ADF Foods Ltd

ADFFOODS

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Market Cap

₹ 2,365 Cr

P/E

30.79

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

ADF Foods Limited is a manufacturer and supplier of ethnic foods specializing in frozen foods, ready-to-eat (RTE) items, and meal accompaniments. With a heritage dating back to 1932, the company boasts extensive manufacturing and distribution capabilities.

In Q2 FY26, ADF Foods delivered a robust 11.5% YoY revenue growth to INR 140.1 crore, driven by successful brand penetrations and new listings in major retail chains such as Costco.

The company's EBITDA margin rose significantly to 26.9% in Q2 FY26, due to improved revenue mix, cost optimizations, and foreign exchange benefits, showcasing operational excellence.

ADF Foods is aggressively expanding its capacities, with the Surat Greenfield facility on track for H2 FY26 operations, poised to enhance its frozen product offerings.

The company maintains a strong sustainability focus, with substantial investments in renewable energy, significantly reducing its environmental footprint.

Sector

FMCG

Industry

Food - Processing - Others

Market Cap

2,365 Cr

Volatility

High Risk

P/E Ratio

30.8

Industry P/E

45.6

PEG Ratio

2.6

P/B Ratio

4.5

52W High

352.50

52W Low

196.30

Sales CAGR

13.31%

16.57%

19.73%

10Y

12.87%

Profit CAGR

-6.14%

24.56%

20.57%

10Y

21.30%

ROE

TTM

14.52%

14.79%

15.13%

10Y

14.24%

ROCE

TTM

17.98%

17.66%

18.18%

10Y

18.03%

Technicals

‌

Forecasts

No. of Analysts

10

1Y Price Target

217.26 ▲ 0.49%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GOPAL	315.50	3,927 Cr	155.25	9.05	0.32	5.83	5.15	-1.06
SUNDROP	712.60	2,668 Cr	70.41	1.84	0.00	2.61	0.25	-5.94
DIAMONDYD	1096.80	2,523 Cr	123.61	3.73	0.19	3.00	1.06	2.16
ADFFOODS	215.70	2,365 Cr	30.79	4.47	0.28	14.52	17.98	11.35
TASTYBITE	8130.15	2,097 Cr	67.56	6.58	0.02	9.74	12.39	6.62
HMAAGRO	29.18	1,462 Cr	11.77	1.69	1.03	14.35	14.14	7.01
KRISHIVAL	478.00	1,067 Cr	70.38	7.39	0.05	10.49	13.82	7.76

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	112	125	130	154	122	161	147	159	133	163
Expenses	91	103	103	119	102	134	121	134	109	127
Operating Profit	22	22	27	34	20	28	26	25	24	36
OPM %	19.50	17.47	20.79	22.32	16.12	17.15	17.88	15.52	17.71	21.99
Other Income	2.45	3.05	3.79	1.78	4.97	3.55	3.96	1.59	3.05	5.83
Interest	0.51	0.57	0.62	0.64	0.61	0.57	0.73	0.66	0.58	0.77
Depreciation	3.58	3.69	3.96	4.36	4.41	4.53	4.63	4.67	4.89	5.19
Profit Before Tax	20	21	26	31	20	26	25	21	21	36
Tax %	27.37	27.43	26.99	19.41	26.48	24.72	24.87	21.49	27.76	25.93
Net Profit	15	15	19	25	14	20	19	16	15	26
EPS in Rs	1.37	1.37	1.76	2.35	1.37	1.79	1.71	1.50	1.39	2.40

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	7.00
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

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	36.59%	36.50%	36.50%	36.29%	36.28%	36.42%	36.33%	36.17%	36.13%	36.13%	36.13%	36.13%
FIIs	9.44%	9.37%	9.47%	9.57%	9.57%	9.56%	9.51%	9.55%	10.06%	9.85%	11.29%	11.30%
DIIs	19.54%	19.78%	19.89%	19.96%	20.07%	21.08%	23.38%	22.93%	23.65%	23.66%	22.71%	23.10%
Public	34.42%	34.34%	34.14%	34.18%	34.08%	32.94%	30.78%	31.35%	30.15%	30.36%	29.86%	29.46%
Total Shareholders	26,554	26,383	26,151	31,526	39,812	40,411	38,838	44,142	41,996	42,769	41,436	42,054

