Ganesh Consumer Products Ltd (NSE: GANESHCP) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Manish Mimani — Chairman and Managing Director
Amit Tapadia — Chief Financial Officer
Analysts:
Garima Singla — Analyst
Rehan Saiyyed — Analyst
Deepesh Sancheti — Analyst
Pritesh Sheth — Analyst
Naveen Trivedi — Analyst
Ishant Lalwani — Analyst
Ankit Babel — Analyst
Asha Bhandari — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Ganesh Consumer Products Limited Q3, FY26 and 9 months earnings conference call. 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. Garima from Go India Advisors. Thank you. And over to you ma’. Am.
Garima Singla — Analyst
Thank you. Good morning everyone. I’m Garima Simla and it’s my pleasure to welcome you on behalf of Ganesh Consumer Products Limited. Thank you for joining us today for quarter three and nine months of financial year 26 earnings conference call. This call is being hosted by Goindiy. Please note that today’s discussion may include certain forward looking statements. Therefore they must be viewed in conjunction with the risks that the company faces today. On the call we are joined by Mr. Manish Namani, Managing Director, Mr. Amita Paldia, CFO and Mr. Narendra Mishra, CS and Compliance Officer.
I now invite Mr. Manish to present the company’s business outlook and performance. After which we will open the floor for Q and A. Thank you. And over to you sir.
Manish Mimani — Chairman and Managing Director
Thank you Garima. And a very good morning to everyone joining us today as we come together to discuss our quarter third financial year 2526 performance. I would like to begin by saying that this quarter represents an important phase of reflection and reinforcement for all of us at Ganesh Consumer Products. It has been a period where we consciously focused on strengthening the quality, resilience and long term direction of our business. Before I take you through our performance, I would like to sincerely thank our investors, partners, employees, suppliers and all stakeholders who continue to stand by us and believe in our journey.
As a relatively young listed company, the trust carries immense responsibility and we remain deeply committed to honoring it through disciplined execution, strong governance and transparent communication. When we began our journey, our vision was simple yet deeply aspirational. To bring authentic, high quality and affordable food staple to every Indian household. What started as a modest regional package shape of brand has steadily evolved into an integrated consumer products company with a growing presence across flourish. Spices, powders of all cereals and pulses and ready to cook instant mixes. Our story has always been about maintaining a careful balance between tradition and transformation.
Is staying rooted in our heritage while continuously adapting to modern systems, evolving consumer preferences and structured operational processes. From our strong sourcing networks across Uttar Pradesh, Madhya Pradesh, Rajasthan and parts of Western India to our rapidly expanding distribution ecosystem. Supported by integrated marketing initiatives and digitalization. This blend of the old and the new continues to define our growth journey. Coming to our performance during quarter 3rd of financial year 26, the quarter represents a technical reset within an otherwise healthy growth trajectory. Revenue from operations stood at rupees 2,117 million. While this reflects a moderation compared to last year, it was a conscious and well calibrated decision by the management.
During the quarter, we responded proactively to intense price led competition in select B2C market while deliberately reducing exposure to lower lower margin B2B volumes. These actions were undertaken to strengthen earnings quality and improve the long term structural positioning of the business. Despite this near term moderation, our overall performance for the nine month period remained healthy for nine months financial year 26. Revenue grew 3.6% year on year to rupees 6534 million reflecting the resilience of our code portfolio and disciplined strategic execution. What gives us a strong confidence is how the business responded EBITDA for the quarter Due significantly to Rupees 228 million, reflecting a strong 37% year on year growth, EBITDA margins improved to 10.8%, expanding by over 300 basis points year on year supported by improved realizations, a stronger product mix and operating leverage.
Profit after tax demonstrated even stronger momentum reaching Rupees 121 million representing a 57.6% year on year increase with PET margin expanding to 5.7%. These outcomes clearly demonstrate by increasing operating strength and scalability of our business model, our B2C franchisee continues to remain resilient despite heightened Competitive intensity While B2C revenues remained broadly stable during quarter three, we successfully protected market share through strong brand recall and our deeply entrenched distribution network. This was achieved alongside margin improvement and disciplined execution of cash and carry model in the GT channel. Over the nine months period, B2C revenues grew approximately 6% year on year, highlighting the durability of our consumer franchisee even in a competitive environment.
At the same time, we undertook deliberate portfolio optimization within our B2B business. B2B revenues declined approximately 12% year on year in quarter three driven by our conscious decision to scale back lower margin opportunities. The Spices segment in particular continues to emerge as a strong growth and profitability driver. The Segment delivered nearly 31% year on year growth in nine months financial year 26 reflecting our strategic focus on expanding value added higher margin categories and enhancing overall portfolio quality. Our digital and quick commerce channels also continued to demonstrate strong traction with revenues growing approximately 58% year on year during nine month period.
