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ADF Foods

ADFFOODS NSE
₹263.70 +6.89 (+2.68%)
P/E
31.51
View as Markdown
MCP
Close 4 Nov 2026 ₹263.70 +38.87 +17.3% 1Y
Start ₹224.83

Key Fundamentals

MicrocapFood ProductsFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
21.80%
Debt to Equity
0.10
EPS (TTM)
₹8.37
Book Value
₹52.02
Market Cap
—
P/E (TTM)
31.51
P/B
5.07
ROE
17.70%
Dividend Yield
0.47%
EBITDA
₹151 Cr
52W High
₹346.95
52W Low
₹153.10
Day Range
₹253.61 – ₹265.00
Volume
28,976

Peer Comparison

Fast Moving Consumer Goods › Food Products › Packaged Foods

ADF Foods peer comparison
Nestle
₹1,248.0058.21₹2,42,042 Cr41.661.12%73.20%84.10%₹25,581 Cr₹4,134 Cr
Britannia Industries
₹4,946.3045.75₹1,19,473 Cr23.331.84%53.50%56.00%₹19,529 Cr₹2,610 Cr
Zydus Wellness
₹488.8082.57₹15,590 Cr2.630.24%3.98%4.91%₹4,537 Cr₹188 Cr
Bikaji Foods International
₹472.9043.79₹11,876 Cr7.380.27%17.80%22.00%₹2,872 Cr₹272 Cr
Bombay Burmah Trading
₹1,274.206.89₹8,824 Cr1.261.36%18.70%33.00%₹19,915 Cr₹2,585 Cr
Mrs. Bectors Food
₹208.1643.01₹6,436 Cr5.030.62%11.40%14.10%₹2,119 Cr₹149 Cr
Gopal Snacks
₹246.8836.68₹3,136 Cr5.730.20%4.72%11.70%₹1,608 Cr₹84 Cr
ADF Foods (this company)
₹263.7031.51₹2,866 Cr5.070.47%17.70%21.80%₹718 Cr₹91 Cr
Median 8 companies₹480.8543.40₹10,350 Cr5.400.54%17.75%21.90%₹3,705 Cr₹230 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

45 Average

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
25
Poor
Cheap vs sector & own history 24% weight
Growth
78
Strong
Sales & profit trajectory 9% weight
Financial Health
89
Strong
Solvency, leverage, coverage 9% weight
Momentum
42
Weak
Trend strength, vol-adjusted 12% weight
Ownership
22
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 37.2%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish658
OscillatorsNeutral252
Moving AveragesStrong Bullish406

Key readings

RSI (14)
52.50
Neutral
MACD (12,26,9)
−6.40
Bullish
SMA (50)
267.48
Bearish
SMA (200)
250.24
Bullish

As of

Analyst Rating

Based on 1 analysts
HOLD100%

0 of 1 analyst rates Buy, 1 Hold, 0 Sell.

As of

BUY
0
0%
HOLD
1
100%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.52%
5Y+13.04%
3Y+14.92%
1Y+15.76%
TTM+19.67%

Net profit

Net profit growth by window
10Y+29.10%
5Y+12.47%
3Y+17.13%
1Y+30.43%
TTM+30.00%

Operating cash flow

Operating cash flow growth by window
10Y+14.48%
5Y+10.01%
3Y+4.38%
1Y+56.76%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+9.66 pp
5Y+0.80 pp
3Y+1.18 pp
1Y+2.57 pp
TTM+1.91 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹201 Cr
Mar 2018₹201 Cr
Mar 2019₹231 Cr
Mar 2020₹285 Cr
Mar 2021₹370 Cr
Mar 2022₹421 Cr
Mar 2023₹450 Cr
Mar 2024₹520 Cr
Mar 2025₹590 Cr
Mar 2026₹683 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹15.00 Cr
Mar 2018₹18.00 Cr
Mar 2019₹25.00 Cr
Mar 2020₹43.00 Cr
Mar 2021₹50.00 Cr
Mar 2022₹49.00 Cr
Mar 2023₹56.00 Cr
Mar 2024₹74.00 Cr
Mar 2025₹69.00 Cr
Mar 2026₹90.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹165 Cr +9.5% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

ADF Foods Ltd is a ₹3,435 Cr market cap FMCG company focused on ethnic food exports, trading at a PE of 39.2x. The company is virtually debt-free, has delivered 15% compounded sales CAGR over 3 years and 21% profit CAGR over the same period, with ROE consistently around 16-18%. However, the premium valuation and export-dependent revenue model present risk factors for investors to weigh.

