ADF Foods Limited (ADFFOODS)
₹271.25 -1.58% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, ADF Foods' revenue was ₹167 Cr (+25.9% year on year, -15.1% on the previous quarter), and net profit ₹17.3 Cr (+13.4% year on year); the operating margin was 17.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹167 | +25.9% | -15.1% |
| Operating profit | ₹29.7 | +26.0% | -12.8% |
| Net profit | ₹17.3 | +13.4% | -33.5% |
| EPS (₹) | 1.57 | +12.9% | -33.5% |
| Operating margin | 17.7% | — | — |
ADFFOODS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.44% of the ADFFOODS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.17%. That is close to its usual level.
Delivery in the last 5 sessions: 61.3% · 49.6% · 51.9% · 48.9% · 51.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ADF Foods' US step-down subsidiary has entered into a Forbearance Agreement with Ascot Valley Foods to resolve US litigation where judgments totalled approximately $2.31 million. Under the deal, the subsidiary agreed to accept $1.75 million plus interest, receiving an initial payment of $450,000 on October 9, 2026. The remaining $1.30 million is structured in monthly instalments of at least $25,000 over up to 52 months starting November 2026. Crucially, Ascot must withdraw its appeal, and the permanent injunction protecting ADF's proprietary recipes and trade secrets remains fully effective.
- Original judgment in favour of ADF Foods (USA) Ltd. was approximately US$ 2.31 million plus interest
- Settlement agreed at US$ 1.75 million plus applicable interest, with US$ 450,000 upfront received on 9th October 2026
- Balance US$ 1.30 million payable in monthly instalments of at least US$ 25,000 across up to 52 months starting November 2026
- Ascot to withdraw appeal while permanent injunction protecting proprietary recipes and trade secrets stays intact
ADF Foods Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MUFG Intime India confirms that all securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. The report details that the underlying physical security certificates were duly mutilated and cancelled. This is a standard quarterly administrative filing with no impact on business operations.
- Compliance certificate issued for the quarter ended September 30, 2026
- Confirmation certificate dated October 6, 2026 received from RTA MUFG Intime India Private Limited
- Securities confirmed for dematerialisation have been listed on corresponding stock exchanges
- Physical security certificates received were mutilated and cancelled as per regulatory timelines
ADF Foods has signed an EPC contract with CleanMax Enviro Energy Solutions to install a 950 KWp rooftop solar power plant at its Surat, Gujarat facility under the CAPEX model. The solar installation is expected to supply approximately 46% of the Surat plant's electricity requirements. Commissioning is slated for completion by the end of 2026. This follows an earlier 2 MW hybrid wind-solar PPA for its Nadiad facility aimed at reducing power costs and operational carbon footprint.
- Signs EPC contract with CleanMax for a 950 KWp rooftop solar plant at Surat
- To be owned by ADF Foods under the CAPEX model; financial capex value not disclosed
- Expected to supply approximately 46% of Surat facility's total energy requirements
- Commissioning targeted by end of 2026
- Complements a previously executed 2 MW hybrid wind-solar PPA for the Nadiad plant
ADF Foods Limited informed stock exchanges that Ms. Purvi Dwivedi, General Manager – Accounts and designated Senior Management Personnel (SMP), has resigned to pursue new opportunities. Her resignation became effective at the close of business hours on August 21, 2026. The departure is an executive transition within the finance team and does not involve the Chief Financial Officer or Board of Directors. Operating fundamentals and ongoing business expansions remain unaffected.
- Ms. Purvi Dwivedi resigned from her role as General Manager – Accounts, designated as Senior Management Personnel (SMP)
- Resignation became effective as of the close of business hours on August 21, 2026
- Formal resignation letter was submitted to the CFO on August 20, 2026 citing pursuit of new opportunities and challenges
Ascot Valley Foods Ltd. has filed a Notice of Appeal in the US Court of Appeals for the Second Circuit against a permanent injunction and monetary judgment awarded to ADF Foods' US step-down subsidiary. As of August 14, 2026, no stay has been granted on the Final Judgment, Supplemental Judgment, or Permanent Injunction, meaning the District Court's rulings remain fully in effect. ADF Foods' subsidiary will contest the appeal to protect and enforce its rights. The specific monetary award amount was not disclosed in this filing.
- Ascot Valley Foods Ltd. filed a Notice of Appeal with the US Court of Appeals for the Second Circuit against prior District Court rulings.
- Prior favourable order dates back to company intimation on 28th June, 2026.
- No stay has been granted on the Permanent Injunction, Final Judgment, or Supplemental Judgment as of 14th August, 2026.
- US step-down subsidiary will contest the appeal and continue enforcing its rights.
