ADF Foods Ltd.

•

₹ 267.60.09%

2026-08-21

adf-foods.comBSE: 519183NSE: ADFFOODS

Market Cap₹ 2,942 Cr.

Current Price₹ 268

High / Low₹ 347 / 153

Stock P/E0.0

Book Value₹ 56

Price to Book3.32

Dividend Yield0.45 %

ROCE23.8 %

ROE17.6 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2011 • Processed & Preserved Foods: 94.7% • Traded Goods: 5.3%

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

EDIT COLUMNS

Fast Moving Consumer GoodsFMCGConsumer Food

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	NESTLEIND	1456.65	73.70	280887.91	0.82	9586.80	1382.67	63781.80	1157.04	98.35	23.86
2.	VBL	438.00	43.75	148151.96	0.34	1525.36	15.08	8650.57	20.77	20.73	27.04
3.	BRITANNIA	5549.00	51.33	133657.82	1.63	593.38	14.08	4999.97	10.26	56.48	16.77
4.	JUBLFOOD	507.90	77.23	33513.54	0.24	100.03	6.03	2569.65	13.66	25.56	19.77
5.	HATSUN	964.45	61.68	21482.96	1.66	60.58	—	2363.72	17.61	14.60	10.81
6.	DEVYANI	147.70	0.00	18210.52	0.00	17.10	667.68	1580.52	16.47	8.98	16.09
7.	ZYDUSWELL	501.60	84.80	15958.94	0.24	118.90	-7.04	1437.00	67.54	4.42	16.82
8.	BIKAJI	606.50	58.83	15207.16	0.21	59.47	1.62	734.26	15.26	21.65	13.48
9.	LTFOODS	430.80	23.36	14959.66	0.70	1834.46	988.67	31518.31	1179.20	21.42	11.26
10.	MILKYMIST	184.25	111.68	14184.36	0.00	—	—	—	—	13.79	—
11.	MANORAMA	1957.75	50.10	12357.79	0.04	78.66	67.55	404.01	39.53	19.70	26.29
12.	ADFFOODS	267.75	31.99	2941.60	0.45	17.29	13.38	167.29	25.89	22.70	17.73

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
	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	2	3	3	3	2	3	3	2	3	5	2	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
	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	2	2	2	2	2	2	2	2	3	2	3	0
Equity Capital	22	22	22	22	22	22	22	22	22	22	22	22	22
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	22	22	22	22	22	22	22	22	22	22	22	22	22
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 85
: 63
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 1
: 22
Tax %: 25.94%
Net Profit: 16
: 1
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 97
: 75
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 1
: 24
Tax %: 26.12%
Net Profit: 18
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 103
: 77
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 2
: 27
Tax %: 25.68%
Net Profit: 20
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 129
: 97
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 2
: 32
Tax %: 21.90%
Net Profit: 25
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 97
: 74
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 2
: 23
Tax %: 25.82%
Net Profit: 17
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 126
: 98
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 2
: 29
Tax %: 25.49%
Net Profit: 21
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 121
: 96
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 2
: 27
Tax %: 23.93%
Net Profit: 20
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 135
: 106
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 2
: 28
Tax %: 23.58%
Net Profit: 22
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 100
: 78
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 0
Depreciation: 2
: 23
Tax %: 25.60%
Net Profit: 17
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 140
: 102
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 0
Depreciation: 2
: 40
Tax %: 26.30%
Net Profit: 30
: 3
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 137
: 103
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 2
: 27
Tax %: 24.80%
Net Profit: 20
: 2
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 150
: 114
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 0
Depreciation: 3
: 42
Tax %: 28.28%
Net Profit: 30
: 3
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 121
: 97
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 3
: 25
Tax %: 25.57%
Net Profit: 18
: 0
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 22
Reserves: 0
Promoter Pledge %: 0.00%

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	27	36	49	48	56	62	87	113	115	150	—
OPM %	17	22	26	25	24	21	25	27	24	28	—
Other Income	6	19	14	9	4	9	10	11	10	19	17
Interest	1	1	1	1	1	1	1	1	1	1	2
Depreciation	4	4	4	6	6	6	6	6	8	9	10
	22	31	44	41	49	56	81	106	106	132	134
Tax %	35	28	31	22	25	26	26	25	25	27	26
Net Profit	14	22	30	31	37	41	60	80	80	97	98
EPS	0	0	0	0	18	20	5	7	7	9	—
Dividend Payout %	37	0	0	19	16	20	18	72	16	14	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	2	3	3	4	4	5	7	7	9	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	2	3	3	4	4	5	7	7	9	—

