Heritage Foods Limited · NSE:HERITGFOOD
Heritage Foods — Q2 FY26 Earnings Presentation
50 slides from Heritage Foods's earnings presentation, Oct 15, 2025
Slide 1: Investor Presentation filing letter to stock exchanges
Ref: SECT: STOC: 123-25 October 15, 2025 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
The Promise of Health and Happiness Quality From Farm To Table Corporate Presentation Q2 & H1FY26
Slide 3: Q2 & H1FY26 Highlights, Business Overview, Strategic Updates, Annexure
Q2 & H1FY26 Highlights Business Overview Strategic Updates Annexure
Slide 4: Q2 & H1FY26 Financial Highlights
Q2 & H1FY26 Financial Highlights
Slide 5: Q2 FY26 Overview
Q2 FY26: Overview Mr. A V Girija Kumar Chairperson HERITAGE FOODS LIMITED Heritage Foods reported resilient Q2 FY26 Revenue of ₹11,125 million, up ~9% YoY, despite elevated procurement costs and extended monsoons. Operational agility and a diversified portfolio sustained milk and VAP momentum. VAP v
Slide 6: GST Cuts – Cost benefits transferred to Consumers
GST Cuts – Cost benefits transferred to Consumers Reinforcing commitment to affordability, transparency, and consumer trust Product Category Old GST slab New GST Slab Rising Health & Nutrition Awareness UHT Milk (Tetra-Pack) 5% Nil Paneer (Packed) 5% Nil Butter / Ghee / Dairy Spreads 12% 5% Cheese 1
Slide 7: Triple Whammy Behind Q2 Milk Price Surge
Triple Whammy Behind Q2 Milk Price Surge Monsoon Surges Above Normal Leanest Quarter for Milk Output (ltr) Butter Averages Surge: Highest in Years ($ USD) Actual Rainfall (mm) 7206 6595 5384 805 4674 4680 643 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q2FY25 Q2FY26 Q4 Q1 Q2 Q3 Q2FY22 Q2FY23 Q2F
Slide 8: 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 Rising Milk Access : Building the Growth Foundation Structural Price Strength Domestic Q-Commerce Market by GOV (INR Cr) Per Capita Availibilty (gms/day) Milk WPI (Index) 2,00,000
Slide 9: Q2 and H1FY26 Consolidated Financial Performance
Q2 and H1FY26 Consolidated Financial Performance (Rs. In Mn.) Revenue EBITDA PBT PAT Margins 8.2% 6.9% 6.6% 6.1% 4.8% 4.6% 10,195 11,125 832 675 678 486 510 772 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY26 Q2FY25 Q2FY26 Category 1 Q2FY25 Revenue EBITDA PBT PAT 8.6% 6.7% Margins 7.1% 5.5% 5.2% 4.1% 1,45
Slide 10: Q2 & H1FY26 Consolidated Financial Performance by Segment
Q2 & H1FY26 Consolidated Financial Performance (Rs. In Mn.) Milk Revenue VAP Revenue Fat Products Others 3417 792 636 6,321 2977 751 5,984 Q2FY26 442 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY26 Q2FY25 Q2FY26 Category 1 Q2FY25 Milk Revenue VAP Revenue Fat Products Others 11,605 12,262 7,451 1562 1218 6,799 12
Slide 11: Heritage Nutrivet Limited – Wholly owned subsidiary
Heritage Nutrivet Limited – Wholly owned subsidiary Product Portfolio Leading livestock feed producer & distributor in 9 States across India. 15+ Feed Suppliment Products Fish Feed 4% 7% Feed volumes grew 37% YoY and 10% QoQ, with Revenues up 34% Cattle YoY and 9% QoQ, reflecting sustained Feed dema
Slide 12: Ice Cream Plant Taking shape at Shamirpet, Hyderabad
Crafting cold delights: Ice Cream Plant Taking shape at Shamirpet, Hyderabad 11
Slide 13: Yogurt's Next Chapter with Heritage
Control, Leaner Model: Yogurt’s Next Chapter with Heritage 01 Strategic Investment: HFL raised its stake in HNFL to 94.4%, deepening presence in the fast-growing fermented dairy segment. 02 Integrated, Lean Supply Chain: Driving speed, efficiency, and scalability across operations. Heritage Foods Li
