Major Estimate Revision • May 26
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2027 has been updated. 2027 revenue forecast increased from ₹49.5b to ₹50.6b. EPS estimate fell from ₹20.10 to ₹16.80 per share. Net income forecast to grow 3.8% next year vs 20% growth forecast for Food industry in India. Consensus price target down from ₹435 to ₹422. Share price rose 2.5% to ₹335 over the past week. Price Target Changed • May 25
Price target decreased by 7.3% to ₹422 Down from ₹455, the current price target is an average from 3 analysts. New target price is 27% above last closing price of ₹332. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₹16.80 for next year compared to ₹16.22 last year. Reported Earnings • May 17
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: ₹16.22 (down from ₹20.29 in FY 2025). Revenue: ₹45.3b (up 9.5% from FY 2025). Net income: ₹1.50b (down 20% from FY 2025). Profit margin: 3.3% (down from 4.6% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 13
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2027 has been updated. 2027 EPS estimate fell from ₹23.20 to ₹20.55 per share. Revenue forecast steady at ₹49.5b. Net income forecast to grow 7.9% next year vs 22% growth forecast for Food industry in India. Consensus price target down from ₹455 to ₹435. Share price fell 7.1% to ₹334 over the past week. Declared Dividend • May 13
Dividend of ₹2.50 announced Dividend of ₹2.50 is the same as last year. Ex-date: 15th July 2026 Payment date: 30th July 2026 Dividend yield will be 0.7%, which is lower than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 28
Heritage Foods Limited to Report Q4, 2026 Results on May 11, 2026 Heritage Foods Limited announced that they will report Q4, 2026 results on May 11, 2026 Price Target Changed • Jan 31
Price target decreased by 9.4% to ₹513 Down from ₹567, the current price target is an average from 3 analysts. New target price is 43% above last closing price of ₹359. Stock is down 17% over the past year. The company is forecast to post earnings per share of ₹20.73 for next year compared to ₹20.29 last year. Reported Earnings • Jan 29
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: ₹3.73 (down from ₹4.64 in 3Q 2025). Revenue: ₹11.3b (up 9.0% from 3Q 2025). Net income: ₹346.5m (down 20% from 3Q 2025). Profit margin: 3.1% (down from 4.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Announcement • Jan 16
Heritage Foods Limited to Report Q3, 2026 Results on Jan 28, 2026 Heritage Foods Limited announced that they will report Q3, 2026 results on Jan 28, 2026 Announcement • Oct 27
Heritage Foods Limited (NSEI:HERITGFOOD) acquired 51% stake in Get-A-Way. Heritage Foods Limited (NSEI:HERITGFOOD) acquired 51% stake in Get-A-Way on October 27, 2025.
Heritage Foods Limited (NSEI:HERITGFOOD) completed the acquisition of 51% stake in Get-A-Way on October 27, 2025. Reported Earnings • Oct 17
Second quarter 2026 earnings released: EPS: ₹5.50 (vs ₹5.24 in 2Q 2025) Second quarter 2026 results: EPS: ₹5.50 (up from ₹5.24 in 2Q 2025). Revenue: ₹11.1b (up 9.1% from 2Q 2025). Net income: ₹510.8m (up 5.0% from 2Q 2025). Profit margin: 4.6% (down from 4.8% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Oct 06
Heritage Foods Limited to Report Q2, 2026 Results on Oct 15, 2025 Heritage Foods Limited announced that they will report Q2, 2026 results on Oct 15, 2025 Upcoming Dividend • Jul 16
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 23 July 2025. Payment date: 07 August 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (1.0%). Reported Earnings • Jul 09
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹20.29 (up from ₹11.48 in FY 2024). Revenue: ₹41.3b (up 9.0% from FY 2024). Net income: ₹1.88b (up 77% from FY 2024). Profit margin: 4.6% (up from 2.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 07
Heritage Foods Limited to Report Q1, 2026 Results on Jul 17, 2025 Heritage Foods Limited announced that they will report Q1, 2026 results on Jul 17, 2025 Announcement • Jun 17
Heritage Foods Limited (NSEI:HERITGFOOD) completed the acquisition of an additional 44.40% stake in Heritage Novandie Foods Pvt Ltd from Novandie S.N.C. Heritage Foods Limited (NSEI:HERITGFOOD) agreed to acquire an additional 44.40% stake in Heritage Novandie Foods Pvt Ltd from Novandie S.N.C. for INR 85 million on May 16, 2025. A cash consideration of INR 85 million will be paid by Heritage Foods Limited. As part of consideration, INR 85 million is paid towards common equity of Heritage Novandie Foods Pvt Ltd. Upon completion, Heritage Foods Limited will own 94.40% stake in Heritage Novandie Foods Pvt Ltd.
