DSM Fresh Foods Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript DSM Fresh Foods Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
DSM Fresh Foods reported H2 FY26 revenue of Rs 125 crore, up nearly 100% YoY, with EBITDA of about Rs 15.9 crore and PBT of Rs 11.5 crore. For full-year FY26, revenue grew around 69%, EBITDA nearly doubled to Rs 31 crore, and PAT rose to Rs 14.4 crore, with management noting the B2B/HoReCa share of revenue rose to 68% while fish contribution increased from 21% to 27% across the year. Management also discussed the recent launch of the Meevaa Foods frozen ready-to-eat brand and plans to expand partner meat retail stores from about 100 to 300-400 by year end.
Numbers mentioned
Revenue: INR 125 crores (H2 FY26)
p. 5
“the company delivered a very strong acceleration in scale with revenue growing to INR 125 crores compared to INR 65 crores in H2 ‘25, reflecting robust growth of nearly 100% YoY”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
EBITDA: about INR 15.9 crores (H2 FY26)
p. 5
“EBITDA for H2 FY26 stood at about INR 15.9 crores compared to INR 11.1 crores in the corresponding period last year, reflecting healthy growth of around 42% YoY”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
EBITDA margin: 13% (H2 FY26)
p. 5
“EBITDA margins stood at 13% during the period.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
PBT: INR 11.5 crores (H2 FY26)
p. 5
“PBT increased to INR 11.5 crores compared to INR 8 crores in H2 FY25, a distinct growth of nearly 43% YoY.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
Revenue: INR 2.21 crores (FY26)
p. 5
“On a full-year basis, revenue from operations stood at INR 2.21 crores compared to INR 131 crores in FY25, representing strong growth of almost 69%.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
EBITDA: INR 31 crores (FY26)
p. 5
“EBITDA nearly doubled to INR 31 crores from INR 16 crores last year, while EBITDA margins improved from 12.5-13.5%”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
PBT: INR 43.2 crores (FY26)
p. 5
“PBT for FY26 increased significantly to INR 43.2 crores compared to INR 11.7 crores in FY25, with PBT margins improving from 8.9-10.4%.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
PAT: INR 14.4 crores (FY26)
p. 5
“PAT for FY26 stood at INR 14.4 crores compared to INR 9 crores in FY25, reflecting a growth of nearly 59% YoY.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
Adjusted PAT: INR 18.4 crores (FY26)
p. 5
“Adjusted for this deferred tax impact, the underlying PAT for FY26 in true form is INR 18.4 crores, which we believe is more accurately reflects the normalized earning power of the business going forward.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
B2B/B2C revenue mix: 68% / 32% (FY26)
p. 5
“Today B2B, HoReCa business contributes nearly 68% of our revenues, while B2C contributes 32%.”
Deepanshu Manchanda, page 5 of the filed PDF · View the filing
Fish contribution: 27% in H2 (up from 21% in H1) (FY26)
p. 6
“fish contribution increased from 21% in H1 to 27% in H2 in overall FY26.”
Deepanshu Manchanda, page 6 of the filed PDF · View the filing
Meevaa export run rate: approximately INR 40 crores annual run rate
p. 13
“currently, we're already doing approximately INR 40 crores of annual run rate in that business.”
Deepanshu Manchanda, page 13 of the filed PDF · View the filing
Cash balance: approximately INR 20-25 crores
p. 22
“as of now, we are sitting on a very good liquidity wherein we have approximately INR 20-25 crores of cash.”
Harsh Agarwal, page 22 of the filed PDF · View the filing
Net debt to equity ratio: below 0.5x (FY26)
p. 22
“if you were to see the net debt to equity ratio for FY26, it is below point 5x as of now.”
Harsh Agarwal, page 22 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 70-80% · FY27
stated firmly by Deepanshu Manchanda
p. 7
“we are targeting revenue growth of 70-80% for FY27, while continuing to improve profitability and operating leverage across the platform.”
