BSE: 544568
DSM Fresh Foods Limited
Operates an omnichannel fresh-protein platform under the Zappfresh brand, selling chicken, mutton, and fish and seafood to restaurants and urban consumers. Runs 3 processing facilities and sources fish through 300+ farmer partnerships covering about 270 acres under the Marina Aqua aquaculture platform. Roughly 68% of H2 FY26 revenue came from B2B HoReCa sales to 300+ restaurants, with the remaining 32% from B2C channels including own delivery, online orders (average order value around INR 540 with 88-90% repeat rate), and a partner-store network that scaled to 100 stores with a stated target of 300-400 by FY27 year-end. Recently launched the Meevaa ready-to-eat brand (frozen momos, samosas, kebabs and similar), which received 5,000 orders within 48 hours of launch; fish and seafood rose to 27% of H2 FY26 revenue from 21% in H1, while chicken was about 50% of FY26 revenue. FY26 revenue of Rs 220.8 crore was up 69% YoY, with raw materials and protein procurement accounting for 71.9% of revenue. Listed on BSE SME in October 2025 after a Rs 59.06 crore IPO. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. B2B / HoReCa (68%), B2C retail and online (32%), Meevaa ready-to-eat / frozen convenience. Omnichannel branded fresh-protein and frozen-food platform spanning B2B HoReCa, B2C retail, online and partner stores.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 221 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 7.46 |
| ROE % · ROCE % | — · 23.9 |
| Debt / equity (x) | — |
| Cash from operations | (48) |
| Capex | (4) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 125 |
| Profit before tax | 11 |
| Net profit | — |
| EPS (₹) | 6.62 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| VENKY S (INDIA) LIMITED | 2,290 | 13.2 | 1.43 | — | 8.4 | 11.1 | — | 7.4 |
| HMA AGRO INDUSTRIES LTD | 1,197 | 5.6 | 1.24 | 6.7 | 17.2 | 22.5 | — | 3.8 |
| SKM EGG PROD EXPORT(I) LT | 1,024 | 6.2 | 2.59 | 6.6 | 26.3 | 30.1 | 23.3 | 20.9 |
| OVOBEL FOODS LTD. | 276 | 7.1 | 2.50 | — | 22.1 | 29.0 | — | 27.4 |
| DSM Fresh Foods Limited ◆ | 111 | 7.5 | — | — | — | 18.4 | — | — |
| SIMRAN FARMS LTD. | 91 | 14.5 | 1.57 | 9.0 | 8.7 | 12.6 | 22.1 | 1.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 22.2 | 21 of 94 | 79% |
| ROCE | 18.4 | 11.5 | 25 of 104 | 77% |
| Market cap | 111 | 126 | 59 of 108 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Rajasthan Global Securities buys 0.40% in DSM Fresh Foods, crosses 5% | ownership changes | medium | — | — |
| 12 Oct 2026 · DSM Fresh Foods submits RTA compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Non-Executive Director Mohammad Arif Khan resigns from DSM Fresh Foods | management changes | medium | — | — |
| 1 Oct 2026 · All 7 resolutions passed at DSM Fresh Foods 11th AGM | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 11th AGM proceedings: ESOP 2026, office shift to Haryana approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure for H1 FY2027 results announcement | compliance | minimal | — | — |
| 15 Sept 2026 · DSM Fresh Foods schedules analyst site visit in Chandigarh on Sep 18, 2026 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · CARE flags IPO fund misuse, Zappfresh stock below issue price | capital market events | low | — | — |
| 5 Sept 2026 · DSM Fresh Foods submits newspaper notice for 11th AGM and FY26 annual report | compliance | minimal | — | — |
| 4 Sept 2026 · Annual Report FY26 filed; AGM on Sept 29; ESOP and related party items proposed | results | medium | — | — |
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.