Heritage Foods has acquired a controlling 51% shareholding in the company through secondary buyouts from existing investors. The remaining 49% shareholding will continue to be held by the original promoters. The deal also provides Heritage Foods the option to purchase an additional 20% stake from the promoters by March 2026 at an appropriate valuation.

The strategic investment marks an important milestone in Heritage Foods’ Vision 2030 roadmap of expanding its presence in the fast-growing ice cream and healthy dessert categories. It gives the company a strong foothold in the super-premium, functional, and indulgence-balanced segment—anchored on high-protein, no-added-sugar, and health-focused product innovation. This move underscores Heritage Foods’ commitment to driving the next phase of value creation through nutrition-forward innovation and responding to India’s evolving preference for mindful yet indulgent desserts. While Heritage Foods will provide strategic guidance and retain controlling stake, operational management will continue with the promoters, who will accelerate growth and strengthen brand equity while staying true to the company’s core purpose and consumers.

Commenting on the acquisition, Brahmani Nara, Executive Director, Heritage Foods Limited, said, “The acquisition of Get-A-Way is well aligned with our Vision 2030 of becoming the most admired dairy nutrition company. This partnership brings together our three decades of dairy expertise and manufacturing excellence with Get-A-Way’s innovative product portfolio and strong Gen-Z consumer connect. Get-A-Way’s focus on protein, no-added-sugar, and health-forward offerings strengthens our commitment to delivering nutritious dairy solutions that resonate with evolving lifestyles, while leveraging Heritage Foods’ core expertise to accelerate the brand’s next phase of growth.”

Founded in 2018 and incorporated in 2022, Get-A-Way has quickly emerged as a trailblazer in the health-focused dessert category, offering indulgent yet nutritious ice creams and desserts formulated with whey protein and sweetened with natural sugar alternatives. The brand’s mission—to make guilt-free indulgence accessible without compromising on taste—has resonated with a new generation of health-conscious consumers across India.

Jash Shah, Co-Founder and CEO, Get-A-Way, said, “Joining the Heritage Foods family is a transformative milestone for us. With Heritage Foods’ manufacturing scale, distribution strength, and strategic guidance, we are poised to expand our footprint across India while maintaining the innovation and quality that define our brand. Together, we aim to make guilt-free indulgence a part of everyday life for millions of consumers.”

Get-A-Way, an EBITDA neutral brand, has demonstrated exceptional growth, crossing double-digit revenues in FY25 with projections to double its topline in FY26. Serving over 8,000 orders daily across 35+ cities through quick-commerce, food delivery platforms, as well as 5 offline parlours

The acquisition strengthens Heritage Foods’ position in the rapidly expanding super-premium and healthy dessert categories, capturing high-traction demand for high-protein, no-added-sugar, and nutrient-rich offerings. It combines the brand’s dairy expertise with a new-age brand’s innovation and agility, positioning the company at the intersection of taste, health, and conscious indulgence.

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Key Highlights:

• Heritage Foods Celebrates 34 Years of Purpose-Led Growth: Reaffirming its focus on farmer empowerment, good governance, and innovation, the company unveiled ‘Vision 2030: to become India’s most admired dairy nutrition brand’.
• Near-Term Margin Pressure Offset by Long-Term Growth Catalysts: Heritage continued to strengthen its supply chain, with Milk Procurement rising 9.9% YoY to 17.8 lakh litres per day (LLPD) in Q1 FY26.
• Unprecedented, unseasonal rains from April through May, across all core-markets, led to muted demand for value-added products (VAP) such as curd, buttermilk, flavoured milk, and ice-creams resulting in VAP contribution to overall revenues (ex-Fats) declining marginally to 36.1% from 37.5% in Q1 on a y-o-y basis. However, the situation began normalizing from June, resulting in Q1 VAP sales growing at 5.5%.
• Raw milk prices increased by 4.74% in Q1 or Rs.1.96/Lt on Y-o-Y basis, against which blended revenue per Kg or Lt. of Milk and VAP increased by 4.1% or Rs.2.47/kg. A drop in VAP contribution led to a ~0.8% impact on blended Net Revenue, while some deliberate pricing choices made to address sluggish growth, further lowered Net Revenue by ~1.3%. Together, these factors put pressure on margins, compared to what could have been achieved.
• The board approved the acquisition of an additional 44.4% stake in HNFPL, increasing the Company’s total holding to 94.4%, offering strategic control of yogurt supply chain. The upcoming Ice cream facility, and other capital investments into Value-added products, are set to deliver positive momentum and further reinforce the company’s growth trajectory in the rest of FY26.

