Thank you very much. Thank you and good evening to everyone who has joined this call.

A very warm welcome to Patanjali Foods Limited's call to discuss the financial performance for Q4 2026 and FY26. I'm accompanied by the company's CFO Kumar Rajesh ji, along with Mr.

Priyendu Jha from the Investor Relations team and our Investor Relations partner Strategic Growth Advisors. We have uploaded the results collateral on the stock exchanges and as well as the company's website for your reference.

Let me begin with a quick snapshot of our financial performance. During the call, we will be referring to the standalone financials.

FY26 is our first full year after the integration of the HPC business and we saw progressive momentum in each quarter. At the company level, we crossed the 40,000 crore mark in the top-line terms.

This performance was backed by healthy double-digit growth across the edible oil and FMCG segments. Revenue from operations stood at 40,169 crores during the period.

Total EBITDA, excluding the exceptional items for the period, was 1,931 crores with a margin of 4.79% and a profit before tax stood at 1,353 crores, translating into PBT margin of approximately 3.36%. In Q4 of 2026, the company delivered the highest ever quarterly revenue from operations, amounting to 11,155 crores.

Total EBITDA, excluding exceptional items for the period, was 501.96 crores with a margin of 4.48% and profit before tax stood at 235.69 crores, translating into a PBT margin of approximately 2.10%. Let me now give a brief overview of the operating environment for Q4 2026.

On the demand front, the domestic demand trends remained resilient and structurally healthy during the quarter. Consumption was supported by improved channel offtakes following normalization after the GST transition.

Both urban and rural markets contributed to demand recovery. Urban demand benefited from recent tax relief measures while rural demand remained supported by a healthy crop season and continued government welfare spending.

The retail inflation largely remained under control at 3.4% in March 2026 versus 3.21% in the Feb of 2026. On the input cost front, the edible oil complex witnessed a sharp price increase in March 2026, primarily due to the crude oil volatility amid ongoing geopolitical uncertainties.

RBD palm, refined bleached and deodorized palm oil prices increased by 20% between Jan and March 2026, driven by tighter supply expectations, firm demand, Indonesia's proposal for B45 biodiesel program and lower CPO production in Malaysia. The refined soy oil prices also moved higher, increasing by 23% during the same period in line with global edible oil trends.

Wheat and chana prices remained relatively stable during the quarter, supported by improved crop expectations and higher imports respectively. Yellow pea prices increased by 10% during Q4 2026 due to tighter domestic supply and lower crop estimates while sugar prices remained broadly stable.

Across segments, the company also witnessed inflationary pressure in packaging materials, freight, and insurance costs linked to the crude oil volatility after mid-March. The cost of goods sold increased by 98 basis points on the sequential basis.

Further on year-on-year basis, the cost of goods sold increased by 294 basis points. The company continues to manage these pressures through hedging initiatives, cost optimization measures, and calibrated pricing actions.

Coming to April 2026 and beyond, due to the geopolitical tension, the prices of palm oil prices increased by 15% and for soybean and sunflower increased by 17% and 22% in April 2026 on year-on-year basis. This has led to noticeable shift in consumer preference towards mustard oil, which is traditional viewed as more expensive than palm oil.

While palm, soybean, and sunflower oils largely constitute India's edible oil import basket, mustard, groundnut, and cottonseed oils are produced domestically, supporting supply availability and diversification within the edible oil basket. Crude-linked volatility remains elevated, which could make the operating environment increasingly challenging for smaller and unorganized players.

In such a scenario, large national brands such as our company may be relatively better positioned to navigate the volatility, particularly given our strong distribution network and scale advantage. Let me now walk you through the segment-wise performance during Q4 2026.

For the edible oil segment, quarterly revenues stood at 8,324 crores, registering 23.28% year-on-year growth. EBITDA margin for the segment stood at 2.58%.

