Patanjali Foods
Patanjali Foods
FMCG F&OKey Fundamentals
MidcapFMCG ProductsFMCGTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 23.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 26.2%
Weaknesses
4- Stock is trading at 2.95 times its book value
- Tax rate seems low
- Company has a low return on equity of 12.2% over last 3 years.
- Promoter holding has decreased over last 3 years: -5.57%
Growth Rate
AI Analysis — Bull vs Bear
Patanjali Foods Ltd has a market capitalisation of about ₹44,036 crore and trades at a P/E of 22.4x and a P/B of 3.37x. Its profits have grown faster than sales: TTM profit growth is 78% against sales growth of 20%, and the 5-year profit CAGR is 23% (23.5% per the listed pros). Returns have been weaker, with a 3-year average ROE of 12% (12.2% per the listed cons), promoter holding down 12.6% over 3 years, and the stock down 31% over the past year.
- Profit growth has picked up sharply: TTM compounded profit growth is 78%, and TTM sales growth is 20%. This points to both revenue gains and margin expansion in the latest period.
- Profit growth has held up over several years. The 5-year profit CAGR is 23% (23.5% per the listed pros) and the 3-year profit CAGR is 30%, both well above the 3-year sales CAGR of 8%. This suggests improving operating efficiency or a better product mix.
- ROE rose to 16% last year from a 3-year and 5-year average of 12%, a gain of about 4 percentage points in capital efficiency.
- The P/E of 22.4x is lower than the multiples at which many large Indian FMCG companies have historically traded. That reflects a gap in valuation between this stock and its peers.
- Sales have compounded at 20% over 5 years, showing that the business has scaled meaningfully over the medium term.
- The stock fell 31% over the past year while TTM profit grew 78%. As a result, the stock's valuation multiple has fallen compared with its recent earnings.
- The company keeps a dividend payout ratio of 26.2%, returning part of its earnings to shareholders while keeping most of them for reinvestment.
- The 10-year stock CAGR of 49% shows how much value was created in the turnaround after the company's insolvency-era restructuring.
- Return on equity is low for an FMCG company, at 12.2% averaged over 3 years and 12% over 5 years. Many consumer staples companies earn well above 20%.
- Recent stock returns have been poor: -31% over 1 year, -1% CAGR over 3 years and only 3% CAGR over 5 years, despite strong reported profit growth over the same periods.
- Promoter holding fell by 12.6% over the last 3 years. Part of this came from dilution to meet minimum public shareholding rules, but it also increases the free float and the potential supply of shares.
- Sales growth has been uneven. The 3-year sales CAGR of 8% is well below the 5-year CAGR of 20%, and the 10-year sales CAGR is only 4%. This points to a slowdown in the top line and a history of volatile revenue, typical of a commodity-heavy business.
- At a P/B of 3.37x with a 3-year ROE of about 12%, the stock is priced at a clear premium to book value even though its returns on capital are modest.
- The tax rate has been flagged as low. If it normalises, it could reduce net profit and make recent earnings growth, such as the 78% TTM profit growth, look weaker once taxes are adjusted.
- The dividend yield is just 0.2%, so shareholders receive little income at the current price even with a 26.2% payout ratio.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Rural demand weak, guidance at risk Sep 21
Management reported weak rural demand and sluggish sunflower oil sales, partly due to a poor monsoon. It said guidance could be lowered after Q2, which conflicts with the reaffirmed FY27 targets from Sep 16.
- Sunflower oil supply disruption Sep 16
CEO Sanjeev Asthana said more than 90% of India's sunflower oil imports are stuck, calling supply a major issue for the edible oils segment. Edible oils growth is guided at only about 4% or more for FY27.
- Stock lags Nifty in 2026 Sep 16
Even after the recent rally, the stock is down about 30% in 2026, against a 10.7% fall in the Nifty 50. That points to underperformance over a longer period.
- Sunrich oil batch sale banned Sep 21
The Food Safety Authority in Thiruvananthapuram banned sales of one batch of Sunrich Refined Sunflower Oil because TBHQ levels were too high. The company says there is no material financial impact, but the case carries some reputational and regulatory risk.
- Record Q1 FY27, profit up 86% Sep 16
Consolidated net profit rose 86% YoY to ₹335.7 crore and revenue grew 29% to ₹11,337.5 crore. EBITDA rose 69% to ₹543.3 crore and EBITDA margin widened to 4.8% from 3.7%. This was the fourth straight quarter of record revenue.
- FY27 growth and FCF targets Sep 16
Management guides 18-20% FMCG growth, 8-10% foods growth and more than 4% edible oils growth in FY27. It also expects ₹700-800 crore of free cash flow.
- Shares rally 15% in four sessions Sep 16
The stock rose 6.5% to ₹390.75, bringing gains to about 15% over four sessions and market cap to about ₹42,300 crore. The Nifty FMCG index rose up to 1.5% on the same day.
