Overview

Detailed Summary

ADF Foods Ltd. is an Indian prepared ethnic foods manufacturer and exporter with a 90-year-plus legacy making frozen foods, ready-to-eat and ready-to-cook products, operating two manufacturing plants (Nadiad, Nasik), 400+ SKUs and selling across 55+ countries under brands including Ashoka, Truly Indian, ADF Soul, Camel and Aeroplane.
Q3 FY26 delivered record consolidated revenue of INR 191.0 crores (up 29.5% YoY) and consolidated EBITDA of INR 37.1 crores, driven by new retail listings and improved product mix; management reports 70–75% weighted average capacity utilisation with incremental throughput expected from Surat Phase 1 commissioning in Q4 FY26.
ADF Foods is pursuing an aggressive scale-up to reach ~INR 1,000 crores by FY27 via a mix of brownfield debottlenecking (~INR 180–200 crores incremental revenue), Surat greenfield (~INR 250–275 crores) and scaling distribution/outsourcing (~INR 100+ crores), while preserving net-debt-free status and aiming for sustained high-teens EBITDA margins.
The company is executing brand-led expansion: Ashoka remains the flagship (20%+ CAGR historically), Truly Indian is rapidly scaling into mainstream US and German chains (~2,000 US stores), and ADF Soul targets health-forward domestic urban channels; this is backed by US cold-storage capacity and enhanced quality certifications to support global retail requirements.

Sector: FMCG
Industry: Food - Processing - Others
Market Cap: 2,517 Cr
Volatility: High Risk
P/E Ratio: 29.3
Industry P/E: 43.2
PEG Ratio: 3.2
P/B Ratio: 4.8
52W High: 301.00
52W Low: 168.80

Sales CAGR

1Y: 13.31%
3Y: 16.57%
5Y: 19.73%
10Y: 12.87%

Profit CAGR

1Y: -6.14%
3Y: 24.56%
5Y: 20.57%
10Y: 21.30%

ROE

TTM: 14.52%
3Y: 14.79%
5Y: 15.13%
10Y: 14.24%

ROCE

TTM: 17.98%
3Y: 17.66%
5Y: 18.18%
10Y: 18.03%

Technicals

Oscillators

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Bullish

Overall

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Neutral

Bullish

Moving Averages

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Neutral

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Overall

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Neutral

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Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GOPAL	315.75	3,920 Cr	111.18	9.03	0.32	5.83	5.15	0.74
DIAMONDYD	1079.05	2,523 Cr	126.20	3.73	0.19	3.00	1.06	2.16
ADFFOODS	228.20	2,517 Cr	29.41	4.76	0.27	14.52	17.98	11.89
SUNDROP	666.25	2,512 Cr	64.06	1.73	0.00	2.61	0.25	-5.72
TASTYBITE	7704.90	1,967 Cr	55.20	6.17	0.03	9.74	12.39	7.57
HMAAGRO	28.82	1,436 Cr	8.48	1.66	1.05	14.35	14.14	9.58
APIS	68.16	939 Cr	43.41	5.14	0.00	12.56	15.32	8.87

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	125	130	154	122	161	147	159	133	163	191
Expenses	103	103	119	102	134	121	134	109	127	154
Operating Profit	22	27	34	20	28	26	25	24	36	37
OPM %	17.47	20.79	22.32	16.12	17.15	17.88	15.52	17.71	21.99	19.41
Other Income	3.05	3.79	1.78	4.97	3.55	3.96	1.59	3.05	5.83	-4.31
Interest	0.57	0.62	0.64	0.61	0.57	0.73	0.66	0.58	0.77	0.56
Depreciation	3.69	3.96	4.36	4.41	4.53	4.63	4.67	4.89	5.19	5.33
Profit Before Tax	21	26	31	20	26	25	21	21	36	27
Tax %	27.43	26.99	19.41	26.48	24.72	24.87	21.49	27.76	25.93	16.71
Net Profit	15	19	25	14	20	19	16	15	26	22
EPS in Rs	1.37	1.76	2.35	1.37	1.79	1.71	1.50	1.39	2.40	2.04

