ADF Foods Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,588 Cr
- P/E
- 26.76
- ROE
- 17.66%
- PEG
- 1.31
- Price to sales
- 3.60
- Debt to equity
- 0.10
- 52W high / low
- ₹320 / ₹158
- Sales growth (5Y)
- 13.06%
- EBITDA margin
- 19.06%
- Net profit margin
- 13.76%
- Promoter holding
- 36.13%
- Sales (last year)
- ₹718 Cr
ADF specializes in the production and export of a variety of traditional Indian food products, including pickles, chutneys, pastes, sauces, ready-to-eat meals, frozen, and canned foods. Its market spans Europe, the US, Australia, and the Gulf. Additionally, ADF Foods UK Limited and ADF Holding USA Limited operate as agents distributing FMCG products in the USA and UK respectively.
Guidance scorecard · Q1 FY27 call
What ADF Foods Ltd's management guided
and where it ranks in Food Products
Food Products
RevenueQ1 FY27 call
20–40%- Current revenue ex-agency is INR 580 crores; post-expansion, can scale up to INR 1,250 crores.
- Surat facility, at full capacity, can support around INR 300 crores in revenue.
- Full utilization of expanded capacity expected realistically by FY30.
- For FY27, revenue guidance is upwards of INR 900 crores, cautiously optimistic due to geopolitical and supply chain factors.
- Truly Indian brand is growing rapidly – 3x-4x growth, with expansion in distribution to over 3,000 U.S. stores and strong repeat orders.
- European market expansion planned via Ireland subsidiary, with expectations of high double-digit growth in U.K. and Europe region.
2 more points from ADF Foods Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what ADF Foods Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Surat facility expansion: Ramp-up of Surat plant with all phases expected to support upwards of INR1,250 crores revenue at full capacity.
- Routine investments: Ongoing routine capex for new product innovations and line changes.
- Phase 2 of Surat plant: Expected in Q3 or Q4, adding plant and machinery leading to incremental depreciation of INR20-25 crores.
2 more points from ADF Foods Ltd's call on capex
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FundraisingQ1 FY27 call
See what ADF Foods Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- The company has a very strong order book, described as the strongest it has ever been.
- Despite strong orders, shipments have been delayed due to container and shipping vessel shortages.
- About 30% of goods ready in June could not be shipped due to lack of container availability.
2 more points from ADF Foods Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Food Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Food Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹459 Cr | 7.9 | |
| 2 | 40%+ | Up 2%+ | ₹454 Cr | 79.8 | |
| 3 | 40%+ | Flat | ₹1,061 Cr | 48.2 | |
| 4 | 40%+ | Flat | ₹157 Cr | 10.5 | |
| 5 | 20–40% | Up 2%+ | ₹671 Cr | 48.3 | |
| 6 | 20–40% | Up 2%+ | ₹265 Cr | 7.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Food Products rankingFinancials of ADF Foods Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of ADF Foods Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 123 | 112 | 125 | 130 | 154 | 122 | 161 | 147 | 159 | 133 | 163 | 191 | 197 |
| Expenses + | 97 | 90 | 103 | 103 | 119 | 102 | 134 | 121 | 134 | 109 | 127 | 154 | 162 |
| Operating Profit | 26 | 22 | 22 | 27 | 34 | 20 | 28 | 26 | 25 | 24 | 36 | 37 | 34 |
| OPM % | 21% | 20% | 17% | 21% | 22% | 16% | 17% | 18% | 16% | 18% | 22% | 19% | 17% |
| Other Income + | 1 | 2 | 3 | 4 | 2 | 5 | 4 | 4 | 2 | 3 | 6 | -4 | 9 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 6 |
| Profit before tax | 23 | 20 | 21 | 26 | 31 | 20 | 26 | 25 | 21 | 21 | 36 | 27 | 36 |
| Tax % | 30% | 27% | 27% | 27% | 19% | 26% | 25% | 25% | 21% | 28% | 26% | 17% | 29% |
| Net Profit + | 16 | 15 | 15 | 19 | 25 | 14 | 20 | 19 | 16 | 15 | 26 | 22 | 26 |
