Leo Dryfruits & Spices Trading posted a near doubling of revenue in FY26, driven by aggressive portfolio diversification and channel expansion. The company’s financial results for the year ended March 31, 2026, reflect a strategic pivot from traditional spice trading to a broader packaged food platform.

Revenue from operations surged 99.6% year-on-year to ₹17,424.10 lakh (₹174.24 crore), up from ₹8,731.11 lakh in FY25. This top-line growth was underpinned by a massive expansion in the dry fruits segment, which grew from ₹923.50 lakh to ₹7,385.35 lakh, and blended spices, which jumped from ₹34.13 lakh to ₹1,017.40 lakh.

Financial Performance

While revenue growth was robust, profitability metrics showed divergence. EBITDA rose 34.0% to ₹198.52 lakh, but the EBITDA margin contracted sharply from 17.0% in FY25 to 11.4% in FY26. Profit after tax (PAT) increased 29.1% to ₹105.39 lakh (₹10.54 crore), with PAT margin falling from 9.4% to 6.0%.

Strategic Expansion and M&A

The margin compression coincides with significant capital deployment into new categories. The company acquired a 60% stake in STK Food Processing Private Limited, operating under the POPMAK brand, to enter the makhana and chana sattu segments. This acquisition aims to strengthen its presence in the institutional CSD (Canteen Stores Department) market, expanding its combined CSD product portfolio to 16 items.

Additionally, Leo expanded its distribution footprint by entering quick commerce through Zepto and strengthening organised retail ties with Apna Bazaar. The company also secured Category A empanelment with IRCTC for its VANDU millet-based products.

What the Numbers Show

A critical observation is the disproportionate rise in working capital requirements relative to profit generation. While revenue doubled, cash generated from operations turned negative at -₹632.59 lakh, compared to a negative ₹2,745.37 lakh in FY25. Inventories surged by ₹2,364.68 lakh, indicating heavy stock buildup to support the new product lines. Furthermore, finance costs more than doubled to ₹325.72 lakh from ₹158.64 lakh, reflecting increased leverage to fund this rapid scaling phase. The debt-to-equity ratio rose to 0.50 from 0.33.

Corporate Actions

The company’s 7th Annual General Meeting is scheduled for September 29, 2026. Key agenda items include the re-appointment of Mr. Jenish Ketan Shah as a director and the re-appointment of Mr. Ketan Sobhagchand Shah as Whole Time Director for five years. The board also seeks approval to increase the remuneration of both Mr. Kaushik Sobhagchand Shah and Mr. Ketan Sobhagchand Shah from ₹12 lakh to ₹18 lakh per annum, effective April 1, 2026.

A final dividend of ₹0.50 per equity share has been recommended, subject to shareholder approval.

Leo Dryfruits & Spices Trading shareholders have approved the issuance of warrants convertible into equity shares on a preferential basis. The special resolution passed with 100% of votes cast in favour during the Extraordinary General Meeting held on September 4, 2026.

The meeting was conducted via Video Conferencing in accordance with Ministry of Corporate Affairs and SEBI circulars. It commenced at 2:32 pm and concluded at 2:57 pm IST. Kaushik Sobhagchand Shah, Chairman and Managing Director, requested Jenish Ketan Shah, Director, to chair the meeting due to his interest in the resolution.

Voting Results

Remote e-voting via NSDL ran from September 1 to September 3, 2026. Ritul Parmar of M/s. Ritul Parmar & Associates served as Scrutinizer. A total of 540 shareholders were eligible to vote as on the cut-off date of August 28, 2026. Twelve members attended the meeting via VC, comprising two promoter group members and ten public shareholders.

The resolution received overwhelming support across all participating categories. No votes were cast against the proposal, and there were no invalid votes recorded.

Meeting Proceedings

Ketan Sobhagchand Shah, Whole-time Director and CFO, Ankit Gupta, Independent Director, and Purvi Gupta, Independent Director also attended the meeting. The registered office in Navi Mumbai was deemed the venue. Proxy appointments were not applicable given the virtual format.

The company has submitted the results to BSE Limited and uploaded them to its website and NSDL platform.