Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹8,484Cr
Rev Gr TTM
Revenue Growth TTM
9.96%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

KRBL
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 29.7 | 15.1 | -8.0 | -6.4 | 3.0 | -15.2 | 4.6 | 17.0 | 9.4 | 32.1 | 18.9 | -12.2 |
| 1,136 | 1,163 | 1,020 | 1,260 | 1,140 | 1,082 | 1,148 | 1,487 | 1,219 | 1,392 | 1,285 | 1,248 |
Operating Profit Operating ProfitCr |
| 11.2 | 17.8 | 16.0 | 12.4 | 13.5 | 9.8 | 9.6 | 11.6 | 15.5 | 12.2 | 15.0 | 15.5 |
Other Income Other IncomeCr | 43 | 27 | 33 | 28 | 9 | 22 | 36 | 8 | 11 | 32 | 30 | 25 |
Interest Expense Interest ExpenseCr | 8 | 1 | 1 | 7 | 14 | 5 | 1 | 1 | 8 | 1 | 1 | 1 |
Depreciation DepreciationCr | 19 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 21 | 22 | 23 | 23 |
| 160 | 257 | 207 | 179 | 153 | 114 | 138 | 182 | 207 | 202 | 233 | 229 |
| 42 | 63 | 54 | 45 | 39 | 27 | 35 | 49 | 52 | 51 | 60 | 59 |
|
Growth YoY PAT Growth YoY% | 8.2 | 18.4 | -28.1 | -34.9 | -3.3 | -55.5 | -33.0 | -0.9 | 35.2 | 74.0 | 67.6 | 28.2 |
| 9.2 | 13.8 | 12.6 | 9.3 | 8.7 | 7.2 | 8.1 | 7.9 | 10.7 | 9.5 | 11.4 | 11.5 |
| 5.0 | 8.3 | 6.5 | 5.8 | 5.0 | 3.8 | 4.5 | 5.8 | 6.7 | 6.6 | 7.5 | 7.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 9.8 | 5.2 | -6.4 | 3.1 | 26.9 | 9.2 | -11.3 | 5.5 | 27.4 | 0.4 | 3.9 | 7.5 |
| 2,671 | 2,916 | 2,504 | 2,472 | 3,271 | 3,629 | 3,170 | 3,549 | 4,426 | 4,582 | 4,919 | 5,143 |
Operating Profit Operating ProfitCr |
| 16.4 | 13.3 | 20.4 | 23.9 | 20.6 | 19.4 | 20.6 | 15.7 | 17.5 | 14.9 | 12.1 | 14.5 |
Other Income Other IncomeCr | 2 | 61 | 10 | 18 | 15 | 23 | 23 | 43 | 93 | 97 | 61 | 99 |
Interest Expense Interest ExpenseCr | 81 | 67 | 55 | 69 | 68 | 62 | 24 | 13 | 15 | 24 | 15 | 12 |
Depreciation DepreciationCr | 53 | 50 | 61 | 68 | 64 | 73 | 72 | 74 | 76 | 79 | 81 | 89 |
| 394 | 391 | 538 | 655 | 733 | 758 | 749 | 617 | 941 | 796 | 640 | 869 |
| 72 | 98 | 138 | 221 | 230 | 199 | 190 | 158 | 240 | 200 | 164 | 222 |
|
| 26.1 | -8.9 | 36.3 | 8.8 | 15.8 | 11.0 | 0.1 | -17.8 | 52.6 | -15.0 | -20.1 | 35.9 |
| 10.1 | 8.7 | 12.7 | 13.4 | 12.2 | 12.4 | 14.0 | 10.9 | 13.1 | 11.1 | 8.5 | 10.8 |
| 13.7 | 12.4 | 17.0 | 18.5 | 21.4 | 23.7 | 23.7 | 19.5 | 29.8 | 25.7 | 20.8 | 28.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 23 | 23 | 23 |
