Heritage Foods
- Market cap
- ₹ 3,237 Cr.
- P/E
- 29.1x
- P/B
- 3.06x
- 52-week range
- 292.55 – 503.8
- ROE
- 13%
- ROCE
- 15%
- Dividend yield
- 0.7%
- Debt / equity
- 0.33
- Sector
- Food Products
- Industry
- Dairy Products
- Listed on
- NSE, BSE
About
Heritage Foods Limited is an India-based dairy company. The Company's segments include Dairy, Renewable energy, and Feed. The Dairy segment is engaged in the manufacturing and market a complete range of milk and milk products. The Renewable energy segment produces power for captive consumption through its solar and wind power plants. The Feed segment is engaged in the manufacturing of a wide varieties of animal feeds. The Company's milk products include Liquid milk, (UHT) Ultra-High Temperature milk, A2 milk, Skimmed milk powder, Organic milk. Its fat products include Ghee, Butter. Its value-added products include curd, Cheese, paneer, buttermilk, LIVO flavoured milk, lassi, milkshakes, Sweets, Ghee, Butter, Fresh Cream, Cold Coffee, Skimmed Milk Powder and others.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Dairy Products: 15 companies →Heritage Foods against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)29.1 against a typical 25: pricier than most peers (1st = cheapest).9th of 14
- Sales growth+18.6% against a typical +17% from a year earlier.6th of 14
- Profit growth−39.2% against a typical +15% from a year earlier.10th of 11
- Share price, 3 months+8.6% against a typical +5%.6th of 12
- Size₹ 3,236.8 Cr. market value against a typical ₹ 822.6 Cr. (1st = largest).6th of 15
Latest announcements
Exchange filings and their impact on the company.
- Heritage Foods to merge its wholly-owned subsidiary Heritage Novandie Foods into itself, with no change to consolidated financials.
Heritage Foods' board on October 23, 2026 approved the amalgamation of its wholly-owned subsidiary Heritage Novandie Foods Limited into Heritage Foods Limited under Sections 230-232 of the Companies Act. The scheme is subject to NCLT, shareholder and other approvals. As a wholly-owned subsidiary merger with no share issuance, it simplifies the group structure but does not change consolidated business scale.
- 19 Oct 2026Analysts/Institutional Investor Meet/Con. Call UpdatesMedium impactPositivePrice −5.6% on 21 OctStrong 19% growth and richer value-added mix drive recovery, but high milk costs cap margin gains.
Heritage Foods held its Q2 and H1 FY27 earnings call on October 16, 2026. Management reported Q2 revenue up 19% to Rs 1319.6 crore with EBITDA of Rs 74 crore at 5.6% margin and PAT of Rs 30.9 crore, while milk procurement rose 7% but costs rose 11% to Rs 47.73 per litre. Value-added products grew 31-32% and now form 42.5% of sales, with Nutrivet up 47%, supporting further premiumisation and margin recovery from price hikes taken in September.
- Heritage Foods completed buyout of remaining 5.6% in Heritage Novandie, making it a 100% subsidiary.
Heritage Foods said the additional 5.60% equity shares of its subsidiary Heritage Novandie Foods Limited have been credited to its demat account on October 16, 2026. Its holding has increased from 94.40% to 100%, making Heritage Novandie a wholly owned subsidiary. This completes the acquisition flagged in intimations dated July 16, August 29 and October 10, 2026.
- Heritage paid for an extra 5.6% in its Novandie yogurt subsidiary, a minor stake lift with negligible near-term financial impact.
