L T Foods 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.

L T Foods Ltd trades at ₹393, in a downtrend and 13 weeks into that stage. That is −2.5% against its own 200-day average. It sits at 34% of a 52-week range of ₹335 to ₹504. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 13 of stage 4, confirmed. At ₹393 it trades −2.5% versus its 200-day average and sits at 34% of its 52-week range (₹335–₹504).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +1,642% while the NIFTY 500 moved +260% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — 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 88th 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.

L T Foods Ltd trades at 21.0× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 9.9×, measured across 10.0 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 21.0× is at the pricey end of its own range (88th percentile), against a long-run median of 9.9× measured over 10.0 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 +2.0% against a +12.2% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +46.0%/yr price move, ~+17.2%/yr came from earnings growth and ~+28.8 pp from the multiple (expanding); over 10y, of the +33.1%/yr price move, ~+18.9%/yr came from earnings growth and ~+14.2 pp from the multiple (expanding). 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ 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: Consistent 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).

L T Foods Ltd reads as consistent on its fundamental arc. Consistent — revenue and profit growth have stayed positive through the window, with ROCE at 19.0% and holding. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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

No sector-relative score — L T Foods Ltd is not present in the sector comparison for FMCG - Rice.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

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

L T Foods Ltd reported ₹2,809 Cr of revenue in the Dec 25 quarter, +23.5% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.3% a year. The last full year, FY25, came in at ₹8,681 Cr. The last four reported quarters add to ₹10,267 Cr.

L T Foods Ltd reported ₹2,809 Cr of revenue in the Dec 25 quarter, +23.5% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.3% a year. The last full year, FY25, came in at ₹8,681 Cr. The last four reported quarters add to ₹10,267 Cr.

FY25 revenue came in at ₹8,681 Cr (+11.7% on the year), capping 10 years at 12.3% compound. The latest quarter (Dec 25) printed ₹2,809 Cr, +23.5% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +20.3% growth against the decade's 12.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +20.4% over the last 4 quarters against +16.9%/yr over the last 8 — accelerating; TTM profit +8.2% vs +6.0%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+0.0 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.

L T Foods Ltd's operating margin is 11.0% in the Dec 25 quarter, +0.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 10.0% to 12.0%. The current quarter sits inside that band.

L T Foods Ltd's operating margin is 11.0% in the Dec 25 quarter, +0.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 10.0% to 12.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, +0.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 10.0%–12.0%.

Why the margin moved: operating margin went +0.2 pp year on year while gross margin went +0.7 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +8.3% 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.

L T Foods Ltd earned ₹157 Cr of net profit in the Dec 25 quarter, +8.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY25 profit was ₹612 Cr. The 10-year compound rate is 23.2%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹145 Cr.

L T Foods Ltd earned ₹157 Cr of net profit in the Dec 25 quarter, +8.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY25 profit was ₹612 Cr. The 10-year compound rate is 23.2%. That is 5.6% of the quarter's revenue. The same quarter a year earlier earned ₹145 Cr.

Dec 25 profit was ₹157 Cr, +8.3% year on year — the 4th consecutive quarter of growth. On the full year, FY25 printed ₹612 Cr (+2.3%), and the 10-year compound rate is 23.2%.

Why profit moved: revenue contributed +23.5% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +8.1% vs revenue +20.3%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 90% 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 90% of L T Foods Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹462 Cr of operating cash against ₹612 Cr of profit. After ₹434 Cr of capital spending, ₹28.0 Cr was left as free cash.

FY25: operating cash of ₹462 Cr against reported profit of ₹612 Cr, leaving free cash of ₹28.0 Cr after ₹434 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 90% 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 90%: the cash cycle tightened 42 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹975 Cr of building over 3 years.

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).

L T Foods Ltd's cash conversion cycle runs 202 days in FY25, down from 244 days in FY20. Capital spending ran ₹975 Cr over the last 3 years. At FY25 sales of ₹8,681 Cr each day of that cycle holds about ₹23.8 Cr, so roughly ₹4,804 Cr sits inside the business at any moment.

FY25: debtors at 32 days, inventory at 286 days — roughly 9.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 202 days, tighter than FY20's 244.

The full loop: cash goes out to suppliers and production on day 0; stock waits 286 days to sell; customers pay about 32 days after that; and suppliers themselves are paid at 116 days — netting out to the 202-day cycle.

In money terms: at FY25 sales of ₹8,681 Cr, each day of the cycle holds about ₹23.8 Cr — so the 202-day loop keeps roughly ₹4,804 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹975 Cr over the last 3 fiscal years against ₹466 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹45.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 19%.

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.

L T Foods Ltd earns a ROCE of 19% in FY25. That is up from a trough of 12% in FY19. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.0% net margin on 1.17× asset turns.

FY25 ROCE is 19%, recovered from a FY19 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 7.0% net margin × 1.17× asset turns × 1.92× balance-sheet leverage ≈ 15.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.33.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

L T Foods Ltd carries ₹1,261 Cr of borrowings against ₹3,854 Cr of equity in FY25, a debt-to-equity of 0.33. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹1,764 Cr to ₹1,261 Cr. Capital spending ran ₹975 Cr across the last 3 of those years.

FY25: borrowings of ₹1,261 Cr against equity of ₹3,854 Cr — a debt-to-equity of 0.33. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹1,764 Cr to ₹1,261 Cr while capital spending ran ₹975 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 4.5 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.

Domestic institutions added 4.5 points of L T Foods Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 9.6% of the company. Foreign institutions moved +3.2 points over the same window, to 8.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +4.5 points over 8 quarters to 9.6%; Foreign institutions: +3.2 points over 8 quarters to 8.9%; Promoters: +0.0 points over 8 quarters to 51.0%.

Why the register moved: domestic institutions drove it (+4.5 points), alongside foreign institutions (+3.2 points) — steady accumulation by institutions reading the same numbers this page reads.

→ 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.

L T Foods 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.

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