NSE: MEGASTAR · BSE: 541352
MEGASTAR FOODS LIMITED
Mills wheat into refined flour and related products at a single 710 MT/day processing plant in Rupnagar, Punjab, selling primarily to large packaged-food companies such as Nestle, ITC, Mrs. Bector and Jubilant. The business runs as a single wheat products segment, with maida (refined wheat flour) accounting for 74% of revenue and other wheat-derived products making up the remainder; Punjab is the largest contributing region at 31% of sales. For FY26, revenue was Rs 532.58 crore, up 47.5% year-on-year, with net profit of Rs 9.30 crore and an EBITDA margin of 6.72%. The cost structure is dominated by materials at 72.1% of revenue (principally wheat), followed by other operating expenses at 4.1%, employee costs at 2.2% and depreciation at 1.7%, with capex at 1.5% of revenue. The Punjab plant has been granted a 15-year, 100% electricity duty exemption by Punjab's Department of Industries & Commerce starting 18 November 2024, capped at Rs 88.68 crore or 100% of fixed capital investment, whichever is earlier. The company carries a CARE BBB- (Stable) long-term rating with outstanding borrowings of Rs 130.40 crore as of 31 March 2026, and has one subsidiary, Megapacific Ventures Pvt Ltd. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Maida (refined wheat flour) (74%), Other wheat products (26%). Single-segment, asset-concentrated wheat milling business supplying refined flour to FMCG customers.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 185 | 304 | 275 | 361 | 533 |
| EBITDA (ex other income) | 12 | 22 | 13 | 22 | 35 |
| margin % | 6.3 | 7.1 | 4.8 | 6.1 | 6.6 |
| Owners' profit | 5 | 10 | 6 | 4 | 0 |
| EPS, as reported (₹) | 5.49 | 10.08 | 6.19 | 3.36 | 8.23 |
| ROE % · ROCE % | 15.2 · 24.6 | 21.9 · 26.6 | 6.9 · 9.5 | 4.0 · 10.5 | 9.0 · 16.3 |
| Debt / equity (x) | 0.96 | 1.25 | 0.62 | 1.41 | 1.28 |
| Cash from operations | 25 | 12 | 16 | (10) | 27 |
| Capex | (7) | 0 | (52) | (50) | (8) |
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 | 90 | 93 | 121 | 107 | 138 | 141 | 146 | 133 |
| Profit before tax | 2 | 1 | 2 | 2 | 3 | 4 | 3 | 3 |
| Net profit | 2 | 0 | 1 | 2 | 2 | 3 | 2 | 2 |
| EPS (₹) | 1.42 | 0.40 | 1.16 | 1.60 | 2.11 | 2.67 | 1.98 | 1.98 |
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. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 12,167 | 26.2 | 0.82 | 4.2 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD | 11,937 | 46.5 | 17.50 | 33.0 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED | 7,521 | 25.5 | 2.73 | 16.9 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED | 880 | 37.1 | 4.40 | 22.7 | 11.1 | 13.1 | — | 13.0 |
| Pajson Agro India Limited | 738 | 56.7 | — | — | — | 24.0 | — | — |
| APIS INDIA LTD. | 701 | 2.8 | 3.53 | 18.3 | 12.7 | 15.5 | 7.4 | 11.9 |
| MEGASTAR FOODS LIMITED ◆ | 328 | 33.2 | 3.19 | 12.7 | 9.0 | 7.5 | 26.4 | 5.8 |
| Chemkart India Limited | 287 | 13.7 | — | — | — | 20.7 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.2 | 25.7 | 18 of 26 | 32% |
| P/B | 3.2 | 1.6 | 15 of 19 | 22% |
| ROCE | 7.5 | 12.6 | 19 of 30 | 38% |
| ROE | 9.0 | 6.8 | 10 of 21 | 55% |
| Debt / Equity | 1.3 | 0.4 | 19 of 21 | 10% |
| EBITDA margin | 5.8 | 8.7 | 16 of 21 | 25% |
| Revenue growth | 23.5 | 8.6 | 6 of 17 | 69% |
| Profit growth | 38.1 | 32.7 | 10 of 20 | 53% |
| Market cap | 328 | 107 | 7 of 29 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Megastar Foods resubmits 15th AGM voting results, corrects attendance count | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Megastar Foods AGM 2026: Both resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 23 Sept 2026 · 15th AGM held on Sep 23, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 1 Sept 2026 · GST appeal update: company to challenge reduced demand of Rs. 1.74 crore | regulatory legal | high | — | — |
| 30 Aug 2026 · Megastar Foods: 15th AGM notice published, Re 0.50 dividend proposed | compliance | minimal | — | — |
| 29 Aug 2026 · 15th AGM notice communicated to shareholders for FY 2025-26 | compliance | minimal | — | — |
| 29 Aug 2026 · 15th AGM Notice and Annual Report FY2025-26 dispatched | board shareholder meetings | medium | — | — |
| 29 Aug 2026 · 15th AGM on Sept 23, 2026 via VC; FY25-26 results show strong growth | board shareholder meetings | low | — | — |
| 29 Aug 2026 · 15th AGM notice and FY26 annual report filed | board shareholder meetings | 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.