Hindustan Foods Ltd (NSE: HNDFDS) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Sameer Kothari — Managing Director
Ganesh T. Argekar — Executive Director
Mayank Samdani — Chief Financial Officer
Analysts:
Faisal Hawa — Analyst
Kashyap Javeri — Analyst
Aejas Lakhani — Analyst
Akhil Parekh — Analyst
Nitin Shakdher — Analyst
Abhishek Mathur — Analyst
Mayur Parkeria — Analyst
Presentation:
operator
Sa. Sa.
operator
It.
operator
Sam. It.
operator
Ladies and gentlemen, you are connected to Hindustan Foods Limited earnings conference call. Please stay connected, the call will begin shortly. I repeat ladies and gentlemen, you are connected to Hindustan Foods Limited Q3 and 9 months FY26 earnings conference call. Please stay connected, the call will begin shortly. Thank you.
operator
Sam. Sa. Sam. Satan.
operator
Good day and welcome to the Q3 and 9 months FY26 earnings conference call hosted by Hindustan Foods 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 touch tone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Sameer Kothari, Managing Director from Hindustan Foods Limited. Thank you. And over to you sir.
Sameer Kothari — Managing Director
Thank you. Anushka. Good morning and welcome to our Q3 9 months FY26 earning conference call. I am joined on the call by Ganesh Agekar, our Executive director Mayank Samdani, Amanda, our group CFO and Vimal Solanki, our head of Corporate communications. I’m also joined by sga, our investor relations advisors. I hope everyone has had a chance to go through our updated earnings presentation that was uploaded on the stock exchange and our company website. The operating environment in the FMCG sector has been tough for the past couple of years with relatively tepid consumption growth. Against this backdrop, our aggressive pursuit of growth led to diversification across product categories, customers and geographies.
We also leveraged inorganic opportunities having completed nearly five MA transactions in the last three years. During FY26, the company undertook a cumulative capital expenditure of over 750 crores representing more than 60% of the opening gross block at the beginning of the year. Importantly, this growth was guided by our capital allocation discipline. With all projects evaluated against our internal return threshold. We maintained financial discipline both from the perspective of the balance sheet in terms of the overall debt and also from the P and L perspective in terms of the overall return on capital employed. The performance of the company in the third quarter and for the nine month ended FY26 reflects this consistent and disciplined execution of strategy to build a diversified and scalable manufacturing platform.
This execution translated into our highest ever quarterly financial performance with the company delivering an EBITDA of 93 crores and a PAT of 36 crore even after accounting for a one time provisioning impact related to the new labor code. As this capacity starts ramping up from Q4 FY26 and onwards it will provide strong foundation for the next phase of our growth. We enter this new phase with optimism led by the macroeconomic tailwinds like reduction in the GST rates and the recently announced trade deals with the EU and the us. In order to ensure that we are able to leverage all the opportunities available to us, we are strengthening our organizational structure and building our senior management team with the addition of business heads for various verticals.
As the first project of this new phase, the Board has authorized a greenfield HPC home and personal care project with an investment of 50 crores. In summary, we will close FY26 with a strong manufacturing platform, improving utilization, clear execution visibility and we will enter FY27 with the same financial discipline giving us the confidence of delivering on the guidance that we have outlined in our investor presentation. I will now hand over the call to Ganesh Agekar, our Executive Director to brief you on the operational highlights.
Ganesh T. Argekar — Executive Director
Thank you Sameer and good morning everyone. While Sameer and Mayak talk about financial discipline, I will take this opportunity to highlight the operational discipline and excellence in execution that has been the foundation of the journey for the last few years. The last few years and especially the last year has been marked by excellent teamwork and execution by our projects team procurement and supply chain team. The monetary value of 750 crores of capex doesn’t do justice to the teams that have built more than 5 lakhs square feet of space using thousands of tons of cement and tea, installed high speed machines manufacturing beverages, ice creams, home care products while doing so after getting necessary approvals from various regulatory authorities and ensure safe working conditions, I would like to emphasize that all projects have been completed on time and we have had no cost overall in the last so many years.
The third quarter of FY26 reflected this steady progress across our manufacturing network with execution remaining firmly in line with planned timeline across both Greenfield and Brownfield projects. Operations across all our factories are stable with multiple divisions like HPC and Food and Beverages delivering record production this quarter. Even the shoe division which was a very complex operation is now stable and the various cost saving initiatives are beginning to show results. Also, our ISM users and the beverages users are now fully geared up for the upcoming season. Commencing Q4 FY26 capacity enhancements at Mysuru and Lucknow have been commercialized and will ramp up from this quarter.
New capacity at Nasik and Panipat are on track to deliver production for the season.
Ganesh T. Argekar — Executive Director
All ongoing projects are on track.
Ganesh T. Argekar — Executive Director
The Brownfield Detergent facility at Silvati is targeting commercialization in Q1FY27. The one for flavored yogurt at Goa will be ready by Q2FY27 and the work on OTC Pharma project is also similarly on track. The new MNA at Aurangabad remains on track and we expect to close transaction in this quarter. The new bottled water facility in the west is also advancing in line with timelines with commercialization targeted for Q3 FY27. In parallel, preparative work for the new HPC facility at Lucknow will now move forward following the Board approval. Overall, the quarter reflect a continued strengthening of our operational foundation with assets stabilizing well, capacities aligned to upcoming demand cycles and team focused on disciplined execution.
The operational readiness across category positions us in the coming quarters on the back of tailwinds like the increase in volumes due to decreased consumption, increased consumption growth and also possibility of export stabilizing with the signing of new trade agreements. With this I will now hand over the call to Mayank Samdani, our group CFO to take you through the financial results for the quarter and nine months ended 31 December 2025. Thank you.
Mayank Samdani — Chief Financial Officer
Thank you Ganesh and good morning everybody. I would now run you through the financial performance for Q3 and nine month FY26. For the nine month ended December FY26 total income stood at 3,041 crore representing a 15% year on year growth. EBITDA is increased 17% year on year to 266 crores reflecting sustained operational efficiency across businesses. Profit before tax grew 31% to 140 crore while profit after tax increased 31% to 103 crores turning to third quarter, the total income grew 13% year on year to 1000 crores. EBITDA increased 18% to 93 crores marking the highest ever quarterly EBITDA of the company.
