Foods And Inns Ltd (NSE: FOODSIN) Q1 2026 Earnings Call dated Aug. 18, 2025
Corporate Participants:
Unidentified Speaker
Anand Krishnan — Chief Financial Officer
Milan Dalal — Managing Director
Moloy Saha — Chief Executive Officer
Analysts:
Unidentified Participant
Deepali Kumari — Analyst
Kaushal Sharma — Analyst
Arnav Sakhuja — Analyst
Amit Agicha — Analyst
Pankaj Bobade — Analyst
Amish Kanani — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Foods and Inn Limited Q1 FY26 earnings conference call hosted by Aryan Capital Market Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Deepali Kumari for her opening remarks. Thank you. And over to you, ma’. Am.
Deepali Kumari — Analyst
Thank you. Hello and good afternoon to everyone. On behalf of Korean Capital Markets Limited, I thank you all for joining the QN FY26 earnings conference call of Foods and INS Limited today. From the management we have Mr. Milan Bara, Managing Director. Mr. Molal Saha, Chief Executive Officer. Mr. Anand Krishnan, Chief Financial Officer. So without any further delay, I would like to hand over the call to the Anand sir for their opening remarks. Thank you. And over to you, sir.
Anand Krishnan — Chief Financial Officer
Hello.
Milan Dalal — Managing Director
Yes, Anand, we can hear you.
Anand Krishnan — Chief Financial Officer
Yeah. Good afternoon, ladies and gentlemen. We have with us our CEO Mr. Malay Saha and our MD, Mr. Milind Dalal. In this conference, without much ado, we’ll just throw this through the forum open for questions. In case you guys have any questions. For us to answer. Thank you so much.
operator
Hello, sir.
Anand Krishnan — Chief Financial Officer
Yes, hello. Yeah, you can open the forum for Q and A’s. We’ll directly jump on to it.
Questions and Answers:
operator
All right, sir. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask the question question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kushan Sharma from Equinox Capital Ventures. Please proceed.
Kaushal Sharma
Hello. Hi sir. Very good afternoon. Am I audible?
Milan Dalal
Yes, please go ahead.
Kaushal Sharma
Yeah. So my question is on your margin side, right? If I see that our volume grows on Twitter year on year it goes around 10%.
operator
Sorry to interrupt. Mr. Kushan, your line is not clear. Can you please use a hand?
Kaushal Sharma
Hello. Now is it audible?
Milan Dalal
It is better now.
Kaushal Sharma
Yeah. So my question on your margin side, right. So we have good volume growth in our sale and our margin has dropped slightly. So what was the key reason?
Anand Krishnan
The reason for the margin drop is that the product mix actually changed this quarter. So if you actually see, we did a lot More of chili, garlic and all those products which are actually lower margin products. Also the variety of mango that we actually sold this quarter, that is also a cheaper variety that we actually had. So that that led to it.
Kaushal Sharma
So are we seeing any improvement going forward in the margin? Right. As you have mentioned in the presentation that the mango the price has dropped significantly. So are we seeing any good margin expansion going forward?
Anand Krishnan
So as a practice what actually happens in our business is ours is a cost plus model. So it’s a path on that actually happens. So whatever benefits that we get, if we have actually sourced it to the best of our abilities then if the market is slightly higher then we get that benefit. It’s not whatever is the market rate is what we actually get because it’s a costless model. That’s how it is.
Kaushal Sharma
Okay. And earlier call we have guided that our revenue would be 1800 crore per financial 27. So are we in line with that?
Anand Krishnan
See again you asked the question before this question whether your your margins would improve because your cost has actually come down. The cost has actually not come down basically because it’s a part on that we actually have. So my sales price will actually come down because sales is a function of the raw material price. Right. But my absolute gross profit will grow. My absolute gross margins will grow, not margin percentage. I’m saying absolute gross profit will go, my tonnage will grow is all that I can tell you whether that 1800 is going to be achievable. It is going to be tough basically because the raw material price has come down.