This reflect we were able to collect evolving consumer purchasing behavior and validate the strength of our multichannel distribution strategy. Over the past year we have consistently focused on strengthening the structural pillars of our business. Our distribution network today spends more than 3,50,000 retail touchpoints across traditional trade modern trade digital channels enabling deeper market penetration and improved product availability. Our product portfolio now includes more than 200 SKUs allowing us to cater to diverse regional consumption preferences while aligning with emerging national demand trends. Another important milestone during the year has been the standing of our financial position following repayment of Boeing. The company now operates with a debt free balance sheet and maintains a surplus cap of approximately rupees eleven hundred million as on date. This enhances our strategic flexibility brand position as well as to accelerate our brand investments, expand distribution reach and pursue future. Growth opportunities from a position of Israel.
As we look ahead, our strategic priorities remain clearly defined. We will continue scaling our B2C portfolio with sharper focus on core categories and value added product extension. We will deepen distribution penetration across existing and new geographies while extending our presence in modern trade, qcom, E. Com and all modern trade channels. At the same time, we remain committed to sustained brand investment, data driven demand planning, strong working capital discipline and continue margin expansion through product premiumization and portfolio mix for improvement. Growth for us has never been about chasing scale at the cost of sustainability. While the fountain growth revenue milestone remains a medium term expiration, our current focus is on strengthening the quality of growth and profitability.
The consistent margin improvement we are witnessing reinforces our belief that building a strong and profitable foundation will ultimately drive more value accretive growth and will be durable. With capacity expansion initiatives underway, strong category fundamentals and favorable structural tailwinds from increasing fermentation in staples and packaged food sector, we believe Ganesh Consumer products is well positioned for sustained and profitable long term growth creating enduring value for consumers, partners and shareholders.
Before I conclude, I would like to express my heartfelt gratitude to our employees for their relentless dedication, our suppliers and distribution partners for their continued collaboration and our shareholders for their trust and confidence in our vision. This remains the early phase of our journey as a real estate company and we are fully committed to building Ganesh Consumer Products Ltd. Into one of India’s most trusted and admired packaged food staple profitable companies. Thank you once again for joining us today. We will now Be happy to open the floor for questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch tone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets 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 Rehan Sayyat from Trinetra Asset managers. Please go ahead.
Rehan Saiyyed
Yeah, good morning to your team and thanks for giving me the opportunity. So my first question is around your working capital dynamics. So you have mentioned that your spices portfolio currently has a credit period of 15 to 30 days. Unlike your staple business so which is largely advanced. So as spices grew by 31% in 9 month FY26. So how do you see this segment expansion impacting your overall working capital cycle which is historical has been lean at 2131 days. Hello.
Amit Tapadia
Yeah, so good morning, Amit here. So I’ll answer that. I’ll take up that question. So for spices in the general trade we are providing a credit period of ranging from 15 to 30 days. Now again the distributors who are handling our core categories, they are working with us on the spices category as well. And hence we can control the overall credit which we provide to them. So working capital requirement it will remain the same because spices as a segment is small as of now and going forward, once we penetrate better in these spices in the spices category in the West Bengal market will be able to streamline the credit line on these spices category. So hence we believe the working capital cycle will remain intact without any major change. Thank you.
Rehan Saiyyed
Okay. Okay. So like you have cleared that you are saying in West Bengal side you will face some of kind of longer.
Amit Tapadia
Sorry,
Rehan Saiyyed
like what you have said, you’re saying that you will face some longer credit period in West Bengal side.
Manish Mimani
No, no. Yeah.
Amit Tapadia
So in West Bengal currently the spices. Market is purely in West Bengal and we are providing a credit of 15 to 30 days. We don’t feel that any longer credit period is required as of now. And as I said going forward we. Will optimize that credit period because once we penetrate better with the spices category then we feel that we’ll be able to command the credit period given to the distributor. And these secured Credits we take CDCs, we also take bank guarantees wherever it is required. So that way we are it is secured credit.
Rehan Saiyyed
Oh, okay, okay, okay. And my second question is around your channel economics. So you have mentioned that your E commerce and quick commerce segments grew by name impressive 15% during nine months. FY26. So can you compare the contribution margin of this digital channel against your traditional general trades? Especially considering general trade operates on a cash and carry model while digital channels often involve higher fulfillment cost.
Manish Mimani
Yeah.
Amit Tapadia
So again so the margins impact for us it is better than the general trade. Yes. As you correctly highlighted that modern trade also enjoys a credit. So but we try to optimize that because we provide a credit period in the range of 15 to 21 days. Right. And we monitor the credit cycle very thoroughly in case, in case a player delays the payment, we stop billing them that way we are very much, we are very much in control of the credit which we are giving to the modern trade players. Right. And in terms of the contribution margin, as I said, it is better as compared to the general trade. General trade segment. And historically if you see we haven’t have any, had had any bad debt in the books in the pnl.