Profit before tax rose 29% to 51 crores and profit after tax increased to 26% to 36 crores even after accounting for the one time provision impact related to the implementation of New Labour Code. Over the past year Hindustan Foods has expanded meaningfully through meaningful organic investment complemented by our string of pearls acquisition strategy which has enabled faster capability building and entry into adjacent categories while shortening learning curve. Despite this elevated investment phase, financial discipline remains central to our capital allocation framework. All new projects are evaluated against the internal minimum return threshold of 18% ROCE. As of December 2025 the annualized adjusted ROCE of stood at a healthy 19% after adjusting the capital employed with CWIP and assets which are not ramped up or underutilized.
This underscores sustainability of returns even during the capacity creation on the balance sheet, our position remains Strong. As of December 31, 2025, cash and cash equivalent stood at 151 crores and the net debt to equity was at a comfortable level of 0.77x, well within our internal comfort threshold. Capex continues to be funded through the prudent mix of internal accruals, debt and preferential equity issuance while maintaining the balance sheet resilience. The recent changes in the GST framework have led to renewed optimism in the sectors that we are in. We are optimistic that the reduction of GST in categories like bottled water, ice cream and foods etc.
Will lead to the meaningful increase in the consumption and create new demand for the capacities. However, this reduction is also leading to some unforeseen effect to our business. In some of these categories we are seeing a duty inversion which will lead to an increase in the company working capital requirement. To mitigate this, the company is discussing with certain customer to transition commercial models to one where they will supply raw material and packing material on a conversion based business model. If implemented in select cases, revenue occurring to the company would be only to the extent of the conversion cost as opposed to the cost of the entire finished good.
Thus, though there will be no change in the company absolute profitability, our reported margin may appear optically higher as revenues appear to be lower due to this change in the revenue accrual. These discussions are currently ongoing and the company will share further details as and when there are the material developments. Turning now to our outlook of FY27, our confidence is grounded in the structural progress made over the past several years. From FY21 to 26, the company has delivered a steady and consistent increase in profitability with profit after tax rising from 34 crores in FY21 to estimated of 140 to 145 crores in FY26.
This trajectory reflects disciplined capital deployment, diversification across categories and a gradual stabilization of new capacities. For FY27, we are guiding a profit after tax range of 200 to 220 crores representing approximately 1.4x growth over FY26 expected. This guidance is not driven by a step change in assumptions but by the progressive ramp up and normalization of assets that are already commissioned or nearing commissioning along with the continued operating leverage benefits. We also expect the earning profile of FY27 to remain balanced with H1 contributing approximately 43 to 48% of full year profit and H2 contributing to remaining 452 to 57%, broadly in line with our historical seasonality across certain categories while maintaining overall earnings stability.
In summary, the quarter and the nine month performance demonstrate the resilience of our manufacturing LED model, the effectiveness of our execution and the continued focus on balancing growth with returns and balance sheet strength. With this I would like 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 their touchtone 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. We take the first question from the line of Faisal from HG Hawa. Please proceed.
Faisal Hawa
Hello, Hello.
Sameer Kothari
Yeah Faisal, we can hear you.
Faisal Hawa
Sameer, can you give some light on how the shoe business is moving?
Faisal Hawa
And also do we see more outsourcing.
Faisal Hawa
Of production from large majors like shopping chains etc, from the US to us and we could get into many more verticals of manufacturing itself, having almost now perfected ourselves in so many different verticals.
Sameer Kothari
So Faisal, like Ganesh mentioned in his opening remarks, the shoe business was very complex. It took us some time to understand the entire supply chain, etc. But I am reasonably pleased with the performance of the shoe business. Now we’ve understood the business, we managed to understand where the costs are and how the cost can be controlled. In terms of the future potential, the tariffs, I think this will be the sector which will be most benefited by the trade agreements both with the EU as well as the us. We are definitely very, very optimistic that the shoe business will be the one who will drive our export business from an organization perspective.
We have recently set up an international business division and that international business division is headed by a gentleman who is quite experienced in international business and hopefully in the next six months we should start seeing him deliver some results on that. Your specific question about modern trade and organized retailers internationally looking looking at India as a sourcing hub for shoes is bang on. I think everyone is looking at diversifying their supply chain, especially after the entire upheaval in the last year or so. Now that the tariffs have been equalized, I think India as a country stands on a very good footing to be able to leverage this.
Faisal Hawa
And are you taking some steps to make our organization more entrepreneurial also? And where we have many more sectors which will be like baby stage at this point of time, but could blow out so that only a startup minded.
Faisal Hawa
Kind of a guy could.
Faisal Hawa
See it in our organization.
Sameer Kothari
So Faisal, I’m hoping startup minded is something that all of us are. In spite of the fact that all of us have passed the age where we should have been doing startups. I mean the gentleman who is heading our international business is crossing 65. But on a serious note, federal, you know that we’ve taken two initiatives on that front. One is in pet recycling. We recently invested in a startup which is called the Kabadiwala. And we are very clear that pet recycling will be one of the sunrise sectors for us as far as the entire FMCG ecosystem is concerned.
Especially because we will be able to cross sell a lot of these to our customers. And we are beginning to see some amount of traction in that division already. And I’m hoping that we should be able to capitalize on that. The other thing that we are working on is backward integration. You know that we recently acquired a cone manufacturing facility as well as we set up a stick manufacturing facility for the ice cream business. I am also, we are very keenly looking at what we are doing with beverages. I am pleased to inform that at the end of this financial year, our total beverage capacity across the country will be more than 2,50,000 KL.
That gives us a substantial amount of scale to be able to do other things which would include backward integration as well as, like I said, the pet recycling bit. So you’re absolutely right. We continue to look at new ideas while we continue to scale in our existing business operations.
Faisal Hawa
So we are committed that wherever some of the raw materials that we consume, if there is a very good opportunity, the scale as well as the ROI is there. We will go into backward integration also.
Sameer Kothari
That’s the plan. I think what we are committed to is manufacturing. I think we and Ganesh spent a lot of time in his, in his opening remarks saying that our strength is that we are able to go across the country. We are now in 41 locations across the country. We are able to go across the country. We are able to acquire land across the country, we are able to hire teams, we are able to build factories. And that strength I think we will continue to apply across product categories, whether it is in the existing categories or whether it is as a part of the backward integration.
For sure, I think that’s the strength that we are building on and the scale that we are currently operating it at gives us the Opportunity to be able to be a serious player even in the backward integration spaces.
