Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
KRBL Limited (NSE: KRBL) Q4 2026 Earnings Call dated May. 18, 2026
Corporate Participants:
Ashish Jain — Chief Financial Officer
Anil Kumar Mittal — Chairman and Managing Director
Ayush Gupta — Business Head, India
Analysts:
Chirag Singhal — Analyst
Amit Agarwal — Analyst
Krushi Parekh — Analyst
Unidentified Participant
Soumen Choudhury — Analyst
Naitik Mutha — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the KRBL Limited Q4FY26 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 this conference call, please signal an operator by pressing Star then zero on your Touchstone mode. Please note that this conference is being recorded. I now hand the conference over to Mr. Ashish Jain, Chief Financial Officer of KRBL Ltd.
Thank you. And over to you sir.
Ashish Jain — Chief Financial Officer
Thank you and thank you for joining us. Welcome to the Q4FY26 earnings conference call for analysts and investors of KRBL Ltd. Today we have Mr. Anil Kumar Mittal, Chairperson and Managing Director, Mr. Anu Kumar Gupta, Joint Managing Director and Mr. Ayush Gupta, Head of India Business, as key speakers on the call. To begin the call, Mr. Anil Kumar Mittal will share updates on the business industry and our overall strategy. Following that, Mr. Ayush Gupta will provide insights into the performance and outlook of our domestic business.
Finally, I will present the financial overview of the company for the fourth quarter and year ended March 31, 2026. Once the management has concluded their opening remarks, we will open the floor for an interactive question and answer session. Please note that some of the comments made during the call may contain forward looking information and actual results may differ from these statements. You can refer to KRBL’s investor presentation available on the Stock Exchange website and our company’s website.
Now I would like to invite Anilvi to share his views. The floor is yours.
Anil Kumar Mittal — Chairman and Managing Director
Good afternoon everybody. Thank you for joining us today for KRPL’s Q4 and November 2026 earning call. I sincerely appreciate your continued trust and confidence in the company. Today I will take you through the global rice market environment, developments in the Basmati industry, the impact of recent geopolitical events on trade and logistics, and KRBL’s performance for the quarter and the full financial year. Let me begin with the global Rice outlook. As per the latest USDA estimates, global rice production in the upcoming 202627 marketing year is expected to moderate to approximately 538 million metric tons compared to around 543 million metric tons in the previous marketing year.
The decline is primarily expected from the lower production in key exporting regions including India, Myanmar and the United States. At the same time, global rice consumption is expected to increase to approximately 541 million nitric tons compared to around 538 million metric tons in the previous year. This increase is largely being driven by higher consumption in India where domestic demand alone is expected to rise by nearly 4 million metric tons. As a result of lower production and higher consumption, global rice stocks are expected to decline in the coming marketing year which may keep overall rice market relatively firm.
Despite this tighter global balance sheet, India continues to remain highly competitive in international market and today commands close to 40% share of global rice trade. In fact, USDA forecasts India’s total rice export in the 2627 marketing year at approximately 25 million metric tons, which is higher than the previous year despite lower domestic production. This clearly demonstrates India’s strong structural position in the global rice industry. Turning to India, USDA estimates rice production for the coming marketing year and at approximately 150 million metric tons compared to 152 million metric tonnes in the previous year.
While production is expected to moderate slightly due to weather related concerns and early monsoon uncertainty, India is expected to comfortably retain its position as the world’s largest rice producer. At the same time, domestic consumption is projected to to increase significantly from approximately 124 million metric tons to nearly 128 million metric tons. This continued rise in domestic demand coupled with lower production expectation globally could support stronger rice pricing trend in the coming year.
On the basmati front, the 2025 crop season has now largely played out in the market and we have much better visibility on the actual crop outcome. Overall acreage remained healthy across Punjab, Haryana, western Uttar Pradesh, Rajasthan and parts of Madhya Pradesh. Adoption of newer pest resistant and higher yielding seed varieties continue to improve farm productivity and disease resistance. However, weather condition during the later part of the monsoon created regional quality variations. Localized flooding and heavy rains in certain parts of Punjab and Ariana affected moisture levels and milling recovery in some pockets.
At the same time, other producing region delivered very good grain characteristics, aroma and length. As a result, the crop can be characterized as adequate in quality but mixed in quality. This has led to greater segmentation between premium export grade material and lower grade supplies in the market. Pakistan Basmati crop also experienced similar weather related disruptions. While early reports pointed towards severe flood related damage, subsequent assessments indicated that the overall impact was more localized.
