Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Patanjali Foods Ltd.
NSE: PATANJALIConsumer DefensivePackaged Foods
- Last close
- ₹349.75
- Day change
- −₹5.20 (−1.46%)vs
- Market cap
- ₹40,116 crIndian rupees
- Research updated
- 1 report
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About Patanjali Foods
Patanjali Foods Ltd. operates as a prominent player in the food and consumer goods industry, primarily focusing on the production and distribution of a wide range of food products. The company, known for its commitment to natural and Ayurvedic principles, offers an extensive lineup including edible oils, health and instant foods, dairy products, and beverages. The brand is particularly recognized for emphasizing healthy and sustainable lifestyle choices, tapping into the growing consumer demand for organic and natural products. Patanjali Foods Ltd. stands out for its integration of traditional Indian wellness philosophies with modern food processing technology, appealing to both domestic and international markets. Playing a critical role in the food sector, the company contributes to the diversification of consumer choices and supports agricultural producers by sourcing raw materials locally. Headquartered in India, Patanjali Foods maintains a strong market presence, backed by its strategic initiatives and a well-established distribution network.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: PATANJALI
- Employees
- 7,387
- Headquarters
- Indore, India
- ISIN
- INE619A01035
- Website
- patanjalifoods.com
Public research · Report of
Business model & financial foundation
Patanjali Foods (NSE: PATANJALI), Edible oils and diversified FMCG: revenue of ₹40,170 crore in FY26 (+19.0% on FY25), an EBITDA margin of 4.4% and net profit of ₹1,814 crore.
- Revenue, FY26 (₹ crore)
- 40,170
- consolidated
- Revenue growth, FY26
- +19.0%
- on FY25
- EBITDA margin, FY26
- 4.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,814
- to owners
- Return on equity, FY26
- 14.8%
- on average equity
- Market capitalisation (₹ crore)
- 39,708
- at the close of 14 Oct 2026
Company profile
Patanjali Foods refines and markets edible oils and sells biscuits, staples, textured soya, ghee, nutraceuticals and home/personal care. Former Ruchi Soya emerged from insolvency under Patanjali ownership; subsequent promoter-group business transfers broadened FMCG. Oil palm plantations provide a domestic sourcing and margin platform. Edible oil revenue remains commodity-price sensitive while FMCG margins and cash conversion determine the transition's quality.
| Item | Value |
|---|---|
| Legal name | Patanjali Foods Limited (formerly Ruchi Soya Industries Limited) |
| Exchange and ticker | NSE: PATANJALI; BSE: 500368 |
| ISIN | INE619A01035 |
| Sector | Consumer Defensive |
| Industry | Edible oils and diversified FMCG |
| Headquarters | Indore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2025) |
| Market capitalisation | ₹39,708 crore (14 Oct 2026) |
| Shares outstanding | 108.75 crore shares (FY26) |
| Price | ₹367.5 (close, 14 Oct 2026) |
| 52-week range | ₹328.2 - ₹614.0 (to 14 Oct 2026) |
| Website | https://www.patanjalifoods.com |
Corporate structure and shareholding
Parent: Patanjali Ayurved Limited / promoter group.
| Entity | Holding | Business |
|---|---|---|
| Contemporary Agro Private Limited | 100% | Agricultural activities |
| Rishikrishi Farming Private Limited | 100% | Agricultural activities |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 68.26% | 68.25% | 68.25% | 68.25% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.82% | 9.20% | 8.53% | |
| Domestic institutions | 13.04% | 12.06% | 11.05% | |
| of which mutual funds | 3.32% | 2.25% | 1.27% | |
| Retail | 7.55% | |||
| Other | 4.62% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Patanjali Foods (NSE: PATANJALI, BSE 500368), formerly Ruchi Soya, refines and sells edible oils (Ruchi Gold, Mahakosh, Sunrich, Patanjali) and an FMCG portfolio. The FMCG business covers biscuits (Doodh), Nutrela textured soya, staples, ghee, nutraceuticals and the home and personal care (HPC) business bought from Patanjali Ayurved for 1,100 cr with effect from 1 Nov 2024. In FY26 edible oils were 29,314 cr of segment revenue and FMCG 11,188 cr, against a consolidated 40,170 cr. FMCG earned 1,145 cr of segment result and edible oils 605 cr. The company buys imported crude palm, soy and sunflower oil and domestic oilseeds, refines and packs them, and sells mostly branded (~76% branded in Q2 FY26). It does not control world oil prices or Indian import duties. It does control branding, distribution (418 distributors, more than 2m retail touchpoints) and a growing oil palm plantation business (115,861 ha at 30 Jun 2026; 740 cr of revenue in Q1 FY27). HPC carries a royalty to the promoter (3% of gross sales, minimum 83 cr a year).
