LT Foods Limited (NSE: LTFOODS | BSE: 532783)
Source: LT Foods Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | LT Foods Limited |
| Corporate Identity Number (CIN) | L74899DL1990PLC041790 |
| ISIN | INE818H01020 |
| NSE Symbol & BSE Scrip Code | NSE: LTFOODS | BSE: 532783 |
| Date of Incorporation / Founding Year | 1990 (Over seven decades of business expertise dating back to 1978) |
| Founders / Key Founding Figures | Vijay Kumar Arora, Ashwani Kumar Arora, Surinder Kumar Arora, Ashok Kumar Arora, Gurucharan Dass Arora |
| Registered Office & Corporate Headquarters | Registered Office: Unit No. 134, 1st Floor, Rectangle-1, Saket District Centre, New Delhi – 110017. Corporate Office: 4th Floor, MVL-i-Park, Sector-15, Gurgaon, Haryana – 122001 |
| Telephone & Investor Relations Contact | Phone: +91 124 3055100 | Email: ir@ltgroup.in |
| Chairman / Managing Director & CEO | Mr. Vijay Kumar Arora (Chairman & Managing Director), Mr. Ashwani Kumar Arora (Managing Director & Chief Executive Officer) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Sachin Gupta (Chief Financial Officer), Mrs. Monika Chawla Jaggia (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Arora Family Promoters and Raghuvesh Holdings Private Limited |
| Industry / Sector Classification | Fast-Moving Consumer Goods (FMCG) / Consumer Food Sector |
| Total Employees / Permanent & Contractual Workforce | 2,800+ Employees across global operations |
| Manufacturing Plants / Branches / Offices Count | 9 Manufacturing Facilities and 39 Distribution Hubs / Offices globally |
| Countries / States Served | More than 85 countries worldwide |
| Statutory Auditors | MSKA & Associates LLP (Chartered Accountants) |
| Registrar and Share Transfer Agent (RTA) | Bigshare Services Private Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
LT Foods Limited is a prominent global Fast-Moving Consumer Goods (FMCG) company operating within the consumer food sector, rooted in a strong Indian heritage and an expansive international footprint. Specialising in speciality Basmati rice, organic foods, health-focused products, and convenience-led meal formats, the Company has established an enduring market presence across more than 85 countries, including the United States, Europe, the United Kingdom, the Middle East, and the Far East. Guided by its corporate purpose to nurture a world of goodness for community, country, and planet, the enterprise leverages a vertically integrated farm-to-fork operating model to ensure end-to-end control over product quality, traceability, and supply reliability.
The Founders, Promoters & Their Legacy
The enterprise is steered by a seasoned leadership team of promoter-directors who have driven its expansion over decades. Anchored by Chairman and Managing Director Mr. Vijay Kumar Arora, Managing Director and CEO Mr. Ashwani Kumar Arora, Managing Director Mr. Surinder Kumar Arora, Whole-Time Director Mr. Ashok Kumar Arora, and associated promoter entities such as Raghuvesh Holdings Private Limited, the leadership combines entrepreneurial heritage with institutional discipline. Their strategic foresight has transformed LT Foods from a domestic grain merchant into a diversified global branded food platform.
The Journey: History & Evolution
With a legacy spanning over seven decades of operational expertise, LT Foods has continuously evolved to meet changing consumer lifestyles. From its initial foundation in speciality basmati rice, the enterprise expanded aggressively into international markets—most notably establishing leadership in North America through the Royal® brand and building a formidable presence in Europe and the United Kingdom. Over recent years, the Company has diversified into organic staples via Nature Bio Foods, Ready-to-Eat (RTE), Ready-to-Cook (RTC), and Ready-to-Heat (RTH) convenience formats, alongside strategic acquisitions such as Golden Star in the United States.
The Corporate Umbrella
The LT Foods brand portfolio is anchored by flagship names such as DAAWAT® in India and Royal® in North America, complemented by Golden Star, 817 Elephant, Ecolife, Devaaya, Hadeel, Indus Valley, and Kari. These brands operate across specialized operating subsidiaries, joint ventures, and international distribution hubs spanning the United States, the Netherlands, the United Kingdom, the United Arab Emirates, and Uganda, supported by an advanced manufacturing infrastructure.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
The business operations of LT Foods are structured around core value-added segments, primarily led by the Basmati and Other Speciality Rice business, complemented by the Organic Foods and Ingredients segment and the rapidly scaling Ready-to-Eat, Ready-to-Cook, and Ready-to-Heat convenience food portfolio.
