KRBL Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript KRBL Ltd filed with BSE on 22 May 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
KRBL reported Q4 FY26 export revenue of Rs 279 crore, down from Rs 450 crore a year earlier, due to Middle East logistics disruptions from geopolitical tensions, while domestic revenue grew 22% to Rs 1,230 crore, its highest ever quarterly domestic revenue. For the full year, total income rose 9% to Rs 6,168 crore, with EBITDA margin at 15.8% and PAT margin at 10.5%. Management also discussed inventory levels, the Samalkha land parcel, and the impact of the Iran-related Middle East conflict on shipping and freight costs.
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Numbers mentioned
Export revenue: Rs 279 crores (Q4 FY26)
p. 6
“Our export revenues for Q4 FY2026 stood at INR279 crores compared to INR450 crores in Q4 FY2025.”
Anil Kumar Mittal, page 6 of the filed PDF · View the filing
Export revenue: Rs 1,555 crores (FY26)
p. 6
“For the full financial year, FY2026, export revenue stood at INR1,555 crores, representing a growth of approximately 6% on a year-on-year.”
Anil Kumar Mittal, page 6 of the filed PDF · View the filing
Overall revenue: Rs 1,526 crores (Q4 FY26)
p. 6
“Overall revenue for Q4 FY2026 was INR1,526 crores, supported by strong domestic branded sales, which partially offset the temporary decline in exports.”
Anil Kumar Mittal, page 6 of the filed PDF · View the filing
EBITDA: Rs 237 crores (Q4 FY26)
p. 7
“The company reported an EBITDA of INR237 crores and a PAT of INR155 crores during Q4 2026.”
Anil Kumar Mittal, page 7 of the filed PDF · View the filing
Domestic revenue: Rs 1,230 crores (Q4 FY26)
p. 8
“Revenues of INR1,230 crores in quarter 4 financial year 2026 is a 22% growth year-on-year, the highest ever quarterly domestic revenue for KRBL.”
Ayush Gupta, page 8 of the filed PDF · View the filing
Branded non-basmati revenue: Rs 78 crores (Q4 FY26)
p. 8
“Branded non-basmati revenues of INR78 crores in quarter 4, up from INR54 crores in quarter 4 financial year '25 is a growth of 44% year-on-year.”
Ayush Gupta, page 8 of the filed PDF · View the filing
Full year domestic revenue: Rs 4,444 crores (FY26)
p. 8
“Full year domestic revenue, excluding power, stood at INR4,444 crores, a 10% growth over financial year 2025.”
Ayush Gupta, page 8 of the filed PDF · View the filing
Branded non-basmati full year revenue: Rs 271 crores (FY26)
p. 8
“This is now a INR271 crores category business in just a few years and growing rapidly.”
Ayush Gupta, page 8 of the filed PDF · View the filing
General trade market share: 36.9% (FY26)
p. 8
“general trade, we have a market share of 36.9%, which is a leading market share for the organization in the channel”
Ayush Gupta, page 8 of the filed PDF · View the filing
Modern trade market share: 38.7% (FY26)
p. 8
“modern trade, our market share is 38.7%, which is again the leading market share for KRBL in the channel”
Ayush Gupta, page 8 of the filed PDF · View the filing
E-commerce market share: 40.1% (FY26)
p. 8
“e-commerce, we have a market share of 40.1%, which continues to grow and is a dominant market share in the fastest expanding channel in the category.”
Ayush Gupta, page 8 of the filed PDF · View the filing
Total income: Rs 6,168 crores (FY26)
p. 11
“For the year as a whole, total income stood at INR6,168 crores, higher by 9% against FY25.”
Ashish Jain, page 11 of the filed PDF · View the filing
Gross margin: 29.6% (Q4 FY26)
p. 11
“Gross margin for the quarter stood at 29.6% compared to 31.5%, lower due to higher COGS and lower other income.”
Ashish Jain, page 11 of the filed PDF · View the filing
EBITDA margin: 15.5% (Q4 FY26)
p. 11
“EBITDA margin for the quarter was at 15.5% versus 16.2% in the same period last year due to lower gross margin, partially impacted by MTM movements on the investments and also partially benefiting from lower other expenses.”
Ashish Jain, page 11 of the filed PDF · View the filing
PAT: Rs 155 crores (Q4 FY26)
p. 11
“PAT for the quarter was at INR155 crores or 10.1% in margin terms as against INR154 crores or 10.6% in the corresponding quarter.”
Ashish Jain, page 11 of the filed PDF · View the filing
Total inventory: Rs 3,714 crores (as of March 31, 2026)
p. 11
“Our total inventory as of March 31, '26 stood at INR3,714 crores.”
