According to the IMFs April 2026 World Economic Outlook, global growth is projected at 3.1% in 2026 and 3.2% in 2027. While the global economy continues to demonstrate resilience, geopolitical tensions in the Middle East, elevated commodity prices, trade fragmentation, and tighter financial conditions remain key risks. Global inflation is expected to moderate gradually from approximately 4.1% in 2025 to 3.8% in 2026, indicating easing cost pressures, although still above pre-pandemic levels. Energy price volatility and supply-chain disruptions may continue to create near-term uncertainties across markets.
At the same time, ongoing investments in technology, artificial intelligence, and digital infrastructure, coupled with improving financial conditions in several economies, are expected to support economic activity. However, geopolitical developments continue to pose downside risks through their impact on energy markets, global trade routes, and supply chains, influencing input costs and inflation across industries, including food and FMCG.
Source: IMF World Economic Outlook, April 2026; OECD Economic Outlook, March 2026
India continued to be the fastest-growing major economy in FY26, with real GDP growth estimated at approximately 7.7%, supported by resilient domestic demand, robust government capital expenditure, strong services exports, and improving private investment activity. Growth in Q4 FY26 stood at 7.8%, reflecting the strength of the countrys macroeconomic fundamentals despite global uncertainties. India remains well-positioned to sustain long-term growth driven by favourable demographics, rising incomes, urbanisation, digital adoption, and ongoing economic formalisation.
2025-26 Krishival Foods Limited (Annual Report)
[Image: Bar chart showing FY27 GDP Growth Forecasts Across Major Economies (%)]
India: 6.40%
Indonesia: 5.00%
China: 4.30%
Turkiye: 3.80%
Saudi Arabia: 3.60%
Argentina: 3.50%
G20: 3.00%
Australia: 2.40%
Korea: 2.10%
Brazil: 2.10%
Canada: 1.70%
South Africa: 1.70%
United States: 1.70%
Mexico: 1.70%
Germany: 1.50%
United Kingdom: 1.30%
France: 1.00%
Japan: 0.90%
Russia: 0.80%
Italy: 0.60%
Figure: FY27 GDP Growth Forecasts Across Major Economies (%) Source: IMF World Economic Outlook, April 2026
Inflation moderated during FY26, supporting household purchasing power and improving consumption demand across categories. Continued investments in infrastructure, logistics, digital payments, and connectivity are enhancing supply-chain efficiency and improving market access across urban and rural India. These structural developments are expected to support long-term economic growth and create a favourable operating environment for organised consumer-focused businesses.
The Indian consumption story remains a key growth driver. Rising disposable incomes, rapid urbanisation, and expanding middle-class households are fuelling demand across discretionary consumption categories. Importantly, consumption growth is no longer limited to metropolitan areas; Tier II, III, and IV cities are emerging as significant demand centres, supported by increasing digital penetration, improved connectivity, and rising discretionary spending. The continued growth of e-commerce and quick commerce platforms is accelerating the shift towards organised and branded consumption across categories.
The continued formalisation of the economy, aided by GST implementation and digitisation, is strengthening organised businesses and enhancing market transparency. Additionally, evolving consumer preferences, greater product accessibility, and faster delivery cycles are reshaping consumption patterns across urban and rural markets.
While risks such as crude oil price volatility and global economic uncertainties persist, Indias strong domestic demand, favourable demographics, policy support, and expanding digital ecosystem position it well for sustained long-term growth.
Indian Sector Overview and Growth Outlook
Indias FMCG sector continues to expand steadily, supported by rising consumption, increasing penetration of branded products, and evolving consumer preferences. The sector is undergoing a structural transformation, characterized by a shift from unorganized to organized players and from loose to packaged consumption.
Urban markets continue to drive premiumisation, while rural markets are witnessing stronger demand growth and increasing penetration of branded products. According to NielsenIQ, premiumisation, modern trade, e-commerce, and quick commerce channels are reshaping consumer purchasing behaviour and accelerating the growth of organized FMCG players. Companies with strong brands, wider distribution networks, and continuous product innovation are well-positioned to capitalize on these emerging consumption trends.