Certain districts did face losses, but several producing regions delivered satisfactory grain quality and aroma. As an important development this season has been pricing dynamics between India and Pakistan. Since October 2025, Pakistan’s Super Basmati export codes have consistently traded at a premium to Comparable Indian 1121 offers. Pakistan FOB prices in many cases remained in the range of approximately US$1180 to 1,220 per metric ton. While Indian prices remain relatively more competitive due to larger availability and greater export volumes, this pricing differential has reinforced India’s competitiveness in global markets.
While Pakistan achieved higher realization on select grades, India continued to benefit from stronger overall export momentum, diversified buyer relationship and largest supply availability. As a result, FY 2026 has been a record year for Indian rice exports. Basmati exports grew by approximately 8% year on year to 6.5 million metric tons, the highest ever Basmati export volume achieved in a financial year. Non Basmati exports also remained Strong at approximately 15 million metric tonnes, reflecting a growth of around 6% over the previous year.
India’s ability to supply both premium and mass market rice categories at competitive prices has helped maintain its dominant global position. At the same time, the second half of the financial year saw a sharp rise in geopolitical uncertainty, particularly following the escalation of of tension involving Iran, the United States and Israel. These developments significantly disturbed shipping and logistics across the Middle east region during March 2026. A considerable amount of cargo remained stuck at Indian port as well as Middle Eastern destination ports during this period.
However, with proactive coordination between governments, port authorities, shipping lines and importers, a large part of these shipments issues were gradually resolved during April and May and cargo have now largely reached their destination. Krbl, like the broader industry, was also impacted by this disruption across multiple Middle Eastern markets. However, through close coordination with the buyer and support from authorities, the operational challenges were managed effectively. One of the biggest consequences of the geopolitical situation has been the sharp increase in logistics and freight cost across the Middle East.
Shipping routes have become concentrated through a limited number of operational ports. For example, Khor Fakahan has emerged as a major transshipment hub for UAE bound cargo, Jeddah for Saudi Arabia, Salalah for onward movement into Qatar, Kuwait and Bahrain. While Jordanian routes are increasingly being used for Iraq related trade flows. Marine insurance coverage continues to remain available which has been critical for continuity of trade. However, war risk premium charged by insurance companies have increased materially and are now being applied shipments by shipment, depending on destination and route exposure.
Despite these elevated logistics and insurance cost, buyers across the Middle east have broadly accepted the higher freight environment, largely because there are currently limited alternatives available to maintain continuity of food supplies in the region. Looking ahead, we believe that as geopolitical tensions stabilize, supply chains and freight market should gradually normalize inventory levels in several Middle Eastern markets have reduced over the last few months due to shipment disruptions and therefore we expect demand replenishment once logistical stability improves.
There have also been recent discussions around concerns of a potentially deficient monsoon in India for the upcoming 2026 crop season. This stage it is still early to make definitive conclusions. These are wire levels showing progress and monsoon disruptions over the next few months will be critical indicators. However, any meaningful weather disruption could tighten paddy availability and support stronger price realization in the coming seasons. Now turning to KRBL performance, our Export revenues for Q4FY 2026 stood at rupees 279 crores compared to 450 crore in Q4FY 2025.
The decline was primarily due to lower export to the Middle Eastern region during the peak of geopolitical disruption and logistic bottlenecks. For the full financial year, FY 2026 export revenue stood at Rupees 15.55crore, representing a growth of approximately 6% on a year. On year, overall revenue for Q4 FY 2026 was Rupees 1526crores, supported by strong domestic branded sale which partially offset the temporary decline in exports. The company reported an EBITDA of rupees 237 crore and a PAT of rupees 155 crore during Q4 2026.
Despite the external disruption witnessed during the quarter, we are pleased with the Company’s overall operational performance during FY 2026. The resilience of our branded portfolio, disciplined procurement strategy, strong balance sheet and diversified market presence have allowed us to navigate a highly volatile global environment effectively. Looking ahead into FY 2027, we remain optimistic about the medium term outlook for the rice industry and for KRBL specifically. India continues to enjoy structural advantage in rice production, export competitiveness and global buyer relationships.
Provided geopolitical conditions in the Middle east stabilize over the coming months, we expect export demand and shipment flow to improve meaningfully. Our strategic priorities remain clear maintaining leadership in premium blended basmati rice Strengthening procurement quality and supply chain efficiency Expanding our global market reach. On the real estate side, I would also like to reiterate that our primary objective remains treasury optimization and long term value creation. The core rice business continues to remain our primary focus.
