NSE: ADFFOODS · BSE: 519183
ADF FOODS LIMITED
Manufactures and exports packaged ethnic Indian foods — sauces, pickles and frozen foods — under brands led by Ashoka and Truly Indian. Revenue splits into two segments: processed and preserved foods at 85% of FY26 segment revenue (INR580.86 cr) and a Distribution Business at 15% (INR102.37 cr). The product business sells to the Indian diaspora and, increasingly, to mainstream consumers abroad, with the distribution arm carrying third-party food brands. The Truly Indian brand is now in around 3,000 U.S. stores including Costco, Whole Foods and Safeway-Albertsons, and a greenfield plant at Surat commenced commercial production in March 2026. Consolidated FY26 revenue was INR683.23 cr at a 21.07% EBITDA margin; raw materials are the largest input cost at 27.6% of revenue, with other operating expenses at 33.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Processed and preserved foods (85%), Distribution Business (15%). Asset-light branded packaged foods exporter with a heavy export skew and growing U.S. mainstream retail presence.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 421 | 450 | 520 | 590 | 683 |
| EBITDA (ex other income) | 67 | 81 | 105 | 98 | 124 |
| margin % | 15.8 | 17.9 | 20.2 | 16.7 | 18.1 |
| Owners' profit | 48 | 56 | 75 | 69 | 90 |
| EPS, as reported (₹) | 23.97 | 25.62 | 6.85 | 6.30 | 8.19 |
| ROE % · ROCE % | 14.0 · 16.1 | 13.2 · 16.2 | 16.7 · 19.9 | 14.1 · 16.8 | 15.7 · 19.2 |
| Debt / equity (x) | 0.04 | 0.00 | 0.00 | 0.02 | 0.02 |
| Cash from operations | 34 | 51 | 70 | 37 | 58 |
| Capex | (12) | (25) | (15) | (41) | (83) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 161 | 147 | 159 | 133 | 163 | 191 | 197 | 167 |
| Profit before tax | 26 | 25 | 21 | 21 | 36 | 27 | 36 | 23 |
| Net profit | 20 | 19 | 16 | 15 | 26 | 22 | 26 | 17 |
| EPS (₹) | 1.79 | 1.71 | 1.50 | 1.39 | 2.40 | 2.04 | 2.36 | 1.57 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Distribution Business | 52 | 7.7 |
| Processed and preserved foods | 448 | 65.5 |
| Agency Distribution | 29 | 4.3 |
| Processed and Preserved Foods | 133 | 19.5 |
| Distribution business | 21 | 3.0 |
| Total, before eliminations | 683 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED ◆ | 2,635 | 28.6 | 4.61 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.6 | 29.5 | 18 of 38 | 54% |
| P/B | 4.6 | 2.6 | 24 of 34 | 30% |
| ROCE | 18.8 | 7.4 | 8 of 40 | 82% |
| ROE | 15.7 | 7.7 | 8 of 34 | 79% |
| Debt / Equity | 0.0 | 0.1 | 11 of 33 | 69% |
| EBITDA margin | 18.4 | 9.9 | 4 of 33 | 91% |
| Revenue growth | 25.9 | 14.1 | 14 of 36 | 63% |
| Profit growth | 13.4 | 14.1 | 18 of 33 | 47% |
| Market cap | 2635 | 96 | 8 of 43 | 83% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · ADF Foods: Special window open for physical share transfer and dematerialisation | compliance | minimal | — | — |
| 14 Oct 2026 · ADF Foods publishes notice of loss of share certificates in newspapers | compliance | minimal | — | — |
| 10 Oct 2026 · ADF Foods US unit settles Ascot case, to recover US$1.75 million | regulatory legal | high | — | — |
| 6 Oct 2026 · SEBI Reg 74(5) compliance certificate filing for Sep 2026 quarter | compliance | minimal | — | — |
| 2 Oct 2026 · ADF Foods to set up 950 KWp rooftop solar plant at Surat facility | compliance | low | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 for Designated Persons | compliance | minimal | — | — |
| 16 Sept 2026 · ADF Foods notice on transfer of unclaimed shares and dividend to IEPF | compliance | minimal | — | — |
| 22 Aug 2026 · ADF Foods: GM Accounts Purvi Dwivedi resigns effective 21 Aug 2026 | management changes | medium | — | — |
| 18 Aug 2026 · Special window opened for physical share transfers and demat | compliance | minimal | — | — |
| 12 Aug 2026 · ADF Foods 36th AGM held; final dividend of Rs 0.60 per share declared | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.