| EPS in Rs | 1.49 | 1.37 | 1.37 | 1.76 | 2.35 | 1.37 | 1.79 | 1.71 | 1.50 | 1.39 | 2.40 | 2.04 | 2.36 |
Financials of ADF Foods Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 204 | 210 | 201 | 201 | 231 | 285 | 370 | 421 | 450 | 520 | 590 | 683 |
| Expenses + | 188 | 190 | 179 | 182 | 202 | 232 | 302 | 354 | 369 | 415 | 491 | 553 |
| Operating Profit | 16 | 20 | 22 | 19 | 29 | 53 | 68 | 67 | 81 | 105 | 98 | 131 |
| OPM % | 8% | 9% | 11% | 10% | 13% | 19% | 18% | 16% | 18% | 20% | 17% | 19% |
| Other Income + | 9 | 4 | 6 | 18 | 14 | 9 | 6 | 9 | 11 | 11 | 14 | 13 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 2 | 3 | 3 |
| Depreciation | 11 | 12 | 5 | 4 | 4 | 6 | 6 | 9 | 14 | 16 | 18 | 21 |
| Profit before tax | 12 | 11 | 23 | 32 | 38 | 55 | 67 | 65 | 75 | 98 | 92 | 120 |
| Tax % | 24% | 39% | 36% | 44% | 33% | 22% | 25% | 26% | 26% | 25% | 24% | 25% |
| Net Profit + | 9 | 7 | 15 | 18 | 25 | 43 | 50 | 49 | 56 | 74 | 69 | 90 |
| EPS in Rs | 0.80 | 0.60 | 1.38 | 1.70 | 2.53 | 4.27 | 5.00 | 4.59 | 5.10 | 6.85 | 6.30 | 8.18 |
| Dividend Payout % | 38% | 0% | 37% | 0% | 0% | 14% | 12% | 18% | 20% | 77% | 19% | 15% |
Financials of ADF Foods Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 | 20 | 20 | 20 | 21 | 22 | 22 | 22 | 22 |
| Reserves | 131 | 136 | 145 | 153 | 151 | 184 | 253 | 322 | 397 | 419 | 470 | 550 |
| Borrowings + | 18 | 6 | 5 | 1 | 0 | 23 | 1 | 70 | 55 | 56 | 59 | 12 |
| Other Liabilities + | 24 | 21 | 19 | 30 | 23 | 37 | 50 | 55 | 46 | 53 | 66 | 170 |
| Total Liabilities | 194 | 185 | 191 | 205 | 195 | 265 | 324 | 468 | 520 | 550 | 618 | 755 |
| Fixed Assets + | 93 | 83 | 81 | 80 | 69 | 77 | 77 | 160 | 175 | 182 | 186 | 258 |
| CWIP | 2 | 0 | 1 | 0 | 1 | 2 | 0 | 0 | 7 | 5 | 19 | 27 |
| Investments | 8 | 8 | 8 | 0 | 0 | 18 | 17 | 39 | 80 | 77 | 61 | 15 |
| Other Assets + | 92 | 94 | 100 | 125 | 125 | 167 | 229 | 268 | 259 | 285 | 353 | 455 |
| Total Assets | 194 | 185 | 191 | 205 | 195 | 265 | 324 | 468 | 520 | 550 | 618 | 755 |
Financials of ADF Foods Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 6 | 15 | 17 | 24 | 20 | 31 | 36 | 34 | 51 | 70 | 37 | 58 |
| Cash from Investing Activity + | 18 | 1 | -4 | 4 | -1 | -39 | -9 | -53 | -60 | 13 | -39 | -11 |
| Cash from Financing Activity + | -21 | -18 | -12 | -11 | -32 | 14 | -7 | 33 | -5 | -63 | -21 | -24 |
| Net Cash Flow | 3 | -1 | 1 | 17 | -14 | 6 | 20 | 14 | -14 | 20 | -23 | 22 |
| Free Cash Flow | -7 | 16 | 14 | 19 | 15 | 21 | 32 | -0 | 24 | 55 | -4 | -25 |
| CFO/OP | 36% | 121% | 117% | 168% | 114% | 83% | 71% | 72% | 88% | 89% | 63% | 70% |
Financials of ADF Foods Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 63 | 62 | 78 | 69 | 68 | 64 | 61 | 76 | 76 | 73 | 77 |
| Inventory Days | 98 | 85 | 104 | 94 | 131 | 158 | 143 | 156 | 132 | 111 | 165 | 160 |
| Days Payable | 37 | 37 | 44 | 55 | 52 | 62 | 68 | 65 | 47 | 63 | 83 | 93 |
| Cash Conversion Cycle | 120 | 112 | 122 | 117 | 148 | 165 | 139 | 153 | 162 | 124 | 155 | 143 |
| Working Capital Days | 66 | 86 | 98 | 102 | 117 | 82 | 111 | 110 | 116 | 108 | 123 | 136 |
| ROCE % | 6% | 7% | 14% | 19% | 23% | 28% | 27% | 19% | 17% | 20% | 17% | 23% |
Guidance history
How ADF Foods Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
24 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +5.6% | 66% |
| Last 6 months | −10.9% | 37% |
| Last 3 months | −13.1% | 37% |
The price is 31.6% below its all-time high of ₹344.2 (13 Dec 2024). Stocks more than 20% below their peak have their score halved, so 49 became 24.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For ADF Foods Ltd: 0.4 × 66 + 0.4 × 37 + 0.2 × 37 = 49, halved to 24 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What ADF Foods Ltd's management said in earlier quarters
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