Mar 2017

: 165
: 144
Operating Profit: 27
OPM %: 17
Other Income: 6
Interest: 1
Depreciation: 4
: 22
Tax %: 35
Net Profit: 14
EPS: 0
Dividend Payout %: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2018

: 164
: 146
Operating Profit: 36
OPM %: 22
Other Income: 19
Interest: 1
Depreciation: 4
: 31
Tax %: 28
Net Profit: 22
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2019

: 187
: 152
Operating Profit: 49
OPM %: 26
Other Income: 14
Interest: 1
Depreciation: 4
: 44
Tax %: 31
Net Profit: 30
EPS: 0
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2020

: 194
: 156
Operating Profit: 48
OPM %: 25
Other Income: 9
Interest: 1
Depreciation: 6
: 41
Tax %: 22
Net Profit: 31
EPS: 0
Dividend Payout %: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 3

Mar 2021

: 237
: 185
Operating Profit: 56
OPM %: 24
Other Income: 4
Interest: 1
Depreciation: 6
: 49
Tax %: 25
Net Profit: 37
EPS: 18
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2022

: 302
: 249
Operating Profit: 62
OPM %: 21
Other Income: 9
Interest: 1
Depreciation: 6
: 56
Tax %: 26
Net Profit: 41
EPS: 20
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2023

: 353
: 277
Operating Profit: 87
OPM %: 25
Other Income: 10
Interest: 1
Depreciation: 6
: 81
Tax %: 26
Net Profit: 60
EPS: 5
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2024

: 414
: 312
Operating Profit: 113
OPM %: 27
Other Income: 11
Interest: 1
Depreciation: 6
: 106
Tax %: 25
Net Profit: 80
EPS: 7
Dividend Payout %: 72
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7

Mar 2025

: 478
: 373
Operating Profit: 115
OPM %: 24
Other Income: 10
Interest: 1
Depreciation: 8
: 106
Tax %: 25
Net Profit: 80
EPS: 7
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 7

Mar 2026

: 528
: 397
Operating Profit: 150
OPM %: 28
Other Income: 19
Interest: 1
Depreciation: 9
: 132
Tax %: 27
Net Profit: 97
EPS: 9
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

TTM

: 549
: 416
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 2
Depreciation: 10
: 134
Tax %: 26
Net Profit: 98
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 12%
3 Years:: 7%
1 Year:: 16%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	21	21	20	20	20	21	22	22	22	22
	176	187	190	211	250	319	403	429	489	572
	4	1	0	23	0	0	0	0	0	1
Trade Payables	9	11	11	14	18	22	16	26	31	51
	17	21	17	19	46	92	119	155	107	185
Total Liabilities	228	241	238	287	333	454	561	632	649	832
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	5	1	0	23	0	0	0	0	9	9
Net Working Capital	73	83	84	83	141	183	246	252	285	260
Contingent Liabilities	11	8	9	9	9	9	10	11	12	11
Book Value per Share	93.06	98.13	104.91	115.35	134.61	162.03	193.55	41.01	46.48	54.10
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00
Total Debt	5	1	0	23	0	0	0	0	9	9
Net Working Capital	73	83	84	83	141	183	246	252	285	260
Contingent Liabilities	11	8	9	9	9	9	10	11	12	11
Book Value per Share	93.06	98.13	104.91	115.35	134.61	162.03	193.55	41.01	46.48	54.10
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	2.00	2.00	2.00

Mar 2017

Equity Capital: 21
: 176
: 4
Trade Payables: 9
: 17
Total Liabilities: 228
: 70
Capital Work in Progress: 1
: 69
: 25
: 0
Cash & Bank: 9
: 55
Total Assets: 228
Total Debt: 5
Net Working Capital: 73
Contingent Liabilities: 11
Book Value per Share: 93.06
Face Value: 10.00
Total Debt: 5
Net Working Capital: 73
Contingent Liabilities: 11
Book Value per Share: 93.06
Face Value: 10.00

Mar 2018

Equity Capital: 21
: 187
: 1
Trade Payables: 11
: 21
Total Liabilities: 241
: 70
Capital Work in Progress: 0
: 57
: 22
: 0
Cash & Bank: 28
: 64
Total Assets: 241
Total Debt: 1
Net Working Capital: 83
Contingent Liabilities: 8
Book Value per Share: 98.13
Face Value: 10.00
Total Debt: 1
Net Working Capital: 83
Contingent Liabilities: 8
Book Value per Share: 98.13
Face Value: 10.00