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Edible oils | 29,314 | 73.0% | 604.7 | 34.9% | ||
| FMCG | 11,188 | 27.9% | 1,145 | 66.2% | 1,210 | 100.0% |
| Wind turbine power generation | 34.0 | 0.1% | -19.5 | -1.1% | ||
| Inter-segment revenue elimination | -366.2 | -0.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| AWL Agri Business (AWL) | Closest edible oil and branded foods competitor |
| Marico (MARICO) | Branded oils and personal care; stronger asset-light franchise |
| Dabur India (DABUR) | Ayurvedic positioning and health/personal care |
| Britannia Industries (BRITANNIA) | Biscuits franchise comparator |
| Tata Consumer Products (TATACONSUM) | Diversified branded foods comparator |
| Gokul Agro Resources (GOKULAGRO) | Commodity refining comparator; not pure FMCG |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 23,918 | 31,268 | 31,742 | 33,758 | 40,170 |
| Cost of revenue (vendor classification) * | 21,809 | 28,869 | 28,606 | 29,643 | 35,973 |
| Other operating costs (vendor classification) * | 716.2 | 1,058 | 1,438 | 1,987 | 1,784 |
| EBITDA (vendor classification) * | 1,540 | 1,376 | 1,334 | 2,078 | 1,885 |
| EBIT including other income and exceptional items | 1,406 | 1,226 | 1,250 | 1,810 | 1,484 |
| Finance costs | 331.9 | 47.0 | 189.9 | 84.5 | 130.2 |
| Profit before tax | 1,074 | 1,179 | 1,060 | 1,726 | 1,354 |
| Total tax expense / (credit) | 268.1 | 292.5 | 294.9 | 424.8 | -460.9 |
| Profit after tax | 806.3 | 886.4 | 765.2 | 1,301 | 1,814 |
| Diluted earnings per share (₹) | 27.26 | 24.54 | 21.14 | 11.97 | 16.67 |
| Cost of goods sold | 27,806 | 28,841 | 34,934 | ||
| Employee benefits expense | 354.1 | 553.5 | 638.2 | ||
| Other operating expenses | 2,283 | 2,418 | 2,844 | ||
| Operating EBITDA excluding other income | 1,299 | 1,946 | 1,753 | ||
| Other income | 219.8 | 132.4 | 178.2 | ||
| Depreciation amortisation and impairment expenses | 268.8 | 268.4 | 248.4 | ||
| Exceptional gains / (losses) | 0.00 | 0.00 | -199.0 | ||
| Profit attributable to owners | 765.2 | 1,301 | 1,814 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 6,171 | 9,847 | 10,205 | 11,371 | 13,096 |
| Borrowings * | 3,696 | 1,454 | 1,049 | 787.7 | 2,789 |
| Cash and cash equivalents * | 375.0 | 803.1 | 537.4 | 109.2 | 616.3 |
| Trade receivables * | 796.2 | 1,598 | 1,434 | 1,585 | 2,407 |
| Inventories * | 2,905 | 4,070 | 3,768 | 6,210 | 7,282 |
| Trade payables | 920.5 | 1,347 | 1,595 | 2,606 | 2,311 |
| Net property, plant and equipment * | 549.0 | 549.7 | 550.4 | 550.4 | 529.6 |
| Capital work in progress * | 28.0 | 79.6 | 100.5 | 107.7 | 842.9 |
| Total assets * | 11,480 | 13,244 | 13,262 | 15,517 | 18,802 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from / (used in) operating activities | 400.3 | -723.7 | 1,746 | 197.1 | -332.6 |
| Free cash flow (vendor definition) * | 683.8 | -437.9 | 1,646 | 52.8 | -1,307 |
| Dividends paid | -0.03 | -180.9 | -432.6 | -291.0 | -262.8 |
| Purchase and construction PPE CWIP and intangibles | -33.8 | -93.4 | -100.1 | -144.3 | -974.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 29.58 | 36.12 | 36.19 | 108.58 | 108.75 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 8,102 | 9,120 | 9,512 | 8,766 | 9,799 | 10,484 | 11,156 | 11,337 |
