āagman

Heritage Foods Ltd

NSE: HERITGFOOD
₹366.30
−₹21.85 (−5.63%)
NSE · 21 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹3,762 Cr
CMP
₹366.30
52-wk High / Low
₹504 / 293
P/E
33.1
P/B
3.3
Book Value
₹122.0
Div Yield
0.62%
ROCE
15.0%
ROE
12.6%
Face Value
₹5
D/E
0.33

Price−24.6% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 14 quarters of filings. Not reported by the company.
As of 21 Oct 2026
How we compute these
Piotroski F-Score
1
/ 9
1 of 9 F-score tests passed
Graham Number
₹184
√(22.5 × EPS × book value per share)
ROIC
9.4%
vs 13.1% sector median
Cash flow to profit
1.58
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−131
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
10.0%
ROE × earnings retention ratio
ROE stability
4.0
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.27DII −0.09
Latest quarter vs the previous one
Cash-accrual divergence
−5.0%
of assets
Low = accruals track cash flow
Strengths
+Price trades above its 200-day moving average (1.0x)
+PE of 33.1x is below the sector median of 35.2x
Watch-outs
−Latest ROCE of 15% trails the sector median of 19%
−Borrowings are up 204.8% since FY2016 (126 to 384)
−Piotroski F-Score of 1/9 is in the weak band (≤3)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Sep 2026
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales9799419511,0331,0201,0341,0481,1371,1131,1191,1581,3381,320
Expenses9338918829409389629701,0641,0351,0561,1051,2761,246
Operating Profit45506992817278737763526274
OPM %4.6%5.3%7.3%8.9%7.9%7.0%7.4%6.4%6.9%5.6%4.5%4.6%5.6%
Other Income235678−25158763
Interest2233444444587
Depreciation15161617171818192020222627
Profit before tax31365578675954556846323443
Net Profit22274058494338415135242531
EPS (₹)2.412.904.366.305.244.644.114.375.503.732.582.693.33

Profit & Loss

As of 30 Sep 2026
Consolidated · ₹ Cr · 13 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTMSep 2026TTM
Sales2,0732,3811,8942,3732,5152,7262,4732,6813,2413,7944,1354,5264,727—4,934
Expenses1,9892,2481,7612,6282,4583,1082,2122,4953,1093,5903,8094,2604,473—4,683
Operating Profit84132134−25557−382261186132203326266254—251
OPM %4.1%5.5%7.1%−10.7%2.3%−14.0%10.6%6.9%4.1%5.4%7.9%5.9%5.4%—5.1%
Other Income75251402138302721212193436—24
Interest18174920232421669171821—25
Depreciation34352538455046525661708189—96
Profit before tax398631090127−15420213082145258201180—154
Net Profit28552786383−1691489658107188150135—114
EPS (₹)3.065.9729.646.768.77−17.2716.1610.416.2511.4820.2916.1814.50—12.33

Balance Sheet

As of 30 Sep 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026Sep 2026Sep 2026
Equity Capital232323232323232346464646—46—
Reserves1702175687547794365736346797629261,057—1,090—
Borrowings1571261582802993066419168132175361—384—
Other Liabilities175209247649533223219226231341412485—477—
Total Liabilities5265759961,7071,6359888799031,1251,2811,5581,950—1,998—
Fixed Assets2813122964334764815805796227047481,164—1,198—
CWIP91089427718820206850—129—
Investments114781,002835152131815140196186—174—
Other Assets235252214263282278267298469416547550—497—
Total Assets5265759961,7071,6359888799031,1251,2811,5581,950—1,998—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
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

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.029.064.012.014.0−14.031.021.010.016.025.015.0
ROE %———————————12.6
EPS (₹)3.065.9729.646.768.77−17.2716.1610.416.2511.4820.2912.33
Book Value (₹)———————————122.0
Face Value (₹)———————————5
P/E———————————33.1
Div Yield %———————————0.62
NPM %1.32.313.02.33.1−5.66.03.61.82.84.53.3
OPM %4.06.07.0−11.02.2−14.011.07.04.15.08.06.0
D/E0.810.530.270.360.370.670.110.030.230.160.180.33
P/B———————————3.3