For the period ending March 31, 2025, Heritage Novandie Foods Pvt Ltd reported total revenue of INR 68.9 million. As of March 31, 2025, Heritage Novandie Foods Pvt Ltd reported total common equity of INR 239.69 million.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is first quarter of financial year 2026.
Heritage Foods Limited (NSEI:HERITGFOOD) completed the acquisition of an additional 44.40% stake in Heritage Novandie Foods Pvt Ltd from Novandie S.N.C. on June 16, 2025. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹469, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 31x in the Food industry in India. Total returns to shareholders of 241% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹323 per share. Announcement • May 19
Heritage Foods Limited, Annual General Meeting, Jul 31, 2025 Heritage Foods Limited, Annual General Meeting, Jul 31, 2025, at 10:00 Indian Standard Time. Reported Earnings • May 17
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹211 (up from ₹11.48 in FY 2024). Revenue: ₹41.6b (up 9.7% from FY 2024). Net income: ₹1.88b (up 77% from FY 2024). Profit margin: 4.5% (up from 2.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.4%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Heritage Foods Limited announces Annual dividend, payable on August 07, 2025 Heritage Foods Limited announced Annual dividend of INR 2.5000 per share payable on August 07, 2025, ex-date on July 23, 2025 and record date on July 23, 2025. Announcement • May 05
Heritage Foods Limited to Report Q4, 2025 Results on May 16, 2025 Heritage Foods Limited announced that they will report Q4, 2025 results at 12:08 PM, Indian Standard Time on May 16, 2025 Announcement • Mar 11
Heritage Foods Limited Approves the Appointment of Muddana Sambasiva Rao as an Additional Director on the Board, Effective April 01, 2025 Heritage Foods Limited informed that the Board of Directors of the Company at its meeting held on March, 11, 2025 has approved the appointment of Dr. Muddana Sambasiva Rao (DIN:01887410) as an Additional Director on the Board, effective April 01, 2025, as per the recommendation of Nomination and Remuneration Committee. Dr. Muddana Sambasiva Rao (DIN: 01887410), IAS Retd., holds postgraduate degree and doctorate in Zoology. He has been associated with Heritage Foods Limited as President since 2006. Prior to this, he served both State (Andhra Pradesh) and Central Governments for about two decades at various positions as a member of IAS. The last assignment before joining Heritage was Joint Secretary in the Department of Commerce under the Ministry of Commerce and Industry, Government of India. Price Target Changed • Jan 24
Price target decreased by 8.8% to ₹610 Down from ₹669, the current price target is an average from 4 analysts. New target price is 41% above last closing price of ₹432. Stock is up 32% over the past year. The company is forecast to post earnings per share of ₹21.60 for next year compared to ₹11.48 last year. Reported Earnings • Jan 23
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ₹4.64 (up from ₹2.90 in 3Q 2024). Revenue: ₹10.3b (up 9.9% from 3Q 2024). Net income: ₹430.5m (up 60% from 3Q 2024). Profit margin: 4.2% (up from 2.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 20
Now 24% overvalued Over the last 90 days, the stock has fallen 27% to ₹456. The fair value is estimated to be ₹367, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Announcement • Jan 09
Heritage Foods Limited to Report Q3, 2025 Results on Jan 22, 2025 Heritage Foods Limited announced that they will report Q3, 2025 results at 12:08 PM, Indian Standard Time on Jan 22, 2025 Reported Earnings • Oct 24
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹5.24 (up from ₹2.42 in 2Q 2024). Revenue: ₹10.2b (up 4.2% from 2Q 2024). Net income: ₹486.3m (up 117% from 2Q 2024). Profit margin: 4.8% (up from 2.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Oct 10
Heritage Foods Limited to Report Q2, 2025 Results on Oct 23, 2024 Heritage Foods Limited announced that they will report Q2, 2025 results on Oct 23, 2024 Upcoming Dividend • Aug 06
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 20 September 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.9%). Major Estimate Revision • Aug 06
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₹41.7b to ₹42.4b. EPS estimate increased from ₹19.00 to ₹22.03 per share. Net income forecast to grow 43% next year vs 28% growth forecast for Food industry in India. Consensus price target up from ₹570 to ₹645. Share price fell 7.9% to ₹534 over the past week. Major Estimate Revision • Jul 30
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ₹16.17 to ₹19.00. Revenue forecast steady at ₹41.7b. Net income forecast to grow 26% next year vs 26% growth forecast for Food industry in India. Consensus price target up from ₹443 to ₹570. Share price was steady at ₹580 over the past week. Reported Earnings • Jul 24
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ₹6.30 (up from ₹1.80 in 1Q 2024). Revenue: ₹10.3b (up 12% from 1Q 2024). Net income: ₹584.3m (up 249% from 1Q 2024). Profit margin: 5.7% (up from 1.8% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jul 23
Heritage Foods Limited Approves Re-Constitution of Nomination & Remuneration Committee and Stakeholders Relationship Committee Board of Directors of Heritage Foods Limited at their meeting held on July 23, 2024 approved the re-constitution of Nomination & Remuneration Committee and Stakeholders Relationship Committee with effect from July 23, 2024.
