Heritage Foods Ltd(HERITGFOOD)

NSE: HERITGFOODBSE: 519552

₹ 348.85-4.42%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 3,237 crWebsite: www.heritagefoods.inUpdated: 24 Oct 2026

About

Heritage Foods Ltd is a South India-based dairy company that procures, processes and sells liquid milk, value-added dairy products such as curd, paneer, ice cream, ghee and butter, and animal feed. FY26 revenue was 4525.99, with the Dairy segment contributing 94.5% and the Feed segment 5.2%. In Q2 FY27 it procured 1.73 MLPD of milk, and value-added products made up 35.4% of revenue.^[1][2][3][4]

Business segments

Dairy segment: 94.5% of FY26 revenue (INR 4,430.88 Cr), EBIT margin 4.1% in FY26; covers liquid milk procurement, processing and value-added dairy products.^[2]
Feed segment (Heritage Nutrivet): 5.2% of FY26 revenue (INR 245.44 Cr), EBIT margin 8.1% in FY26; animal nutrition products sold to dairy farmers.^[2]
Feed's revenue share grew 2.4 percentage points over FY2018-FY2026, while Dairy's share contracted 1.7 percentage points.^[2]
Cattle feed subsidiary Heritage Nutrivet's revenue grew 47% YoY in Q2 FY27.^[3]
A renewable energy division reported turnover of Rs 87.70 Mn in FY25 vs Rs 90.29 Mn in FY24.^[5]

Products and brands

VAP revenue rose 32% to Rs 4,510 mn in Q2 FY27; VAP share of revenue was 35.4% in Q2 FY27 vs 31.3% in Q2 FY26.^[3]
Including consumer ghee and butter, VAP was 42.5% of revenue in Q2 FY27 vs 37.9% a year earlier.^[3]
Nourish+ High Protein Paneer accounted for more than 15% of all paneer sales in Q2 FY27; Greek yogurt crossed 100 tons in Q2 FY27, with flavoured variants to follow the plain one.^[3]
Ice cream brands: Alpenvie (grew 44% YoY in Q1 FY27) and Get-A-Way (premium high-protein, zero-sugar; grew 196% YoY in Q1 FY27), both made at the Shamirpet facility.^[6]
Livo high-protein yogurt brand is operated through Heritage Novandie Foods and won national metro and Q-commerce listings within months of launch.^[6]
Consumer ghee and salted butter revenues grew 48% YoY in FY26; bulk fat revenue was cut by 70% to INR 37.56 Cr to prioritise branded consumer sales.^[4]

Milk procurement and operations

Milk procurement: 1.73 MLPD in Q2 FY27, up 7% YoY.^[3]
Average milk procurement price: Rs 47.73/L in Q2 FY27, up 11% YoY.^[3]
Shamirpet (Hyderabad) greenfield ice cream plant, 24 million litre annual capacity, began commercial production in Q4 FY26 and reached ~40% utilisation in Q1 FY27.^[4]
A flavored milk line at Tirupati was nearing full operation as of Q4 FY26; curd capacity was expanded by 50 tonnes per day during FY26.^[4]

Key operating numbers

Milk sales volume: 1.24 MLPD in Q2 FY27, up 2.5% YoY.^[3]
Average milk selling price: Rs 60.34/L in Q2 FY27, up 6% YoY.^[3]
VAP volume growth in Q1 FY27 (YoY): paneer +33%, curd +26%, ice cream +25%, buttermilk +60%, lassi +98%.^[6]
Ice cream revenue crossed INR 550 million in Q1 FY27, up 65% YoY; FY26 full-year run-rate was approximately INR 106 Cr.^[6]
Curd's share of VAP revenue declined from ~75% to 68.9% in Q1 FY27.^[6]

Distribution and reach

Products reach 2,05,000 retail outlets (as stated in the Q2 FY27 call).^[3]
About 5,000 farmers were added to the procurement network in Q1 FY27; a further ~5,000 were planned for Q2 FY27.^[6]
North India and Mumbai together contributed below 10% of revenue and were loss-making as of Q4 FY26; at least one region is targeted to approach breakeven in FY27.^[4]
GST rate cuts (ice cream 18% to 5%; UHT milk and packed paneer to 0%; butter, ghee, cheese to 5%) are expected to speed conversion from the unorganised sector.^[7]

Expansion and capex

FY27 capex guided at about INR 250 Cr (raised from INR 200 Cr), covering paneer and ghee capacity expansion plus procurement-side investments.^[6]
Paneer capacity expansion was under construction as of Q1 FY27, targeted for commissioning in Q2 or Q3 FY27.^[6]
Consumer ghee capacity expansion is underway, following 50%+ revenue growth in FY26.^[4]
Target: VAP (excluding bulk fats) at 32% of revenue and gross margin of 27% by FY28.^[3]
Ice cream revenue target of INR 500+ Cr from Shamirpet in about 6-7 years at 20-25% annual growth from the FY26 base of ~INR 106 Cr.^[6]
Borrowing limit was raised from Rs 500 Cr to Rs 800 Cr for operations and capex expansion (FY25 annual report).^[5]

Recent developments

On October 16, 2026, Heritage Foods raised its stake in Heritage Novandie Foods from 94.40% to 100%, making it a wholly owned subsidiary.^[8]
Stake in Peanut Butter and Jelly Limited (Get-A-Way) rose to 71% in Q1 FY27 from the 51% controlling stake acquired in January 2026.^[6]
Co-manufacturing for Get-A-Way began at the Shamirpet plant as of Q4 FY26.^[4]
CRISIL revised the rating outlook from A+/Stable to A+/Positive (FY25 annual report).^[5]

Market Cap

₹3,237 Cr

High / Low

₹504 / 292

Stock P/E

28.3

Price / Book

2.9

Book Value

₹119

EPS

₹16.2

No. of Shares

9.28 Cr

ROCE

16.0%

ROE

14.5%

OPM

4.6%

Debt / Equity

0.29

Sales

₹4,526 Cr

Net Profit

₹150 Cr

Promoter holding

41.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Heritage Foods Ltd(HERITGFOOD)

About

Business segments

Products and brands

Milk procurement and operations

Key operating numbers

Distribution and reach

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions