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Last Updated: April 2, 2026, 3:02 am
Author: Getaka|Social: XLinkedIn

Heritage Foods Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹319.30Fairly Valued by 3.67%vs CMP ₹308.00

P/E (17.5) × ROE (20.2%) × BV (₹112.00) × DY (0.81%)

₹266.48Overvalued by 13.48%vs CMP ₹308.00
MoS: -15.6% (Negative)Confidence: 43/100 (Low)Models: 3 Under, 2 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹355.1022%Under (+15.3%)
Graham NumberEarnings₹211.2616%Over (-31.4%)
Earnings PowerEarnings₹77.2511%Over (-74.9%)
DCFCash Flow₹284.9113%Fair (-7.5%)
Net Asset ValueAssets₹112.527%Over (-63.5%)
EV/EBITDAEnterprise₹318.039%Fair (+3.3%)
Earnings YieldEarnings₹177.107%Over (-42.5%)
ROCE CapitalReturns₹379.139%Under (+23.1%)
Revenue MultipleRevenue₹446.095%Under (+44.8%)
Consensus (9 models)₹266.48100%Overvalued
Key Drivers: Wide model spread (₹77–₹446) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 11.2%

*Investments are subject to market risks

Investment Snapshot

67
Heritage Foods Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 25.3% ExcellentROE 20.2% ExcellentD/E 0.06 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -2.47% (6mo) SellingDII holding up 0.83% MF buyingPromoter holding at 41.3% Stable
Earnings Quality50/100 · Moderate
OPM stable around 7% Steady
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +9% YoY GrowingProfit (4Q): -13% YoY Declining
Industry Rank90/100 · Strong
P/E 17.5 vs industry 62.8 Cheaper than peersROCE 25.3% vs industry 16.3% Above peersROE 20.2% vs industry 13.6% Above peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:02 am

Market Cap 2,855 Cr.
Current Price 308
Intrinsic Value₹266.48
High / Low 542/292
Stock P/E17.5
Book Value 112
Dividend Yield0.81 %
ROCE25.3 %
ROE20.2 %
Face Value 5.00
PEG Ratio1.56

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Heritage Foods Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Heritage Foods Ltd 2,855 Cr. 308 542/29217.5 1120.81 %25.3 %20.2 % 5.00
Vadilal Industries Ltd 3,162 Cr. 4,398 7,399/3,99025.9 1,0920.48 %25.1 %24.0 % 10.0
Umang Dairies Ltd 189 Cr. 85.7 96.8/67.4309 20.70.00 %4.52 %1.35 % 5.00
Milkfood Ltd 152 Cr. 62.4 90.0/44.0 69.31.00 %6.24 %2.52 % 5.00
Dodla Dairy Ltd 6,096 Cr. 1,010 1,525/95522.5 2540.49 %26.6 %19.8 % 10.0
Industry Average5,405.17 Cr850.1362.84206.970.43%16.31%13.64%7.00

All Competitor Stocks of Heritage Foods Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 7868189249799419511,0331,0201,0341,0481,1371,1131,119
Expenses 7557788859338918829409389629701,0641,0351,056
Operating Profit 31403945506992817278737763
OPM % 4%5%4%5%5%7%9%8%7%7%6%7%6%
Other Income 333235678-25158
Interest 0232233444444
Depreciation 14151515161617171818192020
Profit before tax 19262431365578675954556846
Tax % 28%31%29%27%25%26%25%28%27%30%26%25%25%
Net Profit 14181722274058494338415135
EPS in Rs 1.481.931.802.412.904.366.305.244.644.114.375.503.73

Last Updated: February 5, 2026, 5:39 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,7222,0732,3811,8942,3732,5152,7262,4732,6813,2413,7944,1354,417
Expenses 1,6251,9892,2481,7612,6282,4583,1082,2122,4953,1093,5903,8094,126
Operating Profit 9784132134-25557-382261186132203326291
OPM % 6%4%6%7%-11%2%-14%11%7%4%5%8%7%
Other Income 4752514021383037212121925
Interest 15181749202324216691716
Depreciation 25343525384550465256617077
Profit before tax 61398631090127-15420213082145258223
Tax % 26%28%36%10%30%35%10%26%26%29%27%27%
Net Profit 4528552786383-1691489658107188164
EPS in Rs 4.883.065.9729.646.768.77-17.2716.1610.416.2511.4820.2917.71
Dividend Payout % 15%25%13%3%15%11%-7%15%24%40%22%12%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-37.78%96.43%405.45%-77.34%31.75%-303.61%187.57%-35.14%-39.58%84.48%75.70%
Change in YoY Net Profit Growth (%)0.00%134.21%309.03%-482.79%109.08%-335.36%491.19%-222.71%-4.45%124.07%-8.78%

