Heritage Foods Q2 FY27 Results: Consolidated Net Profit ₹30.86 Crore on Total Income of ₹1,323 Crore
Earnings
Dairy Foods
Blacklitt Research3 min read
Raysonho, via Wikimedia Commons (CC0 1.0). Illustrative image.
Heritage Foods reported consolidated total income of ₹1,322.95 crore and net profit of ₹30.86 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹1,276.79 crore and net profit was ₹30.52 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,323 crore, up 18.4% YoY, down 1.6% QoQ
Net profit: ₹30.86 crore, down 39.5% YoY, up 23.6% QoQ
EPS: ₹3.38, against ₹5.50 in Q2 FY26
Depreciation: ₹27.47 crore, up 36.6% YoY; finance costs ₹7.26 crore, up 89.1%
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,277 crore, up 16.5% YoY, down 1.6% QoQ
Net profit: ₹30.52 crore, down 36.9% YoY, up 23.2% QoQ
EPS: ₹3.29, against ₹5.22 in Q2 FY26
Tax as share of profit before tax: 26.4%, against 24.1% a year earlier
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,322.95
1,117.68
+18.4%
1,344.50
-1.6%
Revenue from operations
1,319.58
1,112.51
+18.6%
1,338.09
-1.4%
Other income
3.37
5.17
-34.8%
6.41
-47.4%
30.86
51.00
-39.5%
24.97
+23.6%
Finance costs
7.26
3.84
+89.1%
8.23
-11.8%
Depreciation
27.47
20.11
+36.6%
26.49
+3.7%
Tax expense
11.74
16.77
-30.0%
8.58
+36.8%
Net profit margin
2.33%
4.56%
-2.23 pp
1.86%
+0.48 pp
Tax as share of profit before tax
27.6%
24.7%
+2.81 pp
25.6%
+1.98 pp
EPS, basic (₹)
3.38
5.50
-38.5%
2.72
+24.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Revenue grew 18.6% and profit fell 39.5%, because fixed charges grew and last year's profit had one-off gains. Depreciation rose 36.6% to ₹27.47 crore and finance costs 89.1% to ₹7.26 crore, so the two together are ₹34.73 crore against ₹23.95 crore a year ago, a ₹10.8 crore rise (derived). Profit before tax fell by about ₹25 crore to ₹42.60 crore (derived), and the filing does not say what the extra depreciation and interest relate to.
The year-earlier quarter carried exceptional gains. The notes record ₹6.15 crore (61.54 million) received as a refund of GST deposited under protest on the classification of flavoured milk after a favourable order, and ₹3.20 crore (32.02 million) of previously accrued interest reversed in the quarter ended 30 September 2025, about ₹9.4 crore together (derived), or about 14% of that quarter's consolidated profit before tax (derived). Without them the fall in profit before tax would be smaller, though still a fall.
Against June revenue fell 1.4% while profit rose 23.6% from ₹24.97 crore, with tax at 27.6% of profit before tax. The group acquired a controlling interest in Heritage Novandie Foods Limited, previously a joint venture, with effect from 16 June 2025, so it was part of the year-earlier quarter for most of its length.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,276.79
1,095.59
+16.5%
1,298.04
-1.6%
Revenue from operations
1,273.38
1,090.42
+16.8%
1,291.75
-1.4%
Other income
3.41
5.17
-34.0%
6.29
-45.8%
30.52
48.40
-36.9%
24.77
+23.2%
Finance costs
7.34
3.58
+105.0%
8.04
-8.7%
Depreciation
25.74
19.05
+35.1%
24.81
+3.7%
Tax expense
10.94
15.37
-28.8%
8.08
+35.4%
Net profit margin
2.39%
4.42%
-2.03 pp
1.91%
+0.48 pp
Tax as share of profit before tax
26.4%
24.1%
+2.29 pp
24.6%
+1.80 pp
EPS, basic (₹)
3.29
5.22
-37.0%
2.67
+23.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone company is nearly the whole group. Standalone revenue from operations of ₹1,273.38 crore is 96% of the consolidated figure and net profit of ₹30.52 crore is 99% of the group's ₹30.86 crore (derived), so the group's other entities add little. Standalone profit fell 36.9% and earnings per share to ₹3.29 from ₹5.22.
Finance costs more than doubled, up 105.0% to ₹7.34 crore, and depreciation rose 35.1% to ₹25.74 crore. For H1 FY27 standalone revenue from operations is ₹2,565.13 crore against ₹2,209.35 crore (+16.1%). The statement also carries a segment table and an impairment-losses line whose figures could not be read reliably from the scan, so neither is quoted.
Inference
Heritage Foods is growing revenue at 17% but the profit is lower than a year ago, because depreciation and interest rose sharply and last year's quarter included one-off gains.
The filing does not say what is behind the higher depreciation and finance costs, so whether they will keep rising is not known from it.
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