Patanjali Foods
Patanjali Foods
FMCG F&OKey Fundamentals
SmallcapFMCG ProductsFMCGTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 23.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 26.2%
Weaknesses
4- Stock is trading at 2.83 times its book value
- Tax rate seems low
- Company has a low return on equity of 12.2% over last 3 years.
- Promoter holding has decreased over last 3 years: -12.6%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoPatanjali Foods Ltd, with a market cap of ₹36,740 Cr, trades at a PE of 18.8x and has delivered strong TTM profit growth of 78% alongside 20% TTM sales growth. However, the stock has declined 43% over the past year, 3-year ROE stands at a modest 12%, and promoter holding has decreased by 12.6% over three years, presenting a mixed picture of operational improvement against market skepticism.
- Strong TTM profit growth of 78% indicates a sharp earnings recovery and improving profitability trajectory
- Compounded profit growth of 23.5% CAGR over 5 years demonstrates sustained earnings expansion over a meaningful period
- TTM sales growth of 20% signals robust top-line momentum and demand traction for the company's product portfolio
- PE ratio of 18.8x is reasonable for an FMCG company, suggesting the stock is not excessively priced relative to current earnings
- ROE improved to 16% in the last year from a 3-year average of 12%, indicating improving capital efficiency
- Healthy dividend payout ratio of 26.2% reflects management's willingness to return capital to shareholders
- 5-year compounded sales CAGR of 20% shows the company has scaled revenue meaningfully over a longer horizon
- 10-year stock CAGR of 48% reflects significant long-term value creation for early investors despite recent declines
- Stock has declined 43% over the past 1 year, reflecting significant erosion in market confidence and investor sentiment
- Promoter holding has decreased by 12.6% over the last 3 years, raising concerns about insider conviction and potential dilution
- 3-year ROE of only 12% is below average for quality FMCG peers, suggesting suboptimal return on shareholders' capital
- Stock trades at 2.83x book value despite modest ROE, implying the valuation premium may not be fully supported by returns generated
- 3-year stock CAGR of -7% indicates the company has destroyed shareholder value over the medium term even as profits grew
- Tax rate appears low, which if normalized could compress reported earnings and reduce net profit margins going forward
- 10-year compounded sales CAGR of only 4% suggests historically inconsistent top-line growth with recent momentum potentially unsustainable
- Dividend yield of just 0.24% offers minimal income cushion for investors during periods of capital depreciation
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Input cost inflation hits margins Aug 14
Foods & FMCG segment profitability took a hit due to input cost inflation across edible oils, crude-linked inputs, packaging and freight. Jefferies expects profitability recovery over coming quarters.
- El Nino rural demand risk Aug 14
Management cautioned on El Nino and its likely impact on rural demand and income trends during the Q1FY27 earnings call.
- Limited pricing power on costs Aug 14
Company was unable to fully pass on rising input costs through pricing in the Foods & FMCG segment despite calibrated price hikes across categories.
- Q1 profit jumps 86% YoY Aug 14
Consolidated net profit surged 86% YoY to ₹3.36 billion with highest-ever quarterly revenue of ₹11,300 crore, up 29% YoY and 20% ahead of Jefferies estimates.
- Brokerages see 59-60% upside Aug 14
Jefferies retained Buy with ₹560 target and Systematix set ₹580 target, implying 59-60% upside from ₹352. PAT CAGR of 23% expected over FY26-29 with ROCE improving 590 bps to 18%.
- EBITDA up 69%, margins expand Aug 14
EBITDA rose 69% YoY to ₹5.43 billion with margin expanding 118 bps to 4.79%. Edible oils operating margin expanded 340 bps due to long positions benefiting from inflation.
- Biscuits hit record ₹560 crore Aug 14
Biscuits business achieved its strongest quarter at ₹560 crore, up 27% YoY, with margins improving to 15.4%. Strong growth in ₹5/10 packs and premium segments like almond cookies.
- FY27 guidance reaffirmed at 10-12% Aug 25
Management reaffirmed FY27 guidance with 3-5% edible oil volume growth, 8-10% FMCG expansion, 15% Home & Personal Care growth, and overall margin expansion of 10-12%.
- Interim dividends declared Aug 18
Declared interim dividends of ₹1.50 per share for FY26 and ₹0.80 for FY27, with record date August 21, 2026. FY27 dividend payable by September 12, 2026.
