Revenue Jumps 19% as …

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Consolidated Revenue: INR13,196 million in Q2 FY27, up 19% YoY; H1 revenue INR26,577 million, up 18%.
EBITDA: INR740 million in Q2, margin of 5.6%; margin improved 98 bps sequentially over Q1 FY27.
Profit After Tax: INR309 million in Q2.
Milk Procurement Volumes: 17.28 lakh liters per day in Q2, up 7% YoY; H1 at 17.69 lakh liters per day, up 4%.
Milk Procurement Cost: Average landed cost INR47.73 per liter in Q2, up 11% YoY.
Milk Sales Volumes: 12.35 lakh liters per day in Q2, up 2% YoY; H1 at 11.99 lakh liters per day, up 1%.
Milk Average Selling Price: INR60.34 per liter in Q2, up 6% YoY; H1 at INR59.54 per liter, up 5%.
Value-Added Products Revenue (excl. ghee & butter): INR4,510 million in Q2, up 32% YoY; H1 INR10,146 million, up 36%; contribution to revenue 35.4% in Q2 vs 31.3% YoY, and 39.6% in H1 vs 33.7%.
VAP Volume Growth: Lassi up 89%, buttermilk up 56%, ice cream up 44%, paneer up 21%, curd up 15% in Q2.
Broader Value-Added Portfolio (incl. ghee & butter): INR5,408 million in Q2, up 31% YoY; H1 INR11,730 million, up 35%; contribution to revenue 42.5% in Q2 vs 37.9% YoY, and 45.7% in H1 vs 39.3%.
Heritage Nutrivet Revenue: INR853 million in Q2, up 47% YoY, with PBT of INR37 million; H1 revenue INR1,581 million, up 42%, with PBT of INR56 million.
Get-A-Way: Heritage holds 71% stake; supplied 3,272 liters of ice cream per day during the quarter.

Release Date: October 16, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Consolidated revenue grew 19% year-on-year to INR13,196 million in Q2, with H1 revenue up 18% to INR26,577 million.
Value-added products (excluding ghee and butter) revenue increased 32% year-on-year to INR4,510 million in Q2, with broad-based growth across lassi, buttermilk, ice cream, paneer, and curd.
EBITDA margin improved by 98 basis points sequentially to 5.6% in Q2, despite elevated milk procurement costs.
Milk procurement volumes increased 7% year-on-year to 17.28 lakh liters per day in Q2, supported by a strong farmer network.
Heritage Nutrivet reported 47% revenue growth to INR853 million with PBT of INR37 million in Q2, reflecting strong performance in animal nutrition.

Average landed milk procurement cost increased 11% year-on-year to INR47.73 per liter in Q2, pressuring profitability.
Milk sales volume growth was modest at 2% year-on-year in Q2, despite a 6% increase in average selling prices.
Ghee volume growth was flat in Q2 due to festive timing and price increases, with recovery expected only in Q3.
Near-term margin outlook remains uncertain due to continued milk procurement inflation and El Nino-related supply…