We will evaluate real estate optimization opportunities selectively and only where they are value, creative and strategically beneficial for the company. Regarding the Samalka District Manipat land parcel, we continue to assess various monetization and development options. Our approach remains flexible, prudent, return focused and and any major development decision will be undertaken only after detailed evaluation and necessary approvals. In closing, I would like to thank all of us shareholders, customers, partners and employees for their continued support and confidence in krbl.
The past year has demonstrated both the resilience of the rice industry and the strength of our business model. We remain committed to delivering sustainable long term growth while maintaining the quality, trust and leadership associated with the India Gate brand. I will now hand over to Ayush for domestic business update and detailed financial review. Thank you once again.
Ayush Gupta — Business Head, India
Good afternoon everyone. I will walk you through the performance of our India business for quarter four financial year 2026 and the full year financial year 2026. It has been a strong year for our domestic operations and quarter four was a quarter we are particularly proud of. Let me start with the headline quarter four. Financial year 2026 was our best ever quarter for domestic revenue revenues of rupees 1230 crores in quarter four. Financial year 2026 is a 22% growth year on year. The highest ever quarterly domestic revenue for KRBL growth was driven by 16% rice volume growth and 5% rice realization growth, a healthy combination of volume expansion and value improvement.
Branded Non Basmati revenues of rupees 78 crores in quarter four up from rupees 54 crores in quarter four. Financial year 25 is a growth of 44% year on year. Our non basmati portfolio continues to grow at a meaningfully faster rate, validating our strategic thrust to widen the Rice portfolio beyond Basmati. Together these numbers reflect both strength in our core and growing momentum in our adjacencies. Within Rice full year domestic revenue excluding power stood at rupees 4,444 crores, a 10% growth over financial year 2025.
The portfolio breakdown for the full year tells a compelling story. Branded Basmati full year business grew by 9% year on year driven by consistent volume growth and improving realizations. Branded non Basmati business for the full year grew by 38% year on year. This is now a 271 crore category crore business in just a few years and growing rapidly. It represents an expanding share of our domestic mix and a meaningful new growth engine for the organization. The non Basmati trajectory is particularly noteworthy from 197 crores to 271 crores in a single year, growing at nearly four times the rate of the overall domestic business.
This validates the consumer opportunity in branded quality non Basmati rice and our ability to compete and win in this segment despite competitive intensity in some channels, we have defended and extended our market leadership position across the board. For financial year 2026, our channel wise market share in packaged Basmati rice stands as follows. General Trade we have a market share of 36.9% which is a leading market share for the organization. In the channel Modern Trade our market share is 38.7% which is again the leading market share for KRBL.
In the channel E Commerce we have a market share of 40.1% which continues to grow and is a dominant market share in the fastest expanding channel in the category, we are the undisputed market leader across every channel in which we operate. That is a position we have worked hard to build and we are investing deliberately to protect and expand it. Our domestic strategy continues to be anchored around four clear pillars. Let me update you on the progress on each. Pillar 1 Democratizing our distribution Our retail footprint has grown to 3.4 lakh retail outlets across all channels.
The strongest outlet presence in the packaged plastnity category we are reaching 1.2 crore urban Indian households, a key metric for our long term brand penetration goals. Our focus has sharpened on deepening presence in better quality stores and increasing penetration and underpenetrated towns. Distribution expansion is becoming more granular and targeted particularly as we invest in direct coverage in towns previously served indirectly. Pillar 2 remodeling our supply Chain Our supply chain transformation is ongoing and is a critical enabler for our distribution ambitions.
We have established 16 CNFs and 8 superstockers to ensure wider and deeper supply across geographies. Our move towards a stronger for model, a structured go to market framework is driving better serviceability and cost discipline. Key focus areas include safeguarding against channel infiltration, tighter governance on GTM practices and driving servicing and cost efficiency in modern trade and E commerce. These structural changes are designed to progressively improve service quality and operating margins over the medium term.
Pillar 3 Investing in the Brand Brand building remains a cornerstone of our domestic strategy. In quarter four we executed several high impact campaigns that reinforced our brand equity and cultural relevance. Three notable ones that I would like to talk about is our campaign around New Year’s called the Quitters Day for our new brand called Applies built on the Applies Health philosophy encouraging consumers to keep it up on their wellness journey. Featuring Smriti Mandhana, Lakshya Lalwani and Ashneer Grover, the campaign delivered 139 million views, 113 billion reach and 2.1 million engagement.
