Heritage Foods Ltd

Financial performance

• Q2 FY27 revenue from operations ₹13,196 Mn, up 19% YoY.
• H1 FY27 revenue ₹26,577 Mn, up 18% YoY.
• Q2 FY27 EBITDA ₹740 Mn; margin 5.6%.
• H1 FY27 EBITDA ₹1,358 Mn; margin 5.1%.
• Q2 FY27 PAT ₹309 Mn; margin 2.3%.
• H1 FY27 PAT ₹558 Mn; margin 2.1%.
• VAP revenue up 32% YoY to ₹4,510 Mn; 35.4% of total.
• VAP incl. consumer packs ₹5,408 Mn; up 31% YoY.
• Milk procurement 1.73 MLPD; price ₹47.73/L; volumes up 7% YoY.
• Milk sales 1.24 MLPD; price ₹60.34/L; volumes up 2.5% YoY.
• Heritage Nutrivet revenues up 47% YoY in Q2FY27.

Operational highlights

• Processing capacity 2.95 MLPD across 19 plants.
• Chilling capacity 2.69 MLPD across 188 centers.
• Distribution network covers 2250+ vehicles, 7500+ distributors, 205,000 retail outlets.
• Nutrivet wholly owned subsidiary expanding dairy nutrition offerings; Q2FY27 revenue growth 47% YoY.

Strategic priorities & outlook

• Focus on strengthening procurement ecosystem and expanding VAP capacity.
• Drive premiumisation, cost control, and operating leverage for margin growth.
• Expand into high-growth markets; continue profitable, sustainable growth.

Governance & shareholder value

• Dividend payments continued to be maintained for shareholders.
• Board comprises 6 directors (3 WTD, 3 independent).

Q2 FY27 highlights

• Revenue up 19% YoY to INR 13,196 Mn in Q2 FY27.
• Gross margin 21.8%, QoQ +63 bps.
• EBITDA INR 740 Mn; margin 5.6%, QoQ +98 bps.
• PAT INR 309 Mn; YoY -39%, QoQ +24%.
• VAP revenue (excl Ghee/Butter) 4,510 Mn in Q2 FY27; +32% YoY.
• VAP contribution (excl Ghee/Butter) 35.4% in Q2 FY27.
• Heritage Nutrivet Q2 revenue INR 853 Mn; +47% YoY.
• Nourish+ High Protein Curd and Greek Yogurt launches.

H1 FY27 highlights

• H1 FY27 revenue up 18% to INR 26,577 Mn.
• H1 gross margin 21.5%, YoY down 265 bps.
• H1 EBITDA INR 1,358 Mn; margin 5.1%.
• H1 PAT INR 558 Mn.
• Milk procurement volumes H1 FY27 17.69 LLPD, +4% YoY.
• VAP revenue H1 FY27 INR 10,146 Mn, +36% YoY.
• VAP contribution H1 FY27 39.6% (excl Ghee/Butter).
• Heritage Nutrivet H1 revenue INR 1,581 Mn; PBT INR 56 Mn.

Strategic and product developments

• Strategic acquisitions: Heritage Novandie and Get-A-Way expanding yogurt portfolio.
• Nourish+ High Protein Curd and Greek Yogurt launches.

Key results & notes

• Audit Committee reviewed results; Limited Review Report obtained.
• Auditor's review found no material misstatement per Ind AS 34; Regulation 33 compliance.
• Acquisition completed: Heritage Novandie Foods Limited on Jun 16, 2025.
• Consolidated results include subsidiaries Heritage Nutrivet Limited, Heritage Novandie Foods Limited; associate SKIL Raigam Power (India) Limited.
• GST-related exceptional item: ₹169.33 million refund; ₹32.02 million reversal recorded in Mar 2026 results.
• Impairment on Heritage Novandie Foods Limited investment: ₹5.37 million.
• Board meeting held 15 Oct 2026; Hyderabad-based Heritage Foods Ltd.

Heritage Foods Ltd: Trading Window closed from October 1, 2026 till the end of 48 hours after the declaration of Un-audited Financial Results (Standalone & Consolidated) for the Quarter and half year ending September 30, 2026.

Participation in investor conference

• Management will participate in HIC Money Purse Finserv Emerging Stars 2026 Investor Conference.
• Date: September 19, 2026; Venue: Hyderabad; Mode: Physical.
• Meetings include one-on-one and group sessions with analysts and investors.
• No unpublished price-sensitive information will be shared; schedule may change.

Meeting Details

• Date: September 24, 2026; Time: not disclosed.
• Type: One-on-one meeting.
• Mode/Place: In-person, Hyderabad.
• Organizer: Kriis Portfolio Private Limited.

Participants

• Company management participants: not disclosed.

Purpose

• Purpose: One-on-one investor meeting with analyst/institutional investor.

Additional Notes

• Schedule may change due to exigencies of analyst or company.
• No unpublished price-sensitive information will be shared during the meeting.

Meeting Details

• Date: September 18, 2026; One-on-one meeting with YES Securities (India) Ltd in Hyderabad.

Participants

• Company representative: Company Secretary & Compliance Officer (Heritage Foods Limited).

Purpose

• Purpose: One-on-one investor meeting with an analyst/institutional investor.

Meeting Details

• Date: September 24, 2026; Time: not disclosed; Hyderabad; One-on-one with Kriis Portfolio Private Limited.

Participants

• Company participants: not disclosed.

Purpose

• Purpose: One-on-one investor meeting with Kriis Portfolio Private Limited.

Conference participation

• Management to participate in HIC Money Purse Finserv Emerging Stars 2026 Investor Conference on Sept 19 2026, Hyderabad.