Mar 2019

Equity Capital: 20
: 190
: 0
Trade Payables: 11
: 17
Total Liabilities: 238
: 69
Capital Work in Progress: 1
: 58
: 26
: 0
Cash & Bank: 16
: 67
Total Assets: 238
Total Debt: 0
Net Working Capital: 84
Contingent Liabilities: 9
Book Value per Share: 104.91
Face Value: 10.00
Total Debt: 0
Net Working Capital: 84
Contingent Liabilities: 9
Book Value per Share: 104.91
Face Value: 10.00

Mar 2020

Equity Capital: 20
: 211
: 23
Trade Payables: 14
: 19
Total Liabilities: 287
: 77
Capital Work in Progress: 2
: 84
: 28
: 0
Cash & Bank: 27
: 69
Total Assets: 287
Total Debt: 23
Net Working Capital: 83
Contingent Liabilities: 9
Book Value per Share: 115.35
Face Value: 10.00
Total Debt: 23
Net Working Capital: 83
Contingent Liabilities: 9
Book Value per Share: 115.35
Face Value: 10.00

Mar 2021

Equity Capital: 20
: 250
: 0
Trade Payables: 18
: 46
Total Liabilities: 333
: 77
Capital Work in Progress: 0
: 87
: 30
: 0
Cash & Bank: 45
: 93
Total Assets: 333
Total Debt: 0
Net Working Capital: 141
Contingent Liabilities: 9
Book Value per Share: 134.61
Face Value: 10.00
Total Debt: 0
Net Working Capital: 141
Contingent Liabilities: 9
Book Value per Share: 134.61
Face Value: 10.00

Mar 2022

Equity Capital: 21
: 319
: 0
Trade Payables: 22
: 92
Total Liabilities: 454
: 81
Capital Work in Progress: 0
: 126
: 35
: 0
Cash & Bank: 54
: 157
Total Assets: 454
Total Debt: 0
Net Working Capital: 183
Contingent Liabilities: 9
Book Value per Share: 162.03
Face Value: 10.00
Total Debt: 0
Net Working Capital: 183
Contingent Liabilities: 9
Book Value per Share: 162.03
Face Value: 10.00

Mar 2023

Equity Capital: 22
: 403
: 0
Trade Payables: 16
: 119
Total Liabilities: 561
: 96
Capital Work in Progress: 1
: 168
: 37
: 0
Cash & Bank: 42
: 218
Total Assets: 561
Total Debt: 0
Net Working Capital: 246
Contingent Liabilities: 10
Book Value per Share: 193.55
Face Value: 10.00
Total Debt: 0
Net Working Capital: 246
Contingent Liabilities: 10
Book Value per Share: 193.55
Face Value: 10.00

Mar 2024

Equity Capital: 22
: 429
: 0
Trade Payables: 26
: 155
Total Liabilities: 632
: 103
Capital Work in Progress: 5
: 171
: 36
: 98
Cash & Bank: 42
: 176
Total Assets: 632
Total Debt: 0
Net Working Capital: 252
Contingent Liabilities: 11
Book Value per Share: 41.01
Face Value: 2.00
Total Debt: 0
Net Working Capital: 252
Contingent Liabilities: 11
Book Value per Share: 41.01
Face Value: 2.00

Mar 2025

Equity Capital: 22
: 489
: 0
Trade Payables: 31
: 107
Total Liabilities: 649
: 115
Capital Work in Progress: 19
: 165
: 46
: 116
Cash & Bank: 54
: 135
Total Assets: 649
Total Debt: 9
Net Working Capital: 285
Contingent Liabilities: 12
Book Value per Share: 46.48
Face Value: 2.00
Total Debt: 9
Net Working Capital: 285
Contingent Liabilities: 12
Book Value per Share: 46.48
Face Value: 2.00

Mar 2026

Equity Capital: 22
: 572
: 1
Trade Payables: 51
: 185
Total Liabilities: 832
: 190
Capital Work in Progress: 27
: 148
: 55
: 156
Cash & Bank: 41
: 215
Total Assets: 832
Total Debt: 9
Net Working Capital: 260
Contingent Liabilities: 11
Book Value per Share: 54.10
Face Value: 2.00
Total Debt: 9
Net Working Capital: 260
Contingent Liabilities: 11
Book Value per Share: 54.10
Face Value: 2.00

