---
title: "Herman Milkfoods Ltd (519428) — Share Price, Financials & Analysis"
symbol: "519428"
company: "Herman Milkfoods Ltd"
canonical: "https://tapetide.com/stocks/519428"
bse_code: "519428"
sector: "Fast Moving Consumer Goods"
industry: "Food Products"
generated_at: "2026-09-13T18:23:20.231Z"
---

# Herman Milkfoods Ltd (519428)

Canonical page: https://tapetide.com/stocks/519428

## Company

- **BSE Code:** 519428
- **Sector:** Fast Moving Consumer Goods
- **Industry:** Food Products
- **Macro Sector:** Fast Moving Consumer Goods
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No

## About

Herman Milkfoods Ltd. is engaged in manufacturing milk food products. These products include milk powder, skimmed milk powder, Desi Ghee, butter, etc.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 81% | — | — |
| revenue growth | 22% | -18% | 13% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 670.17 | 498.01 | 440.6 | 369.22 | 380.65 | 450.97 | 380.63 | 414.81 | 359.02 | 377.84 | 362.63 | 324.02 |
| Expenses | 765.5 | 494.65 | 425.11 | 393.43 | 424.51 | 439.02 | 422.43 | 398.91 | 371.87 | 391.88 | 375.34 | 351.5 |
| Operating Profit | -95.33 | 3.36 | 15.49 | -24.21 | -43.86 | 11.95 | -41.8 | 15.9 | -12.85 | -14.04 | -12.71 | -27.48 |
| OPM % | -14.22 | 0.67 | 3.52 | -6.56 | -11.52 | 2.65 | -10.98 | 3.83 | -3.58 | -3.72 | -3.5 | -8.48 |
| Other Income | 20.62 | 6.32 | 81.91 | 3897.79 | 71 | 22.2 | 531.65 | 89.58 | 36.37 | 36.63 | 29.58 | 25.77 |
| Interest | 134.92 | 114.64 | 148.11 | 58.41 | 5.19 | 5.58 | 7.7 | 3.3 | 2.66 | 3.61 | 3.61 | 2.62 |
| Depreciation | 9.4 | 7.87 | 7.89 | 7.79 | 7.79 | 8.09 | 8.27 | 8.27 | 8.25 | 7.84 | 8.53 | 8.31 |
| Profit before tax | -219.03 | -112.83 | -58.6 | 3807.38 | 14.16 | 20.48 | 473.88 | 93.91 | 12.61 | 11.14 | 4.73 | -12.64 |
| Tax % | 12.35 | 6.19 | -11.28 | 19.79 | -369.35 | 24.12 | 17.06 | 25.4 | 8.49 | -23.97 | 59.41 | -22.07 |
| Net Profit | -246.09 | -119.81 | -51.99 | 3053.97 | 66.46 | 15.54 | 393.02 | 70.06 | 11.54 | 13.81 | 1.92 | -9.85 |
| EPS in Rs | -11.92 | -5.8 | -2.52 | 147.87 | 3.22 | 0.75 | 19.03 | 3.39 | 0.56 | 0.67 | 0.09 | -0.48 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 23.8 | 45.58 | 77.8 | 35.6 | 43.56 |
| Expenses | 0.1 | 24.75 | 46.68 | 76.47 | 35.1 | 42.86 |
| Operating Profit | -0.1 | -0.95 | -1.1 | 1.33 | 0.5 | 0.7 |
| OPM % | — | -3.99 | -2.41 | 1.71 | 1.4 | 1.61 |
| Other Income | 0.39 | 2.53 | 3 | 0.94 | 0 | 0 |
| Interest | 0 | 0.02 | 0.15 | 0.07 | 0 | 0 |
| Depreciation | 0.64 | 0.65 | 0.72 | 0.76 | 0.76 | 0.75 |
| Profit before tax | -0.35 | 0.91 | 1.03 | 1.44 | -0.26 | -0.05 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -0.35 | 0.91 | 1.03 | 1.44 | -0.26 | -0.05 |
| EPS in Rs | — | 2.21 | 1.04 | 1.46 | -0.26 | -0.05 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 8.62 | 4.12 | 9.86 | 9.86 | 9.86 | 9.86 |
| Reserves | -35.09 | -0.6 | 0.93 | 2.37 | -4.29 | -4.34 |
| Borrowings | 34.25 | 4.94 | 1.35 | 0.21 | 7.9 | 6.37 |
| Other Liabilities | 0.4 | 3.97 | 7.8 | 9.01 | 6.09 | 15.31 |
| Total Liabilities | 8.18 | 12.43 | 19.94 | 21.45 | 19.56 | 27.2 |
| Fixed Assets | 7.62 | 6.97 | 8.26 | 7.61 | 6.15 | 5.58 |
| CWIP | 0 | 1.68 | 0 | 0 | 0 | 0.09 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0.56 | 3.78 | 11.68 | 13.84 | 13.41 | 21.53 |
| Total Assets | 8.18 | 12.43 | 19.94 | 21.45 | 19.56 | 27.2 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -436 | 169 | -451 | -774 | 99 | 604 | 522 | 861 | 355 | -17 |
| Cash from Investing Activity | 49 | 120 | 559 | 190 | 271 | 141 | 6 | 177 | 3532 | 35 |
| Cash from Financing Activity | 405 | -254 | -154 | 600 | -398 | -591 | -268 | -1320 | -3965 | -41 |
| Net Cash Flow | 18 | 36 | -47 | 16 | -28 | 153 | 260 | -282 | -78 | -23 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2011 | Mar 2012 |
| --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | — | 25.15 | 43.24 | 12.9 | 35.37 | 49.52 |
| Inventory Days | — | 4.23 | 13.21 | 32.87 | — | — |
| Days Payable | — | 59.86 | 65.15 | 44.78 | — | — |
| Cash Conversion Cycle | — | -30.48 | -8.69 | 0.99 | 35.37 | 49.52 |
| Working Capital Days | — | -18.86 | 19.38 | 17.36 | 22.97 | 8.04 |
| ROCE % | — | 11.45 | 11.46 | 12.29 | — | -0.39 |

