Ladies and gentlemen, good day. Welcome to the Patanjali Foods Limited Q4 FY 2026 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note this call is being recorded. I now hand the conference over to Mr. Sanjeev Asthana, CEO, Patanjali Foods Limited. Thank you. Over to you, sir.
Thank you very much. Thank you and good evening to everyone who has joined this call. A very warm welcome to Patanjali Foods Limited's call to discuss the financial performance for Q4 2026 and FY 2026. I'm accompanied by the company's CFO, Kumar Rajeshji, along with Mr. Priyendu Jha from the investor relations team, and our investor relations partner, Strategic Growth Advisors. We have uploaded the results collateral on the stock exchanges and as well as the company's website for your reference. Let me begin with a quick snapshot of our financial performance. During the call, we will be referring to the standalone financials. FY 2026 is our first full year after the integration of the HPC business, and we saw progressive momentum in each quarter. At the company level, we crossed the INR 40,000 crore mark in the top-line terms.
This performance was backed by healthy double-digit growth across the edible oil and FMCG segments. Revenue from operations stood at INR 40,169 crores during the period. Total EBITDA, excluding the exceptional items for the period, was INR 1,931 crores with a margin of 4.79%, and a profit before tax stood at INR 1,353 crores, translating into PBT margin of approximately 3.36%. In Q4 of 2026, the company delivered the highest-ever quarterly revenue from operations, amounting to INR 11,155 crores. Total EBITDA, excluding exceptional items for the period, was INR 501.96 crores with a margin of 4.48%. Profit before tax stood at INR 235.69 crores, translating into a PBT margin of approximately 2.10%. Let me now give a brief overview of the operating environment for Q4 2026. On the demand front, the domestic demand trends remained resilient and structurally healthy during the quarter. Consumption was supported by improved channel offtakes following normalization after the GST transition.
Both urban and rural markets contributed to demand recovery. Urban demand benefited from recent tax relief measures, while rural demand remained supported by a healthy crop season and continued government welfare spending. The retail inflation largely remained under control at 3.4% in March 2026, versus 3.21% in February 2026. On the input cost front, the edible oil complex witnessed a sharp price increase in March 2026, primarily due to the crude oil volatility amid ongoing geopolitical uncertainties. RBD palm, Refined, Bleached, and Deodorized palm oil prices increased by 20% between January and March 2026, driven by tighter supply expectations, firm demand, Indonesia's proposal for B45 biodiesel program, and lower CPO production in Malaysia. The refined soy oil prices also moved higher, increasing by 23% during the same period, in line with global edible oil trends.
Wheat and chana prices remained relatively stable during the quarter, supported by improved crop expectations and higher imports respectively. Yellow pea prices increased by 10% during Q4 2026 due to tighter domestic supply and lower crop estimates, while sugar prices remained broadly stable. Across segments, the company also witnessed inflationary pressure in packaging materials, freight, and insurance costs linked to the crude oil volatility after mid-March. The cost of goods sold increased by 98 basis points on the sequential basis. Further on year-on-year basis, the cost of goods sold increased by 294 basis points. The company continues to manage these pressures through hedging initiatives, cost optimization measures, and calibrated pricing actions. Coming to April 2026 and beyond, due to the geopolitical tension, the prices of palm oil prices increased by 15%, and for soybean and sunflower increased by 17% and 22% in April 2026 on year-on-year basis.
This has led to noticeable shift in consumer preference towards mustard oil, which is traditionally viewed as more expensive than palm oil. While palm, soybean, and sunflower oils largely constitute India's edible oil import basket, mustard, groundnut, and cottonseed oils are produced domestically, supporting supply availability and diversification within the edible oil basket. Crude-linked volatility remains elevated, which could make the operating environment increasingly challenging for smaller and unorganized players. In such a scenario, large national brands such as our company may be relatively better positioned to navigate the volatility, particularly given our strong distribution network and scale advantage. Let me now walk you through the segment-wise performance during Q4 2026. For the edible oil segment, quarterly revenues stood at INR 8,324 crore, registering 23.28% year-on-year growth. EBITDA margin for the segment stood at 2.58%.