- Modern trade up 25% YoY Aug 17
Modern trade and e-commerce channels grew 25% YoY and are projected to increase revenue share from 15% to 20% within 18 months.
- AGM scheduled September 29 Sep 5
40th AGM set for September 29, 2026 to confirm three interim dividends and ratify remuneration for five non-executive directors.
- BRSR report filed for FY26 Sep 5
Patanjali Foods submitted its Business Responsibility and Sustainability Report for FY26 to BSE and NSE, including independent assurance from Carbon Check.
TL;DR: Patanjali Foods delivered a standout Q1FY27 with 86% profit growth, record ₹11,300 crore revenue, and strong EBITDA expansion, earning bullish calls from Jefferies (₹560) and Systematix (₹580). Key risks include input cost inflation pressuring FMCG margins and potential El Nino impact on rural demand. The biscuits business and modern trade channels are emerging growth engines alongside the core edible oils segment. With management reaffirming 10-12% margin expansion guidance and brokerages projecting 23% PAT CAGR through FY29, the trend is clearly improving, though sustaining margins amid commodity volatility remains the key monitorable.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,767 | 7,822 | 7,911 | 8,228 | 7,177 | 8,102 | 8,997 | 9,692 | 8,766 | 9,777 | 10,484 | 11,156 | 11,337 |
| Expenses | 7,599 | 7,427 | 7,567 | 7,851 | 6,767 | 7,639 | 8,439 | 9,176 | 8,445 | 9,225 | 10,049 | 10,710 | 10,794 |
| Operating Profit | 169 | 395 | 344 | 377 | 410 | 463 | 558 | 516 | 321 | 552 | 435 | 445 | 543 |
| OPM % | 2.2% | 5% | 4.3% | 4.6% | 6% | 6% | 6% | 5% | 3.7% | 6% | 4.2% | 4% | 4.8% |
| Other Income | 43 | 24 | 47 | 120 | 25 | 31 | 24 | 53 | 13 | 51 | 27 | -112 | 4 |
| Interest | 25 | 24 | 25 | 116 | 19 | 20 | 20 | 25 | 24 | 35 | 35 | 36 | 41 |
| Depreciation | 68 | 60 | 60 | 81 | 57 | 56 | 70 | 85 | 62 | 63 | 62 | 62 | 53 |
| PBT | 120 | 335 | 306 | 300 | 359 | 417 | 491 | 458 | 249 | 505 | 365 | 236 | 453 |
| Tax % | 27% | 24% | 29% | 31% | 27% | 26% | 24% | 22% | 27% | -2% | -63% | -122% | 26% |
| Net Profit | 88 | 255 | 217 | 206 | 263 | 309 | 371 | 359 | 180 | 517 | 594 | 524 | 336 |
| EPS in Rs | 0.81 | 2.34 | 1.99 | 1.9 | 2.42 | 2.85 | 3.42 | 3.3 | 1.66 | 4.75 | 5.46 | 4.82 | 3.09 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 28,308 | 27,692 | 18,527 | 11,994 | 12,729 | 13,118 | 16,319 | 24,205 | 31,525 | 31,742 | 33,758 | 40,170 | 42,754 |
| Expenses | 27,726 | 27,614 | 19,202 | 17,042 | 12,603 | 12,712 | 15,362 | 22,715 | 30,231 | 30,435 | 31,801 | 38,407 | 40,778 |
| Operating Profit | 582 | 79 | -675 | -5,047 | 126 | 406 | 957 | 1,491 | 1,294 | 1,307 | 1,957 | 1,762 | 1,976 |
| OPM % | 2.1% | 0.3% | -3.6% | -42% | 1% | 3.1% | 6% | 6% | 4.1% | 4.1% | 6% | 4.4% | 4.6% |
| Other Income | 169 | 114 | 138 | 34 | 96 | 7,501 | 64 | 79 | 290 | 220 | 132 | -27 | -29 |
| Interest | 522 | 1,297 | 938 | 857 | 7 | 113 | 373 | 358 | 245 | 198 | 95 | 133 | 148 |
| Depreciation | 148 | 160 | 156 | 140 | 138 | 136 | 133 | 137 | 160 | 269 | 268 | 248 | 240 |