Kaushal Sharma
Okay. And earlier in the earlier calls so we, we have said that we are. We were unable to take tomato, tomato sales or order because of the constraint in the capacity. Now we have the good capacity in tomato segment as well. So are we expecting any big order into that?
Anand Krishnan
Yes, you can take that.
Moloy Saha
I would like to take over here. Yes, you are correct. As of December last year we have expanded our capacity and commercial production started on expanded capacity. So stock already built up and we are expecting a good growth in this current financial year. Last year our tomato particularly tomato based product sale may be in the range of 75 to 80 crore this year this financial year could grow to around 130 to 140 crore. So yes, we are quite bullish on this tomato product.
Kaushal Sharma
Okay. And sir, as our the price has now fallen in the mango. So are we expecting any good amount of leading working capital side as well?
Milan Dalal
Yeah, yeah. Obvious already. Yeah, sorry. Yes.
Anand Krishnan
Yeah. So with respect to working capital, definitely yes. We are expecting lower working capital to be deployed on per tonnage basis this year. Basically because say Totapuri prices, which was approximately 27 rupees a kilogram on procurement last year, has come down to around eight rupees a kilogram. So there has been a drop. So definitely the 70% of our total raw materials is actually that we actually buy. So the deployment into working capital is definitely going to be lesser in terms of of per tonnage basis. Also, with the working capital being better for the tomato crop, our total working capital will be much better in this particular year.
Kaushal Sharma
Okay, and are we expecting any good volume growth as well in the coming years because of the low prices and all or the expectation of because we have secured 20, 20 year on year growth in our procurement?
Anand Krishnan
Yes, most of our orders, I mean most of our procurement is in lieu of the orders that we actually have in hand. So it goes without saying that we will be actually having better tonnage.
Kaushal Sharma
Thank you very much for asking.
Milan Dalal
Thank you.
Anand Krishnan
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants that you may press start in one to ask a question. The next question is from the line of ARNAV from Amber Capital. Please proceed.
Arnav Sakhuja
I’m taking a question. So the first question is can you please give some details on the capacity expansion you’re planning for the spray dried powder department?
Moloy Saha
Okay, Amola here. The spray drying powder business we see good opportunity in last 18 months period. We are seeing that spray drying is basically a seasoning business. And in this category volume expected growth quite significant especially in the export market. And export market is looking for more purity product. So we would also like to venture in this particular category. So we are looking or exploring a line which will may be around 4, 4 to 5 metric ton per day capacity. Currently our capacity is around 6 metric ton per day. So we would like to expand by 4 to 5 metric ton per day capacity. It’s under initial stage decision not yet taken, but I think very soon we will come to a decision on this.
Arnav Sakhuja
Right. And one question regarding just the financial aspect. So the gross profit per metric done fell by around 10% year on year. So I mean could you highlight what was the main reason for this?
Anand Krishnan
I just took that question earlier in the queue wherein I mentioned the product mix which was actually sold was different because of which the margin profit went down.
Arnav Sakhuja
Okay, sure. Thanks for taking my question.
operator
Thank you. Participants who wish to ask the question may please press start in one. Now the next question is from the line of Nishita from Sophia Capital.
Unidentified Participant
Hi, am I audible
Anand Krishnan
yes,
operator
yes ma’. Am.
Unidentified Participant
Just on the previous question, actually I couldn’t hear you properly. So the Current capacity is 6,6 metric ton per day and you are planning to expand it to how much?
Milan Dalal
By another 4 to 5 metric ton per day.
Unidentified Participant
Okay. I’m sorry,
Milan Dalal
this is part spray dried powder unit,
Unidentified Participant
right? Okay, and on to my question. So can you give me a revenue breakup between the segments for this quarter.
Anand Krishnan
We have actually we don’t give that data. It’s only on the annual basis that we give that data out.
Unidentified Participant
Okay. And any revenue and margin guidance for FY26.
Anand Krishnan
We generally don’t guide on the margin profile at all basically because we are a cost plus model that we follow as a business. So absolute growth in gross profit is the only thing that we target which will flow through to the bottom line is what we believe.