Slide 14: Consolidated Financial Performance
Consolidated Financial Performance Particulars (INR Mn) Q2FY26 Q1FY26 Q2FY25 Y-o-Y (%) H1FY26 H1FY25 Y-o-Y (%) Revenue from Operations 11,125 11,368 10,195 9% 22,493 20,522 10% Expenses 10.353 10,628 9,363 11% 20,982 18,752 12% EBITDA 772 739 832 (7)% 1,511 1,770 (15)% EBITDA Margins (%) 6.9% 6.5% 8
Slide 15: Milk Campaign continued with influencer and on-ground action
Milk Campaign continued with influencer and on-ground action New HFL Milk Campaign – Pure Doodh ki Shakti brought sustained gains in brand health Sustained to build an emotional bond with the consumer by establishing Heritage Milk as a partner in Mom’s quest for pure milk nutrition for her children.
Slide 16: Sampurna cow milk launch in Hyderabad and Bengaluru
Sampurna cow milk launch in Hyderabad and Bengaluru New Sampurna cow milk proposition building further on Purity: “Pure goodness from village” After successful launch in North and east, we launches it in Core markets - Hyderabad and Bengaluru Pure Goodness from the Village
Slide 17: Big Boss sponsorship for the festival boost
Biggest media property “Big Boss” for the big festival boost Big Bang Roll Out of Festive Campaign- Sponsorship of No. 1 Media property - ‘Big Boss’ Telugu and Kannada Strong opening episode performance +20% over LY; Organic usage of dairy makes it most suited for HFL combined with engaging integrat
Slide 18: Livo continues to spread its wings with healthy lifestyle message
Livo continues to spread its wings with healthy lifestyle message Livo Yogurt establishes new milestones; achieves 6-8% market Launched New Campaign for ‘Heritage Livo’ share across key e-com, MT chains Badam Milk - ‘Energy Ka Lambaa Dose’ – 40Mn view and counting Collab Ad with Flipkart minute (3 M
Slide 19: Business Overview
Business Overview
Slide 20: Heritage: Delivering across the Dairy Value Chain
Heritage: Delivering across the Dairy Value Chain Operating as a large FMCG company Winning Operational Business Balanced Full Model Excellence Metrics Stack Portfolio Deep relation with 3 Decades of Operations Revenue CAGR 16% 300,000+ farmers, built on (FY22-FY25) immutable principles. 2.5 MLPD Ch
Slide 21: Strong Volume Led Growth in Dairy
Strong Volume Led Growth in Dairy 3 Year CAGR (FY22-FY25) Product Mix Others FAT 3% 10% 5% Proven Expertise in 5% Scaling Milk VAP 26% Procurement FY22 to Match Sales Milk 66% Growth Milk Milk Procurement Sales Others FAT 3% 23% 8% 44% 31% 38% Driving balanced 23% 21% FY25 growth across VAP Milk por
Slide 22: From Dairy to Your Door: The Journey of Milk
From Dairy to Your Door: The Journey of Milk Milk Chilling Processing Distribution Procurement Centers Plant Network 300,000+ 190 18 2150+ Farmers across 9 states Chilling Centres / State of the art Vehicles Bulk Coolers Processing Plants 1.8 Mn Litres 7300+ Procurement per day Distributors Zero Dig
Slide 23: Mrs. Nara Bhuvaneswari, Vice-Chairperson & Managing Director
Mrs. Nara Bhuvaneswari, 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. 22
Slide 24: Business Model Built on Multiple USPs
Business Model Built on Multiple USPs 01 Strong relationship with farmers R&D and Marketing Capabilities 05 02 Federated Supply Chain Strategic Working Capital 06 Management 03 Integrated Distribution Network Focus on Logistic Efficiencies 07 04 Collaborative Business Planning 23