Q1-FY26 Consolidated Financial Performance:

Q1-FY26 Business Highlights:

• Revenue Performance despite headwinds: Heritage Foods delivered a strong 10% YoY revenue growth, surpassing INR 11,000 million in quarterly revenue for the first time — marking its highest- ever quarterly topline, despite inclement weather.
• Continued Steady progress in Procurement – growing at 9.9% in volumes to 17.8 Lakhs Liters per day in Q1FY26, with the avg milk procurement prices moving up by 4.7% to INR 43.3 per Liter
• Steady Growth in Milk Sales Volume and Realization: Milk sales rose by 2.8% YoY to 11.6 lakh litres per day (LLPD) in Q1FY26, driven by market expansion and strong brand momentum. The average selling price increased to ₹56.4/liter from Rs. 54.8/liter last year up 2.9%, reflecting stable market positioning and pricing strength.
• Value-Added Products (VAP) Growth despite headwinds: VAP delivered a 5.5% increase in revenue Y-o-Y to INR 4,034 million. Despite adverse weather, most VAP categories grew on a year-on-year basis. VAP contribution (ex-fats) stood at 36.1% to total revenue.
• Expanded VAP Performance including Ghee & Butter: When including Ghee and Butter consumer packs, VAP revenue surged to INR 4,540 million, marking a 7.4% YoY growth. The segment now contributes 40.6% of total revenue.
• Heritage Nutrivet Limited Delivers Stellar Results: Our wholly owned subsidiary, Heritage Nutrivet Limited, posted a 26% YoY increase in revenue, reaching INR 533 million. Profit before tax surged by an impressive 130% YoY to INR 67 million, reflecting operational efficiency and strategic focus.
• 360° Marketing Campaign Rolled Out, featuring a winning TVC across top regional channels, digital influencers, and creating high-impact on-ground visibility.
• Launched Heritage Livo ‘Healthy-Living’ with renewed Flavored milk range (fortified with Vitamins A & D) and High-Protein Yogurts range, targeting health-conscious consumers.
• Heritage Foods Ltd has been recognized as ‘India’s Best Workplaces in FMCG’ by the Great Place to Work Institute. This follows our certification as a Great Place to Work in Nov. ’24.

Management Commentary:

Commenting on the Results, Brahmani Nara, Executive Director, said: “We are happy to report a 10% growth in Q1 of FY’26, delivering our highest-ever quarterly revenue of Rs. 11,368 millions, despite severe inclement weather — a testament to the strength of our brand portfolio and robust milk- procurement system. While unseasonal rains in April–May temporarily impacted demand for value- added products and weighed on profitability, June marked a healthy recovery. Importantly, the fundamentals of our business and the long-term growth drivers remain robust.

Our upcoming greenfield ice cream project is progressing on track, and we continue to build momentum across our brands and deepen partnership with our customers. With highest consumer loyalty in our core markets and a steadily expanding network, we are well-positioned to accelerate growth in the quarters ahead. As we scale innovations and execution, we remain firmly rooted in our founding principles of transparency, quality, and farmer empowerment”

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Inspired by the thought “Learning is more important than winning,” the campaign spotlights the everyday moments where mothers encourage their children to embrace progress over perfection, curiosity over competition, and lessons over short-term victories. A mother’s love is not measured in medals or report cards—but in the wisdom she imparts, the values she nurtures, and the strength she instils.

While launching this campaign, Brahmani Nara, Executive Director, Heritage Foods mentioned her own experience as a mother and said “As mothers, we often feel the pressure of our children’s performance—academics, sports, extracurricular—almost as if their achievements reflect on us. But true success is built on learning, growth, and resilience,” She further noted “At Heritage, we stand beside moms in this journey—ensuring Pure Nutrition that supports not only physical growth but also cognitive and emotional development.“

Srideep Kesavan, CEO, Heritage Foods adds “Milk is more than a daily staple—it’s a symbol of care and nutrition. Through ‘The Power of Learning over Winning’ campaign, Heritage Foods reinforces its commitment to being a trusted partner to mothers in delivering nutrition through pure Heritage milk.”

The campaign features a touching TVC that beautifully illustrates how pure milk becomes an essential force in a child’s journey and reminding mothers that every sip supports a lesson for tomorrow.

“Purity is not just what we deliver—it’s what we stand for,” adds Kesavan. “Heritage Foods is proud to be a part of the daily lives of millions of families. Our commitment to purity is rooted in our farm-to-home approach, ensuring every product is crafted with care and tested rigorously. We work closely with our network of dairy farmers, empowering them with modern practices, training, and ethical partnerships. Backed by 500+ Quality Experts, we perform over 25 stringent quality tests daily, guaranteeing a consistent supply of fresh, high-quality milk that supports learning, growth, and overall well-being.”