Nomination and Remuneration Committee: Sri. M. P. Vijay Kumar, Non-Executive Independent Director (Chairperson), Sri. A V Girija Kumar, Non-Executive Independent Director (Member), Sri. Rajesh Thakur Ahuja, Non-Executive Independent Director (Member), and Smt. Aparna Surabh, Non-Executive Independent Women Director (Member). Stakeholder Relationship Committee: Smt. Aparna Surabhi, Non-Executive Independent Women Director (Chairperson), Sri. A V Girija Kumar, Non-Executive Independent Director (Member), Sri. Rajesh Thakur, Ahuja Non-Executive Independent Director (Member), Dr. V. Nagaraja Naidu, Non-Executive Director, (Member), and Smt. N. Bhuvaneswari, Vice Chairperson & Managing Director (Member). Announcement • Jul 13
Heritage Foods Limited to Report Q1, 2025 Results on Jul 23, 2024 Heritage Foods Limited announced that they will report Q1, 2025 results on Jul 23, 2024 Price Target Changed • Jul 10
Price target increased by 9.9% to ₹443 Up from ₹404, the current price target is an average from 3 analysts. New target price is 20% below last closing price of ₹555. Stock is up 154% over the past year. The company is forecast to post earnings per share of ₹16.17 for next year compared to ₹11.48 last year. New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹427, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 28x in the Food industry in India. Total returns to shareholders of 103% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹435 per share. Announcement • May 31
Heritage Foods Limited, Annual General Meeting, Aug 21, 2024 Heritage Foods Limited, Annual General Meeting, Aug 21, 2024, at 10:00 Indian Standard Time. Declared Dividend • May 31
Dividend of ₹2.50 announced Dividend of ₹2.50 is the same as last year. Ex-date: 13th August 2024 Payment date: 20th September 2024 Dividend yield will be 0.6%, which is lower than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 88% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 17
Heritage Foods Limited to Report Q4, 2024 Results on May 29, 2024 Heritage Foods Limited announced that they will report Q4, 2024 results on May 29, 2024 Buy Or Sell Opportunity • Apr 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to ₹299. The fair value is estimated to be ₹380, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 114% in the next 2 years. Major Estimate Revision • Feb 05
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₹12.15 to ₹10.85 per share. Revenue forecast steady at ₹37.8b. Net income forecast to grow 67% next year vs 24% growth forecast for Food industry in India. Consensus price target up from ₹299 to ₹359. Share price fell 6.8% to ₹315 over the past week. Announcement • Jan 11
Heritage Foods Limited to Report Q3, 2024 Results on Jan 29, 2024 Heritage Foods Limited announced that they will report Q3, 2024 results on Jan 29, 2024 Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹303, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 28x in the Food industry in India. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹438 per share. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ₹37.2b to ₹37.6b. EPS estimate fell from ₹13.70 to ₹12.15 per share. Net income forecast to grow 98% next year vs 29% growth forecast for Food industry in India. Consensus price target of ₹311 unchanged from last update. Share price fell 14% to ₹216 over the past week. Buying Opportunity • Oct 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₹272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 170% in the next 2 years. Reported Earnings • Oct 22
Second quarter 2024 earnings released: EPS: ₹2.42 (vs ₹4.10 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.42. Revenue: ₹9.79b (up 20% from 2Q 2023). Net income: ₹224.1m (up 18% from 2Q 2023). Profit margin: 2.3% (in line with 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Food industry in India. Announcement • Oct 19
