Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Oct - Heritage Foods announced Q2/H1 FY27 results: revenue up 19%, EBITDA margin 5.6%, PAT ₹309 million.
Source: Bse
Heritage Foods Limited (HERITGFOOD)
Micro CapFMCG stocks · Micro cap · NSE
Heritage Foods is an integrated dairy company operating across the value chain, from procurement to processing and distribution. It serves 10 million consumers daily through 19 plants and 205,000 retail outlets. The company is expanding its Value-Added Products (VAP) portfolio and operates as a large FMCG brand with 400+ SKUs, supported by a network of 300,000+ farmers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals14 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result15 Oct, 03:10 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · FMCG P/E 37.8 (n=42)
Technical timing lens
Trend score and candlestick chart
39BearishSMA20 +3.0% / mo · MACD − · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 57
Sector RS: 14
Sector 3M: -11.3% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HERITGFOODD candles · FIT view+1.7%Latest close ₹366.30 on 2026-10-21
Bar
-5.6%
RSI
39
MACD hist
-3.69
52W pos
35%
2026-10-21O ₹388.00H ₹391.25L ₹363.90C ₹366.30Vol 3.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HERITGFOODNifty FMCGNifty 500
- HERITGFOOD
- +11.1%
- Nifty 500
- -6.5%
- Nifty FMCG
- -10.7%
- Vs Nifty 500
- +17.5 pp
Chart stats
21 Oct 2026- From 52W high
- -27.3%
- 52W range position
- 35%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.89x
- Avg traded value
- ₹13.6 Cr
- 20D price channel
- ₹363.9 - ₹429.3
₹503.8
₹292.6 - ₹503.8
₹18.9
Latest completed session
20-session average
43.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +18.6% · PAT -39.5% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-402.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Bad · 0/100PAT -39% YoY · margin compression · Rev +19% YoY
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,319.6 Cr | +18.6% | -1.4% |
| EBITDA | ₹74 Cr | -3.9% | +19.6% |
| Operating margin | 5.6% | -139 bps | +99 bps |
| PAT | ₹30.9 Cr | -39.5% | +23.6% |
| PAT margin | 2.3% | -224 bps | +47 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.61
- P/B
- 3.31
- EV/EBITDA
- 11.72
- Market Cap
- 3761.95Cr
Profitability
- ROE
- 12.60%
- ROCE
- 14.80%
- ROA
- 8.66%
- Dividend Y
- 0.63%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -3.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 34.00%
Balance Sheet
- Debt/Equity
- 0.33
- Interest Coverage
- 12.10×
- Altman Z
- 9.57
- Book Value
- 119.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 237.00 Cr
- EPS TTM
- 12.43
Shareholding
- Promoter Hold
- 41.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 4,934+9.0% vs prev
Net Profit
₹ CrLatest: 150-20.2% vs prev
Return on Equity
%Latest: 13.6-29.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 39. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.9% over last month) — short-term momentum positive.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 2 UptrendEstablished S2
1M return
-13.1%
3M return
+11.1%
6M return
+1.3%
1Y return
-25.2%
RS 1D
-4
RS 20D
-12
Sector rank
#13
Industry rank
#60
Stage evidence
- Price is 4.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
18 Sept 2026
S2 age
22 trading sessions
Sector
weakening
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 79.45-4.75%
RS vs Nifty 50079
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation6/30
Growth4/25
Quality2/20
Balance Sheet9/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -402.0%.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
32.6
PB
3.3
EV/EBITDA
11.7
ROE
12.6%
ROCE
14.8%
FCF Yield
—
Debt/Equity
0.3
MoS
-402.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-402.0%
Previous: -402.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
30
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹182.43
-100.8% MoS
Growth-justified P/E
5.9
Growth-justified Value
₹72.96
-402.0% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in FMCG — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DODLA
Small
Dodla Dairy Limited
FMCG
match 136
48
24.8
16.4%
+25%
FAIR VALUE
BECTORFOOD
Micro
Mrs. Bectors Food Specialities Limited
FMCG
match 129
33
42.3
11.4%
+7%
WATCHLIST
JYOTHYLAB
Micro
Jyothy Labs Limited
FMCG
match 126
51
23.9
21.7%
+1%
FAIR VALUE
GOPAL
Small
Gopal Snacks Limited
FMCG
match 114
27
57.6
4.7%
-27%
OVERVALUED
SUNDROP
Small
Sundrop Brands Limited
FMCG
match 113
24
101.0
1.3%
-1958%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-17T00:40:49.915Z
Management commentary snapshot
Q1 FY27 revenue hits record ₹13,381 Mn, up 18% YoY, driven by 39% YoY VAP growth. However, elevated milk procurement costs led to a 16% YoY EBITDA decline and 38% YoY PAT drop.
While Heritage Foods delivered strong top-line growth and continued VAP expansion, profitability was significantly impacted by higher input costs. Management's focus on procurement, market share, and VAP growth, alongside strategic acquisitions and capacity additions, indicates a commitment to long-term strategy, but margin pressure is a concern.