Ashish Jain, page 11 of the filed PDF · View the filing
Net bank borrowings including treasury investments: negative Rs 789 crores (as of March 31, 2026)
p. 12
“Net bank borrowings, including treasury investments was at a negative INR789 crores as of March 31, '26, as against a negative INR405 crores last year.”
Ashish Jain, page 12 of the filed PDF · View the filing
Dividend: 450% of face value, Rs 103 crores (FY26)
p. 12
“A dividend of 450% of face value translating into INR103 crores has been approved by the Board and is subject to shareholder approval in the upcoming AGM.”
Ashish Jain, page 12 of the filed PDF · View the filing
Domestic basmati branded realization: Rs 79,000 to Rs 80,000 per MT (Q4 FY26)
p. 19
“If you look at the basmati branded realization on the domestic side, that was around INR79,000 to INR80,000 per MT.”
Ashish Jain, page 19 of the filed PDF · View the filing
Export basmati realization: Rs 1,38,500 to Rs 1,39,000 per MT (Q4 FY26)
p. 19
“And on the export side, the same number was about INR1,38,500 or INR1,39,000 in Q4 basmati realization.”
Ashish Jain, page 19 of the filed PDF · View the filing
Edible oil revenue: Rs 12 crores (FY26)
p. 10
“Full year financial year 2026 revenue of the Edible Oil business was INR12 crores.”
Ayush Gupta, page 10 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.
Domestic volume growth — 10% volume growth · FY27
stated firmly by Ayush Gupta
p. 17
“So on the domestic business, we are working towards the 10% volume growth year-over-year.”
Ayush Gupta, page 17 of the filed PDF · View the filing
Domestic realization — another 2% to 3% improvement · Q1 FY27
stated as an aspiration by Ayush Gupta
p. 19
“I think another 2% to 3% improvement in average realization will be seen in quarter one in the domestic front.”
Ayush Gupta, page 19 of the filed PDF · View the filing
Edible oil business growth — healthy double-digit growth · FY27
stated as an aspiration by Ayush Gupta
p. 14
“So we'll see a healthy double-digit, I would say, growth in the category this financial year.”
Ayush Gupta, page 14 of the filed PDF · View the filing
Export demand and shipment flow — FY27
stated conditionally by Anil Kumar Mittal
p. 7
“Provided geopolitical conditions in the Middle East stabilize over the coming months, we expect export demand and shipment flow to improve meaningfully.”
Anil Kumar Mittal, page 7 of the filed PDF · View the filing
Export volumes post war settlement — exports will double up · next six months
stated conditionally by Anil Kumar Mittal
p. 20
“So once the war is settled, I think the exports will double up in next six months because there has been a big gap as far as food reserves are concerned.”
Anil Kumar Mittal, page 20 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 Q4-specific market share numbers weren't available but indicated the trend improved in the latter half of the year.
Answered by Ayush Gupta
Asked by Chirag Singhal: What market share gains did KRBL see in Q4 across all channels?
p. 12
“Actually, we don't have Q4 market share levels. What I shared was the full financial year market share levels.”
Ayush Gupta, page 12 of the filed PDF · View the filing
Management said exports depend on the geopolitical situation and expects pressure on shipments once the Iran issue is resolved.
Answered by Anil Kumar Mittal
Asked by Chirag Singhal: How much further drop in exports is expected in Q1 versus Q4?
p. 13
“It is difficult to comment. But one thing is definitely we can foresee that there is a huge gap as far as food storage or food surplus is concerned, whenever this Iran issue will be solved, I'm quite sure there will be a huge pressure on shipments and orders as far as exports are concerned.”
Anil Kumar Mittal, page 13 of the filed PDF · View the filing
Management described the category as dominated by one brand and said they are re-evaluating general trade GTM strategy for the oil business.
Answered by Ayush Gupta
Asked by Amit Aggarwal: What is the run rate and outlook for the Uplife edible oil business?
p. 14
“So while we are at INR12 crores this financial year, we are re-evaluating our GTM in the general trade market specifically, while MT e-com continues to show positive signs, our general trade distribution needs to get a little ramped up.”
Ayush Gupta, page 14 of the filed PDF · View the filing
Management explained their hedging policy limits currency risk and generates a small profit margin on forward hedges.
Answered by Anil Kumar Mittal
Asked by Amit Aggarwal: How has currency devaluation benefited exports?
p. 14
“So normally, we get a profit of even 0.5% on the foreign exchange side, we cover we forward hedge the dollars.”