| 1,301 | 1,475 | 1,884 | 2,264 | 2,703 | 3,104 | 3,669 | 4,047 | 4,669 | 4,835 | 5,217 | 5,460 |
Current Liabilities Current LiabilitiesCr | 1,489 | 1,183 | 1,308 | 1,365 | 1,723 | 1,052 | 728 | 487 | 729 | 919 | 837 | 612 |
Non Current Liabilities Non Current LiabilitiesCr | 251 | 298 | 206 | 190 | 186 | 242 | 206 | 190 | 168 | 149 | 148 | 163 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 2,287 | 2,061 | 2,353 | 2,820 | 3,574 | 3,172 | 3,406 | 3,595 | 4,631 | 4,961 | 5,239 | 5,250 |
Non Current Assets Non Current AssetsCr | 779 | 920 | 1,069 | 1,024 | 1,063 | 1,251 | 1,222 | 1,153 | 960 | 966 | 987 | 1,008 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 337 | 510 | 258 | 42 | -115 | 1,212 | 384 | 561 | -360 | 226 | 961 |
Investing Cash Flow Investing Cash FlowCr | -231 | -174 | -208 | -61 | 20 | -54 | -12 | -206 | 206 | -87 | -523 |
Financing Cash Flow Financing Cash FlowCr | -147 | -332 | -74 | 55 | 59 | -1,148 | -227 | -322 | 5 | -157 | -252 |
|
Free Cash Flow Free Cash FlowCr | 105 | 338 | 51 | 5 | -136 | 1,182 | 343 | 520 | -419 | 141 | 866 |
| 104.6 | 174.1 | 64.7 | 9.6 | -22.8 | 217.1 | 68.7 | 122.1 | -51.4 | 38.0 | 201.8 |
CFO To EBITDA CFO To EBITDA% | 64.0 | 114.2 | 40.1 | 5.4 | -13.5 | 139.2 | 46.7 | 84.7 | -38.4 | 28.2 | 142.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 3,925 | 5,240 | 9,699 | 10,234 | 7,955 | 3,208 | 4,222 | 4,743 | 8,147 | 6,352 | 6,265 |
Price To Earnings Price To Earnings | 12.2 | 17.9 | 24.3 | 23.6 | 15.8 | 5.8 | 7.5 | 10.3 | 11.6 | 10.7 | 13.2 |
Price To Sales Price To Sales | 1.2 | 1.6 | 3.1 | 3.1 | 1.9 | 0.7 | 1.1 | 1.1 | 1.5 | 1.2 | 1.1 |
Price To Book Price To Book | 3.0 | 3.5 | 5.1 | 4.5 | 2.9 | 1.0 | 1.1 | 1.2 | 1.7 | 1.3 | 1.2 |
| 9.9 | 14.1 | 16.7 | 14.7 | 11.0 | 4.3 | 5.4 | 6.8 | 8.9 | 8.6 | 9.2 |
Profitability Ratios Profitability Ratios |
| 24.9 | 21.4 | 29.2 | 33.2 | 29.8 | 28.4 | 30.9 | 27.3 | 29.4 | 25.7 | 24.7 |
| 16.4 | 13.3 | 20.4 | 23.9 | 20.6 | 19.4 | 20.6 | 15.7 | 17.5 | 14.9 | 12.1 |
| 10.1 | 8.7 | 12.7 | 13.4 | 12.2 | 12.4 | 14.0 | 10.9 | 13.1 | 11.1 | 8.5 |
| 18.2 | 17.7 | 20.0 | 20.7 | 19.3 | 22.3 | 19.0 | 15.0 | 19.3 | 15.2 | 11.6 |
| 24.3 | 19.6 | 20.9 | 19.0 | 18.4 | 17.9 | 15.1 | 11.3 | 14.9 | 12.3 | 9.1 |
| 10.5 | 9.8 | 11.7 | 11.3 | 10.8 | 12.6 | 12.1 | 9.7 | 12.5 | 10.1 | 7.7 |
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.