Rehan Saiyyed
Yeah. Okay. Okay. And one, one last question from my side around your capacity utilization. Your current capacity utilization stands as 55 to 60%. So to reach your 2028 revenue and EBITDA target. So will the current 1312 million per day capacity sufficient or will you need to transition the Hyderabad unit from the. From its current job for a third party to your own production?
Amit Tapadia
No. So we don’t plan to use Hyderabad unit for the, for the GT channel. And as you as was your question. So our current capacity is enough to meet the requirement or the demand which we foresee in the next two to three years. Right. So that way we can achieve our Q3 Q3 28 FY28 vision with the, with the same set of plant and machinery which we have. And going forward maybe in this quarter we will also commission the Agra unit wherein we will start manufacturing Atta. That will boost the Atta manufacturing capabilities which we have without any major capex because we already had a cleaning line. Also we are working on new category which is soya body which again will should start in this quarter only.
Rehan Saiyyed
Okay. Thank you for answering my all question. I’ll jump back in the.
Amit Tapadia
Thank you.
operator
The next question is from the line of Dipesh Sancheti from Manya Finance. Please go ahead.
Deepesh Sancheti
Yeah. Hi. Am I audible?
Amit Tapadia
Yeah.
Deepesh Sancheti
Yeah. Now is the spices simply a growth pillar or so there’s some strategic angle to it also. And also whether spices will improve or. Dilute the blended margins.
Amit Tapadia
So yeah. So hi Amit here I’ll answer this question. So spices is both a Strategic and a growth high growth category. Because spices is a more than 6000 crores market. The eastern part is a packaged market. And considering the. Supply chain base we. Have and the consumer trust our brand, we feel that we’ll be able to cater the good quality needs of the consumers with our continued R and D effort. On the spices segment we are a kitchen brand and it will go a long way for the spices category. And in terms of the margins, obviously spices controls a better margin as compared to our core category. And we are very bullish that in a year’s time it will deliver better margin as compared to the core category.
Deepesh Sancheti
What gives you the confidence, I mean what specific consumer insight have you seen which gives you the confidence that you will be able to win in this crowded spices market?
Manish Mimani
I’m Manish Memani, I would like to take the call. So the confidence comes from our. There are a couple of reasons for this confidence. One, if you see on the procurement side and on the manufacturing side we are well entrenched. We have got a well positioned with our expertise, long term expertise in the agricultural purchases and up to the mark qualitative manufacturing. Now if you come to the thereafter it needs to be on the execution on the availability part. Now on the availability we have got a touch point retail touch points of more than three like 50,000 touch points from the same shops.
All the kitchen staples are being procured by the consumers at large. So I think after procurement and manufacturing the third important role which comes for a success of a brand in consumer space is availability. There also we have got a very good foundation now on the last, on the second last mile. That is brand recognition and brand recall. Because we are a decades old kitchen brand, well known, well consumed, well tested day in day out by the lack of consumers for decade, for decades staples. This is the adjacent category where I think if once we are tested and if we are able to convince the consumer KVR value for price material so the repeat buy will come.
So this is on a brand recall where we are well positioned. Only the last mile. Of course I agree with you this is a cluttered space. But again you also need to appreciate this category is largely all the players Pan India also all the regional players are dominant players in this category. Even likes of MDH or Everest in some states they are lagging in a second or a third position. So by and large the regional players understand more about the test and preference. In the spices category which is a mota mota regional category where we find there the confidence comes.
We are going to go pan India and spices. As of now we are only going to go for initially for Bengal full pleasure and then thereafter eastern India. And we have done a lot of research and development in the last couple of two, three years before going full fledged into the entire category. Our spices category includes of course CTC and blended. So largely the blended margins will come from the blended one and the acceptability we are already. This is. This is the two and a half years on a space launch and this year we are going to close more than 35 crore. So which is a bay mark than last two years which itself speaks about the acceptability of our brand. They are the come our confidence comes. Right.
Deepesh Sancheti
And what about the incremental cash? I mean we have a significant cash with almost little debt. Now what is the best use incremental use of this capital which you are planning to do and whether will you do any inorganic growth or that is a strict no go.
Amit Tapadia
Yeah, so I’ll take that question. So we will strategize and we will take. We will spend very strategically on the branding of our products. Further, as you correctly picked up, we will also explore inorganic opportunities. Again we don’t want to venture into low margin categories. We are exploring high margin adjacent categories which goes well with our category. And we are very much open to opportunities in nearby geographies which will expand our distribution network and will add to the. Add to the current distribution wings of ours.
