Analysis: Krishival Foods Ltd.

Growth thesis

Krishival Foods operates dual premium brands in India's FMCG sector: Krishival Nuts (dry fruits) and Melt N Mellow (ice cream), targeting healthy snacking and indulgence markets. The nuts segment generates 15%+ EBITDA margins with 90% capacity utilization, while ice cream aims for 14-15% EBITDA margins at full capacity (1 lakh liters/day) by Q1 FY29. Growth hinges on 50%+ FY27 revenue growth driven by 25 new Mellow & Co. stores in FY27, 40 metric ton/day nuts capacity by FY28, and 37,000+ ice cream retail touchpoints. By FY28, ice cream revenue will match nuts, with operating leverage from 25% to 100% capacity utilization. Key execution risk: scaling 25 stores and 40-ton capacity while maintaining 10% PAT margins in nuts.

Why is Krishival Foods Ltd. stock rising?

• Launch of 25 franchise-owned company-operated Mellow & Co. ice cream parlours in Pune and Mumbai during FY27
• Ice cream plant capacity utilization target of 100% by Q1 FY29
• Melt N Mellow aims to become top 3 ice cream brand in India within 7 years
• Krishival Nuts aims to become numero uno player in India with a long-term goal of 10% market share
• Nuts processing capacity expansion from 20 MT/day to 40 MT/day over next two financial years in phases

Research report

companyname: Krishival Foods Limited ticker: KRISHIVAL sector: Food Processing – Nuts, Dry Fruits & Ice Cream Krishival Foods Limited (formerly Empyrean Cashews Limited) is an FMCG company that processes and sells premium nuts, dry fruits, and ice cream. It operates two distinct brands: Krishival Nuts for healthy snacking and Melt N Mellow for indulgence. The company was incorporated in 2014 and listed on NSE Emerge in March 2022, migrating to the main board of NSE and BSE in June 2025. As of M...

Catalysts

capex, margin expansion, geographic expansion

Growth guidance

FY27 revenue growth guided at 50% with 50%+ PAT growth driven by capacity utilization and distribution expansion