1. At a Glance – Refined Oil, Unrefined Drama
₹56,708 Cr market cap. ₹521 share price. P/E 33.8. ROCE 15.6%. Q3 FY26 sales ₹10,484 Cr. PAT ₹594 Cr.
Ladies and gentlemen, welcome to the spiritual successor of Ruchi Soya — now known as Patanjali Foods Ltd.
This quarter (Q3 FY26), revenue came in at ₹10,483.71 Cr, up 16.5% YoY, while profit jumped to ₹593.76 Cr, a stunning 68% YoY growth.
EPS? ₹5.46 for the quarter.
But wait — the stock is down -11.2% in 3 months and -13.5% in 1 year. The market seems to be saying: “Nice numbers… but what else is cooking?”
Stock trades at 4.68x book value, ROE at a modest 12.1%, and dividend yield of 0.64% — not exactly monk-level austerity.
Bonus shares were issued. GST penalties landed. Auditors attempted an exit.
So the real question is:
Is this an FMCG transformation story… or just edible oil wearing saffron robes?
Let’s open the tin.
2. Introduction – From Bankruptcy to Bhagavad Balance Sheet
Once upon a time, this was Ruchi Soya — drowning in debt, surviving insolvency proceedings.
Then came the Patanjali ecosystem. And suddenly, the balance sheet started doing yoga.
Today, the company operates across edible oils, FMCG foods, nutraceuticals, oil palm plantations and oleochemicals.
In FY22, edible oils were 93% of revenue.
In H1 FY25, that dropped to 72%.
Translation? They’re diversifying.
Food & FMCG now contributes 28% versus just 7% earlier.
That’s a big shift. But here’s the catch:
- Edible oil volumes dropped 2% in H1 FY25 (12.26 lakh MT → 12.05 lakh MT).
- Foods segment revenue declined 4% YoY in H1 FY25 due to sluggish demand.
So both engines slowed slightly.
Yet profits in
