Patanjali Foods Limited (PATANJALI)
Mid CapFMCG stocks · Mid cap · NSE
Patanjali Foods Limited (PFL) operates in edible oils and a diversified FMCG portfolio including HPC, biscuits, staples, ghee, and nutraceuticals. FY26 marked the first full year post-integration of the HPC business, with the company crossing INR 40,000 crore in top-line revenue.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +29% YoY · PAT +87% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,337 Cr | +29.3% | +1.6% |
| EBITDA | ₹543 Cr | +69.2% | +22.0% |
| Operating margin | 4.8% | +110 bps | +80 bps |
| PAT | ₹336 Cr | +86.7% | -35.9% |
| PAT margin | 3.0% | +91 bps | -174 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Patanjali Foods reports highest-ever quarterly revenue in Q4 FY26, crossing INR 40,000 crore annual top-line, driven by double-digit growth in edible oil and FMCG segments, despite input cost pressures.
PFL demonstrated strong top-line growth across key segments, with FMCG and edible oils showing healthy double-digit expansion. While input cost inflation and seasonal softness impacted Q4 margins and specific food categories, management's strategic focus on distribution, innovation, and cost optimization, alongside scale advantages, positions the company to navigate near-term challenges and capitalize on India's consumption story.
Q4 FY26 Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
Home & Personal Care (HPC) - Skin Care
Skin care is emerging as a breakout category, growing 57.66% YoY in Q4 FY26, identified as a key strategic focus.
Branded Edible Oils
Accounted for around 75% of total edible oil sales and continued to be the primary growth driver.
Biscuits - Doodh Biscuits
Annual turnover of Doodh biscuits in FY26 was over INR 1,300 crores versus INR 1,000 crores in FY25, reflecting consistent investment and distribution depth.
Oil Palm Plantation
Sustained investments in oil palm plantation initiatives are focused on supporting domestic production, improved supply security, and reducing reliance on imports over the long term.
Oil Palm Cultivated Area
As of March 31, 2026, cultivated area stood at 1,10,722 hectares, registering 23.65% YoY growth and 2,558 hectares sequentially.
Resilient Domestic Demand
Consumption was supported by improved channel offtakes, urban demand from tax relief, and rural demand from healthy crop season and government welfare spending.
Advantage for Large National Brands
Large national brands like PFL are relatively better positioned to navigate crude-linked volatility due to strong distribution network and scale advantage.
Government's Atmanirbhar Bharat Vision
The government's advisory encouraging lower edible oil consumption highlights the strategic importance of domestic production, aligning with PFL's oil palm initiatives.
Sharp Increase in Input Costs
Edible oil complex witnessed sharp price increases (RBD palm, refined wheat, deodorized palm oil +20%; refined soy oil +23% between Jan-Mar '26). Packaging materials, freight, and insurance costs also increased.
Geopolitical Uncertainties
Crude oil volatility amid ongoing geopolitical tensions led to increased palm oil (+15%), soybean (+17%), and sunflower (+22%) prices YoY in April '26.
Seasonal Softness in Specific Categories
Biscuits experienced a marginal sequential dip in Q4 due to seasonality. Ghee sales saw a seasonal softness and drop due to early onset of summers and Middle East crisis.
Impact of El Nino and Government Policies
Drought-like conditions from El Nino and potential government overreach in policies could disrupt the staples business.
Elevated Crude-Linked Volatility
Crude-linked volatility remains elevated, making the operating environment increasingly challenging, especially for smaller and unorganized players.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
YoY comparison is crucial for assessing overall growth and segment performance, especially for seasonal businesses like biscuits and oil palm. QoQ comparison is important for understanding sequential momentum, immediate impact of input cost volatility, and short-term operational efficiency.
Revenue from Operations
Q4 FY26: INR 11,155.60 crores (highest ever quarterly revenue). FY26: INR 40,169.58 crores.
Total EBITDA (excl. exceptional items)
Q4 FY26: INR 501.96 crores (margin 4.48%). FY26: INR 1,931.52 crores (margin 4.79%).
Edible Oil Segment Revenue Growth
Q4 FY26: INR 8,324 crores, registering 23.28% YoY growth. FY26: INR 29,313.54 crores, registering 18.39% YoY growth.
FMCG Segment Revenue Growth
Q4 FY26: INR 2,890 crores. FY26: INR 11,188 crores, growing 19.95% YoY.
Strategic Focus Areas
Management remains focused on strengthening brand portfolio, expanding distribution footprint, driving operational efficiencies, and building scale across emerging categories.
Commitment to Innovation and Engagement
Committed to enhancing investment behind innovation and consumer engagement.
FY27 Growth Guidance
Anticipates 3-5% volume growth in edible oils, 8-10% growth in the overall foods portfolio, and 15% growth for the HPC business.
FY27 Margin Guidance
Expects edible oil EBITDA margin slightly below 4%, HPC closer to 18%+, and Foods closer to 10%. Overall blended EBITDA growth of 12-15% for next year.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Edible Oil Segment EBITDA Margin | 2.58% (Q4 FY26) | Progress towards management's target range of 2-4% amidst price volatility, especially in Q1 FY27. |
| HPC Segment EBITDA Margin | 10.11% (Q4 FY26) | Improvement towards management's target of 18%+ as efficiencies and growth drive performance. |
| Staples Business Performance | Q4 FY26 saw a decline due to rice and ghee sales softness. | Reversal of the decline in coming quarters, particularly given potential El Nino impacts and government policies. |
| Oil Palm Plantation Growth & Yield | Cultivated area 1,10,722 hectares (23.65% YoY growth). | Continued growth in cultivated area and increasing yields as plantations mature, contributing to margin expansion. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -1.5% / mo · MACD + · near 52W low
Technical chart
PATANJALIdaily · 1Y · AUTO-31.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 32.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 32 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 21.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.9%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 61 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 58.0%.
- Balance sheet contributes 13/15 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Quality is weaker at 11/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +26 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 43rd percentile within FMCG. Main check: cash conversion is weak at 52/100.
High Trust Lite: Promoter holding is 68.3%. Key concern: Operating cash flow is negative at ₹-333 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 43rd pctile, median 78 · Mid: 55th pctile, median 76
70 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 68.3%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-333 Cr.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 17.20
- P/B
- 2.85
- EV/EBITDA
- 20.10
- Market Cap
- 37268.00Cr
Profitability
- ROE
- 16.50%
- ROCE
- 12.00%
- ROA
- 9.65%
- Dividend Y
- 1.46%
Growth (CAGR)
- Revenue 5Y
- 9.57%
- EPS 5Y
- 47.24%
- Revenue 3Y
- -7.00%
- EPS 3Y
- -7.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 11.84×
- Altman Z
- 7.71
- Book Value
- 120.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -333.00 Cr
- EPS TTM
- 18.12
Shareholding
- Promoter Hold
- 68.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable names in FMCG, ranked by similarity
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.