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Hindustan Foods Limited (HNDFDS)

₹570.75 -1.48% last close, 16 Oct

📊 NSE: HNDFDS 🏢 Diversified - Large 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Hindustan Foods' revenue was ₹1,201 Cr (+20.7% year on year, +7.5% on the previous quarter), and net profit ₹42.8 Cr (+33.6% year on year); the operating margin was 8.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,201	+20.7%	+7.5%
Operating profit	₹100	+25.4%	+0.3%
Net profit	₹42.8	+33.6%	+1.8%
EPS (₹)	3.53	+32.7%	+1.4%
Operating margin	8.4%	—	—

Full quarterly financials → Results calendar →

HNDFDS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 53.12% of the HNDFDS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.72%. That is close to its usual level. Turnover was only ₹97 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.

53.12%Delivery, 16 Oct

57.72%Own 20-session average

0.2×Volume vs its average

₹570.75NSE close · -1.48%

Delivery in the last 5 sessions: 60.3% · 57.7% · 65.5% · 53.9% · 53.1%

Delivery across the market →

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

Hindustan Foods Submits Reg 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 12:57 PM

Hindustan Foods Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the quarter ended September 30, 2026. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirmed that securities received for dematerialisation during the period were processed and listed properly on stock exchanges. This is a standard quarterly administrative filing with no financial impact.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Pertains to the quarter ended September 30, 2026
Confirmation issued by RTA MUFG Intime India Private Limited on October 3, 2026
Filing formally submitted to BSE and NSE on October 9, 2026

💡 No action required. Investors should track upcoming Q2 FY27 operational updates and financial results.

Hindustan Foods Approves Borrowing Limit Hike Up to ₹1,300 Cr at 41st AGM

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 24 Sep 2026, 04:18 PM

Hindustan Foods Limited announced the voting results and scrutinizer's report for its 41st Annual General Meeting held on September 23, 2026. All five ordinary and special resolutions were passed with overwhelming shareholder approval. Notably, shareholders approved a special resolution to increase the company's borrowing limit under Section 180(1)(c) up to ₹1,300 Cr (99.80% in favour), alongside authorizing the creation of charges on assets. Current debt stands at ₹571 Cr against a net worth of ₹1,088 Cr.

Shareholders approved an increase in borrowing powers up to ₹1,300 Crores with 99.80% votes in favour
Resolution to create or modify charges on company assets to secure borrowings passed with 99.80% approval
Re-appointment of Director Mr. Shrinivas Dempo passed with 97.25% votes in favour
AGM voting concluded with 59,245 total shareholders as of the September 16, 2026 record date

💡 Track subsequent debt additions and quarterly leverage levels to see if the expanded ₹1,300 Cr borrowing headroom is utilized for capacity expansion or M&A.

Hindustan Foods Signs Rs 780 Cr Projects; Guides Rs 200-220 Cr PAT for FY27

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 23 Sep 2026, 01:07 PM

At its 41st AGM, Hindustan Foods reported signing projects worth Rs 780 crore in FY26, of which Rs 550 crore (>70%) is already commercialised and the remainder to be commercialised in FY27. Total capex in the Ice Cream division reached approximately Rs 630 crore, while the footwear division crossed Rs 500 crore in annual turnover. For FY26, consolidated revenue reached Rs 4,265 crore with PAT of Rs 149 crore. Management reiterated its guidance of Rs 200–220 crore PAT for FY27, backed by operating leverage across 42 facilities.

Signed projects worth Rs 780 crore in FY26 (~18% of FY26 revenue), with over Rs 550 crore already commercialised
Management maintained FY27 PAT guidance of Rs 200–220 crore, up from Rs 149 crore in FY26
Total Capex in the Ice Cream division reached approx. Rs 630 crore across Nashik and Lucknow operations
Footwear business crossed an annual turnover milestone of Rs 500 crore
Adjusted ROCE stood at 18.9% with net debt-to-equity at 0.84x as of FY26-end

💡 Track the commercialisation of the remaining ~Rs 230 crore capex pipeline in FY27 and quarterly PAT progression towards the guided Rs 200-220 crore range.

