ADFFOODS - ADF Foods
📢 Recent Corporate Announcements
ADF Foods Limited has scheduled a group interaction with analysts and institutional investors on March 9, 2026. The company will be participating in the Investec India Promoter & Founder Conference 2026 held in Mumbai. This physical meeting is part of the company's regular engagement with the financial community to discuss business outlook. No specific material information is expected to be disclosed beyond existing public records, but it indicates active management engagement.
- Participation in the Investec India Promoter & Founder Conference 2026.
- The meeting is scheduled for Monday, March 9, 2026, starting at 10:00 AM IST.
- The interaction will be conducted in physical mode in Mumbai.
- The event is a group meet involving various institutional investors and analysts.
ADF Foods Limited has announced the resignation of Mr. Jeetendra Joshi, who served as the General Manager – Supply Chain and was designated as Senior Management Personnel. His resignation is effective from the close of business hours on February 28, 2026. The company stated that the departure is for pursuing new opportunities and challenges outside the organization. ADF Foods has assured stakeholders that supply chain operations will remain unaffected and continue to run smoothly.
- Mr. Jeetendra Joshi resigned as General Manager – Supply Chain effective February 28, 2026.
- The resignation is classified under Senior Management Personnel (SMP) as per SEBI regulations.
- Reason cited for resignation is the pursuit of new professional opportunities and challenges.
- Company confirms there are no other material reasons for the resignation.
- Management expects no disruption to the company's supply chain operations during this transition.
ADF Foods has entered into a long-term 25-year Power Purchase Agreement (PPA) with Fourth Partner Energy Limited. The agreement secures 2 MW of hybrid renewable power (wind and solar) for its manufacturing facility in Nadiad, Gujarat. This initiative is expected to provide sustainable cost efficiencies in electricity consumption over the long term. Furthermore, it strengthens the company's ESG framework and aligns with India's 2070 net-zero vision.
- Signed a 25-year Power Purchase Agreement with Fourth Partner Energy Limited
- Procurement of 2 MW hybrid renewable power (wind and solar) for Nadiad facility
- Expected to deliver long-term cost efficiencies in electricity consumption
- Enhances the company's ESG profile and reduces carbon footprint
ADF Foods achieved its highest-ever quarterly consolidated revenue of ₹191 crores in Q3 FY26, driven by strong brand penetration and US market growth. Consolidated EBITDA rose 40.6% YoY to ₹37.1 crores, with margins standing at 19.4%. The company's mainstream brand 'Truly Indian' is scaling rapidly, now available in over 2,000 US stores including Whole Foods and Costco. Expansion remains on track with the Surat greenfield plant's Phase 1 expected to be operational by Q4 FY26, introducing new frozen product lines.
- Consolidated Revenue hit an all-time high of ₹191 crores, growing 29.5% YoY and 17.5% QoQ.
- Consolidated PAT (excluding exceptional items) surged 55.7% YoY to reach ₹29.2 crores.
- Standalone EBITDA margins improved significantly by 400 bps YoY to reach 25.1%.
- The 'Truly Indian' brand expanded its footprint to over 2,000 stores across the United States.
- Phase 1 of the Surat greenfield facility is on track to be operational by Q4 FY26 with new product lines.
ADF Foods Limited has officially shared the audio recording link for its Q3 and 9M FY 2025-26 earnings conference call. The call took place on February 5, 2026, following the release of the company's financial results. This filing is a mandatory disclosure under SEBI (LODR) Regulations to ensure transparency for all shareholders. Investors can access the link on the company's website to hear management's detailed discussion on the latest quarterly performance and future outlook.
- Audio recording for Q3 and 9M FY 2025-26 earnings call is now live on the company website.
- The earnings call was conducted on February 5, 2026, at 3:30 PM IST.
- The disclosure complies with Regulation 30 and 46 of SEBI (LODR) Regulations, 2015.
ADF Foods has scheduled its earnings conference call for the third quarter and nine months ended December 31, 2025, on February 5, 2026, at 3:30 PM IST. A key update to the call invitation is the inclusion of Mr. Srinivas Ayyagari, who has been appointed as the new Chief Financial Officer effective February 3, 2026. The management team, including the Chairman & CEO and VP of Sales & Strategy, will discuss the company's financial performance and strategic outlook. This call will be the first major interaction for the new CFO with the investor community.
