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: 2,084 Cr
Volatility: High Risk
P/E Ratio: 25.9
Industry P/E: 41.2
PEG Ratio: 2.8
P/B Ratio: 3.9
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

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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 (%)
DIAMONDYD	987.75	2,523 Cr	118.56	3.73	0.19	3.00	1.06	2.16
SUNDROP	637.80	2,395 Cr	-15.72	1.65	0.00	2.61	0.25	-5.72
ADFFOODS	189.50	2,084 Cr	25.85	3.94	0.32	14.52	17.98	11.89
TASTYBITE	6976.05	1,804 Cr	50.44	5.66	0.03	9.74	12.39	7.57
HMAAGRO	25.46	1,252 Cr	7.51	1.45	1.20	14.35	14.14	9.58
KRISHIVAL	314.50	833 Cr	36.89	5.39	0.06	10.55	13.92	11.03
APIS	60.00	798 Cr	38.25	4.37	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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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan