MarketFriction

Heritage Foods Ltd

NSE HERITGFOOD · BSE 519552 · Dairy Products
₹402.90 +0.22%
NSE close2026-10-01
52 week range292.55 - 503.80
Market cap₹3,721 Cr.
P/E29.3
Microcap 250 Price band 20% Delivery 28.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9799419511,0331,0201,0341,0481,1371,1131,1191,1581,338
Expenses9338918829409389629701,0641,0351,0561,1051,276
Operating Profit455069928172787377635262
OPM %4.6%5%7%9%8%7%7%6%7%6%4.5%4.6%
Other Income235678-2515876
Interest223344444458
Depreciation151616171718181920202226
Profit before tax313655786759545568463234
Tax %27%25%26%25%28%27%30%26%25%25%25%26%
Net Profit222740584943384151352425
EPS in Rs2.412.904.366.305.244.644.114.375.503.732.582.69
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,3811,8942,3732,5152,7262,4732,6813,2413,7944,1354,5264,727
Expenses2,2481,7612,6282,4583,1082,2122,4953,1093,5903,8094,2604,473
Operating Profit132134-25557-382261186132203326266254
OPM %6%7%-11%2.2%-14%11%7%4.1%5%8%6%5%
Other Income5251402138302721212193436
Interest174920232421669171821
Depreciation352538455046525661708189
Profit before tax8631090127-15420213082145258201180
Tax %36%10%30%35%10%26%26%29%27%27%25%
Net Profit552786383-1691489658107188150135
EPS in Rs5.9729.646.768.77-17.2716.1610.416.2511.4820.2916.1814.50
Dividend Payout %13%3%15%11%-7%15%24%40%22%12%15%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%13%12%12%
Compounded Profit Growth9%-3%34%-28%
Stock Price CAGR6%12%20%-16%
Return on Equity14%14%15%13%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital232323232323232346464646
Reserves1702175687547794365736346797629261,057
Borrowings1571261582802993066419168132175361
Other Liabilities175209247649533223219226231341412485
Total Liabilities5265759961,7071,6359888799031,1251,2811,5581,950
Fixed Assets2813122964334764815805796227047481,164
CWIP91089427718820206850
Investments114781,002835152131815140196186
Other Assets235252214263282278267298469416547550
Total Assets5265759961,7071,6359888799031,1251,2811,5581,950
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity52125115121148117174148-61390214237
Cash from Investing Activity-47-66-126-200-133-9769-42-83-252-229-375
Cash from Financing Activity-8-55-1355-3-22-191-93126-761138
Net Cash Flow-44-24-2312-25113-1762-140
Free Cash Flow45824-19248108106-14026742-142
CFO/OP73%117%108%-59%328%-36%87%98%-29%210%86%104%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days443263233336
Inventory Days312831312724393855334435
Days Payable1716151313107107182123
Cash Conversion Cycle181619192017353152182618
Working Capital Days-13-8-18-22-18-154101315-5
ROCE %17%29%64%12%14%-14%31%21%10%16%25%15%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters41.57%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%
FIIs1.74%1.73%2.01%3.33%8.27%6.65%6.42%6.16%4.60%3.95%2.21%1.98%
DIIs14.48%11.97%11.74%3.91%3.89%3.98%4.05%4.14%4.31%4.88%6.21%6.38%
Public42.20%44.99%44.96%51.48%46.56%48.08%48.23%48.41%49.78%49.86%50.28%50.34%
No. of Shareholders52,55257,28756,2251,74,8491,37,0211,34,4761,35,6601,32,5481,31,8041,27,4701,27,6711,26,513

Fundamentals

Market Cap₹ 3,721 Cr.
Current Price₹ 401
Stock P/E29.3
Book Value₹ 119
ROCE14.8 %
ROE12.6 %
Dividend Yield0.62 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)12%
Compounded Profit Growth (TTM)-28%
Consolidated figures.
Valuation
Market capRs 3,739 Cr
Enterprise valueRs 4,030 Cr
P/E (TTM)27.80x
Price to book3.39x
Price to sales0.79x
EV / EBITDA13.91x
EV / EBIT20.06x
EV / sales0.85x
Price to cash flow15.76x
Earnings yield3.60%
Dividend yield0.62%
P/E, 3-year average22.19x
P/B, 3-year average3.34x
P/E, 5-year average19.49x
P/B, 5-year average2.60x
Profitability
Operating margin (excl. other income)5.88%
Operating margin (incl. other income)6.64%
EBITDA margin6.13%
Pre-tax margin3.80%
Net profit margin2.85%
Net margin, latest quarter1.87%
ROE14.47%
ROCE16.82%
ROA8.56%
ROE, 3-year average16.50%
ROCE, 3-year average20.01%
ROA, 3-year average10.23%
ROE, 5-year average14.66%
ROCE, 5-year average18.30%
ROA, 5-year average9.45%
ROIC (approx.)10.76%
Tax rate25.35%
Other income / net worth3.12%
Growth
Sales growth (latest year)9.47%
Profit growth (latest year)-20.26%
Sales CAGR, 3 years11.78%
Sales CAGR, 5 years12.85%
Profit CAGR, 3 years37.32%
Profit CAGR, 5 years0.03%
Sales growth QoQ15.60%
Profit growth QoQ4.30%
Sales growth YoY (latest quarter)17.71%
Profit growth YoY (latest quarter)-38.42%
Per share
EPS (TTM)Rs 14.50
EPS (latest year)Rs 16.18
EPS (latest quarter)Rs 2.69
EPS, 3-year averageRs 15.98
EPS, 5-year averageRs 15.00
Book value per shareRs 118.90
Sales per shareRs 509.43
Cash flow per shareRs 25.56
Free cash flow per shareRs -15.30
Dividend per share (latest year)Rs 2.50
Dividend per share, 3-year averageRs 2.50
Dividend per share, 5-year averageRs 3.00
Dividends
Dividend payout15.45%
Dividend payout, 3-year average16.52%
Dividend payout, 5-year average22.72%
Efficiency
Asset turnover2.32x
Fixed asset turnover3.89x
Inventory turnover11.30x
Inventory days32 days
Debtor days6 days
Debtors turnover63.61x
Creditor days23 days
Cash conversion cycle18 days
Working capital days-5 days
Leverage
Total debtRs 361 Cr
Cash and bankRs 70 Cr
Net debtRs 291 Cr
Debt to equity0.33x
Net debt / EBITDA1.01x
Interest coverage9.45x
Current ratio (filing 2026-03-31)1.40x
Quick ratio (filing 2026-03-31)0.76x
Trade payables (filing 2026-03-31)Rs 204 Cr
Owners' fund to total sources56.59%
Debt to assets18.54%
Cash flow
Cash from Operating Activity (latest year)Rs 237 Cr
Cash from Investing Activity (latest year)Rs -375 Cr
Cash from Financing Activity (latest year)Rs 138 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs -142 Cr
FCFE (approx.: FCF + change in debt)Rs 45 Cr
Cash from ops / profit, 5 years1.55x
Sales to cash flow19.08x
Statement figures
Net sales (TTM)Rs 4,727 Cr
Net sales (latest year)Rs 4,526 Cr
Sales (latest quarter)Rs 1,338 Cr
Operating profit excl. other income (latest year)Rs 266 Cr
Operating profit (latest quarter)Rs 62 Cr
Other income (TTM)Rs 36 Cr
EBITDA (TTM)Rs 290 Cr
PBDT (TTM)Rs 268 Cr
Profit before tax (TTM)Rs 180 Cr
Tax (latest year)Rs 51 Cr
Net profit (TTM)Rs 135 Cr
Net profit (latest year)Rs 150 Cr
Net profit (latest quarter)Rs 25 Cr
Depreciation (TTM)Rs 89 Cr
Depreciation (latest quarter)Rs 26 Cr
Interest (TTM)Rs 21 Cr
Cost of goods sold (latest year)Rs 3,596 Cr
Total expenditure (latest year)Rs 4,260 Cr
Total income (latest year)Rs 4,560 Cr
Share capitalRs 46 Cr
ReservesRs 1,057 Cr
Shareholders' fundsRs 1,103 Cr
Total assetsRs 1,950 Cr
Net blockRs 1,164 Cr
Capital work in progressRs 50 Cr
InvestmentsRs 186 Cr
ReceivablesRs 71 Cr
InventoryRs 318 Cr
Other liabilitiesRs 485 Cr
Shares outstanding (crore)9.28
Ownership
Promoter holding41.30% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 27.8 is at the 48th percentile of its own 8.4-year range (median 28.2, low 13.8, high 91.5).
P/B 3.39 is at the 19th percentile (median 4.81).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHERITGFOODNifty 50Difference
1 week-2.7%-2.8% +0.1 pts
1 month+13.9%-6.8% +20.7 pts
3 months+19.9%-7.6% +27.5 pts
6 months+37.1%+0.4% +36.7 pts
1 year-18.4%-9.9% -8.5 pts
2 years-34.2%-13.6% -20.7 pts
3 years+74.3%+14.2% +60.1 pts
5 years-12.8%+27.9% -40.7 pts
12 mutual fund schemes hold about ₹207 Cr. Over three months 2 bought more and 6 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Bandhan Small Cap Fund0.25%87 +7%
Abakkus Flexi Cap Fund0.74%47 -24%
UTI Small Cap Fund0.73%38 -12%
Quant Small Cap Fund0.04%14 -14%
Quant Consumption Fund7.56%14 -3%
Motilal Oswal Nifty Microcap 250 Index Fund0.16%4 -14%
The Wealth Company Mid Cap Fund1.26%2 +100%
Groww Nifty Total Market Index Fund0.01%0 -17%
Angel One Nifty Total Market Index Fund0.01%0 -17%
Mirae Asset Nifty Total Market Index Fund0.01%0 -3%
Bandhan Nifty Total Market Index Fund0.01%0 -3%
Motilal Oswal BSE 1000 Index Fund0.01%0 -3%