Also the contest garnered 300,000 plus participations. Our next campaign that I’D like to talk about is campaign that we did on Women’s Day. NotYourBiryani IndiaGate turned everyday food language into a powerful cultural conversation challenging casual sexism. A bold values led campaign that generated 36 million views, 410,000 shares, 600 stories and wide editorial coverage. Lastly but not least, our campaign on eat. We did a strategic partnership with Septo and Blinkit placed Indiagate Classic Biryani Masala and India Gate Classic Rice at the heart of each celebration, delivering 28 million reach and 59 million impressions.
Our brand investments are building narratives that make Indiagate culturally resonant, not just a product on the shelf. This supports long term premiumization and household penetration. Pillar four following into new products and categories, our category adjacency initiatives are gaining traction and quarter four saw meaningful new launches. India Gate Classic Masala Meal Mixes we launched four new variants Kashmiri Damalu Masala, Patiala Paneer Tikka Masala, Purani Dilli Butter Chicken Masala and Chetrina Chicken Masala.
These extend the India Get Classic premium promise into the Ready to Cook segment with differentiated positioning rooted in regional culinary authenticity. Edible Oil Full year financial year 2026 revenue of the edible oil business was 12 crores. This is early stage but the distribution architecture is being put in place. We expect this to scale in financial year 2027 as distribution deepens and consumer trials build further. In the uplift category we have the Up Life health rice range in the brown Rice, the Basmati Brown rice and the low GRI segments.
This segment continue to build brand salience amongst the proactive health consumers. Brand investment and digital campaigns are driving both awareness and trial in this emerging segment. For context, quarter three financial year 2026 domestic revenues was 1104 crores, broadly flat year on year reflecting competitive intensity and pricing headwinds in the market at that time. The strong sequential acceleration in quarter 4 to 1230 crore total reflects recovery and acceleration in branded volume growth from flat in quarter three to 16% overall volume growth in quarter four, price stabilization supporting improved realizations, distribution and brand investments translating into tangible top line outperformance.
Non Basmati maintaining its strong growth trajectory regardless of the broader category cycle. The market leader invariably rebounds faster when category conditions improve. Quarter four is a clear demonstration of that. To Summarize, financial year 2026 was a year of record domestic revenue rupees 4444 crores driven by consistent branded volume growth and disciplined premiumization. Quarter 4 was our best ever quarter domestically at rupees 1230 crores validating the strength of our brand, distribution, investments and consumer preference for India gate branded basmati growing 9% for the full year.
Chirag Singhal — Analyst
Branded
Ayush Gupta — Business Head, India
Non basmati delivered 271 crores growing 38% a business that is scaling fast and diversifying our domestic mix. We have defended and grown market share across every channel. General trade at 36.9%, modern trade at 38.7% and e commerce at 40.1% all at market leader levels. Our four strategic pillars are advancing in tandem deeper distribution, supply chain restructuring, cultural resilient brand investment category adjacency initiatives. Our focus remains unwavering, strengthening the core, premiumize the portfolio, widen distribution and build adjacencies, all while protecting margins and the long term equity of the Indiagate brand.
We are confident in the trajectory of our India business and look forward to building on this momentum in financial year 2027 as well. Thank you. I’ll now hand it over to Ashish for his remarks.
Ashish Jain — Chief Financial Officer
Thank you Ayush. I will now take you through the performance for the quarter and financial year ended March 31, 2026. All figures mentioned by me Consolidated Financials of KRBA Ltd. For the quarter the total income was at 1526 crores, higher by 6% over the corresponding quarter last. Last year domestic revenue witnessed robust growth of 22% while export revenue declined by 33% due to lower exports to the Middle east region. Gross margin for the quarter stood at 29.6% compared to 31.5% lower due to higher cogs and lower other income.
EBITDA margin for the quarter was at 15.5% versus 16.2% in the same period last year due to lower gross margin, partially impacted by MTM movements on the investments and also partially benefiting from lower other expenses. PAD for the quarter was at 155 crores or 10.1% in margin terms as against 154 crores or 10.6% in the corresponding quarter. For the year as a whole, total income stood at 6,168 crores, higher by 9% against FY25. In FY26, domestic revenue grew by 10% mainly driven by branded rise volume growth of 8% while export revenue grew by 6%.
