Segment Breakdowns
In Q3FY26, KRBL reported domestic revenue of ₹1,104 crore, which remained largely flat year-on-year, declining marginally by 0.1%. Export revenue stood at ₹357 crore, reflecting a 37% year-on-year decline due to base effects.
Total income for the quarter came in at ₹1,502 crore, including ₹25 crore of other income. On the balance sheet front, total inventory as of December 31, 2025 stood at ₹3,941 crore, compared to ₹4,278 crore in the previous year, indicating tighter working capital management.
The company continues to command a strong retail footprint with presence across 3.2 lakh outlets and reaches 1.2 crore urban Indian households across 13 key markets.
Key Ratios & Efficiency
Gross margin expanded significantly to 30.2% in Q3FY26 and 28.3% for 9MFY26, compared with 24.0% and 23.7% respectively in the prior year periods, driven by lower average basmati cost of goods sold and higher other income.
EBITDA margin improved to 16.9% in Q3FY26 and 15.8% for the nine-month period, versus 12.0% and 11.9% a year ago. PAT margin rose to 11.3% in Q3FY26 and 10.6% for 9MFY26, compared to 7.8% and 7.6% respectively in the corresponding periods last year.
Net bank borrowings stood at negative ₹388 crore, reflecting lower inventory and higher cash profit generation. The company ended the quarter with ₹488 crore in cash and bank balances, maintaining a healthy liquidity profile supported by strong credit ratings from ICRA and CARE.
Strategic/Other Highlights
KRBL continues to reinforce its domestic leadership, with 37.8% market share in general trade and 39.3% in modern trade. E-commerce share improved by 100 basis points. Distribution democratization remains central, backed by 16 C&Fs and 8 super stockists, along with deeper penetration into under-covered towns.
Brand investments remained strong, including high-intensity festive campaigns and pan-India modern trade activations. The company also expanded into value-added health-focused offerings under the “Uplife” range, including Brown Rice and Low GI Everyday Rice.
Internationally, while Q3 exports were lower on a high base, nine-month export revenue grew 21% year-on-year. India continues to hold 85% of global basmati export share, with the Middle East accounting for nearly three-fourths of shipments.
Outlook Addendum
Improved margins and disciplined inventory management strengthen KRBL’s financial flexibility. Export momentum over nine months remains solid despite quarterly moderation. Health-led product launches and deeper distribution initiatives could support domestic growth, while direct marketing and HORECA expansion overseas offer incremental levers. However, export volatility and demand shifts remain key monitorables.