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	201	201	231	285	370	421	450	520	590	601
Expenses	179	182	203	232	302	355	370	415	491	499
Operating Profit	22	19	29	53	68	67	81	105	98	102
OPM %	11.03	9.53	12.47	18.50	18.46	15.80	17.91	20.17	16.68	17.02
Other Income	6.36	19	14	9.10	5.51	9.46	11	11	14	12
Interest	0.95	1.13	0.87	1.33	1.16	1.81	2.65	2.34	2.58	2.54
Depreciation	4.56	4.41	4.31	5.53	5.89	9.08	14	16	18	19
Profit Before Tax	23	32	38	55	67	65	75	98	92	93
Tax %	35.84	43.63	32.86	22.21	24.95	25.51	25.98	24.76	24.39	24.73
Net Profit	15	18	25	43	50	49	56	74	69	70
EPS in Rs	1.32	1.64	2.17	3.89	4.47	4.24	4.72	6.85	6.37	7.33
Dividend Payout %	36.34	0.00	0.00	14.04	12.52	17.15	97.66	17.52	19.05	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	22	22	22	20	20	20	21	22	22	22
Reserves	136	145	153	151	184	253	322	397	419	470
Borrowings	5.64	4.54	1.33	0.00	23	0.62	70	55	56	59
Other Liabilities	29	31	37	32	44	53	58	50	59	76
Total Liabilities	193	203	213	204	272	327	471	525	556	628
Fixed Assets	83	81	80	69	77	77	160	175	182	186
CWIP	0.23	0.88	0.23	1.48	2.38	0.35	0.14	6.72	5.11	19
Investments	8.00	8.49	0.00	0.00	18	17	39	80	77	61
Other Assets	102	112	133	134	174	233	271	263	292	363
Total Assets	193	203	213	204	272	327	471	525	556	628

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	15	17	24	20	31	36	34	51	70	37
Cash from Investing Activity	0.86	-0.95	3.29	-4.26	-40	-8.18	-54	-63	16	-40
Cash from Financing Activity	-18	-12	-11	-32	14	-7.40	33	-4.82	-63	-21
Net Cash Flow	-1.32	4.29	16	-17	4.59	20	13	-17	23	-23

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	36.50%	36.50%	36.29%	36.28%	36.42%	36.33%	36.17%	36.13%	36.13%	36.13%	36.13%	36.13%
FIIs	9.37%	9.47%	9.57%	9.57%	9.56%	9.51%	9.55%	10.06%	9.85%	11.29%	11.30%	11.31%
DIIs	19.78%	19.89%	19.96%	20.07%	21.08%	23.38%	22.93%	23.65%	23.66%	22.71%	23.10%	23.11%
Public	34.34%	34.14%	34.18%	34.08%	32.94%	30.78%	31.35%	30.15%	30.36%	29.86%	29.46%	29.44%
Total Shareholders	26,383	26,151	31,526	39,812	40,411	38,838	44,142	41,996	42,769	41,436	42,054	41,581

Market Transactions

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Frequently Asked Questions about ADF Foods Ltd

ADF Foods Ltd (ADFFOODS) is currently trading at 227.45 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

ADF Foods Ltd. is an Indian prepared ethnic foods manufacturer and exporter with a 90-year-plus legacy making frozen foods, ready-to-eat and ready-to-cook products, operating two manufacturing plants (Nadiad, Nasik), 400+ SKUs and selling across 55+ countries under brands including Ashoka, Truly Indian, ADF Soul, Camel and Aeroplane. Q3 FY26 delivered record consolidated revenue of INR 191.0 crores (up 29.5% YoY) and consolidated EBITDA of INR 37.1 crores, driven by new retail listings and improved product mix; management reports 70–75% weighted average capacity utilisation with incremental throughput expected from Surat Phase 1 commissioning in Q4 FY26. ADF Foods is pursuing an aggressive scale-up to reach ~INR 1,000 crores by FY27 via a mix of brownfield debottlenecking (~INR 180–200 crores incremental revenue), Surat greenfield (~INR 250–275 crores) and scaling distribution/outsourcing (~INR 100+ crores), while preserving net-debt-free status and aiming for sustained high-teens EBITDA margins. The company is executing brand-led expansion: Ashoka remains the flagship (20%+ CAGR historically), Truly Indian is rapidly scaling into mainstream US and German chains (~2,000 US stores), and ADF Soul targets health-forward domestic urban channels; this is backed by US cold-storage capacity and enhanced quality certifications to support global retail requirements.

Over the past 52 weeks, ADF Foods Ltd has traded between a low of ₹168.80 and a high of ₹301.00. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

ADF Foods Ltd has a market capitalization of approximately 2,516.97. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

ADF Foods Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 29.31 and operates in the FMCG sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 2,516.97 Cr, ADF Foods Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

ADF Foods Ltd operates in the FMCG sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of ADF Foods Ltd is 29.31. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

ADF Foods reported a record consolidated revenue of ₹191.0 crore, a 29.5% year-on-year increase. Its consolidated net profit surged by 55.7% to ₹29.2 crore for the same period.

Adf Foods Ltd

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Consolidated Quarterly Results (in ₹ Crores)

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Frequently Asked Questions about ADF Foods Ltd

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Forecasts

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Frequently Asked Questions about ADF Foods Ltd

What is ADF Foods Ltd share price today?

What does ADF Foods Ltd do?

What is the 52-week high and low of ADF Foods Ltd?

What is the market capitalization of ADF Foods Ltd?

Should I consider investing in ADF Foods Ltd stock?

Is ADF Foods Ltd a large-cap, mid-cap, or small-cap stock?

Which sector does ADF Foods Ltd belong to and why does it matter?

What is the PE ratio of ADF Foods Ltd?

What were the key highlights of ADF Foods' Q3 FY26 financial results?

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