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Lotus Chocolate Company Ltd

LOTUSCHO

NSE

₹538.05-2.91%19 Oct 2026

Reports

FMCG Chocolate

Lotus Chocolate Company Ltd

LOTUSCHO

NSE

₹538.05

-2.91%

19 Oct 2026

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FMCG Chocolate

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Lotus Chocolate is a bean-to-barrel manufacturer that was once a quiet industrial supplier of cocoa mass, butter and powder to Indian bakeries and ice-cream makers. Incorporated in 1989 and operating since 1992, the company was acquired by the Reliance group in 2023 and is now being reshaped from a commodity-led B2B processor into a consumer-branded chocolate and confectionery house. The recurring approach is vertical control: it buys raw cocoa beans, processes them in its own Telangana factories into every intermediate derivative, and is now pushing those same ingredients into its own branded sweets, capturing margin at each step.

Business segments

A single integrated engine with two faces - a bean-to-derivative B2B ingredient mill that has fed industrial customers for three decades, and a fast-scaling consumer brand business that pours the same chocolate into affordable bars and eclairs.

1. Cocoa derivatives and B2B ingredients: the industrial chocolate backbone

This is a bean-to-derivative mill that buys raw cocoa beans, breaks them into mass, butter and powder, and sells those ingredients by the tonne to food manufacturers - a volume-driven, transaction-based model.

Starts with the bean, not the block - the company sources fine-quality cocoa beans from domestic growers and African origins, then processes them in-house into cocoa mass (pure chocolate), cocoa butter (the fat that gives chocolate its melt) and cocoa powder, rather than buying semi-finished inputs from others.
Sells ingredients, not just chocolate - the B2B portfolio spans compound chips for ice-cream coatings, compound slabs for bakery decorations, spreads, éclair centers and ice-cream covering, making it a one-stop supplier for manufacturers who need multiple chocolate formats.
Volume is the business model - in FY 2025, the B2B operation moved 9,079 tonnes of product, with choco chips alone accounting for 4,091 tonnes, followed by cocoa mass at 1,995 tonnes and cocoa powder at 1,355 tonnes; revenue is recognised per kilogram when the customer takes control of the goods.
Two plants, one cluster - both processing units sit near Hyderabad in Telangana, one on Sangareddy Road and the other in the IDA Bollaram industrial area, giving the company a concentrated manufacturing footprint with food-safety certifications including FSSC 22000 and ISO 22000.
Serves the wholesale kitchen - principal products are sold to wholesale channels, reaching ice-cream manufacturers, bakeries and food companies across India, with a growing eye on home bakers and the HoReCa (hotel, restaurant and café) trade.

2. Consumer-facing chocolates and confectionery: the branded growth engine

The company is building a B2C brand portfolio in affordable chocolates and confectionery, taking the same chocolate it already makes and wrapping it in consumer packs for general trade and modern retail.

Filling the affordable gap - as international players like Mondelez, Nestlé and Ferrero have pushed the chocolate category toward premium price points, Lotus sees an opening in the affordable segment, while in confectionery it aims to build national brands in a fragmented market where the top player holds only about 25% share.
A young but growing shelf - in FY 2025, the B2C business sold 500 tonnes of branded products, led by eclairs at 180 tonnes, Toffeeman at 106 tonnes and Tango at 67 tonnes, with new launches added during the year in both confectionery and chocolate categories.
Distribution through the Reliance network and beyond - the go-to-market strategy leans on deeper penetration in general trade, modern retail, and partnerships with channels like Reliance Smart Points and Metro Cash & Carry, building an omni-channel pathway that spans standalone chains and general retail outlets.
The team doubled to feed the brand push - total headcount jumped from 85 to 173 people in a single year, with 41 of those new hires dedicated specifically to the B2C confectionery business, signalling how seriously the company is staffing its consumer ambitions.