Growth

As of 18 Oct 2026
Compounded sales growth
10 years+7.0%
5 years+13.0%
3 years+12.0%
TTM+14.0%
Compounded profit growth
10 years+9.0%
5 years−3.0%
3 years+34.0%
TTM−34.0%
Stock price CAGR
10 years+6.0%
5 years+12.0%
3 years+19.0%
Last year−16.0%
Return on equity
10 years14.0%
5 years14.0%
3 years15.0%
Last year13.0%

Shareholding pattern

As of 30 Sep 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters39.90%39.90%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%
FIIs7.20%7.20%1.73%2.01%3.33%8.27%6.65%6.42%6.16%4.60%3.95%2.21%1.98%1.71%
DIIs5.78%5.78%11.97%11.74%3.91%3.89%3.98%4.05%4.14%4.31%4.88%6.21%6.38%6.29%
Government——————————————
Public47.12%47.12%44.99%44.96%51.48%46.56%48.08%48.23%48.41%49.78%49.86%50.28%50.34%50.70%
No. of shareholders17,51017,51057,28756,2251,74,8491,37,0211,34,4761,35,6601,32,5481,31,8041,27,4701,27,6711,26,5131,18,993
Change since Jun 2023 (pp)
Promoters +1.40FIIs −5.49DIIs +0.51Public +3.58

Documents

As of 18 Oct 2026
Announcements
Update On Acquisition Of Additional 5.60% Equity Share Capital Of M/S. Heritage Novandie Foods LimitedAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAnnouncement under Regulation 30 (LODR)-Newspaper PublicationAnnouncement under Regulation 30 (LODR)-Investor PresentationAnnouncement under Regulation 30 (LODR)-Press Release / Media Release
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Oct 2026PPTOct 2026RecordingJul 2026TranscriptJul 2026TranscriptJul 2026PPTJul 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026PPT

Corporate actions

As of 15 Jul 2026
15 Jul 2026DIVIDENDDividend - Rs 2.50 Per Share—
23 Jul 2025DIVIDENDAnnual General Meeting/Dividend - Rs 2.50 Per Share—
13 Aug 2024DIVIDENDAnnual General Meeting/Dividend - Rs 2.50 Per Share—
14 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Rs 2.50 Per Share—
20 Jan 2023RIGHTSRights 1:1 @ Premium Rs 0/-—
21 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 2.50 Per Share—
1 Nov 2021DIVIDEND Interim Dividend - Rs 2.50 Per Share—
22 Jul 2021DIVIDEND Annual General Meetingdividend - Rs 5 Per Share—
19 Aug 2020DIVIDEND Annual General Meeting/Dividend - Rs 2.50 Per Share—
21 Aug 2019DIVIDEND Annual General Meeting/Dividend - Rs 2 Per Share—
20 Aug 2018DIVIDEND Annual General Meeting/Dividend- Rs 2 Per Share (Purpose Revised)—
10 Oct 2017SPLIT Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 5/- Per Share10 : 5
11 Aug 2017DIVIDEND Annual General Meeting/Dividend - Rs 3/- Per Share/Special Dividend Re 1/- Per Share—
9 Aug 2016DIVIDEND Annual General Meeting/Dividend Rs 3/- Per Share—
15 Sep 2015DIVIDEND Annual General Meeting/ Dividend - Rs 3/- Per Share—
18 Sep 2014DIVIDENDAnnual General Meeting / Dividend - Rs 3/- Per Share—
26 Jul 2013BONUSBonus 1:1—
19 Jun 2013DIVIDENDAnnual General Meeting/ Dividend Rs. 3 Per Share (Bc Dates Revised)—
24 Sep 2012DIVIDENDAnnual General Meeting/ Dividend Rs. 2 Per Share—
22 Sep 2011DIVIDENDAnnual General Meeting And Dividend Rs.1.20 Per Share—
22 Jul 2010DIVIDENDAnnual General Meeting And Dividend Rs.1.80 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges.© 2026 āagman