Slide 25: Strong relationship with farmers - Milk Procurement: Preferred Buyer
Strong relationship with farmers - Milk Procurement: Preferred Buyer 17.2 15.9 15.5 13 12.7 11.1 11.6 10.9 10.2 9.6 Transparency and accurate measurement Fair pricing based on measurement of solids (fat and SNF) delivered Faster and guaranteed cashflow to farmers - Thrice FY21 FY22 FY23 FY24 FY25 a
Slide 26: Federated Supply Chain - Operating as a large FMCG company
Federated Supply Chain - Operating as a large FMCG company Procurement - (25 kms radius) Chilling - 190 centres & Processing - 18 Plants (100 kms to market) This reduces distance traveled by milk and maintains freshness Distribution - 50-60 kms radius 25
Slide 27: Integrated Distribution Network
Integrated Distribution Network BUILT CHANNEL AGNOSTICITY 7300+ 2,05,000 16 859 444 Distributors Retail Outlets E Commerce Websites Heritage Parlors Happiness points (Retail Trade) (Retail Trade) (Retail Trade) (Owned Network) (Owned Network) 26
Slide 28: Fostering Strategic Partnerships Through Collaborative Business Planning
Fostering Strategic Partnerships Through Collaborative Business Planning Brick and Mortar Ecommerce • Annual Strategic Business Planning with Channel Partners • Fostering Long-Term Partnerships and Unmatched Customer Loyalty 27
Slide 29: R&D and Marketing Capabilities
R&D and Marketing Capabilities New Product Launches • Golden Peacock Award for Excellence in Corporate Governance’ for the year 2025 • ABECA 2025 (AmbitionBox Employee Choice Award) by the Naukri team, ranking among India’s Top Rated FMCG Companies • Certificate of Appreciation from Govt. of Telanga
Slide 30: Strategic Working Capital Management
Strategic Working Capital Management - Significant Reduction over last one year Working Capital Days 36 31 30 29 29 28 28 27 23 23 20 16 FY20 FY21 FY22 FY23 FY24 FY25 Heritage Foods Ltd. Dairy Industry Average 29
Slide 31: Focused on Logistic Efficiencies- Lowering Operational Costs
Focused on Logistic Efficiencies- Lowering Operational Costs Freight spends as a % of Revenue 4.6% 4.4% 4.3% 4.4% 4.2% 3.8% 3.1% 3.0% 2.8% 2.9% 2.9% 2.8% FY20 FY21 FY22 FY23 FY24 FY25 Heritage Foods Ltd. Dairy Industry Average 30
Slide 32: Mrs. Nara Brahmani, 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. 31
Slide 33: Clear Strategic Priorities to Drive Future Growth
Clear Strategic Priorities to Drive Future Growth Margin Geographical Expansion Footprint Brand Highly Tech Building Enabled 32
Slide 34: Geographical Footprint
Geographical Footprint Maharashtra Tamil Nadu Andhra Pradesh INDICATORS : • Milk and Milk Products Sales - 17 States • Milk Procurement - 9 States Sangvi Vadamadurai Pammaru Telangana Manor Bayyavaram Karnataka Kalluru Bobbili Yadavanahalli Narket pally B. Kothakota Sindhanur Shamirpet Haryana Gokul
Slide 35: VAP portfolio to Improve Margins
VAP portfolio to Improve Margins Higher Contribution of VAP (exc. Bulk FATS) to Revenue Higher Gross Margins 32% 25% 27% 18% FY20 FY25 FY28E FY20 FY25 FY28E Factors Driving VAP growth : Industry Growth potential (By Category) : Organised CAGR • Urbanisation Category Market Share (next 7 years) • Uno
Slide 36: From Commoditized to Customized
From Commoditized to Customized - Shaping unique experiences in a world of sameness Truly Good Sweets Bring home the taste of tradition, every time SARVAGUNA Milk - the all - rounder your kitchen can count on. Truly Good Gawa ghee – Livo Drinkables – Sip Pure. Live More. Bengal’s own rich, aromatic
