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Heritage Foods Ltd (HERITGFOOD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 519552 NSE: HERITGFOOD Consumer Food | Small Cap | Heritage Foods Share Price

₹417.50 19.40 (4.87%)

As on 11-Sep'26 15:13

Heritage Foods Ltd (HERITGFOOD)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 519552 NSE: HERITGFOOD Consumer Food | Small Cap | Heritage Foods Share Price

₹417.50 19.40 (4.87%)

As on 11-Sep'26 15:13

Key Metrics
Valuation Multiples
Market Cap
₹3,694 Cr.
Current Price
₹417.5
52-Week Low / High
₹292 / 542
TTM EPS
₹14.6
TTM Sales
₹4,727 Cr.
Book Value per Share
₹121.3
P/E Ratio
27.35
Higher than its 5-year historical median
Industry PE
51.9
Price to Book (P/B)
3.28
In line with its 5-year historical median
Price to Sales (P/S)
0.78
In line with its 5-year historical median
EV/EBITDA
14.12
Higher than its 5-year historical median
Dividend Yield
0.6%
Profitability Efficiency
Return on Equity (ROE)
14.51%
Outperforms industry median
Return on Capital Employed (ROCE)
17.32%
Outperforms industry median
Return on Assets (ROA)
8.56%
Operating Profit Margin
5.9%
Net Profit Margin
3.32%
Gross Profit Margin
5.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
8.2%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-19.57%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-20.26%
Asset Quality
Promoter Holding
41.30%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,079 Cr.
Equity
₹46.4 Cr.
Face Value
₹5
All Time Low / High
₹0.38 / 727.90

Heritage Foods stock performance

Key Ratios
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Check Before You Invest

Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Heritage Foods Ltd a good quality company?
Heritage Foods Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Heritage Foods Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Heritage Foods Ltd vs industry peers?
Heritage Foods Ltd revenue CAGR is 12.90%, compared to the industry median CAGR of 8.84%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Heritage Foods Ltd?
Promoters hold 41.30% of the Heritage Foods Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Heritage Foods Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 6.9% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Heritage Foods Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ60.2%11.9%14.1%-13.3%30.9%21.4%12.4%15.5%25.3%16.5%-
Value Creation
Index ⓘ		3.3-0.20.0-2.01.20.5-0.10.10.80.2-

Growth Parameters ⓘ
Sales ⓘ1,8712,3442,4822,6812,4072,6433,2093,7344,0804,4154,588
Sales YoY Gr.-25.3%5.9%8%-10.2%9.8%21.4%16.4%9.3%8.2%-
Adj EPS ⓘ34.96.29-0.816.110.86.710.618.413.213.7
YoY Gr.--82.3%45.3%-109.3%NA-33.1%-37.5%57.7%73.5%-28.3%-
BVPS (₹) ⓘ64.584.787.650.264.671.879.186.2101.7114.3117
Adj Net
Profit ⓘ		32056.882.4-7.714798.662.498.4171122127
Cash Flow from Ops. ⓘ88.4138143124164144-60.8375200225-
Debt/CF from Ops. ⓘ1.7222.30.30-2.10.20.71.4-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ10%12.9%11.2%8.2%
Adj EPS ⓘ-10.3%-3.9%25.2%-28.3%
BVPSⓘ6.6%12.1%13.1%12.4%
Share Price 7.9% 13.1% 18.2% -14.2%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		76.78.310.4-1.227.915.78.912.819.512.211.8
Op. Profit
Mgn % ⓘ		7.95.67.5510.67.24.35.37.75.65.2
Net Profit
Mgn % ⓘ		17.12.43.3-0.36.13.722.64.22.82.8
Debt to
Equity ⓘ		0.30.40.40.60.100.20.10.10.3-
Working Cap
Days ⓘ		3526282832323736343725
Cash Conv.
Cycle ⓘ		151314151922262114148

Valuation of Heritage Foods - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,8322,3732,5152,7262,4732,6813,2413,7944,1354,526
Operating Expenses ⓘ + 1,7242,6292,4593,1072,2102,4893,1013,5843,8024,258
Manufacturing Costs108133145156135167219237280300
Material Costs1,3751,8481,8942,1411,7681,9872,4902,8752,9453,296
Employee Cost 100124142156178184211258313331
Other Costs ⓘ 141524278655129151180215264332
Operating Profit ⓘ 108-25655-382264192140210333267
Operating Profit Margin (%) 5.9%-10.8%2.2%-14.0%10.7%7.2%4.3%5.5%8.0%5.9%
Other Income ⓘ + 25140314030381112122824
Exceptional Items ⓘ 00000-900-910
Interest ⓘ 11202324216691718
Depreciation ⓘ 25384550465256617081
Profit Before Tax ⓘ 32390128-15320313182145258201
Tax ⓘ 32274515533424397051
Profit After Tax 2916383-1691499758107188150
PAT Margin (%) 15.9%2.6%3.3%-6.2%6.0%3.6%1.8%2.8%4.6%3.3%
Adjusted EPS (₹)30.16.98.9-17.516.410.66.311.520.316.2
Dividend Payout Ratio (%)3.40%14.80%11.40%-7.20%15.50%24%40%21.80%12.30%15.40%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 5887747994565936547238059691,100
Share Capital ⓘ 23232323232346464646
Reserves ⓘ 5647517764335696316767599221,054
Debt +14024626126136813175111275
Long Term Debt74142167172348475111223
Short Term Debt661049588201260052
Minority Interest1111122000005
Trade Payables62686960365277145172204
Others Liabilities ⓘ 196607493209214188194256307365
Total Liabilities ⓘ 9961,7071,6359888799031,1251,2811,5581,950

