Key Takeaways
- iD Fresh Food’s operating revenue increased 27.7% to ₹870 crore in FY26, compared with ₹681 crore in FY25.
- Profit before tax and exceptional items surged to ₹79 crore from ₹24 crore, representing more than threefold growth.
- The company reported EBITDA of ₹111 crore and an EBITDA margin of approximately 13%.
- Manufactured products, including idli-dosa batter and parathas, contributed ₹671 crore, accounting for around 75% of operating revenue.
- Total expenditure increased 20.5% to ₹801 crore, with raw materials remaining the largest cost component.
- The company is expanding manufacturing capacity and international operations, including plans for a Saudi Arabia facility.
iD Fresh Food Reports 27.7% Revenue Growth in FY26
iD Fresh Food, the Bengaluru-based ready-to-cook food company, has reported operating revenue of ₹870 crore for FY26, bringing it close to the ₹900 crore milestone.
According to its consolidated financial statements reviewed by Entrackr, revenue increased 27.7% from ₹681 crore in FY25.
The company has built its business around products that offer convenience without requiring consumers to give up familiar home-cooked meals. Its portfolio includes idli and dosa batter, parathas, chapatis, dairy products and other packaged food items.
The growth reflects increasing consumer adoption of branded ready-to-cook products, particularly among urban households.
The company also generated ₹8 crore in other income, primarily from interest on current investments, taking total income to ₹879 crore in FY26.
The latest performance places iD Fresh among the established businesses in India’s expanding packaged fresh-food category.
Profit Before Exceptional Items Jumps More Than Threefold
Alongside revenue growth, iD Fresh reported a significant improvement in its underlying profitability.
Profit before tax and exceptional items increased to ₹79 crore in FY26 from ₹24 crore in FY25.
| Financial indicator | FY25 | FY26 |
|---|---|---|
| Revenue from operations | ₹681 crore | ₹870 crore |
| Total income | Not stated in comparable data | ₹879 crore |
| Profit before tax and exceptional items | ₹24 crore | ₹79 crore |
| EBITDA | Not stated in comparable data | ₹111 crore |
| EBITDA margin | — | Approximately 13% |
| Return on capital employed | — | 17.4% |
The improvement suggests that the company has been able to increase its earnings faster than its operating costs.
However, the FY26 accounts also contain exceptional items worth approximately ₹713 crore, primarily associated with preference-share fair-value adjustments and gains arising from the deconsolidation of a subsidiary.
These accounting adjustments should be separated from the company’s regular operating performance.
The ₹79 crore profit-before-tax figure is therefore more useful for understanding the underlying business than simply looking at the headline accounting impact of exceptional items.
Manufactured Products Drive 75% of Revenue
iD Fresh’s core manufacturing business remains its largest revenue contributor.
Manufactured products generated approximately ₹671 crore in FY26, accounting for around 75% of total operating income.
The remaining revenue came from traded products, including dairy products, chapatis, beverages, frozen fruits and other food categories.
| Business category | FY26 revenue |
|---|---|
| Manufactured products | ₹671 crore |
| Traded products | Approximately ₹199 crore |
| Total operating revenue | ₹870 crore |
The company’s manufacturing portfolio is built around idli and dosa batter and parathas.
These categories have helped iD Fresh develop a recognisable position in the branded ready-to-cook food market.
Its manufacturing operations across Bengaluru, Hyderabad, Mumbai, Haryana and Ajman in the UAE support its domestic and international distribution network.
The company is also using adjacent categories to increase the number of products available to existing customers.
Raw Materials Remain the Biggest Cost
Despite strong revenue growth, iD Fresh’s expenses also increased as it expanded its operations.
Total expenditure rose 20.5% to ₹801 crore in FY26 from ₹665 crore in FY25.
Raw material procurement remained the largest expense, increasing 18.3% to ₹394 crore.