Unidentified Participant
Okay, thank you, thank you.
operator
Thank you. The next question is from the line of Amit Aghija from Edgy Hawa. Please proceed.
Amit Agicha
Yeah, good afternoon sir. Am I audible?
Anand Krishnan
Yes, thank you for the opportunity.
Amit Agicha
So what is the total committed CAPEX for 2627 and how much has already been spent?
Milan Dalal
As I mentioned in my last answer that we have not yet decided, it’s under preliminary stage so as of today there is no major capex plan but as and when we will take the decision to expand the spare time capacity then we will tell you better.
Amit Agicha
Just.
Milan Dalal
To add currently all the capex which were planned is already up running and as Mr. Mulloy mentioned there’s hardly. However there are new schemes that the government keeps coming up with and there is currently something called the cluster development and we seem to be eligible for it but there will be multiple kind of presentations that we need to do our own analysis. So neither has our taken a firm decision as to what we expect to do but in subsequent calls and subsequent quarters should we take a call on the capex we will definitely let you all know but specific answer as of today all the capex is over what was planned earlier.
Amit Agicha
The second question was about the debt reduction policy. Like can you just brief us about what is the debt prediction policy? Because the Debt stands at 427 crore.
Anand Krishnan
Debt reduction policy. So there are two parts to it. One is the working capital part of it, the second is the long term debt part of it. Right. So the last year was a double whammy for us wherein the raw material prices went up as well as the, the call offs were very slow so there was a lot of working capital that we had to actually block in there this year the raw material prices have come down because of which my absolute blockage per ton of percentage of sales of working capital would be very low. As also the newer crops like tomato which are actually adding on to our portfolio, not the newer crops but then the volume that would go higher than that would actually have a shorter turnaround time because of which the working capital cycle would again come down lower. So we are definitely in a better position as compared to what we were last year. Hoping that all the call offs happen as soon as possible.
Amit Agicha
Would it be possible to you quantify. What is the blended average cost of. Interest.
Anand Krishnan
Last year was around 9.75 or something. Sorry, your voice broke.
Amit Agicha
420 plus crore, right?
Anand Krishnan
Yeah, yeah.
Milan Dalal
Put together. Yes.
Amit Agicha
Second, the question was like regarding the competition, the large conglomerates are entering the pub space. Like how will you defend the market share?
Anand Krishnan
No large conglomerate has actually entered the pulp manufacturing space. In fact there is a lot of consolidation which is actually happening in the market.
Amit Agicha
Okay, thank you. Thank you for answering. All the best.
operator
Thank you. Before we take the next question we would like to remind participants that you may press Star and one to ask a question. The next question is from the line of Pankaj from affluent Acid. Please proceed.
Pankaj Bobade
Well, thanks for taking my question. Am I audible?
Milan Dalal
Yes.
Pankaj Bobade
Okay. Sir, we had fixed assets worth around 173 crores when our top line was around thousand odd crores and currently it has jumped fixed asset has jumped to almost double to 327 north crores at the end of FY25. So just wanted to understand how much revenues would it support going forward and what would be the optimum? How much optimum would it support? And just any, any, any timeline, if any.
Anand Krishnan
Hi, I’m not sure whether you’ve been tracking our company or when you’ve been tracking our company from. So just our business model. We have a model wherein we produce in house as well as we actually produce through satellite capacities which are there. So the satellite capacities helped us grow from 300 odd crores thousand odd crore during the period where we were putting up capex and we had to put up a lot of capex before end of FY24 because that is what we had committed under the PLI scheme of the Government of India India which we duly did for which we are also taking incentives from the government of India.
So that’s one part of the question. Second, with respect to the capex that we have put up, we had guided initially that we would be reaching 1700-1800 odd crores of revenue by FY27. But having said that, the raw material prices itself have come down because of which that 1700, 1800 number is definitely at risk. Having said that again, the top line is not something that we always see in our business. It’s the gross, absolute gross profit that we do. So the tonnage increment that will actually happen which will contribute to the absolute growth in gross profit will definitely happen.
