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HMA Agro Industries Ltd.

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hmagroup.coBSE: 543929NSE: HMAAGRO
Market Cap₹ 1,004 Cr.
Current Price
High / Low₹ 34 / 19
Stock P/E4.7
Book Value₹ 20
Price to Book1.15
Dividend Yield0.00 %
ROCE16.4 %
ROE19.1 %
Face Value₹ 1

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ABOUT

AI Sector View

AI GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence
62%
View full sector analysis →

PROS

  • Company has consistently been profitable over the last 5 years
  • Company has delivered good sales growth of 32.3% CAGR over last 5 years
  • Stock looks reasonably valued - P/E of 4.7 is below its historical median
  • Company comfortably covers its interest (6.7x coverage)
  • Attractively priced for its growth - PEG of 0.5

CONS

  • Operating cash flow has been negative in recent years
  • A large part of profit comes from other income (57.4% of PBT)
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.36x)
  • Free cash flow has been persistently negative
  • Total debt has risen sharply - up 59.5% year on year
  • Operating margins have contracted to 2.3% from 6.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.NESTLEIND1384.0070.03266878.700.879586.801382.6763781.801157.0498.3523.86
2.VBL416.2541.58140795.100.361525.3615.088650.5720.7720.7327.04
3.BRITANNIA4970.0045.97119711.541.82593.3814.084999.9710.2656.4816.77
4.JUBLFOOD470.4071.5231039.120.26100.036.032569.6513.6625.5619.77
5.HATSUN1222.8078.2027237.660.4960.58—2363.7217.6117.4010.81
6.MILKYMIST293.30177.7822579.510.00646.79—9734.46—13.7914.77
7.ZYDUSWELL552.6593.4317583.150.22118.90-7.041437.0067.544.4216.82
8.DEVYANI137.950.0017008.400.00171.047576.8415805.161064.748.9816.09
9.LTFOODS437.8523.7415204.470.69183.458.873151.8327.9219.7711.26
10.BIKAJI548.5053.2013752.890.2359.471.62734.2615.2621.6513.48
11.MANORAMA2063.4552.8113024.990.04786.581575.544040.061295.2835.0026.29
12.HMAAGRO20.054.681004.040.0050.518361.312110.3287.9816.430.44
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9711,2001,2521,3907131,4661,4551,5001,1232,1552,0591,5792,110
9081,1771,2031,3937051,4081,4231,4951,1172,0601,9951,5852,120
Operating Profit642349-385832559564-6-9
OPM %6.55%1.93%3.93%-0.23%1.11%3.95%2.18%0.31%0.47%4.43%3.13%-0.39%-0.44%
95278101226331136413772
Interest434334888691112
Depreciation109106889978887
Profit before Tax591662-465841211117881163
Tax %24.94%65.05%21.10%136.58%87.24%7.53%48.66%40.71%58.45%23.27%24.21%28.27%19.19%
Net Profit0000153211219067851
0.931.950.940.020.031.040.410.260.021.791.320.161.01

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2,7422,3731,7073,0833,2094,8135,1336,9167,904
2,7202,3361,6082,9593,0524,6775,0276,7547,760
Operating Profit233799124158137106162144
OPM %0.82%1.54%5.82%4.01%4.91%2.84%2.06%2.35%1.83%
42441356474981125185
Interest686101317273839
Depreciation10108111835353231
Profit before Tax496297159174133126218279
Tax %36.27%26.23%26.53%26.56%28.86%24.46%30.19%24.14%22.86%
Net Profit31467211612310188165215
EPS6.569.6615.0724.392.532.011.733.29—
Dividend Payout %0.84%0.00%0.00%0.00%11.84%14.93%17.31%0.00%—

COMPOUNDED SALES GROWTH

10 Years:
—
5 Years:
32%
3 Years:
29%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
18%
3 Years:
11%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
-36%
1 Year:
-35%

RETURN ON EQUITY

10 Years:
—
5 Years:
23%
3 Years:
16%
Last Year:
19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2025

Aug 22

₹ 0.30

Rs.0.3000 per share(30%)Final Dividend

2024

Sep 20

₹ 0.30

Rs.0.3000 per share(30%)Final Dividend

2023

Sep 15

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4444848505050
Minority Interest0001720202122
138183255327427667739891
132169181320331478533840
Trade Payables2543968798713698127
207362627876262479
Total Liabilities5484695708539911,4281,7042,409
849593141261295272260
Capital Work in Progress02149258364761
941571271371292406701,331
0000048215124
Cash & Bank73952447411594246
363176286440470260470488
Total Assets5484695708539911,4281,7042,409

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
443410415185-166124-85
Cash from Investing-8-19-70-144-83-56-150-141
Cash from Financing-12318142-32685267
33213-335046-2142

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
83.6183.6183.6181.6381.6381.6381.6375.00
5.765.335.246.735.854.924.874.84
0.000.000.020.110.130.140.200.83
Government0.000.000.000.000.000.000.000.00
10.6211.0511.1311.5312.4013.3213.3019.33

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Memorandum of Understanding/Agreements

2026-09-09 - Hma Agro Industries Limited has informed the Exchange about Memorandum of Understanding/Agreements

2026-09-09
Agreements

2026-09-09 - Hma Agro Industries Limited has informed the Exchange about Agreements

2026-09-08
Diversification/Disinvestment

2026-09-08 - Hma Agro Industries Limited has informed the Exchange about Diversification/Disinvestment

2026-09-08
Outcome of Board Meeting

2026-09-08 - Hma Agro Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 08, 2026.

2026-08-29
Copy of Newspaper Publication

2026-08-29 - Hma Agro Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-27
General Updates

2026-08-27 - Hma Agro Industries Limited has informed the Exchange about General Updates

2026-08-27
Shareholders meeting

2026-08-27 - Hma Agro Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026 (Revised Notice of AGM)

2026-08-26
Copy of Newspaper Publication

2026-08-26 - Hma Agro Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25
General Updates

2026-08-25 - Hma Agro Industries Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for HMAAGRO

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