Deepesh Sancheti
So will these inorganic opportunities will be buying the brands or will it be only buying the manufacturing facilities? As we already have a very known and a trusted brand in the eastern. In eastern India.
Amit Tapadia
So again it depends on the. On the asset which we are targeting. But majorly we will target the entire brand with distribution and the manufacturing setup. So that we don’t. We don’t want to. We don’t want to basically deteriorate the customer experience by moving away from that particular market. So we will obviously focus to focus the transaction in a way that we get the best of the available opportunities.
Deepesh Sancheti
Right. And also how are you seeing the market? As in we haven’t seen any growth this quarter in terms of sales and overall how much sales do you. How much sales growth do you see and what gives you that confidence that we will see double digit sales growth?
Amit Tapadia
So in this quarter in terms of the B2C segment. Right. Considering the competition from players like Imami also launched consumer staples including Atta Maida and Suji. So in the B2C category, it’s not that we have degrown in the B2C category actually there was a growth of close to 1% right now in considering a competition from company like Imami, which is, which is a personal care, renowned personal care brand, we were able to maintain our market share. Now as you can also you will also appreciate that whenever a new brand comes in they put. They remain very aggressive in terms of pricing.
So that way we were able to hold on to our market share. And meanwhile so going forward as it is, I know it is a forward looking statement but the month which just got ended, we were able to deliver a healthy volume growth in the B2C segment. Right. So that way we are very much optimistic that going forward in the coming quarters we will be able to, will able to be, we will be back on the growth trajectories which we, which we plan to have. So any, any brand, whenever a new brand comes in, it is a matter of 2, 3/4 and we are very much confident that considering the supply chain, the good quality manufacturing facilities we have will be able to get back to the growth trajectory which we projected for ourselves and we will retain the market share.
And obviously and yeah one thing you should appreciate that we have maintained the profitability. Not only maintained, we have grown in the profitability term. So you ask me if a company burns money and start distributing it is easy to basically grow in the overall. But. We are very much focused that we have to maintain the margin, we have to maintain the healthy financial and we have to work on the cash and carry models in the, in the duty channel. So that way and you can see the EBITDA and margin has also improved in this quarter.
Deepesh Sancheti
I appreciate that sir, that you have maintained the margins and the bottom line. The only point, my only point is that you know how will the company grow because most of the company’s products are into, I mean there is no entry barrier to the product. So any bigger brand, any pan India player, whenever it will come it will affect our growth. So what is the company doing to have the growth? Because at the end of the day you will maintain the profitability, you can improve the profitability. But sales growth will be important to carry forward this entire profitability to the next level.
Manish Mimani
Yeah, so I appreciate your question. It’s a very right question. So the confidence comes on the revenue growth from couple of point, couple of regions. Number one. Of course every then and there a new player can come big or small. But then according to us as you said there is no entry barrier. But according to us of course there is an entry barrier in any brand play FMCG consumer sector. Reason being the the bigger players have got advantage over distribution network. They can have manufacturing capabilities but then to have a brand recall in that segment in a food segment is a different because food chef. If we largely see the companies who have tried to grow very fast in food categories pan India historically they were not able to get success.
Reason being it needs to you need to spend over the test and preference of the consumers. One Number two just by having a distribution muscle on it doesn’t give you guarantee to have a consumer recall. Consumer brand recall or food category. So classic we will our condition comes from personal care company will be the DNA of that personal care company is not a pure pure food DNA but we are a pure food DNA company legacy brand. So we understand food. Even any new player with a with a very heavy muscle power comes into this. They need to.
They need to spend time. They need to understand the food preferences and on the brand recall any which way is the medium month and small ones the entry barrier is there for them. They will not able to expand so fast in distribution or manufacturing or brand building. So largely the risk only comes from the bigger one. And at the same time the market is also growing and the overall over the conversion is there from the unorganized to organized market. So maybe a quarter we were not able to grew quarter. But then you will appreciate on the PET and EBITDA we were not able to maintain.
Rather we increased our PET and EBITDA which was the highest in the last three quarters. So I think we are bullish moving forward. As we said we will be spending more on the distribution to make to cover a target of up to 5 lakh touch points in another one and a half year and to come into more adjacent categories. So it will not only be growth in our core categories. Currently we are seeking to move into adjacent profitable margin accretive adjacent categories which are again related to kitchen only. So then there will be a mix of strong execution of our current code portfolio penetration going into new adjacent categories as well as take tap the opportunity of market growth.
Deepesh Sancheti
Right. If I can ask the last question.
operator
Okay, join the queue. Thank you. The next question is from the line of Pritesh from Lucky. Please go ahead sir.
