BSE: 530741
OVOBEL FOODS LTD.
Processes eggs into frozen whole eggs, egg yolk and egg albumen powder, and exports these to food manufacturers serving bakery, pasta and baby food end-markets. In FY26, revenue stood at Rs 256.75 crore, up 36% from the prior year on a net-sales basis. The cost structure is dominated by materials at 74.9% of revenue — primarily raw eggs — followed by other operating expenses at 11.0% and employee cost at 6.0%. The company posted a net profit of Rs 24.35 crore for the year on total assets of Rs 169 crore, with bank loan facilities of Rs 29.90 crore and a debt-to-equity ratio of 0.26x. Earnings expanded sharply year-on-year, with EBITDA margin reported at 15.6% and operating cash flow turning robust. Operations are run from Bengaluru, with supply linkages to a related party, Ashraya Farms, and land leased from the Managing Director. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Processed egg products (frozen whole eggs, egg yolk and egg albumen powder). B2B processing of an agricultural commodity into frozen and powdered egg ingredients
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 125 | 221 | 175 | 189 | 257 |
| EBITDA (ex other income) | (0) | 51 | 21 | 9 | 27 |
| margin % | (0.2) | 23.1 | 12.1 | 4.5 | 10.5 |
| Owners' profit | 0 | 39 | 18 | 9 | 24 |
| EPS, as reported (₹) | 0.02 | 40.86 | 18.83 | 9.53 | 25.63 |
| ROE % · ROCE % | 0.1 · 3.1 | 65.9 · 87.4 | 23.3 · 32.1 | 10.6 · 15.5 | 22.1 · 30.6 |
| Debt / equity (x) | 1.35 | 0.49 | 0.25 | 0.31 | 0.26 |
| Cash from operations | (5) | 41 | 7 | 5 | 33 |
| Capex | (0) | (1) | (15) | (15) | (7) |
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 | 42 | 51 | 48 | 61 | 57 | 74 | 65 | 80 |
| Profit before tax | 2 | (2) | 8 | 4 | 9 | 4 | 19 | 21 |
| Net profit | 2 | (1) | 6 | 3 | 6 | 3 | 14 | 15 |
| EPS (₹) | 9.14 | (1.21) | 6.16 | 2.90 | 6.75 | 2.92 | 14.93 | 16.21 |
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 | 2,273 | 13.1 | 1.42 | — | 8.4 | 11.1 | — | 7.4 |
| HMA AGRO INDUSTRIES LTD | 1,181 | 5.5 | 1.23 | 6.7 | 17.2 | 22.5 | — | 3.8 |
| SKM EGG PROD EXPORT(I) LT | 1,085 | 6.5 | 2.74 | 6.9 | 26.3 | 30.1 | 23.3 | 20.9 |
| OVOBEL FOODS LTD. ◆ | 251 | 6.5 | 2.28 | — | 22.1 | 29.0 | — | 27.4 |
| DSM Fresh Foods Limited | 118 | 8.0 | — | — | — | 18.4 | — | — |
| SIMRAN FARMS LTD. | 88 | 13.9 | 1.50 | 8.7 | 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) | 6.5 | 25.3 | 13 of 94 | 87% |
| P/B | 2.3 | 1.9 | 44 of 82 | 47% |
| ROCE | 29.0 | 11.5 | 9 of 104 | 92% |
| ROE | 22.1 | 9.5 | 11 of 84 | 88% |
| Debt / Equity | 0.3 | 0.3 | 41 of 83 | 51% |
| EBITDA margin | 27.4 | 8.3 | 6 of 83 | 94% |
| Revenue growth | 31.8 | 14.1 | 24 of 82 | 72% |
| Profit growth | 460.8 | 25.5 | 7 of 81 | 93% |
| Market cap | 251 | 141 | 43 of 108 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · All 7 resolutions passed at 34th AGM of Ovobel Foods | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Ovobel Foods 34th AGM held; RPTs and director appointments on agenda | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 till Q2 results declared | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 34th AGM published in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Ovobel Foods submits 34th AGM notice and FY26 Annual Report | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Ovobel Foods designates GM Operations as Senior Management Personnel | management changes | medium | — | — |
| 31 Aug 2026 · Senior management personnel retires, continues as consultant at Ovobel Foods | management changes | low | — | — |
| 31 Aug 2026 · Ovobel Foods 34th AGM set for 28 Sep 2026 via video conferencing | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Newspaper notice published for share transfer request of 800 shares | compliance | minimal | — | — |
| 12 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
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.