Krishival Q2 EBITDA rose 53%, while net margin declined 74 bps

Krishival Foods reported EBITDA of Rs 14.77 crore in Q2 FY27, up 53.1% year on year, as EBITDA margin rose to 17.24% from 14.47%; net-profit margin nevertheless declined by 74 basis points to 7.96% as depreciation, amortisation, finance costs and tax expense increased. EBITDA excludes other income.

How did Krishival perform in Q2 FY27?

Krishival’s revenue from operations increased 28.5% to Rs 85.66 crore in Q2 FY27 from Rs 66.67 crore in Q2 FY26, while EBITDA increased faster, to Rs 14.77 crore from Rs 9.65 crore. This raised EBITDA margin by 277 basis points to 17.24%; one basis point equals one-hundredth of a percentage point.

Net profit rose at a slower 17.6% rate to Rs 6.82 crore from Rs 5.80 crore, and profit before tax increased 29% to Rs 9.59 crore from Rs 7.42 crore. Basic earnings per share increased to Rs 2.77 from Rs 2.55 over the same year-on-year comparison.

Sequentially, the presentation’s quarterly chart shows revenue of Rs 86 crore in Q2 FY27, below Rs 89 crore in Q1 FY27 on rounded figures, while EBITDA rose to Rs 15 crore from Rs 12 crore. The same chart puts Q2 EBITDA margin at 17%, versus 13% in Q1 FY27, and net-profit margin at 8%, versus 6% in Q1 FY27, on rounded figures.

Which Krishival segments generated Q2 EBITDA?

Krishival Nuts was the larger Q2 FY27 segment, contributing Rs 63.16 crore, or 74%, of revenue and Rs 10.44 crore, or 75%, of segment EBITDA. Management said the healthy-snacks business grew revenue 19% and EBITDA 33% year on year, with a 17% EBITDA margin supported by premiumisation, product innovation, sourcing and distribution expansion.

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 segment EBITDA. Management said ice-cream revenue grew 65% and EBITDA increased 557% year on year, while its EBITDA margin rose to 16% from 4% as the business scaled up.

The segment data show that Krishival Nuts supplied the larger absolute operating profit, whereas Melt N Mellow delivered the faster reported revenue growth. The disclosed segment EBITDA figures total Rs 13.97 crore, compared with consolidated EBITDA of Rs 14.77 crore; the presentation does not explain the Rs 0.80 crore difference.

Why did Krishival’s net-profit margin decline in Q2 FY27?

Krishival’s net-profit margin declined to 7.96% from 8.70% because expenses below EBITDA increased substantially. Depreciation and amortisation expense rose to Rs 3.22 crore from Rs 1.49 crore, while finance costs rose to Rs 1.96 crore from Rs 0.74 crore.

Combined depreciation, amortisation and finance costs were Rs 5.18 crore in Q2 FY27, compared with Rs 2.23 crore a year earlier. Their Rs 2.95 crore increase absorbed part of the Rs 5.12 crore EBITDA increase, while tax expense rose to Rs 2.78 crore from Rs 1.62 crore.

The half-year statement shows a similar difference between operating and post-tax growth. H1 FY27 revenue from operations rose 50% to Rs 174.62 crore and EBITDA increased 52% to Rs 26.33 crore, but net profit rose 22% to Rs 12.42 crore; EBITDA margin increased 15 basis points to 15.08%, while net-profit margin fell 167 basis points to 7.11%.

What changed in Krishival’s balance sheet at H1 FY27?

Krishival reported total assets of Rs 390.97 crore at H1 FY27, compared with Rs 250.18 crore at FY26. Current assets increased to Rs 271.38 crore from Rs 163.21 crore, including inventories of Rs 75.08 crore versus Rs 25.90 crore and trade receivables of Rs 76.03 crore versus Rs 49.00 crore.

Borrowings increased across both maturity categories. Non-current borrowings were Rs 31.18 crore at H1 FY27 versus Rs 18.16 crore at FY26, while current borrowings were Rs 62.27 crore versus Rs 18.00 crore, taking total borrowings to Rs 93.45 crore from Rs 36.16 crore.

Capital work-in-progress rose to Rs 21.21 crore from Rs 10.55 crore, and right-of-use assets increased to Rs 6.62 crore from Rs 1.72 crore. Total equity increased to Rs 265.61 crore at H1 FY27 from Rs 199.91 crore at FY26, while total current liabilities increased to Rs 89.19 crore from Rs 31.47 crore.

What is Krishival planning after Q2 FY27?

Management said Krishival’s priorities are expanding distribution, improving capacity utilisation, strengthening brands and investing in manufacturing and supply-chain capabilities. The presentation reports more than 11,000 retail touchpoints for nuts and dry fruits, more than 35,000 for ice cream, and operations across more than 300 towns and places.

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

Krishival is progressing with retail expansion under the Mellow & Co format. Its first outlet at Apte Road in Pune’s Deccan and Shivaji Nagar area was under commissioning when the presentation was issued, with inauguration expected soon; management disclosed neither an opening date nor a financial target.

Conclusion

Krishival’s Q2 FY27 results show EBITDA rising faster than revenue, with operating margin increasing to 17.24% as both Krishival Nuts and Melt N Mellow contributed to growth. However, the increase in depreciation, amortisation, finance costs and tax expense meant net profit rose 17.6%, below the 53.1% EBITDA growth rate, and net-profit margin declined to 7.96%.

The next disclosures should indicate whether the 17.24% Q2 EBITDA margin continues as Krishival adds distribution and cold-chain infrastructure. Management’s stated plans to improve capacity utilisation, invest in manufacturing and supply-chain capabilities, expand Mellow & Co, and enter newer markets leave the effects on finance costs, borrowings and net-profit margin unresolved.