- Q3 & 9M FY 2025-26 earnings conference call scheduled for February 5, 2026, at 3:30 PM IST
- Appointment of Mr. Srinivas Ayyagari as Chief Financial Officer effective February 3, 2026
- Management participants include Bimal Thakkar (Chairman, MD & CEO) and Sumer Thakkar (VP - Sales & Strategy)
- The company has released its Corporate Investor Presentation for the quarter ended December 31, 2025
ADF Foods has scheduled its Q3 and 9M FY 2025-26 earnings conference call for February 5, 2026, at 3:30 PM IST. The company issued a revised invite to include the newly appointed Chief Financial Officer, Mr. Srinivas Ayyagari, who officially joined the company on February 3, 2026. The call will feature the Chairman & CEO and the VP of Sales & Strategy alongside the new CFO to discuss financial performance. This update follows the initial announcement made on February 2, 2026.
- Earnings call for Q3 & 9M FY 2025-26 scheduled for February 5, 2026, at 3:30 PM IST
- Mr. Srinivas Ayyagari appointed as Chief Financial Officer effective February 3, 2026
- Management participants include Bimal Thakkar (CMD & CEO) and Sumer Thakkar (VP - Sales & Strategy)
- Revised invite issued specifically to include the new CFO in the management lineup
ADF Foods reported a robust performance for Q3 FY26, with consolidated revenue reaching an all-time high of Rs 191.0 crore, a 29.5% YoY increase. Adjusted Profit After Tax (PAT) grew significantly by 55.7% YoY to Rs 29.2 crore, while EBITDA margins expanded by 150 basis points to 19.4%. The growth was driven by strong brand penetration in the US and international markets, alongside improved product mix and cost optimization. Additionally, the company is on track to operationalize Phase 1 of its Surat Greenfield facility by Q4 FY26.
- Consolidated Revenue grew 29.5% YoY to Rs 191.0 Cr, driven by new listings and brand traction.
- Consolidated EBITDA increased 40.6% YoY to Rs 37.1 Cr with margins improving to 19.4%.
- Adjusted PAT (excluding Rs 6.8 Cr exceptional labor code item) rose 55.7% YoY to Rs 29.2 Cr.
- Standalone EBITDA margins reached 25.1%, reflecting a 400 bps improvement YoY.
- Surat Greenfield facility Phase 1 is scheduled to be fully operational by Q4 FY26 after successful pilot runs.
ADF Foods Limited has officially appointed Mr. Srinivas Ayyagari as the Chief Financial Officer (CFO) and Key Managerial Personnel effective February 3, 2026. This appointment fills the vacancy left by the former CFO, Mr. Shardul Doshi, who ceased his role on December 10, 2025. Consequently, the Board has updated the list of authorized personnel responsible for determining the materiality of events under SEBI regulations. The authorized group now consists of the CMD & CEO, a Whole Time Director, the new CFO, and the Company Secretary.
- Mr. Srinivas Ayyagari appointed as Chief Financial Officer effective February 3, 2026
- Former CFO Mr. Shardul Doshi ceased office on December 10, 2025
- Updated list of 4 Key Managerial Personnel authorized to determine materiality of events
- Board approval for the updated KMP list was granted in the meeting held on February 3, 2026
ADF Foods has approved its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. Auditor reports indicate that three key subsidiaries contributed Rs. 107.71 crore in revenue with a profit of Rs. 2.07 crore for the quarter. However, four other subsidiaries reported a combined loss of approximately Rs. 1.71 crore on a small revenue base of Rs. 1.78 crore. Additionally, the company noted that its subsidiary Power Brands (Foods) Private Limited is currently under voluntary liquidation.
- Board approved Unaudited Standalone and Consolidated Financial Results for Q3 FY26.
- Three major subsidiaries reported quarterly revenue of Rs. 10,770.87 Lakhs (approx. Rs. 107.7 Cr).
- Net profit from these three subsidiaries stood at Rs. 206.90 Lakhs for the quarter ended Dec 31, 2025.
