Freshara Agro Exports Limited (FRESHARA)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Freshara Agro's revenue was ₹179 Cr (+18.5% year on year, +33.6% on the previous half-year), and net profit ₹21.0 Cr (+23.5% year on year); the operating margin was 16.2%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹179 | +18.5% | +33.6% |
| Operating profit | ₹29.0 | +16.0% | +61.1% |
| Net profit | ₹21.0 | +23.5% | +40.0% |
| EPS (₹) | 9.07 | +22.4% | +43.1% |
| Operating margin | 16.2% | — | — |
FRESHARA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 81.82% of the FRESHARA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 90.8%. That is lower than usual for this stock. Turnover was only ₹51 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 93.3% · 100.0% · 85.7% · 81.8%
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
Freshara Agro Exports Limited submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period from July 1, 2026, to September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Private Limited confirms that security certificates received for dematerialisation were processed and confirmed within prescribed timelines. The report indicates NIL share certificates were received for dematerialisation during the quarter. This filing is a standard quarterly regulatory compliance intimation.
- Compliance certificate covers the period from 1st July, 2026 to 30th September, 2026
- Issued by RTA Purva Sharegistry (India) Private Limited on 01/10/2026
- Reported NIL share certificates dematerialised during the quarter
- Filing submitted under Regulation 74(5) of SEBI Depositories and Participants Regulations, 2018
Freshara Agro Exports Limited has approved the allotment of 8,29,800 equity shares following the conversion of warrants originally issued in March 2026. The company received the remaining 75% exercise price of ₹126 per warrant, amounting to an inflow of ₹10.455 Cr. Following this conversion, total paid-up equity capital increased from ₹23.50 Cr to ₹24.33 Cr. A total of 14,86,200 warrants remain outstanding and can be converted until September 12, 2027.
- Allotment of 8,29,800 equity shares of ₹10 face value at ₹168 per share (including ₹158 premium)
- Received balance 75% exercise price totaling ₹10,45,54,800 (@ ₹126 per warrant)
- Paid-up share capital increased from 2,34,99,200 shares to 2,43,29,000 shares (up ~3.53%)
- 14,86,200 warrants remain outstanding for conversion through September 12, 2027
Freshara Agro Exports announced that its Board of Directors met on September 18, 2026, to take note of call notices issued to warrant holders. These holders have expressed intent for full or partial conversion into equity shares upon payment of the balance 75% exercise price. The company confirmed that warrant holders have not yet made the payment, and no equity allotment has taken place as of date. Once paid, the incoming funds will support the company's balance sheet (current net worth is ₹174 Cr, debt is ₹128 Cr).
- Board noted call notices issued to warrant holders seeking full/partial equity conversion
- Exercise requires payment of the balance 75% of the issue price per warrant
- No allotment or conversion of shares has occurred yet as balance payments are pending
- Board meeting commenced at 4:45 PM and concluded at 5:00 PM on September 18, 2026
Freshara Agro Exports has issued the notice for its 3rd Annual General Meeting scheduled for September 30, 2026, via video conferencing. Among key special business items, the company is seeking shareholder approval to increase its borrowing limits under Section 180(1)(c) up to ₹400 Cr, compared to its existing debt of ₹128 Cr. The meeting will also consider the re-appointment of Chairman & Managing Director Junaid Ahmed and whole-time directors for five-year terms. The cut-off date for remote e-voting is fixed as September 23, 2026.
- AGM scheduled for September 30, 2026, with remote e-voting from September 27 to September 29, 2026
- Special resolution proposed to enhance borrowing limits up to ₹400,00,00,000 (₹400 Cr)
- Proposed borrowing limit of ₹400 Cr compares to current debt of ₹128 Cr and TTM revenue of ₹568 Cr
- Re-appointment of CMD Junaid Ahmed for 5 years at a remuneration of ₹7,50,000 per month
Freshara Agro Exports Limited has scheduled an in-person interaction with institutional investors and analysts at the Avendus Spark Small Cap Conference in Mumbai on Tuesday, September 8, 2026. The meeting will consist of group sessions from 9:00 AM to 6:00 PM IST. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the conference.
- Event: Participation in Avendus Spark Small Cap Conference in Mumbai
- Date & Time: Tuesday, September 8, 2026, from 9:00 AM to 6:00 PM IST
- Format: In-person group sessions with analysts and institutional investors
- Compliance: Company confirmed no unpublished price sensitive information (UPSI) will be disclosed
Freshara Agro Exports announced that its Board of Directors has approved the re-appointment of its core executive management team for a 5-year term from November 23, 2026, to November 22, 2031. The re-appointments include Mr. Junaid Ahmed as Chairman & Managing Director, Mr. Iqbal Ahmed as Whole-time Director (requiring a special resolution as he reaches age 70), and Mrs. Asma Syed as Whole-time Director. All appointments remain subject to approval by the company's shareholders. The move ensures leadership continuity for the company's export and capacity expansion initiatives.
- Mr. Junaid Ahmed re-appointed as Chairman & Managing Director for 5 years (Nov 23, 2026 to Nov 22, 2031).
- Mr. Iqbal Ahmed re-appointed as Whole-time Director for 5 years, requiring approval via Special Resolution.
- Mrs. Asma Syed re-appointed as Whole-time Director for a 5-year term ending November 22, 2031.