Branded edible oils accounted for around 75% of the total edible oil sales and continued to be the primary growth driver. For FY26, the revenue stood at 29,313 crores, registering 18.39% year-on-year growth.

EBITDA margin for the segment stood at 2.58%. We endeavor to maintain an EBITDA in the range of 2% to 4% for the edible oil business despite the near-term price volatility.

For the oil palm plantation business, the government's recent advisory encouraging lower edible oil consumption highlights the strategic importance of Atmanirbhar Bharat in the edible oil sector. Patanjali Foods Limited has been aligned with this vision through sustained investments in oil palm plantation initiatives, which are focused on supporting domestic production, improved supply security, and reducing reliance on imports over the long term.

The oil palm plantation business contributed 185 crores during the quarter and 1,792 crores for the FY26. In Q4 of FY26, domestic oil palm production was impacted due to the seasonal nature of the business.

As of 31st March 2026, the oil palm cultivated area stood at 1,10,072 hectares, registering a growth of 23.65% on year-on-year basis and 2,558 hectares on sequential basis. Nearly 38% of the cultivated area spread over 12 states in India is in the prime yielding phase of 7 to 25 years.

The total allocated area stood at 6.63 lakh hectares, which was granted originally. Coming to our FMCG segment, the quarterly revenue stood at 2,898 crores with EBITDA of 292.16 crores and EBITDA margin of 10.11% in Q4 of 2026.

The segment contributed 25.76% of the revenue in Q4 2026 while contributing nearly 57.62% of the EBITDA in Q4 2026. On an annual basis, the FMCG revenues stood at 11,188 crores, growing 19.95% year-on-year with an EBITDA margin of 10.81%.

The segment accounted for 27.60% of the annual revenue from operations and contributed 61.13% of the annual EBITDA. Let me walk you through our FMCG segment in some detail.

During the quarter within our FMCG segment, the biscuits reported a revenue of 477 crores, registering year-on-year growth of 13.97%. For FY26, the segment achieved its highest ever annual revenue of 1,907 crores, reflecting year-on-year growth of 15.9%.

Doodh biscuit continues to be the leader. The annual turnover of Doodh biscuit in FY26 was over 1,300 crores versus 1,000 crores in FY25.

The momentum in biscuit reflects consistent investment and distribution depth that we built over the years. Staples delivered revenue of 848 crores for the quarter and 3,658 crores on annual basis.

Revenue from ghee stood at 338.91 crores for the quarter and annually at 1,423 crores, reinforcing the company's confidence in the revised strategic direction for the segment. Textured soya products recorded revenue of 106 crores in Q4 2026.

For FY26, the segment achieved revenue of 526 crores. Beverages and summer portfolio saw encouraging momentum towards the end of the quarter with the launch of Patanjali Apple Drink.

We are strengthening our presence in the fruit-based beverage category. Nutraceuticals generated revenue of 17.94 crores during the quarter and 58 crores in FY26.

During FY26, the category underwent strategic rationalization in the portfolio, focused cost optimization, selective product launches. These initiatives are beginning to yield positive results.

The company remains confident in the long-term potential of India's health and wellness segment and continues to strengthen its portfolio with launches such as Slim Choice capsules, date almond spread, and sea buckthorn capsules. Our home and personal care business delivered strong performance with a total revenue of 840 crores, reflecting a year-on-year growth of 35.42%.

For FY26, the segment reported annual revenues of 2,660 crores. The dental care category reported revenues of 425 crores in FY26 and 1,412 crores in FY26.

The skin care category recorded revenue of 239 crores during Q4 2026 with annual revenues reaching 680 crores in FY26. The home care revenues stood at 97.82 crores for Q4 FY26, taking FY26 revenues to 331.88 crores.

The hair care and other products generated 76 crores and the full year was 236 crores. We continue to strengthen the home and personal care category through product innovation, wider distribution reach, and enhanced brand visibility across urban and rural markets.

Skin care is emerging as a breakout category, growing 57.66% year-on-year in Q4 2026. It is the fastest growing subcategory within HPC and key area of strategic focus going forward.

