LT Foods Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript LT Foods Ltd filed with BSE on 20 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
LT Foods reported FY26 revenue including other income of Rs 11,023 crores, up 26% year-on-year, with EBITDA of Rs 1,236 crores and PAT of Rs 625 crores. Management said normalized revenue growth, excluding U.S. tariff impact, was 19% and normalized EBITDA margin was 11.8%. The company highlighted growth across basmati and specialty rice, India, North America and Europe segments, while noting the organic foods segment remained under margin pressure from currency fluctuations and commodity price pressure.
Numbers mentioned
Revenue including other income: INR11,023 crores (FY26)
p. 4
“the revenue, including other income, grew to INR11,023 crores, which is up by 26% on a year-on-year basis”
Monika Jaggia, page 4 of the filed PDF · View the filing
Gross profit: INR3,692 crores (FY26)
p. 4
“Gross profit increased to INR3,692 crores, with normalized gross profit around 35.3%, excluding U.S. tariff and change in the shipment terms.”
Monika Jaggia, page 4 of the filed PDF · View the filing
EBITDA: INR1,236 crores (FY26)
p. 4
“EBITDA rose to INR1,236 crores”
Monika Jaggia, page 4 of the filed PDF · View the filing
Profit after tax: INR625 crores (FY26)
p. 4
“Profit after tax stood at INR625 crores.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Normalized EBITDA margin: 11.8% (FY26)
p. 4
“the normalized revenue growth was 19% and EBITDA margin moderated to 11.8%, excluding U.S. tariff, reflecting higher brand investments and strategic spending”
Monika Jaggia, page 4 of the filed PDF · View the filing
Working capital days: 176 days (FY26)
p. 4
“We continue to strengthen our financial discipline with our working capital days improved to 176 days versus 196 days last year.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Net debt to EBITDA: 0.6x (FY26)
p. 4
“Net debt remains controlled with net debt to EBITDA at 0.6x and net debt equity at 0.16 in FY26.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Q4 revenue: INR2,938 crores (Q4 FY26)
p. 4
“For the fourth quarter, the revenue grew to INR2,938 crores, EBITDA stood at INR300 crores and PAT was around INR136 crores.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Basmati and specialty rice segment revenue: INR9,742 crores (FY26)
p. 4
“Normalized growth 21%, excluding the U.S. tariff with revenue in tune of INR9,742 crores, reflecting the enduring strength of our strong brand equity and deepening consumer base in our products across the world.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Basmati and specialty rice EBITDA margin: 12.3% (FY26)
p. 4
“The segment maintained a healthy EBITDA margin of 12.3%.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Organic Foods and Ingredients segment revenue: INR1,016 crores (FY26)
p. 4
“Our organic Foods and Ingredients segment grew by 9% and crossed INR1,016 crores in the revenue in FY26.”
Monika Jaggia, page 4 of the filed PDF · View the filing
Ready-to-heat and ready-to-cook segment revenue: INR187 crores (FY26)
p. 5
“Our ready-to-heat and ready-to-cook segment business has grown 2.5x over the last 5 years. Reaching INR187 crores in FY26 as consumers increasingly seek convenient and healthy meal solutions at home.”
Monika Jaggia, page 5 of the filed PDF · View the filing
India business value growth: 10% (FY26)
p. 5
“Our India business continued its strong trajectory, ending the year with 10% value and 12% volume growth, a testament to the resonance continues to build with Indian consumers.”
Monika Jaggia, page 5 of the filed PDF · View the filing
India household reach: 64.4 lakhs (FY26)
p. 5
“Our household reach in India rose to 64.4 lakhs as per the Kantar, a 22.8% expansion over the last 15 months.”
Monika Jaggia, page 5 of the filed PDF · View the filing
India market share: 23.7% (FY26)
p. 5
“Our market share in India stands at 23.7% as per the Nielsen report.”
Monika Jaggia, page 5 of the filed PDF · View the filing
North America revenue mix: 48% (FY26)
p. 5
“North America remains our largest market, contributing 48% of our revenue mix in FY26 and delivering 53% growth.”
Monika Jaggia, page 5 of the filed PDF · View the filing
Europe revenue growth: 34% (FY26)
p. 5
“Europe continued its growth journey, delivering 34% revenue growth in FY26 and advancing meaningfully towards our 5-year target of GBP 100 million in U.K revenue.”
Monika Jaggia, page 5 of the filed PDF · View the filing
Southeast Asia revenue: INR53 crores (FY26)
p. 6
“During the year, we expanded our presence in Southeast Asia with INR53 crores in revenue in FY26 and successfully launched Mazza Basmati rice in Saudi Arabia.”
Monika Jaggia, page 6 of the filed PDF · View the filing
Basmati and specialty segment volume growth: 19% (FY26)
p. 6
“So, volume in the overall basmati and the specialty segment in this year-on-year basis grew by almost 19% this year.”
Sachin Gupta, page 6 of the filed PDF · View the filing
UK revenue: GBP 45 million (FY26)
p. 7
“This year, U.K. is roughly GBP 45 million revenue.”
Ashwani Arora, page 7 of the filed PDF · View the filing
India distribution reach: 172,000 outlets
p. 7
“So India distribution is flat at 172,000.”
Rohan Grover, page 7 of the filed PDF · View the filing
Gross margin FY25: 24.6% (FY25)
p. 8
“So if you look at my gross margins in FY25, it was almost 24.6% it reduced on the 100 basis points.”
Sachin Gupta, page 8 of the filed PDF · View the filing
Golden Star revenue contribution: 10% of overall revenue
p. 11
“Regarding the revenue contribution, it is contributing 10% of the overall revenue in this segment.”
Sachin Gupta, page 11 of the filed PDF · View the filing
Golden Star Q4 revenue: INR250 crores (Q4)
p. 11
“Proportionately divided. So 25 million, which is INR250 crores.”
Ashwani Arora, page 11 of the filed PDF · View the filing
Capex spent: INR350 crores (FY26)
p. 12
“The capex spent in the last year is almost INR350 crores.”
Sachin Gupta, page 12 of the filed PDF · View the filing
Regional rice portfolio revenue: INR170-odd crores
p. 16
“So it's approximately now around INR170-odd crores in revenue, which comes out of our regional rice portfolio.”
Ritesh Arora, page 16 of the filed PDF · View the filing
Inventory days: 250 days
p. 11
“But overall, the inventory we have maintained that inventory levels of almost 250 days of inventory, which I'm sitting as of March 31.”
Sachin Gupta, page 11 of the filed PDF · View the filing
India milling capacity: 8 lakh tons
p. 16
“Okay. So we have in terms of millings, paddy to rice, we have we have 8 lakh tons of capacity in India.”
Ashwani Arora, page 16 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.
EBITDA margin — around 12% · FY27
stated conditionally by Ashwani Arora
p. 8
“Whatever the disruption has come, we have accounted for till time said, we are confident that we will be in the range of 12%. But as we are living in a very disrupting world, so we are confident that we will be in this range.”
Ashwani Arora, page 8 of the filed PDF · View the filing
Revenue growth — 10% to 12% · long-term
stated firmly by Sachin Gupta
p. 9
“And the guidance for the growth that we maintain that the guidance for the growth. So we are eying at 10% to 12% of growth on a long-term basis that we are and we remain to that growth levels.”
Sachin Gupta, page 9 of the filed PDF · View the filing
Gross margin — 33% to 33.5% · FY27
stated conditionally by Sachin Gupta
p. 8
“So this margin range of 33.5% or 33% will remain in the next financial year as well.”
Sachin Gupta, page 8 of the filed PDF · View the filing
RTH production restart — July
stated firmly by Ashwani Arora
p. 10
“we are confident that by July, the production will start.”
Ashwani Arora, page 10 of the filed PDF · View the filing
RTH segment revenue (U.S.) — 30 million (INR300 crores) · next 2 years
stated as an aspiration by Ashwani Arora
p. 10
“So in the next 2 years, we will be 30 million, which is INR300 crores.”
Ashwani Arora, page 10 of the filed PDF · View the filing
RTC segment revenue (India) — INR120 crores · by 2030
stated as an aspiration by Ritesh Arora
p. 10
“INR120 crores of revenue by 2030.”
Ritesh Arora, page 10 of the filed PDF · View the filing
RTH/RTC segment breakeven — INR400 crores in the segment · next 2 years
stated as an aspiration by Sachin Gupta
p. 10
“It will be in next 2 years. So as Ashwani sir told in the whole of the category, our breakeven target, that remains the same, achieving a INR400 crores in the segment will make us breakeven in this segment.”
