BSE: 511740
RUPAREL FOOD PRODUCTS LIMITED
Trades in packaged food products under the Ruparel brand, operating as a recently rebranded entity (renamed from Mehta Housing Finance Limited in January 2025). Standalone revenue of Rs. 342.67 lakh in FY26 was 31% below FY25's Rs. 498.50 lakh, with the standalone business posting a loss of Rs. 16.11 lakh; however, on a consolidated basis the company reported Rs. 69.20 lakh of net profit. Consolidated profitability is driven by an equity-method stake in associate SAMT Foods Private Limited, which contributed Rs. 85.31 lakh of share of profit in FY26. The company carries negligible property, plant and equipment (PPE shown at zero) and zero borrowings, and its cost shape shows no materials cost and no depreciation, indicating a trading rather than manufacturing model. Operating cash flow turned negative at Rs. 57.38 lakh in FY26. Recent quarterly filings show the food business only began generating revenue from Q2 FY26 onwards, with Rs. 87.57 lakh reported in Q3 FY26 and nine-month standalone revenue of Rs. 320.74 lakh. Related-party transactions with Ruparel Foods Private Limited and SAMT Foods Private Limited were approved at the September 2025 AGM. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Packaged food products (standalone trading), Share of profit from associate SAMT Foods Private Limited. Small, recently rebranded (January 2025) trading-style packaged foods entity with negligible fixed assets and consolidated profits driven by an associate.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 0 | 5 | 3 |
| EBITDA (ex other income) | (0) | (0) | (0) |
| margin % | — | (2.7) | (4.7) |
| Owners' profit | 0 | (0) | 1 |
| EPS, as reported (₹) | (0.66) | (0.71) | 2.25 |
| ROE % · ROCE % | (5.2) · (5.2) | (6.0) · (3.7) | 15.8 · (3.7) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | 0 | (1) |
| Capex | 0 | 0 | 0 |
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 | 2 | 0 | 0 | 3 | 0 | 2 | 1 | 0 |
| Profit before tax | (0) | (0) | (0) | 0 | (0) | (0) | (0) | (0) |
| Net profit | 0 | (0) | (0) | (0) | (0) | 0 | 0 | 0 |
| EPS (₹) | 0.08 | (0.33) | (0.11) | 0.36 | (0.03) | 0.25 | 0.95 | 1.08 |
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. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,635 | 28.6 | 4.61 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.8 | 29.5 | 22 of 38 | 43% |
| P/B | 5.3 | 2.6 | 26 of 34 | 24% |
| ROCE | (3.7) | 7.4 | 37 of 40 | 8% |
| ROE | 15.8 | 7.7 | 7 of 34 | 82% |
| Debt / Equity | 0.0 | 0.1 | 1 of 33 | 81% |
| EBITDA margin | (28.8) | 9.9 | 33 of 33 | 0% |
| Revenue growth | (92.5) | 14.1 | 33 of 36 | 9% |
| Profit growth | 403.2 | 14.1 | 6 of 33 | 84% |
| Market cap | 23 | 96 | 34 of 43 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA confirms share dematerialisation certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closure Ahead of Q2 FY26-27 Results | compliance | minimal | — | — |
| 20 Sept 2026 · 32nd AGM: All 4 resolutions passed with full majority | board shareholder meetings | medium | — | — |
| 19 Sept 2026 · 32nd AGM proceedings summary - 4 resolutions put to vote | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Web-link to FY26 Annual Report sent to 2,457 shareholders | compliance | minimal | — | — |
| 29 Aug 2026 · 32nd AGM notice, e-voting info and book closure details | compliance | minimal | — | — |
| 27 Aug 2026 · 32nd AGM on Sept 19, 2026; book closure Sept 13-19 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Annual Report and 32nd AGM Notice filed; AGM on Sept 19, 2026 | compliance | low | — | — |
| 11 Aug 2026 · Board to consider Q1 FY27 results on Aug 14 | results | low | — | — |
| 15 Jul 2026 · Monali Thaker appointed as Compliance Officer of Ruparel Food | management changes | low | — | — |
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.