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Prime Fresh Ltd (540404)

📊 BSE: 540404 🏢 Other Agricultural Products 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Prime Fresh's revenue was ₹61.7 Cr (+15.7% year on year, -22.8% on the previous quarter), and net profit ₹4.4 Cr (+50.9% year on year); the operating margin was 9.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹61.7	+15.7%	-22.8%
Operating profit	₹6.0	+50.5%	+16.8%
Net profit	₹4.4	+50.9%	+34.6%
EPS (₹)	3.01	+45.4%	+46.8%
Operating margin	9.7%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Prime Fresh Signs Grant Agreement with NHB for Nashik Peri-Urban Vegetable Cluster Project

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 15 Oct 2026, 06:25 PM

Prime Fresh has signed a formal grant agreement with the National Horticulture Board (NHB) on October 15, 2026, for the implementation of the Peri-Urban Vegetable Cluster Project in Nashik. This follows the receipt of in-principle approval on September 13, 2026, and earlier DPR submissions on August 19, 2025 under the Cluster Development Programme. The project strengthens the company's agricultural supply chain footprint in Maharashtra, though specific grant values and financial outlays were not disclosed. Prime Fresh generated TTM revenue of ₹282 Cr with a market cap of ₹232 Cr.

Grant agreement formally executed with National Horticulture Board (NHB) on October 15, 2026
Project pertains to the Peri-Urban Vegetable Cluster Project at Nashik under the Cluster Development Programme (CDP)
Follows initial DPR submissions for 2 projects on August 19, 2025, and in-principle approval on September 13, 2026
Specific financial outlay and grant amount were not disclosed in the filing

💡 Track subsequent filings or quarterly earnings calls for disclosures regarding the financial size of the grant, required capex, and execution milestones for the Nashik cluster.

Prime Fresh Invests ₹3.11 Cr to Acquire 15 Lakh Shares in Associate Florens Fresh Supply Solutions

🟢 POSITIVE ⭐ 5/10

M&A 📅 27 Aug 2026, 07:32 PM

Prime Fresh Limited has invested ₹3.11 crore by subscribing to 15,00,000 equity shares of its associate company, Florens Fresh Supply Solutions Private Limited, at ₹20.75 per share. The allotment was completed on August 27, 2026, to fund business development and expansion. Target entity Florens Fresh reported a turnover of ₹36.36 crore for FY26, showing rapid growth from ₹18.70 crore in FY25 and ₹13.91 crore in FY24. The deal is a related-party transaction executed at arm's length based on an independent valuation report.

Subscribed to 15,00,000 equity shares of face value ₹10 at ₹20.75 each, totaling ₹3.11 crore
Target entity turnover grew 94% YoY to ₹36.36 crore in FY26 from ₹18.70 crore in FY25
Florens Fresh revenue expanded from ₹13.91 crore in FY24 to ₹36.36 crore in FY26
Allotment of shares completed on August 27, 2026 via cash consideration

💡 Track subsequent quarterly filings to assess consolidated earnings impact and check disclosure of final post-allotment percentage holding.

Prime Fresh Targets 25-30% Value Growth, Reaffirms B2B Focus in Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 24 Aug 2026, 02:44 PM

Prime Fresh Limited released the transcript of its Q1 FY27 earnings conference call held on August 18, 2026. Management reiterated its target of achieving 15% to 25% volume growth and 25% to 30% revenue growth, driven by expansion across its core B2B fruits and vegetables (F&V) supply chain. The company confirmed it is staying focused on the B2B sector rather than investing capital into B2C retail. Additionally, its farming subsidiary Florens Farming Limited currently contributes ~10% of F&V business and is expected to scale up over the next 1-2 years.

Management guided for 15% to 25% volume growth and 25% to 30% value growth in its core B2B business
Active supply network spans 19 states with over 1,30,000 farmers and 2,400+ suppliers
Subsidiary Florens Farming contributes ~10% of F&V business with direct farming tie-ups expected to yield results over the next year
Company confirmed it will not pursue direct B2C retail after evaluating it (spent Rs 55-75 lakhs in 2021-2023) to avoid capital misallocation

💡 Monitor upcoming quarterly revenue execution against the guided 25-30% annual growth range and track updates on the Nashik Cluster Development Program (CDP).

