FY26 Performance at a Glance:
| Metric | FY26 | vs Previous years |
| ProV Brand Revenue | ₹659 Crore | ↑ ~58% YoY |
| Gross Margin | 22.1% | ↑ +240 bps |
| EBITDA | ₹19.84 Crore | ↑₹12.92 Crore |
| PAT | ₹14.26 Crore | ↑ ~93% YoY |
| 5-Year Revenue CAGR | 54% | FY21–FY26 |
| Net Worth | ₹144 Crore | ₹130 Crore |
| Wholesome Nutrition Mix | 48% of revenue | ↑ from 41% in FY25 |
| Sales Force Strength | 350+ | ↑ from 200 in FY25 |
Proventus Agrocom Limited (NSE: PROV) today announced its audited financial results for FY26, marking another year of simultaneous revenue growth and margin expansion. The results reflect the Company’s ongoing transition from a core dry fruit business to a higher-margin wholesome nutrition platform — a shift that is now clearly visible in both the top line and the bottom line.
Speaking on the results, DP Jhawar, MD & CEO, said
“”ProV has delivered on every commitment it has made. FY26 validates that our transition from a dry fruit company to a wholesome nutrition platform is working. Healthy snacking in India is becoming a daily habit, and ProV is positioned at the centre of this structural shift. Makhana, in particular, is emerging as a generational category opportunity, and with our Bihar facility now operational at the source of 90%+ of India’s Makhana supply, ProV is scaling it aggressively. We are now revising our FY28 revenue target upward to ₹1,100 Crore”
From Dry Fruits to Wholesome Nutrition
What started as a dry fruit trading business is today a wholesome nutrition platform — and this shift is the most important story behind ProV’s financial performance.
Wholesome Nutrition products, comprising premium dry fruits, Makhana, seed mixes, and nutritional snacks, now contribute 48% of total revenue. This segment carries significantly higher margins compared to core dry fruits and is growing every quarter. Core dry fruits (almonds, cashews) remain a strong, stable base at 52% of revenue, but the growth engine is clearly Wholesome Nutrition — and management expects it to surpass core dry fruits in revenue contribution in the coming years.
During FY26, the Company launched 25+ new SKUs across fast-growing categories. ProV’s approach is deliberate: seed new products, refine based on market feedback, then scale with conviction once product-market fit is established.
Within this portfolio, Makhana stands out as ProV’s most significant opportunity. The category has grown 6x in five years and is now expanding at 25–30% CAGR — more than four times the growth rate of almonds. It is on track to outsell almonds within the next 5–7 years, driven by its unique positioning at the intersection of taste, health, and Indian familiarity.
ProV has now secured backward integration through its Bihar facility — located at the source of 90%+ of India’s Makhana supply. With sourcing locked in, branding established, and flavours validated by the market, the seeding phase is over.
Makhana scale-up is ProV’s biggest growth lever going into FY27 and FY28.
Brand Building — Investing in the Long-Term Moat
ProV stepped up investments in marketing and field sales significantly during FY26, with marketing spends growing 5.4x and the sales force expanding 4.4x over the past several years.
The Company now has 350+ field personnel providing pan-India coverage across all four channels — General Trade (16,000+ touchpoints), Modern Trade, E-Commerce, and Quick Commerce. Brand visibility was strengthened through multi-platform campaigns, retail activations, and digital-first marketing.
These are structural investments that compound over time and are already reflected in the revenue and margin trajectory.
Financial Performance — Margins and Profitability Moving Together
FY26 was a year where revenue growth and profitability improvement happened simultaneously —a meaningful signal of operating leverage kicking in.
Gross margin expanded 240 bps to 22.1%, driven by a richer product mix and improved sourcing economics.
PAT grew ~93% YoY to ₹14.26 Crore, demonstrating that investments in brand and infrastructure are translating into bottom-line returns.
Revenue has compounded at 54% CAGR over FY21–FY26 — consistent, not episodic.
The balance sheet remains disciplined, with a Debt-Equity ratio of 0.19:1, Net Worth of ₹144 Crore.
The Company is entering its next phase of growth from a position of financial strength.
Manufacturing — Building the Capacity to Win
ProV is in the middle of its most significant infrastructure build since founding. We currently have two facilities (47,000 sq.ft., 1.5 lakh pouches per day) in Mumbai. A 2,00,000 sq.ft. state-of-the-art facility in Surat, Gujarat is under construction and targeted to deliver 4 lakh+ pouches per day with its first phase operational by H1 FY27.
A third facility in Purnia, Bihar, with Phase 1 now operational, is strategically located at the source of 90%+ of India’s Makhana supply, delivering lower input costs, consistent quality, fresher product, and direct supply chain control. The Bihar facility is backward integration into the fastest-growing snacking category in India, and is expected to deliver 300+ bps margin improvement post full commissioning.
Together, these facilities will give ProV the manufacturing scale to sustain its growth ambitions through FY28 and beyond.
The Market Opportunity — Large, Structural, and Early
India’s dry fruit and wholesome nutrition market stands at approximately ₹75,000 Crore today and is expected to grow to ₹1,10,000 Crore by 2030.
Three forces are driving this: a structural shift from fried snacks to healthier alternatives going mainstream across income levels; the rapid rise of Makhana, which is growing at 25–30% CAGR versus 5–7% for almonds and is on track to outsell almonds within 5–7 years; and GST rationalisation on dry fruits, which creates an immediate pricing and profitability advantage for organised, branded players over unorganised competition.
Organised players are already growing 2.5x faster than unorganised. ProV, with its brand, distribution, and now its manufacturing scale, sits at the intersection of all three tailwinds.
The Road to ₹1,100 Crore — Four Execution Levers
ProV’s FY28 target of ₹1,100 Crore is built on four clear pillars — each resourced, each with a named owner.
On channels, the Company is expanding GT reach into additional geographies and deepening Quick Commerce presence, targeting 10%+ of revenue from that channel alone. On products, Wholesome Nutrition is targeted to reach 58%+ of revenue, with Makhana as the primary growth vehicle. On infrastructure, Surat and Bihar together will deliver 4 lakh+ pouches per day by FY27. On people, the Company has 850+ employees today and is adding targeted leadership across sales, supply chain, and brand marketing to support the next phase of scale.
This is an execution roadmap, not a vision statement.