Krishival Foods Ltd (KRISHIVAL)
🎯 Key Takeaways
- Krishival Foods Ltd is in a high-growth phase driven by structural expansion in its ice cream segment, with revenue and margin trends reflecting scalable infrastructure investments. The company is transitioning from early-stage growth to operational scaling, supported by capacity expansion and premium product focus, though profitability remains sensitive to execution timelines.
- Revenue declined 12.8% QoQ to ₹89 in Q1FY27.
- ⚠️ 1) Execution risk in scaling ice cream capacity to full utilization by Q1 FY29, which depends on sustained demand and operational efficiency. 2) Margi
- Market Cap
- ₹1,056
- P/E Ratio
- 40.2
- P/B Ratio
- 5.48
- ROE
- 11.4%
- ROCE
- 14.8%
- Debt/Equity
- 0.19
- Div Yield
- 0.08%
- Promoter
- 37.2%
📖 The Story
Krishival Foods Ltd is in a high-growth phase driven by structural expansion in its ice cream segment, with revenue and margin trends reflecting scalable infrastructure investments. The company is transitioning from early-stage growth to operational scaling, supported by capacity expansion and premium product focus, though profitability remains sensitive to execution timelines.
📰 What's Happening
In Q1FY27, Krishival Foods reported a 230% YoY surge in ice cream revenue, contributing to operational momentum amid a 10.05% EBITDA margin and 1,780 new deep freezers deployed. Management highlighted structural growth in ice cream, targeting full capacity utilization by Q1 FY29 and premium products to dominate revenue mix through FY27-FY29. Concurrently, the board approved increasing its stake in Melt 'N' Mellow Foods to 54.90% via Rs. 35 Crore investment from rights issue proceeds and loan conversion, aiming to strengthen food segment synergies. Shareholding shows stable promoter holding at 37.23% with gradual FII accumulation (0.54% to 0.47% in Q4FY26), while DII interest remains low. The company also completed conversion of 2.77 million partly paid shares, enhancing float and liquidity.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 67 | 74 | 102 | 89 |
| Operating Profit | 6 | 7 | 3 | 7 |
| OPM % | 8.9% | 9.4% | 2.8% | 8.4% |
| Net Profit | 6 | 6 | 6 | 6 |
| EPS | ₹2.60 | ₹2.82 | ₹2.42 | ₹2.40 |
Revenue trends show volatility but underlying momentum, with Q1FY27 revenue at ₹89 crores (down from ₹102 crores in Q4FY26), yet operating performance improved with OPM expanding to 8.4% from 2.8% in the prior quarter, driven by ice cream margin expansion to 10.05%. Despite flat EPS of ₹2.4, NP held steady at ₹6 crores, indicating cost discipline amid scaling. The company is investing heavily in infrastructure, with capacity utilization at 40% currently, targeting full utilization by FY29, which aligns with management’s view of ice cream growth as structural and seasonal rather than cyclical.
🔮 Management Outlook & What's Next
Management projects ice cream to dominate revenue mix through FY27-FY29, with premium products driving higher margins, and plans to scale capacity utilization to 100% by Q1 FY29. The subsidiary Melt 'N' Mellow Foods acquisition is positioned to enhance food segment synergies, reflecting a strategic shift toward integrated FMCG growth. No formal financial guidance was provided beyond operational milestones, but capital allocation is focused on capacity expansion and vertical integration rather than immediate returns.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2022 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 20 | 22 | 23 | 22 |
| Reserves | 22 | 113 | 169 | 122 |
| Borrowings | 11 | 13 | 36 | 27 |
| Total Liabilities | 54 | 173 | 250 | 199 |
| Fixed Assets | 13 | 34 | 54 | 36 |
| Investments | 1 | 1 | 1 | 1 |
| Total Assets | 54 | 173 | 250 | 199 |
The balance sheet shows disciplined capital structure with low D/E of 0.09 and steady equity growth from ₹22 to ₹23 crores, while reserves expanded from ₹113 to ₹169 crores, indicating retained earnings reinvestment. Borrowings remain modest at ₹36 crores, suggesting conservative leverage, and total assets grew from ₹173 to ₹250 crores, reflecting asset accumulation in line with expansion plans. The use of rights issue proceeds for subsidiary acquisition and fund utilization signals active capital deployment toward strategic consolidation.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +46 |
| Investing | -29 |
| Financing | -9 |
| Net Cash Flow | +8 |
👥 Shareholding Pattern
| Category | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|
| Promoters | 37.2% | 37.2% | 37.2% |
| FII | 0.9% | 0.5% | 0.5% |
| DII | 0.0% | 1.3% | 1.4% |
| Public | 43.4% | 35.9% | 36.1% |
| # Shareholders | 1,652 | 1,927 | 2,099 |
Promoter holding remains stable at 37.23%, with no signs of dilution or exit, while FII interest has slightly declined from 0.9% to 0.47% over three quarters, and DII remains negligible at 0% in Q1FY27. The increase in public shareholders from 1,652 to 2,099 suggests rising retail interest, but institutional accumulation is muted. No pledging activity is reported, and share conversion enhances liquidity without altering control dynamics.
