Heritage Foods Limited · NSE:HERITGFOOD
Heritage Foods — Q2 FY27 Earnings Presentation
45 slides from Heritage Foods's earnings presentation, Oct 15, 2026
Slide 1: Exchange filing cover letter
Ref: SECT: STOC: 101-26 October 15, 2026 To To The Manager The Manager, BSE Limited Listing Department, Phiroze Jeejeebhoy Towers, National Stock Exchange of India Limited Dalal Street, Exchange Plaza, C-1, G Block, Bandra-Kurla Mumbai - 400 001 Complex, Bandra (East), Mumbai – 400 051 Scrip Code: 5
Slide 2: The Promise of Health and Happiness – Investor Presentation Q2 & H1 FY27
The Promise of Health and Happiness QUALITY FROM FARM TO TABLE INVESTOR PRESENTATION Q2 & H1 FY27
Slide 3: Table of Contents
Q2 & H1 FY27 Highlights Business Overview Table of Contents USPs Strategic Updates Annexure
Slide 4: Q2 & H1 FY27 Financial Highlights
Q2 & H1 FY27 Financial Highlights
Slide 5: Q2 FY27: Overview
Q2 FY27: Overview 01 Q2 FY27 Procurement volumes increased to 1.73 MLPD (7% higher YoY) and Procurement prices increased to Rs 47.73/L (11% higher YoY). Q2 FY27 Milk Sales volumes stable at 1.24 MLPD up 2.5% YoY, The average selling price increased to ₹60.34/L up 02 6% reflecting stable market posit
Slide 6: Q2 & H1 FY27 Consolidated Financial Performance
Q2 & H1 FY27 Consolidated Financial Performance (Rs. In Mn.) Revenue EBITDA PBT PAT Margins 6.9% 5.6% 6.1% 3.2% 4.6% 2.3% 13,196 678 510 772 740 Q2 FY27 426 309 11,125 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Revenue EBITDA PBT PAT Margins 6.7% 5.1% 5.5% 2.9% 4.1% 2.1% 1,227 915 26,57
Slide 7: Q2 & H1 FY27 Consolidated Financial Performance by Segment
Q2 & H1 FY27 Consolidated Financial Performance (Rs. In Mn.) Milk Revenue VAP Revenue Fat Products Others 6,857 4510 918 912 6,321 751 3418 Q2 FY27 636 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Milk Revenue VAP Revenue Fat Products Others 13,064 10,146 1753 12,262 1,562 1,614 7,451 H1
Slide 8: Consolidated Financial Performance
Consolidated Financial Performance Particulars (INR Mn) Q2FY27 Q2FY26 Q1FY27 Y-o-Y (%) H1FY27 H1FY26 Y-o-Y (%) Revenue from Operations 13,196 11,125 13,381 19% 26,577 22,493 18% Expenses 12,456 10.353 12,762 20% 25,218 20,982 20% EBITDA 740 772 619 (4) % 1,358 1,511 (10) % EBITDA Margins (%) 5.6% 6.