Guidance to the last part of my talk. Going ahead, we remain focused on strengthening our brand portfolio, expanding our distribution footprint, driving operational efficiencies, and building scale across emerging categories.

We also remain committed towards enhancing our investment behind innovation and consumer engagement. With our strong brand equity, integrated business model, extensive distribution network, and diversified product portfolio, we believe the company is well positioned to navigate near-term challenges and capture the long-term growth opportunities in the Indian consumption story.

On that note, I would now like to open the floor for questions and answers. With this, I conclude my opening remarks and open the floor for Q&A session.

Thank you.

Yeah. Hi, sir.

Just a quick question on biscuit categories. Can you help us what was the category growth for 4Q?

Second question is,

since we have reported— Your voice is very muffled and unclear.

Is it better now?

Yes, it's a little better. Sir,

just quickly on the biscuit category. Just wanted to know that what was the category growth for last quarter?

Second is, since we have reported close to 14% YoY growth for this quarter, sorry for previous quarter, just wanted to know whether this growth was in line with the company expectation or below expectation. Lastly, just wanted to know any idea how is the category shaping out in the last two months?

Biscuits, as I mentioned, our growth, if I were to compare it to the previous quarter, there has been a slight slowdown in terms of sequentially between Q3 and Q4, very marginal one. If I were to compare with Q4 last year, Q4 2025 versus Q4 this year, the growth has been very healthy.

The prime reason for this marginal dip in the growth is clearly some disruption that we've noticed in the overall consumption pattern, some bit of seasonality because lot of, as I mentioned, that very substantive part of our business is in the Doodh biscuit and there's a bit of seasonality when we get into this particular season. Broadly as I mentioned that overall in terms of the growth, it's been more than 15% year-on-year.

Sequentially quarter on quarter, marginal dip, but overall the target that we continue place for ourselves is upwards in high double digits and that we are pretty confident of achieving in the year ahead as well. Sir,

what was the category growth for last quarter?

Sorry, category growth in the biscuits you're asking?

Yeah. For biscuit only.

No,

that's what I mentioned that the category growth in the biscuits overall was marginal dip in the revenue. It was 490 crores in Q3 versus 478 crores, there's about 12 crores of drop.

As I mentioned, the reason was the seasonal dip that we typically encounter in the last quarter always, of the fiscal. That was pretty standard, which was also if I were to compare it for the previous last year also, it would be pretty much the similar phase.

It either flat to marginal dip what we see in the fourth quarter and then the uptake starts as the summer months starts to approach. This quarter for example, we see an enhancement, go to Q2 it'll continue to pick up, keep peaking till the third quarter, and then there's a slight flattening in the fourth quarter and again then there's a pickup.

Understood, sir. Sir, how is the category shaping out in last two months, talking about April and May month?

April May, as I mentioned, it's a season-wise it's a good window that we have in Q1 always at the beginning of the year because the season starts to pick up and the momentum continues to build over Q2 and Q3. We'll have a substantial uptick compared to 478 crores that we had in the Q4 of 2026.

We should have an uptick, quite a substantive one.

Yes, helpful, sir. That's all from my side.

Thank you.

Thank you.

Yeah. Hi, sir.

Thank you for the opportunity. Specifically on the foods business, we've reported staples revenues of 850 crores and I think the ethnic foods revenues are at around 600 crores.

This seems to be a decline YoY, if I have my numbers right. I think there seems to be a mid-teens decline on a Y-o-Y basis in the foods business with these revenues.

Just wanted to check, we were showing quite a good recovery in the last quarter. What seems to be driving this decline?

What is the issue in this current quarter, which has driven this decline? Also if there is any one-off in the tax rate seems to be quite low for the quarter.

Thanks.

Yeah. It's basically two main reasons.