The Indian dry fruits and nuts market continues to benefit from increasing health consciousness, rising disposable incomes, premiumisation, and evolving dietary preferences. Consumers are increasingly incorporating nuts and dry fruits into their daily nutrition regimes due to their high protein, fibre, and micronutrient content.
The industry is witnessing a significant shift towards branded and hygienically packaged products, particularly in Tier II, III, and IV markets. Value-added offerings such as flavoured nuts, roasted variants, trail mixes, and ready-to-consume packs are gaining traction, creating opportunities for organised players with strong sourcing and processing capabilities.
Industry estimates suggest that the Indian dry fruits and nuts market is projected to grow at approximately 8.5% - 9.0% CAGR, expanding from approximately USD 2.2 billion in 2025 to nearly USD 4.7 billion by 2034, supported by increasing consumption beyond festive occasions and growing penetration of branded products.
(Source: IMARC, Grand View Research)
Indias ice cream market remains one of the fastest-growing categories within the FMCG sector. Rising disposable incomes, urbanisation, increasing youth consumption, premiumisation, product innovation, and expansion of cold-chain infrastructure continue to drive category growth.
The industry is gradually transitioning from a seasonal consumption category to a year-round indulgence segment, aided by modern retail, quick commerce platforms, and improving cold-chain penetration. Premium and innovative offerings are witnessing particularly strong demand among younger consumers.
Industry estimates suggest that the Indian ice cream market is projected to grow at approximately 16% CAGR, expanding from approximately USD 3.8 billion in 2025 to nearly USD 14.5 billion by 2034,
2025-26 Krishival Foods Limited (Annual Report)
creating significant opportunities for organised brands with strong distribution and product innovation capabilities.
(Source: IMARC, Market Data Forecast)
Krishival Foods Limited is a fast-growing FMCG company specializing in premium nuts, dry fruits, and ice cream, operating under two distinct brands—Krishival Nuts and Melt N Mellow.
Since its inception, the Company has built a diversified and scalable business model, catering to both health-focused and indulgence-driven consumption segments. The dual-brand strategy enables the Company to address a wide consumer base while ensuring operational synergies and risk diversification.
The Company has established a strong presence across multiple distribution channels, including general trade, modern trade, e-commerce, and quick commerce platforms, while also initiating its export journey.
As of FY26, the Company operates through two high-growth consumer brands, offering more than 67 SKUs in nuts and dry fruits and over 189 SKUs in ice cream. The Company serves more than 45,000 retail touchpoints across its businesses and has established a presence across 300+ towns and places in India, supported by an extensive cold-chain network and expanding distribution infrastructure.
Krishival Foods delivered strong operational performance during FY26, driven by capacity expansion, distribution growth, enhanced manufacturing capabilities, and sustained focus on product innovation across both business segments.
During FY26, the Company significantly strengthened its market presence:
Krishival Nuts expanded its retail footprint to over 11,000 touchpoints. Melt N Mellow expanded to over 34,200 retail touchpoints across Maharashtra, Karnataka, Telangana, Andhra Pradesh and Goa. The Companys cold-chain infrastructure grew to 15,490 deep freezers, substantially enhancing product availability and last-mile delivery capabilities. The overall network now spans more than 300 towns and places across India, along with an expanding international presence in Singapore.
The Company continued to strengthen its product portfolio through innovation and new product development, catering to evolving consumer preferences across both business segments. Melt N Mellow now ranks among the brands with the highest SKU counts in the Indian ice cream industry, reflecting the Companys strong innovation capabilities.
Operationally, FY26 marked a significant milestone with the commissioning of a new 35,000 sq. ft. processing facility at Halkarni, Kolhapur, which became operational in April 2026. This expansion increased the nuts processing capacity from 10 MT per day to 20 MT per day. The Company has laid
out a phased roadmap to further expand capacity to 40 MT per day over the next two years, supporting future growth requirements.
In the ice cream business, the Company operates a state-of-the-art manufacturing facility in Chatrapati Sambhaji Nagar with a production capacity of 1 lakh litres per day, supported by integrated dairy and bakery operations and a dedicated R&D centre focused on flavour innovation and product development.
The Company delivered its strongest-ever financial performance during FY26, driven by robust growth across both business segments, expanding distribution reach, improving operating leverage, and disciplined execution.