Deepanshu Manchanda, page 7 of the filed PDF · View the filing
Meevaa Foods contribution to revenue — 15-20% · FY27
stated firmly by Deepanshu Manchanda
p. 6
“We expect Meevaa Foods to contribute about 15-20% of overall revenues in FY27”
Deepanshu Manchanda, page 6 of the filed PDF · View the filing
Partner meat retail stores — 300-400 stores · by year end
stated firmly by Deepanshu Manchanda
p. 7
“We have already identified and onboarded approximately 100 stores and are targeting to scale this network to nearly 300-400 partner stores by year end.”
Deepanshu Manchanda, page 7 of the filed PDF · View the filing
Value-added and frozen product contribution to revenue — 20-25% · next three to five years
stated as an aspiration by Deepanshu Manchanda
p. 17
“I say that overall, in the scheme of things, it should be approximately 20% - 25% minimum of the total revenue, which is a good number.”
Deepanshu Manchanda, page 17 of the filed PDF · View the filing
Bottom-line improvement — 25%
stated firmly by Deepanshu Manchanda
p. 19
“there'll be 25% improvement on the bottom line, because there was a deferred tax element also if you see in the balance sheet”
Deepanshu Manchanda, page 19 of the filed PDF · View the filing
EBITDA margin improvement — 3-4% · over the next two years
stated firmly by Harsh Agarwal
p. 23
“over the next two years, we are targeting an improvement of 3-4% at least in the EBITDA margin.”
Harsh Agarwal, page 23 of the filed PDF · View the filing
Positive operating cash flow — two to three years
stated conditionally by Harsh Agarwal
p. 22
“I think, I see in two to three years is something that we'll be expecting, to kind of generate positive, cash flow from operation posts the working capital investment banking.”
Harsh Agarwal, page 22 of the filed PDF · View the filing
B2B/B2C revenue split — 50-50
stated as an aspiration by Deepanshu Manchanda
p. 8
“we feel that B2B and B2C at the steady number, at a going forward will be around 50-50 as a number broadly.”
Deepanshu Manchanda, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the shift was a conscious move to support B2B volumes needed for the new fish and seafood investments, and that B2C is currently online-only, with retail stores to be added later.
Answered by Deepanshu Manchanda
Asked by Akash Choudhary: Why did the B2C share fall relative to H1, and how does the B2C business work?
p. 9
“So, we it hasn't degrown, but has been a conscious movement, which we have delivered mostly on the B2B side.”
Deepanshu Manchanda, page 9 of the filed PDF · View the filing
Management expects an overall margin increase of approximately 25%, driven by Meevaa and seafood integration.
Answered by Deepanshu Manchanda
Asked by Akash Choudhary: What margin profile can be expected going forward across categories?
p. 10
“25% approximately will be an increase overall, which we can anticipate on the margin profile.”
Deepanshu Manchanda, page 10 of the filed PDF · View the filing
Monthly transacting users declined to roughly 80,000-90,000 from about 100,000 as focus shifted to B2B for the aquaculture expansion.
Answered by Harsh Agarwal
Asked by Deepak Pruthy: How has monthly transacting users in B2C progressed over the last year and a half?
p. 11
“right now, the monthly transactions that we are doing monthly users, right, that is around INR 80,000-90,000 a month, earlier, I think that number would be maybe around INR 1 lakh or so, right?”
Harsh Agarwal, page 11 of the filed PDF · View the filing
Management stated retention is about 85%.
Answered by Deepanshu Manchanda
Asked by Deepak Pruthy: What is the customer retention rate?
p. 11
“About 85% is the retention rate.”
Deepanshu Manchanda, page 11 of the filed PDF · View the filing
Management attributed the margin dip to increased B2B sales, which carry lower gross margin than B2C.
