Hoac FoodsQ3 FY25Food Products

Hoac Foods

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Revenue guidance

Category 1

→The company expects very good revenue growth next year, targeting a 75%-80% growth rate (Page 11).
→They plan to expand their B2B presence, increasing store distribution from 1,400 to 5,000 stores in the coming year (Page 8).
→Their new manufacturing plant in Vidisha (50,000 sq. ft.) will increase capacity, potentially generating around INR 100 crores turnover at full capacity (Page 7).
→They aim to open 7-8 new retail outlets annually to maintain manageable and profitable growth (Page 7).
→Export business is growing steadily with 10 containers shipped to the UK and deals in the US, expected to contribute more over time (Page 9-10).
→The company is focusing on strengthening direct B2C sales through their own stores and app, which currently contributes about 54% of revenue (Page 13).
→Overall growth will be fueled by product quality, expanded distribution, capacity enhancement, and strong export demand.

Category 3

→The company delivered very good H1 FY26 results with revenues of INR21.84 crores, up 96.87%, and EBITDA of INR3.31 crores, up 105.13%.
→EPS improved by 67.13% to 4.78 in H1 FY26 from 2.86 in H1 FY25.
→Management expects to maintain a strong growth trajectory with a 75%-80% revenue growth anticipated for the next year.
→Profit margins are expected to remain strong, focusing on quality products to sustain margins amidst expansion.
→Expansion of B2B distribution (from 1,400 stores aiming for 5,000 stores next year) and export growth will drive revenue growth.
→Operating leverage is limited currently due to ongoing capex and expansion costs; margin increase beyond 10% is unlikely immediately.
→The company plans to open 7-8 new retail stores annually to fuel growth, with automated plants supporting scalable operations.
→Management maintains commitment to delivering consistent, strong financial performance while strengthening customer and investor trust.

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→HOAC Foods India Limited does not have any requirement for debt or equity fundraising for the next 1.5 to 2 years.
→The company is focusing on utilizing existing resources for growth and expansion.
→Capex is ongoing to support increased demand, but no external fundraising is planned at this time.
→The management aims to maintain profitability and manage growth without additional capital infusion.

Yes

→HOAC Foods has secured a U.S. export deal with an initial order of one container worth around INR 60-70 lakhs.
→Currently, 2-3 containers are in the pipeline for the U.S. market.
→Overall, there are 5-6 containers pending in the export order pipeline.
→The company has shipped 10 containers in the last six months but is still establishing and growing the export business.
→Export division is handled by a team with 15-20 years of experience, indicating focus on scaling export orders.

Yes

→Current capex utilization is around 80%-85%, with 15% capacity available.
→New manufacturing plant in Vidisha, MP, covering 50,000 sq. ft., with initial operations starting in 20,000 sq. ft.
→Factory setup at Vidisha expected to be completed in 2.5 to 3 months.
→The new plant will boost atta (flour) segment production, contributing 45%-50% to revenue.
→Planned capex aims to support demand and enable 2.5 to 3 times higher production capacity compared to current plants.
→Long-term strategy is to add 10-11 retail outlets annually to ensure manageable and profitable growth.
→No additional debt or equity fundraising is expected in the next 1.5 to 2 years to support expansion.
→Overall capex supports scaling operations without compromising quality or working capital strength.

How does Hoac Foods rank vs peers in Food Products?

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