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
	18	21	24	36	26	38	25	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
Free Cash Flow	18	17	21	21	22	29	5	45	21	-32
OCF / Net Profit	1.24	0.96	0.80	1.13	0.71	0.92	0.41	0.79	0.66	0.62
Cumulative 5-Year FCF	0	0	0	0	99	111	99	123	123	69
OCF / Net Profit	1.24	0.96	0.80	1.13	0.71	0.92	0.41	0.79	0.66	0.62
Cumulative 5-Year FCF	0	0	0	0	99	111	99	123	123	69

Mar 2017

: 18
Cash from Investing: -5
Cash from Financing: -12
: 1
Free Cash Flow: 18
OCF / Net Profit: 1.24
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.24
Cumulative 5-Year FCF: 0

Mar 2018

: 21
Cash from Investing: 6
Cash from Financing: -11
: 17
Free Cash Flow: 17
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 0

Mar 2019

: 24
Cash from Investing: -5
Cash from Financing: -32
: -13
Free Cash Flow: 21
OCF / Net Profit: 0.80
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.80
Cumulative 5-Year FCF: 0

Mar 2020

: 36
Cash from Investing: -52
Cash from Financing: 14
: -3
Free Cash Flow: 21
OCF / Net Profit: 1.13
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.13
Cumulative 5-Year FCF: 0

Mar 2021

: 26
Cash from Investing: -8
Cash from Financing: -7
: 10
Free Cash Flow: 22
OCF / Net Profit: 0.71
Cumulative 5-Year FCF: 99
OCF / Net Profit: 0.71
Cumulative 5-Year FCF: 99

Mar 2022

: 38
Cash from Investing: -46
Cash from Financing: 18
: 10
Free Cash Flow: 29
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: 111
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: 111

Mar 2023

: 25
Cash from Investing: -57
Cash from Financing: 18
: -14
Free Cash Flow: 5
OCF / Net Profit: 0.41
Cumulative 5-Year FCF: 99
OCF / Net Profit: 0.41
Cumulative 5-Year FCF: 99

Mar 2024

: 63
Cash from Investing: 8
Cash from Financing: -56
: 15
Free Cash Flow: 45
OCF / Net Profit: 0.79
Cumulative 5-Year FCF: 123
OCF / Net Profit: 0.79
Cumulative 5-Year FCF: 123

Mar 2025

: 53
Cash from Investing: -49
Cash from Financing: -13
: -9
Free Cash Flow: 21
OCF / Net Profit: 0.66
Cumulative 5-Year FCF: 123
OCF / Net Profit: 0.66
Cumulative 5-Year FCF: 123

Mar 2026

: 60
Cash from Investing: -38
Cash from Financing: -16
: 6
Free Cash Flow: -32
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 69
OCF / Net Profit: 0.62
Cumulative 5-Year FCF: 69

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	6.77	10.48	15.22	15.72	18.32	19.79	27.31	7.25	7.30	8.85
Book Value (₹)	93.06	98.13	104.91	115.35	134.61	162.03	193.55	41.01	46.48	54.10
Dividend per Share (₹)	2.50	0.00	0.00	3.00	3.00	4.00	5.00	5.20	1.20	1.20
Cash EPS (₹)	1.76	2.51	3.47	3.69	4.25	4.48	5.96	7.83	7.99	9.69
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	16.52%	22.16%	26.23%	24.53%	23.77%	20.67%	24.59%	24.63%	21.99%	24.84%
Net Margin %	8.67%	13.57%	16.25%	16.18%	15.50%	13.74%	16.98%	19.23%	16.76%	18.41%
ROE %	7.43%	10.97%	14.58%	14.27%	14.66%	13.62%	15.69%	18.19%	16.68%	17.59%
ROCE %	11.57%	15.49%	21.35%	18.01%	18.58%	17.87%	21.00%	24.31%	22.17%	23.80%
	6.10%	9.47%	12.72%	12.00%	11.84%	10.54%	11.82%	13.35%	12.52%	13.12%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	69	79	80	81	76	70	77	82	82	94
Inventory Days	54	52	47	50	45	40	37	32	31	35
Payable Days	47	52	59	68	69	78	64	74	80	109
	76	80	67	63	51	31	51	41	33	20
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.02x	0.01x	0.00x	0.10x	0.00x	0.00x	0.00x	0.00x	0.02x	0.01x
Interest Coverage (x)	24.34x	28.33x	51.63x	31.39x	43.47x	73.23x	133.00x	132.65x	90.54x	91.91x
	5.17x	4.59x	5.80x	2.76x	4.80x	4.95x	5.05x	5.14x	7.27x	4.00x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	3.01%	-1.02%	14.56%	3.72%	21.68%	27.62%	17.00%	17.20%	15.52%	10.35%
Operating Profit Growth %	-12.41%	32.59%	35.51%	-2.97%	17.87%	10.97%	39.23%	29.94%	1.99%	30.07%
Net Profit Growth %	1.82%	54.79%	37.14%	3.26%	16.57%	13.11%	44.61%	32.72%	0.69%	21.20%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-73.46%	0.69%	21.20%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	25.51x	32.24x	20.31x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.51x	5.06x	3.32x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.81%	0.51%	0.67%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.63x	22.06x	12.96x

