FRESHARA
Freshara Agro financials
- Market cap
- ₹1.1k Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 3
Freshara Agro FY26
What went well
- Consolidated total income of ₹353 crores in FY26, with strong profitability (PAT of ₹37.51 crores).
- H2 FY26 showed robust performance with ₹212 crores revenue, ₹36.7 crores EBITDA, and ₹22.6 crores PAT.
- Acquisition of Sarasa provides instant entry into premium global olive market, access to established brands, and European manufacturing infrastructure.
What to watch
- Spanish operations (Sarasa) currently have a lower PAT margin of 4-5% compared to India's 11.55%, though expected to improve to 8-10%.
- Inventory levels increased significantly at year-end due to seasonal crop arrivals and strategic buying, impacting working capital temporarily.
What Freshara Agro does
Freshara Agro Exports procures, processes and exports preserved gherkins and pickled vegetables (baby corn, chillies, banderillas, jalapenos, bell peppers) from two processing units in Tirupattur, Tamil Nadu, sourcing raw material from a network of 4,000+ contract farmers across 22 districts in Tamil Nadu, Karnataka and Andhra Pradesh. It exports to 40+ countries including Russia, Spain, Iraq, Chile and Italy, serving both industrial bulk customers and retail (jar/pouch) customers. In FY26 it acquired Spanish specialty-food producer Sarasa (Conservas Selectas Espanolas S.L. and Gandin Invest S.L.), adding olive sourcing, processing and European manufacturing infrastructure to expand beyond gherkins into a broader specialty-foods platform.
Segments
- Gherkins
- Baby Corns
- Banderillas
- Chillies, Bell Peppers, Jalapenos
- Spain (Sarasa) — olives & specialty foods
- Processing facilities
- 2 (Unit I & Unit II, Tirupattur, Tamil Nadu)
- Combined processing capacity
- 125–150 metric tons/day (Unit I: 50 MT/day, Unit II: 75–100 MT/day)
- Retail packing capacity
- up to 30,000 jars/hour combined (Unit I: 4,000, expandable to 12,000; Unit II: 6,000, expandable to 18,000)
- Contract farmer network
- 4,000+ farmers across 22 districts (Tamil Nadu, Karnataka, Andhra Pradesh)
- Export markets
- 40+ countries, including Europe, USA & Russia
- Cumulative exports since inception
- 1,00,000+ metric tonnes
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 3 delivered 1 missed 8 open- EBITDA Margin delivered said Q4 FY25 Promised: EBITDA margin for around 18%, I think. (Next 2 years) Q4 FY26: Achieved. FY26 standalone Indian unit EBITDA margin reported at 18.5%, exceeding the ~18% target.
- New Plant Capacity Utilization went quiet said Q4 FY25 Promised: 50% in FY26, 100% by end of FY26. Q4 FY26: No specific update provided on the Indian plant's capacity utilization. The focus has shifted to the utilization of the newly acquired Spanish plant.
- Long-term Revenue Target delayed said Q2 FY26 Promised: Next three years probably down the line, I'm targeting to be 1000 crore company. Q4 FY26: The timeline for the ₹1000 crore revenue target appears to have been extended to FY30, as referenced by an analyst in the Q4 FY26 call. The original target was 'in 3 years' from Q2 FY26 (i.e., by FY29).
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 104 | 151 | 134 | 179 |
| EBITDA | 15 | 25 | 18 | 29 |
| Net profit | 11 | 17 | 15 | 21 |
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 +141.3% 1Y
1Y: ₹201 on 10 Sept 2025 → ₹485. High ₹486.4 (10 Sept 2026), low ₹132.95 (18 Nov 2025).
How the price took the results
close before → close after
- Q4 FY26
- +9.6%
- 4 Jun
- Q2 FY26
- −7.2%
- 5 Dec
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.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | — | — | ₹17 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | — | — | ₹10 Cr | ₹119 Cr | ₹150 Cr |
| Borrowings | — | — | ₹108 Cr | ₹93 Cr | ₹128 Cr |
| Other liabilities | — | — | ₹32 Cr | ₹29 Cr | ₹53 Cr |
| Total liabilities | — | — | ₹167 Cr | ₹265 Cr | ₹355 Cr |
| Fixed assets | — | — | ₹22 Cr | ₹58 Cr | ₹67 Cr |
| Capital work in progress | — | — | ₹7 Cr | ₹4 Cr | ₹1 Cr |
| Investments | — | — | ₹1 Cr | ₹1 Cr | ₹8 Cr |
| Other assets | — | — | ₹137 Cr | ₹203 Cr | ₹279 Cr |
| Total assets | — | — | ₹167 Cr | ₹265 Cr | ₹355 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.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, the public trimmed −0.13 pp. The shareholder count grew 32% to 2,076.
- Promoters
- 62.6%
- FIIs
- 0.1%
- DIIs
- 0.6%
- Public
- 36.7%
Since Mar 2025
- Public −0.13 pp
- FIIs +0.09 pp
- DIIs +0.03 pp
How it drifted, 4 quarters
Over this window the public went from 25.8% to 36.7% — +10.9 pp.
Ownership split by quarter, oldest first. Oct '24: Promoters 62.6%, FIIs 7.1%, DIIs 4.5%, Public 25.8%.Mar '25: Promoters 62.6%, FIIs 0.0%, DIIs 0.5%, Public 36.9%.Sep '25: Promoters 62.6%, FIIs 0.1%, DIIs 0.1%, Public 37.2%.Mar '26: Promoters 62.6%, FIIs 0.1%, DIIs 0.6%, Public 36.7%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Ritu Bapna +2.34 pp 3.57% held
- Muthukrishnan Dhandapani newly disclosed 1.71% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Freshara Agro above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Junaid Ahmed | 34.36% | unchanged |
| K M Iqbal Ahmed | 24.60% | unchanged |
| Ritu Bapna | 3.57% | +2.34 pp |
| Aparna Samir Thakker | 2.35% | −2.46 pp |
| Muthukrishnan Dhandapani | 1.71% | newly disclosed |
| Kouser Afshan | 0.72% | unchanged |
| Asma Syed | 0.72% | unchanged |
| Akther Riyaz | 0.72% | unchanged |
| Syed Riyaz | 0.72% | unchanged |
| Nimra Fathima | 0.72% | unchanged |
| Syed Ahmed Kabeer | 0.00% | unchanged |
| Zubida Begum | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 13.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Freshara Agro
Guides on how to read this kind of business and the numbers that matter.