Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
LT Foods Ltd.
NSE: LTFOODSConsumer DefensivePackaged Foods
- Last close
- ₹379.85
- Day change
- −₹5.15 (−1.34%)vs
- Market cap
- ₹14,517 crIndian rupees
- Research updated
- 1 report
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About LT Foods
LT Foods Ltd. is a prominent player in the global food processing industry, primarily known for its production and distribution of rice and rice-based products. The company is renowned for its flagship brand, Daawat, which is one of the leading basmati rice brands worldwide. With a strong emphasis on quality and sustainability, LT Foods Ltd. has established a vast supply chain network, connecting directly with farmers to ensure premium-quality grain sourcing. Besides basmati rice, the company has diversified its offerings into health, convenience, and organic food segments, reflecting changing consumer preferences. Operating at a global scale, LT Foods Ltd. caters to a wide market extending across Asia, North America, Europe, and the Middle East, enhancing its significance in international trade and commerce. LT Foods Ltd.'s commitment to innovation extends beyond production, as it invests in advanced packaging and distribution systems to ensure product freshness and logistics efficiency. This strategic positioning within the food and beverage sector enables LT Foods Ltd. to contribute to global food security and cater to evolving dietary trends, underscoring its role as a key participant in the agricultural and food industries.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: LTFOODS
- Next results
- Chief executive
- Mr. Ashwani Kumar Arora
- Employees
- 1,327
- Headquarters
- Gurugram, India
- ISIN
- INE818H01020
- Website
- ltfoods.com
Public research · Report of
Business model & financial foundation
LT Foods (NSE: LTFOODS), Packaged foods - branded basmati and specialty rice: revenue of ₹10,946 crore in FY26 (+26.1% on FY25), an EBITDA margin of 10.6%, net profit of ₹625.4 crore and net debt of ₹1,377 crore.
- Revenue, FY26 (₹ crore)
- 10,946
- consolidated
- Revenue growth, FY26
- +26.1%
- on FY25
- EBITDA margin, FY26
- 10.6%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 625.4
- to owners
- Return on equity, FY26
- 14.9%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,377
- Company statutory net debt including leases
- Market capitalisation (₹ crore)
- 14,506
- at the close of 15 Oct 2026
Company profile
LT Foods is a global branded specialty-rice and rice-based foods company. It sells Basmati and specialty rice under DAAWAT in India and Royal and Golden Star in North America, plus brands in Europe and the Middle East, with organic foods and ingredients (Ecolife) and ready-to-eat/ready-to-cook products as smaller segments. About 70% of revenue comes from outside India; the US is the largest market (about 40%). The business procures and ages paddy for 12-24 months, so inventory dominates the balance sheet.
| Item | Value |
|---|---|
| Legal name | LT Foods Limited (formerly L.T. Overseas Limited) |
| Exchange and ticker | NSE: LTFOODS; BSE: 532783 |
| ISIN | INE818H01020 |
| CIN | L74899DL1990PLC041790 |
| Sector | Consumer Staples |
| Industry | Packaged foods - branded basmati and specialty rice |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M S K A & Associates LLP |
| Market capitalisation | ₹14,506 crore (15 Oct 2026) |
