Patanjali Foods Limited · Research view

Patanjali Foods Limited

NSE: PATANJALIBSE: 500368ISIN INE619A01035Face value ₹2consolidated

₹356

−1.93% · 2026-10-01 · 52-wk ₹336–₹610

Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

Volatile earnings

Profit has swung sharply over 6 years (from ₹681 to ₹7,672) — one year is a weak guide to the earnings power.

Importance 65 / 95 · growth

WatchTalking point

Growing, but light on cash

Revenue grew 17.6% but only -0.18× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

WatchTalking point

Growing, but less profitably

Revenue grew 17.6% but EBITDA margin fell 1.3 percentage points to 4.8%, so the company kept less of each rupee of revenue as operating profit.

Importance 61 / 95 · growth

ConcernTalking point

Weak cash conversion

Operating cash flow was only -0.18× reported profit (FY2026).

Importance 61 / 95 · cash quality

Section 03 · The company

Who is this company?

Classified by the exchange under Fast Moving Consumer Goods › Fast Moving Consumer Goods › Agricultural Food & other Products › Edible Oil.

Market cap: ₹38,728 cr
FY2026 revenue: ₹40,170 cr
FY2026 net profit: ₹1,814 cr
Net worth: ₹13,096 cr
Total debt: ₹2,784 cr
EPS (basic): ₹16.68
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 2 edible oil.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY25 to FY26₹ crore · consolidated

RevenueNet profit

Watch

Profit has swung sharply over 6 years (from ₹681 to ₹7,672) — one year is a weak guide to the earnings power.

Rule EARNINGS_VOLATILE

Revenue growth per year: +17.6%over 1 years
Revenue growth: +17.6%vs last year
Net profit growth: +39.5%vs last year
Change in net profit since FY25: +39%

Revenue grew 17.6% but EBITDA margin fell 1.3 percentage points to 4.8%, so the company kept less of each rupee of revenue as operating profit.

Revenue compounded at 17.8% a year over 7 years (₹12,729 → ₹40,170) — though FY2022 saw a one-off step-change of 48% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Reported net profit grew 39.5% (FY2025 → FY2026), but pre-tax profit was ₹1,354 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.

Revenue grew 17.6% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹336 cr, up 86.1% from ₹180 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 net profit grew 86.1% while revenue grew 27.4% vs the same quarter last year — a gap of 58.8 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

Strength

Q1 FY27 revenue was ₹11,337 cr, up 27.4% from ₹8,900 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	8,154	—	309	—	3.8%
Q3 FY25	9,103	—	371	—	4.1%
Q4 FY25	9,692	—	359	—	3.7%
Q1 FY26	8,900	+24.1%	180	−31.4%	2.0%
Q2 FY26	9,799	+20.2%	517	+67.4%	5.3%
Q3 FY26	10,484	+15.2%	593	+60.0%	5.7%
Q4 FY26	11,156	+15.1%	524	+46.1%	4.7%
Q1 FY27	11,337	+27.4%	336	+86.1%	3.0%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹42,776 crTTM
EBITDA: ₹2,145 crTTM
EBIT: ₹1,905 crTTM
PBT: ₹1,558 crTTM
Net profit: ₹1,970 crTTM

C. Corporate actions

21 Aug 2026DividendInterim Dividend - Rs. - 2.3000 — ₹2.30/share

24 Apr 2026DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share

13 Nov 2025DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share

11 Sept 2025Bonus issueBonus issue 2:1 — 1:3

3 Sept 2025DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share

4 Nov 2024DividendInterim Dividend - Rs. - 8.0000 — ₹8.00/share

21 Mar 2024DividendInterim Dividend - Rs. - 6.0000 — ₹6.00/share

21 Sept 2023DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share

23 Sept 2022DividendDividend - Rs. - 5.0000 — ₹5.00/share

14 Nov 2019OtherResolution Plan -Suspension

16 Sept 2015DividendDividend - Rs. - 0.1600 — ₹0.16/share

22 Sept 2014DividendDividend - Rs. - 0.1600 — ₹0.16/share

23 Aug 2013DividendDividend - Rs. - 0.3200 — ₹0.32/share

20 Sept 2012DividendDividend - Rs. - 0.3200 — ₹0.32/share

22 Sept 2011DividendDividend - Rs. - 0.5000 — ₹0.50/share

23 Sept 2010DividendDividend - Rs. - 0.5000 — ₹0.50/share

17 Sept 2009DividendDividend - Rs. - 0.5000 — ₹0.50/share

18 Sept 2008DividendDividend - Rs. - 0.5000 — ₹0.50/share

29 Oct 2007Otherother

20 Sept 2007DividendDividend - Rs. - 2.4000 — ₹2.40/share

14 Aug 2001DividendDividend - Rs. - 1.5000 — ₹1.50/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY25 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

EBITDA margin of 4.8% is below the edible oil median of 15.3%.