Branded edible oils accounted for around 75% of the total edible oil sales and continued to be the primary growth driver. For FY 2026, the revenue stood at INR 29,313 crore, registering 18.39% year-on-year growth. EBITDA margin for the segment stood at 2.58%. We endeavor to maintain an EBITDA in the range of 2%-4% for the edible oil business, despite the near-term price volatility. For the oil palm plantation business, the government's recent advisory encouraging lower edible oil consumption highlights the strategic importance of Atma Nirbharta in the edible oil sector. Patanjali Foods Limited has been aligned with this vision through sustained investments in oil palm plantation initiatives, which are focused on supporting domestic production, improved supply security, and reducing reliance on imports over the long term. The oil palm plantation business contributed INR 185 crore during the quarter and INR 1,792 crore for the FY 2026.
In Q4 of FY 2026, domestic oil palm production was impacted due to the seasonal nature of the business. As of 31st March 2026, the oil palm cultivated area stood at 110,072 hectares, registering a growth of 23.65% on a year-on-year basis, and 2,558 hectares on sequential basis. Nearly 38% of the cultivated area spread over 12 states in India is in the prime yielding phase of 7 to 25 years. The total allocated area stood at 6.63 lakh hectares, which was granted originally. Coming to our FMCG segment, the quarterly revenue stood at INR 2,890 crores with EBITDA of INR 292.16 crores and EBITDA margin of 10.11% in Q4 of 2026. The segment contributed 25.76% of the revenue in Q4 2026, while contributing nearly 57.62% of the EBITDA in Q4 2026. On an annual basis, the FMCG revenues stood at INR 11,188 crores, growing 19.95% year-on-year with an EBITDA margin of 10.81%.
The segment accounted for 27.60% of the annual revenue from operations and contributed 61.13% of the annual EBITDA. Let me walk you through our FMCG segment in some detail. During the quarter within our FMCG segment, the biscuits reported a revenue of INR 477 crore, registering year-on-year growth of 13.97%. For FY 2026, the segment achieved its highest-ever annual revenue of INR 1,907 crore, reflecting year-on-year growth of 15.90%. Doodh Biscuit continues to be the leader. The annual turnover of Doodh Biscuit in FY 2026 was over INR 1,300 crore versus INR 1,000 crore in FY 2025. The momentum in biscuit reflects consistent investment and distribution depth that we built over the years. staples delivered revenue of INR 848 crore for the quarter and INR 3,658 crore on annual basis. Revenue from ghee stood at INR 338.91 crore for the quarter and annually at INR 1,423 crore, reinforcing the company's confidence in the revised strategic direction for the segment.
Textured soya products recorded revenue of INR 106 crores in Q4 2026. For FY 2026, the segment achieved revenue of INR 526 crores. Beverages and summer portfolio saw encouraging momentum towards the end of the quarter with the launch of Patanjali Apple Drink. We are strengthening our presence in the fruit-based beverage category. Nutraceuticals generated revenue of INR 17.94 crores during the quarter and INR 58 crores in FY 2026. During FY 2026, the category underwent strategic rationalization in the portfolio, focused cost optimization, selective product launches. These initiatives are beginning to yield positive results. The company remains confident in the long-term potential of India's health and wellness segment and continues to strengthen its portfolio with launches such as Slim Choice capsules, Date Almond Spread, and Sea Buckthorn capsules. Our home and personal care business delivered strong performance with a total revenue of INR 840 crores, reflecting a year-on-year growth of 35.42%.
For FY 2026, the segment reported annual revenues of INR 2,660 crores. The dental care category reported revenues of INR 425 crores in FY 2026 and INR 1,412 crores in FY 2026. The skincare category recorded revenue of INR 239 crores during Q4 2026, with annual revenues reaching INR 680 crores in FY 2026. The home care revenue stood at INR 97.82 crores for Q4 FY 2026, taking FY 2026 revenues to INR 331.88 crores. The hair care and other products generated INR 76 crores, and the full year was INR 236 crores. We continue to strengthen the home and personal care category through product innovation, wider distribution reach, and enhanced brand visibility across urban and rural markets. Skincare is emerging as a breakout category, growing 57.66% year-on-year in Q4 2026. It is the fastest-growing subcategory within HPC and key area of strategic focus going forward. Guidance to the last part of my talk.
