Heritage Foods Ltd
NSE: HERITGFOOD · Dairy Products · sector
₹344.10NSE close 2026-10-26
Key numbers
Market cap₹3,193 cr
Price₹344.10
52w high / low₹504 / ₹293
P/E27.7xSector median 22.6x
P/B2.8xSector median 2.8x
Book value₹122.5
Dividend yield0.73%Sector median 0.34%
ROE10.5%Sector median 14.8%
ROCE12.1%Sector median 14.1%
OPM5.1%Sector median 4.2%
Debt / equity0.30xSector median 0.31x
EV/EBITDA13.1xSector median 14.3x
Interest cover7.3x
Current ratio1.41x
Sales growth 3y+11.8%Sector median +11.8%
Profit growth 3y+37.3%Sector median +29.7%
PEG0.75x
Last 12 months to Sep 2026, Consolidated. "Sector median" = middle value of 15 companies in Dairy Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹256 cr vs borrowings ₹324 cr (FY26): borrowings are higher by ₹68 cr.
- Operating profit covered interest 7.3x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 1 of the last 5 years (FY23).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 21% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹344.10 on 2026-10-26: -31.7% from the 52-week high, +17.6% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹638.15 · low ₹297.95
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,034 | 1,048 | 1,137 | 1,113 | 1,119 | 1,158 | 1,338 | 1,320 |
| EBITDA | 72 | 70 | 74 | 87 | 63 | 53 | 62 | 74 |
| OPM % | 7.0% | 6.6% | 6.5% | 7.8% | 5.6% | 4.6% | 4.6% | 5.6% |
| Other income | 8 | 7 | 5 | 5 | 8 | 6 | 6 | 3 |
| Net profit | 43 | 38 | 41 | 51 | 35 | 24 | 25 | 31 |
| EPS (₹) | 4.64 | 4.11 | 4.37 | 5.50 | 3.73 | 2.60 | 2.72 | 3.38 |
| Revenue YoY | +8.2% | +10.4% | +17.7% | +18.6% | ||||
| Profit YoY | -19.6% | -37.3% | -38.5% | -39.5% |
Consolidated figures where filed. Latest quarter Sep 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,681 | 3,241 | 3,794 | 4,135 | 4,526 | 4,934 |
| EBITDA | 176 | 130 | 203 | 315 | 275 | 252 |
| Net profit | 97 | 58 | 107 | 188 | 150 | 114 |
| EPS (₹) | 20.81 | 6.33 | 11.48 | 20.29 | 16.22 | 12.43 |
| Revenue growth | +20.9% | +17.1% | +9.0% | +9.5% | +13.9% | |
| Profit growth | -40.0% | +83.8% | +76.7% | -20.3% | -33.8% | |
| Dividend / share (₹) | 7.50 | 2.50 | 2.50 | 2.50 | 2.50 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +11.8% | +12.8% | +13.9% |
| Net profit | +37.3% | 0.0% | -33.8% |
| EPS | +36.8% | -12.9% | – |
| Share price | – | -24.4% (2y) | -23.6% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 726 | 808 | 972 | 1,103 |
| Borrowings | – | 134 | 93 | 136 | 324 |
| Cash & equivalents | – | 19 | 206 | 256 | 256 |
| Total assets | – | 1,125 | 1,281 | 1,558 | 1,950 |
| Fixed assets | – | 613 | 697 | 741 | 1,139 |
| Capital work in progress | – | 20 | 20 | 68 | 47 |
| Investments | – | 15 | 18 | 10 | 0 |
| Receivables | – | 28 | 29 | 38 | 71 |
| Inventory | – | 379 | 262 | 355 | 318 |
| Payables | – | 45 | 145 | 172 | 204 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 148 | -61 | 390 | 214 | 237 |
| Cash from investing | -42 | -83 | -252 | -229 | -375 |
| Cash from financing | -93 | 126 | -76 | 1 | 138 |
| Capex | 46 | 83 | 127 | 176 | 382 |
| Free cash flow | 101 | -144 | 263 | 37 | -145 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 8.0% | 13.2% | 19.4% | 13.6% |
| ROCE % | – | 10.0% | 17.1% | 24.7% | 15.3% |
| Debtor days | – | 3 | 3 | 3 | 6 |
| Inventory days | – | 53 | 32 | 42 | 34 |
| Payable days | – | 6 | 18 | 20 | 22 |
| Cash conversion cycle (days) | – | 50 | 17 | 25 | 18 |
| Working capital days | – | 16 | 21 | 27 | 16 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 41.30% |
| FIIs | 1.70% |
| DIIs | 6.29% |
| of which Mutual funds | 4.96% |
| of which Insurance | 0.05% |
| Public (non-institutions) | 50.70% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 41.30% | 41.30% | 41.30% | 41.30% | 41.30% | 41.30% | 41.30% | 41.30% |
| Promoter group | % |
|---|---|
| Bhuvaneswari Nara | 24.37% |
| Nara Lokesh | 10.82% |
| Megabid Finance and Investment Private Limited | 5.59% |
| Brahmani Nara | 0.46% |
| Devaansh Nara | 0.06% |
| Ramakrishna Nandamuri | 0.00% |
| V Naga Raja Naidu | 0.00% |
| N Balakrishna | 0.00% |
| Public holders above 1% | % |
|---|---|
| Nirvana Holdings Private Limited | 11.76% |
| Bandhan Small CAP Fund | 2.92% |
| Abakkus Flexi CAP Fund | 1.91% |
| Investor Education and Protection Fund Authority | 1.14% |
1,18,993 shareholders. Pledged: 0.00% of promoter shares.