Prime Fresh Approves Statutory Auditor & Independent Director Appointments at AGM

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Aug 2026, 07:09 PM

Prime Fresh Limited announced the approval of key governance appointments at its 19th Annual General Meeting held on August 19, 2026. Shareholders approved the appointment of M/s. Keshri & Associates, Chartered Accountants, as Statutory Auditors for a 5-year term from the 19th AGM until the 24th AGM, following the tenure completion of M/s. O.P. Bhandari & Co. Additionally, Mr. Sanjiv Swarup was regularized as a Non-Executive Independent Director for a 5-year term ending July 14, 2031, and Mr. Gurmeet Singh Bhamrah was re-appointed as a Non-Executive Director.

Appointed M/s. Keshri & Associates as Statutory Auditors for a 5-year tenure spanning the 19th to 24th AGMs
Regularized appointment of Mr. Sanjiv Swarup as Independent Director for 5 years (July 15, 2026 to July 14, 2031)
Re-appointed Non-Executive Director Mr. Gurmeet Singh Bhamrah upon retirement by rotation
Predecessor auditor M/s. O.P. Bhandari & Co. completed their mandatory tenure

💡 Track standard corporate governance disclosures and upcoming quarterly financial performance reports.

Prime Fresh Releases Audio Recording of Q1 FY27 Earnings Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 07:50 PM

Prime Fresh Ltd has submitted the audio recording link for its earnings conference call held on August 18, 2026. The call pertains to the Q1 FY27 performance updates for investors and analysts. The recording has been made available on the company's official website pursuant to Regulation 30 and 46 of SEBI LODR Regulations. The written transcript of the call will be submitted to stock exchanges separately in due course.

Earnings call conducted on Tuesday, August 18, 2026
Audio recording uploaded to the company website under Regulation 46
Written transcript to be filed with exchanges in due course

💡 Investors should review the upcoming earnings call transcript to assess management commentary on distribution expansion and margin guidance.

Prime Fresh Q1FY27 PAT Up 34.3% YoY to ₹4.35 Cr; EBITDA Rises 51% to ₹6.07 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 17 Aug 2026, 08:02 PM

Prime Fresh reported a solid Q1FY27 operational and financial performance in its latest investor presentation. Revenue from operations increased by 15.7% YoY to ₹61.71 crore, while EBITDA surged 51.0% YoY to ₹6.07 crore, boosting EBITDA margins by 230 bps to 9.83%. PAT rose 34.3% YoY to ₹4.35 crore with net profit margin standing at 7.05%. Sales tonnage witnessed strong growth, up 68.0% YoY to 17,982 MT, aided by traction in onions, mangoes, pomegranates, and the high-margin Services Business.

Revenue from operations grew 15.7% YoY to ₹61.71 crore in Q1FY27
EBITDA increased 51.0% YoY to ₹6.07 crore with EBITDA margin expanding 230 bps YoY to 9.83%
Net profit rose 34.3% YoY to ₹4.35 crore with PAT margin improving 163 bps YoY to 7.05%
Sales volume expanded 68.0% YoY to 17,982 MT
Executed sale deed for acquisition of 6 acres of land in Sinnar (Nashik) for greenfield expansion

💡 Track margin sustainability across subsequent quarters, working capital cash generation, and construction progress at the newly acquired Nashik land parcel.

50.8% PAT Growth in Q1 FY27; Prime Fresh Reports Rs 61.71 Cr Revenue and Margin Expansion

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Aug 2026, 03:02 PM

Prime Fresh Ltd reported a strong year-on-year performance for Q1 FY27, with Profit After Tax (PAT) rising 50.8% to Rs 4.35 Cr. Revenue grew 15.7% YoY to Rs 61.71 Cr, supported by a significant 68% increase in sales tonnage to 17,982 MT. EBITDA margins expanded by 230 bps YoY to 9.83%, driven by a better product mix involving high-value fruits like mangoes and pomegranates, alongside growth in the services business. While revenue declined 22.8% sequentially (QoQ), profitability remained robust with PAT growing 34.3% over the preceding March quarter.

Profit After Tax (PAT) increased by 50.8% YoY to Rs 4.35 Cr in Q1 FY27.
Sales tonnage surged 68.0% YoY to 17,982 MT, indicating strong procurement and distribution scaling.
EBITDA margins improved significantly to 9.83%, up from 7.53% in the same quarter last year.
Revenue from operations reached Rs 61.71 Cr, representing approximately 22.5% of the TTM revenue.
Services business and value-added categories like mangoes and pomegranates contributed to margin quality.

💡 Monitor the sustainability of the ~10% EBITDA margin in the coming quarters as the company moves past the peak mango season. Investors should also track the execution of the Cluster Development Programme (CDP) for long-term backward integration benefits.