Pritesh Sheth
Based on what you. What you highlighted. So if you could tell us the category growth in general on the volume side in your. In your base category which is. Yeah, the carrier. The carrier and the value added products which is a whole function of the different class. So they’re slightly longer category growth. If you could tell us in volume. Secondly I In your presentation you have talked about some competition and impact. So what is what was your what was your strategy and incrementally how are you seeing your volumes in January or this quarter based on whatever happened in the last quarter that would be really helpful for us to correlate in terms of your growth path.
And the other thing is in the nine month number if you could just tell us the so you have given a B2C growth but if you could tell us what was your emerging category growth and you know what was your base category. So base categories, let’s say the whole flower portfolio. You know, these two things if highlighted would help us you know, make some guess on the future growth. You know, keeping aside what happened in the nine month or what happened in the quarter three, maybe you could sum this up and explain us please.
Amit Tapadia
Yeah. So during the during the nine month period the ATTA category in terms of the volume has grown at around 13%. Right. The other. Yeah. 131 3. Right. And the other emerging other categories. Right. Which includes other flower other flower category and the emerging category is so overall the AKA as I said. So and. Category wise I think discussing over this platform will be. I don’t think it will it will make sense but I know an overall basis as you ask the B2C revenue in terms of volume has grown at around 5% and the overall value wise the grown the growth is around 6% in the B2C segment and in the coming quarters. Right. As I said in the in the month of January only we have grown recently at in the range of 8 to 10% and hence we foresee that we will be back on track to a healthy 8 to 10% growth in the coming quarters.
Manish Mimani
So on this platform we will like to say we will not able to give you individual growth or degrowth percentage which we can respond to a a particular mail. If you can mail us we can. Respond to that mail on an individual basis. Reason being on this public platform due to competitive intensity we will not like to divert the individual figures 1 number 2 on the overall on the basis of January which we which has just concluded in which we the rebound growth was thereof in the B2C category of approximately 9% in the volume size. By that we are very much hopeful in our in last fourth quarter we will again able to grow well again at the same time maintaining profitability beta and pet better last year.
Pritesh Sheth
Okay so just to sum it up, you said that the nine month B2C volume growth is 5%. Okay. Correct.
Manish Mimani
Yes. Yes.
Pritesh Sheth
In which emerging Categories would have grown faster than your in your than your.
Amit Tapadia
In compared to the growth in compared to the core category. The emerging category which included spices had Grown faster.
Pritesh Sheth
And your value added category would have also grown faster than the flour. Right. Or slower than the flower.
Amit Tapadia
No. So that is lower because of the SATU impact as we had discussed.
Pritesh Sheth
That had run off Satu and your quarter three volume growth is zero or plus 1% which is now improved to over 10%. Now these are the whole B2C level correct?
Amit Tapadia
Yeah, this we are talking about B2C only B2B being a. We don’t focus on the B2B it is a mix of byproduct.
Pritesh Sheth
Correct. Now so what we see there is improvement from you know what is a mitigation strategy or what is the strategy that you’re deploying post this event. And second what is the progress on the non West Bengal states and where are we on the progress there?
Manish Mimani
As we said the company is sitting on a very healthy financials. So moving forward we will try, we will take, we will try to leverage our healthy financial position to leverage. And. Get inroads into the eastern India by spending more on the distribution, appointing more new distributors probability needs to be made more into the entire rest of east as well as branding expenditure will also get a up thumbs up in this quarter. The company is thinking to appoint a brand ambassador and a celebrity moving forward to make more inroads into the new new geographies and in the in the states like in the states like Bihar we particularly speaking of, I’m just giving you example, we have grown 36% though the base was very low it can largely cannot be compared but on numerical terms we have grown 36% in Bihar in, in last quarter. Okay so this is just, this is just a mirror. So I think moving forward the entire focus energy of the company will be on distribution and branding in the coming months.
Pritesh Sheth
In the nine month has the non West Bengal grown faster than West Bengal or is it in line with West Bengal?
Amit Tapadia
It is slightly better as said because of the lower base. It is better as compared to.
Pritesh Sheth
And my last question is has the you know the initial inertia of a new competitor entry in the form of the name that you mentioned has it settled down and that’s how you’re reflecting in the Jan volume or what’s your reading and what happened? Was it a price led competition emerging in the quarter? You know if you could just tell a little bit on that part.
Manish Mimani
So as you know whenever a new player comes into any Category they try. To win the market by the price war only. And the same we have seen historically in last couple of years when Patanjali came into this segment, then Fortune also came into this segment. And historically in our market, that is particularly Bengal and then in eastern India, we were able to hold retain rather grow our market share in last couple of years post this players into this category. And the same was with the new player Imami, which is a big brand in eastern India also though they are not a food category company. But then we will not like to comment on their growth and degrowth and their strategy.
