BSE: 517554
NHC FOODS LTD.
Operates as a food products firm that has built out a trading-oriented business across domestic and international markets. Filings show two segments — Domestic (Trading and Manufacturing) and International through Dubai subsidiary NHC International L.L.C-FZ. The international footprint expanded in March 2026 via acquisition of Conquer Enterprises Limited (Hong Kong), a metals, steel and agro products trader with FY25 turnover of USD 95.5 million, and a July 2026 Letter of Intent to acquire Agriconnect Solutions, an agri commodities firm with FY25 turnover of Rs 117.57 crore. The company also incorporated a UK subsidiary in April 2026 and raised USD 27 million (~Rs 258 crore) through 1.5% Foreign Currency Convertible Bonds listed on AFRINEX Mauritius, maturing May 2031. Consolidated FY26 revenue was Rs 601.31 crore with net profit of Rs 12.32 crore; Q4FY26 revenue was Rs 258.4 crore. Cost structure shows materials at 0.5% of revenue, other opex at 0.8%, depreciation at 0.3% and capex at 2.7% of revenue, with an EBITDA margin of 3.65%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (Trading and Manufacturing), International Trading. Asset-light, trading-led FMCG and commodities business with growing international footprint
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 348 | 601 |
| EBITDA (ex other income) | 15 | 20 |
| margin % | 4.3 | 3.4 |
| Owners' profit | 7 | 12 |
| EPS, as reported (₹) | 0.33 | 0.20 |
| ROE % · ROCE % | 8.6 · 16.7 | 6.8 · 10.6 |
| Debt / equity (x) | 0.37 | 0.27 |
| Cash from operations | (38) | 2 |
| Capex | (0) | (16) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 66 | 73 | 135 | 111 | 103 | 129 | 258 |
| Profit before tax | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 7 |
| Net profit | 2 | 2 | 2 | 1 | 2 | 1 | 3 | 7 |
| EPS (₹) | 1.68 | 0.34 | 0.13 | 0.04 | 0.03 | 0.02 | 0.04 | 0.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading Segment- Domestic | 109 | 42.0 |
| Manufacturing Segment | 3 | 1.2 |
| Trading Segment- International | 146 | 56.7 |
| Unallocated | 0 | 0.0 |
| Total, before eliminations | 258 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.3 | 25.7 | 6 of 26 | 80% |
| P/B | 0.6 | 1.6 | 2 of 19 | 94% |
| ROCE | 7.9 | 12.6 | 18 of 30 | 41% |
| ROE | 6.8 | 6.8 | 11 of 21 | 50% |
| Debt / Equity | 0.3 | 0.4 | 8 of 21 | 65% |
| EBITDA margin | 3.7 | 8.7 | 17 of 21 | 20% |
| Revenue growth | 92.1 | 8.6 | 2 of 17 | 94% |
| Profit growth | 642.1 | 32.7 | 1 of 20 | 100% |
| Market cap | 109 | 107 | 14 of 29 | 54% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Oct 2026 · NHC Foods subsidiary signs LOI to acquire 75% in Singapore firm for USD 5.5M | strategic transactions | medium | — | — |
| 28 Sept 2026 · Trading Window Closure for H2 FY26 Financial Results | compliance | minimal | — | — |
| 27 Sept 2026 · NHC Foods shareholders approve secretarial auditor for 5 years | management changes | medium | — | — |
| 27 Sept 2026 · Shareholders approve 20x increase in authorised share capital | corporate actions | medium | — | — |
| 27 Sept 2026 · Voting results of 34th AGM: all 9 resolutions passed with high approval | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 34th AGM held; key items include warrants issue, borrowing powers increase | board shareholder meetings | low | — | — |
| 17 Sept 2026 · NHC Foods step-down arm incorporates new US entity in Wyoming | strategic transactions | medium | — | — |
| 16 Sept 2026 · NHC Foods to acquire stakes in Lotmor Brands and Walya's Beverages | compliance | low | — | — |
| 16 Sept 2026 · NHC Foods to acquire two F&B firms, appoints executive director | management changes | medium | — | — |
| 16 Sept 2026 · NHC Foods to acquire 88% in Lotmor Brands and 80% in Walya's Beverages | strategic transactions | 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.