Heritage Foods Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:16%
TTM:9%
Compounded Profit Growth
10 Years:20%
5 Years:26%
3 Years:22%
TTM:19%
Stock Price CAGR
10 Years:18%
5 Years:23%
3 Years:43%
1 Year:-17%
Return on Equity
10 Years:14%
5 Years:17%
3 Years:14%
Last Year:20%

Last Updated: September 5, 2025, 5:55 am

Balance Sheet

Last Updated: December 4, 2025, 1:21 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 23232323232323232346464646
Reserves 156170217568754779436573634679762926997
Borrowings 1421571261582802993066919168132175220
Other Liabilities 172175209247649533223214226231341412399
Total Liabilities 4925265759961,7071,6359888799031,1251,2811,5581,663
Fixed Assets 271281312296433476481580579622704748808
CWIP 11910894277188202068159
Investments 1114781,002835152131815140196261
Other Assets 209235252214263282278267298469416547434
Total Assets 4925265759961,7071,6359888799031,1251,2811,5581,663

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 7552125115121148117174148-61390214
Cash from Investing Activity + -62-47-66-126-200-133-9769-42-83-252-229
Cash from Financing Activity + -1-8-55-1355-3-22-191-93126-761
Net Cash Flow 12-44-24-2312-25113-1762-14
Free Cash Flow 1245824-19248108106-14026742
CFO/OP 90%73%117%108%-59%328%-36%87%98%-29%210%86%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-45.00-73.006.00-24.00-535.00-242.00-688.00192.00167.00-36.0071.00151.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 444326323333
Inventory Days 293128313127244138563344
Days Payable 1917161513131079111821
Cash Conversion Cycle 141816191920173631471826
Working Capital Days -21-13-8-18-22-18-154101315
ROCE %26%17%29%64%12%14%-14%31%21%10%16%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 41.57%41.57%41.57%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%41.30%
FIIs 1.98%2.07%1.74%1.73%2.01%3.33%8.27%6.65%6.42%6.16%4.60%3.95%
DIIs 15.90%15.88%14.48%11.97%11.74%3.91%3.89%3.98%4.05%4.14%4.31%4.88%
Public 40.55%40.48%42.20%44.99%44.96%51.48%46.56%48.08%48.23%48.41%49.78%49.86%
No. of Shareholders 43,31542,47452,55257,28756,2251,74,8491,37,0211,34,4761,35,6601,32,5481,31,8041,27,470