Hindustan Foods Allots 1.46 Lakh Shares, Grants 1.05 Lakh Fresh ESOPs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Sep 2026, 04:51 PM

Hindustan Foods Limited announced that its Nomination and Remuneration Committee approved the allotment of 1,46,300 equity shares upon the exercise of options under the HFL ESOS 2025 scheme. Consequently, the paid-up equity share capital increased from INR 24,23,25,404 to INR 24,26,18,004 (12,13,09,002 equity shares of INR 2 each). Additionally, the committee approved a fresh grant of 1,05,900 employee stock options to eligible employees of the company and its subsidiaries.

Allotment of 1,46,300 equity shares following the exercise of options under HFL ESOS 2025
Grant of 1,05,900 fresh stock options to employees of the company and subsidiaries
Paid-up equity share capital expands from INR 24.23 cr to INR 24.26 cr
Total share count rises by 1,46,300 shares to 12,13,09,002 shares of INR 2 each

💡 Monitor quarterly shareholding patterns to track small equity dilution from ongoing employee stock option exercises.

Hindustan Foods Allots 1.46 Lakh Shares via ESOS, Grants 1.05 Lakh Fresh Options

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 04:41 PM

Hindustan Foods Limited's Nomination and Remuneration Committee approved the allotment of 1,46,300 equity shares of face value ₹2 each pursuant to the exercise of options under HFL ESOS 2025. Following this allotment, the company's paid-up equity share capital increased from ₹24.23 crore to ₹24.26 crore, representing 12,13,09,002 equity shares. In addition, the committee approved the grant of 1,05,900 fresh employee stock options to eligible employees of the company and its subsidiaries.

Allotment of 1,46,300 equity shares under HFL ESOS 2025
Paid-up equity share capital increased to INR 24,26,18,004 (12,13,09,002 shares of INR 2 each)
Grant of 1,05,900 fresh stock options to eligible employees of the company and subsidiaries

💡 Track subsequent exchange filings for the listing and trading approval of the 1,46,300 newly allotted equity shares.

Hindustan Foods to Participate in Non-Deal Roadshows on Sep 8 and Sep 15, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 03:37 PM

Hindustan Foods Limited has scheduled participation in Non-Deal Roadshows (NDR) organized by Nuvama Institutional Equities. The interactions are set for September 8, 2026, and September 15, 2026, starting from 9:00 AM onwards in Mumbai. The meetings will be conducted in 1x1 and group formats based on publicly available information without discussing any unpublished price sensitive information (UPSI).

First roadshow scheduled for September 8, 2026, from 9:00 am onwards in Mumbai
Second roadshow scheduled for September 15, 2026, from 9:00 am onwards in Mumbai
Meetings organized by Nuvama Institutional Equities in 1x1 and group meeting format
Discussions strictly restricted to publicly available information with no UPSI

💡 Track subsequent post-meet investor presentations or exchange disclosures if any new operational updates or business roadmaps are shared.

Hindustan Foods Schedules Analyst & Institutional Investor Group Meeting on Sep 7, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Aug 2026, 01:21 PM

Hindustan Foods Limited has informed the exchanges that its company officials will participate in an Analyst and Institutional Investor group meeting scheduled for September 7, 2026, starting at 04:00 PM IST. The meeting is organised directly by Hindustan Foods and will take place in-person in Mumbai. The company noted that discussions will be based solely on publicly available information and no unpublished price-sensitive information (UPSI) will be shared.

Analyst/Investor meeting scheduled for September 7, 2026, from 04:00 PM onwards
Meeting format: In-person Group Meeting held in Mumbai
Meeting organised directly by Hindustan Foods Limited
Company confirmed discussions will be restricted to publicly available information without any UPSI

💡 Monitor any investor presentation or transcript filings that may be submitted to the stock exchanges post-event on September 7, 2026.

Hindustan Foods Schedules 41st AGM for Sept 23, 2026; Issues FY26 Annual Report Link

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 26 Aug 2026, 03:24 PM

Hindustan Foods Limited has issued an intimation regarding the dispatch of the web-link for its FY 2025-26 Annual Report and 41st AGM notice to members whose email addresses are not registered. The 41st Annual General Meeting is scheduled to be conducted on September 23, 2026, at 11:30 AM IST via video conferencing. This announcement is a routine compliance filing pursuant to Regulation 36(1)(b) of SEBI LODR Regulations.