With a presence across 16 Indian states and deep roots in Andhra Pradesh and Telangana, Heritage Foods continues to meet the aspirations of modern families—providing more than just milk. In a world where transparency, authenticity, and trust matter more than ever, Heritage Foods stays committed to its legacy of farm-fresh purity, rigorous quality checks, and a steadfast promise of supporting mothers in raising well-rounded, resilient learners.

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With 34,500 women farmers contributing 37% of the total milk volume at Heritage Foods’ High Procurement Centers (HPCs) and 23% of 3,700 HPCs led by women, the company is fostering gender-inclusive economic growth while strengthening rural communities.

Women-Centric Initiatives by Heritage Foods:

• Rs. 23 crore in financial inclusion loans extended to 3,000 women farmers, enabling them to expand livestock and increase productivity.
• Structured capacity-building and leadership programs to equip women with essential business and technical skills.
• Encouraging women-led leadership by appointing them as Heritage Procurement Representatives (HPRs), ensuring greater decision-making power in dairy procurement.
• Over 100+ “Happiness Points” and franchisee-run delivery networks led by women entrepreneurs ensure that fresh dairy products reach consumers’ doorsteps in a timely manner.

On the occasion of Women’s Day, Heritage Foods felicitated more than 900 women farmers and entrepreneurs for their excellence and contribution to the dairy sector.

Brahmani Nara, Executive Director, Heritage Foods Ltd., stated, “Women are the backbone of India’s dairy sector, shaping its future with resilience and innovation. At Heritage Foods, we don’t just support women—we empower them to lead. By enabling financial independence, skill development, and leadership, we are driving lasting change. When women succeed, families prosper, communities grow, and the nation thrives.”

Heritage Foods continues to enhance women’s participation in dairy farming through proactive initiatives that drive long-term impact. By organizing village-level meetings, the company encourages more women to take on leadership roles within the sector. Continuous training and mentorship programs equip women with the skills needed to build and sustain successful dairy enterprises, while structured market linkages enable them to maximize their earnings and business potential. Through these efforts, Heritage Foods is fostering a more equitable, self-reliant, and resilient rural economy.

With a steadfast focus on gender inclusion, Heritage Foods is empowering women in agriculture, reinforcing their role as key drivers of India’s dairy industry, and paving the way for a more equitable and prosperous future.

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Q3-FY25 Consolidated Financial Performance:

9M-FY25 Consolidated Financial Performance:

Q3-FY25 Business Highlights:

• Consistent Growth: Company achieved 10% Revenue Increase, Surpasses Rs. 10,000 Million in Quarterly Revenues for the third consecutive time.
• Milk Procurement Volume Soars: Q3 FY25 Sees 12.62% YoY Growth in Milk Procurement to 1.84 Million Litres per Day (MLPD).
• Lower Procurement Costs: Average Milk Procurement Price Drops 2.7% YoY to INR 41.91 per Litre, but higher than Q2 by Rs.1.66/Lt.
• Milk Sales Volume Growth: 6.08% YoY Increase in Milk Sales volumes to 1.17 million Lt per Day (MLPD) but registered a minor dip in avg selling price to Rs. 54.64/L from Rs. 55/L, due to mix change.
• Value-Added Products (VAP) Continued Strong Growth in Q3: Heritage Foods saw impressive growth in its Value-Added Products (VAP) segment, achieving a 17.6% increase in revenues, reaching Rs. 2,874 million. The contribution of VAP to total revenue rose to 28.2%, up from 26.5% in Q3 FY24.
• Including Ghee and Butter, VAP Revenue Hits Rs. 3,959 Mn: When including consumer packs of Ghee and Butter, VAP revenue reached Rs. 3,417 million, growing at 19.5%. This segment now contributes 33.5% to total revenue in Q3 FY25, compared to 31.0% in the same period last year.
• Festive Season Campaigns Drive Further VAP Growth: In preparation for the festive season, we launched a series of engaging consumer promotions and impactful advertising campaigns, including scan-and-win promotion across our ghee and sweets range, boosting VAP growth.