Shareholding Pattern Chart

No. of Shareholders

Heritage Foods Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Kotak Multicap Fund 1,769,002 0.28 63.523,064,0552025-12-08 06:34:43-42.27%
UTI Small Cap Fund 1,099,772 0.87 39.49N/AN/AN/A
Bandhan Small Cap Fund 677,302 0.13 24.32467,3022026-02-23 03:11:2644.94%
Kotak Consumption Fund 116,262 0.25 4.18N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 20.2911.486.3320.8132.32
Diluted EPS (Rs.) 20.2911.486.3320.8132.32
Cash EPS (Rs.) 28.5318.7413.2233.2642.40
Book Value[Excl.RevalReserv]/Share (Rs.) 104.7487.0978.22141.72128.52
Book Value[Incl.RevalReserv]/Share (Rs.) 104.7487.0978.22141.72128.52
Revenue From Operations / Share (Rs.) 445.56408.84349.22577.89533.02
PBDIT / Share (Rs.) 38.6723.8716.2043.5658.22
PBIT / Share (Rs.) 31.1717.3210.1532.3148.26
PBT / Share (Rs.) 28.5716.349.7329.4844.13
Net Profit / Share (Rs.) 21.0312.197.1722.0132.44
NP After MI And SOA / Share (Rs.) 20.2911.486.2520.8132.32
PBDIT Margin (%) 8.675.834.637.5310.92
PBIT Margin (%) 6.994.232.905.599.05
PBT Margin (%) 6.413.992.785.108.27
Net Profit Margin (%) 4.722.982.053.806.08
NP After MI And SOA Margin (%) 4.552.801.783.606.06
Return on Networth / Equity (%) 19.3713.187.9814.6825.16
Return on Capital Employeed (%) 24.4716.4911.6120.8233.39
Return On Assets (%) 12.088.315.1510.6917.06
Long Term Debt / Equity (X) 0.110.090.010.010.05
Total Debt / Equity (X) 0.140.110.180.010.06
Asset Turnover Ratio (%) 2.913.153.172.992.61
Current Ratio (X) 1.821.711.441.591.25
Quick Ratio (X) 0.870.850.230.460.29
Inventory Turnover Ratio (X) 13.409.039.4310.1810.68
Dividend Payout Ratio (NP) (%) 12.3221.7720.0036.037.73
Dividend Payout Ratio (CP) (%) 8.9913.8610.1623.395.91
Earning Retention Ratio (%) 87.6878.2380.0063.9792.27
Cash Earning Retention Ratio (%) 91.0186.1489.8476.6194.09
Interest Coverage Ratio (X) 23.2524.4538.5250.4414.08
Interest Coverage Ratio (Post Tax) (X) 14.2113.4818.0428.878.89
Enterprise Value (Cr.) 3641.233135.761455.631459.921375.15
EV / Net Operating Revenue (X) 0.880.820.440.540.55
EV / EBITDA (X) 10.1514.169.687.225.09
MarketCap / Net Operating Revenue (X) 0.860.820.410.550.55
Retention Ratios (%) 87.6778.2279.9963.9692.26
Price / BV (X) 3.683.871.852.262.29
Price / Net Operating Revenue (X) 0.860.820.410.550.55
EarningsYield 0.050.030.040.060.11

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Heritage Foods Ltd. is a Public Limited Listed company incorporated on 05/06/1992 and has its registered office in the State of Telangana, India. Company's Corporate Identification Number(CIN) is L15209TG1992PLC014332 and registration number is 014332. Currently Company is involved in the business activities of Manufacture of dairy products. Company's Total Operating Revenue is Rs. 4080.48 Cr. and Equity Capital is Rs. 46.40 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Milk & Milk ProductsH. No. 8-2-293/82/A/1286, Plot No. 1286, Hyderabad Telangana 500033Contact not found
Management
NamePosition Held
Mr. A V Girija KumarChairperson (NonExe.&Ind.Director)
Mrs. N BhuvaneswariVice Chairperson & M.D
Mrs. N BrahmaniExecutive Director
Mrs. Aparna SurabhiInd. Non-Executive Woman Director
Mr. M P Vijay KumarInd. Non-Executive Director
Mr. Rajesh Thakur AhujaInd. Non-Executive Director
Dr. M Sambasiva RaoWhole Time Director

FAQ

What is the intrinsic value of Heritage Foods Ltd and is it undervalued?

As of 16 April 2026, Heritage Foods Ltd's intrinsic value is ₹266.48, which is 13.48% lower than the current market price of ₹308.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.2 %), book value (₹112), dividend yield (0.81 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Heritage Foods Ltd?

Heritage Foods Ltd is trading at ₹308.00 as of 16 April 2026, with a FY2026-2027 high of ₹542 and low of ₹292. The stock is currently near its 52-week low. Market cap stands at ₹2,855 Cr..

How does Heritage Foods Ltd's P/E ratio compare to its industry?

Heritage Foods Ltd has a P/E ratio of 17.5, which is below the industry average of 62.84. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Heritage Foods Ltd financially healthy?

Key indicators for Heritage Foods Ltd: ROCE of 25.3 % indicates efficient capital utilization; ROE of 20.2 % shows strong shareholder returns. Dividend yield is 0.81 %.

Is Heritage Foods Ltd profitable and how is the profit trend?

Heritage Foods Ltd reported a net profit of ₹188 Cr in Mar 2025 on revenue of ₹4,135 Cr. Compared to ₹96 Cr in Mar 2022, the net profit shows an improving trend.

Does Heritage Foods Ltd pay dividends?

Heritage Foods Ltd has a dividend yield of 0.81 % at the current price of ₹308.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Heritage Foods Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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