Faisal Hawa
Since we continuously require debt financing for new factories, is the company putting any thought to reducing this cost of financing for us and whether it can be even reduced from your even more?
Sameer Kothari
I’m gonna let Mayank answer that.
Mayank Samdani
Faith. Faisal, we are continuously trying to reduce our cost. But one thing you please appreciate that in our major part of the business, which is dedicated business, even our interest is a pass through cost. So, so any, any reduction in the interest cost is passed to pass through.
Mayank Samdani
To our customers also.
Mayank Samdani
So we are continuously in discussion with the bank with the reduced to reduce our interest cost. You can see it in our financial performance also where the quarterly numbers of the finance cost is not increased despite we have taken the extra loans.
Sameer Kothari
Faizal, on that note, I just want to also quickly talk about the philosophy of the company. We will not be overly adventurous with debt. I mean, we take project funding, this project funding Mayank discusses for specific projects and all of them are collateralized against that particular project. But just in the quest of trying to get an arbitrage, we will not get experimental with new instruments of debt or foreign exchange, denominated debt, et cetera. I think we will continue to be conservative even if it is at the expense of certain BIPs in the short run.
Faisal Hawa
Thank you very much.
Faisal Hawa
I appreciate answering my question so well. Thank you.
Sameer Kothari
Faizab.
operator
Thank you. We take the next question from the line of Kashyap Zaveri from MK Investment Managers. Please proceed.
Kashyap Javeri
Yeah.
Kashyap Javeri
Hi. Thank you very much for the opportunity and congratulations on the richer of numbers. Two questions from my side. One is on, you know, our guidance for FY27 in terms of profit. Now we will be capitalizing about 780 crores of gross block this year. But if you look at profit growth next year, let’s not sort of commemorate with the increase in the cross block number. So you know, the endearing benefits of that gross block would also continue through 2028. That’s the first question. And second is a question on our investments in the FNB part of the business.
But this year we are investing only just about 30 crores. But if I look at our press release, recently we have inducted a gentleman from experience in Unilever, particularly within the 20s. So does that mean that if I look at 2728 there will be accelerated investments also in FNB part of the business? X Ice cream.
Sameer Kothari
So Kashyap. So two questions. One is, will the growth in profitability be reflected beyond FY27. The answer is definitely yes. I think what we’ve done along with all of our Capexes, we’ve also mentioned when they will get commercialized. When Ganesh was talking about his opening remarks you would have noticed that some of them are getting capitalized commercialized in Q1, Q2 of next financial year, even as far as Q3. So obviously some of this will come in in 2728 and the ramp up will show up there. The number that we’ve given the guidance for obviously is only for FY27.
We’ve not given any kind of guidance for FY28 which we hope should be better than FY27. Anyway. You’ll also note that even in terms of CapEx, we’ve already given some announcement about that the CapEx journey will continue in FY27 as well. So obviously the Capex which is being announced which is in the new HPC segment will start reflecting only in FY28. So that’s something of an ongoing process. And you’re absolutely right that the 750 crores will take some amount of time to reflect completely and that will be between 27 and 28. Now coming to SMB, I’m not sure that our investments have been low.
I think the sector is such that the CAPEX intensity as compared to ice creams is very very different. We have made some announcements already in terms of our flavored yogurt brand as well as OTC stroke nutritional product. In terms of foods and beverages. You’re absolutely right in identifying that there’s a senior member who has joined part of our senior management team and we are quite bullish about food and beverages. I spoke about beverages when I was answering Faithful’s question as well that we will now be making about two 50,000 kl of beverages across our factories and we are reasonably bullish that we should be able to expand capacity further in that segment.
So in terms of focus, yes we will continue to focus across all five BU’s. So I’m not being partial to any one of them. We will continue to expand. There have been developments across all the sectors even in ice creams. Recently we’ve acquired a coal manufacturing facility plus we’ve signed up a couple of new customers. We are hoping that by FY27 etc. We should be able to allocate capital further to Ice Creams as well.
Kashyap Javeri
Sorry but to just sort of having a slightly longer discussion here particularly in snb. I’m not just looking at it compared with other businesses but If I look at it’s on its own strength from about 230 crores of gross stock in 2024 to roughly about 330 crores in 2026. The increase is also on its own significantly lower though. I understand that aside terms may be large but the growth in the gross block is much much slower than any other. That’s where I was coming from. So I’m not saying that will it be the focal point.
All I’m asking is that would that be now seeing as much accelerated growth as in cross market other businesses?
Sameer Kothari
Kashav, maybe I didn’t communicate this well. Let me start all over again. So each of our segments have a different asset intensity in terms of asset turnover. You will see some businesses which require a lot more investment in capex for us to be able to grow and some of them may not. Since you’re picking on F and B, let me be a little bit more specific. I think Ganesh in his remarks mentioned last quarter and maybe this quarter as well that we’ve increased our capacity in our Mysore factory by nearly 100%. That’s a tremendous increase in terms of capacity and however it may not reflect in terms of Capex because we had the, we had an existing land there already.
We invested in 300 bottles per minute line which increased our capacity from 150 to 300 which may not translate into the same amount of asset terms. So when you look at the only reason the question probably is that do we focus or do we continue to invest in fnb? The answer is very much yes. Will we Invest let’s say 400 crores like we have done in ice creams in FNB the answer is probably no. Because in case we have to invest 400 crores in FNB the size of the project and the total capacity that we would have to created would be much much larger than what we think we can sell.
Kashyap Javeri
Understood. That’s perfect explanation. Last just on the debt side quite commendably I think net debt now gets limited to the same number as probably the previous quarter despite the growth at.
Kashyap Javeri
Some point of time, let’s say 24.
Kashyap Javeri
Months down the line would we see.
Kashyap Javeri
That absolute number also declining? Is that a possibility?
Sameer Kothari
I am nodding my head and asking Mayank to answer that.
Sameer Kothari
So let him answer this.
Mayank Samdani
So Kashyap though you are correct correct in that our some of the loans will get repaid but at the same time because of the new Capex which as Sami told you this is a continuing process where we will continue to invest in the CapEx and, and with the judicial mix of debt and equity, our internal target is one is to one. So we don’t see that coming down drastically in coming years since we are investing in the new CapEx altogether, but we will make sure that it will be the judicial mix of equity and that.
Kashyap Javeri
Sure. So thank you so much for the.
