NSE: HNDFDS · BSE: 519126
HINDUSTAN FOODS LIMITED
Operates as a contract manufacturer for consumer brands, with dedicated (60%) and shared (40%) manufacturing facilities spread across six FMCG verticals: beverages, ice cream, footwear, home care, personal care (HPC), and healthcare. FY26 revenue was ₹4,251.04 crore and net profit ₹149.03 crore, with EBITDA margin at 8.76% and ROCE at 18.9%. The asset base expanded rapidly — gross block reached ₹1,800 crore by March 2026 after ₹700+ crore of capex in FY26, with FY27 gross block targeted at ₹2,150 crore. Recent additions include a 20,000 MT ice cream plant in Panipat commissioned in under 10 months, a bottled water plant in South India, a detergent bars facility in Lucknow, and HPC and ice cream projects in North India. The footwear division crossed ₹500 crore in FY26 but faces 50-60% polymer price inflation. Materials account for 78.8% of revenue. The company has set a target to become the largest independent beverage bottler in India by end of FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Contract Manufacturing (100%), Beverages, Ice cream, Footwear, Home care, Personal care (HPC), Healthcare. Asset-heavy, multi-vertical FMCG contract manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,040 | 2,598 | 2,755 | 3,564 | 4,251 |
| EBITDA (ex other income) | 115 | 173 | 222 | 293 | 359 |
| margin % | 5.6 | 6.7 | 8.0 | 8.2 | 8.4 |
| Owners' profit | 45 | 71 | 93 | 110 | 149 |
| EPS, as reported (₹) | 19.81 | 6.31 | 8.23 | 9.51 | 12.34 |
| ROE % · ROCE % | 14.7 · 15.4 | 19.0 · 16.9 | 14.4 · 14.1 | 12.3 · 14.1 | 12.8 · 13.9 |
| Debt / equity (x) | 1.08 | 1.31 | 1.06 | 0.96 | 0.90 |
| Cash from operations | 36 | 99 | 87 | 114 | 100 |
| Capex | (140) | (166) | (133) | (273) | (341) |
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 | 883 | 880 | 933 | 995 | 1,039 | 998 | 1,117 | 1,201 |
| Profit before tax | 32 | 39 | 41 | 42 | 47 | 47 | 57 | 57 |
| Net profit | 23 | 29 | 31 | 32 | 35 | 36 | 42 | 43 |
| EPS (₹) | 2.00 | 2.44 | 2.62 | 2.69 | 2.95 | 3.02 | 3.43 | 3.53 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN UNILEVER LTD. | 4,26,713 | 28.5 | 8.71 | 27.2 | 30.7 | 21.5 | 6.5 | 23.4 |
| ITC LTD | 3,25,141 | 16.4 | 4.46 | 11.1 | 28.8 | 35.9 | 11.1 | 21.1 |
| HINDUSTAN FOODS LIMITED ◆ | 6,666 | 42.5 | 5.72 | 20.6 | 12.8 | 9.8 | 25.1 | 8.8 |
| GODAVARI BIOREFINERIES L | 1,030 | 6707.7 | 1.31 | 14.3 | 0.4 | 0.4 | — | 0.5 |
| RANA SUGARS LTD. | 180 | 31.6 | 0.30 | — | 4.0 | 4.9 | — | (1.7) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.5 | 17.8 | 224 of 278 | 20% |
| P/B | 5.7 | 1.7 | 237 of 281 | 16% |
| ROCE | 9.8 | 7.5 | 145 of 331 | 56% |
| ROE | 12.8 | 7.3 | 87 of 283 | 70% |
| Debt / Equity | 0.9 | 0.3 | 236 of 281 | 16% |
| EBITDA margin | 8.8 | 8.3 | 129 of 272 | 53% |
| Revenue growth | 20.8 | 9.8 | 96 of 273 | 65% |
| Profit growth | 34.8 | 12.9 | 108 of 276 | 61% |
| Market cap | 6666 | 160 | 39 of 341 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Tamil Nadu GST demand order of Rs 17.15 lakh for FY 2022-23 | regulatory legal | medium | — | — |
| 9 Oct 2026 · Quarterly dematerialisation compliance certificate filed with exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Hindustan Foods gets Crisil ESG rating of 59, tagged Adequate | business updates | medium | — | — |
| 24 Sept 2026 · Hindustan Foods - Trading Window closed ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Hindustan Foods AGM results: All 5 resolutions passed, borrowing limit raised to Rs 1,300 Cr | compliance | minimal | — | — |
| 23 Sept 2026 · Board reshuffle at Hindustan Foods: Vora exits, Kalathil loses independent status | management changes | medium | — | — |
| 23 Sept 2026 · Nikhil Vora resigns as Director; Chairman Kalathil reclassified as non-independent | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · Director Nikhil Vora resigns; Shashi Kalathil role changes; committees reconstituted | board shareholder meetings | medium | — | — |
| 23 Sept 2026 · 41st AGM held on Sept 23, 2026; key resolution hikes borrowing limit to Rs 1,300 Cr | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Chairman Speech: FY26 record revenue Rs 4,265 cr, PAT up 29%, FY27 PAT guidance Rs 200-220 cr | 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.