Total Revenue for FY26 stood at 304.41 crore, registering a growth of 48% over 206.31 crore in FY25. Revenue growth was supported by strong traction in the ice cream business, continued expansion in nuts and dry fruits, increasing retail penetration, and growing brand acceptance across markets.
Adjusted EBITDA (excluding one-time ESOP expense) increased by 66% to 41.95 crore from 25.25 crore in FY25. EBITDA margin improved by 130 basis points to 13.78%, reflecting better product mix, operating leverage, supply-chain efficiencies, and improving scale across operations.
Profit After Tax (PAT) increased by 64% to 22.20 crore compared to 13.55 crore in FY25. PAT margin improved to 7.59% from 6.70% in FY25, demonstrating the Companys ability to translate revenue growth into enhanced profitability.
| Particulars | FY25 | FY26 | Growth |
| Revenue* (\u20ac crore) | 206.31 | 304.41 | 48% |
| EBITDA# (\u20ac crore) | 25.25 | 41.95# | 66% |
| EBITDA Margin (%) | 12.48% | 13.78% | +130 bps |
| PAT (\u20ac crore) | 13.55 | 22.20 | 64% |
| PAT Margin (%) | 6.70% | 7.59% | +89 bps |
| Diluted EPS (\u20ac) | 6.07 | 9.17 | - |
*Including Other Income #Adjusted for one-time ESOP expense in Q4 FY26
6.1 Segment Performance Nuts & Dry Fruits - Krishival Nuts The Nuts & Dry Fruits segment continued to be the primary contributor to revenue and profitability during FY26. Segment revenue increased to ?211 crore, supported by expanding retail reach, strong festive demand, and growing acceptance of premium branded products. The business achieved EBITDA of approximately ?33 crore and PAT of approximately ?21 crore during FY26. A key milestone during the year was the achievement of a 10% PAT margin, reflecting the strength of the Companys sourcing capabilities, operating efficiencies, and disciplined execution. Ice Cream - Melt N Mellow Melt N Mellow emerged as the Companys fastest-growing business segment during FY26. Revenue increased by 95% year-on-year to ?95.42 crore, while EBITDA improved to ?7.1 crore, resulting in an EBITDA margin of 7%. The most significant achievement during the year was the attainment of profitability ahead of managements original target timeline. Melt N Mellow achieved PAT-level profitability in FY26, one year ahead of expectations, demonstrating the scalability and operating efficiency of the business model. The segments growth was driven by expanded distribution, deeper freezer deployment, enhanced product offerings, and improving brand visibility across key markets. Overall, FY26 marked a transition from an investment phase to a scale-up phase for Krishival Foods, supported by strong revenue growth, improving profitability, and enhanced operating leverage across both business verticals.
The Nuts & Dry Fruits segment continued to be the primary contributor to revenue and profitability during FY26. Segment revenue increased to ?211 crore, supported by expanding retail reach, strong festive demand, and growing acceptance of premium branded products.
The business achieved EBITDA of approximately 33 crore and PAT of approximately 21 crore during FY26. A key milestone during the year was the achievement of a 10% PAT margin, reflecting the strength of the Companys sourcing capabilities, operating efficiencies, and disciplined execution.
Melt N Mellow emerged as the Companys fastest-growing business segment during FY26. Revenue increased by 95% year-on-year to 95.42 crore, while EBITDA improved to 7.1 crore, resulting in an EBITDA margin of 7%.
The most significant achievement during the year was the attainment of profitability ahead of managements original target timeline. Melt N Mellow achieved PAT-level profitability in FY26, one year ahead of expectations, demonstrating the scalability and operating efficiency of the business model.
The segments growth was driven by expanded distribution, deeper freezer deployment, enhanced product offerings, and improving brand visibility across key markets.
Overall, FY26 marked a transition from an investment phase to a scale-up phase for Krishival Foods, supported by strong revenue growth, improving profitability, and enhanced operating leverage across both business verticals.
The Companys growth is driven by a combination of structural and execution-led factors. Increasing penetration in Tier II, III, and IV markets, along with a strong focus on premium yet affordable products, continues to drive demand.
The Companys omnichannel distribution strategy, including modern trade, e-commerce, and quick commerce platforms, enhances accessibility and consumer reach. Additionally, product innovation and expansion into new categories and geographies further support growth.
