Heritage Foods Limited · NSE:HERITGFOOD
Heritage Foods — Q4 FY26 Earnings Presentation
44 slides from Heritage Foods's earnings presentation, May 12, 2026
Slide 1: Exchange filing cover letter – Investor Presentation
Ref: SECT: STOC: 47-26 May 12, 2026 To To The Secretary 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: 5195
Slide 2: The Promise of Health and Happiness – Corporate Presentation Q4 & FY26
The Promise of Health and Happiness Quality From Farm To Table Corporate Presentation Q4 & FY26
Slide 3: Q4 & FY26 Highlights, Business Overview, Strategic Updates, Annexure
Q4 & FY26 Highlights Business Overview Strategic Updates Annexure
Slide 4: Q4 & FY26 Financial Highlights
Q4 & FY26 Financial Highlights
Slide 5: Q4 & FY26: Overview
Q4 & FY26: Overview Mr. A V Girija Kumar Chairperson HERITAGE FOODS LIMITED FY26 witnessed one of the toughest operating environments for the dairy industry in recent years, marked by severe milk shortages, elevated procurement inflation and weak flush season. Despite these challenges, Heritage Food
Slide 6: Q4 & FY26 Consolidated Financial Performance
Q4 & FY26 Consolidated Financial Performance (Rs. In Cr.) Revenue EBITDA PBT PAT Margins 7.6% 4.5% 5.2% 2.8% 3.6% 2.1% 11,576 542 10,485 799 382 Q4FY26 522 320 239 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Revenue EBITDA PBT PAT Margins 8.0% 5.9% 6.2% 4.0% 4.6% 2.9% 45,260 3,310 2,582
Slide 7: Q4 & FY26 Consolidated Financial Performance by product
Q4 & FY26 Consolidated Financial Performance (Rs. In Cr.) Milk Revenue VAP Revenue Fat Products Others 6,102 3957 837 780 5,801 737 3362 Q4FY26 485 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Milk Revenue VAP Revenue Fat Products Others 14,678 3,181 3,226 2695 24,661 13,035 23,282 1848 F
Slide 8: Heritage Nutrivet Limited – Wholly owned subsidiary
Heritage Nutrivet Limited – Wholly owned subsidiary Product Portfolio Dr. Brij Mohan was appointed as FY26 Feed volumes grew 40% YoY, Feed Chief Executive Officer of Heritage with Revenues up 32% YoY, Suppliment Nutrivet Limited. reflecting sustained demand and Fish Feed 3% strong execution. 13% Lea
Slide 9: Industry-Wide Supply Tightness and Commodity Inflation Pressured Margins
Industry-Wide Supply Tightness and Commodity Inflation Pressured Margins Weak Flush Season and Lower Milk Raw Milk Inflation Accelerated Sharply Elevated Global Butter Prices Tightened Higher Domestic Butter Costs and Bulk Availability Impacted Industry Across FY26 Domestic Supply Dynamics Procureme
Slide 10: Crafting cold delights: Ice Cream Plant at Shamirpet, Hyderabad
Crafting cold delights: Ice Cream Plant Taking shape at Shamirpet, Hyderabad Ice Cream Revenue (INR Crore) 500+ 106 FY26 FY30 State of the Art Manufacturing Facility Commercial production started 24 million litres annual capacity Highest Standards of Quality, Safety & Hygiene 9
Slide 11: Consolidated Financial Performance
Consolidated Financial Performance Particulars (INR Mn) Q4FY26 Q3FY26 Q4FY25 Y-o-Y (%) FY26 FY25 Y-o-Y (%) Revenue from Operations 11,576 11,192 10,485 10.4% 45,260 41,346 9.5% Expenses 11,053 10,562 9,686 14.1% 42,598 38,036 12.0% EBITDA 522 629 799 (34.6) % 2,663 3,310 (19.5) % EBITDA Margins (%)
Slide 12: Scaling Brand Visibility Through Targeted Consumer Engagement Initiatives
Scaling Brand Visibility Through Targeted Consumer Engagement Initiatives Driving awareness, engagement and consumption through building the right attributes & associations via targeted and impactful campaigns that connect with consumers and inspire action. ‘Every day Yummy with Heritage Paneer’ Cam
Slide 13: Organic Cow milk launch in Bengaluru
Organic Organic Cowlaunch Cow milk milk launch in Bengaluru in Bengaluru New Organic cow milk proposition further strengthens & reinforces the Pure Milk credentials of Heritage Milk Certified Organic Milk – Bringing Goodness of the Past for Your Family’s Wellness Today!