ADF Foods Limited announced the voting results of its 36th Annual General Meeting held on August 12, 2026. Shareholders approved all four resolutions with requisite majorities, including the adoption of FY26 financial statements and a final dividend of ₹0.60 per equity share of face value ₹2. Additionally, the re-appointment and remuneration continuation for Mr. Bimal Thakkar for the period October 1, 2026 to September 30, 2028 were approved (99.21% in favour). A total of 41,618 shareholders were on record as of the cut-off date of August 5, 2026.
- Final dividend of ₹0.60 per equity share (FV ₹2) approved with 99.999% votes in favour (6,48,20,398 votes).
- Continuation of existing remuneration terms for Director Mr. Bimal Thakkar from Oct 1, 2026 to Sep 30, 2028 approved with 99.209% majority.
- Total shareholder count as of the cut-off date (August 5, 2026) stood at 41,618.
- All 4 ordinary and special resolutions approved with remote e-voting and AGM e-voting participation.
ADF Foods concluded its 36th Annual General Meeting on August 12, 2026, where shareholders approved a final dividend of ‡0.60 per equity share for FY26. Key resolutions included the adoption of audited financial statements for FY26, which showed a consolidated revenue of ‡683.88 Cr and a PAT of ‡89.24 Cr. A special resolution was passed to continue the existing remuneration terms for Chairman and MD Bimal Thakkar from October 2026 through September 2028. The statutory and secretarial audit reports for the year contained no qualifications or adverse remarks.
- Final dividend of ‡0.60 per equity share (30% of ‡2 face value) approved for FY26.
- Special resolution passed for continuation of Mr. Bimal Thakkar’s remuneration from Oct 1, 2026, to Sept 30, 2028.
- FY26 consolidated revenue reported at ‡683.88 Cr with an operating margin of 19.1%.
- Statutory Auditors (MSKA & Associates LLP) issued a clean report with no qualifications for FY26.
- Remote e-voting was conducted between August 8 and August 11, 2026, prior to the meeting.
CRISIL Ratings has upgraded ADF Foods Limited's long-term bank facility rating to 'CRISIL A+/Stable' from 'CRISIL A/Positive', while reaffirming the short-term rating at 'CRISIL A1'. This upgrade reflects the company's robust financial profile, supported by a very low debt of Rs 10 Cr and a healthy ROCE of 25.0%. The company is currently executing a greenfield expansion in Surat to support revenue targets exceeding Rs 600 Cr, which was already surpassed in FY26 with TTM revenue reaching Rs 684 Cr.
- Long-term credit rating upgraded to 'CRISIL A+/Stable' from 'CRISIL A/Positive'
- Short-term credit rating reaffirmed at 'CRISIL A1'
- Company maintains a very low Debt-to-Equity ratio of 0.02 with only Rs 10 Cr in debt
- TTM Revenue stands at Rs 684 Cr with a healthy Operating Profit Margin of 19.1%
- Upgrade comes as the company prepares for the commissioning of its Surat greenfield plant in FY26
ADF Foods reported a strong Q1 FY27 with consolidated revenue growing 25.9% YoY to ₹167.3 cr and EBITDA rising 26% to ₹29.7 cr. Management has provided a robust guidance for FY27 revenue exceeding ₹900 cr, which would be a ~31% increase over TTM revenue of ₹684 cr. The newly commissioned Surat greenfield facility is now making commercial deliveries and is expected to contribute up to ₹300 cr at full capacity. Total manufacturing capacity is now positioned to support a top line of ₹1,250 cr by FY2030, providing significant headroom for growth.
- Consolidated revenue increased 25.9% YoY to ₹167.3 cr in Q1 FY27
- Management guided for FY27 revenue exceeding ₹900 cr with high-teen EBITDA margins
- Total manufacturing capacity (Greenfield + Brownfield) can now support ₹1,250 cr in revenue
- Surat greenfield facility has a peak revenue potential of nearly ₹300 cr
- Truly Indian brand has expanded presence to over 3,000 stores in the United States
ADF Foods has been assigned an ESG (Environmental, Social, and Governance) rating of '55', categorized as 'Adequate', by CRISIL ESG Ratings & Analytics Limited. The rating was assigned independently by CRISIL based on public domain information, without formal engagement from the company. For a business that derives 95% of its revenue from exports, such ratings are increasingly relevant for maintaining relationships with global retailers like Costco. The score provides a baseline for the company's sustainability and governance performance relative to industry standards.
- CRISIL assigned an ESG Rating of '55' to the company
- The rating is categorized as 'Adequate' based on Environmental, Social, and Governance parameters
- The rating was assigned independently by CRISIL without a formal mandate from ADF Foods
- Communication regarding the rating was received by the company on July 30, 2026
- ADF Foods maintains a high export dependency of 95%, making ESG benchmarks relevant for global operations
ADF Foods has released the audio recording of its Q1 FY 2026-27 earnings call held on July 30, 2026. The company currently reports a TTM revenue of Rs 684 Cr and a PAT of Rs 89 Cr, maintaining a strong ROCE of 25.0%. Investors can gain insights into the progress of the Surat greenfield plant and how the company is managing its 95% export-dependent revenue stream. The call likely addresses the impact of freight costs, which currently represent approximately 8% of consolidated revenue.
