Heritage Foods financials and balance sheet

NSE: HERITGFOODBSE: 519552Food ProductsSmall Cap

Formerly Heritage Foods (India)

₹349.30₹14.35 (3.95%)BSE ₹348.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹363.65.

52-week range of traded prices to 23 Oct 2026

₹292.55Low, 30 Mar 2026₹503.80High, 28 Oct 2025

Market cap: ₹3,241 Cr948th largest listed
P/E: 28.2
P/B: 2.9
Dividend yield: 0.72%
ROE: 10.5%
ROCE: 10.4%
Debt to equity: 0.30
Volume, NSE: 6,11,73745.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Heritage Foods annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹2,769 Cr, differs from its quarters added, ₹2,425 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,526
Materials and goods−3,465
Employee costs−331
Other expenses−465
Operating profit265
Depreciation−81
Other income+24
One-off items+10
Finance costs−17
Profit before tax201
Tax−51
Net profit150

What the company owns

Plant, investments and other assets₹1,305 Cr
Inventory₹318 Cr
Current investments₹185 Cr
Receivables₹71 Cr
Cash and bank₹70 Cr

What pays for it: net worth and liabilities

Net worth₹1,108 Cr
Borrowings₹324 Cr
Other liabilities₹313 Cr
Owed to suppliers₹204 Cr

Heritage Foods business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Heritage Foods segment results by quarter

Revenue by segment

₹4,686 CrTotal

Dairy₹4,431 Cr94.5% of total
Feed₹245 Cr5.2% of total
Renewable Energy₹10 Cr0.2% of total