Anil Kumar Mittal, page 14 of the filed PDF · View the filing
Management said Saudi business continues via Jeddah and Red Sea routes with less impact, while Dubai, Kuwait and Bahrain volumes via Salalah are more affected.
Answered by Anil Kumar Mittal
Asked by Amit Aggarwal: Are exports to Saudi Arabia, Dubai, Oman and Iraq also affected besides Iran?
p. 15
“The Saudi Arabian business is continuing via Red Sea side. So there is a problem, but not to that extent compared to Kuwait, Bahrain, UAE and all”
Anil Kumar Mittal, page 15 of the filed PDF · View the filing
Management said it is too early to decide but expects to build inventory given anticipated heavy export demand.
Answered by Anoop Kumar Gupta
Asked by Krushi Parekh: How is KRBL approaching inventory buildup for FY27?
p. 15
“It is too early to say. But actually, we'll build up our inventory in the coming season. And definitely, looking at the export demand, and we think this year, the export demand would be quite heavy, we'll build up our inventory quite good.”
Anoop Kumar Gupta, page 15 of the filed PDF · View the filing
Management said current margins on unsold stock are around 8-9% and expects strong demand once the conflict settles.
Answered by Anil Kumar Mittal
Asked by Krushi Parekh: How is competitive pressure in exports shaping up post-war?
p. 16
“There is a margin of around 8% to 9% as far as the prices are concerned. So therefore, we expect a good year ahead.”
Anil Kumar Mittal, page 16 of the filed PDF · View the filing
Management said April appears to be on the same trajectory as Q4 but May and June remain uncertain.
Answered by Ashish Jain
Asked by Soumen Choudhury: What is the current export run rate for April and outlook for the quarter?
p. 16
“See, as of now, I mean, if you look at April, it seems to be in the same trajectory, but May and June is something that we need to see.”
Ashish Jain, page 16 of the filed PDF · View the filing
Management explained the 60-acre portion is intended for KRBL's own warehousing rather than being monetized.
Answered by Ashish Jain
Asked by Nooresh Merani: What is the plan for the Samalkha land parcel given real estate discount opportunities?
p. 17
“The 60-acre parcel is strategically located and is currently intended for KRBL's own warehousing.”
Ashish Jain, page 17 of the filed PDF · View the filing
Management said it is too early to comment until crop size mapping is complete.
Answered by Anil Kumar Mittal
Asked by Nooresh Merani: What is management's view on basmati rice prices for the next year?
p. 18
“It is too premature to comment anything on the price.”
Anil Kumar Mittal, page 18 of the filed PDF · View the filing
Management said they are being selective and prioritizing long-term alignment over speed in appointing a distributor.
Answered by Anil Kumar
Asked by Shashwat Jain: Has progress been made on appointing a distributor for the Saudi market?
p. 18
“We are being extremely selective in this process, and we believe the Saudi market is strategically important and the financial implication of appointing the wrong partner can be significant.”
Anil Kumar, page 18 of the filed PDF · View the filing
Management reiterated the 10% domestic volume growth target but said export guidance is not possible given prevailing conditions.
Answered by Ayush Gupta
Asked by Bhavik Shah: Can management provide FY27 guidance on volume or margins?
p. 19
“Domestic business, we spoke about domestic business, we are working at an average 10% volume growth. And export, we've already spoken a lot about the conditions that are prevailing. So really putting down a number is not possible.”
Ayush Gupta, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions in the Middle East disrupting shipping, logistics and port operations
p. 13
“The ongoing geopolitical tensions in the Middle East have impacted the overall trade flows and shipment volume across several countries in the region due to disruptions in logistics, shipping and port operations.”
Anil Kumar Mittal, page 13 of the filed PDF · View the filing
Elevated freight and insurance costs from concentrated shipping routes
p. 6
“However, war's premium charged by insurance companies have increased materially and are now being applied shipments by shipment depending on destination and route exposure.”
Anil Kumar Mittal, page 6 of the filed PDF · View the filing
Potentially deficient monsoon affecting paddy availability
p. 6
“There have also been recent discussions around concerns of a potentially deficient monsoon in India for the upcoming 2026 crop season.”
Anil Kumar Mittal, page 6 of the filed PDF · View the filing
Regional quality variations in basmati crop due to weather
p. 4
“However, weather condition during the later part of the monsoon created regional quality variations.”
Anil Kumar Mittal, page 4 of the filed PDF · View the filing
Dominance of a single brand limiting entry into edible oil category
p. 13
“And the reality of the category is almost 85% to 90% market share rest with one single brand, right?”
Ayush Gupta, page 13 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.