ADF Foods Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2011 • Processed & Preserved Foods: 94.7% • Traded Goods: 5.3%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company has delivered good profit growth of 21.5% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 23.4%
- Company has delivered good sales growth of 17.4% CAGR over last 5 years
- Company comfortably covers its interest (91.9x coverage)
- Company generates healthy free cash flow
CONS
- Receivables are growing faster than sales - a possible quality concern
- Though reporting repeated profits, the company pays out little dividend (13.6%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEIND | 1384.00 | 70.03 | 266878.70 | 0.87 | 9586.80 | 1382.67 | 63781.80 | 1157.04 | 98.35 | 23.86 |
| VBL | 416.25 | 41.58 | 140795.10 | 0.36 | 1525.36 | 15.08 | 8650.57 | 20.77 | 20.73 | 27.04 |
| BRITANNIA | 4970.00 | 45.97 | 119711.54 | 1.82 | 593.38 | 14.08 | 4999.97 | 10.26 | 56.48 | 16.77 |
| JUBLFOOD | 470.40 | 71.52 | 31039.12 | 0.26 | 100.03 | 6.03 | 2569.65 | 13.66 | 25.56 | 19.77 |
| HATSUN | 1222.80 | 78.20 | 27237.66 | 0.49 | 60.58 | — | 2363.72 | 17.61 | 17.40 | 10.81 |
| MILKYMIST | 293.30 | 177.78 | 22579.51 | 0.00 | 646.79 | — | 9734.46 | — | 13.79 | 14.77 |
| ZYDUSWELL | 552.65 | 93.43 | 17583.15 | 0.22 | 118.90 | -7.04 | 1437.00 | 67.54 | 4.42 | 16.82 |
| DEVYANI | 137.95 | 0.00 | 17008.40 | 0.00 | 17.10 | 667.68 | 1580.52 | 16.47 | 8.98 | 16.09 |
| LTFOODS | 437.85 | 23.74 | 15204.47 | 0.69 | 1834.46 | 988.67 | 31518.31 | 1179.20 | 19.77 | 11.26 |
| BIKAJI | 548.50 | 53.20 | 13752.89 | 0.23 | 59.47 | 1.62 | 734.26 | 15.26 | 21.65 | 13.48 |
| MANORAMA | 2063.45 | 52.81 | 13024.99 | 0.04 | 78.66 | 67.55 | 404.01 | 39.53 | 35.00 | 26.29 |
| ADFFOODS | 269.85 | 32.24 | 2964.67 | 0.44 | 17.29 | 13.38 | 167.29 | 25.89 | 22.70 | 17.73 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 85 | 97 | 103 | 129 | 97 | 126 | 121 | 135 | 100 | 140 | 137 | 150 | 121 | |
| 63 | 75 | 77 | 97 | 74 | 98 | 96 | 106 | 78 | 102 | 103 | 114 | 97 | |
| Operating Profit | 21 | 23 | 26 | 32 | 23 | 28 | 25 | 29 | 22 | 38 | 34 | 37 | 24 |
| OPM % | 24.94% | 23.27% | 25.60% | 24.68% | 23.45% | 22.05% | 21.04% | 21.34% | 22.38% | 26.92% | 25.08% | 24.32% | 19.71% |
| 2 | 3 | 3 | 3 | 2 | 3 | 3 | 2 | 3 | 5 | -5 | 8 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Profit before Tax | 22 | 24 | 27 | 32 | 23 | 29 | 27 | 28 | 23 | 40 | 27 | 42 | 25 |
| Tax % | 25.94% | 26.12% | 25.68% | 21.90% | 25.82% | 25.49% | 23.93% | 23.58% | 25.60% | 26.30% | 24.80% | 28.28% | 25.57% |
| Net Profit | 16 | 18 | 20 | 25 | 17 | 21 | 20 | 22 | 17 | 30 | 20 | 30 | 18 |
| 1.49 | 1.61 | 1.84 | 2.30 | 1.56 | 1.95 | 1.84 | 1.96 | 1.55 | 2.71 | 1.85 | 2.74 | 1.66 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 165 | 164 | 187 | 194 | 237 | 302 | 353 | 414 | 478 | 528 | 549 | |
| 144 | 146 | 152 | 156 | 185 | 249 | 277 | 312 | 373 | 397 | 416 | |
| Operating Profit | 21 | 18 | 35 | 38 | 52 | 53 | 77 | 102 | 105 | 131 | 133 |
| OPM % | 12.85% | 10.80% | 18.73% | 19.72% | 21.97% | 17.65% | 21.73% | 24.63% | 21.99% | 24.84% | 24.16% |
| 6 | 19 | 14 | 9 | 4 | 9 | 10 | 11 | 10 | 12 | 10 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 4 | 4 | 4 | 6 | 6 | 6 | 6 | 6 | 8 | 9 | 10 |
| Profit before Tax | 22 | 31 | 44 | 41 | 49 | 56 | 81 | 106 | 106 | 132 | 134 |
| Tax % | 34.95% | 27.85% | 30.73% | 22.37% | 25.43% | 26.08% | 25.70% | 24.67% | 24.65% | 26.51% | 26.48% |