Sameer Kothari
No, we are not done. We are not done. We are not done. This is a question which I need to spend some time on. So this is a more philosophical question, right? And the philosophical question is, will we continue to grow? The answer is very much yes. I think the idea of Putting out the capex beyond FY26 was that the journey will continue. It’s not the end of it. We’re not taking a pause. And if you want to Continue Investing in CapEx, will we continue levering it up? The answer is that given our business model and given the kind of counterparties that we work with, and given now the entire diversification which has happened across the company in terms of product categories, geographies, etc.
We feel very, very comfortable that we should be able to service this kind of debt easily. So will we continue to take on debt? The answer again is very much yes. I think I can go out on a limb and say that if you just look at our operating cash flows and if you look at levering it up, one is to one, like Mayank said, we should be able to grow at about 20% per year just on the basis of that. I think in the opening remarks, Ganesh talked about the amount of effort that goes into when we are executing these kind of projects, etc.
And I think that will continue. So 20% growth is definitely what we are aiming for. To be able to grow at 20%, we will definitely need the 1:1 debt. We are comfortable taking that project debt. We are not comfortable trying to be maverick in terms of trying out new debt instruments or stuff like that. We will stick to the traditional project loan. And even if, like I said in the earlier question, even if it is at the expense of a few basis points of interest rate, that’s what we’ll continue doing. So I think I do not see a situation where the net debt or the debt levels will decrease at some point of time.
If we stop investing, that’s another story. In which case we will start returning money back to the shareholders by way of dividends.
Kashyap Javeri
Okay, and again, fantastic set of numbers. Congratulations and best of luck for future. I must also sort of commend, you know, my team for the Detailed disclosures and the way they have been presented in the ppd. Thank you so much.
Mayank Samdani
Thank you. Thank you very much Kashu.
Sameer Kothari
And a small credit of this goes to Brinkal as well, who’s part of the SGA team.
Kashyap Javeri
Absolutely. Thank you.
operator
Thank you. We take the next question from the line of ages. Lakhani from Unifi amc, please proceed.
Aejas Lakhani
Hello. Am I audible?
Mayank Samdani
Yes, you are.
Aejas Lakhani
Perfect. So firstly Dean, thanks for the chance and congratulations on good numbers. So I have three questions. Question number one is that in your opening remark you spoke about the duty inversion leading to a higher working capital requirement. Could you outline some more color on the same? So what parts of the business models are affected, which segments, how much percentage of the business, some incrementally more color on the same. How do you see that getting implemented through the year, etc.
Mayank Samdani
So just as in my opening remarks, Mayank here in my opening remarks I underlined that bottled water, ice cream and foods where the duty is cut down in in last September or October opening. We are evaluating this right now and it is too early to give some color. But these, these will be the sectors where the duty inversion has started and it will continue to start till we do something on it. Just just to give you example, ICM has come down from 18% to 5%, right? And the component which comes in is basically coming at the same rate which was which they were earlier.
So there is an obvious mismatch between the outgoing GST and incoming gst. So this is what we. I was referring to in my opening remark and it is too early to say because this is just a quarter, it is just started. But this is to give you some idea that this will happen in a process and it will continue to happen in coming years.
Aejas Lakhani
Could you call out how much percentage of the business will see this re pivot.
Sameer Kothari
So this is Sameer again, this is difficult right now because obviously discussions with customers have just begun. So none of the customers are going to agree so easily. There’s going to be changing in terms of accounting processes, procurement processes, etc. What we are trying to do is just trying to sound you guys off saying that while we are very bullish and optimistic about the GST reduction, it also has a second order effect which is leading to duty inversion. In case of some of our products, this duty inversion needs to be addressed. Like we’ve mentioned a bunch of times, we are reasonably disciplined in terms of our working capital investments and we definitely do not want to be in a situation where we are investing money in GST however, the main point that Mayank wanted to bring out, and I’m going to just repeat it on his behalf, is that whatever agreement we come out with the customer, this will be more of an accounting thing rather than actually a material effect on the profitability of the company.
The profitability of the company will remain the same. However, the revenues will probably change and the recognition of revenues will change, in which case frankly the margins will appear very good and some of you might actually pat us on our back saying that the margins have improved though it will just be an optical improvement. And the fact that to the matter we’ll make the same amount of money that we were making earlier.
Aejas Lakhani
No, point taken and understood. I was just trying to understand that if there is a quantification on the revenue side so that, you know, we could understand it better. But point taken. My second question is around ice creams. So from the three facilities that you are building out, Lucknow and Nasik you’ve mentioned is fully, you know, ready for the upcoming season. But the question is on Panipat. So you have called out in the PPT on page number nine that you know, you expect production to begin in the first quarter 27. So my question here is that given that you would start in the first quarter, the initial inventory requirement and stock up that will be required from the Panibat facility, is it fair to say that we may miss, you know, some part of the season in the stock up and or do we expect the Panipat season to materially contribute to this year’s, you know, segmental ramp up as well?
Sameer Kothari
So in terms of the guidance that we have given both for this year as well as for the next year, we obviously have taken that into consideration. It would be foolish of us to mention that on page number nine and give the guidance on whatever page we have without considering that Ajax so we are well seized of the fact that this ramp up of the assets will happen predominantly in FY 2018. That was one of the FY28. That was one of the reasons why in when replying to one of the earlier questions we said that even the FY27 number that we’ve given will improve in FY28 as well.
Now I thought so are you asking about the profitability or are you also asking about the working capital?
Aejas Lakhani
No, no. So I just wanted to understand on the profitability and working capital associated with Panipat versus Lucknow and Nasik.
Sameer Kothari
In fact, Panipat is one of the first sites where the discussions about this GSE change. Mayank has already initiated with the customer saying that we would much rather shift the commercial relationship into a situation where we are billing only for conversion costs rather than buying the raw material and packing material ourselves. In which case in the month of March, while we will stock up on raw material and packing material, it may not show up on our books and will show up on our customers books.
Aejas Lakhani
Understood? No, understood, it’s clear. And lastly, could you just throw some if it’s possible, some I know you do not prefer to but any matrices around shoes and ice cream. What are we from a run rate perspective at? Where are we from an EBITDA standpoint? Where are we from an ROC standpoint for the businesses as a cluster for how we’re exiting 26 and how you incrementally believe 27 will shape up.