But then we are very much optimistic. Keep whatever the dust was there that is settled in on a last quarter and moving forward they will be able to grow our revenues. Because even in last two quarters when the when the new player came, we were able, you need to appreciate we were able to retain our market share as well as we grew our profitability on all accounts, Ebitda Pet on all accounts. So which gives us a sense and confidence. Okay. Moving forward, once the price war is over in this segment, we will able to grow more profitably.
Pritesh Sheth
Okay. Okay. Okay. Thank you very much sir. I will come back if you have more questions.
Manish Mimani
Thank you.
operator
I request to all participants, please restrict your questions to two questions per participant. The next question is from the line of Naveen Trivedi from Motilal Oswal. Please go ahead.
Naveen Trivedi
Yeah, good morning everyone. A bit on the similar line which we kind of have been discussing about since we have seen this sharp volume recovery in Jan. You articulated well about the competition side, but was there also an a benefit from the consumer demand side as well? So that like apart from how we kind of managing the competition, was there an also pickup in the demand side?
Manish Mimani
No. So very well. Very good question. Naveen, very good morning. So on the demand side, the demand side was there was no uptick in the demand side in the festival season and post festival season due to the depressed market sentiments and depressed prices of the raw material, both wheat and gram, the average buying price was lesser than the last year. Both were down to the tune of say 8 to 10%. So the overall market of the beef products and gram products, the overall market sentiment was very down 1 and the demand tick was not there too.
And the third, whatever the GST reduction was there in the categories, there was no GST reduction in our category. We were previous, previous to reduction we were being taxed at 5%. Post GST reduction in September we were still at 5%. So the advantage of GST slab reset Our category was not able to get it. So from that angle also the consumer demand was not there. But then all said, still we were in a good position. In quarter three, the revenues were moderate. Only B2B revenues were down, which was a conscious and a willingness because it is a lower margin category. And on B2C it was a moderation with 1% growth. And then after the market sentiment down, we were able to grow our profits.
Naveen Trivedi
Sure, sir. So given the new competition has kind of was visible more often in the. Last six, seven months. Was it more active on the modern trade side or they were also active in GT as well. And secondly, given the competition, demand is kind of a factoring in your numbers, which we can you expect. FY27 can be the year where B2C revenues can be around 19% kind of levels.
Amit Tapadia
So answering to your first question, so the competitions were there on the GT channel as well and the modern trade as well. So we worked continuously to improve the tat, the turnaround time to serve our distributors and the modern trade players. So there we feel that we have an edge because we are manufacturing everything in house. And that too near Calcutta, all the modern dred players have their facility near the manufacturing units, our manufacturing units. So that way the turnaround time for us was this is something which we presume is better as compared to the competitor because players, the new players which we discussed about, they are not manufacturing it in house, they are doing job work.
So the overall betterment, as we were very much optimistic that it is because that we have control over the supply chain, entire supply chain, starting from procurement until distribution. So that has helped us and that will help us going forward. Right now, talking about 27 numbers, it is forward looking, but we can say that in the immediate quarters and considering the result, considering the numbers which we, which we achieved in January in, in the near quarters, we feel we’ll be able to have a decent volume growth in the B2C segment.
Naveen Trivedi
Yeah, sure. Just last bit, on the gross margin. Side, like last two quarters, our gross. Margins are close to 26%. So how are we seeing gross margin going ahead and any more kind of a driver to the gross margin expansion next year considering we have been focusing more on the value and product side. That’s all from my side.
Amit Tapadia
So yeah, so gross margin is primarily. As you can, around 70, 80% of the overall supply chain is gross margin is raw material cost. So we remain very, very choosy and cautious in terms of the sourcing. So we read the market, we see the market trend and accordingly, we procure the raw material. And that’s why that excellence in the procurement of raw material has resulted in a better gross margin in the near quarters. And we feel, and we are very much optimistic that the team will work in the same fashion to deliver better gross margins. So the gross margin improvement will be driven by two, three levers. One will be sourcing, the second will be the product mix. As we move and we increase the spices share because spices is a category which is growing and delivering growth for us that will improve the gross margin in the coming quarters.
operator
Thank you. A request to all participants. Please restrict your questions to two questions per participant. For more questions, please rejoin the queue. The next question is from the line of Ishant Lalwali from Ashika Group. Please go ahead.
Ishant Lalwani
Hi sir, thanks for taking my question. So my first question is on instant mix segment. Can you share the current revenue contribution of that particular segment to overall sale and what kind of growth target that you are looking over the next two to three years in this particular segment.
Amit Tapadia
So instant category is obviously a very, it is part of the emerging category and we, we cannot take out a category and share the growth on this platform. But yeah, so as we discussed over previous when one of the investor asked a question on the emerging category. So emerging category is growing at a faster pace as compared to our core category. And the instant mixes falls in line with that growth. And we are optimistic that that category will drive growth for us both in terms of the top line, they have an higher ESP and in terms of the bottom line because they command the better gross market.
