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KRBL Ltd

KRBL
NSE
370.65
0.99%
Last Updated:
29 Apr '26, 4:00 PM
Company Overview
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KRBL Ltd

KRBL
NSE
370.65
0.99%
29 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
8,484Cr
Close
Close Price
370.65
Industry
Industry
FMCG - Rice
PE
Price To Earnings
13.11
PS
Price To Sales
1.41
Revenue
Revenue
6,015Cr
Rev Gr TTM
Revenue Growth TTM
9.96%
PAT Gr TTM
PAT Growth TTM
48.39%
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KRBL
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue
RevenueCr
1,2801,4141,2141,4381,3181,1991,2701,6821,4421,5841,5111,477
Growth YoY
Revenue Growth YoY%
29.715.1-8.0-6.43.0-15.24.617.09.432.118.9-12.2
Expenses
ExpensesCr
1,1361,1631,0201,2601,1401,0821,1481,4871,2191,3921,2851,248
Operating Profit
Operating ProfitCr
144252195178178117123195224193226229
OPM
OPM%
11.217.816.012.413.59.89.611.615.512.215.015.5
Other Income
Other IncomeCr
4327332892236811323025
Interest Expense
Interest ExpenseCr
8117145118111
Depreciation
DepreciationCr
192020202020202021222323
PBT
PBTCr
160257207179153114138182207202233229
Tax
TaxCr
426354453927354952516059
PAT
PATCr
11819515313411487103133154151172170
Growth YoY
PAT Growth YoY%
8.218.4-28.1-34.9-3.3-55.5-33.0-0.935.274.067.628.2
NPM
NPM%
9.213.812.69.38.77.28.17.910.79.511.411.5
EPS
EPS
5.08.36.55.85.03.84.55.86.76.67.57.4

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
3,1973,3633,1483,2474,1204,4993,9924,2115,3655,3855,5946,015
Growth
Revenue Growth%
9.85.2-6.43.126.99.2-11.35.527.40.43.97.5
Expenses
ExpensesCr
2,6712,9162,5042,4723,2713,6293,1703,5494,4264,5824,9195,143
Operating Profit
Operating ProfitCr
526447644774850870822662939802674872
OPM
OPM%
16.413.320.423.920.619.420.615.717.514.912.114.5
Other Income
Other IncomeCr
26110181523234393976199
Interest Expense
Interest ExpenseCr
816755696862241315241512
Depreciation
DepreciationCr
535061686473727476798189
PBT
PBTCr
394391538655733758749617941796640869
Tax
TaxCr
7298138221230199190158240200164222
PAT
PATCr
322293399434503558559459701596476647
Growth
PAT Growth%
26.1-8.936.38.815.811.00.1-17.852.6-15.0-20.135.9
NPM
NPM%
10.18.712.713.412.212.414.010.913.111.18.510.8
EPS
EPS
13.712.417.018.521.423.723.719.529.825.720.828.3

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
Equity CapitalCr
242424242424242424232323
Reserves
ReservesCr
1,3011,4751,8842,2642,7033,1043,6694,0474,6694,8355,2175,460
Current Liabilities
Current LiabilitiesCr
1,4891,1831,3081,3651,7231,052728487729919837612
Non Current Liabilities
Non Current LiabilitiesCr
251298206190186242206190168149148163
Total Liabilities
Total LiabilitiesCr
3,0662,9813,4223,8444,6364,4234,6284,7485,5915,9276,2266,258
Current Assets
Current AssetsCr
2,2872,0612,3532,8203,5743,1723,4063,5954,6314,9615,2395,250
Non Current Assets
Non Current AssetsCr
7799201,0691,0241,0631,2511,2221,1539609669871,008
Total Assets
Total AssetsCr
3,0662,9813,4223,8444,6364,4234,6284,7485,5915,9276,2266,258

Cash Flow

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
33751025842-1151,212384561-360226961
Investing Cash Flow
Investing Cash FlowCr
-231-174-208-6120-54-12-206206-87-523
Financing Cash Flow
Financing Cash FlowCr
-147-332-745559-1,148-227-3225-157-252
Net Cash Flow
Net Cash FlowCr
-424-2335-351014532-149-18186
Free Cash Flow
Free Cash FlowCr
105338515-1361,182343520-419141866
CFO To PAT
CFO To PAT%
104.6174.164.79.6-22.8217.168.7122.1-51.438.0201.8
CFO To EBITDA
CFO To EBITDA%
64.0114.240.15.4-13.5139.246.784.7-38.428.2142.5

