This article first appeared on GuruFocus .
Release Date: February 19, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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KRBL Ltd ( BOM:530813 ) reported a 21% year-on-year increase in export revenue for the nine months ended December 2025.
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The company achieved a consolidated revenue of INR 1,476 crore with an EBITDA of INR 250 crore and PAT of INR 170 crore for Q3 FY26.
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KRBL Ltd ( BOM:530813 ) maintained strong market leadership with a 37.8% market share in general trade, 39.3% in modern trade, and 41.2% in e-commerce.
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The company is expanding its branded and premium portfolio presence in international markets, leveraging India's pricing competitiveness.
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KRBL Ltd ( BOM:530813 ) is focusing on operational efficiency and disciplined capital allocation, including long-term consolidation plans for scalability and cost optimization.
Negative Points
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Export revenue for Q3 FY26 was lower at INR 357 crore compared to INR 563 crore in Q3 2025 due to geopolitical tensions.
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Domestic revenue excluding power remained flat year-on-year for Q3 FY26.
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The Basmati category faced increased competitive intensity from loose and regional players, affecting demand and margins.
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KRBL Ltd ( BOM:530813 ) postponed the monetization of its Ghaziabad land due to high costs associated with relocating the plant.
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The company is cautious about new business in Iran due to geopolitical tensions, which could impact future export growth.
Q & A Highlights
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Warning! GuruFocus has detected 2 Warning Signs with BOM:530813.
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Q: What are the current realizations in the export and domestic markets compared to the previous quarter? A: The domestic branded business realization for Q3 was around INR 77,500 per ton, while the export branded side was about INR 142,000 per ton. Prices have increased by 7-8% in the last 15 days, and domestic price effects will be seen in the first quarter of the next year. (Respondent: Unidentified_2)
Q: Given the lower cost of rice inventory and recent price hikes, will there be further gross margin improvement in the coming financial year? A: The EBITDA for the fourth quarter is expected to grow by 200 to 250 basis points. For the next financial year, EBITDA is expected to remain intact due to holding stocks for more than 1 to 1.5 years. (Respondent: Unidentified_6)
Q: What is the current status of the Saudi market distribution setup? A: The Saudi business is progressing well with consistent volume demand and regular shipments. The current approach of working directly with wholesalers is effective, and the company is still evaluating the right long-term distributor structure. (Respondent: Unidentified_3)
Q: How is the company handling the geopolitical tensions affecting exports to Iran? A: The company is cautious about concluding new business in Iran due to ongoing tensions. While past business with Iran has shown growth, future business depends on geopolitical developments. (Respondent: Unidentified_3)
Q: What is the company's plan regarding the Ghaziabad land monetization? A: The decision to monetize the Ghaziabad land has been postponed for 2-3 years due to high costs associated with shifting the plant. The company expects land prices to rise by 20-25% in the next two years. (Respondent: Unidentified_3)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