| Shares outstanding | 34.73 crore shares (FY26) |
| Price | ₹418.0 (close, 15 Oct 2026) |
| 52-week range | ₹333.1 - ₹490.7 (to 15 Oct 2026) |
| Website | https://ltfoods.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| DAAWAT Foods Limited | 100% | Processes and markets Basmati and specialty rice in India (DAAWAT, Heritage); Mandideep, Bhopal unit |
| LT Foods Americas Inc. | 100% | North America: Royal and Golden Star brands, packaging and ready-to-heat plants; largest international market |
| LT Foods Europe B.V. | 100% | Europe: Netherlands rice plant (60,000 MT), retail distribution; UK unit via LT Foods UK |
| Nature Bio Foods Limited | 100% | Organic foods and ingredients (Ecolife), Sonipat |
| Golden Star Trading Inc. | 100% | US Jasmine/specialty rice; controlled and fully consolidated from22May2025; remaining49% acquiredUSD15m. |
| Kameda LT Foods (India) Private Limited | 51% | Equity-accounted51% JV at31Mar2026.16Sep2026SPA proposes remaining49% forINR1.12cr; targets31Dec2026, completion not verified by15Oct2026. |
Kameda and Leev are equity-accounted JVs, not consolidated subsidiaries at31Mar2026 (S63p440); Kameda51% retained at cutoff pending49% SPA. Global Green proposal rejected by Hungary Ministry (S28), not completed. Golden Star fully consolidated22May2025. Ecopure CVD75.48%, NBFInc importer liable; CIT11May2026 liquidation injunction (S69p6). Leev30% to70.75% SPA30Sep2026; closing not verified.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.00% | 51.01% | 51.01% | 51.01% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.12% | 8.92% | 8.74% | 8.21% |
| Domestic institutions | 8.34% | 9.63% | 10.30% | 10.84% |
| of which mutual funds | 7.12% | 8.48% | 9.02% | 9.43% |
| Retail | 14.05% | 13.94% | 13.54% | 13.45% |
| Other | 16.49% | 16.50% | 16.41% | 16.49% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
LT Foods initiation; information cut-off 15 October 2026. Internal research, not finalized or published. This narrative reads the current dossier, not the early raw extraction summaries.
LT Foods buys, processes, ages and distributes basmati and specialty rice under DAAWAT, Royal and Golden Star, alongside organic ingredients and convenience foods. Its branded distribution and procurement capability support differentiation, but aging inventory makes it materially more capital-intensive than an asset-light consumer brand. It controls processing, brand investment and distribution; it does not control crop supply, paddy prices, freight, tariffs, currency, retailer demand or regulatory approvals. The appropriate reporting basis is consolidated: overseas subsidiaries and Daawat Foods carry much of the economic business; standalone accounts are not a substitute (identity.json).
Source and unit convention. Source locators refer to sources.jsonl. is the full FY26 annual report, statements signed 14 May 2026; FY25 report, signed 15 May 2025; FY24 report, signed 17 May 2024. Exact annual-report publication dates were not retrieved and signing dates must not be described as publication dates. Source/date limitations remain in gaps.json, not concealed by this narrative.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda margin pct, FY26 (%) | gross margin pct, FY26 (%) |
|---|---|---|---|---|
| Basmati & Other Specialty Rice | 9,742 | 89.0% | 12.3% | 33.9% |
| Organic Foods & Ingredients | 1,016 | 9.3% | 5.8% | 31.8% |
