India · Delayed Price · Currency is INR KRBL Limited Earnings Call Transcripts
Fiscal Year 2027
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Q1 profitability reached a record, supported by stronger realizations and other income, despite Middle East-related export disruption. Domestic revenue grew 14%; FY27 guidance includes 10% domestic volume growth and 17%–18% EBITDA margin.
Fiscal Year 2026
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FY 2026 income rose 9% to INR 6,168 crore, led by domestic growth, while Middle East disruption weighed on Q4 exports. FY 2027 domestic volume growth target is 10%; export recovery hinges on trade normalization.
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Q3 margins and PAT expanded despite lower total income, while 9M revenue grew 10%. Management expects stronger Q4 EBITDA, at least 15% export growth next FY, and mid-single to early double-digit domestic growth.
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Q2 income rose 18% YoY and PAT reached INR 172 crore as lower Basmati costs lifted margins. H1 exports surged, while investment plans span paddy inventory, commercial transformation and selective real estate.
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Q1 FY26 income rose 32% YoY, with exports up 98% and domestic sales up 15%. FY26 revenue guidance is above ₹6,000 crore, while tariff uncertainty and volatile rice prices remain key risks.
Fiscal Year 2025
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An independent review of the resigned director’s observations is due within 30 days. Management detailed the ₹58 crore export receivable write-off, CSR balances, and the enabling real estate proposal.
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Q3 revenue from operations reached a record INR 1,682 crore, led by 104% YoY export growth, while domestic revenue declined 4%. Net debt dropped to INR 92 crore; margins are expected to improve as older inventory and freight pressures ease.
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Q2 income grew 5%, but margins contracted as high-cost paddy and provisions weighed on earnings. Domestic branded growth and improving export prospects support management’s margin recovery and growth outlook, while inventory and export timing remain key uncertainties.
Fiscal Year 2024
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FY24 domestic revenue rose 18% to INR 3,936 crore, offsetting export weakness; overall revenue grew 0.4% and PAT was INR 596 crore. Export recovery hinges on key-market and distribution issues, while domestic volume growth and new product launches underpin the FY25 outlook.
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Record domestic sales and market-share gains were offset by steeply lower exports, higher input costs, and weaker Q3 margins. Management expects export recovery in Q4, while Saudi distribution and bulk-market constraints remain key uncertainties.
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Domestic revenue excluding power grew 35% YoY, with stronger basmati volumes and market share. Export disruption and higher input costs reduced Q2 income, margins and PAT; Saudi distribution recovery is a key near-term swing factor.
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Q1 FY24 income rose 16% YoY and PAT reached ₹195 crore, with domestic growth offset by export timing and distributor changes. Management expects domestic growth of 10%–15% for FY24 and export improvement in H2.
Fiscal Year 2023
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FY 2023 delivered record total income of ₹5,456 crore and EBITDA of ₹1,031 crore, with strong domestic growth. Q4 margins weakened on higher input costs, product mix and a diverted non-Basmati shipment; plant expansion and broader distribution underpin growth plans.
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Q3 total income rose 33% YoY, with EBITDA up 141% and PAT up 180%; domestic revenue reached a record INR 998 crore. Higher Basmati prices and procurement supported growth, while crop uncertainty and export restrictions shaped the outlook.
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Q2 revenue from operations grew 25.2% and export sales rose 105% YoY, while gross and EBITDA margins improved. Management planned 35% higher paddy procurement and expected H2 to reflect H1 performance; Q2 EBITDA margin also benefited from inventory gains.
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Q1 FY23 revenue from operations rose 21% and PAT reached a record INR 164 crore, supported by domestic growth and improved rice realizations. Management cited strong demand and Saudi distribution recovery, while higher paddy costs, weak rainfall, and EU pesticide rules remained key considerations.