Going ahead, we remain focused on strengthening our brand portfolio, expanding our distribution footprint, driving operational efficiencies, and building scale across emerging categories. We also remain committed towards enhancing our investment behind innovation and consumer engagement. With our strong brand equity, integrated business model, extensive distribution network, and diversified product portfolio, we believe the company is well-positioned to navigate near-term challenges and capture the long-term growth opportunities in the Indian consumption story. On that note, I would now like to open the floor for questions and answers. With this, I conclude my opening remarks and open the floor for Q&A session. Thank you.
Thank you, sir. We will now begin the question- and- answer session. Anyone who wishes to ask a question, you may press star and one on your touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Binay Shukla with PhillipCapital, India. Please go ahead.
Okay. Hi, sir. Just a quick question on biscuit category. Can you help us, like what was the category growth for Q2? Second question is...
Your voice is coming very muffled. Excuse me. Your voice is very muffled and unclear.
Is it better now?
Yes, it's a little better.
Just quickly on the biscuit category. Just wanted to know what was the category growth for last quarter, and second is, since we have reported close to 14% YoY growth for this quarter, sorry, for previous quarter, just wanted to know whether this growth was in line with the company expectation or below expectation. Lastly, just wanted to know any idea how was the category shaping out in the last two months.
Biscuits, as I mentioned, our growth, if I were to compare it to the previous quarter, there has been a slight slowdown in terms of sequentially between Q3 and Q4, very marginal one. If I were to compare with Q4 2025 versus Q4 this year, the growth has been very healthy. The prime reason for this marginal dip in the growth is clearly some disruption that we've noticed in the overall consumption pattern, some bit of seasonality, because a lot of, as I mentioned, that very substantive part of our business is in the biscuit. There's a bit of seasonality when we get into this particular season. Broadly, as I mentioned, that overall in terms of the growth, it's been more than 15% year-on-year, sequentially quarter-on-quarter, marginal dip.
Overall, the target that we continue to place for ourselves is upwards in high double- digits, and that we're pretty confident of achieving in the year ahead as well.
What was the category growth for last quarter?
Sorry, category growth in the biscuits you're asking?
Yeah. For biscuit only.
That's what I mentioned, that the category growth in the biscuits overall was marginal dip in the revenue. It was INR 490 crores in Q3 versus INR 478 crores, there's about INR 12 crores of drop. As I mentioned, the reason was the seasonal dip that we typically encounter in the last quarter always of the fiscal. That was pretty standard, which was also, if I were to compare it for the previous, last year also, it would be pretty much a similar phase. It's either flat to marginal dip, what we see in the fourth quarter, the uptick starts from there as the summer months starts to approach. This quarter, for example, we'll see an enhancement, go to Q2, it'll continue to pick up, keep peaking till the third quarter, and then there's a slight flattening in the fourth quarter, and again then there's a pickup.
Understood, sir. How is the category shaping out in last two months, talking about the April and May month?
April, as I mentioned, season-wise, it's a good window that we have in Q1 always, at the beginning of the year, because the season starts to pick up and starts with the momentum, continues to build over Q2 and Q3. We'll have a substantial uptick compared to INR 478 crores that we had in the previous quarter. In the Q4 of 2026, we should have an uptick, quite a substantive one.
Yeah. Helpful, sir. That's all from my side. Thank you.
Thank you.
Thank you. Participants, if you wish to ask a question, you may press star and one. The next question comes from the line of Abhishek Mathur with Systematix. Please go ahead.
Yeah. Hi, sir. Thank you for the opportunity. Specifically on the foods business, we've reported staples revenues of INR 850 crores, and I think the ethnic foods revenues at around INR 600 crores. This seems to be a decline YoY, if I have my numbers right. I think there seems to be a mid-teens decline on a YoY basis in the foods business with these revenues. Just wanted to check. We were showing quite a good recovery in the last quarter. What seems to be driving this decline? What is the issue in this current quarter which has driven this decline? If there is any one-off in the tax rate seems to be quite low for the quarter. Yeah, thanks.
