HMA Agro Industries Ltd.

•

hmagroup.coBSE: 543929NSE: HMAAGRO

Market Cap₹ 1,004 Cr.

Current Price

High / Low₹ 34 / 19

Stock P/E6.6

Book Value₹ 19

Price to Book1.21

Dividend Yield0.00 %

ROCE13.9 %

ROE15.2 %

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

Latest quarter profit grew 345.1% YoY, showing strong momentum
Company has delivered good sales growth of 31.7% CAGR over last 5 years
Stock looks reasonably valued - P/E of 6.6 is below its historical median
Company converts assets efficiently - asset turnover of 3.5x

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (71.9% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.88x)
Free cash flow has been persistently negative
Total debt has risen sharply - up 65.8% year on year
Operating margins have contracted to 1.3% from 6.4%

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

Peer comparison

Fast Moving Consumer GoodsFMCGConsumer Food

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	NESTLEIND	1384.00	70.03	266878.70	0.87	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	416.25	41.58	140795.10	0.36	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	4970.00	45.97	119711.54	1.82	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	470.40	71.52	31039.12	0.26	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	1222.80	78.20	27237.66	0.49	60.58	—	2363.72	17.61	17.40	10.81
6.	MILKYMIST	293.30	177.78	22579.51	0.00	646.79	—	9734.46	—	13.79	14.77
7.	ZYDUSWELL	552.65	93.43	17583.15	0.22	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	DEVYANI	137.95	0.00	17008.40	0.00	171.04	7576.84	15805.16	1064.74	8.98	16.09
9.	LTFOODS	437.85	23.74	15204.47	0.69	183.45	8.87	3151.83	27.92	19.77	11.26
10.	BIKAJI	548.50	53.20	13752.89	0.23	59.47	1.62	734.26	15.26	21.65	13.48
11.	MANORAMA	2063.45	52.81	13024.99	0.04	786.58	1575.54	4040.06	1295.28	35.00	26.29
12.	HMAAGRO	20.05	4.68	1004.04	0.00	50.51	8361.31	2110.32	87.98	16.43	0.44

Detailed Comparison with:

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
	951	1,180	1,216	1,317	694	1,367	1,365	1,437	1,088	2,149	1,993	1,538	2,072
	900	1,128	1,175	1,341	692	1,339	1,337	1,456	1,082	2,113	1,951	1,536	2,101
Operating Profit	52	52	41	-23	1	28	28	-19	7	37	42	2	-29
OPM %	5.44%	4.42%	3.38%	-1.76%	0.21%	2.05%	2.02%	-1.32%	0.64%	1.70%	2.11%	0.13%	-1.38%
	9	4	21	6	9	11	26	33	11	36	40	36	71
Interest	3	2	2	2	2	4	7	8	7	6	9	11	11
Depreciation	1	1	1	3	1	1	1	1	1	1	1	1	1
Profit before Tax	57	53	58	-22	7	35	45	5	10	64	72	26	43
Tax %	25.14%	28.12%	25.30%	37.48%	64.44%	27.26%	23.51%	130.52%	25.08%	25.18%	27.00%	25.86%	25.33%
Net Profit	43	38	43	-14	2	25	34	-1	7	48	52	19	32
	0.90	7.81	0.88	-0.27	0.05	0.50	0.68	-0.03	0.14	0.96	1.05	0.38	0.64

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,742	2,373	1,707	2,922	3,126	4,665	4,862	6,769	7,753
	2,719	2,312	1,611	2,813	2,971	4,540	4,821	6,678	7,701
Operating Profit	23	60	97	109	154	126	41	91	52
OPM %	0.83%	2.55%	5.65%	3.72%	4.94%	2.69%	0.85%	1.34%	0.67%
	42	44	13	55	46	41	79	123	184
Interest	6	20	6	10	12	14	24	37	38
Depreciation	10	24	4	4	4	6	5	5	5
Profit before Tax	48	60	98	149	184	147	91	172	205
Tax %	45.62%	26.08%	26.41%	26.13%	25.25%	24.46%	33.75%	26.04%	25.93%
Net Profit	26	44	72	110	137	111	60	127	152
EPS	0.00	120.00	15.25	23.24	2.89	2.21	1.20	2.54	—
Dividend Payout %	0.99%	0.00%	0.00%	0.00%	10.38%	13.57%	24.97%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 32%
3 Years:: 29%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 12%
3 Years:: -3%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: —
5 Years:: 22%
3 Years:: 14%
Last Year:: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	4	4	4	48	48	50	50	50
	137	181	254	320	437	687	732	845
	124	161	169	266	286	384	503	834
Trade Payables	255	42	67	65	67	124	81	128
	43	98	61	44	57	55	245	454
Total Liabilities	562	486	554	743	896	1,301	1,612	2,312
	42	49	38	35	35	39	35	39
	19	34	52	73	73	73	220	223
	94	156	127	132	113	163	622	1,280
	0	0	0	0	0	474	145	18
Cash & Bank	6	38	51	39	67	108	86	233
	402	209	286	464	608	444	505	520
Total Assets	562	486	554	743	896	1,301	1,612	2,312

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	51	57	72	-5	178	-142	19	-140
Cash from Investing	-18	-29	-33	-76	-87	-36	-124	-105
Cash from Financing	-6	17	4	90	1	221	84	282
	4	32	13	-34	49	43	-21	37

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	83.61	83.61	83.61	81.63	81.63	81.63	81.63	75.00
	5.76	5.33	5.24	6.73	5.85	4.92	4.87	4.84
	0.00	0.00	0.02	0.11	0.13	0.14	0.20	0.83
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	10.62	11.05	11.13	11.53	12.40	13.32	13.30	19.33

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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