We have two significant sort of changes that have occurred and primarily on account of the market environment. One is in the staples, rice as a category has gone down quite substantially overall for this year and again pretty much in the fourth quarter as well.

Similarly in the ghee as well that there's a seasonal softness typically that happens and the Middle East crisis that we saw. There was almost 129 crores sort of drop that we had in the ghee sales.

That is largely on account of the peak summer months that the early onset of the summers, the crisis in terms of the some bit of drop in the sales that happened. Broadly the rice and ghee were the prime drivers for the reduction in the sales.

Overall basis, if I were to look at on a sequential basis, yes, you're right, there is a drop. Of nearly if I were to compare 35 crores on a overall basis if I were to look at is almost 98 crores of drop in staples overall on a 12-month basis.

Almost there's an uptick what we had in the ethnic foods, but quarter-on-quarter basis, yes, there is a drop of nearly quite a substantive number of nearly 400 crores that we saw dropping on account of largely on account of the staples, the rice that drop what we saw.

Right. Sir, are we expecting this to reverse in the coming quarters?

It will. Look, there are two things which are, Abhishekh, driving this change.

One is that staples is undergoing a significant shift right now on account of the drought-like conditions which are there and which are likely to emerge now. Second is the government policies that we might witness.

There might be a bit of overreach there potentially. That may have some impact, but broadly the numbers that we have projected have taken all these into account.

There could be some bit of disruption on these two counts and third one, of course, is the war. I would say the larger issue is the potential impact of the El Niño and the disruption that it may ensure on account of the government policies, that may have some impact on the overarching theme.

Because war is largely discounted, we've accounted for it in everything, but these are only two things which are there. Still in terms of the plans going forward, we're pretty confident that we should be able to meet the objectives that we have for the business.

Got it, sir. The tax rate, was there any one-off?

That Rajesh ji can answer better in terms of the tax rate one-off. Rajesh ji, any comments?

You mean to say GST tax rate?

Sir, I think 40 crores of the current tax plus the deferred tax that we have is about just about 10% tax rate on the PBT.

We have had history of about

20 odd Yeah. Hi.

I understood. Basically, we are having a refund process in to the earlier assessment years.

We have got a very good assessment post-CIRP. Basically, we claimed our expenditures and we offered income for the right back of loan amount during the CIRP when we took over the company.

The assessment was completed now and we are getting refund. Our earlier tax has been adjusted from the current tax demand.

That's why tax has not been shown here.

Sir, can you quantify that adjustment that you made?

That refund during last year, we got refund near about 788 crores, including 330 crores in the fourth quarter.

Great, sir. Thanks.

Just one final bookkeeping question. Sanjeev sir, if you can give us the EBITDA for the divisions in terms of HPC, biscuits, staples, and ethnic foods, the EBITDA numbers for the quarter, please?

I can give you that. For the foods business EBITDA, for the quarter, we had 72 crores.

Then for the biscuit business, we had a EBITDA of 65 crores. Nutraceuticals, we had 2 crores.

For Nutrela, we had 17 crores, 16.85 crores.

Yeah.

Sorry, when you said food seven, food 72, that was staples or was it ethnic foods or was it combined?

It was combined.

Combined.

Otherwise, if you want the breakup, we had 66 crores from the ethnic foods and staples was 5.46 crores.

Yes.

The breakup of 72.

Right, sir. HPC finally?

HPC, we had a EBITDA margin of 136 crores.

Great, sir. That's all for me.

Thanks and all the best.

Thank you.

Hi, team. Good evening.

Just one bookkeeping question. What would be our Nutrela revenue for Q4 as well as the full year?

Nutrela revenue for Q4 is 106 crores and for the year is 527 crores.

Thank you. That's it from my side.

Yeah. Hi.

Good evening, sir. Sir, my first question is on the volume growth of edible oil for the quarter as well as for the full year.

Or you can give absolute volume also for the quarter and for the full year.

Yeah. Total absolute volume what we had is on the edible oil alone, there are two ways, Dhiraj, we look at.

