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Heritage Foods: Q2 FY27 Revenue Up 19%, Profit Down 39% on Milk Costs

Results reported 15 October 2026 | Dairy and FMCG | Consolidated

The Quick Take

Heritage Foods’ Q2 FY27 revenue rose 19% to Rs 1,319.6 cr, led by value-added products. Net profit fell 39% to Rs 30.9 cr, as the milk procurement price rose 11% to Rs 47.73 per litre and cow-milk costs climbed 9 to 15%.

Q2 FY27 snapshot (consolidated, Rs crore)

MetricQ2 FY27Comparison
Revenue1,319.6+19% YoY (Q2 FY26: 1,112.5)
EBITDA (margin)74.0 (5.6%)Q2 FY26: 77.2 (6.9%)
Net profit30.9-39% YoY (Q2 FY26: 51.0)
Diluted EPSRs 3.4Rs 5.5 a year earlier
  • H1 FY27 revenue Rs 2,657.7 cr (+18%); H1 EBITDA Rs 135.8 cr; H1 PAT Rs 55.8 cr (-39%).
  • Value-added products revenue Rs 451 cr (+32%), now 35.4% of revenue; lassi +91%, ice cream +81%.
  • Milk volume 1.24 million litres a day (+2.5%); realisation Rs 60.34 per litre (+6%).

Management commentary

No numeric guidance. Management expects margin improvement from premiumisation, cost control and operating leverage. Q2 margin recovered 98 bps from Q1.

Risks

  • Milk procurement inflation.
  • Pricing against volume trade-off.
  • Weaker ROCE and working capital.

Setup

Neutral. Growth is strong, but profitability is under input-cost pressure. Q2 margin is up on Q1 but below last year.

This is educational analysis, not personalized investment advice. Do your own research before investing.

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