Krishival targets Rs 1,500 crore revenue by FY29 via cold chain

Krishival Nuts is targeting Rs 1,500 crore of consolidated revenue in FY29, versus Rs 290 crore shown for FY26, a planned roughly fivefold increase that implies about 73% compound annual growth. The target depends on expanding its deep-freezer network, raising nuts-processing capacity and fully using Melt N Mellow’s 1,00,000-litre-a-day ice-cream plant.

How does Krishival plan to reach Rs 1,500 crore by FY29?

Krishival plans to reach Rs 1,500 crore of consolidated revenue in FY29 through a dual-engine fast-moving consumer goods model: Krishival Nuts as the cash generator and Melt N Mellow as the high-growth engine. The presentation puts FY26 consolidated revenue at Rs 290 crore and calls the FY29 objective a roughly 5x scale-up over three years. Its implied compound annual growth rate, or CAGR, is about 73% from FY26 to FY29.

The milestones set a staged path rather than a single FY29 outcome. For FY27, management targets 50% sales growth and 50% profit after tax, or PAT, growth, alongside a deep-freezer network of more than 26,200 units. For FY28, the presentation expects ice cream to account for about 50% to 55% of topline, up from 31% in FY26. The stated FY29 outcome is Rs 1,500 crore of Krishival consolidated topline.

What role will Krishival's freezer network play in growth?

Krishival says cold-chain expansion is the mechanism that supports both business engines’ route to full capacity utilisation. The deep-freezer count increased from 3,732 units in FY25 to 15,490 in FY26, an addition of 11,758 units in one year. The company targets 26,500 units in FY27E and 35,000 in FY28E, extending last-mile reach for its ice-cream operations while supporting wider distribution.

The planned FY26-to-FY28 expansion equals 19,510 additional freezer units, more than doubling the FY26 base of 15,490. Management links that rollout to penetration in Tier II, Tier III and Tier IV markets, as well as modern trade, general trade and quick-commerce channels. The company also says it has distribution in more than 300 towns and places, and identifies freezer penetration and cold-chain infrastructure as tools to deepen consumption and market reach.

For Melt N Mellow, the immediate operational sequence is explicit: the freezer network is scaling from 15,490 to 26,500 units while installed ice-cream capacity is 1,00,000 litres per day. Krishival targets 100% capacity utilisation by Q1 FY29, at which point the presentation indicates revenue potential of about Rs 600 crore. That potential is presented as dependent on the freezer-led rollout, not as reported revenue.

How is Krishival expanding nuts and dry-fruits capacity?

Krishival is planning a phased expansion in finished-nuts capacity, from the 20 metric tonnes per day indicated after its first two FY26 additions to 40 metric tonnes per day in FY28E. The presentation says it commissioned 10 metric tonnes per day in March FY26 and added another 10 metric tonnes per day under Phase 1 in May FY26. Phase 3 is targeted to add 20 metric tonnes per day in FY28E.

Before the planned FY28E increase, Krishival targets about 25% utilisation in FY27E of the additional 10 metric tonnes-per-day capacity described as Phase 2. The presentation therefore separates the nuts business’s capacity build-out from the ice-cream plant’s utilisation target: nuts capacity is planned to reach 40 metric tonnes per day, while the ice-cream facility is targeted to reach 100% utilisation by Q1 FY29. It does not disclose a revenue contribution for the extra nuts capacity.

Management’s strategy also calls for premiumisation of the Krishival Nuts portfolio and a higher contribution from premium and value-added products across both verticals. The plan includes strengthening integrated sourcing and procurement to support quality, supply security and cost efficiency, while using global sourcing relationships to mitigate input-cost volatility. These are stated operating measures, with no separate target for pricing, procurement savings or margins disclosed on pages 33 to 35.

What financial base does Krishival start from?

Krishival reported Rs 292.67 crore of revenue from operations in FY26, up 45% from Rs 202.23 crore in FY25, according to its consolidated income statement. This differs from the rounded Rs 290 crore FY26 consolidated-revenue figure used in the FY29 target chart. Total income was Rs 304.41 crore in FY26, compared with Rs 206.31 crore in FY25, because other income rose to Rs 11.73 crore from Rs 4.07 crore.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 55% to Rs 39.07 crore in FY26 from Rs 25.23 crore in FY25. EBITDA margin increased by 87 basis points to 13.35%, while net profit rose 64% to Rs 22.20 crore and net profit margin increased by 89 basis points to 7.59%. The FY29 revenue target is therefore set against an FY26 reported operating base, but the presentation does not provide FY29 EBITDA, PAT or margin targets.

The historical page also shows total income increasing from Rs 70 crore in FY23 to Rs 293 crore in FY26, while reported EBITDA rose from Rs 12 crore to Rs 42 crore and PAT from Rs 7 crore to Rs 22 crore. However, that page says EBITDA and PAT figures are adjusted for a one-time employee stock option plan expense in Q4 FY26 and exclude other income. Readers should therefore distinguish those rounded historical figures from the FY26 consolidated income-statement amounts of Rs 39.07 crore EBITDA and Rs 22.20 crore net profit.

Conclusion

Krishival’s FY29 plan combines a Rs 1,500 crore revenue target with concrete operating milestones: a 35,000-unit freezer network by FY28E, 40 metric tonnes per day of nuts capacity by FY28E and full utilisation of the 1,00,000-litre-a-day ice-cream plant by Q1 FY29. The proposed mix change is central, with Melt N Mellow expected to rise from 31% of FY26 topline to about 50% to 55% in FY28E.

The next disclosed checkpoints are FY27E targets of 50% sales and PAT growth, about 25% utilisation of the additional 10 metric tonnes-per-day nuts capacity, and a 26,500-unit freezer network. Progress toward those milestones, followed by the FY28E freezer and nuts-capacity targets, will show whether the distribution rollout and plant utilisation assumptions underlying the Q1 FY29 Rs 600 crore ice-cream revenue potential are being met.