| Health & Convenience / RTH & RTC | 187.0 | 1.7% | -9.6% | 35.2% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| KRBL Ltd (KRBL) | Largest Indian basmati exporter and India Gate brand; direct competitor in domestic branded basmati and Middle East |
| GRM Overseas (GRMOVER) | Basmati exporter with growing branded (10X, Himalayan River) business |
| Chaman Lal Setia Exports (CLSEL) | Basmati exporter (Maharani brand), Europe/Middle East exposure |
| Tata Consumer Products (TATACONSUM) | |
| AWL Agri Business (AWL) | Fortune branded staples/oils; broader reference. AWL retained from prior table only: vendor AWL resolves Ador Welding, so issuer forward data rejected (S80). |
| Patanjali Foods (PATANJALI) | Branded edible oils/foods, commodity-linked staples reference; separate from Sanstar. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 5,389 | 6,896 | 7,772 | 8,681 | 10,946 |
| Cost of revenue (vendor classification) * | 3,648 | 4,624 | 5,328 | 5,740 | 7,330 |
| Other operating costs (vendor classification) * | 804.2 | 1,140 | 962.5 | 2,161 | 1,834 |
| EBITDA (vendor classification) * | 590.8 | 747.6 | 1,025 | 1,095 | 1,242 |
| Operating EBIT excluding other income | 475.7 | 623.1 | 785.0 | 792.6 | 913.8 |
| Finance costs | 52.1 | 60.5 | 83.0 | 87.7 | 130.9 |
| Profit before tax and equity-accounted profits | 423.6 | 562.6 | 751.7 | 793.4 | 860.4 |
| Total current and deferred tax expense | 114.4 | 139.8 | 202.9 | 210.2 | 241.0 |
| Total group profit after tax | 309.2 | 422.8 | 597.6 | 611.8 | 625.4 |
| Diluted EPS (₹) | 9.13 | 12.50 | 17.09 | 17.43 | 18.01 |
| Materials, traded goods purchases and inventory change | 5,278 | 5,740 | 7,330 | ||
| Employee benefits expense | 430.1 | 490.8 | 622.6 | ||
| Other expenses | 1,126 | 1,472 | 1,834 | ||
| Operating EBITDA excluding other income | 937.9 | 978.3 | 1,159 | ||
| Other income | 49.6 | 88.5 | 77.5 | ||
| Depreciation and amortisation | 152.9 | 185.7 | 244.9 | ||
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | ||
| Signed share of associates and joint ventures | 48.9 | 28.6 | 5.93 | ||
| Profit attributable to non-controlling interests | 4.25 | 6.46 | 0.00 | ||
| Profit attributable to owners of parent | 593.3 | 605.3 | 625.4 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 2,149 | 2,797 | 3,427 | 3,854 | 4,520 |
| Borrowings excluding lease liabilities | 1,320 | 1,221 | 526.2 | 743.4 | 973.2 |
| Cash and cash equivalents including overnight mutual funds | 32.1 | 32.2 | 49.6 | 142.6 | 232.9 |
| Net trade receivables | 611.3 | 674.4 | 675.8 | 752.0 | 860.2 |
| Inventories | 2,352 | 3,072 | 3,498 | 4,360 | 4,991 |
| Trade payables MSME and others | 703.1 | 1,093 | 1,230 | 1,773 | 2,030 |
| Net property, plant and equipment * | 821.6 | 909.9 | 1,072 | 1,315 | 1,632 |
| Capital work in progress * | 44.7 | 37.0 | 78.2 | 81.2 | 67.2 |
| Total assets * | 4,360 | 5,321 | 6,044 | 7,423 | 9,064 |
| Current and non-current lease liabilities | 391.3 | 517.6 | 636.8 | ||
| Company statutory net debt including leases | 867.9 | 1,118 | 1,377 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 288.6 | -84.9 | 756.9 | 462.5 | 910.5 |
| Free cash flow (vendor definition) * | 359.8 | 104.2 | 554.1 | 223.5 | 550.9 |
| Dividends paid (the provider's sign: an outflow is negative) * | -32.0 | -16.0 | -34.7 | -104.0 | -104.0 |
| PPE capital expenditure cash outflow, positive | -151.9 | -143.8 | 202.8 | 239.1 | 359.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued equity shares | 31.98 | 32.22 | 34.73 | 34.73 | 34.73 |
