HERITGFOOD

Heritage Foods Limited

Dairy company with milk and value-added dairy products

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Food Products›Dairy Products

heritagefoods.in(opens the company website in a new tab)
Ask AI

Key metrics

Price as of 2026-10-16

Stock price
₹405.40
Market cap
3,762 Cr
Stock P/E
32.9
P/B
3.31
Dividend yield
0.6%
ROE (FY26)
13.5%
ROCE (FY26)
15.2%
Operating margin (FY26)
4.1%
Debt / equity (FY26)
0.29
OCF / EBITDA (FY26)
89.5%
OCF / EBITDA (3Y)
106.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

Loading price history…

Compare with peers

Loading peers…

What you need to know

Heritage Foods buys milk from farmers and sells branded milk and value-added dairy products such as curd, paneer, ghee, buttermilk and ice cream to households through distributors, retail outlets and its own parlours.

Company snapshot

6thBy market cap

Ranked among 8 companies in Dairy Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 98.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Dairy
98.6%
1,020 Cr55 Cr943 Cr
Feed
4.9%
51 Cr5 Cr58 Cr
Renewable energy
0.1%
1 Cr-0.26 Cr59 Cr

Shares add up to 104% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓106% of operating profit came in as cash over the last three years — profits are backed by real cash.
2 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales941 Cr951 Cr1,033 Cr1,020 Cr1,034 Cr1,048 Cr1,137 Cr1,113 Cr1,119 Cr1,158 Cr1,338 Cr1,320 Cr
Operating expenses (approx.)889 Cr882 Cr939 Cr936 Cr960 Cr970 Cr1,063 Cr1,035 Cr1,056 Cr1,105 Cr1,276 Cr1,246 Cr
EBITDA52 Cr69 Cr94 Cr83 Cr74 Cr78 Cr74 Cr77 Cr63 Cr52 Cr62 Cr74 Cr
OPM %5.5%7.2%9.1%8.2%7.2%7.5%6.5%6.9%5.6%4.5%4.6%5.6%
Other income3 Cr5 Cr6 Cr7 Cr8 Cr7 Cr5 Cr5 Cr8 Cr6 Cr6 Cr3 Cr
Interest2 Cr3 Cr3 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr5 Cr8 Cr7 Cr
Depreciation16 Cr16 Cr17 Cr17 Cr18 Cr18 Cr19 Cr20 Cr21 Cr22 Cr26 Cr27 Cr
Profit before tax36 Cr55 Cr78 Cr67 Cr59 Cr54 Cr55 Cr68 Cr46 Cr32 Cr34 Cr43 Cr
Tax %25.4%26.1%24.9%27.9%26.8%29.5%26.2%24.7%25.4%25.1%25.6%27.6%
Net profit27 Cr40 Cr58 Cr49 Cr43 Cr38 Cr41 Cr51 Cr35 Cr24 Cr25 Cr31 Cr
EPS (₹)₹2.90₹4.36₹6.30₹5.24₹4.64₹4.11₹4.37₹5.50₹3.73₹2.60₹2.72₹3.38

