HMA Agro FY2026 Results: Revenue up 35%, PAT doubles

Why HMA Agro’s latest numbers matter

HMA Agro Industries Ltd has reported a sharp improvement in both revenue and profitability in its latest FY2026 disclosures, even as its share price has stayed under pressure. The stock fell 5.60% over the week mentioned in the data, compared with a 3.00% decline in the Sensex, indicating underperformance in a weak market. Despite that price action, the company’s reported financial trajectory shows strong year-on-year expansion across consolidated and standalone operations. The disclosures also highlight an important trade-off investors are watching - rapid growth in sales and profit, alongside signs of margin compression in the latest quarter. The company announced its Q3 FY 2025-26 results on 13 February, 2026.

FY2026 headline performance: consolidated vs standalone

For FY2026, HMA Agro’s consolidated revenue came in at ₹69,164.95M, up from ₹51,330.17M in FY2025. Consolidated net profit rose to ₹1,651.86M from ₹876.90M a year earlier. Standalone revenue was reported at ₹67,689.16M in FY2026, compared with ₹48,621.43M in FY2025. These numbers point to a strong year-on-year scale-up, with profit growth outpacing sales growth.

The data set also includes operational commentary indicating robust demand conditions, including export demand, but flags margin compression as a key concern. While the revenue expansion is clear in the FY-level numbers, the quarterly trend shows profitability can move sharply based on cost structure and pricing.

Nine-month (ended December 2025) growth disclosed

For the nine months ended December 2025, the company reported net sales of ₹53,374.0M (stated as Rs. 5,337.40 crores), up 46.90% year-on-year. Profit after tax for the same nine-month period was ₹1,568.0M (Rs. 156.80 crores), up 113.16% year-on-year. This indicates that profitability improved significantly over the period, with PAT rising faster than net sales.

Separately, the standalone nine-month revenue was stated as ₹52,304.33M, up 52.7% year-on-year. The disclosures also noted standalone Q3 revenue growth of 46% YoY to ₹19,927.73M.

Q3 FY2025-26 results: revenue, profit and EBITDA

For Q3 FY 2025-26, the highlights provided include revenue of ₹21,001.2M (₹2,100.12 crore), net profit of ₹665.8M (₹66.58 crore), and EBITDA of ₹1,051.3M (₹105.13 crore). The same highlight set cites 41.8% year-on-year growth and -4.2% quarter-on-quarter growth for the quarter. Another section also lists the quarter’s profit after tax at ₹66.23 crore and revenue (net sales) for Dec’25 at ₹2,059.45 crore. These figures are close but not identical, and the disclosures presented multiple number sets for Q3.

One line in the provided text describes the quarter as a “net loss of ₹66.58 crore,” but the same section presents that figure under net profit and links it to year-on-year growth. The broader set of figures consistently frames Q3 as profitable.

Margins tightened in Q3 as costs rose

The data indicates that operating margins contracted to 3.13% in Q3 from 4.43% in Q2, a decline of 130 bps QoQ. It also states operating profit before depreciation, interest, tax, and other income (PBDIT excl OI) of ₹64.46 crore in Q3, aligning with the stated 3.13% operating margin. Alongside that, the PAT margin was cited at 3.23% in Q3, improved from Q1’s 0.05%, but below Q2’s 4.17%.

The narrative in the data attributes growth to strong export demand while also noting “margin compression concerns,” which is consistent with the quarter-on-quarter contraction in operating margin.

Profit and tax details: Q3 PBT, tax expense and PAT

Profitability for Q3FY26 is described with a profit before tax of ₹87.85 crore, compared with ₹117.02 crore in Q2FY26, implying a 24.9% QoQ decline. The tax expense for Q3FY26 was stated at ₹21.27 crore, leading to profit after tax of ₹66.58 crore. The data indicates PAT increased 214.2% YoY versus Q3FY25’s ₹21.19 crore, but declined 25.8% QoQ from Q2FY26’s ₹89.79 crore.

Sequential slowdown: signs of seasonality or moderation

The quarterly table in the text shows net sales (Dec’25) at ₹2,059.45 crore, down 4.45% QoQ from Q2’s ₹2,155.34 crore. The write-up suggests this sequential decline could point to seasonality or demand moderation in key export markets, without drawing a firm conclusion. Net profit for the Dec’25 quarter was shown as ₹66.23 crore, down 26.21% QoQ from ₹89.76 crore.

A separate data block also shows a later quarter with PAT at ₹0.81 crore, down sharply from ₹13.22 crore QoQ, and a 39.10% YoY decline for that comparison set. This highlights that quarterly profitability can be volatile in the available disclosures.

Stock performance and valuation metrics cited

The disclosures mention the stock’s 5.60% weekly decline, steeper than the Sensex’s 3.00% fall. The current market price is stated as ₹30.01. At that price, the company is described as trading at a trailing twelve-month P/E of 12.23x, versus an FMCG sector average P/E of 53x (as cited in the text). These valuation comparisons were presented alongside the discussion of strong year-on-year growth but weaker recent price performance.

Key numbers at a glance

What to track next

The FY2026 and nine-month disclosures show strong expansion in revenue and a sharp improvement in profit compared with the prior year. At the same time, the Q3 data highlights that sequential momentum softened and margins contracted versus Q2, even as year-on-year profit growth remained high. Investors will likely focus on whether the company can sustain growth while stabilising operating margins, given the contraction reported in Q3. The most immediate confirmed milestone in the provided data is the Q3 FY 2025-26 results announcement dated 13 February, 2026, which anchors the latest quarter’s reported performance.