# FMCG - Contract Mfg — company-by-company sector analysis

> FMCG - Contract Mfg: Varun Beverages Ltd owns the largest revenue base; Hindustan Foods Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

FMCG - Contract Mfg has outperformed NIFTY 500 by 3.3% over 52 weeks and 13.5% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself. Varun Beverages Ltd leads with revenue of ₹22,692 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the FMCG - Contract Mfg sector outperforming NIFTY 500?

FMCG - Contract Mfg has outperformed NIFTY 500 by 3.3% over 52 weeks and 13.5% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 1 of 4 beat the sector itself.

### Which FMCG - Contract Mfg company is largest by revenue?

Varun Beverages Ltd leads with revenue of ₹22,692 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which FMCG - Contract Mfg company is growing fastest?

Hindustan Foods Ltd has the fastest current revenue growth at 16.9%, across 4 of 4 comparable companies.

### Which FMCG - Contract Mfg company has the strongest 4-Factor Sector Score?

ADF Foods Ltd ranks first at 80/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Contract Mfg company has the least gross debt?

Tasty Bite Eatables Ltd has the lowest comparable gross debt at ₹42 crore. Varun Beverages Ltd has the highest at ₹2,508 crore.

### Which FMCG - Contract Mfg company has the lowest comparable PEG?

ADF Foods Ltd has the lowest comparable Guarded PEG at 0.35, among 2 of 4 companies that pass the metric’s comparability rules.

### How much history does this FMCG - Contract Mfg comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

FMCG - Contract Mfg has outperformed NIFTY 500 by 3.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 13.5%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. ADF Foods Ltd is the strongest against the sector itself at +17.7%.

13-week sector return versus NIFTY 500: 14%
52-week sector return versus NIFTY 500: 3.3%
Stocks leading NIFTY: 3/4
Stocks leading sector: 1/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹1.7 L Cr

## 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.

1. ADF Foods Ltd (ADFFOODS): 80/100 — Sector-leading setup; evidence 97%
   - Growth & earnings 29.0/35 | Capital efficiency 21.6/25 | Valuation 12.5/20 | Relative strength 16.9/20
   - Exact sum: 29 + 21.6 + 12.5 + 16.9 = 80
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Hindustan Foods Ltd (HNDFDS): 63/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 25.8/35 | Capital efficiency 11.0/25 | Valuation 14.2/20 | Relative strength 12.0/20
   - Exact sum: 25.8 + 11 + 14.2 + 12 = 63
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Tasty Bite Eatables Ltd (TASTYBITE): 62/100 — Mixed-positive evidence; evidence 80%
   - Growth & earnings 23.6/35 | Capital efficiency 14.8/25 | Valuation 12.2/20 | Relative strength 11.1/20
   - Exact sum: 23.6 + 14.8 + 12.2 + 11.1 = 61.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Varun Beverages Ltd (VBL): 46/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 12.6/35 | Capital efficiency 20.7/25 | Valuation 11.2/20 | Relative strength 1.0/20
   - Exact sum: 12.6 + 20.7 + 11.2 + 1 = 45.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

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.

Evidence: Varun Beverages Ltd · ₹22,692 crore | 440.9% versus #2 · Hindustan Foods Ltd | 7/8 recent comparable periods | 4/4 companies · 68 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Varun Beverages Ltd (VBL): ₹22.7K Cr
2. Hindustan Foods Ltd (HNDFDS): ₹4.2K Cr
3. ADF Foods Ltd (ADFFOODS): ₹684 Cr
4. Tasty Bite Eatables Ltd (TASTYBITE): ₹549 Cr

### Revenue growth — fastest growers
1. Hindustan Foods Ltd (HNDFDS): 17%
2. ADF Foods Ltd (ADFFOODS): 16%
3. Varun Beverages Ltd (VBL): 6.8%
4. Tasty Bite Eatables Ltd (TASTYBITE): -1.0%

### 20-quarter Revenue history
- VBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.2K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹4.8K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹5.6K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹6.6K Cr
- HNDFDS: Jun 2021 ₹457 Cr | Sep 2021 ₹466 Cr | Dec 2021 ₹522 Cr | Mar 2022 ₹595 Cr | Jun 2022 ₹598 Cr | Sep 2022 ₹662 Cr | Dec 2022 ₹679 Cr | Mar 2023 ₹660 Cr | Jun 2023 ₹619 Cr | Sep 2023 ₹675 Cr | Dec 2023 ₹729 Cr | Mar 2024 ₹731 Cr | Jun 2024 ₹868 Cr | Sep 2024 ₹883 Cr | Dec 2024 ₹880 Cr | Mar 2025 ₹959 Cr | Jun 2025 ₹995 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr
- ADFFOODS: Jun 2021 ₹86 Cr | Sep 2021 ₹109 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹125 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹154 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹147 Cr | Mar 2025 ₹159 Cr | Jun 2025 ₹133 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹197 Cr
- TASTYBITE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹105 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹154 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹157 Cr | Dec 2024 ₹179 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹133 Cr | Dec 2025 ₹177 Cr | Mar 2026 ₹118 Cr