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,857 Cr2,373 Cr2,515 Cr2,726 Cr2,473 Cr2,681 Cr3,241 Cr3,794 Cr4,135 Cr4,526 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,788 Cr2,630 Cr2,461 Cr3,109 Cr2,211 Cr2,490 Cr3,111 Cr3,591 Cr3,811 Cr4,261 CrSign in free for the trailing twelve months
EBITDA69 Cr-257 Cr54 Cr-383 Cr262 Cr191 Cr130 Cr203 Cr324 Cr265 CrSign in free for the trailing twelve months
OPM %3.7%-10.8%2.1%-14.1%10.6%7.1%4.0%5.4%7.8%5.9%Sign in free for the trailing twelve months
Other income289 Cr403 Cr140 Cr303 Cr8 Cr11 Cr12 Cr12 Cr28 Cr24 CrSign in free for the trailing twelve months
Interest10 Cr18 Cr21 Cr23 Cr19 Cr4 Cr4 Cr9 Cr15 Cr17 CrSign in free for the trailing twelve months
Depreciation25 Cr38 Cr45 Cr50 Cr46 Cr52 Cr56 Cr61 Cr70 Cr81 CrSign in free for the trailing twelve months
Profit before tax323 Cr90 Cr127 Cr-154 Cr202 Cr130 Cr73 Cr145 Cr258 Cr201 CrSign in free for the trailing twelve months
Tax %10.0%30.2%35.1%-10.0%26.5%26.3%32.5%26.6%27.1%25.3%Sign in free for the trailing twelve months
Net profit278 Cr63 Cr83 Cr-169 Cr148 Cr96 Cr49 Cr107 Cr188 Cr150 CrSign in free for the trailing twelve months
EPS (₹)₹59.29₹13.53₹17.55₹-34.55₹32.32₹20.81₹6.33₹11.48₹20.29₹16.22Sign in free for the trailing twelve months
Dividend payout %————7.8%36.2%23.5%21.8%12.3%15.5%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr46 Cr46 Cr46 Cr46 Cr
Reserves568 Cr754 Cr779 Cr436 Cr573 Cr634 Cr679 Cr762 Cr926 Cr1,057 Cr
Borrowings140 Cr246 Cr261 Cr261 Cr36 Cr12 Cr134 Cr93 Cr136 Cr324 Cr
Other liabilities255 Cr672 Cr559 Cr266 Cr246 Cr233 Cr265 Cr380 Cr450 Cr518 Cr
Total liabilities996 Cr1,707 Cr1,635 Cr988 Cr879 Cr903 Cr1,125 Cr1,281 Cr1,558 Cr1,950 Cr
Fixed assets (net)295 Cr411 Cr461 Cr469 Cr571 Cr570 Cr613 Cr697 Cr741 Cr1,139 Cr
CWIP8 Cr9 Cr42 Cr76 Cr16 Cr7 Cr20 Cr20 Cr68 Cr47 Cr
Investments478 Cr1,002 Cr839 Cr158 Cr18 Cr22 Cr19 Cr144 Cr200 Cr187 Cr
Loans & advances——2 Cr3 Cr4 Cr0.09 Cr0.03 Cr0.02 Cr0 Cr0 Cr
Inventories123 Cr155 Cr138 Cr145 Cr198 Cr206 Cr379 Cr262 Cr355 Cr318 Cr
Trade receivables15 Cr13 Cr42 Cr22 Cr15 Cr18 Cr28 Cr29 Cr38 Cr71 Cr
Cash & bank46 Cr60 Cr63 Cr56 Cr22 Cr33 Cr16 Cr79 Cr64 Cr65 Cr
Other assets32 Cr58 Cr47 Cr60 Cr35 Cr45 Cr49 Cr51 Cr91 Cr122 Cr
Total assets996 Cr1,707 Cr1,635 Cr988 Cr879 Cr903 Cr1,125 Cr1,281 Cr1,558 Cr1,950 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity115 Cr121 Cr148 Cr117 Cr174 Cr148 Cr-61 Cr390 Cr214 Cr237 Cr
Cash from investing-120 Cr-200 Cr-133 Cr-97 Cr69 Cr-42 Cr-83 Cr-252 Cr-229 Cr-375 Cr
Cash from financing-13 Cr55 Cr-3 Cr-22 Cr-191 Cr-93 Cr126 Cr-76 Cr1.00 Cr138 Cr
Net cash flow-18 Cr-23 Cr12 Cr-2 Cr51 Cr13 Cr-17 Cr62 Cr-14 Cr0.23 Cr
Free cash flow (OCF − Capex)22 Cr-23 Cr21 Cr5 Cr81 Cr101 Cr-144 Cr263 Cr37 Cr-145 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %44.9%10.5%13.8%-18.2%34.9%20.1%9.0%17.1%24.7%15.2%
ROE %45.7%8.0%10.0%-34.7%25.1%14.7%8.0%13.2%19.4%13.5%
Debtor days3263233336
Inventory days32302724393650334235
Days payable16131310796182022
Cash conversion cycle20192017343047182518
OCF / EBITDA %165.2%—n.m.—66.4%77.5%-46.6%192.1%66.0%89.5%
OCF / EBITDA % (3 years)—————n.m.44.9%91.2%82.7%106.2%
Debt / equity0.240.320.330.570.060.020.190.110.140.29
Current ratio0.800.780.840.841.241.591.441.711.821.40
Net debt / EBITDA1.35—3.67—0.05-0.110.910.070.220.98