Sameer Kothari
So we prefer not doing it segment wise and frankly we did that at a company wide level saying that very clearly that our goal is to be between 18% and 20% ROC as a company as a whole like I said, some of these segments will have higher numbers, some of them will have lower number could be because of the asset turns, could be because of the capex involved, could be because of the nature of the business where some of them are predominantly shared manufacturing versus dedicated manufacturing. And one of the reasons why we don’t want to get into segment wise details is because obviously it leads to competitive information being sent out in the public but company as a whole the idea is to go for 18 to 20 and we took some pains in trying to demonstrate that that’s where we’ve been historically as well if you exclude the capital.
Work in progress.
Aejas Lakhani
Noted. Thanks and all the best. And you know it’s a very difficult business of credit to you and the team for being very disciplined and execution focused. Thanks.
Sameer Kothari
Thank you.
operator
Thank you. We take the next question from the line of akhil Parek from 361 Capital. Please proceed.
Akhil Parekh
Hi, thanks for the opportunity and congratulations to the entire team for a good show. Good and consistent show rather. So my first question is on the net part, right? I mean that ways how it should look like say in required 27 and 28 ideally one the debt to equity should be declining from where we are at current level given the operating cash flows which we will be generating over FY 26 to 28. That’s my first question and hence the RoC pre tax RoC should go back to 20% somewhere between 27 and 28.
Sameer Kothari
So Akhil, that would depend completely on whether we are continuing our investment journey or not right. And we are hoping to be able to continue our investment journey. So which is why we said that if the OCF is leveled up one is to one that gives us enough cash flows to be able to continue growing this business at 20%. And we are hoping that we will be able to leverage that opportunity for sure. In terms of a regular project which has stabilized. You are absolutely right that that would get paid off. But for the company as a whole is especially because of the tailwinds of the GST cut etc.
We are a little, let’s say optimistic that we should be able to sign up more projects which will ensure that 20% growth. So frankly we are hoping that we won’t be in a situation where we’ll be paying off debt and not taking on more debt.
Akhil Parekh
No, I’m not saying paying off debt but it can remain at this level because our operating cash flow should be good enough for us to grow for next one one and a half year. Right. I mean if I look at our EBITDA absolute EBITA number cumulative should be closer to around 800 crore for 26 and 27. And our operating cash flow can be a 50% of that. So around 400 crore of operating cash flows over 26 and 27. Is that the right assumption? And if that is the case, ideally we should be. I mean ideally the debt to equity should decline then assuming the debt will remain stable at current level.
Sameer Kothari
So again depends completely on the opportunities that we get in terms of new projects. If we do not get enough opportunities it will obviously what you’re saying will happen. I am a little bit maybe more optimistic than you are. Especially because of the changes in GST and a little bit of optimistic commentary coming in from all our clients that I think we should have enough projects going into FY27 and then into 28.
Akhil Parekh
Okay. Okay, sure.
Akhil Parekh
Would mind be able to guide absolute operating cash flows for nine months?
Mayank Samdani
I will reluctant to give this time because cash flow because this is not the balance sheet quarter. So there are many adjustment in the cash flow which needs to be done. We have I’m written direction to give this number right now.
Akhil Parekh
Okay. But end of year like last quarter something that guided for 200cr plus of OCF. Would that be a fair result.
Mayank Samdani
Full year basis? Yes, we. That is a fair assumptions to make here.
Sameer Kothari
I think in the first half, in.
Mayank Samdani
First half we have done around 120 crores. Second half can be better than that. Would be better than that.
Kashyap Javeri
Sure. And my second and last question on the, I mean I know Samira is kind of alluded to the previous participants question that category wise we are not giving any guidance but I’m sure internally there would have been some discussion.
Akhil Parekh
Right.
Akhil Parekh
Of the 220 crore pack which we are assuming 200 to 20 crore.
Akhil Parekh
What.
Akhil Parekh
Is the rough estimate we should expect from dedicated versus Shared? If that number, if you can kind.
Akhil Parekh
Of provide that would be helpful basically.
Sameer Kothari
So dedicated versus shared we’ve given us a presentation slide which gives the breakup of our revenues, EBITDA as well as the gross block. While it’s obviously not been broken down to the pack level for the reasons that there’s a lot of allocations and amortizations across the categories, I don’t think we’ll be able to give any more granular detail beyond that. Akhil.
Akhil Parekh
Okay, okay. But on sports, so last quarter we had highlighted 135 crore is a quarterly run rate. Is that run rate going to continue for this remainder of the 26 and should we see a better growth on 27? Assuming export sales don’t kick in in 27 just on the purely domestic business in sports show, we can see somewhere closer to maybe 600, 650 crore of sales level post workshow and I think 5% of PAT margin is both probably. I think one of the phone calls you had mentioned would that be a rough ballpark estimate?
Sameer Kothari
So again without getting into the specifics of each segment, the guidance that we have given for FY27 includes what our internal targets are for each of those specific businesses units. In terms of shoes, I just want to highlight one thing that the macroeconomic conditions have become better. I think the clarity on both the EU and the US trade treaties, some big difference in terms of pessimism three quarters ago has now changed over to optimism from that perspective. So we are quite confident about the shoe business but that confidence will take six to eight months to translate into action because this is a fashion industry.
From that perspective, any kind of supply chain changes that even international customers or international retailers need to make the lead time or the gestation period would be at least eight months to a year. Are we confident about it? Yes. Are we putting our money where our mouth is? Absolutely. Like I said, we’ve hired people to go after that kind of business. And as a company we feel quite comfortable that the shoe business we now understand and we are able to run it well.
Akhil Parekh
So to sum it up, there are no internal challenges basically in the sports and if the demand kind of accelerates then we should see A better growth.
Akhil Parekh
Rate VCT in the sport.
Akhil Parekh
So from our side there are no.
Akhil Parekh
Challenges in this business.
Sameer Kothari
Absolutely.
Akhil Parekh
Great.
Akhil Parekh
And just last if I can speed in on the health and wellness segment, if you can give more color of what is happening on the OTC part and in the shores business as well. Have not heard on that part of the business lately and help at the OTC but we planned was 150 crore of acquisition which we had done and we kind of maintain CX kind of asset turn in this overall basically and I know things actually has changed in last 12 years but if you can throw more light on this OTC business and how it would look like basically.
Akhil Parekh
In the next 12 years. Yeah that’s all from my so again.
