ADFFOODS

ADF Foods share price & financials

Price
₹306.85
Market cap
₹3.0k Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 30 Jul 2026

ADF Foods Q1 FY27

Consolidated Revenue ₹167.3 cr +26%Consolidated EBITDA ₹29.7 cr +26%Consolidated EBITDA Margin 17.7% Consolidated PAT ₹17.3 cr +13%

What went well

  • Consolidated revenue increased 25.9% year-on-year to INR167.3 crores, marking the fourth consecutive quarter of strong double-digit growth.
  • Consolidated EBITDA grew 26% year-on-year to INR29.7 crores, with EBITDA margin at 17.7%, supported by improved product mix and cost optimization.
  • The company received a tariff refund of USD2.08 million (INR19.69 crores) from the U.S. government, with INR7 crores booked in Q1.

What to watch

  • Continued geopolitical uncertainties, supply chain disruptions, vessel shortages, and elevated fuel and ocean freight costs impacted operations, with freight impact estimated at 3% of revenue.
  • Q1 EBITDA margin was 'a little under 14%' after adjusting for freight impact, though management expects improvement.
Read the full call →

What ADF Foods does

ADF Foods makes and markets frozen foods, ready-to-eat (RTE) and ready-to-cook (RTC) Indian ethnic food products and meal accompaniments such as curries, breads, pickles, chutneys and spices, sold to South Asian diaspora, mainstream and domestic consumers. It runs its own branded processed-foods business alongside an agency distribution business that distributes third-party FMCG brands across the US and UK. Manufacturing is carried out at plants in Nadiad and Nashik, with a new greenfield facility at Surat that began commercial production in FY26.

Segments

  • Processed Foods
  • Distribution
Manufacturing facilities
3 (Nadiad, Gujarat; Nashik, Maharashtra; Surat, Gujarat)
Annual food processing capacity
~38,000 MT
Product SKUs
600+
Owned brands
5 (Ashoka, Truly Indian, ADF Soul, Camel, Aeroplane)
Country presence
60+ countries
Distribution warehouses in USA
2
Founded 1932Headquarters Nadiad, Gujarat, IndiaEmployees 369 (FY 2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 1 delivered 1 missed 10 open
  • Surat Greenfield Facility Operations delivered said Q3 FY25 Promised: Commissioned by H2 FY26 Q1 FY27: Commercial deliveries and initial container shipments have begun, confirming the plant is operational.
  • Truly Indian Brand Breakeven Timeline went quiet said Q3 FY25 Promised: Six to eight months Q1 FY27: No update on the breakeven timeline. Commentary focused on strong revenue growth and store expansion (now in 3,000+ stores).
  • Consolidated Revenue diluted said Q3 FY25 Promised: INR 1,000 crores by FY27 Q1 FY27: Guidance revised to 'upwards of INR 900 crores' for FY27, a softening from the previous INR 925-1,000 cr range but an improvement over the worst-case scenario.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.6%, net profit up 13.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue161 147 159 133 163 +1%191 +30%197 +24%167 +26%
EBITDA28 26 25 24 36 +29%37 +42%34 +36%30 +25%
Net profit20 19 16 15 26 +30%22 +16%26 +63%17 +13%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +15.2% 1Y

₹150₹200₹250₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 14 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹233.92 on 10 Sept 2025 → ₹269.55. High ₹320.4 (3 Jul 2026), low ₹157.89 (27 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−13.1%
30 Jul
Q4 FY26
−0.7%
14 May
Q3 FY26
+1.0%
5 Feb
Q2 FY26
−5.0%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.0% a year over 3 years, FY23 to FY26. Operating margin widened to 19.2%.

Year endingFY23FY24FY25FY26
Revenue₹450 Cr₹521 Cr₹589 Cr₹684 Cr
Operating profit₹80 Cr₹105 Cr₹99 Cr₹131 Cr
Operating margin17.8%20.2%16.8%19.2%
Interest₹4 Cr₹4 Cr₹4 Cr₹4 Cr
Depreciation₹14 Cr₹16 Cr₹19 Cr₹21 Cr
Net profit₹57 Cr₹74 Cr₹69 Cr₹89 Cr
Net margin12.7%14.2%11.7%13.0%
Cash from operations₹51 Cr₹70 Cr₹37 Cr₹58 Cr
Free cash flow₹24 Cr₹55 Cr₹-4 Cr₹-25 Cr
ROCE17.0%20.0%17.0%22.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹20 Cr₹21 Cr₹22 Cr₹22 Cr₹22 Cr₹22 Cr
Reserves₹253 Cr₹322 Cr₹397 Cr₹419 Cr₹507 Cr₹550 Cr
Borrowings₹1 Cr₹70 Cr₹55 Cr₹56 Cr₹12 Cr₹55 Cr
Other liabilities₹50 Cr₹55 Cr₹46 Cr₹53 Cr₹135 Cr₹114 Cr
Total liabilities₹324 Cr₹468 Cr₹520 Cr₹550 Cr₹677 Cr₹741 Cr
Fixed assets₹77 Cr₹160 Cr₹175 Cr₹182 Cr₹192 Cr₹258 Cr
Capital work in progress₹0 Cr₹0 Cr₹7 Cr₹5 Cr₹60 Cr₹27 Cr
Investments₹17 Cr₹39 Cr₹80 Cr₹77 Cr₹12 Cr₹15 Cr
Other assets₹229 Cr₹268 Cr₹259 Cr₹285 Cr₹412 Cr₹442 Cr
Total assets₹324 Cr₹468 Cr₹520 Cr₹550 Cr₹677 Cr₹741 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Expensive

To justify its price of ₹270, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹201 — downside of 26%.

Growth the price implies
22.7% a year
for 7 years, fading to 4%
It has actually compounded at
16.0% a year
net profit, FY23–FY26 · EPS 17.0%
The gap
0.1 pp
-26% downside if it only repeats history
Price today ₹269.55 Value at the reference growth ₹200.53

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse ADF Foods

Guides on how to read this kind of business and the numbers that matter.