Krishival Foods H1 revenue rises 50%, EBITDA gains 63%

Krishival Foods Limited reported revenue from operations of Rs 174.62 crore in H1 FY27, up 50% year on year, while EBITDA rose 63% to Rs 24.56 crore. Krishival Foods said this first-half performance kept it on course for its management target of about 50% growth in FY27 revenue and profitability.

How did Krishival Foods perform in H1 FY27?

Krishival Foods increased H1 FY27 revenue from operations by 50% to Rs 174.62 crore from Rs 116.19 crore in H1 FY26. EBITDA, or earnings before interest, tax, depreciation and amortisation, increased 63% to Rs 24.56 crore and the EBITDA margin was 13%. Profit after tax rose 22% to Rs 12.42 crore during the six-month period.

The Q2 FY27 result showed slower revenue growth than the first half but a higher quarterly margin. Revenue from operations rose 28% to Rs 85.66 crore from Rs 66.67 crore in the corresponding quarter of the previous year. Q2 EBITDA increased 53% to Rs 13.87 crore, producing a 16.6% margin, compared with the 13% H1 FY27 margin, while profit after tax rose 18% to Rs 6.82 crore.

Which business drove Krishival Foods' Q2 growth?

Krishival Foods' ice-cream business was the faster-growing Q2 FY27 segment, reporting revenue of Rs 22.50 crore, up about 65% year on year. The nuts, dry fruits and healthy snacks division remained larger, with revenue of Rs 63.16 crore and 19% growth. Together, the two segment revenue figures totalled the company's Rs 85.66 crore of Q2 revenue from operations.

The nuts, dry fruits and healthy snacks division reported EBITDA of Rs 10.44 crore, up 33% year on year, and an EBITDA margin of 17%. Ice cream reported EBITDA of Rs 3.53 crore, up 566%, with a 16% margin. The revenue gap between the segments was Rs 40.66 crore in Q2 FY27, but their reported EBITDA margins differed by one percentage point.

Why did Krishival Foods' ice-cream margin reach 16%?

Krishival Foods said its Q2 FY27 ice-cream EBITDA margin of 16% was above management's target and reflected management of raw-material and packaging-material costs, its distribution ecosystem and the depot system. Management said Q2 is a relatively lower top-line period for ice cream because of the monsoon, but profitability was maintained and exceeded its expectation.

Distribution expanded during the quarter, with 85 new distributors taking the total to 205 at the end of Q2 FY27. The deep-freezer network stood at 18,752 units, products were available across more than 35,000 retail touchpoints, and distributor retention was approximately 95%. Krishival Foods said its network operated through 13 depots across Maharashtra, Goa, Karnataka, Telangana, Andhra Pradesh and Tamil Nadu.

Krishival Foods is targeting 27,000 deep freezers by the end of FY27, compared with 18,752 at the Q2 FY27 close. Its Sambhajinagar facility has installed ice-cream capacity of 1 lakh litres a day, and management expects utilisation to reach almost 37% in FY27. The same facility also has 20 metric tonnes a day of milk-product capacity and 10 metric tonnes a day of bakery-product capacity, which management said are being ramped gradually.

How is Krishival Foods building capacity and reach?

Krishival Foods doubled finished-kernel production capacity in May 2026 to 20 metric tonnes a day from 10 metric tonnes a day. Management said utilisation of the added capacity would be gradual and that it expects to use only 25% of the additional capacity in FY27. The company is targeting 40 metric tonnes a day of finished-kernel capacity by FY28.

Krishival Foods' nuts portfolio includes flavoured cashews, almonds, pistachios, makhana and other healthy-snacking products. Its Rs 20 maximum retail price range includes trail mixes, cereal mixes, salted nuts, mixed assorted nuts and roasted almonds. Management said it is widening availability through general trade, modern trade, e-commerce and quick commerce while serving affordable and premium consumer segments.

In ice cream, Krishival Foods added locations including Vellore, Hosur, Erode, Tiruvannamalai and Salem in Tamil Nadu during Q2 FY27. Andhra Pradesh distribution uses carrying-and-forwarding locations in Rayalaseema, Vijayawada and Visakhapatnam. The company also secured a Pune location at Apte Road, Deccan, Shivaji Nagar for the first Mellow & Co. outlet, which was under commissioning, and plans 25 franchise-owned, company-operated outlets in Pune and nearby areas after launch.

What targets has Krishival Foods set for FY27 and FY29?

Krishival Foods is targeting approximately 50% growth in revenue and profitability in FY27. Management said the H1 FY27 outcome, comprising 50% revenue growth and 63% EBITDA growth, indicated that the company was on course to meet that target. This is management's outlook, not a reported full-year result.

For FY29, Krishival Foods has set a consolidated revenue target of Rs 1,500 crore and expects healthy snacks and ice cream to contribute almost equally. Management said the plan relies on capacity ramp-up, wider distribution, product launches and improved utilisation of existing facilities. It also said full use of installed ice-cream capacity in Q1 FY29 could deliver Rs 600 crore of top line.

Management identified inflation and input costs as operating considerations in Q2 FY27, citing retail inflation of 5.4% in September 2026 and food inflation of 7.74%. It also referred to sugar prices, crude oil, El Nino and geographical uncertainties. Management said its response includes supply-chain management, backend integration and pricing of finished goods.

Conclusion

Krishival Foods delivered faster EBITDA growth than revenue in H1 FY27, with revenue rising 50% to Rs 174.62 crore and EBITDA increasing 63% to Rs 24.56 crore. Ice cream generated the faster Q2 revenue growth at about 65%, while nuts, dry fruits and healthy snacks remained the larger business, contributing Rs 63.16 crore of quarterly revenue and a 17% EBITDA margin.

The next disclosed milestones are the FY27 target of 27,000 deep freezers, almost 37% ice-cream capacity utilisation, and gradual utilisation of the expanded 20-metric-tonne-a-day nuts capacity. Management's longer-term plans include 40 metric tonnes a day of finished-kernel capacity by FY28 and Rs 1,500 crore of consolidated revenue in FY29, while input-cost conditions remain an unresolved operating factor.