Peers in Dairy Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HATSUN | ₹21,917 cr | 59.7x | 11.1x | 19.2% | 18.6% | 10.8% | +11.2% | 0.61% |
| MILKYMIST | ₹18,340 cr | – | – | – | – | – | – | – |
| KWIL | ₹8,089 cr | – | 12.0x | -54.9% | -54.8% | -10.0% | – | – |
| DODLA | ₹5,877 cr | 24.0x | 3.5x | 15.9% | 15.1% | 6.7% | +13.6% | 0.21% |
| VADILALIND | ₹4,946 cr | 22.6x | 5.8x | 30.3% | 32.6% | 18.7% | +12.4% | 0.30% |
| HERITGFOOD | ₹3,193 cr | 27.7x | 2.8x | 10.5% | 12.1% | 5.1% | +11.8% | 0.73% |
| PARAGMILK | ₹3,056 cr | 23.2x | 2.4x | 11.3% | 13.1% | 6.7% | +9.7% | 0.39% |
| VADILENT | ₹817 cr | 15.1x | 24.7x | 49.3% | 28.8% | 3.0% | +9.4% | 0.02% |
| SCPL | ₹589 cr | 28.4x | 3.8x | 14.8% | 17.4% | 11.6% | – | – |
| MLKFOOD | ₹233 cr | 3.6x | 1.0x | 22.6% | 21.4% | 2.5% | -4.0% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Dairy | ₹4,431 cr | 94.5% | ₹183 cr | 4.1% |
| Feed | ₹245 cr | 5.2% | ₹20 cr | 8.1% |
| Renewable Energy | ₹10 cr | 0.2% | ₹5 cr | 49.5% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-15 | Dividend | Dividend - Rs 2.50 Per Share |
| 2025-07-23 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2024-08-13 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2023-08-14 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2023-01-20 | Rights | Rights 1:1 @ Premium Rs 0/- |
| 2022-07-21 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2021-11-01 | Dividend | Interim Dividend - Rs 2.50 Per Share |
| 2021-07-22 | Dividend | Annual General Meetingdividend - Rs 5 Per Share |
| 2020-08-19 | Dividend | Annual General Meeting/Dividend - Rs 2.50 Per Share |
| 2019-08-21 | Dividend | Annual General Meeting/Dividend - Rs 2 Per Share |
| 2018-08-20 | Dividend | Annual General Meeting/Dividend- Rs 2 Per Share (Purpose Revised) |
| 2017-10-10 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share |
| 2017-08-11 | Dividend | Annual General Meeting/Dividend - Rs 3/- Per Share/Special Dividend Re 1/- Per Share |
| 2016-08-09 | Dividend | Annual General Meeting/Dividend Rs 3/- Per Share |
| 2015-09-15 | Dividend | Annual General Meeting/ Dividend - Rs 3/- Per Share |
| 2014-09-18 | Dividend | Annual General Meeting / Dividend - Rs 3/- Per Share |
| 2013-07-26 | Bonus | Bonus 1:1 |
| 2013-06-19 | Dividend | Annual General Meeting/ Dividend Rs. 3 Per Share (Bc Dates Revised) |
| 2012-09-24 | Dividend | Annual General Meeting/ Dividend Rs. 2 Per Share |
| 2011-09-22 | Dividend | Annual General Meeting And Dividend Rs.1.20 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Processing, Manufacturing and sales: Milk procurement, processing, and manufacturing of value-added dairy products for selling
| Sector | Fast Moving Consumer Goods |
| Industry | Dairy Products |
| Sub-industry | Dairy Products |
| Symbol | HERITGFOOD |
| BSE code | 519552 |
| ISIN | INE978A01027 |
| Face value | ₹5.0 |
| Incorporated | 1992-06-05 |
| Website | www.heritagefoods.in |
| Plants (India / abroad) | 15 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.