The export business, currently focused on Singapore, is expected to scale further with planned expansion into markets such as the United States and Japan.
During FY26, the Company successfully completed a ?100 crore Rights Issue. The proceeds are being deployed towards capacity expansion, supply chain strengthening, manufacturing infrastructure, and expansion of the deep freezer network. These investments are expected to support the next phase of growth and improve operational efficiencies across both business segments.
Risks The Company operates in a dynamic environment and is exposed to various risks, including volatility in raw material prices, seasonality in certain product categories, and competitive pressures. To mitigate these risks, the Company has adopted a diversified sourcing strategy across multiple geographies, integrated supply chain management practices, and disciplined cost-control measures. The dual-brand business model spanning nuts and ice cream categories provides additional resilience by reducing dependence on any single product segment and helping offset seasonality-related fluctuations.
Increasing health awareness, premiumisation, and the shift towards branded and hygienically packaged food products continue to create significant opportunities in the dry fruits and nuts category. Rising consumption beyond festive occasions and growing penetration across Tier II, III, and IV markets are expected to support long-term growth.
Indias ice cream market continues to witness strong growth driven by urbanisation, rising disposable incomes, premiumisation, and expanding cold-chain infrastructure. The Companys growing distribution network and product portfolio position it well to capitalize on these opportunities.
Increasing adoption of e-commerce, quick commerce, and modern retail channels continues to improve product accessibility and consumer reach, creating opportunities for faster market penetration and brand building.
The Company maintains adequate internal control systems and procedures designed to ensure operational efficiency, safeguarding of assets, accuracy of financial reporting, and compliance with applicable laws and regulations. These controls are regularly reviewed and strengthened to align with the evolving scale and complexity of operations.
The Company follows established policies and processes covering financial controls, procurement, inventory management, quality assurance, and risk management. Management periodically reviews the effectiveness of internal controls to ensure their adequacy and operating effectiveness.
The Companys workforce plays a critical role in driving growth, innovation, and operational excellence. With a team of over 200 employees, Krishival Foods focuses on capability building through structured training, continuous learning, leadership development, and performance-driven initiatives.
The Company remains committed to fostering a collaborative, inclusive, and merit-based work environment while strengthening future-ready capabilities across functions. Employee engagement, skill enhancement, and talent retention remain key priorities as the Company continues to scale its operations.
Krishival Foods enters FY27 with strong growth momentum, enhanced manufacturing capabilities, and improving profitability across both business segments.
The Company remains focused on expanding distribution, increasing capacity utilisation, strengthening supply-chain integration, and driving product innovation. In the nuts business, the Company plans to continue capacity expansion towards its long-term target of 40 MT per day while deepening market penetration across Tier II, III and IV cities.
In the ice cream segment, Melt N Mellow is expected to remain a key growth driver. The Company plans to further expand its deep freezer network, strengthen its presence across core markets, and launch approximately 25 Franchise-Owned Company-Operated (FOCO) ice cream parlours under the Mellow & Co. brand across Mumbai and Pune during FY27.
Company remains confident in the long-term growth prospects of both businesses and expects to benefit from increasing operating leverage, stronger brand visibility, expanding distribution reach, and improving capacity utilisation.
Supported by these strategic initiatives, the Company remains focused on delivering sustainable and profitable growth while creating long-term value for shareholders, customers, employees, and other stakeholders.
Krishival Foods remains committed to sustainable and responsible business practices.
Food safety, quality assurance, and responsible sourcing remain central to the Companys operating philosophy. Stringent quality-control processes are maintained across sourcing, processing, manufacturing, and distribution to ensure consistent product quality and consumer trust.
The Company focuses on minimizing material wastage across manufacturing operations, promoting efficient resource utilization, and adopting eco-friendly and recyclable packaging solutions wherever feasible.
2025-26 Krishival Foods Limited (Annual Report)
As the business continues to scale, the Company aims to strengthen its sustainability initiatives while maintaining operational efficiency and delivering value to stakeholders.
For and on Behalf of the Board of Directors of Krishival Foods Limited
Sd/- Aparna Sujit Bangar Managing Director DIN: 05332039
Sd/- Sujit Sudhakar Bangar Chairperson and Whole-time Director DIN: 07871115
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