Prime Fresh schedules Q1 FY27 earnings call for August 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Aug 2026, 11:14 AM

Prime Fresh Ltd has issued a revised intimation for its Q1 FY 2026-27 earnings conference call, now scheduled for August 18, 2026, at 4:00 PM IST. The revision was necessitated by a technical error in the hyperlink provided in the previous invitation. Management, including the Managing Director & CFO, will discuss the financial performance for the quarter ended June 30, 2026. The company currently operates with a TTM revenue of ‡274 Cr and a market capitalization of ‡263 Cr.

Earnings conference call scheduled for August 18, 2026, at 04:00 P.M. IST
Focus on financial performance for the quarter ended June 30, 2026 (Q1 FY27)
Management representation by Mr. Jinen Ghelani (MD & CFO) and Mr. Hiren Ghelani (WTD)
Company maintains a TTM revenue of ‡274 Cr and a PAT of ‡14 Cr
Correction issued specifically to fix a non-functional registration hyperlink

💡 Investors should review the post-call transcript for updates on the company's 30% growth target and its expansion strategy into North and South Indian distribution centers.

August 18, 2026: Prime Fresh schedules Q1 FY27 earnings conference call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 07:43 PM

Prime Fresh Ltd has scheduled its earnings conference call for Q1 FY 2026-27 on August 18, 2026, at 4:00 PM IST. The management, including the MD & CFO, will discuss the company's financial performance following a fiscal year (FY26) where revenue reached Rs 274 Cr. Investors will be looking for updates on the company's 30% growth target and its expansion into the organic food market. The company currently operates with an asset-light model, maintaining a TTM PAT of Rs 14 Cr and a healthy ROCE of 21%.

Earnings call scheduled for August 18, 2026, at 04:00 PM IST
Management to discuss Q1 FY27 performance following FY26 revenue of Rs 274 Cr
Company targets a 30% growth rate through regional sourcing hubs and distribution centers
Current sales capacity reached 80,000 TPA in FY25 with 4,00,000 sq. ft. of warehouse space

💡 Monitor the call for management commentary on the progress of the BSE Main Board migration and the execution timeline for new distribution centers in South India.

11,070 Equity Shares: Prime Fresh Receives Listing Approval for ESOP Allotment

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 06:44 PM

Prime Fresh Ltd has received formal approval from the BSE for the listing and trading of 11,070 equity shares issued under its Employee Stock Option Plan (ESOP). These shares, with a face value of ₹10 each, are scheduled to commence trading on Friday, August 14, 2026. Given the company's market capitalization of ₹263 Cr, this allotment represents a negligible equity dilution of approximately 0.08%. This is a standard administrative procedure following the exercise of options by employees.

Approval granted for the listing and trading of 11,070 new equity shares.
Shares issued specifically under the company's Employee Stock Option Plan (ESOP).
Trading of the new shares is effective from August 14, 2026.
The shares carry a face value of ₹10 per unit.
Total dilution from this specific allotment is minimal at approximately 0.08% of total equity.

💡 No action is required as this is a routine administrative filing. Investors should generally monitor the cumulative dilution from ESOPs over multiple quarters.

Prime Fresh reports zero deviation in fund utilization for quarter ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 06:05 PM

Prime Fresh Ltd has filed its quarterly statement regarding the deviation or variation in the use of funds raised through preferential issues. For the quarter ended June 30, 2026, the company reported that no warrants were converted into equity shares. As a result, no fresh funds were raised during this period, and there were no deviations from the stated objects of previous fundraises. The statement was reviewed and approved by the Audit Committee on August 13, 2026.

No funds were raised during the quarter ended June 30, 2026, as no warrants were converted.
Zero deviation or variation reported in the utilization of funds for the reporting period.
The Audit Committee and Board took the statement on record during meetings held on August 13, 2026.
The company maintains its focus on working capital and inorganic growth as primary objects for fund utilization.

💡 Investors should monitor future filings for the conversion of remaining warrants, which would result in equity dilution and provide fresh capital for the company's expansion plans.

Prime Fresh Q1 FY27 Standalone PAT up 39% YoY to ₹3.72 Cr; Revenue grows 30.5%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:57 PM

Prime Fresh reported a strong year-on-year performance for the quarter ended June 30, 2026, with standalone revenue increasing 30.5% to ₹64.72 Cr from ₹49.59 Cr. Standalone net profit grew 39.3% YoY to ₹3.72 Cr, reflecting improved operational efficiency. On a consolidated basis, subsidiaries contributed an additional ₹20.89 Cr to the top line and ₹0.55 Cr to the bottom line. The company's standalone EPS improved to ₹2.68 from ₹1.95 in the corresponding quarter of the previous year.