Bull Case 8
  • Almost debt-free balance sheet provides financial flexibility and low interest burden (interest expense just ₹1.45 Cr against ₹148 Cr gross profit in FY25)
  • Consistent compounded sales growth of 13% over 10 years and 15% over 3 years indicates durable demand for ethnic food products globally
  • Compounded profit CAGR of 45% on a TTM basis shows accelerating earnings momentum
  • Steady ROE of 16-18% over 3, 5, and 10 years demonstrates efficient capital allocation without leverage
  • Operating profit grew from ₹53.3 Cr to ₹131.12 Cr over 5 years, a near 2.5x expansion
  • Healthy dividend payout ratio of 37.1% shows shareholder-friendly capital return policy while still reinvesting for growth
  • FY25 consolidated revenue of ₹589.58 Cr versus ₹421.20 Cr in FY22, representing 40% revenue growth in 3 years
  • Stock CAGR of 34% over 10 years reflects long-term wealth creation track record
Bear Case 7
  • Q3 FY25 net profit declined 3.21% YoY (₹18.76 Cr vs ₹19.38 Cr) despite 13.76% revenue growth, indicating margin pressure in certain quarters
  • Price-to-book ratio of 6.16x is elevated, implying significant goodwill priced into the stock beyond tangible asset value
  • Dividend yield of only 0.19% provides negligible income return at current valuations
  • Export-focused business model exposes revenues to currency fluctuation risk and geopolitical trade disruptions
  • Market cap of ₹3,435 Cr on approximately ₹590 Cr revenue implies a price-to-sales ratio of ~5.8x, which is rich for a food processing company
  • 5-year stock CAGR of 12% has underperformed the 10-year CAGR of 34%, suggesting returns have moderated as the company scaled
  • 10-year compounded sales growth of 13% is moderate for the premium being paid, and scaling further in niche ethnic food categories may prove challenging

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: ADF Foods had a strong late-June/early-July period on the legal and regulatory front, securing approximately $4.3M in combined financial benefits from a US court ruling and a tariff refund. There are no visible headwinds from recent news. The trend is positive with improved cash flow visibility from the US market, though these are one-time gains rather than recurring operational improvements.

Positives 2
  • US tariff refund of $2.1M Jul 1

    ADF Foods' US subsidiary received a $2.1 million tariff refund from US Customs following a Supreme Court directive, providing a direct cash benefit.

  • Favourable US court ruling Jun 27

    ADF Foods won a US lawsuit with disgorgement damages of $2,298,114 awarded in its favour while its own liability was limited to just $100,706.96, a net positive of ~$2.2M.

Quarterly Results

₹ Cr
ADFFOODS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
112
125
130
154
122
161
147
159
133
163
191
197
167
Expenses
90
103
103
119
102
134
121
134
109
127
154
162
138
Operating Profit
22
22
27
34
20
28
26
25
24
36
37
34
30
OPM %
20%
17%
21%
22%
16%
17%
18%
16%
18%
22%
19%
17%
18%
Other Income
2
3
4
2
5
4
4
2
3
6
−4
9
1
Interest
1
1
1
1
1
1
1
1
1
1
1
1
1
Depreciation
4
4
4
4
4
5
5
5
5
5
5
6
7
PBT
20
21
26
31
20
26
25
21
21
36
27
36
23
Tax %
27%
27%
27%
19%
26%
25%
25%
21%
28%
26%
17%
29%
26%
Net Profit
15
15
19
25
14
20
19
16
15
26
22
26
17
EPS (₹)
1.37
1.37
1.76
2.35
1.37
1.79
1.71
1.5
1.39
2.4
2.04
2.36
1.57

Profit & Loss

₹ Cr
ADFFOODS profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
204
210
201
201
231
285
370
421
450
520
590
683
718
Expenses
188
190
179
182
202
232
302
354
369
415
491
552
581
Operating Profit
16
20
22
19
29
53
68
67
81
105
98
131
137
OPM %
8%
9%
11%
10%
13%
19%
18%
16%
18%
20%
17%
19%
19%
Other Income
9
4
6
18
14
9
6
9
11
11
14
13
11
Interest
1
1
1
1
1
1
1
2
3
2
3
3
3
Depreciation
11
12
5
4
4
6
6
9
14
16
18
21
23
PBT
12
11
23
32
38
55
67
65
75
98
92
120
122
Tax %
24%
39%
36%
44%
33%
22%
25%
26%
26%
25%
24%
25%
—
Net Profit
9
7
15
18
25
43
50
49
56
74
69
90
92
EPS (₹)
0.8
0.6
1.38
1.7
2.53
4.27
5
4.59
5.1
6.85
6.3
8.18
8.37
Div. Payout %
38%
0%
37%
0%
0%
14%
12%
18%
20%
77%
19%
15%
—