### 20-quarter Revenue growth history
- VBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21% | Mar 2024 11% | Jun 2024 28% | Sep 2024 24% | Dec 2024 38% | Mar 2025 29% | Jun 2025 -2.5% | Sep 2025 1.9% | Dec 2025 14% | Mar 2026 18%
- HNDFDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 42% | Dec 2022 30% | Mar 2023 11% | Jun 2023 3.5% | Sep 2023 2.0% | Dec 2023 7.4% | Mar 2024 11% | Jun 2024 40% | Sep 2024 31% | Dec 2024 21% | Mar 2025 31% | Jun 2025 15% | Sep 2025 18% | Dec 2025 19% | Mar 2026 16%
- ADFFOODS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -1.8% | Dec 2022 5.1% | Mar 2023 14% | Jun 2023 15% | Sep 2023 17% | Dec 2023 5.7% | Mar 2024 25% | Jun 2024 8.9% | Sep 2024 29% | Dec 2024 13% | Mar 2025 3.3% | Jun 2025 9.0% | Sep 2025 1.2% | Dec 2025 30% | Mar 2026 24%
- TASTYBITE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 26% | Mar 2024 -0.7% | Jun 2024 -45% | Sep 2024 8.1% | Dec 2024 35% | Mar 2025 23% | Jun 2025 42% | Sep 2025 -15% | Dec 2025 -1.0% | Mar 2026 -12%

## Operating Economics & Margin Trend

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.

Evidence: Varun Beverages Ltd · 23% | 35.3% versus #2 · ADF Foods Ltd | 2/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Varun Beverages Ltd (VBL): 23%
2. ADF Foods Ltd (ADFFOODS): 17%
3. Tasty Bite Eatables Ltd (TASTYBITE): 9.5%
4. Hindustan Foods Ltd (HNDFDS): 9.0%

### Margin change — fastest expanders
1. Tasty Bite Eatables Ltd (TASTYBITE): +1.3 pp
2. ADF Foods Ltd (ADFFOODS): +1.0 pp
3. Hindustan Foods Ltd (HNDFDS): +1.0 pp
4. Varun Beverages Ltd (VBL): 0.0 pp

### 20-quarter OPM history
- VBL: Jun 2021 23% | Sep 2021 21% | Dec 2021 12% | Mar 2022 19% | Jun 2022 25% | Sep 2022 22% | Dec 2022 14% | Mar 2023 20% | Jun 2023 27% | Sep 2023 23% | Dec 2023 16% | Mar 2024 23% | Jun 2024 28% | Sep 2024 24% | Dec 2024 16% | Mar 2025 23% | Jun 2025 28% | Sep 2025 23% | Dec 2025 15% | Mar 2026 23%
- HNDFDS: Jun 2021 5.5% | Sep 2021 5.9% | Dec 2021 5.5% | Mar 2022 5.2% | Jun 2022 6.4% | Sep 2022 6.4% | Dec 2022 6.0% | Mar 2023 7.0% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 8.0% | Mar 2025 8.0% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 9.0% | Mar 2026 9.0%
- ADFFOODS: Jun 2021 14% | Sep 2021 17% | Dec 2021 17% | Mar 2022 14% | Jun 2022 9.3% | Sep 2022 17% | Dec 2022 22% | Mar 2023 21% | Jun 2023 20% | Sep 2023 17% | Dec 2023 21% | Mar 2024 22% | Jun 2024 16% | Sep 2024 17% | Dec 2024 18% | Mar 2025 16% | Jun 2025 18% | Sep 2025 22% | Dec 2025 19% | Mar 2026 17%
- TASTYBITE: Jun 2021 15% | Sep 2021 3.6% | Dec 2021 3.0% | Mar 2022 12% | Jun 2022 12% | Sep 2022 14% | Dec 2022 11% | Mar 2023 17% | Jun 2023 21% | Sep 2023 14% | Dec 2023 9.9% | Mar 2024 7.6% | Jun 2024 1.9% | Sep 2024 11% | Dec 2024 13% | Mar 2025 8.2% | Jun 2025 13% | Sep 2025 6.6% | Dec 2025 15% | Mar 2026 9.5%