Profit by segment

Dairy₹183 Cr88.1% of total
Feed₹20 Cr9.5% of total
Renewable Energy₹5 Cr2.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Dairy
Revenue, ₹ crore
2,429
2,678
2,406
2,641
3,208
3,733
4,080
4,431
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
144
90
218
136
90
148
255
183
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Feed
Revenue, ₹ crore
70
104
122
95
107
160
185
245
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2
3
11
2
2
8
17
20
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Renewable Energy
Revenue, ₹ crore
11
9
7
9
8
9
9
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
4
3
4
2
3
2
5
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,526	2,793	2,535	2,745	3,323	3,903	4,274	4,686
Company revenue, as in its results	2,515	2,726	2,473	2,681	3,241	3,794	4,135	4,526
Revenue	2,429	2,678	2,406	2,641	3,208	3,733	4,080	4,431
Revenue growth	–	10.2%	−10.1%	9.8%	21.5%	16.4%	9.3%	8.6%
Profit	144	90	218	136	90	148	255	183
Profit growth	–	−37.3%	142.1%	−37.7%	−33.9%	64.6%	72.3%	−28.4%
Margin	5.9%	3.4%	9.1%	5.2%	2.8%	4.0%	6.3%	4.1%
Return on capital	90.4%	44.6%	45.3%	25.9%	15.6%	30.6%	42.1%	24.1%
Assets	598	654	722	732	939	908	1,141	1,540
Liabilities	439	452	240	207	360	425	534	783
Capital employed	159	202	482	525	579	483	607	757
Revenue	70	104	122	95	107	160	185	245
Revenue growth	–	48.8%	17.0%	−22.1%	13.0%	49.8%	15.5%	32.7%
Profit	−2	3	11	2	2	8	17	20
Profit growth	–	–	318.5%	−78.5%	0.6%	244.0%	102.6%	17.0%
Margin	−3.3%	2.6%	9.2%	2.6%	2.3%	5.2%	9.1%	8.1%
Return on capital	−10.3%	9.5%	30.7%	6.1%	5.8%	21.5%	38.3%	45.9%
Assets	55	56	55	55	59	55	60	67
Liabilities	32	28	19	15	17	17	16	24
Capital employed	23	28	37	39	42	39	44	43
Revenue	11	9	7	9	8	9	9	10
Profit	7	4	3	4	2	3	2	5
Margin	58.0%	47.2%	41.8%	41.4%	29.3%	32.1%	27.4%	49.5%
Return on capital	18.7%	11.6%	5.0%	6.8%	4.4%	5.9%	4.9%	9.3%
Assets	64	60	58	55	52	57	59	66
Liabilities	28	22	0	0	0	8	10	13
Capital employed	35	38	57	55	52	49	49	53
Revenue	16	2	0	0	–	–	–	–
Profit	2	−9	−1	0	–	–	–	–
Margin	14.4%	−480.8%	–	–	–	–	–	–
Return on capital	24.5%	−1,001.6%	–	–	–	–	–	–
Assets	10	1	0	0	–	–	–	–
Liabilities	0	0	0	0	–	–	–	–
Capital employed	9	1	0	0	–	–	–	–
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Assets	908	216	–	–	–	–	–	–
Liabilities	320	24	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Heritage Foods quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 29 May	Mar 2021Filed 20 May	Mar 2022Filed 28 May	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
Revenue from operations	2,643	2,769	2,515	2,726	2,473	2,681	3,241	3,794	4,135	4,526
	2,502	2,630	2,461	3,109	2,211	2,490	3,111	3,591	3,811	4,261
Materials and goods bought	2,063	1,919	1,973	2,225	1,837	2,083	2,616	3,007	3,101	3,465
Employee costs	165	–	142	156	178	184	211	258	313	331
Other expenses	274	–	346	728	196	223	284	326	396	465
Operating profit before depreciation	141	138	54	−383	262	191	130	203	324	265
Operating margin	5.3%	5.0%	2.1%	−14.1%	10.6%	7.1%	4.0%	5.4%	7.8%	5.9%
Materials, % of revenue	78.1%	–	78.5%	81.6%	74.3%	77.7%	80.7%	79.3%	75.0%	76.6%
Employee costs, % of revenue	6.2%	–	5.6%	5.7%	7.2%	6.9%	6.5%	6.8%	7.6%	7.3%
Other expenses, % of revenue	10.4%	–	13.8%	26.7%	7.9%	8.3%	8.8%	8.6%	9.6%	10.3%
Depreciation and amortisation	38	38	45	50	46	52	56	61	70	81
Operating profit after depreciation	104	100	9	−433	216	139	74	142	255	184
Other income	6	8	140	303	8	11	12	12	28	24
Finance costs	11	18	21	23	19	4	4	9	15	17
Profit before one-off items and tax	98	90	128	−152	205	146	82	145	267	191
One-off items	0	0	0	0	−2	−15	0	0	−9	10
Profit before tax	98	90	128	−152	203	131	82	145	258	201
	31	27	45	15	53	34	24	39	70	51
Current tax	–	28	43	19	52	34	23	38	67	41
Deferred tax	–	−1	2	−3	2	0	1	1	3	10
Share of profit of joint ventures and associates	0	0	0	−1	–	–	−9	–	–	–
Profit from discontinued businesses	–	–	0	−1	−1	0	0	–	–	–
	67	63	83	−169	148	96	49	107	188	150
Belonging to the company's shareholders	–	63	81	−160	150	97	58	107	188	150
Belonging to outside owners of subsidiaries	–	–	1	−9	−2	0	–	–	–	–
Other comprehensive income	–	–	−45	−171	−2	0	0	−1	−1	0
Total comprehensive income	–	–	37	−341	146	96	49	105	187	150
Net margin	2.5%	2.3%	3.3%	−6.2%	6.0%	3.6%	1.5%	2.8%	4.6%	3.3%
Net margin without joint ventures and associates	2.5%	2.3%	3.3%	−6.2%	–	–	1.8%	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Share of profit of joint ventures and associates is left blank for the years to Mar 2021, Mar 2022, Mar 2024 and Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 23 May	Mar 2020Filed 29 May	Mar 2021Filed 20 May	Mar 2022Filed 28 May	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May	Sep 2026Half yearFiled 15 Oct
	814	462	596	658	726	808	972	1,108	1,141
	803	460	596	658	726	808	972	1,103	1,137
Share capital	23	23	23	23	46	46	46	46	46
Reserves	779	436	573	634	679	762	926	1,057	1,090
Belonging to outside owners of subsidiaries	12	2	0	0	0	0	–	5	4
	261	261	36	12	134	93	136	324	345
Repayable after a year	167	172	34	8	4	75	111	223	274
Repayable within a year	95	88	2	4	130	18	25	101	72
	326	319	208	183	315	307	377	494	446
Trade payables	69	60	35	52	45	145	172	204	202
Other financial liabilities	148	152	150	106	108	108	140	157	144
Other liabilities	7	8	8	12	22	25	25	20	20
Provisions	8	11	13	8	9	11	14	10	8
	495	207	74	62	85	166	210	348	412
Other financial liabilities	294	4	3	5	29	35	35	31	31
Other liabilities	–	–	0	–	0	0	–	11	20
Provisions	7	8	10	17	18	23	28	33	36
Deferred tax	26	22	24	24	25	26	29	42	45
Liabilities going with businesses held for sale	–	0	0	–	–	–	–	–	–
	1,635	988	879	903	1,125	1,281	1,558	1,950	1,998
Held for sale or for a demerger	–	–	1	0	–	–	–	–	–
	1,360	720	619	612	672	756	873	1,256	1,369
Plant in use, after depreciation	461	469	571	570	613	697	741	1,139	–
Plant being built	42	76	16	7	20	20	68	47	–
Intangible assets	11	6	4	4	4	3	2	16	15
Goodwill	0	0	0	0	0	0	0	7	7
Intangible assets being developed	–	2	3	1	0	0	–	3	5
Property held to earn rent	4	6	5	4	4	4	4	2	2
Investments	826	144	0	18	15	18	10	0	0
Stakes in joint ventures and associates	9	8	13	0	0	0	–	0	–
Loans given	5	5	5	0	0	0	0	0	0
Other financial assets	3	1	0	6	10	11	16	20	21
Other assets	–	3	2	0	5	2	32	22	20
	275	269	258	290	453	525	685	694	629
Inventories	138	145	198	206	379	262	355	318	260
Trade receivables	42	22	15	18	28	29	38	71	79
Cash and cash equivalents	63	56	22	33	16	79	64	65	58
Other bank balances	11	2	2	3	3	5	5	6	7
Current investments	0	0	0	0	0	122	186	185	174
Loans given	2	3	4	0	0	0	0	0	0
Other financial assets	1	0	0	4	6	13	13	15	17
Tax paid in advance	1	1	3	4	4	5	4	6	10
Other assets	15	39	15	23	18	11	18	28	24
Net debt	186	202	12	−24	115	−113	−119	68	105