Sachin Gupta, page 10 of the filed PDF · View the filing
UK revenue — GBP 100 million · by 2030
stated as an aspiration by Rohan Grover
p. 7
“And the goal is by 2030, we will scale it to GBP 100 million.”
Rohan Grover, page 7 of the filed PDF · View the filing
Capex — INR330-odd crores · next year
stated firmly by Ashwani Arora
p. 16
“Yes. So this year, we have spent INR330-odd crores. And the next year also will be in the same range.”
Ashwani Arora, page 16 of the filed PDF · View the filing
Long-term capex — INR250 crores of capex each year · long-term
stated as an aspiration by Sachin Gupta
p. 16
“So almost on a long-term trajectory itself, INR250 crores of capex each year that will be done.”
Sachin Gupta, page 16 of the filed PDF · View the filing
Trade payable days — 100 days
stated firmly by Sachin Gupta
p. 9
“So having said so, this payable days of 100 days will remain in the future as well.”
Sachin Gupta, page 9 of the filed PDF · View the filing
Overall growth — double-digit growth
stated as an aspiration by Monika Jaggia
p. 6
“For the future, we expect continued double-digit growth supported by global demand and new product launches, distribution expansion.”
Monika Jaggia, page 6 of the filed PDF · View the filing
Margins
stated as an aspiration by Monika Jaggia
p. 6
“Margins are expected to gradually improve as brand investments normalize, scale benefits come through.”
Monika Jaggia, page 6 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.
Volume grew 19% overall, and U.S. volume including Golden Star grew 30-35%; tariffs impacted margins but helped acquire customers.
Answered by Ashwani Arora
Asked by Abhishek Mathur: What was the U.S. and basmati segment volume growth for FY26, and impact of U.S. tariffs?
p. 7
“So this was an opportunity for us being the company which has on-ground operations. And with a better service level, we have been able to acquire more consumer, more customer by giving them the service level.”
Ashwani Arora, page 7 of the filed PDF · View the filing
Gross margins expected to remain in line with FY26/FY25 range; EBITDA margin expected to be around 12%.
Answered by Sachin Gupta
Asked by Saurabh Beria: What margin guidance can be given for FY27 gross and EBITDA margins?
p. 8
“So we expect the gross margins to be within the range of what was there in the last year.”
Sachin Gupta, page 8 of the filed PDF · View the filing
Average inventory is 190-200 days, with some premium products aged 18 months to 2 years.
Answered by Sachin Gupta
Asked by Pooja Sanghvi: What is the current inventory aging profile?
p. 9
“So my average inventory levels is around 190 days to 200 days of inventory, which we hold.”
Sachin Gupta, page 9 of the filed PDF · View the filing
Payable days reflect purchase timing patterns across the buying season and will remain around 100 days.
Answered by Sachin Gupta
Asked by Krish Lulla: Why have trade payable days risen from 45 to 100 and will this persist?
p. 9
“So the payable days of 100 days, which is there in the financial numbers, so these will remain as such.”
Sachin Gupta, page 9 of the filed PDF · View the filing
RTH targeted to reach $30 million in U.S. in 2 years; RTC in India targeted at INR120 crores by 2030; breakeven expected once segment reaches INR400 crores.
Answered by Ashwani Arora
Asked by Amit Doshi: What is the internal growth target and breakeven timeline for the RTH/RTC segment?
p. 10
“So as far as the internal aspiration we have set for this business, so RTH is very big in U.S.A. And this year, we have done 15 million.”
Ashwani Arora, page 10 of the filed PDF · View the filing
Management expects farmers to grow more due to high paddy prices last year, and believes basmati production is less sensitive to rainfall shortage.
Answered by Ashwani Arora
Asked by Amit Doshi: What is the outlook for El Nino and paddy prices for the upcoming season?
p. 11
“So in the last 40, 50 years, we have not seen any impact of the rainfall shortage on the basmati rather, farmers prefer to go basmati because it consumes lesser water.”
Ashwani Arora, page 11 of the filed PDF · View the filing
Too early to determine, but prices are not expected to fall much; Q4 saw a 25-30% increase from opening levels.
Answered by Ashwani Arora
Asked by Unni: What is the current situation with raw material (paddy) prices for the coming crop?
p. 12
“The prices have gone up very high. From the base level, if I talk about whatever was the opening price, roughly 25% to 30% prices have gone up.”
Ashwani Arora, page 12 of the filed PDF · View the filing
Major capex was on U.S. land purchase and RTH facility investment in Houston, with additional spend in UK packaging and India warehousing; similar levels expected next year.
Answered by Sachin Gupta
Asked by Damodaran: What was the capex breakdown for the year and outlook for FY27?
p. 12
“The capex spent in the last year is almost INR350 crores. And in that, the major capex that has spent is basically in the lines of the U.S.”
Sachin Gupta, page 12 of the filed PDF · View the filing
Reported growth includes rupee depreciation effects; company hedges 50-60% of currency exposure.
Answered by Ashwani Arora
Asked by Eklavya: How much of U.S. sales growth reflects currency/forex versus real volume growth?
p. 14
“We do a yearly transfer pricing with the U.S.A. And as a policy, we hedge ourselves by 50% to 60% every time. So there is a little bit gain, which was unhedged and we have the forex gain.”
Ashwani Arora, page 14 of the filed PDF · View the filing
Europe was most disrupted with sharply higher rates; U.S. saw little disruption; Middle East freight rates rose 10-15x.
Answered by Ashwani Arora
Asked by Yogesh: How much have freight costs increased and were there shipping disruptions?
p. 14
“Yes. Like Dubai was $200, now $2,200. Jeddah was $700, $800, now $2,600.”
Ashwani Arora, page 14 of the filed PDF · View the filing
Courts ordered the insurance company to release funds against a bank guarantee; INR136 crores outstanding, INR50 crores received but not yet booked pending final verdict expected in June.
Answered by Ashwani Arora
Asked by Yogesh: What is the status of the Bhopal insurance case and funds received?
p. 15
“So the lower court as well as High Court and Supreme Court has asked insurance company to give us money against bank guarantee.”
Ashwani Arora, page 15 of the filed PDF · View the filing
Capex guided at around INR250 crores annually on a long-term trajectory, based on production tonnage rather than percentage of revenue.
Answered by Ashwani Arora
Asked by Saurabh Beria: What is the capex guidance going forward relative to sales or production growth?
p. 16
“So we don't calculate on the percentage of the revenue. We calculate on the production tonnage.”
Ashwani Arora, page 16 of the filed PDF · View the filing
Management attributed the margin decline partly to tariffs, inventory buildup, and organic segment costs.
Answered by Sachin Gupta
Asked by Abhishek Mathur: Does the reported margin decline reflect higher A&P and UK investment rather than just tariffs?
p. 17
“Partly because of the tariff. The tariff if I talk about the passing of tariff to the end consumer and building up of the inventory and organic. That is the reasons for lower margins, reduced or 40 basis change in the margins.”
Sachin Gupta, page 17 of the filed PDF · View the filing
Risks flagged
US tariff-related pressure on margins and near-term uncertainty
p. 6
“Apart from this, we are witnessing some near-term pressure arising from U.S. import tariff related developments. While the input cost has increased, we have to see how it's going to impact us in the near future.”
Monika Jaggia, page 6 of the filed PDF · View the filing
Organic Foods and Ingredients segment under stress from currency and commodity pressures
p. 5
“Further, the EBITDA is also currently under stress due to currency fluctuations and commodity price pressure.”
Monika Jaggia, page 5 of the filed PDF · View the filing
Capacity constraints limiting RTH platform growth
p. 5
“However, certain growth opportunities could not be fully serviced due to capacity constraints in RTH platform.”
Monika Jaggia, page 5 of the filed PDF · View the filing
Geopolitical conflict in the Middle East, including Iran situation, affecting freight and logistics
p. 6
“We would like to highlight that despite the ongoing geopolitical conflict in the Middle East, including the heightened tensions arising from the Iran situation, LT Foods has demonstrated business resilience with no material disruption to our supply chain.”
Monika Jaggia, page 6 of the filed PDF · View the filing
Severe freight cost increases and delivery disruption in the Middle East
p. 14
“And there is a big disruption in the delivery also in the Middle East.”
Ashwani Arora, page 14 of the filed PDF · View the filing
Middle East market has strong entry barriers and limited growth opportunity
p. 11
“That's correct. That's a very tough market, very strong entry barriers.”
Rohan Grover, page 11 of the filed PDF · View the filing
Uncertain impact of El Nino on the upcoming basmati crop
p. 11
“As far as the impact of El Nino, that we are watching.”
Ashwani Arora, page 11 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.