- Delhi HC relief for group Sep 16
The Delhi High Court quashed seven Income Tax Appellate Tribunal orders involving Patanjali Ayurved, citing procedural lapses. This eases legal overhang on the wider group.
- No pledge, no regulatory issues Sep 16
The CEO confirmed there are no loans against the promoters' 38% stake and no regulatory issues in the foods business.
- High-margin biscuits, festive demand Sep 16
The biscuits division posted a 15.35% EBITDA margin. Management expects urban demand to stay strong and the Navratri-to-Diwali festive season to be good.
- 40th AGM approves ₹5 dividends Sep 29
At the 40th AGM on Sep 29, 2026, shareholders confirmed three interim dividends totalling ₹5.00 per share and re-appointed Acharya Balkrishna. The Sep 5 notice had also sought approval of pay for five non-executive directors.
- Analyst and investor meet Sep 15
The company held an analyst and investor meeting on Sep 18 starting at 9 am, giving investors direct access to management.
- FY26 BRSR filed Sep 5
The company filed its FY26 Business Responsibility and Sustainability Report with BSE and NSE. The report includes an independent reasonable assurance statement from Carbon Check.
TL;DR: Patanjali Foods is on a strong run, with record Q1 FY27 results (profit up 86% to ₹335.7 crore, EBITDA margin up to 4.8%), firm FY27 targets for the FMCG business and a 15% four-session rally helped by legal relief for the group. The main risks are weak rural demand from a poor monsoon, more than 90% of sunflower oil imports being stuck, and a food-safety ban on one oil batch. The guidance picture is mixed: guidance was reaffirmed on Sep 16, but the Sep 21 report says it could be cut after Q2. The stock is also still down about 30% in 2026. Overall the trend is improving, and the Q2 results will be the next test of whether the festive season and urban strength can make up for rural and edible oil weakness.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,767 | 7,822 | 7,911 | 8,228 | 7,177 | 8,102 | 8,997 | 9,692 | 8,766 | 9,777 | 10,484 | 11,156 | 11,337 |
| Expenses | 7,599 | 7,427 | 7,567 | 7,851 | 6,767 | 7,639 | 8,439 | 9,176 | 8,445 | 9,225 | 10,049 | 10,710 | 10,794 |
| Operating Profit | 169 | 395 | 344 | 377 | 410 | 463 | 558 | 516 | 321 | 552 | 435 | 445 | 543 |
| OPM % | 2.2% | 5% | 4.3% | 4.6% | 6% | 6% | 6% | 5% | 3.7% | 6% | 4.2% | 4% | 4.8% |
| Other Income | 43 | 24 | 47 | 120 | 25 | 31 | 24 | 53 | 13 | 51 | 27 | -112 | 4 |
| Interest | 25 | 24 | 25 | 116 | 19 | 20 | 20 | 25 | 24 | 35 | 35 | 36 | 41 |
| Depreciation | 68 | 60 | 60 | 81 | 57 | 56 | 70 | 85 | 62 | 63 | 62 | 62 | 53 |
| PBT | 120 | 335 | 306 | 300 | 359 | 417 | 491 | 458 | 249 | 505 | 365 | 236 | 453 |
| Tax % | 27% | 24% | 29% | 31% | 27% | 26% | 24% | 22% | 27% | -2% | -63% | -122% | 26% |
| Net Profit | 88 | 255 | 217 | 206 | 263 | 309 | 371 | 359 | 180 | 517 | 594 | 524 | 336 |
| EPS in Rs | 0.81 | 2.34 | 1.99 | 1.9 | 2.42 | 2.85 | 3.42 | 3.3 | 1.66 | 4.75 | 5.46 | 4.82 | 3.09 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 28,308 | 27,692 | 18,527 | 11,994 | 12,729 | 13,118 | 16,319 | 24,205 | 31,525 | 31,742 | 33,758 | 40,170 | 42,754 |
| Expenses | 27,726 | 27,614 | 19,202 | 17,042 | 12,603 | 12,712 | 15,362 | 22,715 | 30,231 | 30,435 | 31,801 | 38,407 | 40,778 |
| Operating Profit | 582 | 79 | -675 | -5,047 | 126 | 406 | 957 | 1,491 | 1,294 | 1,307 | 1,957 | 1,762 | 1,976 |