Gross profit of the company in terms of margins was at 28.3% while EBITDA and PAT margins stood at 15.8% and 10.5% respectively. Margin improved mainly due to lower input costs and higher other income. Moving to the balance sheet, our total inventory as of 3-31-26 stood at 3,714 crores. This includes 879 crores in padi inventory which was at 791 crores at the same point last year and 2,667 crores in rice inventory as against 2,934 crores at the same point last year. On a volume basis, as of March 31, paddy and rice inventory stood at 230,000 tonnes and 427,000 tonnes respectively compared to 217,000 tonnes and 476,000 tonnes of rice in March 31 25.
Lower inventory is due to both lower per unit cost and lower quantity. Net bank borrowings including treasury investments was at a negative 789 crores as of 26-3-31 as against a negative 405 crores last year. Lower inventory coupled with higher cash profit generated in FY26 will result in lower net bank debt. A dividend of 450% of face value translating into rupees 103 crores has been approved by the board and is subject to shareholder approval in the upcoming eight year. With that, I come to an end of my prepared remarks.
I would now like to hand over to the moderator for opening the Q and A session. I would just like to mention that as the ED matter is subjugious, we will not be in a position to respond to queries on this matter. So over to the moderator now.
Questions and Answers:
Operator
Thank you very much. We will now begin with a question and answer session. Anyone who wishes to ask a question may press Star then one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two Participants, you are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question key assembles a reminder to all. You may press Star and one to ask a question. We have the first question from the line of Chirag Singhal from First Water.
Please go ahead.
Chirag Singhal
Yeah. Comments on very good performance as growth in India Balanced overall results. My first question is on India India business. What market share gains did we see in Q4 across all the channels?
Ayush Gupta
Actually we don’t have Q4 market share levels. What I shared was the full financial year market share levels. But I just have to tell you from experience, the trend has improved in the latter half of the year. So while the overall whatever I just shared with you as overall market share levels Q4 would be higher, you know, 100 to 200 basis points across each channel.
Chirag Singhal
Versus last year. Q4?
Ayush Gupta
Yes.
Chirag Singhal
Okay. The reason I’m asking is because the overall financial year numbers suggest a decline in market share versus
Ayush Gupta
Last year. Not versus last year. I meant a versus sequential market share levels across quarters versus last year. Q4. I really don’t have the numbers at hand right now.
Chirag Singhal
Okay, no worries. I’ll take it offline. Second question is on the exports. So if we take Q4 as the base, how much further drop do you expect in Q1.
Anil Kumar Mittal
As far as exports is concerned? It mainly depends upon geopolitical situation. It is difficult to comment, but one thing is definitely we can foresee that there is a huge gap as far as food storage or food surplus is concerned. Whenever this Iran issue will be solved, I’m quite sure there will be a huge pressure on shipments and orders as far as exports are concerned.
Chirag Singhal
Okay, but let’s assume that the current condition continue in June like basis. That I’m just trying to understand if there is any, you know, improvement on a month on month basis. So like for Q1 if you were to uh, uh, like just give me a trend versus Q4, is there a reduction like further reduction versus Q4?
Anil Kumar Mittal
Let me give you a broad outcome as far as Middle east business is concerned. The ongoing geopolitical tensions in the Middle east have impacted the overall trade flows and shipment volume across several countries in the region due to disruptions in logistics, shipping and port operations. However, we believe the current situation is temporarily in nature and over the coming weeks there should be a greater clarity on how the region stabilizes in the interim. Shipments are continuing through alternate ports and through alternate boats and routes, although this has resulted in higher freight cost, elevated insurance premiums and longer transit time.
Despite these challenges, buyers have broadly remained supportive as there are limited alternatives available for maintaining the food supply continuity in the region. So as far as we are concerned, we are expecting that this geopolitical tension is not going to remain for months. Together it is now a matter of days only. Anytime it can come to a settlement.
Chirag Singhal
Okay, Any credit for appointing the.
Operator
Sorry to interrupt. In between. Chirag, I will request you to please rejoin the queue again as there are participants in the queue. Thank you. Thank you. Before we take the next question, ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants in the question queue, we request you to kindly limit your questions to two per participant. If you have a follow up question, please rejoin the queue. Again, we will take the next question from the line of Amit Agarwal from Leeway Investment.
Please go ahead.
Amit Agarwal
Good afternoon. My question is regarding applied oil. What is the limit for the oil and what is the expectation from the product? Because nothing much has been said about the oil market.
Ayush Gupta
So Amit, thank you for the question. I mentioned in my remarks that in this financial year we have done about 12 crores of revenue in the edible oil business
Ashish Jain
While the
Ayush Gupta
Category of blended edible oil today is at about 16 to 1700 crores. And the reality of the category is almost 85 to 90% market share red with one single brand. Right. So the edible oil or the blended edible oil category has been created by that brand. And while it’s an enticing category and a health forward category, I think it’s a little bit of a long term journey that we are looking at in building brand equity. So while we are at 12 crores this financial year, we are reevaluating our GTM in the general trade markets.