Pankaj Bobade
So are there any targets?
Anand Krishnan
Target for what?
Pankaj Bobade
For top line, bottom line.
Anand Krishnan
I told you top line is a function of the raw material as it is a cost plus. So gross absolute growth and gross profit is the only thing that we target internally because then it flows through to the bottom line.
Moloy Saha
I would just add up here just to give some bit of a guidance that our sales are also dependent on the brands procuring the material. And currently as we we see that the brands are expanding their capacities nonetheless they have enough budgets to support their brand. And we have some bit of an indication that our volumes are going to increase. And balance of the answers as Anand put up that the top line and the bottom line will be a function of the raw material cost. But in a sense there is growth that one should expect.
Pankaj Bobade
Okay, second question. Sir, as we would sweat in our new capacities, which is which I mentioned, as I mentioned from FY24 to 25, is there any possibility that our margins will expand despite say for drop in raw material prices?
Anand Krishnan
Yes, that is always a possibility of increasing margin.
Pankaj Bobade
So any tentative target say from 12% last year.
Anand Krishnan
I can never give you a percentage. My dear friend, I’ve always told you ours is a cost plus model. So if the raw material cost goes to 100 rupees, I say example. If my markup is 7, I give it at 107. If the raw material price is 50, if they mark up a 7, I give it at 57. So the percentage will always vary. So there is no guidance that we will ever be able to give on the percentage. Only the absolute growth in gross profit is something that we will be targeting internally.
Pankaj Bobade
Sure. Thank you sir. Thanks.
operator
Thank you. To ask a question, please press star and one. Now the next question is from the line of Praveen and individual investor. Please proceed.
Unidentified Participant
Yeah. Good evening sir. Good afternoon. So this is Previ. I have few questions like how much percentage of sales coming from United States. Of America
Anand Krishnan
around 7 to 8 billion dollars.
Unidentified Participant
In terms of percentage, sir,
Milan Dalal
will be around 8%.
Unidentified Participant
Thank you. 8%. And do we have any impact of USA tariffs? Recent tariffs announced something like 25% now and going to be 50% starting from the 27th of August.
Milan Dalal
It’s a too early to say because always there will be a knee jerk reaction. Few customers are continuing with their shipment. Few customers are keeping on hold for next couple of weeks. So I don’t think it’s the right time to give this answer whether there will be a long term impact or not. But nevertheless I’d like to highlight that we are in a food product and we have seen from the earlier also that these are the last item which is generally getting affected from for any cross border relationship or whatever. So we don’t see any major impact.
In fact the projection which you have received from the customers just before this additional tariff, almost 20 25% growth we could have expected in this year. But for the time being everything is on hold. Basically for any future projection projected volume is on hold till we are everybody has a clarity on what will be the final duty applicable for Indian food products which you are supplying.
Unidentified Participant
Excellent. Thank you so much sir. And next question is like do you have any plans of adding Mango jelly to your portfolio which is very very very profitable. Around 5,500 rupees per kg. In the market.
Milan Dalal
We are a B2B company. So yes we are applying to many companies who are doing Mango jelly or mango related product. But directly we are not there where we will be launching our own product in Mango jelly brand or whatever. So we being a B2B company, I think our focus is very clear that we would like to grow in this segment though in a small portion. We are also exploring in frozen category on B2C and obviously spice is another segment where we are doing a B2C but on the mango and other fruit pulp we would like to remain into the B2B segment only.
Unidentified Participant
Great. And coming to the equity numbers I see the Equity is expanded from 5 cr in 2023 to 7 crores 34 lakhs in 2025. Do we have any further plans of increasing the equity by way of. Something else?
Milan Dalal
We always explore all the opportunity all the which is good for the organizations. So as an end any development definitely all of you will come to know. But as of now we have nothing to say more than that
Unidentified Participant
because the. Equity is very very less. 7Cr is nothing nowadays and we have the huge debt which why can’t we reduce it by increasing the equity? By rights issue
Milan Dalal
think only equity. 7cr may not be a right parameter to judge. You have to say take the share premium total equity what has been invested in the Organization apart from the result from the profit. So.
