ADF Foods logo

ADF Foods

ADFFOODS NSE

Key Fundamentals

MicrocapPackaged FoodsFood Products
Market Cap
₹2,946 Cr
Volatility
Moderate
P/E Ratio
32.2
EBITDA
₹151 Cr
Return on Equity
15.72%
Debt to Equity
0.1
Book Value
₹52.02
EPS
₹6.85
52W High
₹346.95
52W Low
₹153.1

Tapetide Score

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

Key Insights

Strengths

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

Growth Rate

Revenue Growth
16.52% higher than 3Y
Net Income Growth
29.73% higher than 3Y
Cash Flow Change
53.9% higher than 3Y
ROE
11.81% lower than 3Y
ROCE
13.95% higher than 3Y
EBITDA Margin (Avg.)
15.09% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
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 8
  • PE of 39.2x is a premium valuation for an FMCG company with 15-16% sales growth, leaving limited margin of safety
  • 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

Anthropic anthropic claude-opus-4.6 69d ago
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.

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.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
36
121
117
168
114
83
71
72
88
89
63
70
Figures in ₹ Crores

Ratios

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

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71 extracted metrics + investor summaries across FY10–FY27.

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Shareholding Pattern

Promot.36.13%DIIs21.30%FIIs11.60%Others11.67%Public19.30%As ofJun 2026

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. Additionally, ADF Foods UK Limited and ADF Holding US...
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 market capitalisation of ADF Foods Ltd?
ADF Foods Ltd has a market capitalisation of ₹2,946 Cr, which places it in the Small Cap band.
What is the PE ratio of ADF Foods Ltd?
ADF Foods Ltd trades at a PE ratio of 32.20, on earnings per share of ₹6.85, 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.
Does ADF Foods Ltd pay dividends?
ADF Foods Ltd has a dividend yield of 0.44%.
What is the Return on Equity (ROE) of ADF Foods Ltd?
ADF Foods Ltd reported a return on equity of 15.72%. 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 1991-09-14
Face Value ₹ 2
Issued Size 10,98,63,595

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