Fixed Assets

Net Fixed Assets ⓘ +2954294724755755756187017441,163
Gross Block3144695545987397758569861,0841,589
Accumulated Depreciation194082122164199238285340426
CWIP ⓘ 89427718820206850
Investments ⓘ 4781,002835152131815140196186
Inventories123155138145198206379262355318
Trade Receivables15134222151828293871
Cash Equivalents 58727760243619847070
Others Assets ⓘ 19272857344247458791
Total Assets ⓘ 9961,7071,6359888799031,1251,2811,5581,950
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 115121148117174148-61390214237
PBT ⓘ 32390128-15320313182145258201
Adjustment ⓘ -1724867287736059697780
Changes in Working Capital ⓘ -811-83-48-7-178214-54-4
Tax Paid ⓘ -29-29-38-19-53-35-23-38-67-40
Cash Flow From Investing Activity ⓘ + -120-200-133-9769-42-83-252-229-375
Capex -91-140-124-108-66-42-79-123-172-379
Net Investments 0-0-8-0130-9-3-128-5515
Others ⓘ -29-60-01158-1-0-3-10
Cash Flow From Financing Activity ⓘ + -1355-3-22-191-93126-761138
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 27842815-157-51-48644134
Interest Paid ⓘ -9-18-21-22-19-3-3-9-15-20
Dividend Paid ⓘ -7-9-9-9-12-35-12-23-23-23
Others ⓘ -24-2-2-6-4-4145-130-547
Net Cash Flow ⓘ -18-2312-25113-1762-140
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)70.589.210.53-26.8728.4215.488.4213.9521.2314.51
ROCE (%)59.9812.1413.94-13.8431.3120.5211.4417.5527.417.32
Asset Turnover Ratio2.411.761.5122.763.143.333.273.022.68
PAT to CFO Conversion(x)0.41.921.78N/A1.171.53-1.053.641.141.58
Working Capital Days
Receivable Days4.302.2044.502.602.202.502.602.804.20
Inventory Days25.8021.3021.3019.7024.3026.4031.7029.7026.3026.20
Payable Days19.5012.9013.20119.9089.5014.1019.6020.80

Top 5 Mutual Funds Holding

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Announcements

Heritage Foods Ltd FAQs

The current trading price of Heritage Foods on 11-Sep-2026 15:13 is ₹417.5.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Heritage Foods stood at ₹3,694.2 Cr

The latest P/E ratio of Heritage Foods as of 10-Sep-2026 is 29.16.

The latest P/B ratio of Heritage Foods as of 10-Sep-2026 is 3.40.

The 52-week high of Heritage Foods is ₹541.6 and the 52-week low is ₹292.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Heritage Foods is ₹4,588 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Heritage Foods Ltd is a average quality company.

The key valuation ratios of Heritage Foods Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Heritage Foods Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Heritage Foods Ltd

The Heritage Foods was founded by Mr. Nara Chandrababu Naidu in the year 1992, which is one of the fastest growing Public Listed Companies in India. Heritage's milk and milk products have a market presence in Andhra Pradesh, Telangana, Karnataka, Kerala, Tamil Nadu, Maharastra, Odisha, NCR Delhi, Haryana, Rajasthan, Uttarakhand & Uttar Pradesh. In the year 1994, Heritage Foods went public and was oversubscribed 54 times. Heritage Foods shares are listed on BSE and NSE.

Business area of the company

Heritage Foods is engaged in two key business verticals - Dairy and Renewable Energy

Business verticals

Dairy

  • Milk
  • UHT Milk
  • Curd
  • Buttermilk
  • Ice-Creams
  • Frozen Desserts
  • Lassi
  • Flavoured Milk
  • Milkshake
  • Paneer
  • Sweets
  • Ghee
  • Butter
  • Skimmed Milk Powder