Unidentified Participant
The reason for this question is like lot of big investors HNIs or mutual funds look for the big equity and big market gap. So the only way to reach there that is 1000 CRM cap or so. I feel equity is the right way to increase and liquidity will be increased. So please consider it.
Milan Dalal
That’s the way. That’s why I told you that companies always explore multiple opportunities. And as an when we’ll take some decision on this, any opportunity will be all let you know.
Unidentified Participant
Great. Thank you so much sir. That’s all from my side.
Milan Dalal
Thank you very much.
operator
Thank you. Before we take the next question we would like to remind participants that you may press start and one at this time. The next question is a follow up question from the line of Amit Agijo from NT Hawa. Please proceed.
Amit Agicha
Sayadri farms in the same region has given a very good model in which they have set up like a cooperative farmers and they export together and maintain the quality at their end. Do we have any kind of expertise to do something similar and if yes, what are the steps are we taking to increase the personnel in that category?
Milan Dalal
Very good question. I think this is a very interesting question. I must say. Yes, we are in this business in 55 years we are having farmers tied up for mango guava category for a long term and where we supply pesticide controlled or pesticide residue product in US or in Europe. And that business is growing. And second important is Shayadri is definitely they have the direct tie up with lot of farmers specifically for the fresh fruit grapes is their main business. Told just informed you that a few minutes ago that government is launching new new cluster development program. So we are also exploring that opportunity. If through that scheme if we can tied up larger numbers of farmers for any cluster development near to our factory. We are exploring all these things. If everything goods go I think then probably we can also have this type of tie up with scale of farmers.
Amit Agicha
But sir we would require a lot of earthy kind of individuals like Villas Chinde who would head this kind of thing and this cannot be done by somebody who’s from corporate India.
Milan Dalal
So I would like to restrict all these comments and it’s not the. I am not that I mean as a company we won’t be able to comment on this thing. But I as an MD I’m happy to just say that you know if we are in experience with 50 years in this business and commanding a position to be the number one processor, we should only strive to Be better from where we are and not worry about who is operating how, you know.
Amit Agicha
So you did not allow me to complete my question. Sir. My question was not about the present management. I was saying that if we want to do such a model we will need some people who are, who are amongst the farmers and maybe you know they could have some shareholding or some. I don’t know how we could incentivize them. But this is a huge opportunity. And this could be like the cooperative movement for milk, what it did for the corporate movement. The same thing it could be done for fruits and vegetables. And as you rightly said, you are right there, right at this.
With this 50, 55 years experience and so much goodwill is also there for us from the farmers. So I mean this is a model that we could, we could probably you know, pick up. And it just needs some personnel from. From what, you know, what. What you could call the son of the soil kind of people. Is the board of directors thinking within those lines?
Moloy Saha
I think what I would like to say we are already having this type of tie up in Konkon region for the mangoes. And however we are exploring the similar kind of tying up for other fruits and vegetables in other parts and through FPOs. Now as you know FPOs is one of the. I mean instrument which will be very effective to have a larger kind of tying up with larger number of farmers. And we are exploring that opportunity through the government’s cluster program where government also would like to associate all these things. It’s very initial stage so not the right time to tell all these things. But we are also working to the cluster development program almost similar like other competition what they are doing it.
Amit Agicha
How has been our experience with the PLI scheme and have we. Do we see any traction on the brand recognition of our products? And secondly how are we taking to the Q commerce opportunity? Do we have any kind of sales increase from these categories from our private labels? And you talked about spices. Is there any different strategies that we will pursue to really push these prices in the western India?
Anand Krishnan
So I’ll take this question. So under PLI there were two categories in which we were actually selected. One was category one and another was category three. Category three was related to branding and marketing. And in branding and marketing basically we had committed to spend around 5.5 but this was all to be spent outside India. We were as a company not hundred percent ready to spend that money because of our distribution systems not being in place in the granted retail level. You know, so we haven’t spent that money and we are not claiming anything back from the government.