Group structure and partners

Lotus Chocolate sits inside the Reliance Industries group, which acquired a 51% controlling stake in 2023 and has since restructured its consumer holdings to place the company under a dedicated FMCG entity.

Acquired by Reliance Consumer Products - Reliance Consumer Products Limited (RCPL) bought 51% of Lotus Chocolate from the founding Pai family under a Share Purchase Agreement dated December 29, 2022, for INR 74 crore in cash, at INR 113 per share, and made a mandatory open offer to public shareholders at INR 115.50 per share.
Restructured into a new FMCG vehicle - in December 2025, a court-sanctioned composite scheme moved the 51% stake from Reliance Consumer Products Limited (RCPL) to Tira Beauty Limited, which was then renamed Reliance Consumer Products Limited, making that entity the direct promoter while Reliance Industries Limited remains the ultimate holding company.
A short-lived subsidiary was absorbed - shortly after the acquisition, Lotus bought Soubhagya Confectionery Private Limited, a bulk and contract manufacturer of confectionery, for Rs. 18 crore; that subsidiary was amalgamated into Lotus with effect from May 2023 and ceased to exist as a separate entity by August 2024.
No other subsidiaries or associates - as of the latest filings, the company operates as a single standalone entity with no remaining subsidiary, joint venture or associate company.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹691Cr

Close Price

₹538.05

Industry

FMCG Chocolate

Price To Earnings

—

Price To Sales

1.56

Revenue

₹444Cr

Rev Gr TTM

Revenue Growth TTM

-28.80%

PAT Gr TTM

PAT Growth TTM

-184.74%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	52	66	141	128	147	157	159	160	134	127	92	91
Growth YoY Revenue Growth YoY%	291.1	433.8	471.2	166.8	182.6	139.2	12.3	25.1	-8.9	-19.5	-42.1	-43.0
Expenses ExpensesCr	51	64	130	120	141	152	154	157	145	139	108	111
Operating Profit Operating ProfitCr	1	2	11	9	6	6	5	4	-11	-12	-16	-20
OPM OPM%	1.6	2.7	7.9	6.6	4.0	3.6	3.1	2.2	-8.2	-9.7	-17.9	-21.7
Other Income Other IncomeCr	0	0	0	0	0	0	4	5	17	11	20	18
Interest Expense Interest ExpenseCr	0	0	1	1	2	3	4	4	4	4	2	2
Depreciation DepreciationCr	0	0	0	0	0	1	1	1	1	1	1	1
PBT PBTCr	1	1	10	7	4	2	4	2	1	-6	0	-5
Tax TaxCr	0	-3	4	2	0	1	1	1	0	-1	0	-2
PAT PATCr	1	4	7	5	4	1	3	1	0	-4	0	-4
Growth YoY PAT Growth YoY%	182.2	168.8	3,911.1	5,722.2	520.0	-64.5	-56.4	-72.5	-96.2	-414.8	-99.3	-363.9
NPM NPM%	1.2	6.1	4.8	4.1	2.5	0.9	1.9	0.9	0.1	-3.5	0.0	-4.2
EPS EPS₹	0.5	3.0	5.3	4.1	2.9	1.1	2.3	1.1	0.1	-3.5	0.0	-3.0