| Net Profit | 14 | 22 | 30 | 31 | 37 | 41 | 60 | 80 | 80 | 97 | 98 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 17.56 | 20.13 | 5.48 | 7.25 | 7.30 | 8.85 | — |
| Dividend Payout % | 36.92% | 0.00% | 0.00% | 19.09% | 16.37% | 20.21% | 18.31% | 71.73% | 16.44% | 13.57% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 17%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 21%
- 5 Years:
- 22%
- 3 Years:
- 17%
STOCK PRICE CAGR
- 10 Years:
- 27%
- 5 Years:
- 8%
- 3 Years:
- 5%
- 1 Year:
- 18%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 17%
- Last Year:
- 18%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 21 | 21 | 20 | 20 | 20 | 21 | 22 | 22 | 22 | 22 |
| 176 | 187 | 190 | 211 | 250 | 319 | 403 | 429 | 489 | 572 | |
| 5 | 3 | 0 | 24 | 0 | 0 | 2 | 6 | 14 | 13 | |
| Trade Payables | 9 | 11 | 11 | 14 | 18 | 22 | 16 | 26 | 31 | 51 |
| 17 | 19 | 17 | 18 | 45 | 92 | 117 | 149 | 93 | 174 | |
| Total Liabilities | 228 | 241 | 238 | 287 | 333 | 454 | 561 | 632 | 649 | 832 |
| 70 | 70 | 69 | 77 | 77 | 81 | 96 | 103 | 115 | 190 | |
| Capital Work in Progress | 1 | 0 | 1 | 2 | 0 | 0 | 1 | 5 | 19 | 27 |
| 69 | 57 | 58 | 84 | 87 | 126 | 168 | 171 | 165 | 148 | |
| 25 | 22 | 26 | 28 | 30 | 35 | 37 | 36 | 46 | 55 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98 | 116 | 156 | |
| Cash & Bank | 9 | 28 | 16 | 27 | 45 | 54 | 42 | 42 | 54 | 41 |
| 55 | 64 | 67 | 69 | 93 | 157 | 218 | 176 | 135 | 215 | |
| Total Assets | 228 | 241 | 238 | 287 | 333 | 454 | 561 | 632 | 649 | 832 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 27 | 29 | 38 | 48 | 39 | 52 | 45 | 63 | 53 | 60 | |
| Cash from Investing | -5 | 6 | -5 | -52 | -8 | -46 | -57 | 8 | -49 | -38 |
| Cash from Financing | -12 | -11 | -32 | 14 | -7 | 18 | 18 | -56 | -13 | -16 |
| 1 | 17 | -13 | -3 | 10 | 10 | -14 | 15 | -9 | 6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-22 - ADF Foods Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-22 - ADF Foods Limited has informed the Exchange regarding Resignation of Ms Purvi Dwivedi as Other of the company w.e.f. August 21, 2026.
2026-08-18 - Intimation under Regulation 30 & 47 of SEBI (LODR) Regulations, 2015 w.r.t. newspaper publication regarding opening of Special Window for transfer and dematerialisation of physical shares.
2026-08-14 - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 - Update on Litigation.
2026-08-14 - Pursuant to Regulation 30 & 44 of SEBI (LODR) Regulations, 2015, please find enclosed herewith disclosure of Voting Results and Scrutinizer's Report for the 36th AGM of ADF Foods Limited held on Wednesday, 12th August, 2026 at 04.00 PM (IST) through VC/OAVM.
2026-08-12 - Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, please find enclosed herewith Intimation of Summary of proceedings of the 36th AGM of the Company held today i.e. on Wednesday, 12th August, 2026 at 04:00 P.M. (IST) through VC/ OAVM.
2026-08-11 - Intimation pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 w.r.t. Credit Rating.
2026-08-11 - Pursuant to Regulation 30 and 47 of SEBI (LODR) Regulations, 2015, please find enclosed intimation of Newspaper Publication regarding Notice of loss of share certificates.
2026-08-04 - Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, please find enclosed herewith Transcript of the Earnings call for Q1 FY 2026-27.
News
Recent coverage and analyst commentary for ADFFOODS
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