| Cost of revenue (vendor classification) * | 6,906 | 7,662 | 8,890 | 7,653 | 9,120 | 9,814 | 9,820 | |
| Other operating costs (vendor classification) * | 603.5 | 756.8 | -1,348 | 776.5 | 753.2 | 731.8 | 811.6 | |
| EBITDA (vendor classification) * | 493.5 | 581.2 | 533.2 | 334.2 | 491.8 | 501.9 | 547.7 | |
| EBIT including other income and exceptional items | 437.0 | 511.5 | 483.6 | 272.3 | 540.4 | 399.5 | 271.5 | 494.5 |
| Finance costs | 20.1 | 20.3 | 25.1 | 23.8 | 35.3 | 35.2 | 35.9 | 41.2 |
| Profit before tax | 416.9 | 491.2 | 458.5 | 248.6 | 505.1 | 364.2 | 235.7 | 453.2 |
| Total tax expense / (credit) | 108.3 | 120.3 | 99.9 | 68.2 | -11.6 | -229.2 | -288.3 | 117.5 |
| Profit after tax | 308.6 | 370.9 | 358.5 | 180.4 | 516.7 | 593.4 | 524.0 | 335.7 |
| Diluted earnings per share (₹) | 2.84 | 3.41 | 3.30 | 1.66 | 4.75 | 5.45 | 4.82 | 3.09 |
| Cost of goods sold | 6,906 | 7,662 | 8,088 | 7,653 | 8,347 | 9,120 | 9,814 | 9,820 |
| Employee benefits expense | 130.1 | 144.1 | 161.6 | 148.5 | 148.5 | 176.4 | 164.8 | 162.7 |
| Other operating expenses | 603.5 | 756.8 | 745.7 | 642.9 | 750.8 | 753.2 | 731.8 | 811.6 |
| Operating EBITDA excluding other income | 462.3 | 557.7 | 516.3 | 321.2 | 552.1 | 434.3 | 445.3 | 543.3 |
| Other income | 31.2 | 23.5 | 52.5 | 13.0 | 51.2 | 57.4 | 56.6 | 4.44 |
| Depreciation amortisation and impairment expenses | 56.5 | 69.7 | 85.3 | 61.8 | 62.9 | 62.1 | 61.6 | 53.2 |
| Exceptional gains / (losses) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -30.2 | -168.8 | 0.00 |
| Profit attributable to owners | 308.6 | 370.9 | 358.5 | 180.4 | 516.7 | 593.4 | 524.0 | 335.7 |
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 | 47.9% | 30.7% | 1.5% | 6.4% | 19.0% |
| EBITDA margin | 4.1% | 5.8% | 4.4% | ||
| Net margin | 2.4% | 3.9% | 4.5% | ||
| Return on equity | 7.6% | 12.1% | 14.8% | ||
| Return on capital employed | 16.0% | 11.6% | 11.1% | 15.5% | 10.6% |
| Return on assets | 5.8% | 9.0% | 10.6% | ||
| Borrowings less cash (₹ crore) | 3,321 | 651.3 | 511.3 | 678.5 | 2,173 |
| Borrowings less cash / EBITDA | 0.39x | 0.35x | 1.24x | ||
| Interest cover | 4.24x | 26.1x | 6.58x | 21.4x | 11.4x |
| Asset turnover | 2.33x | 2.53x | 2.40x | 2.35x | 2.34x |
| Receivable days | 12 | 19 | 16 | 17 | 22 |
| Inventory days (on revenue) | 44 | 48 | 43 | 67 | 66 |
| Payable days (on revenue) | 14 | 16 | 18 | 28 | 21 |
| Cash conversion | 2.28x | 0.15x | -0.18x | ||
| Capex intensity | 0.1% | 0.3% | 0.3% | 0.4% | 2.4% |
| Free cash flow (₹ crore) | 366.5 | -817.1 | 1,646 | 52.8 | -1,307 |
| Dividend payout | 56.5% | 22.4% | 14.5% | ||
| EPS, diluted (₹) | 27.26 | 24.54 | 21.14 | 11.97 | 16.67 |
| Book value per share (₹) | 208.6 | 272.6 | 282.0 | 104.7 | 120.4 |
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.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / 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 earnings per share).
- 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 14 Oct 2026); market data at the close of 14 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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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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