41st Annual General Meeting scheduled for Wednesday, September 23, 2026, at 11:30 A.M. IST.
Meeting to be held virtually through Video Conferencing (VC) / Other Audio Visual Means (OAVM).
Web-link for the Integrated Annual Report for FY 2025-26 provided to shareholders without registered email IDs.

💡 Shareholders may review the FY 2025-26 Annual Report via the provided links and participate in the AGM on September 23, 2026.

Hindustan Foods 41st AGM on Sep 23, 2026; Seeks Approval to Borrow up to Rs 1,300 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 01:14 PM

Hindustan Foods has issued the notice for its 41st Annual General Meeting scheduled on September 23, 2026, via video conferencing, with September 16, 2026 set as the voting cut-off date. Key special resolutions include enhancing the Board's borrowing limits under Section 180(1)(c) up to Rs 1,300 Crores (or paid-up capital and free reserves, whichever is higher) and authorizing security creation on company assets. The proposed borrowing ceiling represents ~1.19x of its current net worth (Rs 1,088 Cr) and compares with existing debt of Rs 571 Cr.

41st AGM scheduled for September 23, 2026, with cut-off date for e-voting fixed as September 16, 2026.
Special resolution proposed to authorize borrowings up to Rs 1,300 Crores under Section 180(1)(c).
Special resolution to create mortgage/charge on assets under Section 180(1)(a) to secure credit facilities.
Proposed ratification of Cost Auditor remuneration of Rs 5,25,000 for FY27.

💡 Track shareholder voting results following the AGM on September 23, 2026, and watch for any announcements regarding debt-funded capex or M&A under the enhanced borrowing limits.

Hindustan Foods Schedules In-Person Group Investor Meeting on August 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 03:05 PM

Hindustan Foods Limited has informed stock exchanges regarding an upcoming Group Investor Meeting scheduled for August 31, 2026, at 02:30 PM IST onwards. The meeting will be organized by the company in-person in Mumbai. The discussions will be restricted to publicly available information with no unpublished price-sensitive information (UPSI) shared.

Meeting scheduled for August 31, 2026, starting at 02:30 pm onwards
Format: In-person Group Meeting held in Mumbai
Discussions to be strictly based on publicly available information without any UPSI

💡 Track subsequent post-meet disclosures or presentation filings on exchanges for any strategic qualitative commentary on capacity utilization or category scaling.

Hindustan Foods Schedules In-Person Group Investor Meet for August 28, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 03:15 PM

Hindustan Foods Limited has informed the exchanges about a group meeting with analysts and institutional investors scheduled for August 28, 2026, from 4:00 PM IST onwards. The meeting will be held in-person in Mumbai and organized directly by the company. The discussions will strictly cover publicly available information without sharing any unpublished price-sensitive information (UPSI).

Group investor meeting scheduled for August 28, 2026, starting at 4:00 PM IST
Meeting format: In-person group meeting in Mumbai
Discussions to remain limited to publicly available information with no UPSI shared
Filing submitted under Regulation 30(6) of SEBI LODR Regulations, 2015

💡 Track whether any new investor presentation or post-meet disclosures are filed with exchanges following the August 28 interaction.

SAT Dismisses Appeal Against ₹52.21 Lakh Fine Imposed by BSE on Hindustan Foods

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 14 Aug 2026, 03:01 PM

The Securities Appellate Tribunal (SAT) has dismissed an appeal filed by Hindustan Foods Limited against a ₹52.21 lakh fine imposed by BSE for SEBI (LODR) violations. The fine, originally levied in December 2023, had been paid under protest by the company. Given the company's TTM revenue of ₹4,401 crore, the fine amount is immaterial at approximately 0.01% of annual turnover. The company has stated it is in the process of further contesting the order, but no material operational impact is expected.

SAT dismissed Appeal No. 178 of 2024 on August 13, 2026.
The fine amount involved is ₹52,21,500 for violations of SEBI (LODR) Regulations.
The fine represents approximately 0.01% of the company's TTM revenue of ₹4,401 crore.
The original penalty was imposed by BSE Limited on December 10, 2023.
The company had previously paid the fees under protest and intends to continue contesting the order.

💡 Investors should view this as a minor regulatory matter with no impact on business fundamentals; watch for any further legal escalations or disclosures regarding the specific nature of the LODR violation.