Renewable Energy

Awards

  • 2013: Fortune-50 Most Powerful Business Women- Mrs. N Bhuvaneswari, Vice Chairperson and Managing Director of the Company was named the Most Powerful Business Woman in India for the year 2013. Ranked 45th in the List of Fortune-50.
  • 2014: Economics Times- The Company was listed among the top 500 Indian Companies for the year 2014 as compiled by the Economic Times, on the basis of Industry Reputation and Key Financial Parameters.
  • 2014: ‘Most Admired Retailer of the Year 2014’- The Retail division of the Company has received the “Most Admired Retailer of the year 2014 Award” in the Food & Grocery Segment from India Retail Forum Mumbai in September, 2014
  • 2014: National Energy Conservation Award- The Dairy Division of the Company has received the 1st Prize in ‘National Energy Conservation Award’ in the Dairy sector from the Ministry of Power, Govt of India in December, 2014.
  • 2015: COCA COLA Golden Spoon Award- The Retail Division of the Company has received the ‘COCA COLA Golden Spoon Award 2015’ for being the Regional Chain’s Most Admired Food & Grocery Retailer of the Year’ at India Food Forum, Mumbai in January, 2015.
  • 2015: National Energy Conservation Award- The Gokul Plant has received the 1st Prize in the ‘National Energy Conservation Award’ in the Dairy sector from the Ministry of Power, Govt of India in December, 2015
  • 2016: COCA COLA Golden Spoon Award 2016- The Retail Division of the Company has received the ‘COCA COLA Golden Spoon Award’ 2016 for being the Most Admired Food & Grocery Retailer of the Calendar Year 2015
  • 2016: Great Indian Ice Cream Contest 2016 Season-5- The Company received the Gold Award in Kool Kids, i.e., 1st Prize on an All India level
  • 2016: Golden Peacock Award for Excellence in Corporate Governance- The Company has been declared the Winner of the ‘Golden Peacock Award for Excellence in Corporate Governance’ for the year 2016.
  • 2016: National Energy Conservation Award- The Uppal Plant has received the 1st Prize in the ‘National Energy Conservation Award’ in the Dairy sector from the Ministry of Power, Govt of India during the year 2016.
  • 2016: 100 Most Influential CFO’s in India- The Chief Financial Officer (CFO) of the Company has been conferred an Award by the London-based Chartered Institute of Management Accountants (CIMA), thereby joining CIMA's elite list of '100 Most Influential CFOs' during the year 2016.
  • 2016: Most Innovative 100 CIOs/CTOs of India- The IT Head of the Company has been awarded by the organisation www.indiasgreatest.com as one of the '100 Most Innovative CIOs of India' during the year 2016.
  • 2016: Excellence Awards in Corporate Social Responsibility- The Company bagged FTAPCCI Excellence Awards in Corporate Social Responsibility during the year 2016.
  • 2017: Golden Peacock Award for Excellence in Corporate Governance- The Company bagged the “Golden Peacock Award for Excellence in Corporate Governance” for the year 2017.
  • 2017: National Energy Conservation Award- The Company won the Prestigious National Energy Conservation Awards (NECA - 2017) in the Dairy sector for the year 2017.
  • 2017: Hyderabad CFO Leadership Award- Mr. A Prabhakara Naidu, CFO of the Company, won the Hyderabad CFO Leadership Award from the World CSR Day and World Sustainability.
  • 2017: Telangana Best Employer Brand Award 2017- The Company received the Telangana Best Employer Brand Award 2017 from the World CSR Day and World Sustainability.
  • 2017: ICAI Awards 2017-The Institute of Chartered Accountants of India in its 11th ICAI Awards, 2017 conferred Award for Excellent CA-CFO in the Agriculture & Allied Services Sector to Mr. A. Prabhakara Naidu, Chief Financial Officer of the Company.
  • 2018: 100 Top HR Mind in India Award- Mr. Dheeraj Tandon, Head HR, has received the 100 Top HR Minds in India Award from the World HRD Congress.
  • 2018: Won India Food Safety Summit Award by Confederation of Indian Industry
  • 2020: Won India Food Safety Summit Award
  • 2020: Won India Dairy Award

Milestones

  • 1992- Incorporation of the Company on June 5, 1992
  • 1993- Commenced commercial production on April 26, 1993
  • 1994- Initial Public Offering which was over-subscribed 54 times
  • 2002- Buyback of shares
  • 2006- Started Retail division - Heritage Fresh Stores
  • 2007-08- Launched value-added products like curd, lassi, buttermilk, paneer, flavoured milk and frozen dessert
  • 2007-08- First exclusive franchise
  • 2007-08- Started Agri division
  • 2013- Set up first solar energy plant
  • 2013- Awarded 1:1 bonus equity shares to shareholders
  • 2013- VP & MD, Mrs. N. Bhuvaneswari named among the 50 M
  • 2014- Entered into India’s prestigious list of
  • 2014- ET Top 500 Companies
  • 2016- Commissioned the first wind power plant
  • 2016- Received the Golden Peacock Award in Corporate Governance
  • 2016- Received Board approval regarding demerger of retail undertaking
  • 2017- Revamped the Heritage brand in our Silver Jubilee Year
  • 2017- Launched Polypropylene (PP) flavoured milk
  • 2017- Established Heritage Nutrivet Limited, a subsidiary for cattle-feed
  • 2017- Received Golden Peacock Award for Excellence in Corporate Governance
  • 2018- Launched Alpenvie Ice-cream range
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