KOHINOOR - Kohinoor Foods

📊 NSE: KOHINOOR 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 8:58

💰 Financial Performance

Revenue Growth by Segment

Total turnover decreased by 4.52% YoY, falling from INR 95.73 Cr in FY24 to INR 91.41 Cr in FY25. The food business segment saw a marginal increase of 0.03% in sales value terms despite overall revenue decline.

Geographic Revenue Split

Not explicitly disclosed by percentage, but the company operates in USA, UAE, Canada, Australia, Middle East, Singapore, Japan, Mauritius, and Europe. USA operations via Kohinoor Foods USA Inc. reported zero business in FY25 due to lack of export sales.

Profitability Margins

Net Profit Margin for FY25 stood at 399.06% (INR 364.78 Cr profit on INR 91.41 Cr revenue), which is highly skewed due to exceptional income from One Time Settlements (OTS) with banks. In FY24, the company reported a net loss of INR 4.53 Cr.

EBITDA Margin

PBIDT margin improved significantly to 380.65% in FY25 (INR 347.95 Cr) from 16.06% in FY24 (INR 15.37 Cr), driven by the resolution of bank liabilities and exceptional gains.

Capital Expenditure

Not disclosed in available documents for the current period; however, historical infrastructure includes a rice mill with 50 MTPH capacity and a food processing unit for 75,000 meals per day.

Credit Rating & Borrowing

The company is under 'Issuer Not Cooperating' category as per PR dated July 13, 2021. Borrowing costs are currently unquantified in the P&L as the company has stopped providing for interest on NPA accounts, with unprovided interest totaling INR 805.95 Cr since classification.

⚙️ Operational Drivers

Raw Materials

Basmati Paddy/Rice (represents over 60% of procurement risk focus), spices, edible oils, and dairy (paneer).

Import Sources

Primarily sourced from India, specifically the Basmati producing regions with adequate irrigation facilities to mitigate procurement risks.

Key Suppliers

Direct procurement from farmers built on long-term relationships to ensure constant supply.

Capacity Expansion

Current installed capacity includes a rice mill at Murthal (Haryana) with 50 Metric Tonne Per Hour (MTPH) and a food processing unit at Sonepat (Haryana) producing 75,000 ready meals per day.

Raw Material Costs

Not disclosed as a specific percentage of revenue for FY25, but the company notes high working capital requirements due to the necessity of aging Basmati rice for 9-12 months.

Manufacturing Efficiency

The company utilizes a 50 MTPH rice milling facility; specific utilization percentages for FY25 were not provided.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

0.03%

Growth Strategy

Growth is targeted through the implementation of a Resolution Plan and One Time Settlement (OTS) with a consortium of banks to stabilize the balance sheet. The company is also seeking interest from prospective investors to infuse liquidity and restart dormant business lines like the US export market.

Products & Services

Basmati rice, ready-to-eat meals, frozen food, cooking pastes, chutneys, spices, paneer (Indian cottage cheese), healthy grains, and edible oils.

Brand Portfolio

Kohinoor

Market Expansion

The company aims to revive its presence in the USA and Canada markets once financial constraints are resolved and export operations resume.

Market Share & Ranking

Described as one of the dominant Indian players in the rice milling and food processing sector, though specific percentage market share is not provided.

Strategic Alliances

Joint Venture with Rich Rice Raisers LLC (25% shareholding) has closed its operations and is no longer consolidated.

🌍 External Factors

Industry Trends

The industry is shifting from unorganized loose rice to branded packaged products. Current trends show a move toward processed and packaged food, where the company saw a marginal 0.03% growth.

Competitive Landscape

Faces intense competition from the unorganized sector and other branded players in the Basmati and ready-to-eat segments.

Competitive Moat

The 'Kohinoor' brand name acts as a significant moat with global recognition. However, this is currently threatened by liquidity issues and the inability to service debt, leading to auditor concerns over 'Going Concern' status.

Macro Economic Sensitivity

Highly sensitive to global recession and subdued demand, which contributed to the 4.52% decline in turnover in FY25.

Consumer Behavior

Increasing demand for branded, healthy grains and ready-to-eat meals in international markets.

Geopolitical Risks

Political uncertainty in overseas markets is identified as a key risk affecting the stability of the export business.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to Regulation 33 of SEBI (LODR) and Section 133 of the Companies Act, 2013. Compliance with custom offices (Mundra) for documentation is also noted.

Environmental Compliance

The company claims to endorse the highest health, safety, security, and environmental standards, though specific ESG costs are not disclosed.

Taxation Policy Impact

Tax expense for FY25 was INR 5.77 Cr compared to a tax credit of INR 4.42 Cr in FY24.

Legal Contingencies

The company faces an inquiry from SEBI; a reply has been submitted. There is a contingent liability regarding a revoked corporate guarantee for the USA subsidiary totaling INR 13.63 Cr in unprovided interest.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the company's ability to continue as a 'Going Concern' given its liquidity problems and NPA status. Auditors have qualified their opinion due to non-provision of interest exceeding INR 805 Cr.