Mar 2017

EPS (₹): 6.77
Book Value (₹): 93.06
Dividend per Share (₹): 2.50
Cash EPS (₹): 1.76
Operating Margin %: 16.52%
Net Margin %: 8.67%
ROE %: 7.43%
ROCE %: 11.57%
: 6.10%
Debtor Days: 69
Inventory Days: 54
Payable Days: 47
: 76
Debt to Equity (x): 0.02x
Interest Coverage (x): 24.34x
: 5.17x
Revenue Growth %: 3.01%
Operating Profit Growth %: -12.41%
Net Profit Growth %: 1.82%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 10.48
Book Value (₹): 98.13
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.51
Operating Margin %: 22.16%
Net Margin %: 13.57%
ROE %: 10.97%
ROCE %: 15.49%
: 9.47%
Debtor Days: 79
Inventory Days: 52
Payable Days: 52
: 80
Debt to Equity (x): 0.01x
Interest Coverage (x): 28.33x
: 4.59x
Revenue Growth %: -1.02%
Operating Profit Growth %: 32.59%
Net Profit Growth %: 54.79%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 15.22
Book Value (₹): 104.91
Dividend per Share (₹): 0.00
Cash EPS (₹): 3.47
Operating Margin %: 26.23%
Net Margin %: 16.25%
ROE %: 14.58%
ROCE %: 21.35%
: 12.72%
Debtor Days: 80
Inventory Days: 47
Payable Days: 59
: 67
Debt to Equity (x): 0.00x
Interest Coverage (x): 51.63x
: 5.80x
Revenue Growth %: 14.56%
Operating Profit Growth %: 35.51%
Net Profit Growth %: 37.14%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 15.72
Book Value (₹): 115.35
Dividend per Share (₹): 3.00
Cash EPS (₹): 3.69
Operating Margin %: 24.53%
Net Margin %: 16.18%
ROE %: 14.27%
ROCE %: 18.01%
: 12.00%
Debtor Days: 81
Inventory Days: 50
Payable Days: 68
: 63
Debt to Equity (x): 0.10x
Interest Coverage (x): 31.39x
: 2.76x
Revenue Growth %: 3.72%
Operating Profit Growth %: -2.97%
Net Profit Growth %: 3.26%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 18.32
Book Value (₹): 134.61
Dividend per Share (₹): 3.00
Cash EPS (₹): 4.25
Operating Margin %: 23.77%
Net Margin %: 15.50%
ROE %: 14.66%
ROCE %: 18.58%
: 11.84%
Debtor Days: 76
Inventory Days: 45
Payable Days: 69
: 51
Debt to Equity (x): 0.00x
Interest Coverage (x): 43.47x
: 4.80x
Revenue Growth %: 21.68%
Operating Profit Growth %: 17.87%
Net Profit Growth %: 16.57%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 19.79
Book Value (₹): 162.03
Dividend per Share (₹): 4.00
Cash EPS (₹): 4.48
Operating Margin %: 20.67%
Net Margin %: 13.74%
ROE %: 13.62%
ROCE %: 17.87%
: 10.54%
Debtor Days: 70
Inventory Days: 40
Payable Days: 78
: 31
Debt to Equity (x): 0.00x
Interest Coverage (x): 73.23x
: 4.95x
Revenue Growth %: 27.62%
Operating Profit Growth %: 10.97%
Net Profit Growth %: 13.11%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 27.31
Book Value (₹): 193.55
Dividend per Share (₹): 5.00
Cash EPS (₹): 5.96
Operating Margin %: 24.59%
Net Margin %: 16.98%
ROE %: 15.69%
ROCE %: 21.00%
: 11.82%
Debtor Days: 77
Inventory Days: 37
Payable Days: 64
: 51
Debt to Equity (x): 0.00x
Interest Coverage (x): 133.00x
: 5.05x
Revenue Growth %: 17.00%
Operating Profit Growth %: 39.23%
Net Profit Growth %: 44.61%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 7.25
Book Value (₹): 41.01
Dividend per Share (₹): 5.20
Cash EPS (₹): 7.83
Operating Margin %: 24.63%
Net Margin %: 19.23%
ROE %: 18.19%
ROCE %: 24.31%
: 13.35%
Debtor Days: 82
Inventory Days: 32
Payable Days: 74
: 41
Debt to Equity (x): 0.00x
Interest Coverage (x): 132.65x
: 5.14x
Revenue Growth %: 17.20%
Operating Profit Growth %: 29.94%
Net Profit Growth %: 32.72%
: -73.46%
P/E (x): 25.51x
P/B (x): 4.51x
Dividend Yield %: 2.81%
: 17.63x

