KRBL
Micro CapKRBL Limited
Consumer
Leading rice company with highest-ever total income in FY26 (INR 6,098 cr). Holds significant market share in packaged basmati rice in India (GT 36.9%, MT 38.7%) and exports to 90+ countries. Operates a large contact farming network and processing capacity in Punjab.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 12/100margin compression · Rev +6% YoY · PAT +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,526 Cr | +5.8% | +3.3% |
| EBITDA | ₹229 Cr | +2.2% | +0.0% |
| Operating margin | 15.0% | -100 bps | +0 bps |
| PAT | ₹155 Cr | +0.7% | -8.8% |
| PAT margin | 10.2% | -52 bps | -135 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
KRBL reported highest-ever Total Income of INR 6,098 cr in FY26, up 9% YoY. Q4 FY26 revenue grew 6% YoY to INR 1,526 cr, driven by 22% YoY domestic growth, but exports declined 33% YoY due to lower Middle East sales. FY26 PAT grew 36% YoY to INR 648 cr.
KRBL demonstrated robust FY26 performance with record income and strong domestic growth, driven by volume and realization. Market leadership in packaged basmati is maintained across channels. However, Q4 export weakness, particularly to the Middle East, warrants monitoring. Gross margin decline in Q4 is also a concern.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Domestic Distribution Expansion
PositiveDemocratizing distribution with 3.4 Lakh retail outlets and reaching 1.2 Crore Indian households.
Supply Chain Remodelling
PositiveEstablishing direct distribution in underpenetrated towns, moving towards 'FOR' model, and building 16 C&Fs & 8 SS for wider supply.
Brand Investment
PositiveDriving brand narratives by leveraging cultural moments (Women's Day, New Year's, Eid) and strategic partnerships.
New Product & Category Foray
PositiveLaunching India Gate Classic Masala Meal mixes to extend the elevated experience promise.
Largest Rice Milling Plant
PositiveUnparalleled processing capacity with the Largest Rice Milling Plant in Punjab.
Strong Brand & Pricing Power
PositiveKRBL enjoys significant premium, reflecting strong brand and superior product.
Robust Financial Position
PositiveSubstantial internal accruals and minimal debt reliance, with strong credit ratings (ICRA AA(Stable), A1+; CARE A1+).
India's Export Leadership
PositiveIndia is the #1 exporter of rice, holds 85% of basmati market exports and expects to further rise.
Global Demand for Basmati
PositiveGrowing US demand for PUSA basmati and increased demand from locals in Middle East due to quality standards.
Lower Exports to Middle East
NegativeQ4 FY26 exports were lower YoY due to lower sales to the Middle East region.
Q4 Gross Margin Contraction
NegativeGross margin decreased primarily due to higher COGS and lower other income in Q4 FY26.
General Market & Macro-economic Trends
NeutralRisks include general market, macro-economic, governmental and regulatory trends.
Currency & Interest Rate Movements
NeutralMovements in currency exchange and interest rates could cause actual developments to differ from expectations.
Competitive Pressures
NeutralCompetitive pressures are identified as a factor that could affect business and financial performance.
Legislative Developments
NeutralLegislative developments are among the key factors that could affect business and financial performance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a view of annual growth and overall business trends, especially for a consumer staple. QoQ is useful for assessing sequential momentum, particularly in domestic sales and the impact of export fluctuations.
FY26 Total Income
PositiveINR 6,098 cr (highest-ever)
FY26 Domestic Revenue Growth
Positive10% YoY
Q4 FY26 Domestic Revenue Growth
Positive22% YoY, driven by 16% rice volume growth and 5% rice realization growth.
FY26 Export Revenue Growth
Positive6% YoY
Deepening Distribution
PositiveEstablishing direct distribution in non-covered/underpenetrated towns and driving servicing & cost efficiency in MT & E-COMM.
Strengthening GTM Practice
PositiveBuilding a robust & healthier Go-To-Market practice, safeguarding against infiltration, and stronger governance on GTM.
Export Strategy
PositiveFocus on existing markets, new products, channel deepening & diversification, and direct marketing to locals with Arabic TVC.
New Product Development
PositiveForaying into new products and categories, exemplified by the launch of India Gate Classic Masala Meal mixes.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic Revenue Growth | 22% YoY in Q4 FY26 (16% volume, 5% realization) | Sustained volume and realization growth in domestic market, indicating continued premiumization and distribution success. |
| Export Performance | -33% YoY in Q4 FY26 (due to Middle East) | Recovery in export volumes and realization, especially to the Middle East, and success in new/seeded markets. |
| Gross Profit Margin | 29.6% in Q4 FY26 (down from 31.5% YoY) | Stabilization or improvement in gross margins, managing COGS and other income. |
| Net Bank Borrowings | INR (789) cr (net cash position) | Maintenance of low debt dependence and strong cash flow generation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -2.6% / mo
Technical chart
KRBLdaily · 5Y-7.6%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 49.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 8.0%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -15.2%.
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Growth is weaker at 6/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 91st percentile within Consumer. Main check: results consistency is weak at 53/100.
High Trust Lite: Promoter holding is 60.2%. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 91st pctile, median 67 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 60.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.7%.
- ▸9 years of positive FCF.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 12.30
- P/B
- 1.37
- EV/EBITDA
- 8.20
- Market Cap
- 7973.00Cr
Profitability
- ROE
- 11.70%
- ROCE
- 15.20%
- ROA
- 9.82%
- Dividend Y
- 1.01%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 112.75×
- Altman Z
- 8.92
- Book Value
- 254.00
Cash Flow
- FCF Yield
- 7.96%
- FCF Positive Y
- 10/5
- OCF
- 933.00 Cr
- EPS TTM
- 28.31
Shareholding
- Promoter Hold
- 60.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.