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	52	66	141	128	147	157	159	160	134	127	92	91
Growth YoY Revenue Growth YoY%	291.1	433.8	471.2	166.8	182.6	139.2	12.3	25.1	-8.9	-19.5	-42.1	-43.0
Expenses ExpensesCr	51	64	130	120	141	152	154	157	145	139	108	111
Operating Profit Operating ProfitCr	1	2	11	9	6	6	5	4	-11	-12	-16	-20
OPM OPM%	1.6	2.7	7.9	6.6	4.0	3.6	3.1	2.2	-8.2	-9.7	-17.9	-21.7
Other Income Other IncomeCr	0	0	0	0	0	0	4	5	17	11	20	18
Interest Expense Interest ExpenseCr	0	0	1	1	2	3	4	4	4	4	2	2
Depreciation DepreciationCr	0	0	0	0	0	1	1	1	1	1	1	1
PBT PBTCr	1	1	10	7	4	2	4	2	1	-6	0	-5
Tax TaxCr	0	-3	4	2	0	1	1	1	0	-1	0	-2
PAT PATCr	1	4	7	5	4	1	3	1	0	-4	0	-4
Growth YoY PAT Growth YoY%	182.2	168.8	3,911.1	5,722.2	520.0	-64.5	-56.4	-72.5	-96.2	-414.8	-99.3	-363.9
NPM NPM%	1.2	6.1	4.8	4.1	2.5	0.9	1.9	0.9	0.1	-3.5	0.0	-4.2
EPS EPS₹	0.5	3.0	5.3	4.1	2.9	1.1	2.3	1.1	0.1	-3.5	0.0	-3.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	65	66	57	66	70	48	87	63	200	574	580	444
Growth Revenue Growth%	7.6	1.6	-14.4	15.4	6.4	-31.5	81.7	-27.9	218.9	186.8	1.0	-28.8
Expenses ExpensesCr	63	65	54	64	68	45	81	68	197	543	594	503
Operating Profit Operating ProfitCr	3	1	3	2	2	2	6	-6	3	31	-15	-60
OPM OPM%	4.2	2.2	4.8	3.0	2.2	5.0	7.3	-9.1	1.5	5.4	-2.5	-13.4
Other Income Other IncomeCr	0	0	0	0	0	0	0	-1	1	1	36	65
Interest Expense Interest ExpenseCr	1	1	1	0	0	0	0	0	1	7	16	12
Depreciation DepreciationCr	1	1	1	1	1	1	0	0	1	2	4	4
PBT PBTCr	1	0	1	1	1	2	6	-7	2	23	1	-11
Tax TaxCr	0	0	0	0	0	0	0	0	-3	6	1	-2
PAT PATCr	1	0	1	1	1	2	6	-7	5	17	0	-8
Growth PAT Growth%	76.9	-137.0	300.0	43.5	-34.0	101.2	239.3	-215.8	172.7	240.8	-99.4	-184.7
NPM NPM%	1.9	-0.7	1.6	2.0	1.3	3.7	6.9	-11.1	2.5	3.0	0.0	-1.8
EPS EPS₹	1.0	-0.4	0.8	1.0	0.7	1.4	4.7	-6.0	3.8	13.4	0.1	-6.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	65	66	57	66	70	48	87	63	200	574	580	444
Growth Revenue Growth%	7.6	1.6	-14.4	15.4	6.4	-31.5	81.7	-27.9	218.9	186.8	1.0	-28.8
Expenses ExpensesCr	63	65	54	64	68	45	81	68	197	543	594	503
Operating Profit Operating ProfitCr	3	1	3	2	2	2	6	-6	3	31	-15	-60
OPM OPM%	4.2	2.2	4.8	3.0	2.2	5.0	7.3	-9.1	1.5	5.4	-2.5	-13.4
Other Income Other IncomeCr	0	0	0	0	0	0	0	-1	1	1	36	65
Interest Expense Interest ExpenseCr	1	1	1	0	0	0	0	0	1	7	16	12
Depreciation DepreciationCr	1	1	1	1	1	1	0	0	1	2	4	4
PBT PBTCr	1	0	1	1	1	2	6	-7	2	23	1	-11
Tax TaxCr	0	0	0	0	0	0	0	0	-3	6	1	-2
PAT PATCr	1	0	1	1	1	2	6	-7	5	17	0	-8
Growth PAT Growth%	76.9	-137.0	300.0	43.5	-34.0	101.2	239.3	-215.8	172.7	240.8	-99.4	-184.7
NPM NPM%	1.9	-0.7	1.6	2.0	1.3	3.7	6.9	-11.1	2.5	3.0	0.0	-1.8
EPS EPS₹	1.0	-0.4	0.8	1.0	0.7	1.4	4.7	-6.0	3.8	13.4	0.1	-6.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	13	13	13	13	13	13	13	13	13	13	13	13
Reserves ReservesCr	-23	-24	-22	-21	-20	-18	-12	-19	-14	3	3	43
Current Liabilities Current LiabilitiesCr	19	11	8	7	8	8	13	10	22	201	202	134
Non Current Liabilities Non Current LiabilitiesCr	18	18	17	15	13	12	6	4	8	10	14	15
Total Liabilities Total LiabilitiesCr	34	26	22	21	21	22	27	15	73	270	276	205
Current Assets Current AssetsCr	28	19	18	17	18	19	24	12	48	238	234	159
Non Current Assets Non Current AssetsCr	6	7	4	4	3	3	3	3	25	33	42	46
Total Assets Total AssetsCr	34	26	22	21	21	22	27	15	73	270	276	205