Employee benefit expenses rose 16% to ₹168 crore.
| Expense category | FY26 expenditure |
|---|---|
| Raw material procurement | ₹394 crore |
| Employee benefits | ₹168 crore |
| Other expenses and operating costs | Included in total expenditure |
| Total expenditure | ₹801 crore |
Raw materials accounted for approximately 49% of total expenditure.
This reflects the economics of a food manufacturing business, where the cost of ingredients, sourcing, processing and packaging can have a significant impact on margins.
The company must also manage transportation, refrigeration, storage and distribution expenses because many of its products have relatively short shelf lives.
Its ability to manage procurement costs and improve manufacturing utilisation will remain important as the business expands.
Ready-to-Cook Food Demand Creates a Growth Opportunity
iD Fresh is benefiting from a broader change in Indian food consumption.
Consumers increasingly want products that reduce preparation time while retaining familiar tastes and cooking habits.
Ready-to-cook batter is a good example. Traditionally, households prepared idli and dosa batter at home through soaking, grinding and fermentation. Branded packaged products offer a more convenient alternative.
Similar demand is emerging in categories such as parathas, chapatis and other Indian food staples.
The opportunity is particularly relevant in urban households where working schedules, smaller kitchens and changing lifestyles are influencing food purchasing decisions.
However, convenience alone does not guarantee customer loyalty.
Fresh-food companies must maintain product quality, hygiene, consistency and reliable availability. A breakdown in cold-chain operations or product quality can affect consumer confidence quickly.
iD Fresh Plans Expansion in India and Overseas Markets
The company has been investing in manufacturing capacity and distribution to support its next stage of growth.
In April 2026, CEO India Rajat Diwakar said the company was targeting ₹2,500 crore in revenue over the following four years.
He also indicated that iD Fresh was on track to achieve its earlier ₹1,000 crore revenue milestone by FY27.
The company plans to increase production capacity, strengthen distribution and introduce products in adjacent food categories.
Its international expansion strategy is another important part of the plan.
In January 2026, iD Fresh outlined plans to establish a manufacturing facility in Saudi Arabia and expand its presence in the Gulf region.
The company is also evaluating opportunities in the United Kingdom and the United States over a three-to-five-year period.
These markets could provide opportunities to serve Indian and South Asian consumers living overseas, although expansion will require local distribution, manufacturing investment and compliance with food regulations.
Apax Investment Supports the Next Growth Phase
iD Fresh received a strategic investment from funds advised by Apax Partners in January 2026.
The transaction was described by company management as largely a secondary investment involving partial exits by existing investors Premji Invest and TPG NewQuest.
The investment is expected to support the company’s international expansion, capacity development and potential acquisitions in adjacent food categories.
Management has also discussed the possibility of a future public listing, although no firm IPO timeline has been announced.
The company’s financial performance and expansion plans could make it a business to watch in India’s growing packaged food sector.
However, a potential listing would depend on its financial readiness, market conditions and the decisions of its shareholders.
The Bigger Picture
iD Fresh’s FY26 performance highlights the growing commercial opportunity in India’s ready-to-cook food market. Products once largely prepared at home are increasingly being purchased in packaged formats, creating opportunities for brands that can combine convenience, quality and distribution.
The company’s improving pre-exceptional profitability is particularly important because food manufacturing involves significant procurement, logistics and operational costs. Its next challenge will be to maintain margins while expanding into new cities, product categories and overseas markets. Competition from established food companies and emerging consumer brands will also make distribution efficiency and customer loyalty increasingly important.
Looking Ahead
The immediate milestone for iD Fresh is its ambition to cross ₹1,000 crore in revenue, followed by its longer-term target of ₹2,500 crore. Expansion in Saudi Arabia and other international markets, alongside improvements in manufacturing capacity, could support this growth if the company can maintain product quality and operating efficiency.
Investors will also watch whether the improvement in profit before exceptional items translates into consistent cash generation and stronger returns on capital. For iD Fresh, the next phase is about turning its growing consumer reach into a scalable and sustainably profitable food business.
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