Standalone revenue from operations reached ₹64.72 Cr, a 30.5% increase over ₹49.59 Cr in Q1 FY26.
Standalone Net Profit rose to ₹3.72 Cr, up 39.3% from ₹2.67 Cr in the same period last year.
Subsidiary operations (three entities) generated total revenue of ₹20.89 Cr and a net profit of ₹0.55 Cr.
Basic EPS (Standalone) increased to ₹2.68 compared to ₹1.95 YoY.
Finance costs increased significantly to ₹0.33 Cr from ₹0.11 Cr YoY, indicating higher working capital utilization.

💡 Investors should monitor the company's ability to maintain this 30% growth trajectory through the monsoon season, which typically impacts fresh produce supply chains, and track the performance of newly added distribution centers in Bengaluru and Lucknow.

Prime Fresh Q1 Standalone PAT up 39.5% YoY to ₹3.72 Cr; Revenue grows 30.5%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 05:52 PM

Prime Fresh reported a strong start to FY27 with standalone revenue reaching ₹64.72 Cr, a 30.5% increase from ₹49.59 Cr in Q1 FY26. Standalone Net Profit grew by 39.5% YoY to ₹3.72 Cr, reflecting improved operational efficiency as PBT margins rose to 7.6%. Consolidated operations, including three subsidiaries, contributed an additional ₹20.89 Cr in revenue. The company also confirmed the grant of 57,850 stock options under its 2024 ESOP plan, indicating a focus on talent retention during its expansion phase.

Standalone Revenue increased 30.5% YoY to ₹64.72 Cr from ₹49.59 Cr
Standalone Net Profit rose 39.5% YoY to ₹3.72 Cr compared to ₹2.67 Cr
Subsidiaries contributed ₹20.89 Cr to total revenue and ₹54.87 Lakhs to PAT
Basic EPS improved to ₹2.68 from ₹1.95 in the year-ago quarter
57,850 stock options granted under the Employee Stock Option Plan-2024 till June 30, 2026

💡 Monitor the execution of the new Distribution Centres in Bengaluru and Lucknow to see if they sustain the 30% growth trajectory. Watch for the impact of ESOP-related employee benefit expenses on future operating margins.

Prime Fresh Ltd Board Meeting on August 13, 2026, to Approve Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 05 Aug 2026, 04:13 PM

Prime Fresh Ltd has scheduled a board meeting for August 13, 2026, to review and approve its unaudited financial results for the quarter ended June 30, 2026. This follows a strong FY26 where the company reported a revenue of ₹274 Cr and a PAT of ₹14 Cr. Investors will be looking for signs of the company's projected 30% growth rate, driven by its expansion into North and South India. The trading window for insiders has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared.

Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results.
Trading window closed from July 1, 2026, until 48 hours post-announcement.
Company reported TTM revenue of ₹274 Cr and OPM of 7.0% as of March 2026.
Market capitalization stands at ₹260 Cr with a P/E ratio of 18.6.
The company is targeting a 30% growth rate through regional sourcing hubs and distribution centers.

💡 Monitor the financial results on August 13 to evaluate if the company is maintaining its 7% operating margins and progressing toward its 30% annual growth target.

11,070 Equity Shares Allotted Under ESOP-2024 at Rs 122.38

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 03:36 PM

Prime Fresh Ltd has approved the allotment of 11,070 equity shares to eligible employees under its Employee Stock Option Plan-2024. The shares were issued at an exercise price of Rs 122.38 per share, representing a discount to the current market price of Rs 179.4. This allotment results in a negligible equity dilution of approximately 0.08% based on the pre-allotment share capital of 1.38 crore shares. The total paid-up capital will increase to approximately Rs 13.89 crore following this transaction.

Allotment of 11,070 equity shares of face value Rs 10 each on August 5, 2026.
Exercise price fixed at Rs 122.38 per share, including a premium of Rs 112.38.
Total issued shares after this allotment stands at 1,41,17,274 as per Annexure-1.
The ESOP scheme (ESOP-2024) was originally filed with the exchange on January 28, 2025.
Equity dilution from this specific allotment is minimal at ~0.08%.

💡 Educational: No immediate action required as the dilution is immaterial. Investors should monitor the cumulative impact of ESOP allotments on EPS in future quarterly results.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in two main segments: Fruits and Vegetables (F&V), which contributes 80% of revenue, and Services, which contributes 20%. Overall consolidated revenue grew 38.6% YoY to INR 206.77 Cr in FY25 from INR 149.21 Cr in FY24.