Rs 340 Cr new projects signed; HNDFDS reaffirms FY27 PAT guidance of Rs 200-220 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 03:21 PM

Hindustan Foods (HFL) reported its highest-ever quarterly PAT in Q1 FY27, growing 33% YoY despite cost pressures in its footwear segment. The company has already signed new projects worth Rs 340 Cr in FY27 and expects to commercialize over Rs 500 Cr in total manufacturing capacity this fiscal year. Management reaffirmed its FY27 PAT guidance of Rs 200-220 Cr, a significant increase from the TTM PAT of Rs 148 Cr. A strategic shift toward 'conversion-only' models, where customers supply raw materials, is expected to drive EBITDA and PAT growth faster than reported revenue.

Achieved highest-ever quarterly PAT in Q1 FY27 with a growth of 33% YoY.
Signed new expansion projects worth Rs 340 Cr in FY27, representing ~8% of TTM revenue.
Reaffirmed FY27 PAT guidance of Rs 200 Cr to Rs 220 Cr, implying ~35-48% growth over FY26 PAT.
Expects to commercialize manufacturing capacities exceeding Rs 500 Cr during FY27.
Footwear order book is full for the remainder of FY27, despite temporary Q1 margin hits from Middle East logistics and Haryana wage hikes.

💡 Monitor the commissioning of the Lucknow facility and the ramp-up of the Panipat ice cream unit. Investors should track the margin expansion resulting from the shift to 'conversion-only' manufacturing models in upcoming quarterly results.

Hindustan Foods: Audio Recording of Q1 FY27 Analyst Call Now Available

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Aug 2026, 06:23 PM

Hindustan Foods has released the audio recording of its analyst conference call held on August 05, 2026, regarding the Q1 FY27 results. The discussion covered the company's performance for the quarter ended June 30, 2026, following a year where TTM revenue reached Rs 4,195 Cr. Management typically uses these calls to update on the 'String of Pearls' M&A strategy and the integration of the footwear business. The recording is accessible via the company's investor relations website.

Analyst conference call conducted on August 05, 2026, to discuss Q1 FY27 performance
Company maintains a TTM revenue of Rs 4,195 Cr with an operating profit margin of 8.6%
Shared manufacturing model now contributes 27% of EBITDA, reflecting a shift toward higher-margin operations
Management targets a 22% expected growth rate driven by its aggressive M&A strategy

💡 Investors should listen to the recording specifically for updates on the footwear business's path to profitability in FY26 and the utilization levels of recently stabilized North and South manufacturing units.

33% PAT Growth in Q1 FY27; HNDFDS Guides for Rs 200-220 Cr PAT in FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 07:57 PM

Hindustan Foods reported a strong Q1 FY27 with revenue growing 18% YoY to ₹1,207 Cr and PAT increasing 33% YoY to ₹42.8 Cr. The company provided a robust PAT guidance of ₹200-220 Cr for FY27, implying a 34-48% growth over FY26. Significant capex is being deployed, including a ₹225 Cr Panipat plant commercialized in Q1 and ₹50 Cr for beverages. The shift towards 'Shared Manufacturing' continues to drive margin expansion, with EBITDA growing 26% YoY.

Q1 FY27 Revenue reached ₹1,207 Cr, an 18% increase compared to ₹1,022.2 Cr in Q1 FY26
PAT for the quarter grew 33% YoY to ₹42.8 Cr, with EPS rising to ₹3.53 from ₹2.70
Management issued a full-year FY27 PAT guidance of ₹200-220 Cr
Commercialized a ₹225 Cr Ice Cream facility in Panipat during Q1 FY27, with Phase 2 expansion underway
Shared manufacturing gross block stands at ₹622 Cr, representing 36% of the total gross block

💡 Monitor the commercialization timelines for the Greek Yogurt facility in Q3 FY27 and the beverage lines in Aurangabad/Mysore in Q4 FY27. Watch for the recovery of the footwear segment which faced temporary supply chain disruptions due to the Middle East crisis.

View All HNDFDS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Shared manufacturing now contributes 27% to total sales. The shoe business reached its highest ever turnover in Q2 FY26. Overall revenue grew 18% YoY in Q2 FY26 to INR 1,042.7 Cr and 16% YoY in H1 FY26 to INR 2,040.8 Cr.