Specifically while MTECOM continues to show positive signs, our general trade distribution needs to get a little ramped up and this financial year we are working on that diligently so we’ll see a healthy double digit, I would say growth in the category this financial year.
Amit Agarwal
Do we have any supply chain streams also in this product or no?
Ayush Gupta
No. Frankly supply chain for us is quite stable and sorted. Yes, obviously because of the volatility emerging from geopolitical situations, the price volatility has been quite significant in this financial year. But since our volumes are quite minimal right now, I don’t see that as a risk in the early journey of of per category.
Amit Agarwal
My second question is regarding exports. There’s a devolution in the currency in last two, three months. So how much that thing has benefited our exports and do we expect to have a better number I’m talking about compared to the last quarter exports wise
Anil Kumar Mittal
As far as the devaluation of the currency is concerned, we have a policy in the company to book 80% whatever we sell. So normally we get a profit of even half percent on the foreign exchange side we cover, we forward the dollars so we don’t take a risk because it could be otherwise other way also. But still, let me tell you, at the moment we have to still cover around 5, $6 million and in that we will be definitely making a profit of 2% or 1.5%. As far as foreign exchange is concerned, our future definitely as far as future is concerned, whatever we sell in the current market we take the today’s dollar price.
Amit Agarwal
And my question is regarding the exports. We understand that Iran market has been affected. So our exports to Saudi Arabia and Dubai or Oman or Iran, are they also affected or just the Iran part is affected? This is my last question.
Anil Kumar Mittal
No, let me tell you. The Saudi business continues to progress well and we are seeing consistent demand with regular shipment movement under our current model of working. But there is still, because of the logistic constraints and shipment problems that area is affected. But we are making shipments via Jiddad. The Saudi Arabian business is continuing via Dirt Seaside. So there is a problem but not to that extent compared to Kuwait, Bahrain, UAE and all because I tell you, as far as Dubai is concerned, we are doing exports via Salalah.
But as far as quantums are concerned, they are affected, they are small.
Amit Agarwal
Okay. Okay, thank you.
Operator
Thank you. We will take the next question from the line of Khrushi Parek from Bugle Rock Capital. Please go ahead.
Krushi Parekh
Yeah, hi sir, my first question is, I mean wherever the situation currently is and the inventory levels that we have, how are we approaching FY27 when it comes to our volume build up for inventory?
Ashish Jain
Yeah, this is Ashish. So see as far as the inventory is concerned we are placed very comfortably. So in rice equivalent terms, as of March 31st we were carrying about 5 lakh 30 thousand tons of inventory. This is paddy converted to rice and rice altogether. Now if you look at our volume sales in last financial year, domestic business did about 5,60,000 empty and the export business we did about 1,60,000 empty. So compared to the volumes we are very well placed in terms of inventory. Similarly, in terms of pricing, we blocked in a price where regardless of where the price moves in FY27 we are very comfortable so we don’t see any challenges on the inventory side.
Krushi Parekh
Sorry Ashish, my question was how are we looking to build up our inventory going forward? Because we have seen a decline as such in the last year. So for this particular year, how are we looking to build it up?
Unidentified Participant
No, yeah, it depends on the season. What is the pricing and all? It is too early to say but naturally if, if we build up our inventory in the coming season and definitely looking at the export demand and we think the history of the export demand would be quite heavy, we’ll build up our inventory quite good.
Krushi Parekh
Okay. Okay. And my second question is considering how, you know, I mean it being a balance sheet business, how is the competitive scenario shaping up in the exports market? Do you see any stresses when it comes to the competitors or the peers and how are we looking to play, you know, on the other side of the war whenever it ends
Anil Kumar Mittal
Let me tell you, there has been a big gap built up over the whole of Middle east because whatever stocks they were having, there are. There is a vacuum. There’s a big vacuum created. And I’m quite confident that any type of settlement which takes between the Americans and the Iranians and this war settles down or conflict settle down, definitely the demand will be just double than the normal demand. For example, we understand that every country has come out with the big tenders at the government level to build up surplus food stocks, food security stocks.
So therefore demand is going to be phenomenal demand, there is no doubt. And the stocks which are lying with us, we can unsold. That’s why I do not talk about the sold. And sold. There is a very good margin. There is a margin of around 8 to 9% as far as the prices are concerned. So therefore we expect a good year ahead.