Slide 9: Milk Procurement Costs Continue to Rise
Milk Procurement Costs Continue to Rise Cow milk accounts for ~80% of procurement, with standard cost/litre rising steadily from April to September. YoY % increase +8.3% +5.1% +7.2% +4.8% +5.7% +6.4% 53.79 54.65 52.35 52.71 53.04 51.59 +14.5% +15.0% +15.5% +13.5% +9.5% +9.1% 40.07 40.73 38.80 39.02
Slide 10: Pricing Power Evident Across the Portfolio
Pricing Power Evident Across the Portfolio Almost All Products Recorded Volume Growth Despite Price Increase in Q2 FY27 Price up, volume up Price up, volume down 90 Lassi 65 Volume growth % Butter Milk 40 Butter CP Paneer Ice-Cream & FD 15 Curd Doodhpeda Milk Ghee CP -5 5 15 Flavoured Milk 25 Milk S
Slide 11: Heritage Nutrivet Limited – Wholly owned subsidiary
Heritage Nutrivet Limited – Wholly owned subsidiary PRODUCT PORTFOLIO ➢ Enhances livestock health and longevity, boosts milk yield, prevents energy deficiencies, and promotes sustainable, innovation - driven nutrition. Fish Feed, 12.60% Feed Suppliment, 3.32% ➢ Q2 FY27 Revenues up 47% YoY, reflectin
Slide 12: Nourish+ High Protein Platform
Nourish+ | High Protein Platform Closing India's protein gap without changing its food habits 1 · THE PROBLEM → 3 · THE RANGE → 4 · THE PAYOFF 73% PROTEIN PER PACK Nourish+ High Protein Paneer contributed >15% of all Paneer sale of Indians are protein Paneer · 240g 60g deficient^ 2 · THE IDEA → Milk
Slide 13: Yogurt – Among the fastest growing Yogurt brands
Yogurt | Among the fastest growing Yogurt brands A protein habit worth craving 1 · THE CRAVING → 2 · THE STEP-UP → 3 · THE PRODUCT → 4 · THE PAYOFF ↓ Healthy all day 8g protein per Evening craving hits GREEK YOGURT · BUSY DAY 100g ↓ Protein up front. No added sugar · No preservatives Too sugary. Reg
Slide 14: Milk – Heritage Purity Promise
Milk | Heritage Purity Promise Power to test milk, now in the consumer's hands 1 · THE DOUBT → 2 · THE SHIFT → 3 · THE PROOF → 3· AMPLIFICATION→ 4 · THE PAYOFF FROM Milk Adulteration Brand Purity Claims Suman TV’s investigative ↓ video Rising concerns TO around milk & food ↓ adulteration Verifiable
Slide 15: Business Overview
WEALTH AD HAPPINES® Business z O Sampurna Overview na Bene sia cht Teeth epee ouaiTy TESTS
Slide 16: Delivering across the Dairy Value Chain
Heritage : Delivering across the Dairy Value Chain - Operating as a large FMCG company 01 02 03 04 Winning Operational Business Balanced Full Model Excellence Metrics Stack Portfolio Deep relation with 3 Decades Revenue CAGR 14% 300,000+ farmers, of Operations (FY22-FY26) built on immutable principl
Slide 17: Strong Volume Led Growth in Dairy
Strong Volume Led Growth in Dairy 3 Year CAGR (FY23-FY26) Product Mix FAT, 5% Others, 6% 3% Proven Expertise in 3% Scaling Milk Procurement FY23 to Match Sales Growth VAP, 29% Milk Milk Procurement Sales Milk, 63% Ice-cream, Others, Drinkables, 44% FAT, 7% 4% 32% 38% 31% Driving balanced Sweets, 23%
Slide 18: From Dairy to Your Door: The Journey of Milk
From Dairy to Your Door : The Journey of Milk Milk Chilling Processing Distribution Procurement Centers Plants Network 300,000+ 19 Farmers across 188 State of the art 2250+ 9 states Chilling Centres/ Processing Vehicles Bulk Coolers Plants 1.77 Mn 7500+ 2.69 MLPD 2.95 Litres Chilling Capacity Distri
Slide 19: Message from Vice-Chairperson & Managing Director
At HFL, we drive sustainable shareholder value through innovation, operational efficiency, and environmental stewardship, ensuring long-term growth, market leadership, and prosperity for all stakeholders. Mrs. Nara Bhuvaneswari Vice - Chairperson & Managing Director 18
Slide 20: Business Model Built on Multiple USPs
Business Model Built on Multiple USPs 01 Strong relationship with farmers 02 Federated Supply Chain 03 Integrated Distribution Network Collaborative Business Planning R&D and Marketing Capabilities 06 02 Strategic Working Capital Management 04 05 07 Focus on Logistic Efficiencies 19