So we were supposed to get around 2.7 crores back from the government on a spend of 5.4 crores. So with respect to that, we are not claiming anything from the government. But having said that, the other capex that we did under category 1 of PLI under which we are supposed to get 145 odd crores, we’ve already received 50 crores from the government of India and another 95 odd crores is pending to be received in the next three years.
operator
Thank you. Participants who wish to ask a question may please press star in one at this time. The next question is from the line of Amish Kanani from Novise investment managers. Please proceed.
Amish Kanani
Yeah, hi sir. Sir, if you can give us some sense of the volume growth, you know, if not the margin and Stan said Tuthapuri variety prices have crashed. So one, if you can give us some sense of the volume growth this year. And second, in that context, you know, should we assume, you know, the say gross profit margin per ton to be similar and hence, you know, the gross profit margin also similar, you know, for the year and you know, give us some directionally, some, you know, idea. And the third and the last question, sir, will be on the debt side. You know, given that, you know, maybe our working capital debt will be low if you can give us some sense of where it will, you know, probably be.
Anand Krishnan
So I think with respect to the current level of inventory, if I were to actually take whatever we have actually processed, then the working capital should have ideally peaked because the working capital requirement is quite. Yeah, sorry. Yeah, sorry. Okay, so the working capital debt should have already peaked with the current level of that we have already done. So that is number one. Sorry, I didn’t catch your first two questions.
Amish Kanani
So I was saying sir, one, should we, can we guide, can you guide us on the volume front? And maybe, you know, last year if I remember correctly, we had, you know, 8 to 10% volume growth. Should we assume a similar kind of growth this year?
Anand Krishnan
20%. Around 20% is what we are expecting internally.
Amish Kanani
Okay, okay, so that’s very Ms. You.
Anand Krishnan
Can correct me on that.
Milan Dalal
Yeah, yeah, that’s our target. Yes.
Amish Kanani
And sir, also we wanted to know, you know, you, you mentioned the gross profit margin, you know, is normally similar but you also mentioned that this, this year, first quarter the mix was on a lower variety or lower, you know, per ton kind of a thing. So maybe this year, first quarter the margin were little lower. The question is with, tota 3 variety going down. Assuming that that I’m not sure whether you know, that will be at a higher price in terms of our margins being, you know, should we assume the gross profit margin per ton to be similar or better? If you can just directionally that will be helpful.
Anand Krishnan
It should be better.
Amish Kanani
Okay, thanks a lot and all of us
Anand Krishnan
thank you.
operator
Thank you. To ask a question, please press star and one. Now. The next question is a follow up question from the line of Amit Agijo from Ng Hava. Please proceed.
Amit Agicha
What are our total export revenues as opposed to our total revenues? And second is sir, do we participate regularly in export based seminars, conferences etc with stalls there? And who are our buyers in export? Are they like distributors or they are they retail chains? And one more thing. Will any expo of this rupee recent depreciation, will it go straight to the bottom line for us?
Moloy Saha
Okay, this is Maloy. I’ll reply to you. Our export turnover out of our total turnover is around 35 to 38%.
Amit Agicha
Last year was 40%.
Moloy Saha
Last year 40%. So that was the turnover for export for the participation in exhibition. Yes, this is one of the main platform where we always participate. There are two major food exhibition taking place across the world. One is every alternative here. One is the Cologne and Onuga food fair. Another is the Seal in Paris, another food fair all every year we participate must be last 25, 30 years we are participating. We also participate Gulf foods. These are the three. Apart from this we are exploring that from next year if we can participate in US because that market is also growing. So probably one of the US Food fair we would like to the exhibit there.
Amit Agicha
Are there any plans to increase more more fruits intake Also like V is like a big share for us. So is there any plan to now process even more fruits and vegetables? And also sir, are we in talks with any kind of further MNCs also to do some contract manufacturing for them.
