NSE: HMAAGRO · BSE: 543929
HMA AGRO INDUSTRIES LTD
Exports frozen buffalo meat and related products from India, classified under Food Products and Meat Products including Poultry. In FY26 the company recorded revenue of Rs 6,916.495 crore with an EBITDA margin of 4.10 percent, indicating a low-margin, high-volume business. Materials account for 96.8 percent of revenue, reflecting an export-trading model driven by sourcing rather than heavy processing. The company is recognised as a Five Star Export House by the Government of India, and runs export packing credit lines with lenders including SBI, YES Bank, HDFC Bank, and Canara Bank. It is based in Agra, Uttar Pradesh, with its registered office in the process of shifting to Delhi. The Managing Director and CEO both resigned effective June 2, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Frozen buffalo meat and related products. Low-margin, high-volume export trading of frozen meat
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 3,209 | 4,813 | 5,133 | 6,916 |
| EBITDA (ex other income) | 155 | 133 | 102 | 159 |
| margin % | 4.8 | 2.8 | 2.0 | 2.3 |
| Owners' profit | 123 | 101 | 87 | 165 |
| EPS, as reported (₹) | 25.34 | 2.03 | 1.75 | 3.29 |
| ROE % · ROCE % | 25.0 · 34.2 | 13.6 · 19.0 | 10.8 · 17.7 | 17.2 · 26.0 |
| Debt / equity (x) | 0.69 | 0.66 | 0.66 | 0.88 |
| Cash from operations | 136 | (166) | 124 | (85) |
| Capex | (109) | (38) | (22) | (36) |
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 | 1,466 | 1,455 | 1,500 | 1,123 | 2,155 | 2,059 | 1,579 | 2,110 |
| Profit before tax | 58 | 41 | 21 | 1 | 117 | 88 | 11 | 63 |
| Net profit | 53 | 21 | 12 | 1 | 90 | 67 | 8 | 51 |
| EPS (₹) | 1.04 | 0.41 | 0.26 | 0.02 | 1.79 | 1.32 | 0.16 | 1.01 |
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) | 5.6 | 22.2 | 11 of 94 | 89% |
| P/B | 1.2 | 2.0 | 25 of 82 | 70% |
| ROCE | 22.5 | 11.5 | 15 of 104 | 86% |
| ROE | 17.2 | 9.5 | 19 of 84 | 78% |
| Debt / Equity | 0.9 | 0.3 | 71 of 83 | 15% |
| EBITDA margin | 3.8 | 8.3 | 62 of 83 | 26% |
| Revenue growth | 88.0 | 14.1 | 13 of 82 | 85% |
| Profit growth | 8361.3 | 25.5 | 1 of 81 | 100% |
| Market cap | 1197 | 126 | 23 of 108 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · HMA Agro to hold Q2 and H1 FY2026-27 earnings call on November 4 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 3 to approve September quarter results | results | low | — | — |
| 21 Oct 2026 · SDD compliance certified for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 20 Oct 2026 · NSE waives fines on HMA Agro for SEBI LODR compliance delays | regulatory legal | low | — | — |
| 16 Oct 2026 · Promoter Mr Wajid Ahmed seeks reclassification to Public category | ownership changes | medium | — | — |
| 16 Oct 2026 · Board approves reclassification of promoter to public category | ownership changes | medium | — | — |
| 15 Oct 2026 · Promoter Wajid Ahmed reclassified to public category | ownership changes | medium | — | — |
| 10 Oct 2026 · RTA compliance certificate for quarter ended 30 Sept 2026 | compliance | minimal | — | — |
| 3 Oct 2026 · Promoter Wajid Ahmed seeks reclassification to public category | ownership changes | medium | — | — |
| 29 Sept 2026 · CARE reaffirms HMA Agro ratings; bank facilities enhanced to Rs 1,750 cr | credit debt | high | — | — |
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.