Heritage Foods Limited Announces Board Changes Heritage Foods Limited announced that the followings changes in Board of Directors took place at the Meeting of the Board of Directors of the Company held i.e. October 18, 2023: Sri. Angara Venkata Girija Kumar Non-Executive Independent Director of the Company appointed as the Chairperson of the Company wef. October 18, 2023. Mr. Srivishnu Raju Nandyala Non-executive Independent Director of the Company ceased to be a Independent Director being completion of his second and final term of 5 years as a Non-Executive Independent Director w.e.f. the close of Business Hours on October 21, 2023. Consequent to the Completion of the said second and final term of Mr. Srivishnu Raju Nandyala as a Non-Executive Independent Director of the Company, his membership/Chairmanship in various committees of the Board is ceased w.e.f. the close of Business Hours on October 21, 2023. Composition of various Board Committees of the Board. Brief profile: Commerce Graduate, MBA, AIII and a Member of Financial Services Institutions Bureau under Ministry of Finance, Govt. of India. Former Chairman and Managing Director of Oriental Insurance Co. Ltd. and held various positions in insurance sector in India and outside India, also served as Independent Director in conglomerates and having more than forty years of experience. Composition of Committees of the Board of Heritage Foods Limited post cessation of Mr. Srivishnu Raju Nandyala w.e.f. October 21, 2023: Audit Committee: Smt. Aparna Surabhi-Non-Executive Independent Women Director-Chairperson, Sri. Rajesh Thakur Ahuja-Non-Executive Independent Director-Member, Sri. M. P. Vijay Kumar-Non-Executive Independent Director-Member, Dr. V. Nagaraja Naidu-Non-Executive Director-Member and Sri. A V Girija Kumar-Non-Executive Independent Director-Member. Nomination and Remuneration Committee: Smt. Aparna Surabhi-Non-Executive Independent Women Director-Chairperson, Sri. Rajesh Thakur Ahuja-Non-Executive Independent Director-Member, Sri. M. P. Vijay Kumar-Non-Executive Independent Director-Member and Sri. A V Girija Kumar-Non-Executive Independent Director-Member. Stakeholder Relationship Committee: Dr. V. Nagaraja Naidu Non-Executive Director Chairperson, Sri. Rajesh Thakur Ahuja-Non-Executive Independent Director-Member, Smt. N. Bhuvaneswari-Vice Chairperson & Managing Director-Member and Sri. A V Girija Kumar-Non-Executive Independent Director-Member. Corporate Social Responsibility Committee: Sri. Rajesh Thakur Ahuja-Non-Executive Independent Director-Chairperson, Smt. N. Bhuvaneswari-Vice Chairperson & Managing Director-Member and Sri. A V Girija Kumar Non-Executive Independent Director-Member. Risk Management Committee: Sri. Rajesh Thakur-Non-Executive Independent Director-Chairperson, Smt. Aparna Surabhi-Non-Executive Independent Woman Director-Member, Smt. N. Bhuvaneswari-Vice Chairperson & Managing Director-Member and Sri. A V Girija Kumar-Non-Executive Independent Director-Member. Management Committee: Smt. N. Bhuvaneswari Vice Chairperson & Managing Director Chairperson, Smt. Aparna Surabhi Non-Executive Independent Women Director Member, Sri. M. P. Vijay Kumar Non-Executive Independent Director Member and Sri. A V Girija Kumar Non-Executive Independent Director Member. Announcement • Oct 10
Heritage Foods Limited to Report Q2, 2024 Results on Oct 18, 2023 Heritage Foods Limited announced that they will report Q2, 2024 results on Oct 18, 2023 Announcement • Aug 23
Heritage Foods Limited Approves Final Dividend for the Financial Year Ended March 31, 2023 Heritage Foods Limited at its AGM held on August 22, 2023, the board approved to declare final dividend on equity shares at the rate of 50% i.e. INR 2.50 per equity share of face value of INR 5 each for the Financial Year ended March 31, 2023. The dividend if declared at the Meeting will be credited to the members on August 29, 2023, whose names appear on the Company's Register of Members as on the Record Date and physical warrants shall be dispatched in due course of time. Announcement • Aug 10
Heritage Foods Limited Proposes Final Dividend for the Financial Year Ended March 31, 2023 The AGM of Heritage Foods Limited will be held on August 22, 2023, the board proposed to declare final dividend on equity shares at the rate of 50% i.e. INR 2.50 per equity share of face value of INR 5 each for the Financial Year ended March 31, 2023 and in this regard, to consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution. Upcoming Dividend • Aug 07
Upcoming dividend of ₹2.50 per share at 1.0% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.9%). Reported Earnings • Jul 26