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	13	13	13	13	13	13	13	13	13	13	13	13
Reserves ReservesCr	-23	-24	-22	-21	-20	-18	-12	-19	-14	3	3	43
Current Liabilities Current LiabilitiesCr	19	11	8	7	8	8	13	10	22	201	202	134
Non Current Liabilities Non Current LiabilitiesCr	18	18	17	15	13	12	6	4	8	10	14	15
Total Liabilities Total LiabilitiesCr	34	26	22	21	21	22	27	15	73	270	276	205
Current Assets Current AssetsCr	28	19	18	17	18	19	24	12	48	238	234	159
Non Current Assets Non Current AssetsCr	6	7	4	4	3	3	3	3	25	33	42	46
Total Assets Total AssetsCr	34	26	22	21	21	22	27	15	73	270	276	205

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-10	1	1	1	3	1	6	3	-21	-130	93
Investing Cash Flow Investing Cash FlowCr	-1	-1	1	0	0	0	0	-1	-17	-13	-6
Financing Cash Flow Financing Cash FlowCr	11	-1	-2	-2	-2	-1	-6	-2	43	137	-75
Net Cash Flow Net Cash FlowCr	0	-1	0	-1	1	-1	-1	0	5	-6	12
Free Cash Flow Free Cash FlowCr	-11	0	1	1	3	1	5	2	-38	-143	87
CFO To PAT CFO To PAT%	-794.7	-217.6	137.6	97.6	326.8	46.6	93.9	-40.9	-414.8	-752.3	93,226.5
CFO To EBITDA CFO To EBITDA%	-363.5	70.5	47.3	67.2	184.1	34.5	89.4	-50.0	-711.2	-415.8	-635.5

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-10	1	1	1	3	1	6	3	-21	-130	93
Investing Cash Flow Investing Cash FlowCr	-1	-1	1	0	0	0	0	-1	-17	-13	-6
Financing Cash Flow Financing Cash FlowCr	11	-1	-2	-2	-2	-1	-6	-2	43	137	-75
Net Cash Flow Net Cash FlowCr	0	-1	0	-1	1	-1	-1	0	5	-6	12
Free Cash Flow Free Cash FlowCr	-11	0	1	1	3	1	5	2	-38	-143	87
CFO To PAT CFO To PAT%	-794.7	-217.6	137.6	97.6	326.8	46.6	93.9	-40.9	-414.8	-752.3	93,226.5
CFO To EBITDA CFO To EBITDA%	-363.5	70.5	47.3	67.2	184.1	34.5	89.4	-50.0	-711.2	-415.8	-635.5

