Heritage Foods519552Quarterly results

Q2 FY27 revenue up 19% YoY to INR13,196Mn; EBITDA margin 5.6%, PAT down 39% YoY

Q2 FY27 revenue INR13,196Mn, up 19% YoY.

By ScoutQuest · Thu 15 Oct 2026, 3:28 PM IST · 3 min read

INR26,577Mn

Q2 FY27INR13,196MnH1 FY27INR26,577Mn

Consolidated revenue: INR13,196Mn (Q2 FY27) and INR26,577Mn (H1 FY27).

Q2 FY27 Revenue: INR13,196Mn, up 19% YoY
Q2 FY27 PAT: INR309Mn, down 39% YoY
Average Landed Milk Procurement Cost: INR47.73/L, up 11% YoY

The company shared a media release on its un-audited financial results for the quarter and six months ended September 30, 2026, prepared under Ind AS.

Quarter at a glance (consolidated)

Revenue INR13,196Mn, up 19% YoY, down (1)% QoQ
Gross margins 21.8%, up 63 bps QoQ, down (271) bps YoY
EBITDA INR740 Mn, down (4)% YoY, up 20% QoQ
EBITDA margin 5.6%, up 98 bps QoQ, down (133) bps YoY
PAT INR309 Mn, down (39)% YoY, up 24% QoQ

Half year at a glance (consolidated)

Revenue INR26,577Mn, up 18% YoY
Gross margins 21.5%, down (265) bps YoY
EBITDA INR1358Mn, down (10)% YoY
EBITDA margin 5.1%, down (161) bps YoY
PAT INR558Mn, down (39)% YoY

Volumes and milk prices

Milk procurement volumes were 17.28 LLPD in Q2 FY27, up 7% YoY, and 17.69 LLPD in H1 FY27, up 4% YoY
Average landed milk procurement cost was INR47.73/L in Q2 FY27, up 11% YoY (up Rs.4.74/L versus Q2 FY26), and Rs 47.06/L in H1 FY27, up 9% YoY
Milk sales volumes were 12.35 LLPD in Q2 FY27, up 2.5% YoY, and 11.99 LLPD in H1 FY27, up 1% YoY
Average milk realisation was INR60.34/l in Q2 FY27, up 6% YoY, and 59.54/L in H1 FY27, up 5% YoY
Daily curd sales surpassed 500 tons per day during the quarter, while yogurt volumes crossed 100 tons

Value-added products

VAP revenue excluding Ghee/Butter grew 32% YoY to INR4,510 million in Q2 FY27 and 36% YoY to INR10,146 million in H1 FY27
VAP contribution excluding Ghee/Butter was 35.4% in Q2 FY27 versus 31.3% in Q2 FY26, and 39.6% in H1 FY27 versus 33.7% in H1 FY26
Including Ghee/Butter, VAP revenue rose 31% YoY to INR5,408 million in Q2 FY27 and 35% YoY to INR11,730 million in H1 FY27, contributing 42.5% of revenue in Q2 FY27 versus 37.9% in Q2 FY26 and 45.7% in H1 FY27 versus 39.3% in H1 FY26
Category revenue growth in Q2 FY27 was led by Lassi +91%, Ice Cream +81%, Buttermilk +66%, Paneer +38% and Curd +26%

Subsidiaries and other updates

Heritage Nutrivet Limited recorded Q2 FY27 revenue of INR853 million, up 47% YoY, with profit before tax of INR37 million; H1 FY27 revenue rose 42% to INR1,581 million, with PBT of INR56 million
Heritage Novandie, the wholly owned yogurt business, ranked among the Top 5 yogurt brands, while 71%-owned Get-A-Way recorded robust revenue growth in Q2 FY27
The company's wind farm, comprising three wind turbine generators with an aggregate installed capacity of 6.3 MW, received the Indian Wind Power Association's "Best Performing Wind Farm" award for FY 2025-26

What management said

Mrs. Brahmani Nara, Executive Director, described the quarter as "another quarter of strong execution", with 19% YoY revenue growth and a 98bps sequential recovery in EBITDA margin to 5.6% despite elevated milk procurement costs. She said near-term cost pressures persist and the focus remains on strengthening the procurement ecosystem, expanding VAP capacity and innovation across premium and nutrition-led categories.

Earnings call

The earnings conference call will be held on 16th October, 2026 at 11:00 AM (IST), accessible through universal access dial-ins +91 22 6280 1456 / +91 22 7115 8804.

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