Moloy Saha
We do not do any contract manufacturing with nmnc. Just buyer and seller association with us. And where we get a order and we supply. It’s a long term. It must be two decades, three decades. We are coordinating like with Coca Cola since 2006. You are supplying, you must be supplying since 90s onwards. So that relationship is continuing. And second is. Yes, we always talk about to most of the BRIC brands to have any kind of association development our product, new product for them. In fact I think it’s a good forum. We must say that our new R and D center is likely to start in operation in another one month time.
It is in Nasik where we are doing a centralized RD where all our product R and D center will be centralized and we will be jointly working with the customers to develop their product. They can visit our facility, develop their product before the commercial run. So I think this will be a good help for us to future growth. And from the customer point of view, yes, we are supplying to any reputed brand internationally like Coca Cola, Pepsico. Apart from that, any big ice cream manufacturing unit, we are there. We are also working on tomato product like Unilever for their fission brand.
So these are the companies are there. If you see our top 10 customer or top 12 customers, these are all Fortune 500 companies who contribute more than 65 to 70%.
Amit Agicha
And sir, what would be the contribution. Of our top 10 customers to our. Total revenue
Moloy Saha
around top 12 will be around 65% to 70.
Amit Agicha
Okay, that’s very good. So just like we are so active in mango, tomato and guava, is there any plan to add more fruits to this. Or we would like to go. Deeper in these three categories only. No, these categories are definitely. We are going more and more whatever value addition we can do. But new new product also we are exploring especially on Jamun is one of the product. We are trying to see any opportunity. We see some traction on this segment. But we are working on vegetable slide in a big way. Because frozen category in our business is growing last three years in a significant pace. And we are adding more and more product in the frozen category like frozen vegetables in India from India. It’s a big market not only for the Indian diaspora but also for the European and US mainstream business. And we would like to take this opportunity. Hence contract farming for the frozen vegetable category is the main focus for us. We are working with the farmers for pesticide control product and which is growing in a big way.
Amit Agicha
And so my question about Q Commerce remained unanswered. Are we trying to get into those because now distribution is generally democratized. So strong product company like yours should be able to sell even India retail quite easily.
Milan Dalal
As I think I told earlier also that we are not in B2C segment. Our main focus in B2B however for the Q Commerce we are working with few reported brand in the Q Commerce to pack for them and distribute. So not in our own brand, maybe in their other brand.
Amit Agicha
Their private label would be done by us.
Anand Krishnan
I mean just to elaborate on your earlier question, any Fortune 500 beverage manufacturer globally is someone whom we actually supply. To as of today. And I mean with respect to the product portfolio that you were actually mentioning apart from mango, we also, I mean the mango, tomato and guava are the major ones. But we also do banana, papaya, chili, garlic. All these products are also there in our portfolio. So Capital Foods actually does a lot of chili and garlic from us as such for their branded products. So we do sell to them.
Amit Agicha
And sir, can our spices does not also be an entire separate large business on its own because now it’s at least 21 crores. And you know, with our kind of product procurement, etc. I mean this, this category itself could be like a thousand crore category even say 10 to 15 years from today.
Anand Krishnan
We have definitely underperformed the first couple of years. I mean it was basically because of COVID that we didn’t want to go big. But after that we have now put the people into place. But the results have not yet started coming. So we have underperformed, but we have larger numbers in sight for us.
Amit Agicha
And sir, how soon do we change people if the results don’t come in?
Anand Krishnan
That’s a tough question. It’s not always about, I mean, just getting the timing right. It’s about believing in people as well.
Amit Agicha
Thank you sir for answering my question so well. I appreciate this.
Milan Dalal
Thank you.
operator
Thank you. Participants, to ask a question, please press start in one. Now. Due to time constraints, that was the last question. I now hand the conference over to the management for the closing comments. Over to you, sir.
Anand Krishnan
Thank you so much, guys. I would like to thank each and. Each and every one of you for. Your support and your invaluable questions and presence on this call. Now, I request the moderator to close this forum and wish you all a great evening.
operator
Thank you management members. On behalf of Fuzz and N. That concludes this conference. Thank you for joining us and you may now disconnect your lines.
Moloy Saha
Thank you.
Milan Dalal
Thank you. Thank you so much.