⚖️ Peer Comparison — FMCG
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| HINDUNILVR | 4.45 L Cr | 29.8 | 29.8% | — | 0.00 |
| ITC | 3.32 L Cr | 16.7 | 36.0% | — | 0.03 |
| NESTLEIND | 2.60 L Cr | 68.1 | 99.2% | — | 0.00 |
| VBL | 1.45 L Cr | 43.0 | 21.5% | — | 0.10 |
| BRITANNIA | 1.18 L Cr | 45.5 | 54.1% | — | 0.27 |
| LENSKART | 1.14 L Cr | 171.2 | 11.9% | — | 0.03 |
| MARICO | 1.05 L Cr | 55.3 | 54.2% | — | 0.08 |
| TATACONSUM | 94,808 | 58.0 | 10.2% | — | 0.10 |
| GODREJCP | 89,022 | 46.5 | 17.8% | — | 0.33 |
| DABUR | 68,475 | 34.7 | 21.3% | — | 0.09 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Execution risk in scaling ice cream capacity to full utilization by Q1 FY29, which depends on sustained demand and operational efficiency. 2) Margin pressure potential if input costs rise or competitive pricing intensifies in the premium ice cream segment. 3) Over-reliance on seasonal demand patterns, making profitability volatile without consistent premium product uptake. 4) Limited institutional investor interest, as evidenced by low FII/DII participation, which may affect liquidity and valuation depth.
📋 Recent Filings
- 🟡 voting results2026-09-29At the 12th Annual General Meeting on September 28, 2026, shareholders approved all resolutions via video conference with requisite majority, and the …
- 🟡 Board Meeting2026-09-29Krishival Foods held its 12th AGM on September 28, 2026 via video conference, approving all resolutions including audited financial statements, final …
- 🔴 Announcement2026-09-29Krishival Foods held a virtual investor meeting with Arihant Capital on September 29, 2026, to discuss ongoing operations and market positioning, reaf…
- 🔴 Announcement2026-09-28Krishival Foods held an investor meeting on September 28, 2026 with ICICI Securities and Equentis Wealth Advisory, discussing no UPSI. The session was…
- 🟡 Board Meeting2026-09-28Krishival Foods held its 12th AGM via video conference on September 28, 2026, adopting audited standalone and consolidated financial statements for FY…
- 🔴 Announcement2026-09-24Krishival Foods held a scheduled group physical meeting with analysts Coheron Wealth, Finavenue Growth Fund, Emkay Securities, Skyridge Advisors, and …
- 🔴 Announcement2026-09-22Krishival Foods Limited announced it will participate in the virtual Bharat Connect Conference organized by Arihant Capital on September 29, 2026, as …
- Announcement2026-09-21Krishival Foods Ltd announced that its trading window for equity shares will close on October 1, 2026, due to the upcoming release of unaudited quarte…
- 🔴 Announcement2026-09-21Krishival Foods announced its investor meeting schedule on September 21, 2026, with one-on-one sessions with ICICI Securities and Equentis Wealth Advi…
- 🔴 Announcement2026-09-21Krishival Foods announced an investor meeting scheduled for September 24, 2026, in Mumbai, inviting analysts and investors to discuss the company's pe…
🧠 Analyst's Read
Krishival Foods is executing a clear expansion strategy in ice cream with early signs of margin improvement, but profitability and growth depend on timely capacity utilization and premium product traction. Investors should monitor Q2FY27 results for demand sustainability and management’s updated timeline for full utilization, as near-term performance will hinge on execution in a competitive FMCG landscape.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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