Slide 21: Strong relationship with farmers - Milk Procurement
Strong relationship with farmers - Milk Procurement : Preferred Buyer Transparency and accurate 17.7 01 17.2 measurement 16.7 15.9 15.5 Fair pricing based on 12.7 13.0 02 measurement of solids 11.8 12.0 (fat and SNF) delivered 11.1 11.6 10.9 10.2 9.6 Faster and guaranteed 03 cashflow to farmers - Th
Slide 22: Federated Supply Chain
Federated Supply Chain - Operating as a large FMCG company Procurement - (25 kms radius) THIS REDUCES DISTANCE Chilling - 191 centres & Processing - 19 Plants (100 kms to market) TRAVELED BY MILK AND MAINTAINS FRESHNESS Distribution - 50-60 kms radius 21
Slide 23: Integrated Distribution Network
Integrated Distribution Network BUILT CHANNEL AGNOSTICITY 7500+ 2,05,000 Distributors Retail Outlets (Retail Trade) (Retail Trade) 16 859 E Commerce Websites Heritage Parlors (Retail Trade) (Owned Network) 421 Happiness points (Owned Network) 22
Slide 24: Fostering Strategic Partnerships Through Collaborative Business Planning
Fostering Strategic Partnerships Through Collaborative Business Planning 01 Brick and Mortar 02 Ecommerce Annual Strategic Business Planning with Channel Partners Fostering Long-Term Partnerships and Unmatched Customer Loyalty 23
Slide 25: Industry Recognition
Industry Recognition • Heritage Foods’ 6.3 MW wind farm received the Best Performing Wind Farm Award for FY2025–26 in Zone III from the Indian Wind Power Association (IWPA) • Mrs. N Brahmani, Executive Director has been recognised in Fortune India's Most Powerful Women 2026 • Narketpally Plant of th
Slide 26: Message from Executive Director
Mrs. Nara Brahmani, Executive Director We create value by staying flexible, introducing innovative products, and expanding into high-growth markets to meet consumer needs and drive sustainable growth. 25
Slide 27: Clear Strategic Priorities to Drive Future Growth
Clear Strategic Priorities to Drive Future Growth Geographical Footprint Brand Building Margin Expansion Highly Tech Enabled 26
Slide 28: Geographical Footprint
Geographical Footprint Milk and Milk Products Sales - 13 States State of the art Processing Plants Milk Procurement - 9 States Maharashtra Tamil Nadu Andhra Pradesh Sangvi Vadamadurai Pammaru Telangana Manor Bayyavaram Karnataka Kalluru Bobbili Yadavanahalli Narket pally B. Kothakota Sindhanur Shami
Slide 29: VAP portfolio to Improve Margins
VAP portfolio to Improve Margins Higher Contribution of VAP (exc. Bulk FATS) to Revenue Higher Gross Margins 32% 23% 27% 18% FY20 FY26 FY28E FY20 FY26 FY28E Factors Driving VAP growth : Industry Growth potential (By Category) : Category Organised Market Share CAGR (next 7 years) Urbanisation ICE CRE
Slide 30: From Commoditized to Customized
From Commoditized to Customized - Shaping unique experiences in a world of sameness SARVAGUN Milk - the all - rounder Scoop of your kitchen can count on. Happiness Every bite, a moment worth savoring. Truly Good Gawa ghee Bengal’s own rich, aromatic brown ghee. Livo Drinkables Sip Pure. Total Curd L
Slide 31: Digitally Enabled Operations
Digitally Enabled Operations DMS Customer Live Application helps Distributor Management System Heritage VET+ is a streamline sales and costs helps streamlining the primary one-stop solution for milch animal attributable while creating a and secondary sales process from management. It provides virtua
Slide 32: Message from Whole Time Director
Dr. M. Sambasiva Rao, Whole Time Director We prioritize the highest standards of quality in every product we produce, ensuring that our consumers receive only the best, fresh, and nutritious dairy options. 31
Slide 33: Diversified and Growing Product Portfolio