Answered by Deepanshu Manchanda
Asked by Gunit Singh: Why did EBITDA margins fall versus H1 and H2 last year?
p. 12
“So, this is basically because of the B2B sales increasing. We have seen a slight dip there on the gross margin profile.”
Deepanshu Manchanda, page 12 of the filed PDF · View the filing
Management said contract farming and advance payments to farmers help manage input cost impact.
Answered by Deepanshu Manchanda
Asked by Gunit Singh: Does rising poultry/broiler prices affect margins?
p. 13
“It doesn't, because we are investing in contract farming at the back end.”
Deepanshu Manchanda, page 13 of the filed PDF · View the filing
Management indicated Meevaa could run at roughly 20% EBITDA margin, and each partner store contributes about Rs 5 lakh monthly revenue with 8-10% net margin.
Answered by Harsh Agarwal
Asked by Gunit Singh: What EBITDA margin and revenue can be expected from Meevaa and the store expansion?
p. 14
“each store contributes on an average INR 5 lakhs per month revenue. And on a net basis, we earn 8-10% on that revenue.”
Harsh Agarwal, page 14 of the filed PDF · View the filing
Management said Meevaa targets a differentiated North Indian taste profile for the NRI diaspora rather than competing in commoditized frozen categories like fries and nuggets.
Answered by Deepanshu Manchanda
Asked by Srinagesh Burugucherla: What sustainable advantage does Meevaa have against large FMCG frozen food players?
p. 16
“So, there is a serious differentiation which we are bringing in the product profile as compared to the hero products where we play the large competition is already existing.”
Deepanshu Manchanda, page 16 of the filed PDF · View the filing
Management named geopolitical conflict as a macro risk given growing export exposure and raw material pressures.
Answered by Deepanshu Manchanda
Asked by Lakshay Seth: What is the biggest execution risk facing management currently?
p. 18
“I think the war as a factor is a risk for our business, because we're now looking at exports and shipping outside the country, some raw material pressures.”
Deepanshu Manchanda, page 18 of the filed PDF · View the filing
Management said no acquisitions are in immediate pipeline as they focus on integrating recent additions.
Answered by Deepanshu Manchanda
Asked by Sahil: Are further acquisitions planned?
p. 19
“So, nothing is in immediate pipeline, because acquisitions takes a long time and, we have our hands full currently.”
Deepanshu Manchanda, page 19 of the filed PDF · View the filing
Management explained cash flow is negative due to working capital investment for scaling, with positive cash flow expected in two to three years.
Answered by Harsh Agarwal
Asked by Achuth Pabbath: Why is cash flow negative and when might it turn positive?
p. 22
“So, as we scale, obviously, we have to invest in working capital, and that's why your overall cash flow is negative.”
Harsh Agarwal, page 22 of the filed PDF · View the filing
Management said the drop reflects a shift in B2B/B2C mix and different gross margins between channels, with future improvement expected from aquaculture, ready-to-eat expansion, and rebalancing the B2B/B2C split.
Answered by Harsh Agarwal
Asked by Gunit Singh: What caused the EBITDA margin drop from 17% to 13% and what are the FY27 margin drivers?
p. 23
“So B2C would be around 45-50%, and B2B would be around 20-25%. There's a significant difference there.”
Harsh Agarwal, page 23 of the filed PDF · View the filing
Risks flagged
Geopolitical conflict affecting exports and shipping
p. 18
“I think the war as a factor is a risk for our business, because we're now looking at exports and shipping outside the country, some raw material pressures.”
Deepanshu Manchanda, page 18 of the filed PDF · View the filing
Perishable inventory management and wastage risk when scaling new product lines
p. 12
“So, then you generally focus on building a certain volume, and to ensure that there is efficiency and there's no waste risk, because, essentially, we are dealing in perishables.”
Deepanshu Manchanda, page 12 of the filed PDF · View the filing
Negative operating cash flow due to working capital needs from scaling
p. 22
“cash flow operations, you will see negative amount there.”
Harsh Agarwal, page 22 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.