Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, please find enclosed herewith Transcript of the Earnings call for Q4 & FY 2025-26.
ADFFOODS · price
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ADF Foods delivered a strong Q4 with consolidated revenue at an all-time high of INR196.7 crores (+23.7% YoY) and EBITDA margins expanding 190 bps to 17.4%. For FY '26, consolidated revenue was INR683.2 crores (+15.9%) and EBITDA margins improved to 19.1% (+240 bps), with PAT at INR96.8 crores (+39.7%). Stand-alone EBITDA margins reached 24.8%, driven by better product mix and cost optimization. Management guided FY '27 revenue of INR925-1000 crores (30%+ growth) if the Middle East geopolitical situation normalizes, or INR800-850 crores (12-15% growth) in a worst-case zero-Middle East scenario. The Surat greenfield facility has commenced operations with INR40-50 crores revenue expected in FY '27, scaling to INR200+ crores at full capacity by year 3. Ashoka brand is guided to grow 30-35% in FY '27, while Truly Indian brand (present in ~3,000 U.S. stores) is expected to reach INR75-80 crores. The company remains net debt-free with INR78.2 crores cash, and PLI incentives of INR16 crores are expected to continue in FY '27.
Strong margin expansion and clear growth targets (30%+ revenue growth) signal execution strength, but the 15% revenue exposure to Middle East creates near-term uncertainty. The Surat facility ramp and new store listings (Costco, Whole Foods) provide multi-year visibility.