The Product & Service Catalog
- Basmati and Other Speciality Rice: Premium aged Basmati rice, Jasmine rice, Sona Masoori, brown rice, regional specialty rice varieties, and parboiled rice.
- Organic Foods and Ingredients: Certified organic Basmati rice, organic Sona Masoori, organic pulses, soy, and multi-origin organic food ingredients.
- Convenience & Ready-to-Eat Offerings: DAAWAT® Biryani Kits, Cuppa Rice, Thai Curry Kits, seasoned rice varieties, and Royal® Ready-to-Heat pouch ranges.
- Contemporary Snacking: Kari rice-based premium snack formats.
The Names You Know
Consumer engagement is driven by market-leading master brands that command high brand equity across households. DAAWAT® stands as India’s leading Basmati brand, while Royal® commands over 60% of the U.S. Basmati import market and Golden Star holds a premier position in Jasmine rice. Ecolife and Nature Bio Foods anchor the organic portfolio across Western markets.
Mapping the Domestic & Global Reach
LT Foods operates a robust global distribution network reaching consumers in more than 85 countries. Its geographic revenue architecture spans North America, India, Europe, the United Kingdom, the Middle East, and the Rest of the World, supported by 39 distribution hubs and strategically positioned international offices.
The Brick & Mortar Footprint
The Company’s manufacturing infrastructure comprises 9 state-of-the-art production and processing facilities located strategically across key agricultural and consumption catchments:
- Bahalgarh, Haryana (India) – Capacity: 990 MT/Day Paddy to Rice Processing, 3,75,000+ Tonnes Packaging Capacity.
- Mandideep, Madhya Pradesh (India) – Capacity: 955 MT/Day.
- Kamaspur, Haryana (India) – Capacity: 350 MT/Day.
- Varpal, Punjab (India) – Capacity: 250 MT/Day.
- Bhikhiwind, Punjab (India) – Capacity: 100 MT/Day.
- Rotterdam, Netherlands (Europe) – Capacity: 43,200 MT/Year processing, 30,000 MT packaging.
- Houston, Texas (USA) – Capacity: 4,291 MT/Year processing, 30 million pouches RTH capacity.
- Harlow, United Kingdom – Advanced packaging facility operating at 140 pouches per minute.
- Uganda, Africa – Sourcing and primary processing unit.
📊 The Financial Health: The Numbers Simplified
Multi-Year Financial Highlights (₹ in Crores)
| Financial Metric (Consolidated) | FY 2025-26 | FY 2024-25 | FY 2023-24 | Latest YoY (%) |
|---|---|---|---|---|
| Revenue from Operations (incl. Other Income) | 11,023.00 | 8,770.00 | 7,822.00 | +25.69% |
| EBITDA (Operating Profit) | 1,236.00 | 1,067.00 | 988.00 | +15.84% |
| Profit After Tax (PAT) | 625.00 | 612.00 | 598.00 | +2.12% |
| Return on Capital Employed (ROCE %) | 20.4% | 21.0% | 21.7% | – |
| Return on Net Worth (RoNW %) | 14.9% | 16.8% | 19.2% | – |
Earnings, Expenses, & Take-Home Profits
During the financial year ended March 31, 2026, LT Foods delivered record consolidated financial performance amidst an intricate global operating environment marked by tariff adjustments and freight volatility. Consolidated Revenue from Operations (including other income) reached ₹11,023.00 Crores, reflecting strong top-line expansion. Gross profit stood at ₹3,692.00 Crores, while Operating Profit (EBITDA) rose to ₹1,236.00 Crores. Profit Before Tax stood at ₹866.36 Crores and Net Profit After Tax reached ₹625.38 Crores, translating to a basic and diluted EPS of ₹18.01.