- Four smaller subsidiaries reported a quarterly net loss of Rs. 171.36 Lakhs on revenue of Rs. 177.73 Lakhs.
- Subsidiary Power Brands (Foods) Private Limited is confirmed to be under voluntary liquidation.
ADF Foods Limited has appointed Srinivas Ayyagari as its new Chief Financial Officer and Key Managerial Personnel, effective February 3, 2026. Mr. Ayyagari is a qualified Cost Accountant and MBA with over 20 years of experience in senior finance roles across India and the ASEAN region. He joins from Eureka Forbes Ltd., where he served as Vice President of Finance, and has prior experience with major firms like L’Oréal, ITC, and Vodafone. This leadership addition is expected to bring seasoned FMCG sector expertise to the company's financial strategy and investor relations.
- Appointment of Srinivas Ayyagari as CFO and Key Managerial Personnel effective February 3, 2026.
- Over 20 years of experience in financial strategy, treasury, and investor relations across the FMCG and manufacturing sectors.
- Previous leadership experience at top-tier organizations including L’Oréal, Vodafone, Ferrero, ITC, and Eureka Forbes.
- Qualified Cost Accountant with a Master’s degree in Business Management.
ADF Foods Limited has scheduled its earnings conference call to discuss financial results for the third quarter and nine months ended December 31, 2025. The call is slated for Thursday, February 5, 2026, at 03:30 PM IST. Key management personnel, including Chairman and CEO Bimal Thakkar, will be present to discuss the company's performance and strategic outlook. This call provides an opportunity for institutional investors and analysts to gain clarity on the company's growth trajectory in the processed food segment.
- Earnings conference call for Q3 & 9M FY 2025-26 scheduled for February 5, 2026, at 3:30 PM IST.
- Management participants include Bimal Thakkar (Chairman, MD & CEO) and Sumer Thakkar (VP - Sales & Strategy).
- Primary dial-in numbers for the call are +91 22 6280 1107 and +91 22 7115 8008.
- International toll-free access available for investors in the USA, UK, Singapore, and Hong Kong.
ADF Foods Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were processed within the prescribed timelines. It verifies that physical share certificates were mutilated and cancelled after due verification and the names of depositories were updated in the register of members. This is a standard administrative filing ensuring the integrity of the company's shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
- Confirms dematerialized securities are listed on the stock exchanges where earlier securities were listed.
- Confirms physical certificates were mutilated and cancelled as per SEBI regulations.
- Verification completed within the prescribed regulatory timelines.
ADF Foods Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This is a standard regulatory procedure under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results announcement. The closure pertains to the unaudited financial results for the quarter and nine months ending December 31, 2025. The window will remain closed until 48 hours after the results are declared to the public.
- Trading window for designated persons to close starting Thursday, January 1, 2026.
- Closure is in anticipation of the Unaudited Financial Results for the quarter and nine months ending December 31, 2025.
- The window will reopen 48 hours after the official announcement of the financial results.
- The specific date for the board meeting to approve results will be communicated in due course.
ADF Foods Limited has announced a virtual interaction with analysts and investors scheduled for December 8, 2025, at 11:00 AM IST. The session is organized by Kotak Securities PCG and will be conducted in a group call format. This meeting is part of the company's regular investor relations engagement under SEBI Listing Obligations. While no specific financial results are being released, such calls often provide insights into management's outlook on the FMCG and processed food sectors.
- Meeting scheduled for Monday, December 8, 2025, starting at 11:00 AM IST
- Interaction to be held via virtual mode as a group call
- Organized by Kotak Securities PCG for institutional and private clients
- Compliance disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
Financial Performance
Revenue Growth by Segment
Processed Foods revenue grew to INR 133.3 Cr in Q2 FY26, a 2.4% increase from INR 130.2 Cr in Q2 FY25. The Distribution segment revenue was INR 29.3 Cr in Q2 FY26, representing a 6.1% decline from INR 31.2 Cr in Q2 FY25.
Geographic Revenue Split
Exports contribute between 95% and 99% of total revenue, with a primary focus on North America, Europe, the UK, the Middle East, and APAC regions.