- Audio recording of Q1 FY 2026-27 earnings call held on July 30, 2026, at 03:30 P.M.
- Company reported TTM revenue of Rs 684 Cr and TTM PAT of Rs 89 Cr.
- Operating Profit Margin (OPM) stands at 19.1% with a high ROCE of 25.0%.
- Export dependency is significant at 95% of revenue, with freight costs at ~8%.
ADF Foods reported a strong Q1 FY27 with revenue increasing 25.9% YoY to ₹167.3 Cr and EBITDA rising 26% to ₹29.7 Cr. The company's Surat greenfield facility, which became operational in March 2026, has started commercial shipments, supporting future volume growth. Despite geopolitical tensions and high freight costs (approx. 8% of revenue), the company maintained an EBITDA margin of 17.7%. The 'Truly Indian' brand has expanded to over 3,000 stores in the US mainstream market, while the flagship 'Ashoka' brand continues to drive diaspora demand.
- Revenue from operations grew 25.9% YoY to ₹167.3 Cr in Q1 FY27, marking the 4th consecutive quarter of double-digit growth.
- Surat greenfield facility (Phase 1) commenced commercial deliveries and initial container shipments in Q1 FY27.
- Truly Indian brand presence expanded to over 3,000 stores in the U.S. mainstream market.
- Total annual food processing capacity stands at approximately 38,000 MT across three plants in Nadiad, Nashik, and Surat.
- Invested ~₹124 Cr in capacity expansion over the last two years, fully funded through internal accruals.
ADF Foods reported a strong Q1 FY27 with consolidated revenue growing 25.9% YoY to ₹167.3 Cr, representing approximately 24.5% of its TTM revenue. EBITDA increased by 26.0% to ₹29.7 Cr, maintaining a steady margin of 17.7%. A key operational milestone was the commencement of commercial deliveries from the Surat greenfield facility, which is expected to drive future volume. However, PAT margins saw a contraction of 120 bps YoY to 10.3%, primarily due to geopolitical headwinds and elevated freight costs.
- Consolidated revenue increased 25.9% YoY to ₹167.3 Cr, marking the 4th consecutive quarter of double-digit growth.
- EBITDA grew 26.0% YoY to ₹29.7 Cr with margins held steady at 17.7%.
- Commenced commercial deliveries from the new Surat greenfield facility during the quarter.
- Achieved AEO-T3 certification, enabling faster customs clearances and improved working capital efficiency.
- Consolidated PAT rose 13.4% YoY to ₹17.3 Cr, despite shipping and container constraints.
ADF Foods is incorporating a wholly owned step-down subsidiary in Ireland, named ADF Foods Ireland Limited, through its UK-based subsidiary. The initial investment is a nominal EUR 20,000 (approximately ₹0.18 Cr), which is negligible compared to the company's TTM revenue of ₹684 Cr and net worth of ₹594 Cr. This move is strategically aimed at facilitating 'ease of doing business' and supporting growth plans within the European market. Given that 95% of the company's revenue is export-dependent, establishing a local legal entity in the EU aligns with its long-term geographic expansion strategy.
- Initial cash consideration for equity subscription is EUR 20,000
- The new entity will be a 100% step-down subsidiary via ADF Foods UK Limited
- Move supports the company's 95% export-dependent revenue model by targeting European growth
- Incorporation is intended to facilitate ease of doing business in the Processed Food Industry
ADF Foods reported a strong 25.9% YoY increase in consolidated revenue to ₹167.29 Cr for Q1 FY27. Profit Before Tax (PBT) rose 11.3% YoY to ₹23.49 Cr, despite a one-time exceptional charge of ₹6.83 Cr related to liabilities from the New Labour Codes. A major highlight is the receipt of a ₹19.69 Cr (USD 2.08 million) US import tariff refund, which significantly bolstered the quarter's financials. The core Processed Foods segment continues to dominate, contributing 86% of total revenue.
- Consolidated revenue increased to ₹167.29 Cr in Q1 FY27 from ₹132.88 Cr in Q1 FY26, a 25.9% growth.
- Received a ₹19.69 Cr (USD 2.08 million) refund from the US Government for previously paid import tariffs.
- Recognized a one-time exceptional expense of ₹6.83 Cr due to revised gratuity and leave liabilities under New Labour Codes.
- Processed and Preserved Foods segment revenue grew to ₹144.05 Cr, up from ₹102.37 Cr in the same quarter last year.
- Consolidated PBT stood at ₹23.49 Cr, representing a margin of 14% despite the exceptional labor cost hit.
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.