| Consolidated Statement of Profit and Loss (Extract) | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from operations | 10,945.56 | 8,681.47 | +26.08% |
| Other income | 77.50 | 88.47 | -12.40% |
| Total Income | 11,023.06 | 8,769.94 | +25.69% |
| Cost of materials consumed | 6,954.21 | 6,057.32 | +14.81% |
| Purchases of stock-in-trade | 977.55 | 277.43 | +252.36% |
| Changes in inventories of finished goods, WIP and stock-in-trade | (601.30) | (594.48) | +1.15% |
| Employee benefits expense | 622.58 | 490.76 | +26.86% |
| Finance costs | 130.86 | 87.68 | +49.25% |
| Depreciation and amortisation expenses | 244.89 | 185.68 | +31.89% |
| Other expenses | 1,833.84 | 1,472.18 | +24.57% |
| Total Expenses | 10,162.63 | 7,976.56 | +27.41% |
| Profit before share of net profits of equity accounted investees and tax | 860.43 | 793.38 | +8.45% |
| Share of net profits of associates and joint ventures | 5.93 | 28.62 | -79.28% |
| Profit Before Tax | 866.36 | 822.00 | +5.40% |
| Total tax expense | 240.98 | 210.20 | +14.64% |
| Profit for the Year | 625.38 | 611.80 | +2.22% |
Assets, Borrowings, & Net Worth
The consolidated balance sheet reflects a strengthened financial position underpinned by conservative leverage, efficient working capital management, and substantial equity backing. Total equity stood at ₹4,520.44 Crores (comprising share capital of ₹34.73 Crores and other equity of ₹4,485.71 Crores). Net debt to EBITDA remained conservative at 0.60x, with a net debt-to-equity ratio of 0.16x.
| Consolidated Balance Sheet (Extract) | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-current assets (PPE, CWIP, ROU, Intangibles, Investments, Tax & Other) | 2,577.95 | 1,958.61 | +31.62% |
| Inventories | 4,990.60 | 4,360.32 | +14.45% |
| Trade receivables | 860.23 | 752.00 | +14.39% |
| Cash and cash equivalents | 232.95 | 142.63 | +63.32% |
| Bank balances other than cash and cash equivalents | 104.11 | 1.53 | +6704.58% |
| Loans and other financial/current assets | 301.61 | 207.60 | +45.28% |
| Total Current Assets | 6,486.49 | 5,464.08 | +18.71% |
| Total Assets | 9,064.44 | 7,422.69 | +22.12% |
| EQUITY AND LIABILITIES | |||
| Equity Share Capital | 34.73 | 34.73 | 0.00% |
| Other Equity | 4,485.71 | 3,818.93 | +17.46% |
| Total Equity | 4,520.44 | 3,853.65 | +17.30% |
| Non-current Borrowings | 3.30 | 4.06 | -18.72% |
| Non-current Lease Liabilities, Provisions & Tax Liabilities | 862.13 | 615.50 | +40.07% |
| Total Non-Current Liabilities | 865.43 | 619.56 | +39.68% |
| Current Borrowings | 969.94 | 739.36 | +31.19% |
| Trade Payables (MSME and Others) | 2,030.29 | 1,772.58 | +14.54% |
| Other Current Financial & Operating Liabilities | 678.34 | 437.55 | +55.03% |
| Total Current Liabilities | 3,678.57 | 2,949.49 | +24.72% |
| Total Liabilities | 4,544.00 | 3,569.04 | +27.32% |
| Total Equity and Liabilities | 9,064.44 | 7,422.69 | +22.12% |
Cash Flow: Tracking the Money Movement
Operating cash flows remained robust, supported by healthy profitability and disciplined working capital management. Net cash generated from operating activities reached ₹910.50 Crores during FY 2025-26, compared to ₹462.50 Crores in FY 2024-25.
| Consolidated Statement of Cash Flows (Extract) | Year ended March 31, 2026 (₹ in Crores) | Year ended March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net cash generated from operating activities (A) | 910.50 | 462.50 | +96.86% |
| Net cash used in investing activities (B) (including CapEx & acquisitions) | (844.81) | (250.39) | +237.40% |
| Net cash used in financing activities (C) (including borrowings, lease & dividend) | (127.36) | (150.45) | -15.35% |
| Net (decrease)/increase in cash and cash equivalents (A+B+C) | (61.67) | 61.66 | N/M |
| Effect of exchange rate changes | 151.99 | 31.36 | +384.66% |
| Cash and cash equivalents at beginning of year | 142.63 | 49.61 | +187.50% |
| Cash and cash equivalents at end of year | 232.95 | 142.63 | +63.32% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital investments during the fiscal year were directed toward expanding manufacturing capacity, scaling European infrastructure (such as the new Rotterdam facility inaugurated in July 2025), enhancing Ready-to-Heat capabilities in North America, upgrading warehousing automation, and advancing digital transformation initiatives across SAP S/4HANA and AI-enabled demand planning platforms.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
LT Foods operates through a robust network of domestic and international subsidiaries, joint ventures, and associated enterprises.