Yeah. Basically two main reasons. We had two significant sort of changes that have occurred, and primarily on account of the market environment. One is in the staples rice as a category, has gone down quite substantially overall for this year, and again, pretty much in the fourth quarter as well. Similarly in the ghee as well, there's a seasonal softness typically that happens in the Middle East prices that we saw. There was almost INR 129 crores sort of drop that we had in the ghee sales. That is largely on account of the peak summer months, the early onset of the summers, the crisis in terms of the bit of drop in the sales that happened. Broadly, the rice and ghee were the prime drivers for the reduction in the sales.
Overall basis, if I were to look at on a sequential basis, yes, you're right, there is a drop. Of nearly, if I were to compare, INR 35 crores on a overall basis, if I were to look at, it's almost INR 98 crores of drop in staples overall on a 12-month basis. Almost there's an uptick what we had in the ethnic foods. Quarter-on-quarter basis, yes, there is a drop of nearly quite a substantive number of nearly INR 400 crores that we saw dropping largely on account of the staples rice that drop what we saw.
Right. Sir, are we expecting this to reverse in the coming quarters?
It will. Look, there are two things, Abhishek, which are driving this change. One is that staples is undergoing a significant shift right now on account of the drought-like conditions which are there, and which are likely to emerge now. Second is the government policies that we might witness. There might be a bit of overreach there potentially. That may have some impact. Broadly, the numbers that we have projected have taken all these into account. There could be some bit of disruption on these two counts. Third one, of course, is the war, but I would say the larger issue is the potential impact of the El Niño and the disruption that it may ensure on account of the government policies. That may have some impact on the overarching theme.
War is largely discounted, we've accounted for it in everything, but these are only two things which are there. Still, in terms of the plans going forward, we're pretty confident that we should be able to meet the objectives that we have for the business.
Got it, sir. The tax rate, was there any one-off?
That Rajeshji can answer better in terms of the tax rate one-off. Rajeshji, any comments?
You mean to say GST tax rate?
Sir, I think INR 40 crore of the current tax plus the deferred tax that we have is just about 10% tax rate on the PBT.
Yeah
20 odd. Yeah.
I understood. Basically, we are having a refund process into the earlier assessment years. We have got a very good assessment, post CIRP. Basically, we claimed our expenditures, and we offered income for the write back of a loan amount during the CIRP when we took over the company. The assessment was completed now, and we are getting refunds. Our earlier tax has been adjusted from the current tax demand. That's why tax has not been shown here.
Sir, can you quantify that adjustment that you've made?
That refund during last year, we got refund near about INR 788 crores, including INR 330 crores in the fourth quarter.
Great, sir. Thanks. Just one final bookkeeping question. Sanjeev sir, if you can give us the EBITDA for the divisions in terms of HPC, biscuits, staples, and ethnic foods, the EBITDA numbers for the quarter, please.
I can give you that. You wanted for the foods business EBITDA, for the quarter, we had INR 72 crores. For the biscuit business, we had EBITDA of INR 65 crores. Nutraceuticals, we had INR 2 crores. For Nutrela, we had INR 16.85 crores.
Yeah.
Sorry, when you said food INR 72 crores, that was staples, or was it ethnic foods, or was it combined?
It was combined.
Combined.
Otherwise, if you want the breakup, we had INR 66 crores from the ethnic foods and staples was INR 5.46 crores.
Yes.
The breakup of INR 72 crores.
Right, sir. HPC, finally?
HPC, we had EBITDA margin of INR 136 crore.
Great, sir. That's all from me. Thanks and all the best.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question to the management, you may press star and one. Participants, if you wish to ask a question, you may press star and one. The next question comes from the line of Anuj D. with Antique Stock Broking. Please go ahead.
Hi, team. Good evening. Just one bookkeeping question. What would be our Nutrela revenue for Q4 as well as the full year?
Nutrela revenue for Q4 is INR 106 crores and for the year is INR 527 crores.
Thank you. That's it from my side.
The next question comes from the line of Dhiraj Mistry with Jefferies. Please go ahead.
Yeah. Hi. Good evening, sir. Sir, my first question is on the volume growth of edible oil for the quarter as well as for the full year. You can give absolute volume also for the quarter and for the full year.