Ishant Lalwani
Okay. And also you mentioned that there is a high competitive intensity. And so what are some marketing initiative that we are taken to continue our brand building.
Amit Tapadia
Yeah. So if you ask me, for this particular quarter, we have, we strategize. We. Strategized and marketed selected categories like Suji and Maida which was also launched by the competitors. So there we had a tagline, joke hai urjay. And we were very much active on the boardings, on the tv, on the paper ad and on the digital media. So that way, that was the strategy in this quarter. As sir said, going forward we are evaluating, working with a pace so that they can have a phase. When I say a phase, I mean a brand ambassador type of thing. So that in the coming season. Right. So as we said, the Sattu was a low performing category for us in the previous year.
Right. Because of hotter summer. And considering that base and that experience, we feel that going entering the new season of satu starting this summer, if we have a have a good case to represent the brand that will drive the growth for us. These are the key marketing initiatives. And on a quarter, on quarter basis we take up strategies. We work with two, three agencies so that whoever provides us the best strategy, we go ahead with that. So our marketing initiative continues every quarter and it depends on whether we do it for a particular category or for the brand altogether.
Ishant Lalwani
Okay, my last question is on the commodity side. So can you share your outlook on the prices of key commodities like wheat for the next two to three quarters?
Manish Mimani
So those are community commodity prices are very speculative. We were not able to comment. It is driven by the market forces. But then moving forward for another two months, Ravi Crop is going to come in the month of April. So I think the prices will be soft.
Ishant Lalwani
Okay, thank you. Thank you so much.
Manish Mimani
Thank you.
operator
Thank you. The next question is from the line of Ankit from Sukam Ventures. Please go ahead.
Ankit Babel
Good morning sir. A couple of questions. First is now based on the current competition and the demand scenarios, what kind of growth you are looking at for the company as a whole in the fourth quarter and in the in FY27 and will you be able to maintain your margins at current level or is there a scope for improvement.
Manish Mimani
On the growth part? As stated, we in the last January month concluded we were able to give a growth volume growth in B2C category of 9%. We are optimistic and with the strong discipline execution we are optimistic we will able to continue the same March for another two months for the financial year 27. It will be too early to comment on the figures which I think we will be able to give the growth figures of financial year 27 at a later stage. And on the margin side? On the margin side. On the margin side, of course largely we as you have seen, we were better in our margin in our category we think better than our peers and colleagues. All the three gross margins, EBITDA pet, all were good in last competitive quarter also and in nine months also and year to year also. So moving forward, of course that is, that is a no brainer. We will strive to continue the same group.
Ankit Babel
Okay. And my second question is you did mention that the competition has come into your categories a few months back and they were very aggressive on the pricing front. So in the month of January where you have seen some decent growth coming back in your core categories. So was there any reduction in the intensity of pricing aggressiveness which was shown by the competitor earlier or the aggressiveness was the same even in the month of January and you have grown in spite of that. So just wanted to understand that.
Manish Mimani
So the competition in the last quarter, third quarter or you can say in the last nine months of this financial year was not only with the new player in the category, it was a two sided competition. One is with the new player, three sided competition, one is with the new player, the other with the existing players and the third which was a hidden one with because of the soft prices of wheat and grams which was 10% down year to year, the regional and the small players, the unbranded one and the very regional players they were also able to tap a few a few percentage of the over the market share due to the soft prices of wheat because largely you will appreciate all the biggest players and mid plates like us, we continue to hold some quantity of wheat and gram for our blend mix and to continue have a consistent quality around the year which the local players don’t do.
So then the condition was from three sided as I said one from local regional, unorganized place which was a sudden impact in last quarter, then with a new player and then with the existing player and in January we were able to come out of all three though the prices are still very soft. Moving forward it will be more soft but then with a very strong disciplined execution and leveraging of our buying and selling of our co products and byproducts we were able to retain our market share in B2C dealingly we have reduced our B2B revenues and we were able to retain our profitability.
And in January as I the last question as you asked once anybody who enters into any category and if the player is a big one it will not be as amidst stated prior to this. Also it will take 2 3/4 for them to do a logical pricing fight. So initial two three quarters will be there on the pricing fight. But then after third quarter and post January we are well positioned to take on the completion, increase our market share as well as increase the profitability or we may keep a healthy profitability.
Ankit Babel
No. So my question was. So should I conclude that there was no reduction in the intensity of competition by mommy or other place even in the month of Jan? And in spite of that you have grown or was there some soberness in the aggression and required you to grow? My question was that no.
Amit Tapadia
So they continue to be aggressive in terms of the prices, right?