Slide 14: Business Overview
Business Overview
Slide 15: 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 14% 300,000+ farmers, built on (FY22-FY26) immutable principles. 2.6 MLPD Ch
Slide 16: Strong Volume Led Growth in Dairy
Strong Volume Led Growth in Dairy 3 Year CAGR (FY23-FY26) Product Mix Others 6% FAT 2% 5% Proven Expertise in 3% Scaling Milk VAP Procurement FY23 29% to Milk Match Sales 64% Growth Milk Milk Procurement Sales Others 29% 4% FAT 24% 7% 21% Driving 16% 15% 16% balanced FY26 growth across Milk VAP 56%
Slide 17: 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 2160+ Farmers across 9 states Chilling Centres / State of the art Vehicles Bulk Coolers Processing Plants 1.7 Mn Litres 7500+ Procurement per day Distributors Zero Di
Slide 18: 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. 17
Slide 19: 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 18
Slide 20: Strong relationship with farmers - Milk Procurement: Preferred Buyer
Strong relationship with farmers - Milk Procurement: Preferred Buyer 17.2 16.7 15.9 15.5 13.0 12.7 11.8 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
Slide 21: 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 20
Slide 22: Integrated Distribution Network
Integrated Distribution Network BUILT CHANNEL AGNOSTICITY 7500+ 2,25,000+ 16 859 423 Distributors Retail Outlets E Commerce Websites Heritage Parlors Happiness points (Retail Trade) (Retail Trade) (Retail Trade) (Owned Network) (Owned Network) 21
Slide 23: 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 22
Slide 24: 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 25: 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. 24
Slide 26: Clear Strategic Priorities to Drive Future Growth
Clear Strategic Priorities to Drive Future Growth Margin Geographical Expansion Footprint Brand Highly Tech Building Enabled 25
Slide 27: Geographical Footprint
Geographical Footprint Maharashtra Tamil Nadu Andhra Pradesh INDICATORS : • Milk and Milk Products Sales - 13 States • Milk Procurement - 9 States Sangvi Vadamadurai Pammaru Telangana Manor Bayyavaram Karnataka Kalluru Bobbili Yadavanahalli Narket pally B. Kothakota Sindhanur Shamirpet Haryana Gokul
Slide 28: VAP portfolio to Improve Margins
VAP portfolio to Improve Margins Higher Contribution of VAP Incl. Consumer Fats to Revenue Higher Gross Margins (Consolidated) 40% 30% 23% 18% FY20 FY26 FY28E FY20 FY26 FY28E Factors Driving VAP growth : Industry Growth potential (By Category) : Organised CAGR • Urbanisation Category Market Share (n
Slide 29: 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 30: 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 31: 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. 30
Slide 32: Diversified and Growing Product Portfolio
Diversified and Growing Product Portfolio TOTAL SKU’s : 400+ 31
Slide 33: 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% 50% 40% 40% 40% 30% 30% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY2
Slide 34: 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. 33
Slide 35: 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) Production (Million Tonnes) 274.1 Per Capita Availability (gms/day) Organised Unorganised 248 6.8 10.8 17.
Slide 36: 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 37: ESG
ESG Enviornmental Social Governance 8.07 MW 4,209 Total Board Size : 6 Directors solar capacity Cattle Health Camps Conducted 3 Whole Time Directors, 3 Independent 6.30 MW 95,498 Directors, with diversified and extensive wind capacity Cattle Treated experience across various sectors Lowering carbon
Slide 38: Appendix
APPENDIX
Slide 39: 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 40: 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 41: 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 42,598 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 42: 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 43: 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 11.2 155.2 30.4 24 10.3 18.7
Slide 44: 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