Krushi Parekh
But the competitive pressure, do you feel it will remain the same as it was pre war or it is likely to be different, you know, going forward?
Anil Kumar Mittal
Now we are not worried of the pressure I give you, for example, I’ll not be very specific. We have got about 35 to 40 tons of flight lying at Kandla port out of which about 1314000 ton is already packed. We do not know. And that pricing, if we I talk about that, it is at today’s prices. It makes sense. It is around 20% cheaper. Now if we cancel that contract because it has been lying at the port for more than two months, we might cancel it so that 20% margin can come. There has been several buyers at the port itself who are asking us.
But because it is meant for export, we want to do export. If I have to sell it domestically, I will get that 20% margin.
Krushi Parekh
Okay, got it. Thank you. All the best.
Operator
Thank you. We will take the next question from the line of Salman Chaudhary from Mantarovar Financials. Please go ahead.
Soumen Choudhury
Good afternoon sir and thank you for the opportunity. On the export front, I just wanted to know what is our current run rate? Like how much would we have done in April? Let’s say
Ashish Jain
We don’t have April number. We don’t. This is Ashish. We will not be able to share month wise numbers.
Soumen Choudhury
Okay. Can we maintain the Q4 numbers in this quarter or would it be even lower than that?
Ashish Jain
See, as of now, I mean if you look at April, it seems to be in the same trajectory. But May and June is something that we need to see.
Soumen Choudhury
Okay, okay. And secondly, on the domestic front, this quarter has been a really great quarter. So what is the outlook going forward? Like can we maintain this level of domestic run rate for the next 2, 3/4? And secondly what would have been the volume growth in the domestic market? Yoy.
Ayush Gupta
So on the domestic business you know we are working towards 10% volume growth year over year. That includes generated monetary e commerce. While volume growth will vary across the channels but at an organization level in the domestic markets we are looking at a 10% volume growth
Ashish Jain
In terms of how much we’ve grown. Quarter four is 16% volume growth. 16%
Ayush Gupta
Volume growth in quarter four.
Soumen Choudhury
Okay, okay. And lastly since we are sitting on close to thousand crore in cash are we looking at extraordinary dividend or a buyback or something?
Ashish Jain
So sommel on dividend I’d cover it in terms of what the board is approved and we’ll place it in the agm. In terms of other measures, you know nothing, no specific update right now.
Soumen Choudhury
Okay. Okay fine. That’s it from my side. Thank you.
Operator
Thank you. We will take the next question from the line of Nourish Mirani from analysis India. Please go ahead.
Naitik Mutha
Good afternoon sir. My simple question is the company is looking to buy real estate at a 30:40% discount. If the company is available at a 30:40% discount and the promoter do not tender in a buyback isn’t that a better option.
Anil Kumar Mittal
If you move? If you want on a real estate update, let me tell you one thing
Unidentified Participant
Is asking.
Anil Kumar Mittal
On the real estate front we have taken one opportunity In Samalka land parcel. The total land area is approximately 130 acre and is divided into two separate portion of a road. The main GT road is passing from the center. There are two sides of that. One side is around 60 acre and other side is about 70 acres. The 60 acre parcel is strategically located and is currently intended for KRBL’s own warehousing. We have a plant near Sonipat in Borota where we are having a very big severe problem of the space.
We intend to develop warehousing over there. But we have a question mark that if we today sell that land we have a much bigger profit than developing a warehouse. But business is more important. So we are not caring to monetize that piece of parcel but to develop our own warehousing. So in our manner, in our mind as far as real estate is concerned, we intend to develop our own business that is in mind as far as real estate is concerned. You will not believe in last three months we have got so many opportunities but we are not very clear whether we should invest in real estate or not till time we have a very big opportunity where we feel we can double our investment.
Naitik Mutha
Yeah. My second question is regarding the Basmati price rise which has happened in the last three, five months. And what is the management’s view for the next one year for the rise price?
Anil Kumar Mittal
It is. It is too premature to comment anything on the price. We have already given a contract. When I say we miss. On behalf of All India Rice Export association for mapping the total crop right from Punjab up to MP Rajasthan, everywhere of the crop sites. And once we know about the crop size then only we can discuss More on 27.
Krushi Parekh
Thank you.
Operator
Thank you. We will take the next question from the line of Shashwat Jain from NV Alpha. Please go ahead.