Slide 37: 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 38: Dr. M. Sambasiva Rao, 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. 37
Slide 39: Diversified and Growing Product Portfolio
Diversified and Growing Product Portfolio TOTAL SKU’s : 400+ 38
Slide 40: Focused on Shareholder Value Creation - Consistently Paying Dividend
Focused on Shareholder Value Creation - Consistently Paying Dividend The company maintained its commitment to shareholders by continuing to pay dividends, even during the challenging COVID years. PERCENTAGE OF DIVIDEND OF FACE VALUE 100% 100% 50% 50% 50% 50% 40% 40% 40% 30% 30% FY15 FY16 FY17 FY18 F
Slide 41: Srideep Kesavan, CEO
Srideep Kesavan 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. 40
Slide 42: India's Dairy Industry: Poised for Significant Growth
India's Dairy Industry: Poised for Significant Growth Indian Dairy market size Steady growth in milk production & Per (in Bn dollars) capita availability Unorganised to Organised shift (INR Tn) 274.1 Production (Million Tonnes) Per Capita Availibilty (gms/day) Organised Unorganised 6.8 10.8 17.7 239
Slide 43: Environmental Social Governance
ESG Enviornmental Social Governance 6.46 MW 2,837 Total Board Size : 7 solar capacity Cattle Health Camps Conducted 3 Whole Time Directors, 4 Independent 6.30 MW 72,853 Directors, 244 years of cumulative corporate wind capacity Cattle Treated exposure Lowering carbon footprint through HFWA empowers
Slide 44: Appendix
APPENDIX
Slide 45: Board of Directors
Board of Directors Mr. Angara Venkata Girija Kumar Mrs. Bhuvaneswari Nara Chairperson, Non-Executive Independent Director Vice Chairperson/Managing Director Commerce graduate, MBA, AIII, and Member of FSIB, Ministry of Bachelor of Arts with rich business experience, leading Finance. Former CMD of Or
Slide 46: Experienced Leadership Team with Proven Expertise
Experienced Leadership Team with Proven Expertise He brings over 28 years of experience, with two decades in the packaged food industry as a Mr. Srideep Kesavan seasoned marketer and business leader. He has held leadership roles at Coca- Cola India and Olam CEO International Singapore. He is an alum
Slide 47: Historical Consolidated Income Statement
Historical Consolidated Income Statement Particulars (INR Mn) FY23 FY24 FY25 Operating Income 32,407 37,939 41,346 Expenses 31,024 35,844 38,036 EBITDA 1,383 2,095 3,310 EBITDA Margins (%) 4.3% 5.5% 8.0% Depreciation 561 608 696 Finance Cost 39 91 154 Other Income 121 120 279 Share of Profit/(Loss)
Slide 48: Historical Consolidated Balance Sheet
Historical Consolidated Balance Sheet Particulars (INR Mn) FY23 FY24 FY25 Particulars (INR Mn) FY23 FY24 FY25 Equity And Liability Assets Equity Share Capital 464 464 464 Non-Current Assets Reserve and Surplus 6,795 7,618 9,256 Property, Plant and Equipment 6,133 6,968 7,411 Shareholders Fund 7,259
Slide 49: Strengthening Financial Health: Key Balance Sheet Ratios (Standalone)
Strengthening Financial Health: Key Balance Sheet Ratios (Standalone) Debt/Equity Current Ratio ROCE FATR 0.18 6.2 1.8 23.1 6 15.8 0.16 1.7 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Inventory Turnover ratio Receivables Turnover ratio Payables Turnover ratio Net Capital Turnover ratio 28.5 18.1 132.0
Slide 50: 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