Overview

Detailed Summary

KRBL Limited is an integrated packaged rice company and the world’s largest basmati rice miller and exporter, producing and selling branded basmati and regional rice across India and to 90+ international markets under flagship brands such as India Gate and Uplife; operations include milling, grading, polishing, packaging and a deep contract farming network across Punjab, Haryana, UP and Gujarat.
Q3 FY26 reported consolidated revenue fell ~11–12% YoY to ₹1,477–1,502 crore due to lower bulk export sales, but nine‑month revenue grew about 10% to ₹4,572 crore as export and domestic businesses strengthened, demonstrating volatility at the quarterly level while 9M trends remain healthy.
Profitability expanded meaningfully: Q3 gross margin improved to 30.2% and EBITDA margin to 16.9%, driven by lower average basmati COGS and higher other income, producing Q3 PAT of ₹170 crore (11.3% margin) and 9M PAT margin of 10.6%, reflecting strong margin management despite top‑line seasonality.
Balance sheet and cash flow are robust: Net bank borrowings were negative ₹388 crore at Q3 end (net cash position), cash & investments c. ₹488 crore, and strong cash profits in 9M (₹561 crore) underpin low leverage even while inventory remains elevated at ₹3,941 crore and working capital days stretched to 265.
Strategic transition is evident: management is doubling down on distribution democratization, supply‑chain remodeling, brand investment (high‑reach campaigns) and product adjacencies (India Gate Uplife, edible oil, poha), while executing Panipat consolidation and selective land monetization to fund capacity and unlock capital.

Sector: Agricultural Food & other Products
Industry: Other Agricultural Products
Market Cap: 8,177 Cr
Volatility: High Risk
P/E Ratio: 12.6
Industry P/E: 33.6
PEG Ratio: 11.1
P/B Ratio: 1.4
52W High: 495.00
52W Low: 274.75

Sales CAGR

1Y: 3.88%
3Y: 9.93%
5Y: 4.45%
10Y: 5.87%

Profit CAGR

1Y: -20.11%
3Y: 1.13%
5Y: -3.19%
10Y: 4.24%

ROE

TTM: 11.16%
3Y: 11.98%
5Y: 12.37%
10Y: 14.60%

ROCE

TTM: 14.75%
3Y: 15.93%
5Y: 16.37%
10Y: 20.03%

Technicals

‌

Forecasts

Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Other Agricultural Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
LTFOODS		379.25	13,189 Cr	21.09	2.92	0.79	13.83	15.59	6.90
KRBL		353.40	8,089 Cr	12.48	1.39	1.27	11.16	14.75	9.82
GAEL		149.85	6,896 Cr	22.66	2.09	0.20	9.23	11.48	7.32
KSCL		852.25	4,384 Cr	14.82	2.50	0.59	16.84	17.21	10.72
TRUALT		425.60	3,650 Cr	38.03	2.40	0.00	6.31	9.12	2.57
SANSTAR		111.00	2,228 Cr	82.64	2.74	0.00	26.31	26.34	0.00
GRMOVER		93.96	1,951 Cr	26.19	3.25	0.00	12.36	12.74	6.55
Median: 7 Co.	—	353.40	4,384 Cr	22.66	2.50	0.20	12.36	14.75	6.90

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,438	1,318	1,199	1,270	1,682	1,442	1,584	1,511	1,477	1,526
Expenses	1,260	1,140	1,082	1,148	1,487	1,219	1,392	1,285	1,248	1,296
Operating Profit	178	178	117	123	195	224	193	226	229	229
OPM %	12.37	13.53	9.78	9.64	11.58	15.51	12.16	14.99	15.49	15.02
Other Income	28	8.72	22	36	8.46	11	32	30	25	8.28
Interest	7.48	14	4.76	0.83	1.15	7.81	1.43	1.12	1.45	4.29
Depreciation	20	20	20	20	20	21	22	23	23	23
Profit Before Tax	179	153	114	138	182	207	202	233	229	210
Tax %	25.08	25.40	24.08	25.43	27.04	25.34	25.29	25.98	25.68	26.08
Net Profit	134	114	87	103	133	154	151	172	170	155
EPS in Rs	5.85	4.98	3.78	4.49	5.79	6.74	6.58	7.52	7.43	6.79

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	3,148	3,247	4,120	4,499	3,992	4,211	5,365	5,385	5,594	5,979
Expenses	2,504	2,472	3,271	3,629	3,170	3,549	4,426	4,582	4,919	5,245
Operating Profit	644	775	850	870	822	662	939	802	674	734
OPM %	20.45	23.86	20.63	19.35	20.60	15.72	17.50	14.90	12.06	12.27
Other Income	10	18	15	23	23	43	93	97	61	88
Interest	55	69	68	62	24	13	15	24	15	11
Depreciation	61	68	64	73	72	74	76	79	81	83
Profit Before Tax	538	655	733	758	749	617	941	796	640	728
Tax %	25.70	33.67	31.37	26.32	25.42	25.56	25.52	25.12	25.62	25.77
Net Profit	399	434	503	558	559	459	701	596	476	540
EPS in Rs	17.43	18.98	21.97	24.38	24.41	20.06	30.63	25.85	20.80	28.32
Dividend Payout %	12.37	12.46	11.70	11.81	14.74	17.93	3.36	15.57	16.83	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	24	24	24	24	24	24	24	24	23	23
Reserves	1,475	1,884	2,264	2,703	3,104	3,669	4,047	4,669	4,835	5,217
Borrowings	1,095	1,052	1,216	1,415	558	369	145	250	545	407
Other Liabilities	388	463	354	495	737	566	533	648	525	579
Total Liabilities	2,981	3,422	3,858	4,636	4,423	4,628	4,748	5,591	5,927	6,226
Fixed Assets	765	1,009	970	933	970	938	911	886	890	907
CWIP	100	1.71	2.25	0.59	12	9.07	2.35	16	13	21
Investments	13	14	21	16	15	28	33	44	128	366
Other Assets	2,103	2,397	2,864	3,687	3,425	3,653	3,801	4,645	4,896	4,932
Total Assets	2,981	3,422	3,858	4,636	4,423	4,628	4,748	5,591	5,927	6,226

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	510	258	61	-115	1,212	384	561	-360	226	961
Cash from Investing Activity	-174	-208	-49	20	-54	-12	-206	206	-87	-523
Cash from Financing Activity	-332	-74	25	59	-1,148	-227	-322	4.78	-157	-252
Net Cash Flow	3.96	-23	37	-35	10	145	32	-149	-18	186

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	59.98%	60.17%	60.17%	60.17%	60.17%	60.17%	60.17%	60.17%	60.17%	60.17%	60.17%	60.17%
FIIs	4.32%	3.73%	3.31%	3.50%	4.14%	4.34%	5.34%	5.13%	6.72%	6.54%	7.57%	7.76%
DIIs	6.17%	6.37%	6.41%	6.46%	6.67%	6.56%	6.56%	6.68%	6.88%	6.94%	6.94%	6.97%
Public	29.53%	29.73%	30.10%	29.88%	29.02%	28.92%	27.93%	28.02%	26.23%	26.35%	25.33%	25.10%
Total Shareholders	63,625	71,163	77,915	85,797	1,12,265	1,26,816	1,18,298	1,15,029	93,590	92,753	85,437	85,873

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan