NSE: FOODSIN · BSE: 507552
FOODS & INNS LIMITED
Manufactures and sells packaged food products, primarily spices and frozen foods. Revenue for FY26 declined 14% from the prior year on geopolitical disruption to Middle East exports and a 25% drop in average spice realizations as inventory from the 2025 crop season was sold at lower raw material costs. Q4 sales volumes fell 9% year-on-year and Q4 revenue dropped 32% to Rs.248 crore. The frozen foods business recorded 28% year-on-year volume growth in Q4, the bright spot in the year. Raw materials are the dominant cost at 75.6% of revenue, reflecting the agricultural commodity base. The company booked a PLI incentive of Rs.33.86 crore in Q4 and operates with Rs.349.50 crore of bank facilities from five lenders. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Spices, Frozen foods. Cyclical, commodity-linked packaged foods business with export exposure to the Middle East.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 632 | 996 | 1,020 | 992 | 868 |
| EBITDA (ex other income) | 50 | 100 | 120 | 116 | 100 |
| margin % | 7.9 | 10.1 | 11.8 | 11.7 | 11.5 |
| Owners' profit | 15 | 0 | 0 | 42 | 28 |
| EPS, as reported (₹) | 3.04 | 9.31 | 6.82 | 5.92 | 3.79 |
| ROE % · ROCE % | 7.8 · 17.4 | 15.2 · 24.8 | 9.2 · 22.4 | 7.8 · 17.3 | 4.9 · 13.7 |
| Debt / equity (x) | 1.09 | 1.08 | 1.17 | 0.79 | 0.74 |
| Cash from operations | 15 | (73) | (22) | 15 | 132 |
| Capex | 0 | (0) | (66) | (57) | (38) |
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 | 169 | 189 | 397 | 236 | 193 | 150 | 289 | 157 |
| Profit before tax | 8 | 1 | 30 | 10 | 1 | 1 | 28 | 6 |
| Net profit | 11 | 1 | 23 | 7 | 1 | 0 | 19 | 4 |
| EPS (₹) | 1.53 | 0.10 | 3.08 | 0.96 | 0.08 | 0.05 | 2.71 | 0.52 |
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. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,27,636 | 59.7 | 44.14 | 41.4 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,09,850 | 42.2 | 21.39 | 29.4 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 15,003 | 79.7 | 2.58 | 38.0 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,647 | 45.0 | 6.82 | 25.8 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,182 | 6.3 | 0.85 | 2.3 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,689 | 19.3 | 4.48 | 20.0 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,031 | 36.1 | 6.33 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,626 | 28.6 | 4.59 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.8 | 29.2 | 10 of 38 | 76% |
| P/B | 0.6 | 2.7 | 6 of 34 | 85% |
| ROCE | 6.3 | 7.4 | 23 of 40 | 44% |
| ROE | 4.9 | 7.7 | 20 of 34 | 42% |
| Debt / Equity | 0.7 | 0.1 | 31 of 33 | 6% |
| EBITDA margin | 14.5 | 9.9 | 11 of 33 | 69% |
| Revenue growth | (33.3) | 14.1 | 31 of 36 | 14% |
| Profit growth | (46.0) | 14.1 | 28 of 33 | 16% |
| Market cap | 316 | 100 | 15 of 43 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Compliance certificate under Reg 74(5) filed for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · All 4 resolutions pass at 54th AGM; dividend declared | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closure ahead of Q2 FY26 results | compliance | minimal | — | — |
| 28 Sept 2026 · 54th AGM held via video conferencing; 4 resolutions passed including dividend | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Foods & Inns to meet analysts at Arihant Capital conference on Sep 29 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · 54th AGM set for Sep 28, 2026; Q1 FY27 results approved | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Newspaper publication of 54th AGM notice by Foods & Inns | compliance | minimal | — | — |
| 5 Sept 2026 · FOODSIN annual report FY26: PAT 28 Cr, dividend Re 0.30/share | compliance | minimal | — | — |
| 19 Aug 2026 · Book closure Sept 21-28, 2026 for AGM and dividend | corporate actions | medium | — | — |
| 18 Aug 2026 · Frozen foods growth target outlined amid export delays | investor communications | 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.