## Shareholding Pattern

### annual

| Category | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 53.69% | 53.69% | 53.69% | 53.69% | 53.66% | 53.66% | 53.66% | 53.6% | 53.58% | 53.59% | 53.56% |
| FIIs | 7.71% | 5.83% | 3.11% | 1.55% | 1.07% | 0.03% | 0.52% | 0.36% | 1.92% | 1.58% | 0.88% |
| DIIs | 12.76% | 4.88% | 4.57% | 3.81% | 4.14% | 3.8% | 0.37% | 1.96% | 1.42% | 1.42% | 0.98% |
| Public | 25.84% | 35.61% | 38.63% | 40.95% | 41.13% | 42.51% | 45.45% | 44.1% | 43.06% | 43.43% | 44.58% |
| No. of Shareholders | 102325 | 100234 | 97776 | 107056 | 133332 | 152173 | 154569 | 156453 | 135374 | 150289 | 149818 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 53.6% | 53.6% | 53.6% | 53.58% | 53.58% | 53.58% | 53.58% | 53.59% | 53.59% | 53.58% | 53.58% | 53.56% |
| FIIs | 0.36% | 1.39% | 0.98% | 0.97% | 1.92% | 0.73% | 1.06% | 1.2% | 1.58% | 0.96% | 0.89% | 0.88% |
| DIIs | 1.96% | 1.72% | 1.54% | 1.27% | 1.42% | 1.43% | 1.45% | 1.45% | 1.42% | 1.13% | 0.98% | 0.98% |
| Public | 44.1% | 43.31% | 43.9% | 44.18% | 43.06% | 44.26% | 43.91% | 43.78% | 43.43% | 44.33% | 44.55% | 44.58% |
| No. of Shareholders | 156453 | 140726 | 148123 | 145543 | 135374 | 136806 | 139706 | 147960 | 150289 | 151349 | 153308 | 149818 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 6 / 10