| PBT | 81 | -1,264 | -1,630 | -6,010 | 77 | 7,658 | 514 | 1,074 | 1,179 | 1,060 | 1,726 | 1,354 | 1,559 |
| Tax % | 24% | -16% | -23% | -7% | 0% | 0% | -32% | 25% | 25% | 28% | 25% | -34% | — |
| Net Profit | 61 | -1,062 | -1,257 | -5,573 | 77 | 7,672 | 681 | 806 | 886 | 765 | 1,301 | 1,815 | 1,970 |
| EPS in Rs | 0.61 | -10.59 | -12.54 | -55.6 | 0.77 | 86.45 | 7.67 | 9.09 | 8.16 | 7.05 | 11.98 | 16.68 | 18.12 |
| Div. Payout % | 9% | 0% | 0% | 0% | 0% | 0% | 0% | 18% | 24% | 28% | 28% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 67 | 65 | 65 | 65 | 65 | 59 | 59 | 59 | 72 | 72 | 72 | 218 |
| Reserves | 2,139 | 2,408 | 958 | -4,614 | -4,543 | 3,312 | 4,003 | 6,112 | 9,774 | 10,133 | 11,299 | 12,880 |
| Borrowings | 3,646 | 5,252 | 5,208 | 7,227 | 7,916 | 3,614 | 3,660 | 3,696 | 1,454 | 1,049 | 788 | 2,789 |
| Other Liabilities | 8,012 | 8,727 | 7,024 | 5,042 | 4,500 | 883 | 1,286 | 1,613 | 1,943 | 2,008 | 3,359 | 2,917 |
| Total Liabilities | 13,863 | 16,452 | 13,256 | 7,721 | 7,937 | 7,868 | 9,009 | 11,480 | 13,244 | 13,262 | 15,518 | 18,803 |
| Fixed Assets | 2,381 | 5,637 | 5,502 | 5,358 | 5,224 | 5,070 | 4,954 | 4,900 | 5,148 | 4,963 | 5,516 | 5,323 |
| CWIP | 100 | 42 | 29 | 28 | 27 | 25 | 27 | 28 | 80 | 101 | 95 | 51 |
| Investments | 282 | 146 | 89 | 51 | 31 | 20 | 30 | 42 | 38 | 1,041 | 223 | 124 |
| Other Assets | 11,100 | 10,628 | 7,636 | 2,284 | 2,655 | 2,752 | 3,997 | 6,510 | 7,978 | 7,157 | 9,684 | 13,305 |
| Total Assets | 13,863 | 16,452 | 13,256 | 7,721 | 7,937 | 7,868 | 9,009 | 11,480 | 13,244 | 13,262 | 15,518 | 18,803 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -508 | -90 | 577 | 882 | 240 | -61 | 241 | 724 | -339 | 1,746 | 198 | -333 |
| Investing | 23 | 25 | 106 | -70 | -112 | -26 | -42 | -1,562 | 526 | -912 | -36 | -851 |
| Financing | 453 | 77 | -671 | -856 | -7 | 82 | -307 | 1,167 | 241 | -1,100 | -611 | 1,680 |
| Net Cash Flow | -32 | 12 | 12 | -45 | 121 | -4 | -108 | 329 | 428 | -266 | -449 | 497 |
| Free Cash Flow | -650 | -141 | 571 | 884 | 233 | -80 | 220 | 690 | -433 | 1,649 | 101 | -1,278 |
| CFO/OP | -86 | -68 | -87 | -17 | 174 | -14 | 26 | 56 | -5 | 160 | 32 | -20 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 77 | 84 | 100 | 8 | 8 | 8 | 10 | 12 | 18 | 16 | 17 | 22 |
| Inventory Days | 43 | 34 | 28 | 43 | 42 | 44 | 63 | 52 | 55 | 51 | 81 | 79 |
| Days Payable | 87 | 85 | 118 | 104 | 75 | 5 | 17 | 16 | 18 | 22 | 34 | 25 |
| Cash Conversion Cycle | 33 | 32 | 10 | -54 | -25 | 47 | 55 | 48 | 55 | 46 | 65 | 76 |
| Working Capital Days | -1 | -36 | -87 | -312 | -295 | 26 | 35 | 31 | 40 | 33 | 53 | 51 |
| ROCE % | 10% | 0% | -11% | -116% | 3% | 6% | 12% | 16% | 14% | 11% | 16% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY10–FY26.
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Company Information
Ruchi Soya Industries Limited is engaged primarily in the business of processing of oil-seeds and refining of oil for edible use.
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