Krishival Foods Q2 EBITDA rose 53% while net margin fell

In the second quarter of fiscal year 2027 (Q2 FY27), Krishival Foods reported earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 14.77 crore, up 53.1% year on year, as EBITDA margin rose to 17.24%; net profit increased 17.6% to Rs 6.82 crore, but net-profit margin declined to 7.96% from 8.70%.

How did Krishival Foods perform in Q2 FY27?

Krishival Foods increased revenue from operations by 28.5% to Rs 85.66 crore in Q2 FY27, from Rs 66.67 crore in Q2 FY26. Total income rose 29% to Rs 88.63 crore as other income increased to Rs 2.97 crore from Rs 2.23 crore.

EBITDA increased by Rs 5.12 crore to Rs 14.77 crore from Rs 9.65 crore, outpacing revenue growth. The EBITDA margin rose 277 basis points, or 2.77 percentage points, to 17.24% from 14.47%. EBITDA in the detailed income statement excludes other income.

The management-comment page gives rounded and different Q2 measures, stating that consolidated EBITDA grew 64% and margin reached 16% from 12%. The detailed consolidated income statement reports 53% EBITDA growth and a 17.24% margin, while the quarterly-performance page also reports 53.1% growth. The presentation does not explain the difference.

Why did Krishival Foods net-profit margin decline?

Krishival Foods’ net profit rose to Rs 6.82 crore from Rs 5.80 crore, but its growth rate was below the 53.1% increase in EBITDA, reducing net-profit margin to 7.96% from 8.70%. Profit before tax rose 29% to Rs 9.59 crore from Rs 7.42 crore.

Depreciation and amortisation expense increased to Rs 3.22 crore from Rs 1.49 crore, while finance costs rose to Rs 1.96 crore from Rs 0.74 crore. Tax expense increased to Rs 2.78 crore from Rs 1.62 crore. These costs between EBITDA and reported net profit coincided with the lower net-profit margin.

Employee-benefit expense rose to Rs 3.76 crore from Rs 2.56 crore and other expenses increased to Rs 14.51 crore from Rs 9.36 crore. Cost of materials consumed was Rs 103.03 crore, compared with Rs 53.79 crore, while the change in finished-goods inventories was negative Rs 47.44 crore versus negative Rs 6.45 crore.

Which business contributed most to Krishival Foods Q2 revenue and EBITDA?

Krishival Foods’ Krishival Nuts business was the larger contributor, generating Rs 63.16 crore of Q2 FY27 revenue, or 74% of total revenue, and Rs 10.44 crore of EBITDA, or 75% of total EBITDA. Its EBITDA margin was 17%, compared with 16% for Melt N Mellow.

Management said Krishival Nuts revenue grew 19% and EBITDA grew 33% during Q2 FY27, with margin improving from 15% to 17%. Management attributed the movement to premiumisation, product innovation, sourcing capabilities and distribution expansion. The business-overview section lists more than 73 stock-keeping units (SKUs) for Krishival Nuts.

Melt N Mellow generated Rs 22.50 crore of revenue, or 26% of group revenue, and Rs 3.53 crore of EBITDA, or 25% of group EBITDA. Management reported 65% revenue growth and a 557% increase in EBITDA, with margin reaching 16% from 4%, which it attributed to business scale-up and operational efficiencies. Melt N Mellow has more than 196 SKUs.

What does Krishival Foods’ first-half performance show?

Krishival Foods generated Rs 174.62 crore in revenue from operations in the first half of fiscal year 2027 (H1 FY27), 50% above Rs 116.19 crore in H1 FY26. EBITDA rose 52% to Rs 26.33 crore from Rs 17.35 crore, while EBITDA margin increased by 15 basis points to 15.08% from 14.93%.

Net profit increased 22% to Rs 12.42 crore from Rs 10.20 crore, but net-profit margin fell to 7.11% from 8.78%. Profit before tax rose 26% to Rs 16.72 crore, while depreciation and amortisation rose to Rs 6.26 crore from Rs 2.80 crore and finance costs increased to Rs 3.36 crore from Rs 1.28 crore.

Total assets were Rs 390.97 crore at H1 FY27, compared with Rs 250.18 crore at FY26. Inventories rose to Rs 75.08 crore from Rs 25.90 crore and trade receivables increased to Rs 76.03 crore from Rs 49.00 crore. Current and non-current borrowings together rose to Rs 93.45 crore from Rs 36.16 crore.

What is Krishival Foods expanding after Q2 FY27?

Krishival Foods had more than 18,750 deep freezers as of September 30, 2026, after adding 1,472 in Q2 FY27. It had more than 205 distributors after adding 85 during the quarter and entered Tamil Nadu through carrying-and-forwarding locations in Vellore, Hosur, Erode, Tiruvannamalai and Salem.

Management said the first Mellow & Co outlet, at Apte Road in Deccan, Shivaji Nagar, Pune, was under commissioning and expected to be inaugurated soon. Its stated priorities are distribution expansion, higher capacity utilisation, brand building, manufacturing and supply-chain investment, retail expansion under Mellow & Co, and entry into newer markets.

Conclusion

Krishival Foods’ Q2 FY27 operating profit rose faster than revenue, with group EBITDA margin increasing to 17.24% and both Krishival Nuts and Melt N Mellow contributing to growth. However, the gain in EBITDA translated into a smaller increase in net profit as depreciation, amortisation, finance costs and tax were higher, leaving net-profit margin below the prior-year level.

The next disclosed developments to watch are the expected inauguration of the Pune Mellow & Co outlet and further additions to distribution and deep-freezer infrastructure. Management’s plans also include manufacturing and supply-chain investment, while the difference between its management-comment metrics and the detailed Q2 income statement remains unresolved in the presentation.