Balance Sheet

₹ Cr
ADFFOODS balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
22
22
22
22
20
20
20
21
22
22
22
22
Reserves
131
136
145
153
151
184
253
322
397
419
470
550
Borrowings
18
6
5
1
0
23
1
70
55
56
59
55
Other Liabilities
24
21
19
30
23
37
50
55
46
53
66
114
Total Liabilities
194
185
191
205
195
265
324
468
520
550
618
741
Fixed Assets
93
83
81
80
69
77
77
160
175
182
186
258
CWIP
2
0
1
0
1
2
0
0
7
5
19
27
Investments
8
8
8
0
0
18
17
39
80
77
61
15
Other Assets
92
94
100
125
125
167
229
268
259
285
353
442
Total Assets
194
185
191
205
195
265
324
468
520
550
618
741

Cash Flow

₹ Cr
ADFFOODS cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
6
15
17
24
20
31
36
34
51
70
37
58
Investing
18
1
−4
4
−1
−39
−9
−53
−60
13
−39
−5
Financing
−21
−18
−12
−11
−32
14
−7
33
−5
−63
−21
−24
Net Cash Flow
3
−1
1
17
−14
6
20
14
−14
20
−23
29
Free Cash Flow
−7
16
14
19
15
21
32
0
24
55
−4
−25
CFO/EBITDA
36
121
117
168
114
83
71
72
88
89
63
70

Ratios

ADFFOODS financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
58
63
62
78
69
68
64
61
76
76
73
77
Inventory Days
98
85
104
94
131
158
143
156
132
111
176
205
Days Payable
37
37
44
55
52
62
68
65
47
63
88
120
Cash Conversion Cycle
120
112
122
117
148
165
139
153
162
124
160
162
Working Capital Days
66
86
98
102
117
82
111
110
116
108
123
128
ROCE %
6%
7%
14%
19%
23%
28%
27%
19%
17%
20%
17%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view ADF Foods insights

71 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 36.13%
  • DIIs 20.98%
  • Public 19.76%
  • Others 11.75%
  • FIIs 11.38%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about ADF Foods

What does ADF Foods Ltd do?
ADF specializes in the production and export of a variety of traditional Indian food products, including pickles, chutneys, pastes, sauces, ready-to-eat meals, frozen, and canned foods. Its market spans Europe, the US, Australia, and the Gulf.
Where is ADF Foods Ltd (ADFFOODS) listed?
ADF Foods Ltd trades as ADFFOODS on the NSE and under code 519183 on the BSE.
Which sector does ADF Foods Ltd belong to?
ADF Foods Ltd is classified under the Food Products sector, in the Packaged Foods industry.
What is the PE ratio of ADF Foods Ltd?
ADF Foods Ltd trades at a PE ratio of 31.51 as of 4 Nov 2026, on earnings per share of ₹8.37, against a book value of ₹52.02 per share.
What is the 52-week high and low of ADF Foods Ltd?
Over the last 52 weeks ADF Foods Ltd has traded between ₹153.1 and ₹346.95 as of 4 Nov 2026.
Does ADF Foods Ltd pay dividends?
ADF Foods Ltd has a dividend yield of 0.47%.
What is the Return on Equity (ROE) of ADF Foods Ltd?
ADF Foods Ltd reported a return on equity of 17.70%. Its debt-to-equity ratio is 0.10.

Company Information

ADF specializes in the production and export of a variety of traditional Indian food products, including pickles, chutneys, pastes, sauces, ready-to-eat meals, frozen, and canned foods. Its market spans Europe, the US, Australia, and the Gulf. Additionally, ADF Foods UK Limited and ADF Holding USA Limited operate as agents distributing FMCG products in the USA and UK respectively.

Website adf-foods.com
CEO Mr. Bimal Ramesh Thakkar B.Com
Employees 369
Listed 14 Sep 1991
Face Value ₹2

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