Red flags

F-score 4 of 8
explainDebt up, profit down Borrowings up 107% while net profit fell in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,338 Cr +17.7% vs Jun 2025. Net profit ₹25 Cr -39.0%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Hatsun Agro Product Ltd24,49667.015.2 %
Milky Mist Dairy Food Ltd24,48013315.4 %
Kwality Walls India Ltd9,633%
Dodla Dairy Ltd6,07524.616.7 %
Vadilal Industries Ltd5,23223.922.0 %
Parag Milk Foods Ltd3,37325.013.4 %
Vadilal Enterprises Ltd86963.624.8 %
Sheetal Cool Products Ltd68433.017.0 %
Milkfood Ltd2134.7022.5 %
Modern Dairies Ltd15729.213.7 %
Virat Crane Industries Ltd69-8.08 %
Dindigul Farm Product Ltd6617.68.84 %
Healthy Life Agritec Ltd347.5110.6 %
Tasty Dairy Specialities Ltd8-5.36 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-07-15Dividend - Rs 2.50 Per Share
2025-07-23Annual General Meeting/Dividend - Rs 2.50 Per Share
2024-08-13Annual General Meeting/Dividend - Rs 2.50 Per Share
2023-08-14Annual General Meeting/Dividend - Rs 2.50 Per Share
2023-01-20Rights 1:1 @ Premium Rs 0/-
2022-07-21Annual General Meeting/Dividend - Rs 2.50 Per Share
2021-11-01 Interim Dividend - Rs 2.50 Per Share
2021-07-22 Annual General Meetingdividend - Rs 5 Per Share
2020-08-19 Annual General Meeting/Dividend - Rs 2.50 Per Share
2019-08-21 Annual General Meeting/Dividend - Rs 2 Per Share
2018-08-20 Annual General Meeting/Dividend- Rs 2 Per Share (Purpose Revised)
2017-10-10 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share0.5000
2017-08-11 Annual General Meeting/Dividend - Rs 3/- Per Share/Special Dividend Re 1/- Per Share
2016-08-09 Annual General Meeting/Dividend Rs 3/- Per Share
2015-09-15 Annual General Meeting/ Dividend - Rs 3/- Per Share
2014-09-18Annual General Meeting / Dividend - Rs 3/- Per Share
2013-07-26Bonus 1:10.5000
2013-06-19Annual General Meeting/ Dividend Rs. 3 Per Share (Bc Dates Revised)
2012-09-24Annual General Meeting/ Dividend Rs. 2 Per Share
2011-09-22Annual General Meeting And Dividend Rs.1.20 Per Share
2010-07-22Annual General Meeting And Dividend Rs.1.80 Per Share
2009-09-23Annual General Meeting
2008-09-18Agm/Dividend - 18%
2007-07-30Agm/Dividend-30%
2006-07-19Agm/Div-Rs.3/- Per Sh
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Heritage Foods Ltd?

Heritage Foods Ltd (HERITGFOOD) has a market capitalisation of Rs 3,721 Cr. at the 2026-10-01 close.

What is the P/E ratio of Heritage Foods Ltd?

Heritage Foods Ltd trades at a P/E of 29.3 on trailing twelve-month profit, at the 2026-10-01 close.

What were Heritage Foods Ltd's latest quarterly results?

In the Jun 2026 quarter, Heritage Foods Ltd sales was Rs 1,338 Cr (+17.7% vs Jun 2025) and net profit was Rs 25 Cr.

What is the 52-week high and low of Heritage Foods Ltd?

The 52-week high is Rs 503.80 and the 52-week low is Rs 292.55.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03