| OPM % | 2.1% | 0.3% | -3.6% | -42% | 1% | 3.1% | 6% | 6% | 4.1% | 4.1% | 6% | 4.4% | 4.6% |
| Other Income | 169 | 114 | 138 | 34 | 96 | 7,501 | 64 | 79 | 290 | 220 | 132 | -27 | -29 |
| Interest | 522 | 1,297 | 938 | 857 | 7 | 113 | 373 | 358 | 245 | 198 | 95 | 133 | 148 |
| Depreciation | 148 | 160 | 156 | 140 | 138 | 136 | 133 | 137 | 160 | 269 | 268 | 248 | 240 |
| PBT | 81 | -1,264 | -1,630 | -6,010 | 77 | 7,658 | 514 | 1,074 | 1,179 | 1,060 | 1,726 | 1,354 | 1,559 |
| Tax % | 24% | -16% | -23% | -7% | 0% | 0% | -32% | 25% | 25% | 28% | 25% | -34% | — |
| Net Profit | 61 | -1,062 | -1,257 | -5,573 | 77 | 7,672 | 681 | 806 | 886 | 765 | 1,301 | 1,815 | 1,970 |
| EPS in Rs | 0.61 | -10.59 | -12.54 | -55.6 | 0.77 | 86.45 | 7.67 | 9.09 | 8.16 | 7.05 | 11.98 | 16.68 | 18.12 |
| Div. Payout % | 9% | 0% | 0% | 0% | 0% | 0% | 0% | 18% | 24% | 28% | 28% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 67 | 65 | 65 | 65 | 65 | 59 | 59 | 59 | 72 | 72 | 72 | 218 |
| Reserves | 2,139 | 2,408 | 958 | -4,614 | -4,543 | 3,312 | 4,003 | 6,112 | 9,774 | 10,133 | 11,299 | 12,880 |
| Borrowings | 3,646 | 5,252 | 5,208 | 7,227 | 7,916 | 3,614 | 3,660 | 3,696 | 1,454 | 1,049 | 788 | 2,789 |
| Other Liabilities | 8,012 | 8,727 | 7,024 | 5,042 | 4,500 | 883 | 1,286 | 1,613 | 1,943 | 2,008 | 3,359 | 2,917 |
| Total Liabilities | 13,863 | 16,452 | 13,256 | 7,721 | 7,937 | 7,868 | 9,009 | 11,480 | 13,244 | 13,262 | 15,518 | 18,803 |
| Fixed Assets | 2,381 | 5,637 | 5,502 | 5,358 | 5,224 | 5,070 | 4,954 | 4,900 | 5,148 | 4,963 | 5,516 | 5,323 |
| CWIP | 100 | 42 | 29 | 28 | 27 | 25 | 27 | 28 | 80 | 101 | 95 | 51 |
| Investments | 282 | 146 | 89 | 51 | 31 | 20 | 30 | 42 | 38 | 1,041 | 223 | 124 |
| Other Assets | 11,100 | 10,628 | 7,636 | 2,284 | 2,655 | 2,752 | 3,997 | 6,510 | 7,978 | 7,157 | 9,684 | 13,305 |
| Total Assets | 13,863 | 16,452 | 13,256 | 7,721 | 7,937 | 7,868 | 9,009 | 11,480 | 13,244 | 13,262 | 15,518 | 18,803 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | -508 | -90 | 577 | 882 | 240 | -61 | 241 | 724 | -339 | 1,746 | 198 | -333 |
| Investing | 23 | 25 | 106 | -70 | -112 | -26 | -42 | -1,562 | 526 | -912 | -36 | -851 |
| Financing | 453 | 77 | -671 | -856 | -7 | 82 | -307 | 1,167 | 241 | -1,100 | -611 | 1,680 |
| Net Cash Flow | -32 | 12 | 12 | -45 | 121 | -4 | -108 | 329 | 428 | -266 | -449 | 497 |
| Free Cash Flow | -650 | -141 | 571 | 884 | 233 | -80 | 220 | 690 | -433 | 1,649 | 101 | -1,278 |
| CFO/OP | -86 | -68 | -87 | -17 | 174 | -14 | 26 | 56 | -5 | 160 | 32 | -20 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 77 | 84 | 100 | 8 | 8 | 8 | 10 | 12 | 18 | 16 | 17 | 22 |
| Inventory Days | 43 | 34 | 28 | 43 | 42 | 44 | 63 | 52 | 55 | 51 | 81 | 79 |
| Days Payable | 87 | 85 | 118 | 104 | 75 | 6 | 17 | 16 | 18 | 22 | 34 | 25 |
| Cash Conversion Cycle | 33 | 32 | 10 | -54 | -25 | 46 | 55 | 48 | 55 | 46 | 65 | 76 |
| Working Capital Days | -1 | -36 | -87 | -312 | -295 | 26 | 35 | 31 | 40 | 33 | 53 | 51 |
| ROCE % | 10% | 0% | -11% | -116% | 3% | 6% | 12% | 16% | 14% | 11% | 16% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY10–FY27.
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Company Information
Ruchi Soya Industries Limited is engaged primarily in the business of processing of oil-seeds and refining of oil for edible use.
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