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 20 May	Mar 2022Filed 28 May	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May	Sep 2026Half yearFiled 15 Oct
	174	148	−61	390	214	237	174
	231	187	−33	430	281	277	196
	−46	−2	−178	214	−54	−4	58
Receivables	6	−9	−10	−2	−10	−38	−8
Inventories	−54	−8	−173	117	−93	35	58
Payables	−24	16	−7	68	27	36	−2
Other working capital	26	−1	12	31	22	−37	10
Tax paid	−53	−35	−23	−38	−67	−40	−21
Capital spending	93	46	83	127	176	382	175
Free cash flow	81	101	−144	263	37	−145	−1
	69	−42	−83	−252	−229	−375	−158
Plant and property sold	26	5	4	4	5	3	1
Companies bought	0	0	0	0	0	−16	0
Interest received	0	0	0	0	1	1	1
Dividends received	0	0	0	0	0	0	0
	−191	−93	126	−76	1	138	−23
Borrowings raised	28	0	126	91	73	215	95
Borrowings repaid	−185	−51	−4	−126	−28	−29	−74
Interest paid	−19	−3	−2	−9	−15	−20	−16
Lease payments	0	0	0	0	0	−4	0
Dividends paid	12	35	12	23	23	23	23
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	23	0	0	0	0
Net change in cash	51	13	−17	62	−14	0	−6

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Heritage Foods dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 29 May	Mar 2021Filed 20 May	Mar 2022Filed 28 May	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
	₹17.62	₹13.53	₹17.55	−₹34.55	₹32.32	₹20.81	₹6.33	₹11.48	₹20.29	₹16.22
As stated that year	₹35.23	₹13.53	₹17.55	−₹34.55	₹32.32	₹20.81	₹6.33	₹11.48	₹20.29	₹16.22
	₹17.62	₹13.53	₹17.55	−₹34.55	₹32.32	₹20.81	₹6.33	₹11.48	₹20.29	₹16.22
As stated that year	₹35.23	₹13.53	₹17.55	−₹34.55	₹32.32	₹20.81	₹6.33	₹11.48	₹20.29	₹16.22
	₹2.00	₹2.00	₹2.00	₹2.50	₹5.00	₹5.00	₹2.50	₹2.50	₹2.50	₹2.50
As declared that year	₹4.00	₹2.00	₹2.00	₹2.50	₹5.00	₹5.00	₹2.50	₹2.50	₹2.50	₹2.50
Book value per share	–	–	₹172.97	₹99.05	₹128.42	₹141.72	₹78.22	₹87.09	₹104.74	₹118.90
Dividend payout	–	14.8%	11.4%	–	15.5%	24.0%	40.0%	21.8%	12.3%	15.5%
Shareholder yield	–	–	–	–	0.8%	2.3%	−0.9%	0.7%	0.6%	0.9%
Market cap at the year end (₹ crore)	2,490	3,239	2,522	986	1,365	1,486	1,338	3,135	3,573	2,728

