BSE: 540404
PRIME FRESH LIMITED
Distributes fresh fruits and vegetables across India, handling outward volumes of 65,132 metric tonnes in FY26, up 97% from the prior year. The core line is fresh produce (F&V), and the company is building an agro park on 6 acres of land acquired in Nashik. In FY26 a non-F&V services line covering logistics/3PL work grew 32%. It has also begun moving into branded frozen food through a 51% group-level stake in Poonaagrocart LLP (Prime Fresh holds 36% for Rs 36 lakh), which makes ready-to-eat and ready-to-heat frozen snacks and reported FY25 turnover of about Rs 2.87 crore. Consolidated FY26 revenue was Rs 273.98 crore with net profit of Rs 13.97 crore. The largest disclosed operating cost line is employee cost at 8.1% of revenue, followed by other operating expenses at 6.6%. Subsidiaries include Florens Farming, Prime Fresh Retail and Prime Fresh CDP. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fresh fruits and vegetables (F&V), Service / 3PL business, Frozen ready-to-eat and ready-to-heat snacks. Fresh-produce distribution business with growing logistics/3PL services and a new frozen-snacks entry
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 77 | 99 | 149 | 207 | 274 |
| EBITDA (ex other income) | 5 | 7 | 10 | 12 | 19 |
| margin % | 6.2 | 7.0 | 6.4 | 5.9 | 7.0 |
| Owners' profit | — | — | — | — | 13 |
| EPS, as reported (₹) | 2.80 | 4.05 | 5.11 | 6.69 | 9.68 |
| ROE % · ROCE % | — · 21.8 | — · 23.8 | — · 15.9 | — · 18.4 | 14.1 · 19.8 |
| Debt / equity (x) | — | — | — | — | 0.09 |
| Cash from operations | (1) | (1) | (11) | (11) | (12) |
| Capex | — | — | — | (0) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 84 | 98 | 109 | 53 | 66 | 74 | 80 | 62 |
| Profit before tax | 6 | 7 | 5 | 4 | 4 | 6 | 5 | 6 |
| Net profit | — | — | — | 3 | 3 | 5 | 3 | 4 |
| EPS (₹) | 2.98 | 4.03 | 2.66 | 2.07 | 2.33 | 3.46 | 1.82 | 3.01 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 14,628 | 22.3 | 2.98 | 13.3 | 7.4 | 8.4 | 18.7 | 10.5 |
| KRBL LIMITED | 9,339 | 11.1 | 1.50 | 10.4 | 8.3 | 10.9 | 8.8 | 19.2 |
| GUJARAT AMBUJA EXPORTS LT | 6,881 | 13.5 | 1.92 | 15.7 | 8.6 | 11.0 | 4.0 | 13.6 |
| KAVERI SEED CO. LTD. | 3,528 | 13.9 | 1.74 | 10.3 | 13.4 | 13.3 | 6.1 | 0.3 |
| TRUALT BIOENERGY LIMITED | 3,036 | 13.7 | 1.80 | 15.8 | 5.6 | 4.5 | — | 12.5 |
| AMIR CHAND JAG KUM (E) L | 2,470 | 16.9 | 2.49 | 14.3 | 7.8 | 9.7 | — | 10.7 |
| GRM OVERSEAS LIMITED | 1,927 | 14.7 | 3.18 | 25.1 | 12.3 | 16.5 | 17.2 | 8.3 |
| SANSTAR LIMITED | 1,878 | 47.6 | 2.07 | — | 1.7 | 2.2 | — | 3.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.2 | 12.2 | 36 of 53 | 33% |
| P/B | 2.3 | 1.6 | 38 of 52 | 28% |
| ROCE | 19.0 | 2.8 | 4 of 61 | 95% |
| ROE | 14.1 | 2.4 | 6 of 51 | 90% |
| Debt / Equity | 0.1 | 0.2 | 18 of 52 | 67% |
| EBITDA margin | 9.7 | 8.6 | 27 of 57 | 54% |
| Revenue growth | 15.7 | 15.0 | 26 of 52 | 51% |
| Profit growth | 50.8 | 17.0 | 22 of 51 | 58% |
| Market cap | 224 | 66 | 21 of 69 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Prime Fresh grants 86,850 employee stock options | corporate actions | medium | — | — |
| 6 Nov 2026 · No warrant conversion or fund deviation in September quarter | compliance | minimal | — | — |
| 6 Nov 2026 · Consolidated quarter ended 30 September 2026: revenue up 20.9%, group PAT up 89.5% vs year earlier | results | high | — | — |
| 6 Nov 2026 · Q2 FY27 consolidated revenue rises 21%; profit after tax rises 55% to Rs 482.52 lakh | results | high | — | — |
| 30 Oct 2026 · Prime Fresh to implement Nashik vegetable cluster | business updates | high | — | — |
| 29 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 24 Oct 2026 · CRISIL reaffirms BBB/Stable rating on Rs 100 crore bank facilities | credit debt | medium | — | — |
| 15 Oct 2026 · Signs grant agreement with NHB for Nashik vegetable cluster project | business updates | medium | — | — |
| 9 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 5 Oct 2026 · Independent Director Gaurav Meena resigns from Prime Fresh | management changes | 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.