Geographic Revenue Split

Not specifically disclosed by percentage, though the company operates manufacturing units in North and South India which have recently stabilized and ramped up production.

Profitability Margins

Gross Profit margin for H1 FY26 stood at 16.5% (INR 336.8 Cr). Profit After Tax (PAT) margin for Q2 FY26 was 3.37%, with PAT surging 54% YoY to INR 35.2 Cr. H1 FY26 PAT grew 33% YoY to INR 67.0 Cr.

EBITDA Margin

EBITDA margin for Q2 FY26 was 8.62% (INR 89.9 Cr), representing a 24% YoY increase. H1 FY26 EBITDA rose 17% YoY to INR 173.3 Cr.

Capital Expenditure

The company has a planned capital expenditure of INR 550 Cr, supported by a strong financial position and internal accruals. The gross block for the shoe business specifically stands at INR 140 Cr.

Credit Rating & Borrowing

Net debt to equity ratio is maintained at a comfortable level of 0.67 as of September 30, 2025. Finance costs for H1 FY26 were INR 40.6 Cr, remaining flat YoY.

⚙️ Operational Drivers

Raw Materials

Not specifically named; however, Cost of Goods Sold (COGS) represents 78.3% of total revenue (INR 1,597.8 Cr in H1 FY26).

Capacity Expansion

The company is ramping up capacity across business verticals, with North and South units now stabilized. The shoe business is undergoing integration to maintain momentum after hitting record turnover.

Raw Material Costs

Raw material costs (COGS) accounted for 78.3% of revenue in H1 FY26, increasing from INR 1,376.6 Cr in H1 FY25 to INR 1,597.8 Cr.

Manufacturing Efficiency

Profit expansion in Q2 FY26 was driven by better capacity utilization and operating leverage. Shared manufacturing now accounts for 27% of EBITDA.

📈 Strategic Growth

Expected Growth Rate

22%

Growth Strategy

Growth is driven by a 'String of Pearls' M&A strategy (10+ acquisitions in 4 years), a shift from dedicated to shared manufacturing models to capture higher margins, and scaling newer categories like footwear. The company also leverages the growth of quick commerce to expand its contract manufacturing footprint.

Products & Services

Diversified FMCG contract manufacturing services, including everyday consumer necessities and footwear (shoes).

Brand Portfolio

The company is a contract manufacturer for marquee FMCG customers; it was founded by the Vanity Case Group.

New Products/Services

Expansion into the shoe business and scaling of newer FMCG categories; the shoe business is expected to be PAT positive in FY26 with return ratios above the company average.

Market Expansion

Focus on unlocking the full potential of each business vertical through strategic roadmaps and pursuing high-growth M&A opportunities.

Strategic Alliances

Maintains relationships with marquee FMCG customers and utilizes SGA as an Investor Relations advisor to improve disclosures.

🌍 External Factors

Industry Trends

The FMCG industry is seeing a shift toward quick commerce; HFL is positioning itself as an expert partner for brands looking to scale rapidly in this segment. The contract manufacturing industry is evolving from dedicated facilities to shared, multi-client hubs.

Competitive Landscape

HFL is a leading diversified FMCG contract manufacturer in India, competing for marquee client contracts through operational excellence and cost discipline.

Competitive Moat

Moat is built on a diversified contract manufacturing portfolio, scale (first quarter exceeding INR 1,000 Cr revenue), and the ability to integrate multiple acquisitions ('String of Pearls' strategy) while maintaining a robust balance sheet.

Macro Economic Sensitivity

Steady demand for everyday consumer necessities provides a natural hedge against market fluctuations and inflation.

Consumer Behavior

Increasing consumer demand for everyday necessities and the emergence of quick commerce are driving higher volumes for HFL's clients.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to client-specific compliance standards and general manufacturing regulations; failure to meet these is identified as a 'Contract Risk'.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 25.1% (INR 22.5 Cr tax on INR 89.4 Cr PBT).

⚠️ Risk Analysis

Key Uncertainties

Operating leverage risk in shared manufacturing could impact profitability by 10-15% if capacity utilization targets are not met. Liquidity risk is rated as 'Low' due to forward-looking cash flow management.