Profitability Margins
Consolidated PAT margin stood at 16.2% in Q2 FY26. Standalone PAT margin improved significantly to 21.2% in Q2 FY26 from 17.0% in Q2 FY25, driven by a better product mix and cost optimization.
EBITDA Margin
Consolidated EBITDA margin was 22.0% in Q2 FY26, up 480 bps from 17.2% YoY. Standalone EBITDA margin reached 26.9% in Q2 FY26, a 490 bps increase from 22.0% in Q2 FY25.
Capital Expenditure
The group has planned capital expenditure of INR 80-85 Cr over the medium term, including a greenfield project in Surat expected to commence operations in fiscal 2026.
Credit Rating & Borrowing
CRISIL A/Positive for long-term and CRISIL A1 for short-term facilities. Interest coverage ratio was exceptionally healthy at 49.64 times in fiscal 2024.
Operational Drivers
Raw Materials
Key raw materials include fruits and vegetables for pickles and chutneys, spices, oils, and packaging materials. Specific percentage of total cost for each is not disclosed.
Import Sources
Sourced primarily from domestic markets in India, specifically near manufacturing units in Nadiad (Gujarat) and Nasik (Maharashtra).
Capacity Expansion
Current capacity is being expanded through a greenfield project in Surat, Gujarat, scheduled to be operational by FY26 to support revenue targets exceeding INR 600 Cr.
Raw Material Costs
Raw material costs are managed through seasonal procurement and negotiated contracts to mitigate price volatility caused by climate change or supply chain disruptions.
Manufacturing Efficiency
In-house manufacturing capabilities provide a competitive advantage; Return on Capital Employed (ROCE) was 25.61% in fiscal 2024.
Logistics & Distribution
Distribution costs, specifically freight, are tracking at approximately 8% of consolidated revenue as of Q2 FY26.
Strategic Growth
Expected Growth Rate
12%
Growth Strategy
Growth will be driven by the expansion of the distribution network, new product listings in major global retailers like Costco, and the commissioning of the Surat greenfield plant in FY26. The company is also shifting focus toward higher-margin processed foods which currently yield a 29.3% EBITDA margin.
Products & Services
Pickles, chutneys, pastes, sauces, ready-to-eat (RTE) meals, frozen snacks, frozen vegetables, and canned food.
Brand Portfolio
Ashoka, Truly Indian, Camel, Soul, Aeroplane, PJ’s, and Nate’s.
New Products/Services
Recent launches include products in the sweets and ready-to-eat (RTE) segments, contributing to a projected revenue of INR 580-600 Cr in FY25.
Market Expansion
Targeting increased store penetration and geographic expansion in North America, UK, Europe, and Middle East markets.
External Factors
Industry Trends
The industry is seeing a shift toward convenience-based ethnic foods (RTE and frozen). ADF is positioning itself by expanding its distribution network and increasing manufacturing capacity to capture this growing global demand.
Competitive Landscape
Intense competition from established domestic players such as ITC, MTR, Haldiram’s, and Bikaji, as well as Asian packaged food manufacturers.
Competitive Moat
Durable advantages include established brand equity (Ashoka/Truly Indian) over three decades and cost leadership through in-house manufacturing and economies of scale.
Macro Economic Sensitivity
Highly sensitive to global freight costs and international consumer demand for ethnic packaged foods.
Consumer Behavior
Increasing consumer preference for ready-to-eat and frozen ethnic Indian food in international markets.
Geopolitical Risks
Exposure to international trade barriers and uncertainty regarding US tariffs, which could impact the competitiveness of exports.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent international food safety and quality standards across 55 countries of export.
Environmental Compliance
The group has undertaken energy conservative initiatives to improve operational efficiency and comply with sustainability trends.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and intense competition in the processed food segment could impact the 20% operating margin target.
Geographic Concentration Risk
High geographic concentration risk with 95% to 99% of revenue derived from export markets.
Third Party Dependencies
Significant dependency on third-party distributors for international market reach and store listings.
Technology Obsolescence Risk
Low risk of technical obsolescence, but the company is focusing on digital internal controls and financial reporting systems.
Credit & Counterparty Risk
Strong liquidity with cash and equivalents of over INR 135 Cr as of September 2024, mitigating counterparty risk.