Yeah. Total absolute volume, what we had is on the edible oil alone. There are two ways, Dhiraj, we look at. One is that we do in the edible oil alone, and second is the oil seeds combined with the other products as well. Edible oil, we did 20.3 lakh tons, in terms of the volume, and last year it was 18.84 lakh tons. Overall aggregate basis, if I were to combine the entire segment of the edible oil as we report, so that is 25.1 lakh tons, versus 23.64 lakh tons in the last year.
Okay. Sir, second question is on balance sheet. We have seen significant increase in our receivable days as well as, there is increase in borrowing also. How do we look this number going ahead? Would it remain at current level or would it decline over the period?
Dhiraj, I would request Rajesh to answer this question.
Yeah.
Yes, please, Rajesh
Dhiraj, looking into the market conditions and geopolitical scenario, we have extended credit to our customers also. That is one of the reason to grow our debtors, you can say, near about INR 700 crores-INR 800 crores. We have also secured our raw materials by paying an advance to our vendors for the future requirement. Our borrowings has been increased, significantly, you can say. Going forward, obviously, we endeavor to collect all our receivables within a quarter or two and rationalize all the advances and procure the raw materials on a cash basis like earlier, if situations and geopolitical situation permits.
Got it. Sanjeev, can you throw some light in terms of guidance for your food business as well as HPC business? Edible oil, I understand that there would be volatility because of the raw material prices in terms of top line, but what kind of volume growth do you expect in edible oil for FY 2027? Likewise, what kind of revenue guidance growth you would go for your food business as well as HPC business? Also if you can throw some light on margins on each segment.
Yeah. Reasonably comfortable with that. I think our volume growth in the veg oils will remain pretty much in the ballpark range of 3%-5%, which is what the anticipation is what India will sort of grow as well. That's one. Second is on the food side. Our growth on a blended basis, if I were to combine all the businesses, I think it should be anywhere between 8%-10% is growth that we should see in the foods category, overall foods portfolio. About 15% is the growth objective that we have for the HPC, home and personal care.
Margin guidance-wise, I think, some bit of what we saw, the tapering off in the food this year, I think that will get rationalized, and I think we should be pretty much on course. Certainly veg oil will be just a little south of 4%. I think we should be very close to, because I am anticipating very positive outcome of whatever is happening geopolitically or otherwise. It should be positive for us. Little, slightly below 4%. On the HPC side, we will be closer to 18%+ as we rationalize, and I think maybe even higher. That business, as I had mentioned right in the beginning when we took over the business also, that the efficiencies and the growth will drive us towards 200 basis points of improvement over what it was doing under the parent.
The third one is the foods overall as a portfolio. I think we should be closer to 10%, because some bit of blip that we saw last year on account of various changes that happened, I think should be behind us. Net net, overall, I would say that we should have a definitely on a blended basis compared to the overall EBITDA that we have in the business. I think we should see a good growth of anywhere between 12% to 15% growth for the next year.
Got it. Lastly, from my side is, would you like to comment from the near-term perspective on edible oil margin as well as top line in light of Indonesia, or let's say there is a restriction of export from Indonesia palm oil? How it would impact our business in the near term, both in terms of revenue as well as in terms of margins?
Overall, Indonesia has no choice but to export to the demand countries like India. The confusion is obviously this whole centralization and the canalization almost what they're proposing. That has thrown a bit of a spanner in the works of smooth flow, what was happening through the private trade. Short term, that volatility will be there. As I mentioned earlier that this particular volatility is helpful for any large player, which typically does long-only business. For companies like us, I think it's overall beneficial. Even in the short term also, I expect quarter one of FY 2027 to be very positive, which should pretty much continue into Q2 also. Likewise on our oilseeds crush side also, I think we should be positive.
All these uncertainties in the marketplace, which is spiking the markets, are largely beneficial for any large player which is holding onto the positions with an idea to buy first and sell later, is beneficial. Near term. In terms of the volume growth, despite whatever is going on, I think fundamentally we are still projecting between 3%-5% growth for the country's consumption also. Despite all that, the call to reduce the consumption, I am not expecting much of a change because India is still pretty much at the lower end of the curve of the consumption. I think that growth momentum will continue and we will see that growth in the consumption, and I think that should benefit players like us. We are not projecting anything greater than what the country's consumption will grow. The overall market growth, I think we should be quite aligned to that.
