Krishival Foods Ltd Targets 50-50 Revenue Mix by March 2028

In Q2 FY27, Krishival Foods Ltd reported consolidated revenue of ₹85.66 crore, up 28% year-on-year, while setting a target for its ice cream and nuts businesses to each contribute 50% of revenue by March 2028. The target matters because ice cream grew faster than the company’s established nuts business and was a key driver of the quarter’s operating performance.

What did Krishival Foods report in Q2 FY27?

Krishival Foods reported consolidated revenue of ₹85.66 crore for Q2 FY27, compared with ₹66.67 crore in Q2 FY26. For the first half of FY27, revenue reached ₹174.62 crore against ₹116.19 crore in the corresponding period of the previous year.

Consolidated EBITDA increased 64% year-on-year to ₹13.87 crore in the September quarter. The EBITDA margin expanded to 16% from 12% a year earlier. Profit after tax for Q2 FY27 was ₹6.82 crore, according to the company’s November 4 results-related disclosure.

The company attributed the margin improvement to operating leverage and improving profitability. Its investor presentation covered unaudited standalone and consolidated performance for the quarter and half year ended September 30, 2026, along with its business profile and distribution operations.

Why is ice cream central to the March 2028 target?

Ice cream is central to Krishival Foods’ March 2028 target because the segment recorded revenue of ₹22.50 crore in Q2 FY27 and growth of about 65% year-on-year. Management said ice cream is expected to grow at a materially faster pace than the nuts business.

The ice cream segment reported EBITDA of ₹3.53 crore and an EBITDA margin of 16% during the quarter. This indicates that the business contributed not only higher revenue but also operating profit as the company expanded its ice cream operations.

Management’s stated objective is to achieve an equal 50-50 revenue contribution from nuts and ice cream by March 2028. Krishival Foods currently operates across sourcing, processing, packaging, cold-chain distribution, retail, modern trade, quick commerce, exports and product development in Western and Southern India.

How is Krishival Foods planning to support growth?

Krishival Foods is planning to support growth through capacity expansion in nuts, a larger deep-freezer network for ice cream and international exports. These initiatives were outlined in management commentary during the Q2 FY27 earnings call held on November 5, 2026.

Deep-freezer distribution is relevant for ice cream because product availability depends on cold-chain infrastructure. The company also identified exports as a way to address the seasonal nature of domestic ice cream demand, though it did not provide a numerical export contribution target in the disclosed material.

Krishival Foods has set a longer-term revenue roadmap of ₹1,500 crore by FY29. That target sits alongside the March 2028 segment-mix goal and signals that management expects the ice cream business to take a larger role in the company’s overall sales base.

What other disclosures did Krishival Foods make in November?

Krishival Foods released the audio recording of its Q2 FY27 earnings conference call, held at 9:30 AM IST on November 5, 2026. The company stated that no unpublished price-sensitive information was shared during the call and directed stakeholders to its website for access.

The release of the recording gives shareholders access to management’s discussion of quarterly performance, capacity plans and the targeted change in revenue mix. The company had earlier scheduled the call to discuss its unaudited Q2 and H1 FY27 financial results.

Separately, 551,289 partly paid equity shares were converted into fully paid shares and admitted to trading on NSE and BSE effective November 2, 2026. The shares have a face value and paid-up value of ₹10 each and rank pari passu with the existing equity shares.

What does the Q2 FY27 performance mean for investors?

The Q2 FY27 performance shows that Krishival Foods’ revenue growth was accompanied by faster EBITDA growth and a four-percentage-point expansion in EBITDA margin. Revenue increased 28% year-on-year, while EBITDA rose 64%, which the company linked to operating leverage and improving profitability.

For investors, the reported figures place attention on whether ice cream can maintain its faster growth rate while the company builds cold-chain reach and expands its distribution channels. The nuts division remains part of the business, but management’s March 2028 objective requires ice cream to close the gap in revenue contribution.

The conversion of partly paid shares into fully paid shares is also relevant to the company’s listed equity structure, as 551,289 shares became eligible for trading. Krishival Foods did not disclose a share-price reaction or revised financial guidance in the materials provided.

Conclusion

Krishival Foods combined 28% Q2 FY27 revenue growth with 64% EBITDA growth, lifting its margin to 16%. The company’s stated 50-50 revenue-mix objective by March 2028 makes the pace of ice cream expansion, rather than quarterly sales growth alone, a central measure of its operating strategy.

Investors will watch progress in the deep-freezer network, nuts capacity expansion and exports, as well as the company’s disclosed ₹1,500 crore FY29 revenue roadmap. The next reported financial update will indicate whether ice cream continues to grow faster than nuts while margins remain at improved levels.