Ratios

Consolidated
Standalone
Financial YearMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
3,9255,2409,69910,2347,9553,2084,2224,7438,1476,3526,265
Price To Earnings
Price To Earnings
12.217.924.323.615.85.87.510.311.610.713.2
Price To Sales
Price To Sales
1.21.63.13.11.90.71.11.11.51.21.1
Price To Book
Price To Book
3.03.55.14.52.91.01.11.21.71.31.2
EV To EBITDA
EV To EBITDA
9.914.116.714.711.04.35.46.88.98.69.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
24.921.429.233.229.828.430.927.329.425.724.7
OPM
OPM%
16.413.320.423.920.619.420.615.717.514.912.1
NPM
NPM%
10.18.712.713.412.212.414.010.913.111.18.5
ROCE
ROCE%
18.217.720.020.719.322.319.015.019.315.211.6
ROE
ROE%
24.319.620.919.018.417.915.111.314.912.39.1
ROA
ROA%
10.59.811.711.310.812.612.19.712.510.17.7
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** KRBL Limited, founded in **1899**, is the **world’s largest rice miller** and the **leading exporter of branded Basmati rice**, with operations spanning over 135 years. Headquartered in India, the company operates a **fully integrated farm-to-plate value chain**, covering seed development, contract farming, milling, processing, packaging, and global marketing. Its flagship brand, **India Gate**, is recognized as the **World’s No. 1 Basmati Rice Brand** and reaches **over 1.1 crore Indian households**. KRBL markets its products in **over 90 countries** across six continents and serves diverse customer segments—from individual consumers to institutional clients in the **HORECA (Hotels, Restaurants, and Catering)** sector. The company has evolved from a legacy basmati rice supplier into a **broad-based FMCG food provider**, with a strategic focus on health, convenience, sustainability, and digital transformation. --- ### **Strategic Evolution & Diversification (2024–2025)** KRBL is transitioning from a heritage rice brand to a **comprehensive kitchen staples and wellness solutions brand**, driven by strong consumer insights and brand equity. #### **1. Expansion Beyond Basmati: Entry into FMCG and Wellness** - In **FY25**, KRBL launched **Uplife**, a new health-forward sub-brand under the India Gate umbrella, marking its strategic entry into the **functional foods and wellness market**. - **Key Uplife Products:** - *GUT Pro Oil*: India’s first gut-friendly cooking oil. - *Weight Watchers Oil*: Designed for weight management. - The Uplife platform is expected to grow into a **multi-category wellness ecosystem**, targeting urban, health-conscious consumers. - Revenue from the **health and wellness segment** reached ₹79 crore in Q3 FY25 (up **158% YoY**), and the company aims for **₹300 crore in annual revenue** from edible oils alone within three years. #### **2. Product Portfolio Expansion** - **Biryani & Culinary Solutions:** - Launched **India Gate Classic Biryani Masala and Pulaos** across three regional variants (Hyderabadi, Lucknowi, Kolkata), gaining **over 10% market share in modern trade** within months. - Also introduced **ready-to-cook Biryani Masalas**, initially successful in e-commerce and modern trade, now expanding into general trade. - **Regional Rice Segment:** - Targeting high-growth regional markets in South and East India with **Sona Masuri, Kolam, and Gobindobhog**. - Regional rice revenues grew to **₹250 crore in FY25**, from ₹200 crore in FY24, with a strategic goal to reach **100,000 MT in the next three years**. - **New Product Lines:** - Introduction of **Poha, Quinoa, Chia Seeds, Flax Seeds, and Sprouted Brown Rice** to diversify into nutritional staples. --- ### **Brand & Marketing Strategy** KRBL is actively repositioning **India Gate** as a modern, aspirational, and consumer-centric brand aligned with **health, culture, convenience, and sustainability**. #### **Key Initiatives:** - **Rebranding & Packaging:** - Completed a **two-year rebranding exercise** with **Landor**, introducing **four consumer personas**: *The Perfectionist, Habitualist, Quality Seeker, and Maximiser*. - Packaging now features **benefit-led qualifiers** and shelf-appealing designs reflecting target customer lifestyles. - Integrated **QR codes** on packs link to cooking tips, product stories, and brand engagement—enhancing digital transparency. - **Brand Ambassador:** - Appointed **Amitabh Bachchan** as brand ambassador, aligning legacy, authenticity, and trust with India Gate. - **Digital Engagement:** - Launched the **‘Phata Poster Nikla Star’** multimedia campaign, generating **300 million impressions and 35 million engagements**, including a **45-day Kumbh Mela installation**. - Active on **Arabic-language TV** in key Middle East geographies and uses **location-based social media campaigns** for local customization. - Strong performance in **MENA region**, leveraging Ramadan and Eid campaigns with influencers like **Dr. Dana Al Hamwi** and