Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result14 Aug, 08:27 pm IST
Score20 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
35BearishSMA20 +7.8% / mo · MACD − · near 52W low · sector -4.5pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 18
Sector 3M: -10.2% vs Nifty 500 -5.6%
FMCG FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PATANJALID candles · FIT view-21.2%Latest close ₹364.80 on 2026-10-19
Bar
-0.6%
RSI
50
MACD hist
-0.90
52W pos
13%
2026-10-19O ₹367.00H ₹367.00L ₹359.45C ₹364.80Vol 40.1L 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
PATANJALINifty FMCGNifty 500
- PATANJALI
- +7.5%
- Nifty 500
- -5.6%
- Nifty FMCG
- -10.5%
- Vs Nifty 500
- +13.1 pp
Chart stats
19 Oct 2026- From 52W high
- -40.6%
- 52W range position
- 13%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.84x
- Avg traded value
- ₹186 Cr
- 20D price channel
- ₹348.6 - ₹412.9
₹614.1
₹328.2 - ₹614.1
₹9.9
Latest completed session
20-session average
40.9% 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 consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +29.3% · PAT +86.7% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model-149.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
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 Jun 2026
Excellent · 90/100Rev +29% YoY · PAT +87% YoY · margin expansion · operating leverage
Filed 14 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 18.50
- P/B
- 3.07
- EV/EBITDA
- 21.37
- Market Cap
- 39988.00Cr
Profitability
- ROE
- 16.00%
- ROCE
- 12.10%
- ROA
- 9.65%
- Dividend Y
- 1.35%
Growth (CAGR)
- Revenue 5Y
- 1.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- -6.00%
- EPS 3Y
- -6.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 11.91×
- Altman Z
- 8.00
- 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
- 14%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 40.2k+19.0% vs prev
Net Profit
₹ CrLatest: 1,814+39.4% vs prev
Return on Equity
%Latest: 13.8+21.1% 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 trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~7.3% over last month) — short-term momentum positive.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 41% off 52W high · 11% 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
12
RS percentile
Stage 4 Downtrend
1M return
-0.6%
3M return
+7.5%
6M return
-22.7%
1Y return
-38.5%
RS 1D
0
RS 20D
+10
Sector rank
#15
Industry rank
-
Stage evidence
- Price is 10.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -4.0%.
50-DMA
price above
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 63.82+0.35%
RS vs Nifty 50064
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth2/25
Quality11/20
Balance Sheet12/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
Positive drivers
- Balance sheet contributes 12/15 to the score.
- Quality contributes 11/20 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -149.8%.
- Growth is weaker at 2/25; verify the latest quarterly trend.
- Valuation is weaker at 5/30; 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
18.5
PB
3.1
EV/EBITDA
21.4
ROE
16.0%
ROCE
12.1%
FCF Yield
—
Debt/Equity
0.2
MoS
-149.8%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-149.8%
Previous: -149.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
61
61
61
61
61
61
61
37
37
37
37
37
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
₹221.19
-64.9% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹146.05
-149.8% MoS
PEG
18.50
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
TI
Micro
Tilaknagar Industries Limited
Retail
match 97
31
59.9
12.6%
-33%
OVERVALUED
LTFOODS
Large
LT Foods Limited
Retail
match 96
57
22.7
14.7%
+51%
FAIR VALUE
MANORAMA
Micro
Manorama Industries Limited
Retail
match 95
58
48.9
39.3%
+8%
FAIR VALUE
TRIVENI
Micro
Triveni Engineering & Industries Limited
Retail
match 95
31
21.5
8.7%
-188%
OVERVALUED
KEI
Mid
KEI Industries Limited
Retail
match 95
43
43.9
14.7%
-8%
WATCHLIST
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 intactReviewed 2026-06-15T07:40:11.927Z
Management commentary snapshot
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.
Current business mix
Q4 FY26 Revenue by Segment
Latest issuer-disclosed distribution across 2 reported categories.
FMCG25.8%
Edible Oil74.2%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
76Limited 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 81st percentile of the scored universe and 43rd percentile within FMCG. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
71 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · FMCG: 43rd pctile, median 79 · Mid: 54th pctile, median 76
Evidence depth
Financial-only
71 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
Can support position sizing if valuation and trend also agree.
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
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
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.
Continue researching Patanjali Foods Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper Advertisement regarding 40th Annual General Meeting of the Company post dispatch of Notice and Annual Report.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 5 Sep - Submitted FY 2025-26 BRSR with reasonable assurance statement and Integrated Annual Report disclosure.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.