Geographic Revenue Split

Revenue is diversified across 15 states and over 80 districts in India. The company is currently expanding its footprint in North India (Lucknow DC) and South India (Bengaluru DC) to reduce regional concentration.

Profitability Margins

Net PAT margin stood at 4.50% in FY25, a slight decrease from 4.74% in FY24. However, Q1FY26 saw a margin expansion to 5%, driven by operational leverage and efficiencies.

EBITDA Margin

EBITDA margin was 6.53% in FY25 (INR 12.86 Cr), down from 6.82% in FY24 (INR 9.77 Cr). The margin improved to 7.34% in Q1FY26 due to better pricing formulas and procurement efficiencies.

Capital Expenditure

The company maintains an asset-light model but plans debt-funded capex for integrated supply chain initiatives, including potential Mega Food Park projects. Specific historical capex included INR 6.68 Cr in FY24 and a net investing inflow of INR 7.14 Cr in FY25.

Credit Rating & Borrowing

CRISIL upgraded the long-term rating to 'CRISIL BBB/Stable' from 'CRISIL BBB-/Stable' in September 2024. Borrowing remains low with a gearing of 0.06x and total bank loan facilities of INR 10 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials are fresh Fruits and Vegetables (F&V), with a specific strategic focus on Tomatoes, which represent a significant portion of the procurement volume across multiple states.

Import Sources

Sourcing is entirely domestic, primarily from states including Madhya Pradesh, Uttar Pradesh, Karnataka, Himachal Pradesh, and Gujarat.

Key Suppliers

Procurement is handled through a network of over 1.1 lakh farmers, 85 agriculture markets, and 2,400 trade partners rather than a few large corporations.

Capacity Expansion

Current sales capacity reached 80,000 TPA in FY25. The company operates 4,00,000 sq. ft. of warehouse space and recently added new Distribution Centres in Bengaluru and Lucknow.

Raw Material Costs

Raw material costs are volatile due to climatic factors; however, the company uses a pre-determined pricing formula to maintain operating margins, which were 6.41% in FY25.

Manufacturing Efficiency

The asset-light business model ensures higher capital productivity, reflected in a 5-year average ROCE of 21%.

Logistics & Distribution

Distribution is spread across 80+ districts; the company uses end-to-end tracking from farm to shelf to ensure food safety and reduce transit wastage.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth will be driven by the migration from the SME board to the Main Board of BSE, expanding the Distribution Centre network into North and South India, entering the organic food market, and implementing backward integration through structured contract farming.

Products & Services

Sourced, graded, sorted, and branded fresh fruits and vegetables; ripening and packaging services; and manpower management for the agri-supply chain.

Brand Portfolio

Prime Fresh

New Products/Services

Entry into the organic food market and expansion of tomato operations across four new states are expected to contribute to higher-margin revenue streams.

Market Expansion

Targeting deeper penetration in North, North-East, and Southern India through new regional sourcing hubs and distribution centers.

Market Share & Ranking

The company operates in a INR 25 Lakh Cr industry where organized players hold only 8-13% market share, providing significant room for growth.

Strategic Alliances

The company is exploring government grants under the Mega Food Park Scheme and potential equity dilution through QIPs for future large-scale projects.

🌍 External Factors

Industry Trends

The industry is shifting from unorganized to organized trade (currently 8-13% organized). PFL is positioning itself as a market leader in the fresh produce ecosystem through technology and branding.

Competitive Landscape

Competes with both unorganized local traders and emerging agri-tech startups in a highly fragmented market.

Competitive Moat

Durable advantages include a massive network of 1.1 lakh farmers, 20+ years of promoter experience, and an asset-light model that allows for rapid scaling without heavy debt.

Macro Economic Sensitivity

Highly sensitive to agricultural GDP and monsoon performance, as these directly impact the supply and pricing of F&V.

Consumer Behavior

Increasing consumer preference for food safety, branded produce, and organic options is driving demand for PFL's quality-checked products.

Geopolitical Risks

Trade disputes and supply chain disruptions impact global trade flows for the company's international agricultural trade segment.

⚖️ Regulatory & Governance

Industry Regulations

Adheres to Accounting Standards for financial reporting and food safety norms for farm-to-shelf tracking and compliance.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 28.3%, with INR 3.50 Cr in tax expenses on a PBT of INR 12.35 Cr.

Legal Contingencies

Secretarial audit for FY25 confirmed compliance with the Companies Act 2013, SCRA, and SEBI regulations; no major pending litigation values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Climatic unpredictability and volatile agricultural commodity pricing are the primary risks, with the potential to impact operating margins by 100-200 basis points.