ADFFOODS

ADF Foods Limited

Exporter of Indian packaged foods under Ashoka and Truly Indian brands

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Food Products›Packaged Foods

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Key metrics

Price as of 2026-10-16

Stock price
₹271.25
Market cap
2,986 Cr
Stock P/E
32.5
P/B
5.21
Dividend yield
0.4%
ROE (FY26)
15.7%
ROCE (FY26)
21.1%
Operating margin (FY26)
16.0%
Debt / equity (FY26)
0.02
OCF / EBITDA (FY26)
44.1%
OCF / EBITDA (3Y)
49.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

ADF Foods makes Indian packaged foods, including frozen, ready-to-eat and shelf-stable products under brands such as Ashoka and Truly Indian, mainly for South Asian and mainstream shoppers in export markets.

Company snapshot

8thBy market cap

Ranked among 18 companies in Packaged Foods.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 82.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Distribution business
17.5%
50 Cr8 Cr—
Processed and preserved foods
82.5%
233 Cr53 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.02x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 49% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales125 Cr130 Cr154 Cr122 Cr161 Cr147 Cr159 Cr133 Cr163 Cr191 Cr197 Cr167 Cr
Operating expenses (approx.)103 Cr103 Cr119 Cr102 Cr134 Cr121 Cr134 Cr109 Cr127 Cr154 Cr162 Cr138 Cr
EBITDA22 Cr27 Cr34 Cr20 Cr28 Cr26 Cr25 Cr24 Cr36 Cr37 Cr34 Cr30 Cr
OPM %17.5%20.8%22.3%16.1%17.2%17.9%15.5%17.7%22.0%19.4%17.4%17.7%
Other income3 Cr4 Cr2 Cr5 Cr4 Cr4 Cr2 Cr3 Cr6 Cr3 Cr9 Cr1 Cr
Interest0.57 Cr0.62 Cr0.64 Cr0.61 Cr0.57 Cr0.73 Cr0.66 Cr0.58 Cr0.77 Cr0.56 Cr0.79 Cr0.69 Cr
Depreciation4 Cr4 Cr4 Cr4 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr6 Cr7 Cr
Profit before tax21 Cr26 Cr31 Cr20 Cr26 Cr25 Cr21 Cr21 Cr36 Cr27 Cr36 Cr23 Cr
Tax %27.4%27.0%19.4%26.5%24.7%24.9%21.5%27.8%25.9%16.7%29.0%26.4%
Net profit15 Cr19 Cr25 Cr14 Cr20 Cr19 Cr16 Cr15 Cr26 Cr22 Cr26 Cr17 Cr
EPS (₹)₹1.37₹1.76₹2.35₹1.37₹1.79₹1.71₹1.50₹1.39₹2.40₹2.04₹2.36₹1.57