- All re-appointments are subject to the approval of the company's shareholders.
Financial Performance
Revenue Growth by Segment
Production volume grew at a CAGR of 20.33% (from 21,300 MT in FY23 to 30,755 MT in FY25), while export value grew at a CAGR of 29.53% (from INR 126 Cr in FY23 to INR 250 Cr in FY25). H1 FY26 total income reached INR 140.89 Cr, a 31.11% YoY increase.
Geographic Revenue Split
Other Countries (including Americas, Middle East, and Asia) contributed INR 111.40 Cr, representing 44.45% of total revenue in FY25, reflecting successful expansion into non-traditional markets.
Profitability Margins
FY25 Operating Profit Margin stood at 20.51% and Net Profit Margin at 11.49%. H1 FY26 margins remained stable with EBITDA at 18.14% and PAT at 11.10%, driven by a favorable product mix and improved efficiency.
EBITDA Margin
EBITDA margin was 18.14% in H1 FY26, with EBITDA rising 30.07% YoY to INR 24.38 Cr. FY25 operating profit margin was 20.51%.
Capital Expenditure
The company is acquiring a Spanish unit out of voluntary bankruptcy, which includes real estate, machines, and employee contracts. This unit is expected to contribute INR 200 Cr to revenue in FY27.
Credit Rating & Borrowing
CRISIL assigned 'CRISIL BBB/Stable/CRISIL A3+' ratings for INR 100 Cr of bank loan facilities. Interest coverage ratio stood at 7.521 as of March 31, 2025.
Operational Drivers
Raw Materials
Gherkins and mixed vegetables (including pickled products) are the primary raw materials, sourced through farmer engagement and procurement planning.
Import Sources
Raw materials are primarily sourced domestically from farmers in India, supported by Agri Infra Fund for technology adoption.
Key Suppliers
The company relies on a diversified base of contract farmers and procurement networks rather than specific large-scale corporate suppliers.
Capacity Expansion
Current production capacity is 30,755 MT (FY25). A second plant started recently with a capacity of 75-100 MT per day, contributing approximately 50% of current revenue. Retail packaging capacity is 6,000 jars per day (~30 tonnes).
Raw Material Costs
Not explicitly disclosed as a percentage of revenue, but production volume increased 20.33% CAGR to 30,755 MT to meet rising global demand.
Manufacturing Efficiency
Production efficiency is reflected in the growth of container-wise exports, which rose from 1,044 in FY23 to 1,668 in FY25 (11.20% CAGR).
Logistics & Distribution
Business is heavily dependent on cross-border movement; logistical disruptions in the Red Sea impact the cost and timing of global distribution.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved by scaling Freshara to INR 400 Cr and adding INR 200 Cr from the new Spanish subsidiary (total INR 600 Cr target for FY27). Strategy includes expanding retail packaging (6,000 jars/day) and penetrating high-growth markets in the Americas and Asia.
Products & Services
Gherkins, mixed pickled products, and preserved vegetables in bulk and retail jar formats.
Brand Portfolio
Freshara.
New Products/Services
Expansion into retail-ready packaging (6,000 jars/day) to shift from volume-led to value-driven exports.
Market Expansion
Targeting expansion in Europe via the Spanish hub and increasing presence in non-traditional markets which already contribute 44.45% of revenue.
Strategic Alliances
Acquisition of a Spanish company to be operated as a 100% subsidiary of the Indian firm.
External Factors
Industry Trends
The industry is seeing a shift toward value-added processed vegetables and branded exports. Freshara is positioning itself with a 29.53% CAGR in export value.
Competitive Landscape
The company faces competitive pressures in Europe, noted by the bankruptcy of the family-owned firm it is acquiring.
Competitive Moat
Durable advantages include a network of contract farmers, global certifications (IFS, BRCGS, FDA, Star-K Kosher), and a diversified global footprint.
Macro Economic Sensitivity
Highly sensitive to global trade conditions and currency movements; a retreating rupee and strong dollar are beneficial for export margins.
Consumer Behavior
Rising demand for premium, ready-to-consume preserved vegetables in retail formats.
Geopolitical Risks
Red Sea shipping route issues and EU-Russia trade blocks are primary risks to smooth cross-border movement.
Regulatory & Governance
Industry Regulations
Compliance with Maximum Residue Limit (MRL) regulations, food safety norms (FSSAI, FDA), and APEDA guidelines is critical for market access.
Environmental Compliance
Focus on reducing food waste and using recyclable packaging materials to align with global sustainability practices.
Legal Contingencies
The company transitioned from a partnership to a public limited company in November 2023; no specific pending court case values were disclosed.
Risk Analysis
Key Uncertainties
Susceptibility to climate change affecting crop yields and geopolitical disruptions affecting shipping routes (potential 10-20% impact on scale if sustained).
Geographic Concentration Risk
44.45% of revenue comes from 'Other Countries', reducing dependency on any single traditional geography.
Third Party Dependencies
High dependency on the farming community for raw material supply and adherence to farm-level food safety practices.
Technology Obsolescence Risk
The company is mitigating tech risks by utilizing the Agri Infra Fund for technology adoption and capacity expansion.
Credit & Counterparty Risk
Debtors turnover ratio of 3.11 indicates a need for efficient receivable management; credit rating is stable at BBB.