Rule MARGIN_BELOW_PEER_MEDIAN

EBITDA margin now: 4.8%
2-year range: 4.8–6.1%
ROE FY2026: 14.8%
ROCE FY2026: 12.0%

ROE of 14.8% is below the edible oil median of 25.8%.

ROE rose from 12.1% to 14.8%, but reported profit this year was lifted by an unusually low tax charge this year (pre-tax profit was ₹1,354) — the operating return moved less than this.

EBITDA margin has ranged from 1.7% to 6.5% over 7 years and sits at 4.8% now.

Section 07 · Financial health

Is financial health improving?

Net worth — FY25 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Revenue grew 17.6% but only -0.18× of reported profit came through as operating cash.

Rule GROWTH_WITH_WEAK_CASH

Operating cash flow vs net profit₹ crore · FY25–FY26

Operating cash flowNet profit

Total debt: ₹2,784 cr
Operating cash flow ÷ net profit: -0.18×FY2026
Free cash flow: ₹−1,302 cr
Current ratio: 2.14×

Operating cash flow was only -0.18× reported profit (FY2026).

Section 08 · Relative position

How does it compare with peers?

Ranked against 2 edible oil (FY2026, consolidated).

Not enough peers in this set report the underlying metrics yet for a ranking.

Context

P/E of 19.66× is below the edible oil median (35.81×) — but ROE of 14.8% is also below that peer set (25.8%), so the lower multiple tracks the lower profitability.

Rule CHEAP_VS_LOW_RETURNS

P / E: 19.7×TTM to Jun 26
P / B: 3.0×latest book
P / S: 0.9×TTM sales
Earnings yield: 5.1%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 21.3× · P/S 1.0× · ROE 14.8%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2023-11 to 2026-10₹ per share · split / bonus adjusted

Long-term price performance is shown above.

1-year return: −38.7%
3-year return: —
5-year return: —
From 52-wk high: −41.6%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹357
vs 200-day avg: Below₹447
RSI (14): 43.9neutral
MACD histogram: -1.2
From 52-wk high: −41.6%
From 52-wk low: +5.9%
30-day volatility: 41.6%ann.
6-month return: −22.6%

RSI (14) · 0–10043.9 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Volatile earnings
Profit has swung sharply over 6 years (from ₹681 to ₹7,672) — one year is a weak guide to the earnings power.
EARNINGS_VOLATILE · conviction 65
Watch
Growing, but light on cash
Revenue grew 17.6% but only -0.18× of reported profit came through as operating cash.
GROWTH_WITH_WEAK_CASH · conviction 62
Watch
Growing, but less profitably
Revenue grew 17.6% but EBITDA margin fell 1.3 percentage points to 4.8%, so the company kept less of each rupee of revenue as operating profit.
REVENUE_UP_MARGIN_DOWN · conviction 61
Concern
Weak cash conversion
Operating cash flow was only -0.18× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 61
Concern
Thinner margins than peers
EBITDA margin of 4.8% is below the edible oil median of 15.3%.
MARGIN_BELOW_PEER_MEDIAN · conviction 52
Concern
Less profitable than peers
ROE of 14.8% is below the edible oil median of 25.8%.
ROE_BELOW_PEER_MEDIAN · conviction 51
Watch
Unusual tax rate
Effective tax rate of -34.0% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 45
Watch
Profit growing
Reported net profit grew 39.5% (FY2025 → FY2026), but pre-tax profit was ₹1,354 — an unusually low tax charge this year accounts for most of the gain, so the underlying trend is softer than the headline.
PROFIT_GREW_YOY · conviction 43
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹199 exceptional charge (14.7% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 41
Watch
Returns improving
ROE rose from 12.1% to 14.8%, but reported profit this year was lifted by an unusually low tax charge this year (pre-tax profit was ₹1,354) — the operating return moved less than this.
ROE_IMPROVED_YOY · conviction 39

Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY25	FY26
Revenue	34,157	40,170
Total income	34,289	40,348
EBITDA	2,078	1,931
Profit before tax	1,726	1,354
Net profit	1,301	1,814
EPS (₹)	35.9	16.7
Net worth	11,371	13,096
Total debt	781	2,784
Operating cash flow	299	−333
Free cash flow	159	−1,302

Key ratios — consolidated
Ratio	FY25	FY26
Growth
Revenue growth YoY	—	17.6
Profit growth YoY	—	39.5
Profitability
EBITDA margin %	6.1	4.8
Net margin %	3.8	4.5
Return on equity %	11.4	14.8
Return on capital %	14.9	12.0
Leverage & cash
Debt to equity	0.07	0.21
Cash flow ÷ profit	0.23	-0.18
Current ratio	2.29	2.14