Mar 2025

EPS (₹): 7.30
Book Value (₹): 46.48
Dividend per Share (₹): 1.20
Cash EPS (₹): 7.99
Operating Margin %: 21.99%
Net Margin %: 16.76%
ROE %: 16.68%
ROCE %: 22.17%
: 12.52%
Debtor Days: 82
Inventory Days: 31
Payable Days: 80
: 33
Debt to Equity (x): 0.02x
Interest Coverage (x): 90.54x
: 7.27x
Revenue Growth %: 15.52%
Operating Profit Growth %: 1.99%
Net Profit Growth %: 0.69%
: 0.69%
P/E (x): 32.24x
P/B (x): 5.06x
Dividend Yield %: 0.51%
: 22.06x

Mar 2026

EPS (₹): 8.85
Book Value (₹): 54.10
Dividend per Share (₹): 1.20
Cash EPS (₹): 9.69
Operating Margin %: 24.84%
Net Margin %: 18.41%
ROE %: 17.59%
ROCE %: 23.80%
: 13.12%
Debtor Days: 94
Inventory Days: 35
Payable Days: 109
: 20
Debt to Equity (x): 0.01x
Interest Coverage (x): 91.91x
: 4.00x
Revenue Growth %: 10.35%
Operating Profit Growth %: 30.07%
Net Profit Growth %: 21.20%
: 21.20%
P/E (x): 20.31x
P/B (x): 3.32x
Dividend Yield %: 0.67%
: 12.96x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.33	36.17	36.13	36.13	36.13	36.13	36.13	36.13	36.13
	9.50	9.54	10.05	9.83	11.28	11.29	11.30	11.54	11.58
	8.65	8.81	8.82	8.82	7.71	7.71	7.72	7.77	6.98
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.51	45.47	44.98	45.19	44.86	44.85	44.84	44.54	45.29

Jun 2024

: 36.33
: 9.50
: 8.65
Government: 0.00
: 45.51

Sep 2024

: 36.17
: 9.54
: 8.81
Government: 0.00
: 45.47

Dec 2024

: 36.13
: 10.05
: 8.82
Government: 0.00
: 44.98

Mar 2025

: 36.13
: 9.83
: 8.82
Government: 0.00
: 45.19

Jun 2025

: 36.13
: 11.28
: 7.71
Government: 0.00
: 44.86

Sep 2025

: 36.13
: 11.29
: 7.71
Government: 0.00
: 44.85

Dec 2025

: 36.13
: 11.30
: 7.72
Government: 0.00
: 44.84

Mar 2026

: 36.13
: 11.54
: 7.77
Government: 0.00
: 44.54

Jun 2026

: 36.13
: 11.58
: 6.98
Government: 0.00
: 45.29

Documents

Announcements

Copy of Newspaper Publication
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.
Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-14 - Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015 - Update on Litigation.

Annual Reports

Credit Ratings

Credit Rating- Revision
2026-08-11 - Intimation pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 w.r.t. Credit Rating.
Credit Rating
2026-07-31 - ADF Foods Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
TranscriptPPTREC
Jul 2026
TranscriptPPTREC
May 2026
Transcript PPTREC