| Weighted-average diluted equity shares | 34.73 | 34.73 | 34.73 | ||
| Company summary EBITDA including other income, rounded | 988.0 | 1,067 | 1,236 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,108 | 2,275 | 2,228 | 2,464 | 2,766 | 2,809 | 2,907 | 3,152 |
| Cost of revenue (vendor classification) * | 1,407 | 1,513 | 1,432 | 1,634 | 1,849 | 2,023 | 2,132 | |
| Other operating costs (vendor classification) * | 348.7 | 386.5 | 410.2 | 418.7 | 484.4 | 456.3 | 486.1 | |
| EBITDA (vendor classification) * | 264.4 | 267.3 | 294.8 | 308.6 | 318.2 | 300.4 | 364.2 | |
| Operating EBIT excluding other income | 184.5 | 204.0 | 205.2 | 213.1 | 249.6 | 251.5 | 199.7 | 279.8 |
| Finance costs | 19.6 | 23.6 | 25.7 | 28.0 | 28.0 | 34.9 | 39.9 | 40.3 |
| Profit before tax and equity-accounted profits | 191.1 | 193.8 | 210.7 | 222.1 | 228.3 | 219.3 | 190.7 | 249.0 |
| Total current and deferred tax expense | 49.4 | 52.5 | 55.4 | 59.8 | 65.3 | 63.0 | 52.9 | 66.5 |
| Total group profit after tax | 150.6 | 145.4 | 160.5 | 168.5 | 163.9 | 157.4 | 135.7 | 183.4 |
| Diluted EPS (₹) | 4.27 | 4.13 | 4.62 | 4.85 | 4.72 | 4.53 | 3.91 | 5.28 |
| Materials, traded goods purchases and inventory change | 1,407 | 1,513 | 1,432 | 1,634 | 1,825 | 1,849 | 2,023 | 2,132 |
| Employee benefits expense | 123.0 | 125.1 | 128.0 | 145.6 | 157.2 | 161.5 | 158.3 | 180.0 |
| Other expenses | 348.7 | 386.5 | 410.2 | 418.7 | 474.4 | 484.4 | 456.3 | 486.1 |
| Operating EBITDA excluding other income | 229.3 | 249.8 | 258.3 | 265.4 | 309.4 | 314.3 | 269.5 | 353.9 |
| Other income | 26.3 | 13.4 | 31.3 | 37.1 | 6.75 | 2.75 | 30.9 | 9.46 |
| Depreciation and amortisation | 44.8 | 45.8 | 53.1 | 52.3 | 59.9 | 62.9 | 69.8 | 74.1 |
| Separately presented exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Signed share of associates and joint ventures | 8.84 | 4.01 | 5.22 | 6.17 | 0.83 | 1.11 | -2.17 | 0.90 |
| Profit attributable to non-controlling interests | 2.22 | 2.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners of parent | 148.4 | 143.3 | 160.5 | 168.5 | 163.9 | 157.4 | 135.7 | 183.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.9% | 28.0% | 12.7% | 11.7% | 26.1% |
| EBITDA margin | 12.1% | 11.3% | 10.6% | ||
| Net margin | 7.6% | 7.0% | 5.7% | ||
| Return on equity | 19.1% | 16.6% | 14.9% | ||
| Return on capital employed | 13.7% | 16.6% | 19.7% | 18.5% | 18.1% |
| Return on assets | 10.4% | 9.0% | 7.6% | ||
| Net debt (₹ crore) | 867.9 | 1,118 | 1,377 | ||
| Net debt / EBITDA | 0.93x | 1.14x | 1.19x | ||
| Interest cover | 9.13x | 10.3x | 9.46x | 9.04x | 6.98x |
| Asset turnover | 1.27x | 1.42x | 1.37x | 1.29x | 1.33x |
| Receivable days | 41 | 36 | 32 | 32 | 29 |
| Inventory days (on revenue) | 159 | 163 | 164 | 183 | 166 |
| Payable days (on revenue) | 48 | 58 | 58 | 75 | 68 |
| Cash conversion | 1.28x | 0.76x | 1.46x | ||
| Capex intensity | 2.8% | 2.1% | 2.6% | 2.8% | 3.3% |
| Free cash flow (₹ crore) | 136.7 | -228.6 | 554.1 | 223.4 | 550.9 |
| Dividend payout | 5.9% | 17.2% | 16.6% | ||
| EPS, diluted (₹) | 9.13 | 12.50 | 17.09 | 17.43 | 18.01 |
| Book value per share (₹) | 67.19 | 86.82 | 98.68 | 111.0 | 130.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company statutory net debt including leases; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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