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Heritage Foods PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 May	Mar 2020Filed 29 May	Mar 2021Filed 20 May	Mar 2022Filed 28 May	Mar 2023Filed 26 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
Revenue growth	11.0%	–	−9.2%	8.4%	−9.3%	8.4%	20.9%	17.1%	9.0%	9.5%
Operating profit growth	8.1%	–	−61.0%	–	–	−27.2%	−32.0%	56.5%	59.6%	−18.2%
Net profit growth	20.6%	–	31.7%	–	–	−35.2%	−48.5%	115.5%	76.7%	−20.3%
Earnings per share growth	47.5%	–	29.7%	–	–	−35.6%	−69.6%	81.4%	76.7%	−20.1%
	–	–	10.1%	−25.4%	28.4%	15.4%	8.4%	13.9%	21.2%	14.5%
	–	–	–	−35.6 pts	53.8 pts	−13.0 pts	−7.0 pts	5.5 pts	7.3 pts	−6.7 pts
From the net margin	–	–	–	−28.6 pts	51.6 pts	−11.5 pts	−7.8 pts	4.8 pts	8.6 pts	−5.7 pts
From asset turnover	–	–	–	−6.5 pts	7.2 pts	2.3 pts	0.5 pts	−0.2 pts	−1.7 pts	−1.8 pts
From borrowing	–	–	–	−0.5 pts	−5.0 pts	−3.8 pts	0.3 pts	0.9 pts	0.4 pts	0.8 pts
Return on capital employed	–	–	0.9%	−60.0%	34.1%	20.7%	8.6%	15.8%	23.0%	12.8%
Cash conversion	–	–	–	–	117.3%	153.9%	−122.4%	365.9%	113.6%	158.0%
Interest cover	9.2	5.5	0.4	–	11.3	34.6	18.9	15.7	16.5	10.7
Debt to equity	–	–	0.32	0.56	0.06	0.02	0.19	0.11	0.14	0.29
Receivable days	–	–	6	3	2	3	3	3	3	6
Inventory days	–	–	26	24	39	36	53	32	42	34
Payable days	–	–	13	10	7	9	6	18	20	22
Cash conversion cycle, days	–	–	19	17	35	29	50	17	25	18
Working capital days	–	–	−4	−3	4	10	28	3	7	4
Asset turnover	–	–	1.54	2.08	2.65	3.01	3.20	3.15	2.91	2.58
Assets per rupee of net worth	–	–	2.04	2.08	1.77	1.42	1.47	1.57	1.60	1.69
Sales per rupee of plant	–	–	5.45	5.81	4.33	4.70	5.28	5.44	5.58	3.97
Capital spending to depreciation	–	–	–	–	2.00	0.89	1.48	2.09	2.54	4.72
Plant being built, % of plant in use	–	–	9.1%	16.1%	2.8%	1.3%	3.3%	2.9%	9.2%	4.1%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2018: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.6%
Cash from operations against operating profit: 89.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	6.6%	12.8%	11.8%
Profit growth, yearly rate	10.5%	0.0%	37.3%
Return on equity, average	–	14.7%	16.5%
Return on capital employed, average	–	16.2%	17.2%
Operating margin, average	3.9%	6.0%	6.3%
Net margin, average	2.4%	3.2%	3.6%
Asset turnover, average	–	2.97	2.88
Cash conversion cycle, days, average	–	28	20
Interest cover, average	13.6	19.3	14.3
Debt to equity, average	–	0.15	0.18

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	928	841	237
Cash from investing	−981	−855	−375
Cash from financing	97	63	138
Capital spending	816	686	382
Dividends paid	116	70	23
Shares bought back	0	0	0
Shares issued for cash	23	0	0
Borrowings raised	504	378	215
Borrowings repaid	238	184	29

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	9	7	3	7	7	4
Altman Z-scorePublished threshold 1.81	–	–	4.32	4.01	7.53	8.23	6.14	8.37	7.96	5.52
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.96	−2.63	−1.58	−3.51	−1.83	−2.07
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−10.12	−1.05	19.00	−2.62	14.32	16.40
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.89	1.89	1.58	1.89
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−56.71	−21.20	13.00	30.69	−14.57	23.56	77.55
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−8.19	54.45	−9.58	58.55	−45.85	32.49	−22.14
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.88	−0.95	0.47	−0.10	0.03	0.19	0.27
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.30	0.11	0.14	0.20	0.14	0.60	0.10
Effective tax ratePublished threshold 17.16 per cent	32.01	30.17	34.93	–	26.40	26.17	29.08	26.56	27.09	25.35
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.89	1.14	0.48	1.28	5.55

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
5 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		3.60
5 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Upgrade	Stable	145

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.