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales201 Cr209 Cr231 Cr273 Cr369 Cr421 Cr450 Cr520 Cr590 Cr683 CrSign in free for the trailing twelve months
Operating expenses (approx.)179 Cr180 Cr193 Cr232 Cr302 Cr355 Cr370 Cr415 Cr491 Cr553 CrSign in free for the trailing twelve months
EBITDA22 Cr29 Cr39 Cr41 Cr68 Cr67 Cr81 Cr105 Cr98 Cr131 CrSign in free for the trailing twelve months
OPM %10.9%14.1%16.7%14.9%18.3%15.8%17.9%20.2%16.7%19.1%Sign in free for the trailing twelve months
Other income6 Cr11 Cr14 Cr22 Cr6 Cr9 Cr11 Cr11 Cr14 Cr20 CrSign in free for the trailing twelve months
Interest0.95 Cr1 Cr0.87 Cr1 Cr1 Cr2 Cr3 Cr2 Cr3 Cr3 CrSign in free for the trailing twelve months
Depreciation5 Cr7 Cr14 Cr6 Cr6 Cr9 Cr14 Cr16 Cr18 Cr21 CrSign in free for the trailing twelve months
Profit before tax23 Cr32 Cr38 Cr55 Cr67 Cr65 Cr75 Cr98 Cr92 Cr120 CrSign in free for the trailing twelve months
Tax %35.8%43.6%32.9%22.2%24.9%25.5%26.0%24.8%24.4%25.1%Sign in free for the trailing twelve months
Net profit15 Cr18 Cr25 Cr43 Cr50 Cr49 Cr56 Cr74 Cr69 Cr90 CrSign in free for the trailing twelve months
EPS (₹)₹6.88₹8.52₹12.34₹21.36₹25.01₹23.97₹25.62₹6.85₹6.30₹8.19Sign in free for the trailing twelve months
Dividend payout %————0.0%12.4%15.7%74.4%28.6%14.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital22 Cr22 Cr20 Cr20 Cr20 Cr21 Cr22 Cr22 Cr22 Cr22 Cr
Reserves145 Cr153 Cr151 Cr184 Cr253 Cr322 Cr397 Cr419 Cr470 Cr550 Cr
Borrowings5 Cr1 Cr—23 Cr—16 Cr——9 Cr9 Cr
Other liabilities31 Cr37 Cr32 Cr44 Cr53 Cr109 Cr103 Cr114 Cr127 Cr174 Cr
Total liabilities203 Cr213 Cr204 Cr272 Cr327 Cr471 Cr525 Cr556 Cr628 Cr755 Cr
Fixed assets (net)48 Cr49 Cr47 Cr56 Cr56 Cr116 Cr129 Cr139 Cr145 Cr218 Cr
CWIP0.88 Cr0.23 Cr1 Cr2 Cr0.35 Cr0.14 Cr7 Cr5 Cr19 Cr27 Cr
Investments8 Cr—0 Cr18 Cr17 Cr39 Cr80 Cr99 Cr61 Cr15 Cr
Loans & advances——0.14 Cr0.11 Cr1 Cr0.39 Cr0.14 Cr0.10 Cr0.02 Cr0.15 Cr
Inventories25 Cr24 Cr35 Cr55 Cr73 Cr76 Cr63 Cr53 Cr90 Cr119 Cr
Trade receivables34 Cr43 Cr44 Cr53 Cr65 Cr71 Cr94 Cr108 Cr117 Cr144 Cr
Cash & bank12 Cr28 Cr14 Cr20 Cr40 Cr54 Cr40 Cr60 Cr37 Cr66 Cr
Other assets74 Cr69 Cr62 Cr68 Cr75 Cr114 Cr112 Cr92 Cr160 Cr166 Cr
Total assets203 Cr213 Cr204 Cr272 Cr327 Cr471 Cr525 Cr556 Cr628 Cr755 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity17 Cr24 Cr20 Cr26 Cr36 Cr34 Cr51 Cr70 Cr37 Cr58 Cr
Cash from investing-0.95 Cr3 Cr-4 Cr-42 Cr-8 Cr-54 Cr-63 Cr16 Cr-40 Cr-11 Cr
Cash from financing-12 Cr-11 Cr-32 Cr14 Cr-7 Cr33 Cr-5 Cr-63 Cr-21 Cr-24 Cr
Net cash flow4 Cr16 Cr-17 Cr-3 Cr20 Cr14 Cr-14 Cr20 Cr-23 Cr29 Cr
Free cash flow (OCF − Capex)12 Cr19 Cr15 Cr13 Cr32 Cr-0.50 Cr24 Cr54 Cr-4 Cr-25 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.8%18.9%22.5%24.7%24.8%18.5%18.5%22.7%18.8%21.1%
ROE %8.7%10.4%14.7%20.9%18.3%13.9%13.3%17.0%14.1%15.7%
Debtor days61756971646176767277
Inventory days115110141244247231160115178231
Days payable4864569511896575289135
Cash conversion cycle128120154220193196179139161173
OCF / EBITDA %76.9%82.6%50.7%64.0%52.5%51.2%62.7%66.6%38.0%44.1%
OCF / EBITDA % (3 years)——67.5%64.3%55.2%54.7%55.9%61.3%55.6%49.4%
Debt / equity0.030.00760.000.11—0.050.000.000.020.02
Current ratio4.434.065.423.105.405.457.806.805.803.84
Net debt / EBITDA-0.33-0.92-0.370.07-0.59-0.58-0.49-0.57-0.29-0.44