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Swing Capital

ADF Foods Ltd

NSE: ADFFOODS BSE: 519183FMCG

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.

₹265
52W: ₹153 — ₹302
PE 28.5 · Book ₹54.1 · +390% vs book
Market Cap₹2,909 Cr
Stock P/E28.5Price to Earnings
ROCE24.8%Return on Capital
ROE18.5%Return on Equity
Div. Yield0.45%Face Value ₹2

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 23.1% CAGR over last 5 years

Shareholding Pattern

Promoters36.14%
FIIs11.55%
DIIs23.21%
Public29.12%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.33%36.17%▼0.236.14%▼0.036.14%36.14%36.14%36.14%36.14%
FIIs9.51%9.55%▲0.010.06%▲0.59.84%▼0.211.29%▲1.411.3%▲0.011.31%▲0.011.55%▲0.2
DIIs8.65%8.81%▲0.223.65%▲14.823.65%22.71%▼0.923.1%▲0.423.11%▲0.023.21%▲0.1
Public45.5%45.48%▼0.030.16%▼15.330.37%▲0.229.87%▼0.529.47%▼0.429.46%▼0.029.12%▼0.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales10312997126121135100140137150
Expenses779774989610578102103114
Operating Profit26322328252922383437
OPM %26%25%23%22%21%22%22%27%25%24%
Net Profit20251721202217302030
EPS ₹1.842.31.561.951.841.961.552.711.852.74

AI Insights

Revenue Trend

Mar 2026 revenue at ₹528Cr, up 10.5% YoY. OPM at 25%.

Debt Position

Borrowings at ₹10Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹27Cr (14% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 23.21% (+15.30pp change). FIIs: 11.55% (+2.09pp change). Promoters hold 36.14%.

Margin & Efficiency

ROCE improving from 10% (Mar 2015) to 25% (Mar 2026). Working capital days: 152.

Valuation

PE 28.5x with 24.8% ROCE. Price is 390% above book value of ₹54.1. Dividend yield: 0.45%.

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