Sameer Kothari
Akhil, without getting into the specific numbers segment wise OTC pharma business will probably be the second business which is which will be favorably affected by the clarity on EU and US tariffs. We had made an announcement a couple of quarters ago that we had already been approved and signed up. We are signing up with a customer based in the US because of the uncertainty around tariffs for the last six months that project was going a little slow. However based on the recent developments we believe that that should get accelerated right away. Also in terms of the OTC pharma export business, we’ve recently strengthened our team from that perspective as well.
We are going after some of the export OTC business where whether it is Dr. Shaw kind of products or other products, we are looking at how we can do that. Unfortunately for both the segments, the shoes as well as as OTC pharma the lead time for export and international business is quite high in case of shoes because of the fashion and in case of OTC pharma because of regulatory requirements. So give us about six to eight months and I think in six to eight months we should definitely come back with some interesting stuff on the export fronts.
Akhil Parekh
Sure. But incrementally the ROC would be better into some of this projects like the US based client you mentioned especially in.
Sameer Kothari
Case of otc it will be an incremental ROC accretive business anyways because any more business may not require any additional capex. I’m talking about the export business. We are already announced one capex in Buddhist where we are starting to manufacture some Ayurvedic wellness products that is well underway and that will start production in the middle of next year anyways.
Akhil Parekh
Great, great.
Akhil Parekh
Thanks a lot.
Sameer Kothari
Wishes. Thank you Akil.
operator
Thank you. We take the next question from the line of Nitin from Green Capital Single Family Office, please proceed.
Nitin Shakdher
Hi, good afternoon Sameer. And to the management, this is Nitin Shakta from the Green Capital Single Family Family Office. So my question pertains more specifically to the foods manufacturing business. Just wanted to get a sense of if entrepreneurs in India are approaching Hindustan foods for a lot of more contract manufacturing. Different categories of the foods business, mostly like perishable or non perishable products and also conversely are also food brands which are getting manufactured. In approaching our brand to contract manufacture for the Indian market, just wanted to get a sense of how the movements are happening on contract manufacturing and subsequent distribution for food brands in India.
Sameer Kothari
So Nitin, that’s an interesting segment, right? So on one hand foods requires or is amenable to a lot of experimentation, regionalization, small brands, etc. But as a manufacturer we also hate the fact that it’s amenable to small regionalizations and small runs. So while we are seeing a lot of small brands, D2C brands, innovative brands, coming up with new product categories, etc. Not all of them are attractive to us from a point manufacturing perspective. And let me give you a specific example, right? So there’s this whole host of D2C brands which have come up on the health platform, whether it is fresh products or whether it is low sugar products, etc.
But for us they would be material only when the minimum quantities or the quantities are viable from our factory perspective. Unfortunately we are not in the food business where we are running or we are not optimized for running small kitchens or small batches. And as a result we are more interested in large scale food manufacturing. So maybe we are not the right people to comment on the extent of innovation. There is a lot of innovation happening in the food and beverages segment. However, we get involved only once that innovation has reached some kind of scale.
So maybe we’re not the right people to comment about that. Nitin.
Nitin Shakdher
Okay, so just wanted to.
Nitin Shakdher
I’ve understood that, thanks for clarifying that in terms of the volume. So also are any large food manufacturers from outside who want to contract manufacture in bulk from India? And they could be famous brands who want to set up a manufacturing base but don’t want to set up a manufacturing plant. Would that be a potential client for the Sun Foods if they give the volume? Obviously it depends on the category and which brand.
Sameer Kothari
Absolutely. But again has got to do with the volume. I mean, you know, and I don’t want to name names but even biscuits and ice creams were getting imported till a few years ago because the Scale of the business was not that large. There are certain biscuits which were still getting imported and just recently start getting manufactured in India. So once India is a large country, but it also in terms of food, achieving scale is not that easy because of the same problems that I mentioned earlier, regionalization, taste variations, etc. Once any brand achieves a reasonable amount of scale, that’s when we would come in.
And that’s continuing or that’s going to be the way ahead as well. I don’t see ourselves being able to provide solutions for very, very small volumes.
Nitin Shakdher
Okay, great. Thanks a lot. And I’m also assuming that scale is also a function of. Let’s say the brand gets a lot more distributorship and then the demand for the product builds up in the country. So it’s a quarterly factor of distribution getting built and then the bonding order coming to the contract manufacturer like yourself.
Sameer Kothari
Absolutely, Nitin. And which is why I mentioned that certain variants of ice creams, certain variants of cookies, biscuits continue to get imported into the country till they reach some kind of scale. And the moment they reach some kind of scale, the brand owners then decided to indigenize it. You’ll be surprised to know that even chips and pet food were being imported into India. Brands which most of the people would be very familiar with. But unfortunately the scale wasn’t enough to justify setting up a factory in the country.
Nitin Shakdher
Okay, great. Thank you Sameer. And all the best for the future.
Sameer Kothari
Thank you, Nitin.
operator
Thank you. We take the next question from the line of Abhishek Mathur from Systematics. Please proceed.
Abhishek Mathur
Yeah, Hi. Hi. Sameer and Mayank. Thanks for the opportunity. So firstly just wanted to check on the gross block bit. We have announced 60, 80 crores at the end of the quarter and we have talked about 2000 crores by the end of the FY for FY27. What kind of a number are you looking at? So you’ve talked about a 50 crore HPC project for FY27 and you have gone ahead and given a PAT guidance for FY27 also. So on gross block, what kind of a number? And on FY28, any initial feelers? If you can give me.
Sameer Kothari
Abhishek. The general practice and the policy of the company is that we make announcements of Capex only after the contract has been signed. And as a result the only announcement that we’ve made for FY27 is the one where we have certainty in terms of that investment. We generally do not give guidance in terms of our project projects based on the pipeline, etc. And which is why I think we took some pains in that graphic of FY27 so that people don’t mistake that the only investment we are going to make in FY27 is 50 crores. That’s not the case.
What we are saying is that we will make the first investment which has been signed for FY27 is that 50 crores. We continue to work on a bunch of leads as and when we get the green light on that we will come back to you. I do not have enough granular detail to be able to give you a guidance in terms of what we want. It goes back a little to Akhil’s question where we said that we are optimistic. We believe that we should be able to continue the pace of capex just the way we’ve been doing.
However, if things don’t materialize, we will obviously come back to you and it will reflect in the fact that the net debt like Akhil was saying, will start coming down.
