Heritage Foods Limited · NSE:HERITGFOOD
Heritage Foods — Q3 FY2026 Earnings Presentation
50 slides from Heritage Foods's earnings presentation, Jan 28, 2026
Slide 1: Investor Presentation filing cover letter to exchanges
Ref: SECT: STOC: 12-26 January 28, 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: 51
Slide 2: The Promise of Health and Happiness
The Promise of Health and Happiness Quality From Farm To Table Corporate Presentation Q3 & 9MFY26
Slide 3: Q3 & 9MFY26 Highlights, Business Overview, Strategic Updates, Annexure
Q3 & 9MFY26 Highlights Business Overview Strategic Updates Annexure
Slide 4: Q3 & 9MFY26 Financial Highlights
Q3 & 9MFY26 Financial Highlights
Slide 5: Q3 FY26 Overview
Q3 FY26: Overview Mr. A V Girija Kumar Chairperson HERITAGE FOODS LIMITED Heritage Foods reported resilient Q3 FY26 Revenue of ₹11,192 million, up ~8% YoY, despite elevated procurement costs and adverse weather impacted consumption. Operational agility and a diversified portfolio sustained milk and
Slide 6: Q3 and 9MFY26 Consolidated Financial Performance
Q3 and 9MFY26 Consolidated Financial Performance (Rs. In Mn.) Revenue EBITDA PBT PAT Margins 7.2% 5.6% 5.7% 4.1% 4.2% 3.1% 11,192 10,339 Q3FY26 741 431 588 629 346 464 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Revenue EBITDA PBT PAT 8.1% 6.1% Margins 6.6% 5.0% 4.9% 3.7% 33,684 2,041 15
Slide 7: Q3 & 9MFY26 Consolidated Financial Performance by Product
Q3 & 9MFY26 Consolidated Financial Performance (Rs. In Mn.) Milk Revenue VAP Revenue Fat Products Others 3271 1085 698 6,296 2874 5,876 927 504 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Milk Revenue VAP Revenue Fat Products Others 18,558 10,722 2489 1915 17,481 2344 9,673 1363 9
Slide 8: Unlocking Synergies: Building the Next Phase of Growth
Unlocking Synergies: Building the Next Phase of Growth Heritage x Get-A-Way Heritage Acquired 51% controlling stake in Peanutbutter & Jelly Pvt. Ltd owner of Get-A-Way Ice creams with an option to acquire an additional 20% stake post March 2026 Get-A-Way is a guilt-free indulgence brand specializing
Slide 9: Heritage Nutrivet Limited – Wholly owned subsidiary
Heritage Nutrivet Limited – Wholly owned subsidiary Product Portfolio Dr. Brij Mohan was appointed as Q3 FY26 Feed volumes grew 34% Feed Chief Executive Officer of Heritage YoY and 13% QoQ, with Revenues up Suppliment Nutrivet Limited. 27% YoY and 11% QoQ, reflecting Fish Feed 4% 7% sustained demand
Slide 10: Industry Recognition for Corporate Governance Excellence
Industry Recognition for Corporate Governance Excellence Smt. Bhuvaneswari Nara, Vice Chairperson & Managing Heritage Foods Limited was conferred the Golden Peacock Director, was awarded the IOD’s Distinguished Fellowship - Award for Excellence in Corporate Governance - 2025 by 2025 in recognition o
Slide 11: Industry Recognition for Leadership Excellence
Industry Recognition for Leadership Excellence Heritage Foods Vice Heritage Foods Executive Chairperson & Managing Director Director Mrs. Nara Mrs. Nara Brahmani , has Bhuvaneswari has been been honoured as a winner honoured with the at the Business Today “Most prestigious Powerful Women in “Outstan
Slide 12: 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 13: Crafting cold delights: Ice Cream Plant at Shamirpet, Hyderabad
Crafting cold delights: Ice Cream Plant Taking shape at Shamirpet, Hyderabad Commissioning phase in progress with installed lines and utilities. Commercial production targeted for March 2026. 12
Slide 14: Consolidated Financial Performance
Consolidated Financial Performance Particulars (INR Mn) Q3FY26 Q2FY26 Q3FY25 Y-o-Y (%) 9MFY26 9MFY25 Y-o-Y (%) Revenue from Operations 11,192 11,125 10,339 8% 33,684 30,861 9% Expenses 10,562 10,353 9,599 10% 31,550 28,350 11% EBITDA 629 772 741 (15)% 2,134 2,511 (15)% EBITDA Margins (%) 5.6% 6.9% 7
Slide 15: Biggest media property: Big Boss
Biggest Biggest media media property property “Big for “Big Boss” Boss” thefor big the big festival festival boost boost Strong visibility, organic usage and impactful integrations builds repeated exposures for the consumers 5 integrations across AP/TS/KA Daily spots in the show Daily visibility on
Slide 16: Heritage Nourish+ High Protein Paneer Launch
Heritage Heritage Noursih+ Nourish+ High Protein High Protein PaneerPaneer LaunchLaunch Early success driven by product innovation and ensuring that High Protein Paneer is not just like any other paneer, it’s soft, creamy and tasty!
Slide 17: Heritage Sampurna A2 Creamy curd launch
Heritage Heritage Sampurna Sampurna A2 Creamy A2 Creamy curd launch curd launch A2 Creamy curd, just like home - rich creamy with malai For your indulgent curd moments
Slide 18: Sarvagun milk launch in RoTs
Sarvagun milk launch in RoTs New product launch to support market expansion to meet the product portfolio gap
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. 2.6 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 Plants Network 300,000+ 190 18 2150+ Farmers across 9 states Chilling Centres / State of the art Vehicles Bulk Coolers Processing Plants 1.7 Mn Litres 7300+ Procurement per day Distributors Zero Di
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 16 859 448 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: Innovation, Brand Building and Industry Recognition
Innovation, Brand Building and Industry Recognition New Product Launches • Mrs. N. Bhuvaneswari, VC&MD was honoured with the “Outstanding Dairy Professional Award 2025 (Andhra Pradesh)” • Mrs. N Brahmani, Executive Director, at Business Today – Most Powerful Women in Business Awards 2025 • Golden Pe
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 - 14 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. PERCENTAGE OF DIVIDEND OF FACE VALUE 100% 100% 50% 50% 50% 50% 40% 40% 40% 30% 30% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 39
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 6.70 MW 2,837 Total Board Size : 7 Directors 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
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