Heritage Foods said it paid the purchase consideration on October 9, 2026 for a further 5.60% equity stake in its subsidiary Heritage Novandie Foods Limited, with the share transfer under process. This follows earlier intimations on July 16 and August 29, 2026. As the company already consolidates the subsidiary, the move raises its ownership and control but adds no new consolidated sales and only a small change in minority interest.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
High safety
Rated AA- by CRISIL- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | Crisil AA- | Stable | 5 Mar 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 5 Mar 2026 | ▲ Upgrade | Crisil AA- | — | CRISIL | ₹ 653.5 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 15 Oct 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 16 Jul 2026 | Financial Results/Other business matters | To consider and approve the financial results for the period ended Jun 30, 2026 and other business matters |
| 11 May 2026 | Financial Results/Dividend/Other business matters | To consider and approve the financial results for the period ended March 31, 2026, dividend and other business matters |
| 28 Jan 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 15 Oct 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 17 Jul 2025 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 941 | 951 | 1,033 | 1,020 | 1,034 | 1,048 | 1,137 | 1,113 | 1,119 | 1,158 | 1,338 | 1,320 |
| Expenses | 891 | 882 | 940 | 938 | 962 | 970 | 1,064 | 1,035 | 1,056 | 1,105 | 1,276 | 1,246 |
| Operating Profit | 50 | 69 | 92 | 81 | 72 | 78 | 73 | 77 | 63 | 52 | 62 | 74 |
| OPM % | 5% | 7% | 9% | 8% | 7% | 7% | 6% | 7% | 6% | 4.5% | 4.6% | 6% |
| Other Income | 3 | 5 | 6 | 7 | 8 | −2 | 5 | 15 | 8 | 7 | 6 | 3 |
| Interest | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 8 | 7 |
| Depreciation | 16 | 16 | 17 | 17 | 18 | 18 | 19 | 20 | 20 | 22 | 26 | 27 |
| Profit before tax | 36 | 55 | 78 | 67 | 59 | 54 | 55 | 68 | 46 | 32 | 34 | 43 |
| Tax % | 25% | 26% | 25% | 28% | 27% | 30% | 26% | 25% | 25% | 25% | 26% | 28% |
| Net Profit | 27 | 40 | 58 | 49 | 43 | 38 | 41 | 51 | 35 | 24 | 25 | 31 |
| EPS in Rs | 2.9 | 4.36 | 6.3 | 5.24 | 4.64 | 4.11 | 4.37 | 5.5 | 3.73 | 2.58 | 2.69 | 3.33 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 7%
- 5 Years
- 13%
- 3 Years
- 12%
- TTM
- 14%
- 10 Years
- 9%
- 5 Years
- −3%
- 3 Years
- 34%
- TTM
- −34%
- 10 Years
- 6%
- 5 Years
- 12%
- 3 Years
- 20%
- TTM
- —
- 10 Years
- 14%
- 5 Years
- 14%
- 3 Years
- 15%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Heritage Foods | ₹ 357.00 | ₹ 3,237 Cr. | 29.1x | 3.1x | 13% | — |
| Venky's (India) | ₹ 1,580.00 | ₹ 2,222 Cr. | 14.7x | 1.3x | 9.1% | 3.7% |
| Apex Frozen Foods | ₹ 300.90 | ₹ 940 Cr. | 32.2x | 2.4x | 7.6% | 4.2% |
| Waterbase | ₹ 40.90 | ₹ 170 Cr. | — | 1.3x | −9.9% | −4.2% |
| Zeal Aqua | ₹ 9.72 | ₹ 123 Cr. | 10.2x | 1.4x | 14.7% | 2.1% |
| Modern Dairies | ₹ 40.80 | ₹ 130 Cr. | 17.6x | 1.6x | 10.2% | 1.4% |
Management
- Srideep Madhavan Nair Kesavan
- Chief Executive Officer
- N. Bhuvaneswari
- Executive Vice Chairperson of the Board, Managing Director
- A. Prabhakara Naidu
- Chief Financial Officer
- Amit Vijay Shetty
- Chief Human Resources Officer
- Umakanta Barik
- Compliance Officer, Company Secretary
- Nara Brahmani
- Executive Director
- M. Sambasiva Rao
- Whole Time Director
Prices are delayed and for information only. Nothing on this page is investment advice.