| Name of Entity | Relationship | Country | % Shareholding / Stake |
|---|---|---|---|
| DAAWAT® Foods Limited | Subsidiary | India | 100.00% |
| Nature Bio Foods Limited | Subsidiary | India | 100.00% |
| Golden Star Trading Inc. | Subsidiary (acquired remaining stake May 2025) | USA | 100.00% |
| LT Foods Europe B.V. | Subsidiary | Netherlands | 100.00% |
| LT Foods UK Limited | Subsidiary | United Kingdom | 83.20% |
| LT Foods Middle East DMCC | Subsidiary | United Arab Emirates | 100.00% |
| Kameda LT Foods (India) Private Limited | Joint Venture | India | 51.00% |
| Leev.NU. B.V. | Associate / JV | Europe | 30.00% |
Strategic Investments & Treasury Holdings
The Group holds non-current investments in keyman insurance policies and quoted/unquoted equity instruments amounting to ₹24.64 Crores as of March 31, 2026, alongside equity-accounted investments in associates and joint ventures totalling ₹23.05 Crores.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Vijay Kumar Arora | Chairman & Managing Director | 00012203 | Promoter Executive Director |
| Mr. Ashwani Kumar Arora | Managing Director & Chief Executive Officer | 01574773 | Promoter Executive Director |
| Mr. Surinder Kumar Arora | Managing Director | 01574728 | Promoter Executive Director |
| Mr. Ashok Kumar Arora | Whole-Time Director | – | Promoter Executive Director |
| Mr. Abhiram Seth | Lead Independent Director | 00176144 | Non-Executive Independent Director |
| Mrs. Ambika Sharma | Independent Director | 08201798 | Non-Executive Independent Director |
| Mr. Raju Lal | Independent Director | 10347298 | Non-Executive Independent Director |
| Mr. Raj Kumar Jain | Independent Director | – | Non-Executive Independent Director |
| Mr. Rima Gupta | Independent Director | – | Non-Executive Independent Director |
| Mr. Alrumaih Sulaiman Abdulrahman S | Non-Executive, Non-Independent Director | 09091328 | Non-Executive Non-Independent Director |
| Mr. Sachin Gupta | Chief Financial Officer (KMP) | – | Key Managerial Personnel |
| Mrs. Monika Chawla Jaggia | Company Secretary & Compliance Officer (KMP) | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Number of Shareholders | Total Shares Held | % of Total Shares |
|---|---|---|---|
| Directors and Promoter Group | 17 | 5,17,84,754 | 14.91% |
| Directors (Individual Holdings) | 5 | 9,19,47,680 | 26.48% |
| Group Companies / Promoters | 2 | 3,33,84,472 | 9.61% |
| Foreign Company (SALIC International) | 1 | 3,20,25,784 | 9.22% |
| Mutual Funds / DIIs | 54 | 3,13,38,960 | 9.02% |
| Foreign Portfolio Investors (FPI) | 137 | 2,94,04,838 | 8.47% |
| Other Public Shareholders | 202,859 | 6,09,84,771 | 17.56% |
| Other Categories (AIF, Corporate, NRI, etc.) | 5,206 | 1,63,81,685 | 4.73% |
| Total | 208,281 | 34,72,52,944 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
LT Foods commands a formidable competitive advantage built upon its fully integrated farm-to-fork value chain, extensive farmer networks across major Basmati and organic cultivation belts, stringent quality and traceability protocols, and market-leading brands like DAAWAT® and Royal®. Its established multi-origin sourcing capabilities, global distribution infrastructure spanning 85+ countries, and disciplined capital allocation framework create high barriers to entry.
What Could Go Wrong? Key Challenges & Business Risks
The Company remains exposed to foreign exchange fluctuations, geopolitical tensions in key export corridors (such as West Asia), shifts in international trade policies and tariff structures (as experienced in the U.S. market), agricultural commodity price volatility driven by climate variability, and regulatory changes governing pesticide residue limits (MRLs) and food safety standards.
The Next Chapter: Growth & CapEx Initiatives
Strategic priorities for FY2027 and beyond include scaling the Ready-to-Heat and convenience food portfolios in North America, expanding distribution reach in India across quick commerce and modern retail, growing the European organic CPG business through the newly inaugurated Rotterdam facility, and leveraging digital tools such as AI-driven demand forecasting and SAP S/4HANA integration to drive operational excellence.
The Verdict: Strategic Outlook & Conclusion
LT Foods is exceptionally well-positioned to capitalize on structural global consumption trends toward premiumisation, health, wellness, and convenience-led packaged foods. Backed by robust financial health, conservative leverage, high return on capital employed, and proven brand equity, the enterprise offers a compelling investment proposition in the global consumer food space.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.ltfoods.com