Krishival Foods Q2 FY27 Results (NSE: KRISHIVAL)
Signal: Margin expansion
The read
The quarter marks a margin inflection after Q1FY27's 11.79% OPM: derived EBITDA margin expanded to 17.23% on 28.5% YoY revenue growth, but sequential revenue fell 3.7%, finance costs rose 163.5% YoY and operating cash flow was negative ₹4974.43 lakh, so the quality of the margin recovery remains tied to working-capital discipline and debt-funded expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹85.66 Cr | +28.5% | -3.7% |
| EBIT | ₹11.55 Cr | +41.6% | |
| Net profit | ₹6.82 Cr | +17.6% | |
| EPS | ₹2.77 | +8.6% | |
| EBIT margin | 17.23% |
P&L walk
Revenue increased 28.5% YoY to ₹8566.28 lakh despite a 3.7% QoQ decline; EBIT rose 41.6% to ₹1155.01 lakh and EBITDA margin expanded to 17.23%, helped by lower other expenses QoQ, while finance cost rose 163.5% YoY and PAT grew 17.6% to ₹681.83 lakh.
Segments
Nuts and dry fruits remained the larger contributor at ₹6316.21 lakh revenue and ₹909.80 lakh segment result, while ice creams grew faster YoY to ₹2250.07 lakh revenue and ₹245.21 lakh result; the ice-cream segment's sequential revenue fell 56.4% from ₹5157.93 lakh, making it the main source of quarterly volatility.
Key positives
- Consolidated revenue reached ₹8566.28 lakh, up 28.5% YoY, with both nuts and dry fruits at ₹6316.21 lakh and ice creams at ₹2250.07 lakh contributing positively.
- EBITDA increased 53.1% YoY to ₹1476.55 lakh versus 28.5% revenue growth, while EBITDA margin expanded to 17.23% from an implied 14.46% a year earlier.
- Employee costs increased 20.6% YoY to ₹376.12 lakh, materially slower than revenue growth, supporting operating-cost absorption.
- Ice-cream segment result rose to ₹245.21 lakh from ₹195.62 lakh YoY, while segment assets expanded to ₹14460.37 lakh from ₹7319.63 lakh.
Key concerns
- Revenue declined 3.7% QoQ to ₹8566.28 lakh, driven mainly by ice-cream revenue falling 56.4% QoQ to ₹2250.07 lakh.
- Finance costs rose 163.5% YoY to ₹195.64 lakh as consolidated borrowings increased to ₹9344.22 lakh from ₹3615.46 lakh at 31-Mar-2026.
- Operating cash flow was negative ₹4974.43 lakh despite ₹1672.00 lakh consolidated profit before tax, with inventories increasing to ₹7508.30 lakh and trade receivables to ₹7602.54 lakh.
- Basic EPS rose only 8.6% to ₹2.77 against 17.6% PAT growth, indicating dilution from the rights issue and ESOP adjustments.
Research and educational content only. Not investment advice.