Diversified and Growing Product Portfolio T O TA L S K U s : 400+ 32
Slide 34: Consistently Paying Dividend
Focused on Shareholder Value Creation - Consistently Paying Dividend The company maintained its commitment to shareholders by continuing to pay dividends. PERCENTAGE OF DIVIDEND OF FACE VALUE 100% 100% 50% 50% 50% 50% 50% 40% 40% 40% 30% 30% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY2
Slide 35: Message from CEO
At Heritage, we transcend the identity of a dairy company, embodying the essence of a progressive FMCG brand. Rooted in tradition yet driven by innovation, we craft products that enrich lives, inspire trust, and uphold uncompromising quality. Srideep Kesavan, CEO 34
Slide 36: India's Dairy Industry: Poised for Significant Growth
India's Dairy Industry : Poised for Significant Growth Indian Dairy market size (in Bn dollars) Steady growth in milk production & Per capita availability Unorganised to Organised shift (INR Tn) Production (Million Tonnes) 274.1 Per Capita Availability (gms/day) Unorganised Organised 248 6.8 10.8 17
Slide 37: Macro Tailwinds Fueling Dairy Demand and Value-Added Product Potential
Macro Tailwinds Fueling Dairy Demand and Value-Added Product Potential Q-commerce adoption set to accelerate FMCG growth Value Creation: India’s Middle Class Expands (mn) Domestic Q-Commerce Market by GOV (INR Cr) Low Income Middle Income High Income 2,00,000 60 41 28 201 225 246 64,000 30,000 16,80
Slide 38: ESG
ESG Lowering carbon footprint through climate - aligned initiatives. 100% facility coverage under waste minimization and recycling framework. 14.92 MW renewable capacity fulfilling 39% of total power needs. l 8.62 MW solar capacity ta 6.30 MW wind capacity n me Socia Enviorn HFWA empowers farmers wi
Slide 39: Appendix
Appendix
Slide 40: Board of Directors
Board of Directors Mr. Angara Venkata Girija Kumar Mrs. Aparna Surabhi Mr. M P Vijay Kumar Chairperson, Non-Executive Independent Director Non-Executive Independent Women Director Non-Executive Independent Director Mr. Girija Kumar, a Commerce graduate, MBA and AIII, brings 40+ years of Mrs. Surabhi
Slide 41: Experienced Leadership Team with Proven Expertise
Experienced Leadership Team with Proven Expertise Mr. Umakanta Barik Mr. Srideep Kesavan CA A. Prabhakara Naidu Mr. J Samba Murty Company Secretary & CEO CFO COO Compliance Officer Mr. Srideep is a seasoned Mr. Prabhakara is a Fellow Member Mr. Sambamurthy holds an MBA in Mr. Umakant holds a Master’
Slide 42: Historical Consolidated Income Statement
Historical Consolidated Income Statement Particulars (INR Mn) FY24 FY25 FY26 Operating Income 37,939 41,346 45,260 Expenses 35,844 38,036 42,597 EBITDA 2,095 3,310 2,663 EBITDA Margins (%) 5.5% 8.0% 5.9% Depreciation 608 696 810 Finance Cost 91 154 172 Other Income 120 279 242 Share of Profit/(Loss)
Slide 43: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (INR Mn) FY24 FY25 FY26 Particulars (INR Mn) FY24 FY25 FY26 Equity And Liability Assets Equity Share Capital 464 464 464 Non-Current Assets Reserve and Surplus 7,618 9,256 10,569 Property, Plant and Equipment 6,968 7,411 11,395 Shareholders Fund 8,08
Slide 44: Strengthening Financial Health: Key Balance Sheet Ratios
Strengthening Financial Health : Key Balance Sheet Ratios Debt/Equity Current Ratio ROCE FATR 0.3 1.8 5.7 23.6 1.4 0.2 14.0 4.8 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 Inventory Turnover ratio Receivables Turnover ratio Payables Turnover ratio Net Capital Turnover ratio 11.2 30.4 155.2 24.0 10.3 18
Slide 45: Thank You
THANK YOU Company Contact Mr. Umakanta Barik Company Secretary and Compliance Officer Mail id : hfl@heritagefoods.in Contact : 040-23391221/22 Investor Relations Contact : Garima Singla Sheetal Khanduja Go India Advisors Go India Advisors Mail id : garima@goindiaadvisors.com Mail id : sheetal@goindi