Chirag Singhal
Hi. Thank you for the opportunity. I just had a couple of questions on the export side. Firstly, can you quantify the channel inventory that we have in the export market? And secondly, have you made any progress on appointment of distributor for the Saudi markets?
Anil Kumar Mittal
See, let me tell you. As far as Saudi business is concerned we continue to progress well and we are seeing consistent demand with regular shipment movement under our current model of working directly with the wholesaler. We are being extremely selective in this process and we believe the Saudi market is strategically important and the financial implication of appointing the wrong partner can be significant. Therefore our priority is long term alignment and operational stability rather than speed up of the execution of any any distributor.
Now Saudi orders are coming. We are there in the market.
Chirag Singhal
Understood. Regarding the channel inventory, frequent quantifying for the export market
Ashish Jain
We don’t I think difficult to comment on channel inventory. But I think Anilji in his speech had mentioned that if you look at the broad Middle east markets most of them are sitting at lower inventory than their own normal levels at a country level.
Chirag Singhal
All right, understood. Thank you.
Operator
Thank you. We will take the next question from the line of Pavik Shah from Inexor Capital. Please go ahead.
Unidentified Participant
Yeah. Hello sir. So can you help me with the same price realization in domestic and price realization in export in Q4?
Anil Kumar Mittal
Yes, that can be discussed.
Ashish Jain
If you look at the Basmati branded realization on the domestic side that was around 79 to 80,000 rupees per empty. And on the export side the same number was about 1 38,500 or 1 39,000.
Unidentified Participant
Yeah. How it has changed, say for example in Q going ahead in Q1, how will it change? So in terms of domestic price realization then international price realizations and say when you say your shipping cost and freight cost have increased in international. So how Much it has impacted your gross margins over there.
Ashish Jain
I think the question is that what do we expect? How do we expect the realization to change in Q1 for the domestic market? And they hold on in Q1
Ayush Gupta
From 80,000. So domestic business, you know what, the realizations of 80,000 are going to remain upwards positive only. I think another 2 to 3% improvement in average realization will be seen in quarter one in the domestic front.
Unidentified Participant
Understood. And so any guidance for FY27 in terms of volume or in terms of overall guidance or margin. Domestic
Ayush Gupta
Business, we spoke about domestic business. We are working at a average 10% volume growth. And at sport we’ve already spoken a lot about the, you know, the conditions that are prevailing. So really putting down the number is not possible.
Unidentified Participant
Right. And so in terms of inventory we have around 3,700 of inventory. If I just take the current quarter that is around 1500 crores. So we have around 2/4 of inventory. So like how do we see the latter half of the year? See the crop comes in the month of September, October. So actually it is. It is not that we sell everything old. It is a mixture of old and new. We carry this crop of 3,700 crore is about. We carry it down to more than one year, one and a half years. It is a mixture of holding. In September we start selling new crop also.
Anil Kumar Mittal
And there are two things, let me tell you. One is the aged rice which is right from 15 months to two years. One is steamed rice which is sold out of the new crop. Crop. So what Anoop is saying that when we sell there are various different variants which are sold as aged rise which are 2 years 15 months and like this. And there are certain variants which are steamed rice which is sold out of the new crop or the new manufacturing.
Unidentified Participant
Understood? All the best. Thank you.
Operator
Thank you very much ladies and gentlemen. We will take that as the last question. And with that concludes the question and answer session. I now hand the conference back to the management for the closing comments.
Ashish Jain
Anil
Anil Kumar Mittal
Sir, closing comments. See, let me tell you, as far as Basmati business is concerned the total country is passing through difficult times. Leaving Europe and America rest. All of the world has come in the clutches of this state of Hormuz crisis. We were confident then let this trump going to China might tackle this issue. But I think this issue has to be settled. Because it’s not dependent only on Basmati exports but the whole country inflation and economics are now dependent on this settlement of war.
So once the war is settled, I think the exports will double up in next six months because there has been a big gap as far as food reserves are concerned. And Middle east is consuming basmati rice in all the three meals, whether it is breakfast or lunch or dinner. So I am quite hopeful, even at the buffer stock level or strategic food reserve level, the governments will also buy and the private trade will also buy. And we are hopeful that whatever setbacks we had in last three, four months will be covered up in next three, four months.
But we are waiting for the settlement. And we are. Once again, thank you to the investors and to everybody to always support us and be always being with us with the company. Thank you so much for that.
Operator
Thank you, members of the management, on behalf of KRPL Limited, we conclude this conference. Thank you all for joining us. And you may now disconnect your lines. Thank you.