Ankit Babel
Same as Q3. Same as Q3. Same as q3?
Amit Tapadia
Yeah, almost same as Q3 1, 2% here and there. As I said we control the entire supply chain starting from Procurement till distribution. And we are manufacturing all the products in house, right. So we work on the turnaround time to cater to the demands of the distributors and the modern trade customers. So that way we feel we were able to stand ahead as compared to the new players because they are getting it manufactured from a third party. So obviously their turnaround time will be higher as compared to us. Our products will be fresher in the market.
So two, three initiatives which we have undertaken in terms of the supplying, in terms of the overall supply chain that has helped us in the, in the January month and we are continuously working with, with our, with our on ground team to, to fill up the loopholes which are there in our supply chain as well as the loopholes which the competitors are unable to fill. So that way we are taking advantage of the all round strength we have in the market. And we are also, as I said, we took up category level marketing initiatives on Suji and Maida. Right. So that way our branding visibility was there in the public mind space. So that way that has, we feel that has helped us in the, in the January month numbers.
Ankit Babel
Okay. And are you still carrying the high cost inventory in your core category even now or you feel that your inventory pricing and now is equal to the unorganized market which I mean you.
Amit Tapadia
Sorry, sorry.
Ankit Babel
No, I was just trying to understand that. You did mention that the unorganized, since they don’t carry inventory and they were having the, a low, low price inventory so they were more competitive and you were carrying a high cost inventory. So what was, what is the situation now? Higher price?
Amit Tapadia
Obviously the inventory level as compared to the September quarter, it has come down because. We are carrying some inventories which are valued at slightly higher prices as compared to the current one because we wanted to continue or maintain a consistent quality. Right. So that way we have some inventories left which are of higher values. But. But yeah, as I said, it is required to maintain the overall quality.
Ankit Babel
Okay. And so are you saying that in next year when you have a low price inventory and you’ll have to pass it on to the consumer, the value growth in your category could be lower than the volume growth?
Amit Tapadia
No. So volume growth is a separate thing. You obviously the ASP growth, obviously once the new season comes in, right. And considering the past trends in the couple, in couple of years the prices goes down. Right. So we have to follow that, that trend because that is the industry practice. The players in the industries, the big players also are following the same price trend. So there will be on a quarter to quarter, if you see, obviously there will be a dip in the pricing. Right. But as I said we are working towards the volume growth and better EBITDA and pat margins.
Ankit Babel
Excellent. The last question. Any new hirings you have done in the last few months at senior level?
Manish Mimani
No. So that the hirings we will both. Due to competitive intensity we will not like to diverge for this platform. But then hiring is a constant. Constant. Hiding is bible for any new emerging company. And we continue to do the same in all these segments on the marketing, sales, production and finance. So we we have hired and we will continue to do on on an individual email we will able to give you the details.
Ankit Babel
Okay. Thank you so much and all the best. Thank you.
Manish Mimani
Thank you.
operator
Thank you. The next question is from the line of Asha Bhandari from Boring amc. Please go ahead.
Asha Bhandari
Sir, could you please let us know that what is the like will be Will the company will be able to deliver 12 to 15% growth even after the degrowth in Q3? Hello.
Amit Tapadia
So for you are asking about the entire year?
Asha Bhandari
Yes sir. For FY26.
Amit Tapadia
FY no. So FY26 a growth of 12 to 15% is obviously very steep. We feel that there will be a single digit growth for the entire year. Yeah, but Q4 specifically as I said in the January month we have delivered better volume growth. So we feel that in the entire quarter four there will be a higher single digit volume growth.
Manish Mimani
But at the same time even with this growth we will able to increase our continue which we have shown in last nine months. Also we will continue showing our increased gross margins, EBITDA margin and PET margins. All three.
Asha Bhandari
And sir, what are the growth plans? Category wise to retain market share.
Amit Tapadia
So category we so the basic plan is to improve the turnaround time to supply good quality raw materials, do good quality finished goods in time to the existing customers to work on the Q Commerce E commerce platform to do digital advertisement in a very strategic way. Further, as sir also said, we may have a place for the brand to enter the SATPU season the coming summer. These are the two key strategies we are working on. So these are the fundamental strategies we try to adopt every quarter. But yeah, these are the. These are the things we are working on and trying to improve on each and every line item.
Asha Bhandari
Okay, thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir.
Amit Tapadia
Yeah, so I’ll take that stuff. So thank you all of you, all the shareholders and all these stakeholders. The our investor relation firm Go India for continuous support and trust. Thank you everyone for joining us today. We look forward to again have a healthy discussion in the coming quarter. Thank you.
Manish Mimani
Thank you.
operator
Thank you on behalf of Go India advisors that conclude this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.
Amit Tapadia
Thank you.