FMCG - Contract Mfg Stocks in India

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

Revenue Scale & Growth Durability

Varun Beverages Ltd has the highest Revenue among the 4 FMCG - Contract Mfg companies compared here, at ₹22,692 crore. Hindustan Foods Ltd is next at ₹4,195 crore. Hindustan Foods Ltd has the highest Revenue growth at 16.9%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Varun Beverages Ltd is the scale leader at ₹22,692 crore, 440.9% ahead of Hindustan Foods Ltd. Hindustan Foods Ltd's growth is 16.9% from a ₹4,195 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Varun Beverages Ltd is the scale benchmark; Hindustan Foods Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Varun Beverages Ltd's growth falls below Hindustan Foods Ltd's for two consecutive comparable reports while operating margin also compresses.

Operating Economics & Margin Trend

Varun Beverages Ltd has the highest OPM among the 4 FMCG - Contract Mfg companies compared here, at 23%. ADF Foods Ltd is next at 17%. Tasty Bite Eatables Ltd has the highest Margin change at +1.3 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Varun Beverages Ltd leads opm at 23%; Tasty Bite Eatables Ltd leads margin change at +1.3 percentage points.

Investor read: Varun Beverages Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Profit Scale & Acceleration

Varun Beverages Ltd has the highest Net profit among the 4 FMCG - Contract Mfg companies compared here, at ₹3,209 crore. Hindustan Foods Ltd is next at ₹148 crore. Tasty Bite Eatables Ltd has the highest Profit growth at 37.9%, so level and change sit with different companies. Its Net profit series carries 14 reported observations across the 20-quarter window.

What the numbers say: Varun Beverages Ltd leads with ₹3,209 crore of TTM profit, 21.7× the profit of Hindustan Foods Ltd. Tasty Bite Eatables Ltd shows 37.9% growth from a ₹35 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Varun Beverages Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Capacity Spending & Returns On It

No company in this FMCG - Contract Mfg comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 4 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Mar 2026.

Withheld from this comparison: Varun Beverages Ltd (VBL) — its two data sources disagree by up to 8.2% on reported income across 14 comparable periods, so its derived ratios are withheld; Tasty Bite Eatables Ltd (TASTYBITE) — its two data sources disagree by up to 5% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Load & Balance-Sheet Headroom

Tasty Bite Eatables Ltd has the lowest Gross debt among the 4 FMCG - Contract Mfg companies compared here, at ₹42 crore. ADF Foods Ltd is next at ₹55 crore. ADF Foods Ltd has the lowest Net debt at ₹31 crore net cash, so level and change sit with different companies.

What the numbers say: ADF Foods Ltd has the clearest covered balance-sheet capacity with ₹31 crore net cash and gross debt of ₹55 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Return On Capital Employed

ADF Foods Ltd has the highest ROCE among the 4 FMCG - Contract Mfg companies compared here, at 21.8%. Varun Beverages Ltd is next at 19.7%. Tasty Bite Eatables Ltd has the highest ROCE change at +3 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: ADF Foods Ltd leads ROCE at 21.8%, 2.1 percentage points above Varun Beverages Ltd. Tasty Bite Eatables Ltd has the strongest latest improvement at +3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: ADF Foods Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Valuation Against Growth & Quality

ADF Foods Ltd has the lowest Guarded PEG among the 4 FMCG - Contract Mfg companies compared here, at 0.35×. Hindustan Foods Ltd is next at 1.4×. The same company also holds the lowest P/E, at 35.9×. 2 of 4 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: ADF Foods Ltd has the lowest comparable Guarded PEG at 0.35×, 75% below Hindustan Foods Ltd. Only 2 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Enterprise Value & Book Value

ADF Foods Ltd has the lowest EV/EBITDA among the 4 FMCG - Contract Mfg companies compared here, at 12.4×. Hindustan Foods Ltd is next at 19.6×. The same company also holds the lowest P/BV, at 5.89×. 4 of 4 companies report a comparable reading, the latest through Mar 2026. Its EV/EBITDA series carries 20 reported observations across the 20-quarter window.

What the numbers say: ADF Foods Ltd leads both ev/ebitda at 12.4× and p/bv at 5.89×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Market action

ADF Foods Ltd has the strongest one-year price move in FMCG - Contract Mfg at +9.5%. It also leads on Mansfield relative strength against NIFTY at +29.2%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

What can make this comparison misleading?

This FMCG - Contract Mfg comparison names 6 specific ways its own evidence can mislead, all listed below. All 4 companies here report on comparable dates, so no rank carries a stale marker. 2 have second-feed figures withheld because the two sources disagree. 2 of the 8 ranked sections have fewer than three usable current readings.

Which companies are included?

All 4 companies in the canonical FMCG - Contract Mfg membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

How was this comparison built?

This comparison is built from the reported filings of 4 FMCG - Contract Mfg companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Mar 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

FMCG - Contract Mfg company comparison FAQs

These 17 answers restate the FMCG - Contract Mfg comparison above in question form. Every one is computed from the same 4 companies and the same reported filings as the rankings and charts, current through Mar 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.