### 20-quarter Margin change history
- VBL: Jun 2021 +0.3 pp | Sep 2021 −0.5 pp | Dec 2021 −1.0 pp | Mar 2022 +1.8 pp | Jun 2022 +1.9 pp | Sep 2022 +1.4 pp | Dec 2022 +2.0 pp | Mar 2023 +1.2 pp | Jun 2023 +1.8 pp | Sep 2023 +1.0 pp | Dec 2023 +2.0 pp | Mar 2024 +3.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp
- HNDFDS: Jun 2021 −1.5 pp | Sep 2021 −0.6 pp | Dec 2021 +0.0 pp | Mar 2022 −0.7 pp | Jun 2022 +0.9 pp | Sep 2022 +0.4 pp | Dec 2022 +0.5 pp | Mar 2023 +1.8 pp | Jun 2023 +1.6 pp | Sep 2023 +1.6 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp
- ADFFOODS: Jun 2021 −2.5 pp | Sep 2021 +0.2 pp | Dec 2021 −2.5 pp | Mar 2022 −5.8 pp | Jun 2022 −5.1 pp | Sep 2022 −0.4 pp | Dec 2022 +5.1 pp | Mar 2023 +6.8 pp | Jun 2023 +10.7 pp | Sep 2023 +0.1 pp | Dec 2023 −1.0 pp | Mar 2024 +1.0 pp | Jun 2024 −4.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 −6.0 pp | Jun 2025 +2.0 pp | Sep 2025 +5.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp
- TASTYBITE: Jun 2021 +10.1 pp | Sep 2021 −10.5 pp | Dec 2021 −11.7 pp | Mar 2022 −5.4 pp | Jun 2022 −2.6 pp | Sep 2022 +10.5 pp | Dec 2022 +8.0 pp | Mar 2023 +4.9 pp | Jun 2023 +9.5 pp | Sep 2023 −0.4 pp | Dec 2023 −1.2 pp | Mar 2024 −9.3 pp | Jun 2024 −19.6 pp | Sep 2024 −3.1 pp | Dec 2024 +2.8 pp | Mar 2025 +0.6 pp | Jun 2025 +11.1 pp | Sep 2025 −4.0 pp | Dec 2025 +2.2 pp | Mar 2026 +1.3 pp

## Profit Scale & Acceleration

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.

Evidence: Varun Beverages Ltd · ₹3,209 crore | 21.7× versus #2 · Hindustan Foods Ltd | 8/8 recent comparable periods | 4/4 companies · 68 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Varun Beverages Ltd (VBL): ₹3.2K Cr
2. Hindustan Foods Ltd (HNDFDS): ₹148 Cr
3. ADF Foods Ltd (ADFFOODS): ₹89 Cr
4. Tasty Bite Eatables Ltd (TASTYBITE): ₹35 Cr

### Profit growth — fastest growers
1. Tasty Bite Eatables Ltd (TASTYBITE): 38%
2. Hindustan Foods Ltd (HNDFDS): 33%
3. ADF Foods Ltd (ADFFOODS): 29%
4. Varun Beverages Ltd (VBL): 14%

### 20-quarter Net profit history
- VBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹82 Cr | Mar 2023 ₹439 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹514 Cr | Dec 2023 ₹144 Cr | Mar 2024 ₹548 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹629 Cr | Dec 2024 ₹196 Cr | Mar 2025 ₹731 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹745 Cr | Dec 2025 ₹260 Cr | Mar 2026 ₹879 Cr
- HNDFDS: Jun 2021 ₹10 Cr | Sep 2021 ₹10 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹25 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹42 Cr
- ADFFOODS: Jun 2021 ₹11 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹26 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹26 Cr
- TASTYBITE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹6 Cr

