HMA Agro Industries Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

HMA Agro Industries Ltd trades at ₹22.0, in a downtrend and 122 weeks into that stage. That is −16.4% against its own 200-day average. It sits at 0% of a 52-week range of ₹22 to ₹32. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (46 weeks and counting).

Today the stock is in a downtrend — week 122 of stage 4, confirmed. At ₹22.0 it trades −16.4% versus its 200-day average and sits at 0% of its 52-week range (₹22–₹32).

Against the market, two honest reads. Cumulative: over the last 3.0 years the stock moved −63% while the NIFTY 500 moved +40% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (46 weeks and counting; last ahead the week of 2025-10-03) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 0th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

HMA Agro Industries Ltd trades at 6.5× P/E, about the cheapest it has ever traded. Its long-run median P/E is 21.4×, measured across 3.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 6.5× is about the cheapest it has ever traded, against a long-run median of 21.4× measured over 3.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +90.2% against a −27.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the −27.6%/yr price move, ~+10.8%/yr came from earnings growth and ~−38.4 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

HMA Agro Industries Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −51.1% and has held its recovery at +88.4%, ROCE holding at 16.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

48.8/100 — rank 3 of 5 in FMCG - Animal/Polutry · 87% evidence confidence

HMA Agro Industries Ltd scores 48.8 out of 100 against the 5 companies it is compared with in FMCG - Animal/Polutry, ranking 3. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.5% and the one-year return is -27.4%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 25.4 + 8.4 + 15 + 0 = 48.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

HMA Agro Industries Ltd reported ₹1,579 Cr of revenue in the Mar 26 quarter, +5.3% year on year. That is the 7th straight quarter of year-on-year growth. Over 7 years it has compounded at 14.1% a year. The last full year, FY26, came in at ₹6,916 Cr. The last four reported quarters add to ₹6,917 Cr.

HMA Agro Industries Ltd reported ₹1,579 Cr of revenue in the Mar 26 quarter, +5.3% year on year. That is the 7th straight quarter of year-on-year growth. Over 7 years it has compounded at 14.1% a year. The last full year, FY26, came in at ₹6,916 Cr. The last four reported quarters add to ₹6,917 Cr.

FY26 revenue came in at ₹6,916 Cr (+34.7% on the year), capping 7 years at 14.1% compound. The latest quarter (Mar 26) printed ₹1,579 Cr, +5.3% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +37.8% growth against the decade's 14.1% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +34.7% over the last 4 quarters against +19.9%/yr over the last 8 — accelerating; TTM profit +88.4% vs +28.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: −0.4% this quarter (−0.7 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

HMA Agro Industries Ltd's operating margin is −0.4% in the Mar 26 quarter, −0.7 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 1.0% to 6.0%. The current quarter is running below every full year in that window.

HMA Agro Industries Ltd's operating margin is −0.4% in the Mar 26 quarter, −0.7 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 1.0% to 6.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −0.4%, −0.7 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged 1.0%–6.0%.

🚨 Why the margin moved: operating margin went −0.7 pp year on year while gross margin went +0.9 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit −33.4% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

HMA Agro Industries Ltd earned ₹8.2 Cr of net profit in the Mar 26 quarter, −33.4% year on year. Full-year FY26 profit was ₹165 Cr. The 7-year compound rate is 27.0%. That is 0.5% of the quarter's revenue. The same quarter a year earlier earned ₹12.3 Cr.

HMA Agro Industries Ltd earned ₹8.2 Cr of net profit in the Mar 26 quarter, −33.4% year on year. Full-year FY26 profit was ₹165 Cr. The 7-year compound rate is 27.0%. That is 0.5% of the quarter's revenue. The same quarter a year earlier earned ₹12.3 Cr.

Mar 26 profit was ₹8.2 Cr, −33.4% year on year. On the full year, FY26 printed ₹165 Cr (+87.5%), and the 7-year compound rate is 27.0%.

🚨 Why profit moved: revenue contributed +5.3% and the margin −0.7 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +57.8% vs revenue +37.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: −36% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −36% of HMA Agro Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−85.0 Cr of operating cash against ₹165 Cr of profit. After ₹34.0 Cr of capital spending, ₹−119 Cr was left as free cash.

FY26: operating cash of ₹−85.0 Cr against reported profit of ₹165 Cr, leaving free cash of ₹−119 Cr after ₹34.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −36% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −36%: the cash cycle stretched 25 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 25 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the 74-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

HMA Agro Industries Ltd's cash conversion cycle runs 74 days in FY26, up from 49 days in FY21. Capital spending ran ₹105 Cr over the last 3 years. At FY26 sales of ₹6,916 Cr each day of that cycle holds about ₹18.9 Cr, so roughly ₹1,402 Cr sits inside the business at any moment.

FY26: debtors at 1 days, inventory at 80 days — roughly 2.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 74 days, looser than FY21's 49.

The full loop: cash goes out to suppliers and production on day 0; stock waits 80 days to sell; customers pay about 1 days after that; and suppliers themselves are paid at 8 days — netting out to the 74-day cycle.

In money terms: at FY26 sales of ₹6,916 Cr, each day of the cycle holds about ₹18.9 Cr — so the 74-day loop keeps roughly ₹1,402 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹105 Cr over the last 3 fiscal years against ₹102 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹61.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 16% and the ROIC − WACC spread is −5.3 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

HMA Agro Industries Ltd earns a ROCE of 16% in FY26. That is up from a trough of 12% in FY25. Return on invested capital clears the cost of that capital by −5.3 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.4% net margin on 2.87× asset turns.

FY26 ROCE is 16%, recovered from a FY25 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 2.4% net margin × 2.87× asset turns × 2.56× balance-sheet leverage ≈ 17.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 6.7% − 12.0% = a −5.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.90.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

HMA Agro Industries Ltd carries total debt of ₹850 Cr against shareholder equity of ₹962 Cr as of Mar 26, a debt-to-equity of 0.88. On the annual view that ratio went from 0.84 in FY22 to 0.88 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹850 Cr against shareholder equity of ₹962 Cr — a debt-to-equity of 0.88. On the annual view, debt-to-equity went from 0.84 (FY22) to 0.88 (FY26). Read the returns on this page with that leverage in mind.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 8.6 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 8.6 points of HMA Agro Industries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 75.0% of the company. Domestic institutions moved +3.5 points over the same window, to 3.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −8.6 points over 8 quarters to 75.0%; Domestic institutions: +3.5 points over 8 quarters to 3.5%; Foreign institutions: −0.9 points over 8 quarters to 4.8%.

🚨 Why the register moved: promoters drove it (−8.6 points), absorbed on the other side by domestic institutions (+3.5 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

HMA Agro Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions