Heritage Foods Limited (HERITGFOOD.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.0%

₹367.15

vs ₹370.70 price

Levered DCF

₹749.43

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

5.21

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.12×	19.43×	29.51×	22.77×	15.39×	9.11×	-6.24×	31.45×
P/B	2.47×	3.76×	3.89×	1.84×	2.29×	2.32×	2.18×	3.19×
P/S	0.6×	0.88×	0.83×	0.41×	0.56×	0.56×	0.37×	1.02×
EV / EBITDA	11.31×	10.98×	14.91×	9.79×	8.01×	5.28×	-15.44×	14.34×
Gross margin	14.3%	24.0%	9.9%	8.6%	21.3%	24.8%	17.5%	20.5%
Operating margin	4.1%	6.5%	4.1%	2.7%	5.4%	9.3%	3.1%	6.0%
Net margin	3.3%	4.6%	2.8%	1.8%	3.6%	6.1%	-5.9%	3.2%
Current ratio	1.4×	1.82×	1.71×	1.44×	1.59×	1.25×	0.84×	0.84×
Debt / equity	0.33×	0.18×	0.16×	0.23×	0.03×	0.11×	0.68×	0.37×
Interest coverage	10.76×	17.33×	16.32×	15.32×	25.7×	11.26×	3.47×	6.54×
Dividend yield	0.9%	0.6%	0.7%	0.9%	2.3%	0.8%	1.1%	0.4%
Payout ratio	15.5%	12.3%	21.8%	20.0%	36.0%	7.7%	-7.0%	13.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.6%	19.4%	13.2%	8.0%	14.7%	25.2%	-34.9%	10.1%
Return on invested capital	8.8%	16.1%	11.4%	6.6%	14.7%	24.0%	10.4%	6.8%
Return on assets	7.7%	12.1%	8.3%	5.2%	10.7%	17.1%	-16.2%	5.0%
Free cash flow yield	-6.0%	1.0%	8.4%	-10.8%	6.7%	5.9%	0.5%	0.8%
Earnings yield	5.5%	5.1%	3.4%	4.3%	6.4%	10.8%	-16.0%	3.2%
Enterprise value	₹30.1B	₹37.6B	₹32B	₹14.9B	₹14.9B	₹14.3B	₹12.6B	₹28B
Net debt / EBITDA	1.09×	0.31×	0.25×	1×	-0.07×	0.17×	-3.15×	1.21×
Cash conversion cycle (days)	17	25	15	40	29	34	17	19