Heritage Foods Increases Quarterly Revenue by 18% to $138.9 Million

One of the main growth drivers was an increase in sales of value-added dairy products. Revenue from this segment rose by 39.7% to approximately $58.5 million. Excluding consumer categories of butter and ghee, value-added products accounted for a record 44% of total revenue, compared with 36% a year earlier. 

The strongest volume growth was recorded in lassi, with sales up 98%, followed by buttermilk at 60%, paneer at 33%, curd at 26%, and ice cream at 25%.

Including packaged ghee and butter, revenue from the consumer product portfolio increased by 39.3% to approximately $65.6 million. Its share of the company’s total revenue reached 49%, compared with 41% in the first quarter of the previous financial year.

Milk Procurement Costs Increased by More Than 7%

The company’s growth came amid raw milk shortages and rising procurement prices in India. The average landed cost of milk increased by 7.2% to approximately $0.484 per liter.

Despite higher raw material costs, Heritage Foods increased milk procurement volumes by 2% to 1.81 million liters per day. The company attributed this growth to investments in the development of its milk procurement network and cooperation with farmers.

Liquid milk sales remained broadly unchanged year on year at 1.162 million liters per day. The average selling price increased by 4% to approximately $0.609 per liter. At the same time, higher raw milk costs temporarily affected the company’s profitability.

Ice Cream Business Revenue Exceeds $5.7 Million

Quarterly revenue from the ice cream business, including the GETAWAY brand, exceeded $5.7 million, increasing by 65% year on year. Sales of the company’s core ice cream brand, Alpenvie, grew by 44%.

The newly commissioned ice cream production facility reached 40% capacity utilization during the first quarter. The facility manufactures products under both the Alpenvie and GETAWAY brands.

The company also increased its stake in Peanut Butter and Jelly Limited, which owns GETAWAY, to 71%. In addition, Heritage Foods acquired the remaining 5.6% stake in Heritage Novandie Foods Limited, making it a wholly owned subsidiary.

Heritage Nutrivet Limited, a wholly owned subsidiary operating in the animal feed and related products segment, increased quarterly revenue by 37% to approximately $7.6 million. The division’s profit before tax amounted to around $208,000.

According to Heritage Foods Executive Director Brahmani Nara, during the reporting quarter the company prioritized strengthening its milk procurement system, expanding its market presence, and increasing sales of value-added products despite higher raw material costs.

All monetary figures were converted into US dollars at the closing exchange rate on July 16, 2026 — ₹96.345 per $1. The resulting amounts have been rounded.