Patanjali Foods Limited · Research view

Patanjali Foods Limited

NSE: PATANJALIBSE: 500368ISIN INE619A01035Face value ₹2standalone

₹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: ₹1,815 cr
Net worth: ₹13,097 cr
Total debt: ₹2,784 cr
EPS (basic): ₹16.69
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 — FY19 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: +17.8%over 7 years
Revenue growth: +17.6%vs last year
Net profit growth: +39.5%vs last year
Change in net profit since FY19: +2266%

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 — FY19 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%
8-year range: 1.7–6.5%
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 — FY19 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 · FY21–FY26

Operating cash flowNet profit

Total debt: ₹2,784 cr
Operating cash flow ÷ net profit: -0.18×FY2026
Free cash flow: ₹−1,278 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	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	12,729	13,118	16,319	24,205	31,525	31,721	34,157	40,170
Total income	12,829	13,175	16,383	24,284	31,821	31,962	34,289	40,348
EBITDA	222	458	1,018	1,566	1,577	1,519	2,079	1,932
Profit before tax	77	7,658	514	1,074	1,179	1,060	1,726	1,354
Net profit	77	7,672	681	806	886	765	1,301	1,815
EPS (₹)	4.7	871.3	23.0	27.3	24.5	21.1	36.0	16.7
Net worth	−4,478	3,371	4,062	6,171	9,847	10,205	11,372	13,097
Total debt	7,296	3,584	3,490	3,695	1,454	1,048	781	2,784
Operating cash flow	—	—	247	724	−339	1,658	299	−333
Free cash flow	—	—	226	690	−433	1,560	203	−1,278

Key ratios — consolidated
Ratio	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	3.1	24.4	48.3	30.2	0.6	7.7	17.6
Profit growth YoY	—	—	-91.1	18.4	9.9	-13.7	70.1	39.5
Profitability
EBITDA margin %	1.7	3.5	6.2	6.5	5.0	4.8	6.1	4.8
Net margin %	0.6	58.2	4.2	3.3	2.8	2.4	3.8	4.5
Return on equity %	-1.7	-1385.7	18.3	15.8	11.1	7.6	12.1	14.8
Return on capital %	3.0	6.6	12.2	16.4	13.4	11.1	15.5	12.0
Leverage & cash
Debt to equity	-1.63	1.06	0.86	0.60	0.15	0.10	0.07	0.21
Cash flow ÷ profit	—	—	0.36	0.90	-0.38	2.17	0.23	-0.18
Current ratio	0.20	2.13	2.13	2.82	2.44	2.57	2.29	2.14