Heritage Foods Limited — Investor Meet, 31-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Heritage Foods posted Q3 FY26 consolidated revenue of INR 1,119.2 Cr, up 8% YoY. EBITDA was INR 62.9 Cr, and PAT was INR 34.6 Cr. Margins were squeezed by a 9% YoY spike in milk procurement costs that outpaced consumer price hikes. Value-added product (VAP) revenues, including ghee and butter, surged 22.6% YoY, contributing 38% of total revenue.

Management noted Q3 saw tight industry supply and milk shortages due to excessive rainfall, leading to a 9% YoY drop in Q3 milk procurement. Management expects near-term cost pressures but anticipates margin normalization from improving supply and increased VAP contribution. New ice cream and flavored milk plants are set for commissioning. The company remains focused on strategic VAP growth and brand building to mitigate external factors.