Got it. Thank you very much, sir.
Thank you, Dhiraj.
Thank you. A reminder to all participants that you may press star and one to ask a question. The next question comes from the line of Abhishek with Systematix. Please go ahead.
Yeah. Hi, sir. Thank you for the follow-up opportunity. Just wanted to check, maybe I missed the number. If you can give again the volume growth that we saw in edible oils for the quarter and for the year. What kind of price hikes have you taken so far over March, April, May? If you can talk about the overall blended or parts of the portfolio where you have taken hikes. Yeah, that's it.
The edible oil, we grew, in terms of the overall consumption, nearly 80,000 tons between Q3 and Q4 of FY 2026. In terms of the volume terms and of course on a 12-month basis between FY 2025 and FY 2026, we grew 150,000 tons overall. The price hike, as I mentioned, Abhishek, is that it's almost literally on a daily basis, it's almost 100% pass-through that we go through. The prices spike, I don't have it in front of me, but the prices rose anywhere between 10%-14% overall, and where we have pretty much kept consistent that our prices went up accordingly as well.
Got it, sir. On the foods.
Sorry. For the palm, soya, and sunflower, mustard being a largely domestic crop, that slightly trailed, and which is where a lot of demand has started coming back to the mustard oil. Overall for palm, soya, and sunflower, between 10% and 14%, we pretty much were consistent how the market moved, our prices moved as well.
Very clear, sir. On the foods and HPC sides of the business, the price hikes that we've taken so far?
The price hikes, in the overall basis, we have not taken too much of price hike barring a few commodities like pulses, like rice. On the staples side, we have taken a price rise. On ghee, we took a price rise. In the third quarter onwards, we started sort of moving up. There we took a price rise. Overall on the ethnic foods, overall, we haven't taken other than ghee. Balance on the staples, it was pretty much across the board that where the price rises happened, and the range has been between 2% and 5% across the board.
With these hikes, do we think that this is sufficient to cover the inflation that we have seen, or we are expecting to take some further hikes?
No. The inflation impact is going to be witnessed now. So far, what has happened is that it's a phenomenon of pretty much in last four weeks that we're seeing the prices. Finally, the market is pricing in the news of drought, the potential El Niño impact and the disruption in the supplies now. I think in this quarter we'll have to see that. As you mentioned, on the previous quarter I was mentioning, so pretty much on the staple side, it was between 2%-4%, balance side on this quarter, we'll have to see how the price will behave. We are seeing some uptick in the prices, so there we may have to take that step.
Right, sir. Thanks. That's all from me. Thanks and all the best.
Thank you.
The next question comes from the line of Dhiraj Mistry with Jefferies. Please go ahead.
Yeah. Hi, sir. Sorry, I forgot to ask on palm oil plantation EBITDA for the quarter for the full year.
Dhiraj, we had oil palm plantation EBITDA was INR 357 crores. Let me give you the exact number. Just one sec. Our revenue was INR 1,793 crores, and our EBITDA was INR 357 crores, versus INR 1,262 crores in the previous year and INR 203 crores of EBITDA. It was a very healthy spike that we got in the margins on the oil palm plantation. The two pointers are driving. One is the volume growth in the business as the plantation that we done earlier start to mature, and this momentum will pick up. Second was, of course, was an uptick in the palm oil prices that went up. That straightaway translates into the superior margin construct for us in the plantation business.
Got it. Okay. Thank you very much, sir.
Thank you.
Thank you. Participants, if you wish to ask a question, you may press star and one. Thank you. There are no further questions from the participants, I would like to hand the conference over to the management for closing comments.
Thank you very much. With this, I conclude the call. I sincerely thank you all for the continued support and trust in Patanjali Foods. If you have any further queries, you could speak to our advisors, SGA. We will be in touch with more comments and more feedback. We look forward to receiving from you all. Thank you very much.
Thank you. Thank you very much to all.
Thank you, sir.
Thank you. On behalf of Patanjali Foods Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.