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 120.61 | Sell |
| EMA (10) | 117.64 | Sell |
| SMA (20) | 123.37 | Sell |
| EMA (20) | 120.89 | Sell |
| SMA (50) | 125 | Sell |
| EMA (50) | 121.12 | Sell |
| SMA (100) | 113.89 | Sell |
| EMA (100) | 114.97 | Sell |
| SMA (200) | 98.91 | Buy |
| EMA (200) | 106.26 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 40.57 | Neutral |
| MACD (12,26,9) | -2.98 | Sell |
| Stochastic (14,3,3) | 13.07 | Buy |
| ADX (14) | 21.64 | Neutral |
| Williams %R (14) | -72.29 | Neutral |
| ATR (14) | 7.27 | High Volatility |
| ROC (12) | -9.63 | Sell |
| Stoch RSI (14) | 31.39 | Neutral |
| UO (7,14,28) | 37.54 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 25 Feb - Appeal partly allowed; FY2019-20 GST demand reduced from Rs.188.84cr to Rs.123.28cr (order Feb 24, 2026). | [Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 25 Feb - Appeal partly allowed; FY2019-20 GST demand reduced from Rs.188.84cr to Rs.123.28cr (order Feb 24, 2026).](https://www.bseindia.com/xml-data/corpfiling/AttachHis/bb7782d3-3dd6-406a-98ba-badb4d560f4f.pdf) |
| 2 Mar - MahaRERA registration received for residential project 'Three ICC – A Wing' (Reg. PR1171012502563) dated March 2, 2026. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 2 Mar - MahaRERA registration received for residential project 'Three ICC – A Wing' (Reg. PR1171012502563) dated March 2, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/65c0f7d3-cb38-4c59-a3dd-df3c86164db1.pdf) |
| 2 Feb - Board meeting 11 Feb 2026 to approve unaudited results for quarter and nine months ended 31 Dec 2025. | [Board Meeting Intimation for Board Meeting Intimation For Approval Of Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Third Quarter And Nine Months Ended 31St December, 2025 2 Feb - Board meeting 11 Feb 2026 to approve unaudited results for quarter and nine months ended 31 Dec 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a4a43d18-8ef3-41a9-8ccb-7b0479ac80c7.pdf) |
| 13 Feb - Copy of Newspaper clippings of the Extract of Un-audited Financial Results (Standalone & Consolidated) for the third quarter and nine months ended 31 December, 2025 | [Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Feb - Copy of Newspaper clippings of the Extract of Un-audited Financial Results (Standalone & Consolidated) for the third quarter and nine months ended 31 December, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/ccadcfd2-1784-49f0-9192-e97e9bdc897b.pdf) |
| 11 Feb - Board approved Q3/9M unaudited results to Dec 31, 2025; CFO/CRO resigns effective Feb 13, 2026; SAT set aside SEBI order. | [Announcement under Regulation 30 (LODR)-Change in Management 11 Feb - Board approved Q3/9M unaudited results to Dec 31, 2025; CFO/CRO resigns effective Feb 13, 2026; SAT set aside SEBI order.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1e585f4b-9ec1-4388-bf3a-0d0075796218.pdf) |
| 11 Feb - Board approved Q3 and nine-month unaudited results; CFO Khiroda Jena resigns effective 13 Feb 2026. | [Board Meeting Outcome for Outcome Of The Board Meeting Held On 11 February, 2026 11 Feb - Board approved Q3 and nine-month unaudited results; CFO Khiroda Jena resigns effective 13 Feb 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dc5b5b13-a127-42f6-8c1a-08b214d83bcb.pdf) |
| — | [Result - Financial Results For The Quarter Ended 31St December, 2025 11 Feb](https://www.bseindia.com/xml-data/corpfiling/AttachHis/16ba9a56-c507-44e1-8f65-6990dc21091b.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2013 from nse](https://archives.nseindia.com/annual_reports/AR_698_BOMDYEING_2012_2013_23072013111731.zip) |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f9c9fb99-a95e-436a-aec1-3314bd82c070.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5e70cdf1-67cb-415e-8d0c-ac8cb06cb82d.pdf) |
| from bse | [Financial Year 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/788b970d-3daf-4c9b-ab2b-f3f63a6e59f1.pdf) |
| from bse | [Financial Year 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/500020/73043500020.pdf) |
| from bse | [Financial Year 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/500020/69497500020.pdf) |
| from bse | [Financial Year 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/500020/5000200320.pdf) |
| from bse | [Financial Year 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/500020/5000200319.pdf) |
| from bse | [Financial Year 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/500020/5000200318.pdf) |
| from bse | [Financial Year 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/500020/5000200317.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:23:20.231Z.