Commenting on the Results, Brahmani Nara, Executive Director, said: “I am pleased to announce that Heritage Foods Limited has had 10000 million+ revenue for the third consecutive quarter. In 3QFY25, our revenue grew by 10% YoY, reaching Rs. 10,339 million. EBITDA for the quarter was Rs. 741 million, resulting in a 7.2% margin. Notably, our net profit increased significantly by 60% year-on- year to Rs. 431 million, resulting in a 4.2% margin, reinforcing our strong financial standing. We remain confident that our commitment to innovation, quality, and customer engagement will enable us to not only navigate but thrive amidst future challenges. As always, we remain dedicated to creating shareholder value with unwavering passion and commitment. In the upcoming quarters, we will continue to focus on enhancing our business model by advancing up the value chain, ensuring our ongoing success.”

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Key Operational Highlights:

• Milk Sales: Volumes increased by 5.11% YoY to 1.19 million liters per day (MLPD). However, revenue growth in the milk segment was slightly lower, with average selling prices at Rs. 54.59/Lt, down 0.31% YoY.
• Value-Added Products (VAP): The VAP segment continued its upward trajectory, growing 15.5% to Rs. 2,977 million in revenue, contributing 29.6% of total revenue, up from 26.8% in Q2 FY24. Including consumer packs of ghee and butter, VAP revenue reached Rs. 3,506 million, a 19.2% YoY growth, contributing 34.8% to overall revenues.
• Milk Procurement: Average procurement rose by 11.46% YoY to 1.64 MLPD, while procurement prices dropped by Rs. 2.94/Lt (6.81% YoY).
• Promotional Campaigns: The company launched consumer-focused campaigns ahead of the festive season, including a paneer TV ad and a ‘scan and win’ promotion for ghee and sweets, driving further growth in VAP.

Heritage Nutrivet Limited, a wholly owned subsidiary, posted 18% YoY revenue growth to Rs. 855.37 million and a 117% rise in profit after tax (PAT) to Rs. 42.94 million.

Brahmani Nara, Executive Director of Heritage Foods, attributed the strong performance to strategic initiatives such as expanding geographical presence, enhancing supply chain networks, increasing marketing efforts, and focusing on VAP. She emphasized the company’s ability to overcome external challenges, including adverse weather conditions, without impacting performance.

With targeted marketing campaigns and innovative product offerings, Heritage Foods is well-positioned for continued growth in upcoming quarters.

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The collaboration has seen the installation of an advanced SIG XSlim 12 Aseptic filling machine at Heritage Foods’ manufacturing unit in the Medchal−Malkajgiri district of Telangana. With an impressive capacity of 12,000 SIG XSlimBloc carton packs per hour, this state-of-the-art machine offers unparalleled flexibility. It can effortlessly accommodate nine different volume sizes, ranging from 80ml to 200ml, all on the same filling line. Remarkably, the machine can transition between volume sizes in under 15 minutes, ensuring swift adaptability to varying consumer demands.

This strategic investment empowers Heritage Foods to effectively cater to diverse consumer segments, capture different price points and enhance its market reach. The implementation of the new line from SIG will empower Heritage to introduce a diverse range of products that cater to various consumer taste preferences, ranging from sweet and indulgent milkshakes to refreshing spiced buttermilk. To drive growth, Heritage is concentrating on expanding its portfolio of value-added products, with beverages being a crucial segment.

Bhuvaneswari Nara, Vice-Chairperson & Managing Director of Heritage Foods, said that the company is committed to delivering joy and well-being to consumers through their products. She underscored the shared values of sustainability and convenience that Heritage Foods and SIG hold, highlighting the importance of their partnership.

Echoing this sentiment, Brahmani Nara, Executive Director of Heritage Foods, emphasized the critical role of innovation and distribution expansion in driving growth in the drinkables segment. She noted the transformative potential of the new SIG line, which enables Heritage Foods to offer a wider range of drinkables in various pack sizes, catering to diverse consumer preferences and price points.

The SIG XSlimBloc carton packs, used by Heritage Foods, are known for their sustainable composition, lightweight design, and recyclability. This aligns with Heritage Foods’ commitment to sustainability. The company plans to utilize SIG’s packaging solutions to fill a variety of beverages, including lassi, buttermilk, cold coffee, milkshakes, energy drinks, and UHT milk.

Abdelghany Eladib, President & General Manager IMEA at SIG, expressed optimism about the partnership’s potential to diversify the packaging landscape in India. He emphasized the mutual benefits for both companies, with Heritage Foods gaining flexibility to adapt to market demands and SIG expanding its presence in the Indian market.

Vandana Tandan, Head of Markets for India and Bangladesh at SIG, highlighted the strategic advantage that Heritage Foods gains from utilizing SIG’s advanced packaging solutions and flexible filling technology. She emphasized the company’s readiness to respond swiftly to evolving market needs and capitalize on the growing demand for on-the-go products in India.

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