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	65	45	64	27	13	19	188	252	443	1,276	703	691
Price To Earnings Price To Earnings	52.0		69.3	19.9	14.6	10.7	31.3		87.5	74.1	6,842.5
Price To Sales Price To Sales	1.0	0.7	1.1	0.4	0.2	0.4	2.2	4.0	2.2	2.2	1.2	1.6
Price To Book Price To Book	-6.4	-4.1	-6.6	-3.2	-1.7	-3.3	697.1	-37.7	-246.2	83.5	45.6	12.4
EV To EBITDA EV To EBITDA	34.0	47.0	29.5	21.6	16.5	14.3	31.9	-45.3	150.0	45.7	-53.4	-13.3
Profitability Ratios Profitability Ratios
GPM GPM%	17.0	13.6	14.0	10.4	8.9	12.6	14.0	2.1	11.7	13.4	9.7	9.7
OPM OPM%	4.2	2.2	4.8	3.0	2.2	5.0	7.3	-9.1	1.5	5.4	-2.5	-13.4
NPM NPM%	1.9	-0.7	1.6	2.0	1.3	3.7	6.9	-11.1	2.5	3.0	0.0	-1.8
ROCE ROCE%	11.3	6.0	26.2	18.5	13.9	17.7	45.1	777.8	83.7	18.4	16.2	1.2
ROE ROE%	-12.3	4.4	-9.7	-16.1	-11.9	-31.7	1,444.0	106.4	-306.8	111.6	0.6	-14.5
ROA ROA%	3.7	-1.8	4.2	6.3	4.2	7.9	21.9	-47.1	6.9	6.4	0.0	-4.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	65	45	64	27	13	19	188	252	443	1,276	703	691
Price To Earnings Price To Earnings	52.0		69.3	19.9	14.6	10.7	31.3		87.5	74.1	6,842.5
Price To Sales Price To Sales	1.0	0.7	1.1	0.4	0.2	0.4	2.2	4.0	2.2	2.2	1.2	1.6
Price To Book Price To Book	-6.4	-4.1	-6.6	-3.2	-1.7	-3.3	697.1	-37.7	-246.2	83.5	45.6	12.4
EV To EBITDA EV To EBITDA	34.0	47.0	29.5	21.6	16.5	14.3	31.9	-45.3	150.0	45.7	-53.4	-13.3
Profitability Ratios Profitability Ratios
GPM GPM%	17.0	13.6	14.0	10.4	8.9	12.6	14.0	2.1	11.7	13.4	9.7	9.7
OPM OPM%	4.2	2.2	4.8	3.0	2.2	5.0	7.3	-9.1	1.5	5.4	-2.5	-13.4
NPM NPM%	1.9	-0.7	1.6	2.0	1.3	3.7	6.9	-11.1	2.5	3.0	0.0	-1.8
ROCE ROCE%	11.3	6.0	26.2	18.5	13.9	17.7	45.1	777.8	83.7	18.4	16.2	1.2
ROE ROE%	-12.3	4.4	-9.7	-16.1	-11.9	-31.7	1,444.0	106.4	-306.8	111.6	0.6	-14.5
ROA ROA%	3.7	-1.8	4.2	6.3	4.2	7.9	21.9	-47.1	6.9	6.4	0.0	-4.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MANORAMA	LOTUSCHO
Market CapitalizationMkt CapCr	11,342	691
Close PriceClose₹	1,796.80	538.05
IndustryIndustry	FMCG Chocolate	FMCG Chocolate
Price To EarningsPE	41.55
Price To SalesPS	7.66	1.56
RevenueRevenueCr	1,481	444
Revenue Growth TTMRev Gr TTM%	59.8%	-28.8%
PAT Growth TTMPAT Gr TTM%	80.4%	-184.7%

	MANORAMA	LOTUSCHO
Market CapitalizationMkt CapCr	11,342	691
Close PriceClose₹	1,796.80	538.05
IndustryIndustry	FMCG Chocolate	FMCG Chocolate
Price To EarningsPE	41.55
Price To SalesPS	7.66	1.56
RevenueRevenueCr	1,481	444
Revenue Growth TTMRev Gr TTM%	59.8%	-28.8%
PAT Growth TTMPAT Gr TTM%	80.4%	-184.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Sep 26