Heritage Foods’ stock slid to ₹405.15 on the NSE at 3:13 pm, the lowest level since early 2025, after a 17% decline from its all‑time high last year.
CEO Srideep Madhavan Kesavan warned that milk prices will climb further this festive season, citing a 13–14% YoY rise in cow milk and an almost tripling of protein costs over the past 18 months.
The price hike stems from a confluence of supply‑side shocks: the West Asia war has pushed feed grain prices up, the government’s E20 ethanol mandate added to maize and de‑oiled rice bran costs, and a weak monsoon has cut fodder availability.
Milk, which accounts for roughly 52% of the company’s revenue, is sold year‑round, while the remaining 48% comes from value‑added items like ghee, paneer, and festive sweets; demand for these products remains strong despite price increases.
Heritage Foods sources milk from over 300,000 farmers across nine states and is working to boost herd size and productivity to cushion rising input costs; the company also noted a shift toward branded, high‑protein dairy as consumer preferences evolve. The firm will report its Q4 results on 15 October, and analysts expect a modest margin squeeze as input costs rise.