Patanjali Foods Q4 FY26 Earnings Call: Guides 12-15% EBITDA Growth, Revenue Crosses Rs.40,000 Cr

Patanjali Foods Ltd held its Q4 FY26 earnings call on May 30, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Record Revenue & Full-Year Crossroads

• Rs.11,155 crores— Q4 FY 2025-2026 revenue from operations, the highest quarterly figure in company history.
• Rs.40,169 crores— full-year FY 2025-2026 revenue, crossing the Rs.40,000 crore milestone for the first time.
• Rs.1,931 crores EBITDA(margin 4.79%) for FY 2025-2026; Q4 FY 2025-2026 EBITDA stood at Rs.501.96 crores (margin 4.48%).
• Rs.1,353 crores PBT(margin 3.36%) for the full year, with Q4 PBT of Rs.235.69 crores (margin 2.10%).Effective tax rate was ~10% on PBT due to a Rs.788 crores refund (Rs.330 crores in Q4) from a completed CIRP assessment; past rate was ~20%.
• 20.3 lakh tonnes— edible oil volume in Q4 FY 2025-2026 (vs. 18.84 lakh tonnes in Q4 FY 2024-2025); aggregate volume including oil seeds was 25.1 lakh tonnes (vs. 23.64 lakh tonnes).

Edible Oil, FMCG & Palm Plantation Drive Growth

• Edible oil segment Q4 revenue: Rs.8,324 crores(+23.28% YoY), full year Rs.29,313 crores (+18.39% YoY). Branded oils contributed 75% of edible oil sales.
• FMCG segment Q4 revenue: Rs.2,890 crores(EBITDA margin 10.11%), contributing 57.62% of segment EBITDA. Full-year FMCG revenue Rs.11,188 crores (+19.95% YoY, EBITDA margin 10.81%), contributing 61.13% of annual EBITDA.
• Biscuits Q4 revenue: Rs.477 crores(+13.97% YoY); full year Rs.1,907 crores (+15.9% YoY). Doodh biscuit annual turnover crossed Rs.1,300 crores (vs. Rs.1,000 crores in FY 2024-2025).
• Home & Personal Care (HPC) Q4 revenue: Rs.840 crores(+35.42% YoY); full year Rs.2,660 crores. Skin care grew 57.66% YoY in Q4, the fastest sub-category and a strategic focus area.
• Nutrela revenue: Rs.106 croresin Q4 FY 2025-2026 and Rs.527 crores for the full year.
• Palm plantation full-year FY 2025-2026: Rs.1,793 crores revenueand Rs.357 crores EBITDA, vs. Rs.1,262 crores and Rs.203 crores in FY 2024-2025. Management attributed the sharp margin improvement to volume growth as earlier plantations enter maturity and an uptick in palm oil prices.
• Foods segment headwinds: Staples Q4 revenue of Rs.850 crores and ethnic foods Q4 revenue of Rs.600 crores declined mid-teens YoY, driven by a ~Rs.129 crores ghee sales drop (summer season, mid-east crisis) and a broad rice category decline in FY 2025-2026.

Input Cost Inflation and Price Pass-Through

• Cost of goods sold rose 98 bps sequentiallyand 294 bps YoY in Q4 FY 2025-2026. Inflation pressures were seen in packaging, freight, and insurance.
• Edible oil prices rose 10–15%(overall ~14%) during the period, with near 100% pass-through to customers on a daily basis. RBD palmolein jumped +20% Jan–Mar; refined soy oil +23%.
• Post-reporting period (April 2026 onward):palm oil prices up 15% YoY, soybean +17%, sunflower +22%. This has driven a shift in consumer preference toward domestically produced mustard oil. Management believes larger national brands are better positioned to navigate volatility.
• Foods & HPC price hikes limited to 2–5%across staples (pulses, rice) and ghee. Ghee price increases began from Q3 FY 2025-2026. Management indicated further price hikes in staples/foods may be required in Q1 FY 2026-2027, as the market is pricing in potential drought and El Niño impacts on supplies.
• Edible oil EBITDA margin guided slightly below 4%for FY 2026-2027; HPC margin guided closer to 18%+ (potentially higher); Foods portfolio margin guided closer to 10%.

FY 2026-2027 Growth Targets Across Segments

• Edible oil volume growth of 3–5%guided for FY 2026-2027, in line with expected national consumption growth.
• Foods portfolio (blended) growth of 8–10%guided for FY 2026-2027.
• HPC segment growth of ~15%guided for FY 2026-2027.
• Blended EBITDA growth of 12–15%expected for the overall business in FY 2026-2027.
• Biscuit category growth target in "high double digits"for FY 2026-2027. Management is "pretty confident" of achieving it, with a "substantial uptick" expected in Q1 FY 2026-2027 vs. Q4 FY 2025-2026 (from Rs.478 crores) as summer season drives demand.
• Management anticipates Q1 FY 2026-2027 to be "very positive"due to volatility from Indonesia's palm oil export policy, benefiting large long-only players.
• CEO expects potential disruption from El Niño and government policies in FY 2026-2027 but remains confident in meeting business objectives; the war impact is largely discounted.

Maturing Plantations Fuel Margin Expansion

• Cultivated area: 1,10,072 hectares(+23.65% YoY), with 38% in the prime yielding phase (7–25 years). Total allocated area stands at 6.63 lakh hectares.
• Palm plantation EBITDA surged to Rs.357 croresin FY 2025-2026 from Rs.203 crores in FY 2024-2025, on revenue of Rs.1,793 crores (vs. Rs.1,262 crores). Management attributed the sharp margin improvement to volume growth as earlier plantations enter maturity and to an uptick in palm oil prices during the year.
• Q4 FY 2025-2026 plantation contribution: Rs.185 crores(full year Rs.1,792 crores).
• Management expects positive momentum from maturing plantations to continue(period explicitly not stated; likely FY 2026-2027 and beyond).

Working Capital Dynamics and External Headwinds

• Receivables increased by Rs.700–800 croresdue to extended credit to customers amid market conditions. Borrowings rose due to advances paid to vendors; management aims to rationalize within a quarter or two.
• Sharp edible oil price increases in March 2026(RBD palmolein +20% Jan–Mar; refined soy oil +23%) drove sequential cost pressure. Post-reporting, palm oil +15% YoY, soybean +17%, sunflower +22% (April 2026 onward).
• Consumer shift toward domestic mustard oilnoted as import-dependent oils become more expensive. Management believes larger national brands are better positioned to navigate this volatility.
• CEO flagged potential disruption from El Niño and government policies in FY 2026-2027 but expressed confidence in meeting business objectives; the war impact is largely discounted.