regional chefs. - **Market Leadership:** - KRBL holds a **75% share of voice (SOV)** in the Basmati category—making it the **#1 advertiser in India** for Basmati rice. --- ### **Distribution & Channel Strategy** KRBL is executing a **multi-channel growth strategy**, prioritizing modern trade, e-commerce, quick commerce, and **HORECA expansion**, while also strengthening penetration in traditional trade. #### **Key Metrics (As of Nov 2025):** - **Domestic Sales (First 9 Months FY25):** ₹3,009 crore (+3% YoY). - **Modern Trade Share:** 42.2% (Q3 FY25), up from 36.2% YoY. - **E-commerce:** **Fastest-growing channel**, with **40% market share growth** and **digital sales quadrupling** from ₹50 crore (FY22) to ₹200 crore (FY24). - **Distribution Network:** - Over **850 distributors**, aiming for **1,000+**. - Expanded **CFA (Contract Fulfilment Agent) network to 16 hubs**, boosting finished goods inventory to **3,500–3,800 MT**. - **FOR (First Order Reimbursement)** model rolled out to improve governance and efficiency in modern trade. --- ### **International Markets & Exports** Export revenue accounted for **26.33% of total turnover**, with **₹1,473 crore in FY25**—driven by both branded and bulk exports. #### **Geographic Breakdown:** - **Middle East (61%)**: Core market; India Gate dominates premium segments in UAE, Kuwait, Qatar. - **Africa (14%)**: Strong presence; Nur Jahan brand holds **39% market share in South Africa**. - **Oceania (7%)**: India Gate is **top Indian Basmati brand** in Australia, New Zealand. - **Europe (6%)**: Rebounding through **brown rice exports** (95% of EU sales). - **North America (7%)**: Growing diaspora acceptance; leadership in Canada. #### **International Expansion:** - Establishing **own office in Saudi Arabia by March 2025**, after distributor challenges. - Resolving **Iran import suspension**; licenses expected to resume in Q4 FY25. - Appointed **distributors in new markets**, including China (one of few Indian exporters approved). - Targeting **diversification** to reduce dependency on Middle East (67% of branded exports). --- ### **Operations & Supply Chain Transformation** KRBL’s competitive advantage lies in its **vertically integrated, tech-enabled supply chain**. #### **Key Operational Highlights:** - **Milling Capacity:** - **233 tonnes per hour** rice processing (world’s largest plant in Dhuri, Punjab). - Total paddy processing capacity: **207 tonnes/hour**. - **Contract Farming:** - **Largest in India**, covering 300,000+ hectares and **95,000+ farmers**. - Uses **GI-tagged rice** and a proprietary **2-year aging process** (especially for India Gate Classic). - **New Plants:** - **Anjar, Gujarat (operational since 2023)**: Proximity to Kandla Port reduces export logistics costs. - **Gangavathi, Karnataka & Raisen, MP**: Under construction to boost non-Basmati capacity. - **Digitization & Efficiency:** - **Project Disha**: In-house **Distributor Management System (DMS)** improves data-driven planning. - **3x3 SKU Matrix & Pull-Based Inventory System** enhance scalability. - **SuperProcure** digitizes freight, enabling real-time fleet visibility. - **Rented pallets (via LEAP India)** under an **asset-light model**. --- ### **Sustainability & ESG Initiatives** KRBL integrates **sustainability across its value chain**: - **Renewable Energy:** Total capacity of **~147 MW** from: - **Biomass (17.59 MW)**: Rice husk used for captive power. - **Wind (112.25 MW)**: Across 6 states. - **Solar (17 MW)**: In Haryana and Madhya Pradesh. - **Waste Valorization:** Produces rice bran oil, de-oiled cake, and furfural as by-products. - **Sustainable Packaging:** 25% of packaging now **recyclable**; reduction in plastic. - **Farmer Support:** Pays within **3–7 days**, promotes organic farming and **IPM (Integrated Pest Management)** kits. --- ### **Leadership & Vision** - **Chairman & MD:** **Anil Kumar Mittal** - **Joint MDs:** **Arun & Anoop Gupta** - **Key Executives:** - **Akshay Gupta**: Global markets & exports. - **Kunal Gupta**: Operations at Dhuri plant. - **Ayush Gupta**: Head of Domestic Business, spearheading modern trade & e-commerce. **Long-Term Vision:** To become a **trusted, holistic food solutions provider**, expanding **kitchen and wallet share** beyond rice, through **innovation, digitization, and sustainability**. --- ### **Strategic Priorities for 2025–2026** 1. **Strengthen Uplife** as a full-fledged health & wellness platform. 2. **Scale regional rice** to 100,000 MT with high-margin varieties. 3. **Expand HORECA product line** (India Gate HORECA) and institutional sales. 4. **Drive omnichannel penetration**, especially in **Tier 1/2 towns and quick commerce**. 5. **Enter 5–10 new international markets**, reducing geographic concentration. 6. **Continue digitization** of supply chain, distribution, and sales execution.