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 08, 2025	Sumer bimal thakkar	Insider - Promoter	Revoke	201.50	1.01 Cr	50,000	0.04
Dec 08, 2025	Parul bimal thakkar	Insider - Promoter	Revoke	201.50	9.07 Cr	4,50,000	0.40
Sep 16, 2025	Parul bimal thakkar	Insider - Promoter	Revoke	231.90	27.83 Cr	12,00,000	1.09
May 28, 2025	Infinity capital	Bulk	Buy	225.00	37.93 Cr	16,85,653	1.53
May 28, 2025	Abakkus emerging opportunitie...	Bulk	Sell	225.00	37.94 Cr	16,86,435	1.53
Feb 03, 2025	Krish bhavesh thakkar	Insider - Promoter	Disposal	—	—	10,00,000	0.90
Feb 03, 2025	Prisha bhavesh thakkar	Insider - Promoter Group	Acquisition	—	—	10,00,000	—
Dec 31, 2024	Bimal ramesh thakkar	Insider - Promoter	Revoke	284.95	12.71 Cr	4,46,190	0.40
Dec 31, 2024	Parul bimal thakkar	Insider - Promoter	Revoke	284.95	1.42 Cr	50,000	0.04
Oct 15, 2024	Bimal ramesh thakkar	Insider - Promoter	Revoke	303.80	16.10 Cr	5,30,000	0.48

Projection

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Announcements

Last 7 days

Newest

Sentiment

Change in Directors

6 days ago

Resignation of CFO Announced

Mr. Shardul Doshi resigns as Chief Financial Officer of ADF Foods Limited, effective 10th December 2025, to pursue new opportunities.

Regulatory Filing

6 days ago

Special Window for Re-Lodgement of Share Transfers

Announcement regarding the opening of a special window for shareholders to re-lodge transfer requests of physical shares, in compliance with SEBI regulations.

Regulatory Filing

6 days ago

Disclosure of Share Encumbrance Release

The promoters of ADF Foods Limited have reported the release of encumbrance on 50,000 shares following a full repayment of a loan to Bajaj Finance Limited.

Regulatory Filing

6 days ago

Disclosure of Share Pledges by Promoter

The Exchange received a disclosure dated December 09, 2025, under SEBI regulations regarding the release of share encumbrances for Parul Bimal Thakkar, confirming that the Promoter group is currently pledge-free.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

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Overview

Detailed Summary

In Q2 FY26, ADF Foods delivered a robust 11.5% YoY revenue growth to INR 140.1 crore, driven by successful brand penetrations and new listings in major retail chains such as Costco.

The company's EBITDA margin rose significantly to 26.9% in Q2 FY26, due to improved revenue mix, cost optimizations, and foreign exchange benefits, showcasing operational excellence.

ADF Foods is aggressively expanding its capacities, with the Surat Greenfield facility on track for H2 FY26 operations, poised to enhance its frozen product offerings.

The company maintains a strong sustainability focus, with substantial investments in renewable energy, significantly reducing its environmental footprint.

Sector

FMCG

Industry

Food - Processing - Others

Market Cap

2,365 Cr

Volatility

High Risk

P/E Ratio

30.8

Industry P/E

45.6

PEG Ratio

2.6

P/B Ratio

4.5

52W High

352.50

52W Low

196.30

Sales CAGR

13.31%

16.57%

19.73%

10Y

12.87%

Profit CAGR

-6.14%

24.56%

20.57%

10Y

21.30%

ROE

TTM

14.52%

14.79%

15.13%

10Y

14.24%

ROCE

TTM

17.98%

17.66%

18.18%

10Y

18.03%

Adf Foods Ltd

ADF Foods Ltd

ADFFOODS

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Investment Checklist

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Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

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Technicals

Forecasts

10

217.26 ▲ 0.49%

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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Announcements

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Technicals

ADF Foods Ltd

ADFFOODS

AI Mode

Financial Statements

AI Powered Summary

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Peers

Price Chart Comparison

Oscillators

Neutral

Overall

Bearish

Moving Averages

Bearish

Overall

Bearish

Announcements

Overview

Sector

Industry

Market Cap

Volatility

P/E Ratio

Industry P/E

PEG Ratio

P/B Ratio

52W High