Abhishek Mathur
All right Sameer, just a clarification on slide number 13 of the presentation where you’ve shown the adjusted net capital employed. So there is a line on the to be commissioned and the underutilized assets with the values to there is this understanding. So if I deduct the CWIP for FY 2425 from those numbers mentioned there I will get to the the assets that you have taken out because those are newly commissioned and yet to achieve optimal utilization. Is that understanding correct?
Mayank Samdani
You are, you are talking about the CWIP in the balance sheet.
Mayank Samdani
Yeah.
Mayank Samdani
So that those are the asset which is not commercialized. Still we are talking about both which is in CWIP stage and commercialized but not rammed up or underutilized. These are the total of those all these assets and also the capital advances where we have paid for the capital advance and still the the either equipment has not come, bills are not booked and these are not gone to CWP still. So this is the total of all things which is either not capitalized or not ramped up and underutilized.
Mayank Samdani
So for example.
Sameer Kothari
Sorry, let me just explain, explain the the, the thinking behind that slide. The thinking behind that slide was to try and delineate our business model in a way that one our internal parameters for all projects is clear which is is that we will not take on projects which are less than a minimum threshold about 18% ROCE. However, there was a disconnect and a lot of investors and shareholders came back to us saying that while you say this, the fact of the matter is you are delivering about 14, 15% of ROCE. So I think Mayank and the SGA team worked on trying to address this concern.
And the way we wanted to address this concern is that given that we continue to invest in capex in any given year we will have certain capital work in progress that will obviously get captured in the balance sheet. But we will also have certain projects which might get commercialized from an accounting perspective in a particular financial year but may not deliver their normalized earning capacity in that financial year. Let me give a you specific example. So if you look at the Panipat project for instance, the Panipat project we are hoping will get commercialized by Q1 of FY27.
However, that entire asset is going to be carried through the books in FY26 and in FY27 given the seasonality of the business, it will ramp up to its full capacity or full utilization or normal normalized earning capacity only in FY28. Because if you look at April, May and June, we will still be ramping up that asset and it will reach its. I mean hopefully all the factory machines, etc. Start working properly by June, July, August, by which time the season would have wound down. Which means the actual earnings of that site will start in FY28 season which will start from Q4 of FY20, CY28 season which is Q4 of FY27 and Q1 of FY28.
So what Mayank and the SGA team have done, they have tried to address this, reduce that from our gross block. Obviously they’ve used a kind of a thumb rule in terms of identifying those assets etc. That’s what we’re doing.
Abhishek Mathur
A fair point Sadheer. I get the logic behind this adjustment. Seems fair. Just wanted to get a sense of the 405 crores which is mentioned at the end of December 25th in terms of the to be commissioned and the underutilized possible to get a breakup of how much is to be commissioned and how much is unutilized out of those. Out of that 405 crores.
Sameer Kothari
Yes. Abhishek, just give me a second. Mayank is giving you the numbers.
Abhishek Mathur
Sure.
Mayank Samdani
So around 200 odd crores is under yet to be ramped up or underutilized and rest is capital WIP and the capital advances.
Abhishek Mathur
All right, thanks a lot for that. And that’s it from all the Best. Thanks.
operator
Thank you. We take the next question from the line of Mayur from Wealth Managers India Private Limited. Please proceed.
Mayur Parkeria
Good afternoon to the team and congratulations on delivering decent numbers. The reason I’ll say decent is it was long overdue and it has come. So congratulations on delivering that. I have couple of observation and also questions. One is finally the bug has beaten us to give a guidance on the profit numbers. This was not what we had seen earlier from you. I hope when we give a disclosure like this it is relatively consistent not only the profit guidance but the disclosures which we have. I understand that one may want to stabilize these numbers and disclosures part, but the consistency even on disclosure will be important.
It’s like an expectation. You have taken us to an expectation of a certain profit guidance and a certain ROC guidance. I hope the disclosure continues to maintain this so that we are able to evaluate the business on an ongoing basis. That will be very helpful. So that’s just a suggestion that hope this consistency is maintained as we go ahead over the quarters. So that is one thing. The second part is on the again on the same previous question was more on the disclosure about the commission and if will you be able to quantify or tell us what is underutilized? I understand qualitatively that remark which Sameer, you just mentioned about seasonality of products and but is there a, is there a way to understand for us in a more will you say 50% utilization is underutilized? Will you say how do we look at underutilized? Should we say one year before the commissioning is underutilized so that it is easy for us to also track and understand how the RoCS are panning out rather than always coming back to you and trying to, to get a more qualitative understanding?
Sameer Kothari
Sure. So let’s, let’s, let’s break that down right. When we say underutilized. If for example, the asset is underutilized because of our fault, meaning the management’s fault in terms of either not being able to run it properly or not getting enough orders, etc. Obviously we are not going to try and reduce it from the denominator to artificially pump the ROCE numbers. Right. So for example, the shoe business, which has given us a lot of grief earlier, we obviously are not going to call it underutilized because of structural reasons. Underutilized for us would mean very clearly structural underutilization.
Structural underutilization would refer to the timing of the asset coming on board. Let’s say an asset comes on board post the season like I just talked about Panipat, in which case it will continue to remain underutilized for a larger part of next year in Spite of the fact that it’s been commercialized. Right. And that would be underutilization. If let’s say we had an ice cream factory and we did not have a customer for it then that would be a problem that obviously we would not call it as underutilized. The second thing is that in general because we are talking of capex and we are talking of.
Of so many machines etc. It takes us about three to four months to ramp up in terms of the overall capacity utilization. Now that’s a structural part as well. Even if we are very good in our management, even then it would or execution it would still take us about three months to ramp up a factory of that size. That we would call underutilization which is structural. We will not try and push our inefficiency under the pseudonym of underutilization.
Mayur Parkeria
Fine, fine. I get this and that’s good to hear this. But okay so let me try and understand this again. This is a. This is a question for mind so that you know it’s. We are from a more numbers perspective. 400 odd crores is the number of underutilized versus or not or to be commissioned. We are saying 780 crores total gross block Capex yet to you know in FY26. FY26.
Sameer Kothari
Yes.