One is that we do in the edible oil alone and second is the oilseeds combined with the other products as well. Edible oil, we did 20.3 lakh tons in terms of the volume and last year it was 18.84 lakh tons.

Overall aggregate basis, if I were to combine the entire segment of the edible oil as we report, so that is 25.1 lakh tons versus 23.64 lakh tons in the last year.

Okay. Sir, second question is on balance sheet.

We have seen significant increase in our receivable days as well as there is a increase in low borrowing also. How do we look this number going ahead?

Would it remain at current level or would it decline over the period?

Dhiraj, I would request Rajesh ji to answer this question. Yes, please, Rajesh ji.

Dhiraj, looking into the market conditions and geopolitical scenario, we have extended credit to our customers also. That is one of the reason to grow our debtors, you can say, and near about 700 to 800 crores.

On the other side, we have also secured our raw materials by paying an advance to our vendors for the future requirement. That's why our borrowings has been increased significantly, you can say.

Going forward obviously, we endeavor to collect all our receivables within a quarter or two and rationalize all the advances and procure the raw materials on a cash basis like earlier, if situations and geopolitical situation permits.

Got it. Sanjeev ji, can you throw some light in terms of guidance for your food business as well as HPC business?

Edible oil, I understand that there would be volatility because of the raw material prices in terms of top line, but what kind of volume growth you expect in edible oil for FY27? Likewise, what kind of revenue guidance growth you would give for your food business as well as HPC business?

Also if you can throw some light on margins on this each segment.

Yeah. Reasonably comfortable with that.

I think our volume growth in the veg oils will remain pretty much in the ballpark range of 3% to 5%, which is what India will sort of grow as well. That's one.

Second is on the food side, our growth on a blended basis if I were to combine all the businesses, I think we should be anywhere between 8% to 10% is growth that we should see in the foods category, overall foods portfolio. About 15% is the growth objective that we have for the HPC, home and personal care.

Margin guidance wise, I think some bit of what you saw the tapering off in the foods this year, I think that'll get rationalized and I think we should be pretty much on course. In the veg oil, we'll be just a little south of 4%.

I think we should be very close because I'm anticipating very positive outcome of whatever is happening geopolitically or otherwise. It should be positive for us, slightly below 4%.

On the HPC side, we'll be closer to 18% plus as we rationalize and I think maybe even higher. That business, as I mentioned right in the beginning when we took over the business also, that the efficiencies and the growth will drive us towards 200 basis points of improvement over what it was doing under the parent.

The third one is the foods overall as a portfolio, I think we should be closer to 10% because some bit of blip that we saw last year on account of various changes that happened, I think should be behind us. Net-net overall, I would say that we should have a definitely on a blended basis compared to the overall sort of the EBITDA that we have in the business, I think we should see a good growth of anywhere between 12% to 15% growth for the next year.

Got it. Lastly from my side is, would you like to comment from the near-term perspective on edible oil margin as well as top line in light of Indonesia or let's say there is a restriction of export from Indonesia palm oil?

How it would impact our business in the near term, both in terms of revenue as well as in terms of margins?

Overall Indonesia has no choice but to export to the demand countries like India. The confusion is obviously the sole centralization and the canalization almost what they're proposing.

That has thrown a bit of a spanner in the works of smooth flow what was happening through the private trade. Short term, that volatility will be there.

As I mentioned earlier that this particular volatility is helpful for any large player which typically does long-only business. For companies like us, I think it's overall beneficial.

Even in the short term also, I expect quarter one of FY27 to be very positive, which should pretty much continue into Q2 also. Likewise on our oilseeds crush side also, I think we should be positive.

All these uncertainties in the marketplace, which is spiking the markets, are largely beneficial for any large player which is holding on to the positions with an idea to buy first and sell later is beneficial. Near term in terms of the volume growth, despite whatever is going on, I think fundamentally we are still projecting between 3% to 5% growth for the country's consumption also.

