Heritage Foods Q1FY27 Revenue Surges 18% to ₹13,381 Crore, VAP Hits Record 44%
Heritage Foods reported record Q1FY27 consolidated revenue of ₹13,381 million, up 18% YoY. Value-Added Products (VAP) reached a high of 44% of revenue. The company acquired full ownership of Heritage Novandie Foods and increased its stake in Peanut Butter and Jelly Limited. Despite elevated milk inflation, procurement volumes grew 2% YoY.
The record revenue, strong VAP growth, and strategic acquisitions are significant positive developments that are likely to have a substantial impact on the company's financial performance and market position.
The company reported record revenue and significant growth in its Value-Added Products segment, alongside strategic acquisitions and product innovations, indicating strong operational performance and future growth potential, despite facing industry-wide inflationary pressures.
Heritage Foods Limited announced its un-audited financial results for the quarter ended June 30, 2026, reporting a consolidated revenue of ₹13,381 million (₹1,338.1 crore), an 18% year-on-year increase, marking its highest-ever quarterly revenue. The company navigated industry-wide milk shortages and a 7% YoY increase in milk procurement prices by reinforcing its procurement network through a farmer-first approach, resulting in a 2% YoY growth in milk procurement volumes to 18.10 LLPD. Average landed milk procurement prices rose to ₹46.61 per liter.
Despite calibrated price increases, with average milk selling prices increasing 4% YoY to ₹58.68 per liter, Heritage Foods demonstrated strong volume-led growth. The Value-Added Products (VAP) portfolio achieved a record high contribution of 44% to overall revenues, growing 39.7% YoY to ₹5,636 million. Key VAP segments like Paneer (+33%), Curd (+26%), Buttermilk (+60%), Lassi (+98%), and Ice Cream (+25%) showed significant growth. The ice cream business, including GETAWAY, crossed ₹550 million (₹55 crore) in revenue, growing 65% YoY.
Strategic investments included acquiring the remaining 5.6% equity stake in Heritage Novandie Foods Limited, making it a wholly-owned subsidiary, and increasing its stake in Peanut Butter and Jelly Limited to 71%. The company also launched premium Creamy Shakes and Nourish+ High Protein Paneer. The newly commissioned ice cream facility reached 40% capacity utilization. The company received the IR Excellence Award and its Executive Director was recognized among Fortune India’s Most Powerful Women 2026.
For Q1FY27, Gross Margins were 21% (down 260 bps YoY), EBITDA was ₹619 million (down 29% YoY) with an EBITDA Margin of 4.6% (down 188 bps YoY), and PAT was ₹250 million (down 38% YoY).
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