY26 call →10–20%Up 0–2%Planned——
Q3 FY26 call →10–20%Up 0–2%Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

24out of 100

Momentum score · price trend

24 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−27.8%27%
Last 6 months−0.8%54%
Last 3 months+7.6%79%

The price is 46.3% below its all-time high of ₹661.75 (7 Jun 2024). Stocks more than 20% below their peak have their score halved, so 48 became 24.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Heritage Foods: 0.4 × 27 + 0.4 × 54 + 0.2 × 79 = 48, halved to 24 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Heritage Foods's management said in earlier quarters

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