Despite all that, the call to reduce the consumption, I'm not expecting much of a change because India is still pretty much at the lower end of the curve of the consumption. I think that growth momentum will continue and we will see that growth in the consumption and I think that should benefit players like us.

We are not projecting anything greater than what the country's consumption will grow. The overall market growth, I think we should be quite aligned to that.

Got it. Thank you very much, sir.

Thank you. Thanks, Dhiraj.

Yeah. Hi, sir.

Thank you for the follow-up opportunity. Just wanted to check, maybe I missed the number, if you can give again the volume growth that we saw in edible oils for the quarter and for the year.

Also what kind of price hikes have you taken so far over March, April, May if you can talk about the overall blended or parts of the portfolio where you have taken hikes? That's it.

The edible oil we grew in terms of the overall consumption nearly 80,000 tons between Q3 and Q4 of FY26. In terms of the volume terms and of course on a 12-month basis between FY25 and '26, we grew 1.5 lakh tons overall.

The price hike, as I mentioned, Abhishek, is that it's almost literally on a daily basis, it's almost a 100% pass-through that we go through. The price spike, they were I think if my numbers, I don't have it in front of me, but the prices rose anywhere between 10% to 15%, 14% overall, and where we have pretty much kept consistent that our prices went up accordingly as well.

Got it, sir. On the foods—

For the palm, soya, and sun, mustard being a largely domestic crop, so that's slightly trailed and which is where a lot of demand has started coming back to the mustard oil. Overall for palm, soya, sun, between 10% and 14%, we pretty much were consistent with how the market moved, our prices moved as well.

Very clear, sir. On the foods and HPC sides of the business, the price hikes that we've taken so far?

The price hikes in the overall basis, we've not taken too much of price spike barring a few commodities like pulses, like rice, and on the staples side, we have taken a price rise. On ghee, we took a price rise.

In the third quarter onwards, we started sort of moving up and there we took a price rise. Overall on the ethnic foods overall, we haven't taken other than ghee.

Balance on the staples, it was pretty much across the board that where the price rise has happened and the range has been between 2% and 5% across the board. Sir,

with these hikes, do we think that this is sufficient to cover the inflation that we have seen or we are expecting to take some further hikes?

No, the inflation impact is going to be witnessed now. Far what has happened is that it's phenomenon of pretty much in last four weeks that we're seeing the prices.

Finally, the market is pricing in the news of drought, the potential El Niño impact and the disruption in the supplies now. I think in this quarter we'll have to see that.

On the previous quarter I was mentioning, pretty much on the staple side, it was between 2% and 4% and balance side on this quarter, we'll have to see that how the prices behave. We are seeing some uptick in the prices, there we may have to take that step.

Right, sir. Thanks.

That's all from me. Thanks and all the best.

Thank you.

Yeah. Hi, sir.

Sorry, I forgot to ask on palm oil plantation EBITDA for the quarter as well as for the full year.

Dhiraj, we had oil palm plantation EBITDA was 357 crores. Let me give you the exact number.

Just one second. Yeah.

Our revenue was 1,793 crores and our EBITDA was 357 crores versus 1,262 crores in the previous year and 203 crores of EBITDA. It was a very healthy spike that we got in the margins on the oil palm plantation.

The two pointers are driving. One is the volume growth in the business as the plantation that we've done earlier start to mature, and this momentum will pick up.

Second was, of course, an uptick in the palm oil prices that went up, so that straightaway translates into the superior margin construct for us in the plantation business.

Got it. Okay.

Thank you very much, sir.

Thank you. Thanks, Dheeraj.

Thank you very much, and with this I conclude the call. I sincerely thank you all for the continued support and trust in Patanjali Foods.

If you have any further queries, you could speak to our advisors, SGA, and we will be in touch with more comments and more feedback. We look forward to receiving from you all.

Thank you very much.

Thank you. Thank you very much to all.

Thank you, sir.