Current business mix
Revenue by Product Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Milk56.0%
VAP33.0%
FAT7.0%
Others4.0%
Growth engines
Expanding Value-Added Products (VAP) Portfolio
VAP revenue grew 39% YoY, reaching 49% of total revenue (incl. Ghee/Butter consumer packs). Strategic acquisitions like Novandie and Peanutbutter & Jelly strengthen premium VAP.
Distribution Expansion & Market Penetration
Integrated distribution network with 7500+ distributors and 205,000 retail outlets, driving balanced growth across the portfolio.
Ice Cream Business Growth
New state-of-the-art ice cream plant started commercial production, targeting ₹500+ crore revenue by FY30.
Heritage Nutrivet Limited
Wholly owned subsidiary's Q1 FY27 revenues up 37% YoY, enhancing livestock health and milk yield, supporting the core dairy business.
Capacity and execution
Ice Cream Manufacturing Facility
State-of-the-art plant at Shamirpet, Hyderabad, with 31 million litres annual capacity, has started commercial production.
Tailwinds
Shift from Unorganized to Organized Dairy Sector
The organized sector is growing, with ~40% of milk sales handled by it, compared to 90% in developed nations, indicating significant headroom for growth.
Growing Urban Consumption & Disposable Income
Urbanization and higher disposable incomes are key factors driving VAP growth and overall dairy demand.
Booming Healthy Food Revolution
The domestic healthy food market is projected to grow significantly, aligning with Heritage's focus on quality and nutritious dairy options.
Government Impetus on Dairy Sector
Government initiatives like NAPD, NPDD, and interest subvention schemes support the dairy sector's growth and production of value-added products.
Headwinds
Elevated Milk Procurement Costs
Q1 FY27 procurement prices increased to ₹46.61/L, up 7% YoY, weighing on profitability.
Constrained Milk Availability
The quarter was marked by constrained milk availability across the industry.
Input Cost Inflation
Input cost inflation temporarily weighed on profitability in Q1 FY27.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The dairy business has seasonal elements, making YoY comparisons crucial for understanding underlying performance. However, QoQ comparisons are also relevant to assess sequential momentum in VAP growth and the recovery of profitability from previous quarters.
Sector KPIs management disclosed
Revenue from Operations
₹13,381 Mn, up 18% YoY and 16% QoQ.
Value-Added Products (VAP) Revenue (incl. Ghee/Butter consumer packs)
₹6,322 Mn, up 39% YoY.
VAP Contribution to Total Revenue (incl. Ghee/Butter consumer packs)
49.0% in Q1 FY27, up 8.4% YoY from 40.6% in Q1 FY26.
Milk Procurement Volumes
1.81 MLPD, up 2% YoY.
Management forward view
Confidence in Long-Term Growth
Management is confident that investments in procurement, innovation, premiumization, and distribution will deliver sustainable and profitable long-term growth as industry conditions normalize.
Strategic Priorities for Future Growth
Clear strategic priorities include Margin Expansion, becoming Highly Tech Enabled, expanding Geographical Footprint, and Brand Building.
Value Creation through Flexibility and Innovation
Management aims to create value by staying flexible, introducing innovative products, and expanding into high-growth markets to meet consumer needs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| VAP Contribution to Total Revenue | 49.0% (incl. Ghee/Butter consumer packs) in Q1 FY27 | Continued increase in VAP contribution, indicating successful premiumization and portfolio diversification. |
| EBITDA Margins | 4.6% in Q1 FY27 | Recovery and expansion of EBITDA margins as milk procurement costs normalize and VAP contribution grows. |
| Milk Procurement Costs | ₹46.61/L, up 7% YoY in Q1 FY27 | Stabilization or decline in milk procurement costs to alleviate pressure on profitability. |
| Ice Cream Revenue | ₹560 Mn (Q1 FY27) | Ramp-up of ice cream revenue towards the FY30 target of ₹500+ crore, indicating successful utilization of new capacity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 16th percentile within FMCG. Main check: results consistency is weak at 47/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
141 docs text-extracted · 61 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · FMCG: 16th pctile, median 79 · Micro: 38th pctile, median 73
Evidence depth
Financial-only
141 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
47
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3.5%.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.9%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Heritage Foods Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 16 Oct - Newspaper advertisement for Un-audited Financial Results for the quarter and six month ended September 30, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - One-on-one analyst meeting with Kriis Portfolio on September 24, 2026, in Hyderabad.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Heritage Foods schedules one-on-one virtual meeting with NV Alpha Fund on September 10, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Heritage Foods schedules one-on-one meeting with YES Securities on September 18, 2026 in Hyderabad.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - One-on-One meeting is scheduled with the Analyst/Institutional Investor on September 10, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - Heritage Foods schedules one-on-one virtual meeting with Abakkus Mutual Fund on September 8, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug - Heritage Foods schedules one-on-one virtual meeting with Aequitas Investment on August 21, 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug - Heritage Foods schedules a virtual one-on-one analyst meeting with Maximal Capital on August 19, 2026.
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun - Submission of copies of newspaper advertisement - 34th AGM Notice to Shareholders
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.