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹6.33 (down from ₹20.81 in FY 2022). Revenue: ₹32.4b (up 21% from FY 2022). Net income: ₹579.8m (down 40% from FY 2022). Profit margin: 1.8% (down from 3.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹268, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 25x in the Food industry in India. Total returns to shareholders of 77% over the past three years. Reported Earnings • May 31
Full year 2023 earnings released: EPS: ₹6.33 (vs ₹20.81 in FY 2022) Full year 2023 results: EPS: ₹6.33 (down from ₹20.81 in FY 2022). Revenue: ₹32.4b (up 21% from FY 2022). Net income: ₹579.8m (down 40% from FY 2022). Profit margin: 1.8% (down from 3.6% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Food industry in India. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 11
Heritage Foods Limited to Report Q4, 2023 Results on May 25, 2023 Heritage Foods Limited announced that they will report Q4, 2023 results on May 25, 2023 Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹174, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Food industry in India. Total returns to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹294 per share. Major Estimate Revision • Jan 25
Consensus EPS estimates fall by 48% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ₹18.03 to ₹9.40 per share. Revenue forecast steady at ₹31.9b. Net income forecast to grow 70% next year vs 26% growth forecast for Food industry in India. Consensus price target down from ₹348 to ₹287. Share price fell 53% to ₹171 over the past week. Price Target Changed • Jan 24
Price target decreased by 20% to ₹287 Down from ₹360, the current price target is an average from 3 analysts. New target price is 65% above last closing price of ₹174. Stock is down 54% over the past year. The company is forecast to post earnings per share of ₹17.30 for next year compared to ₹20.81 last year. Announcement • Jan 20
Heritage Foods Launches New Products: `Glucoshakti', an Energy Drink, and `Creamilicious Curd' a Rich and Creamy Premium Curd Heritage Foods Ltd. announced the launch of `GlucoShakti', a whey-based instant energy drink, is a natural, non-carbonated & affordable energy drink, that revitalizes the body after strenuous physical activity. `GlucoShakti' has the goodness of whey, and is fortified with Glucose for Instant Energy. It has naturally occurring minerals such as Sodium, Potassium, Phosphorus, Magnesium, etc. which help replenish the essential body salts. It has ~1.5 times more Potassium than other competing products. `GlucoShakti' would be available in 200ml pouch pack priced at only 10, making it pocket-friendly and a convenient source of energy without any fizz. The product has been launched across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and it is available across General Trade stores, Heritage Parlors and select Modern Retail stores. Heritage Foods Ltd. has also unveiled `Creamilicious Curd', with the intent to deliver a significantly superior curd experience compared to any other in the market, which is a simply THICKER, CREAMIER & TASTIER Curd! `Creamilicious Curd' has 4.5% fat and is made with a unique curd-culture recipe, which gives the curd superior texture, creaminess and a superior consumption experience. This tasty thick & creamy curd has been launched in premium Tubs (1Kg), convenient cups (200 & 400g) and popular pouches (500g). Initially rolled out in Delhi NCR, this new Creamilicious Curd has now been launched across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra. It is available across General Trade, all major Modern retail stores, E-Commerce platforms, and Heritage Parlors and Heritage Happiness Points. Heritage Foods is slated to launch more such healthy, tasty and innovative products for its consumers during the year. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorated over the past week After last week's 48% share price decline to ₹187, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 22x in the Food industry in India. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹88.62 per share. Announcement • Jan 13
Heritage Foods Limited to Report Q3, 2023 Results on Jan 20, 2023 Heritage Foods Limited announced that they will report Q3, 2023 results on Jan 20, 2023 Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Non-Executive Independent Director (Additional Director) Muthu Raju Paravasa Raju Kumar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