Mayur Parkeria
To be there out of that. If I remember last quarter when the balance sheet disclosure was there. 200 of that was already commissioned. So we would have had around 500 odd crores yet to be commissioned anyways on that number. So will it be fair to say that underutilized stroke commission that number as on FY26, you know just one day before commissioning would be around 700 crores. And you know that is the whole. That whole number will fall to the denominator. And then what happens to the ROCE of 19% because we have already annualized the numerator.
Right. The numerator is already annualized nine months. So we will not have a bump up on the numerator subject to actual versus annualized number that small difference. But the denominator meaningfully goes up because we are yet to commission a very large number of gross block and the denominator and the roc of even 19% does that. So I hope if my gets that number. What I am trying to understand.
Mayur Parkeria
Will.
Mayur Parkeria
The number be meaningful different.
Sameer Kothari
I requested Mayank to let me address the question both of us were fighting on. Who will answer your question but mayur. So let’s. Let’s understand this. The nine month figure which has been annualized is at a run rate of Q1 plus Q2 plus Q3. If you look at the guidance that we have given for the year as a whole we expect an acceleration of the number in Q. I mean we didn’t want to break it up as a number. So when you say that the numerator has already been captured I think that’s mathematically incorrect. Second in terms of the 400 crore bake up let me give you a specific example rather than Mayank and talk about the number as such.
We recently invested in doubling our capacity in Mysore and the commercial production for that starts this week in time for the season and it will ramp up between February and March and then the entire April, May, June, July. Because it’s in the south we will be able to sweat that asset completely. Now obviously that asset will deliver its roce as well as its numerator as you put it in this period. Will it be underutilized? It will. It showed up as capital work in progress till let’s say this week or this month because it was not commercialized.
Now it has been commercialized but it will continue to be underutilized for at least a month or so and then post that. So April onwards it will ramp up. That’s what we are trying to give you the color around in terms of specific numbers. I don’t know if Mayank wants to give any numbers. So in case of the specific we.
Mayank Samdani
Will have a separate discussion and we will give you the specifics how we have breaking down it all.
Mayank Samdani
Yeah.
Mayank Samdani
We don’t have it handy as required by you. But overall the overall thing in the last question I told that around 200 crores is the asset which is capitalized and unutilized and 200 crores odd is something which is which is still to be capitalized.
Mayank Samdani
Okay. Okay last question from my side on the guidance part you have mentioned approximately.
operator
Due to time constraints we would like to take that as the last question.
Mayur Parkeria
But you could have let me finished it at least.
Sameer Kothari
Please go ahead. My go ahead. Yeah.
Mayur Parkeria
Thank you. Thank you for allowing and overriding this. Thank you. Just last question. Just understanding you know on the guidance part if you look at close to 200 to 220 crores of PAT guidance and FY26 more in the region of one we are talking of overall roughly you know 50% kind of PAT growth over the in the next year and that shows the momentum building on the operating leverage. I just wanted one small color on from your side is you know we are currently looking at revenue Growth in teens and the quarter has also shown that due to operating leverage and other the profit growth is in more in the region of 30% but next year we are talking of 50% kind of growth on the profit.
Does it mean also that is it built on the significant ramp up on the revenue side also or is it more similar in the lines of operating leverage only? And secondly, from an operation standpoint, is this number dependent significantly on the good seasonality of the ice cream business which is gonna come?
Mayur Parkeria
That’s it.
Mayur Parkeria
Thank you.
Sameer Kothari
Okay, so Mayur we’ve been steadfast about our suggestion to all people who follow the company that don’t get obsessed with our traditions. I think Mayank in his opening remarks also to told you about the gst. Just to recap that our revenues are pass through in terms of any raw material and packing material cost. Our profitability is protected from that perspective, which is why we’ve given the guidance of the PAT and not of the revenues. In terms of the guidance and the increase. It actually goes back to your earlier question about the numerator and the acceleration of roc.
Let like we discussed there as some of these assets which will get commissioned or which are currently underutilized start getting ramped up in the next financial year, we will see an acceleration coming in sheerly because of the fact that these assets which have been invested have not been sweated completely in FY26 but will get sweated better in FY27. So a large part of that growth, the 40 odd percent of increase in profitability is coming purely from that. I would urge you not to look at or ask us for guidance in terms of revenues first. We avoided that anyways because it was a pass through.
Now with the complication of GST we will frankly steer away from giving any guidance in terms of revenue.
Mayur Parkeria
Yeah, and on the ice cream side, if you can just clarify how much of it is dependent on a good source season because that’s a seasonality. Last year also we saw some impact due to early rains and things like that. So how much of it is contingent on some of the seasonal products delivering.
Sameer Kothari
So a large part of our business and ice creams is dedicated, which means that our profitability is not subject to the vagaries of the season. However, there could be a timing difference in terms of Q1, Q2, Q3, Q4 depending on how we perform, how the season performs. But at the end of the year our number as far as ice creams is concerned is protected irrespective of whether it is a hot summer or a cold one.
Mayur Parkeria
Great to hear.
Mayur Parkeria
Thank you so much and wish you all the best.
Sameer Kothari
Thank you.
operator
Thank you. Due to time constraints, we take that as the last question for the day and I would now like to hand the conference over to the management for closing comments.
Ganesh T. Argekar
Thank you, Nushka.
Ganesh T. Argekar
So before we conclude, I’d like to.
Ganesh T. Argekar
Briefly touch upon an important area of focus for the company. Sustainability and responsible operations which remain integral to Hindustan Foods. As we continue to expand capacities and our geographical presence, sustainability is being embedded into project planning, energy sourcing and operational decision making, ensuring that growth remains scalable and responsible. International business is one where, as Sameer said, will be a focus area henceforth across categories. The macroeconomic conditions have certainly gotten better.
Ganesh T. Argekar
And hopefully next year this time HFL.
Ganesh T. Argekar
Would have some international footprints to talk about. With a strong execution platform, disciplined capital allocation and a clear focus on long term value creation, we believe HFL is well positioned for its next phase of growth. Thank you once again for joining us today and for your continued trust in Hillson Foods. And with Valentine’s Day just around the corner, I thank you and wish to say grow old along with us. The best is yet to be. Should you require any further information, please feel free to reach out to us or connect with Strategic Growth Advisors, our investor relations partners.
Ganesh T. Argekar
Thank you. Gail.
operator
Thank you on behalf of Hindustan Foods Ltd. That concludes the this conference. Thank you for joining us and you may now disconnect your lines.
Sameer Kothari
Thank you.
Mayank Samdani
Anushka.