New Delhi, June 3 -- Sahyadri Farms Post Harvest Care Ltd, a horticulture company backed by private equity firm GEF Capital Partners and several development finance institutions, accelerated its revenue growth in the year through March 2026 thanks to improved domestic play but continued to face margin pressures, VCCircle has gathered.
The Nashik-based company, a subsidiary of Sahyadri Farmers Producer Company (SFPCL), recorded a 36% jump in revenue to Rs 2,500 crore in the last fiscal year, per provisional financials reviewed by VCCircle. That's faster than the 26% rise Sahyadri Farms posted in revenue to Rs 1,852 crore in FY25.
The revenue growth in FY26 was driven primarily by higher domestic sales volumes and better realisations from grape exports, which are the two most cash-generative verticals for the company. The topline is likely to grow further this fiscal year thanks to improved grape exports.
However, the company's operating margins moderated slightly in FY26 due to a higher share of revenue coming from trading. The margin has swung between 10.75% and 13.5% over the past three fiscal years, VCCircle has learnt, and is likely to remain over 10% in the current fiscal year.
Queries sent to Sahyadri Farms for this article remained unanswered till the time of publishing.
Sahyadri Farms is one of the Sahyadri group's two main entities. It processes, stores, and markets fresh and processed fruits and vegetables across domestic and international markets, with its principal facility located in Nashik, Maharashtra. Processed foods such as ketchup, jams and fruit pulp and juices brought in 80% of its revenue in FY26. The parent company, Sahyadri Farmers Producer Company, aggregates over 20,000 smallholder farmers and supports them across production, processing, and market access. The group says it is India's leading grape exporter and among the country's largest tomato processors.
Beyond its strong foothold in the grape exports market, the group has diversified over the years into value-added products, which now account for a major chunk of its revenue.
According to a recent report by Crisil Ratings, the group remains vulnerable to volatile agri-commodity prices, including those of grapes, mangoes, and tomatoes, and to unpredictable climatic conditions. It also faces competition pressure from both organised and unorganised players in the fruit processing segment, which limits its pricing power.
Sahyadri Farms has been backed by development finance institutions such as Proparco, FMO, Incofin, and responsAbility as well as Belgium-based Colruyt Group's family office Korys and PE firm GEF Capital since 2020. The company completed its Series A and Series B rounds in 2022 and 2024, respectively, cumulatively raising Rs 700 crore. The investors collectively hold a 29% stake in the company.
Meanwhile, Sahyadri Farmers Producer Company is raising fresh debt capital from Dutch development bank FMO to expand its credit programme, VCCircle reported earlier this year.
Published by HT Digital Content Services with permission from VC Circle.