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1. At a Glance
Quarterly revenue of ₹88.96 crore, up 79.6% year on year. Operating profit ₹10.49 crore against ₹5.41 crore. Net profit ₹5.60 crore, up 12.4%. Three numbers, three very different growth rates, all from the same twelve weeks.
The reason the second and third numbers behave differently from the first sits in the depreciation and interest lines, which went from ₹1.31 crore and ₹0.54 crore a year ago to ₹3.04 crore and ₹1.40 crore now. A company that has just bought a great deal of freezer, factory and cold-chain finds those two rows getting fatter with the enthusiasm of a Labrador near an unattended plate.
Segment revenue tells the more interesting story. Ice cream did ₹51.58 crore this quarter; nuts and dry fruits did ₹37.38 crore. For a company whose name and brand and entire founding identity are built around cashews, the freezer division has quietly walked in and taken the bigger half of the table.
Elsewhere in the quarter: 1,780 deep freezers placed, mostly in Andhra Pradesh, taking the network to 17,280-plus. Thirteen new products launched — six nuts, seven ice creams. Entry into Andhra Pradesh via three CNF locations. And in August, a board approval to put up to ₹35 crore of rights-issue money into the ice cream subsidiary.
Market cap ₹1,160 crore, Stock P/E 52.7, industry P/E 19.9. The full-year picture behind that quarter is where the arithmetic gets busier.
2. Introduction
Krishival Foods was incorporated in 2014 and spent its early years doing something extremely unglamorous and extremely specific: processing nuts. Cashews, almonds, pistachios, figs — bought, graded, roasted, flavoured, packed. FY19 revenue was ₹49.98 crore. FY21 revenue was ₹28.13 crore. It is one of the few growth stories in Indian smallcap land that begins by going backwards.
The corporate journey, per the company’s own telling: private limited in 2014, conversion to public limited in FY21, listing on the NSE Emerge platform in FY22, acquisition of five acres of industrial land at Halkarni MIDC in Kolhapur, and then in FY24 the decision that reorganised everything — venturing into ice cream through a subsidiary, Melt N Mellow Foods Private Limited. In FY25 the company migrated to the NSE main board and listed on BSE, effective 20 June 2025. In FY26 it completed a ₹100 crore rights issue.
That is a company that changed exchanges, changed capital structure, and changed what it fundamentally sells, all inside about thirty-six months, which is roughly the pace at which most listed Indian companies change their logo font.
The rights issue itself deserves its own paragraph, because it was a saga. The board first approved it on 27 October 2025. It deferred it on 28 October 2025 — a one-day reversal that is a genuinely rare document to find in a filing archive. It came back on 26 November, again on 11 December with a record date, opened on 26 December, and completed allotment on 8 January 2026: 33,33,160 partly paid shares at ₹300, of which only ₹105 was called up. On 5 August 2026, the balance call money came in for 27,72,120 of those shares, which were converted to fully paid and listed from 18 August. The remaining 5,61,040 partly paid shares are still sitting there, partly paid, waiting.
Recent announcements: an investor meet intimation, a board meeting on 26 August approving the Melt N Mellow investment, and a board meeting scheduled for 2 September 2026 covering AGM approvals, a director reappointment, related party transactions, and a dividend record date.
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3. Business Model: WTF Do They Even Do?
Two things, and they could not be less alike.
Krishival Nuts buys raw nuts from nine countries — India, Ghana, USA, Guinea-Bissau, Cambodia, Indonesia, Benin, Ivory Coast, Tanzania — and turns them into flavoured snacks. Salted cashews. Pepper cashews. Chilli cashews. Salted almonds. Roasted and salted pistachios. Makhana in salted, cheese and peri peri. And Kaju Katli described in the company’s own materials as “less sugar, more cashews,” which is the most confident sentence anyone has ever written about a mithai. Seventy-three-plus SKUs. Two factories in Kolhapur — Halkarni and Shinoli — sitting five to ten kilometres apart, which the company notes cuts logistics time. Split: 55% B2B, 45% B2C. Retail touchpoints: 11,000, plus 300-plus across Singapore.
Management’s stated position on why this is hard: you cannot, per the concall, build a profitable long-term nuts business by simply purchasing nuts, branding them and selling them. The argument is that integrated sourcing plus in-house processing is what makes year-round consistency possible. The nut, it turns out, has opinions about who handles it.
Melt N Mellow does ice cream, milk products and bakery from a single facility in Aurangabad: one lakh litres a day of ice cream, 20 MT/day of milk products, 10 MT/day of bakery. Automated extrusion and stick lines, cone filling, blast rotary tunnel, homogenizer, pasteurizer. Six formats: Novelties, Cakes, Charms, Marvel Bars, Pastries and Zero Added Sugar. The Charms range runs 15ml to 30ml, which is an ice cream sized approximately like a decision you’d make at a traffic light. 196-plus SKUs. Split: 96% B2C, 4% B2B.
The distribution machinery is where the money actually goes. Deep freezers went from 3,732 at FY25-end to 15,490 at FY26-end to 17,280-plus at June 2026, with an FY27 target of 26,500. Each one is a physical box, in a shop, plugged in, containing this company’s product and no one else’s — the cold chain is the shelf space, and you have to buy the shelf. There are 120-plus distributors across Mumbai, Pune, Hyderabad,