### 20-quarter Profit growth history
- VBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 76% | Mar 2024 25% | Jun 2024 26% | Sep 2024 22% | Dec 2024 36% | Mar 2025 33% | Jun 2025 5.0% | Sep 2025 18% | Dec 2025 33% | Mar 2026 20%
- HNDFDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 90% | Dec 2022 42% | Mar 2023 67% | Jun 2023 53% | Sep 2023 32% | Dec 2023 29% | Mar 2024 15% | Jun 2024 17% | Sep 2024 -8.0% | Dec 2024 32% | Mar 2025 39% | Jun 2025 19% | Sep 2025 52% | Dec 2025 34% | Mar 2026 31%
- ADFFOODS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -27% | Sep 2022 7.7% | Dec 2022 36% | Mar 2023 45% | Jun 2023 88% | Sep 2023 7.1% | Dec 2023 0.0% | Mar 2024 56% | Jun 2024 -6.7% | Sep 2024 33% | Dec 2024 0.0% | Mar 2025 -36% | Jun 2025 7.1% | Sep 2025 30% | Dec 2025 16% | Mar 2026 63%
- TASTYBITE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 56% | Mar 2024 -72% | Jun 2024 -117% | Sep 2024 -11% | Dec 2024 108% | Mar 2025 143% | Jun 2025 — | Sep 2025 -64% | Dec 2025 34% | Mar 2026 -2.9%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

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.

Evidence: Tasty Bite Eatables Ltd · ₹42 crore | 23.6% versus #2 · ADF Foods Ltd | Not enough history | 4/4 companies · 51 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Tasty Bite Eatables Ltd (TASTYBITE): ₹42 Cr
2. ADF Foods Ltd (ADFFOODS): ₹55 Cr
3. Hindustan Foods Ltd (HNDFDS): ₹1.1K Cr
4. Varun Beverages Ltd (VBL): ₹2.5K Cr

### Net debt — lowest net debt
1. ADF Foods Ltd (ADFFOODS): ₹-31 Cr
2. Hindustan Foods Ltd (HNDFDS): ₹1.0K Cr

### 20-quarter Gross debt history
- VBL: Jun 2021 — | Sep 2021 — | Dec 2021 ₹3.4K Cr | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.9K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹5.4K Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹2.8K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 ₹2.5K Cr | Mar 2026 —
- HNDFDS: Jun 2021 ₹187 Cr | Sep 2021 ₹248 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹350 Cr | Jun 2022 ₹351 Cr | Sep 2022 ₹422 Cr | Dec 2022 ₹422 Cr | Mar 2023 ₹516 Cr | Jun 2023 ₹513 Cr | Sep 2023 ₹580 Cr | Dec 2023 ₹580 Cr | Mar 2024 ₹727 Cr | Jun 2024 ₹730 Cr | Sep 2024 ₹811 Cr | Dec 2024 ₹811 Cr | Mar 2025 ₹892 Cr | Jun 2025 ₹896 Cr | Sep 2025 ₹901 Cr | Dec 2025 ₹901 Cr | Mar 2026 ₹1.1K Cr
- ADFFOODS: Jun 2021 ₹0 Cr | Sep 2021 ₹56 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹59 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹57 Cr | Mar 2026 ₹55 Cr
- TASTYBITE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹138 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹134 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹86 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹72 Cr | Jun 2025 — | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 ₹42 Cr

### 20-quarter Net debt history
- HNDFDS: Jun 2021 ₹128 Cr | Sep 2021 ₹215 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹311 Cr | Jun 2022 ₹308 Cr | Sep 2022 ₹388 Cr | Dec 2022 ₹388 Cr | Mar 2023 ₹470 Cr | Jun 2023 ₹463 Cr | Sep 2023 ₹534 Cr | Dec 2023 ₹534 Cr | Mar 2024 ₹687 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹740 Cr | Dec 2024 ₹740 Cr | Mar 2025 ₹756 Cr | Jun 2025 ₹812 Cr | Sep 2025 ₹824 Cr | Dec 2025 ₹824 Cr | Mar 2026 ₹1.0K Cr
- ADFFOODS: Jun 2021 ₹-81 Cr | Sep 2021 ₹-17 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-48 Cr | Dec 2022 ₹-48 Cr | Mar 2023 ₹-87 Cr | Jun 2023 ₹-87 Cr | Sep 2023 ₹-116 Cr | Dec 2023 ₹-116 Cr | Mar 2024 ₹-87 Cr | Jun 2024 ₹-87 Cr | Sep 2024 ₹-85 Cr | Dec 2024 ₹-85 Cr | Mar 2025 ₹-67 Cr | Jun 2025 ₹-67 Cr | Sep 2025 ₹-41 Cr | Dec 2025 ₹-41 Cr | Mar 2026 ₹-31 Cr

## Return On Capital Employed

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.

Evidence: ADF Foods Ltd · 21.8% | 10.7% versus #2 · Varun Beverages Ltd | 4/8 recent comparable periods | 4/4 companies · 30 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. ADF Foods Ltd (ADFFOODS): 22%
2. Varun Beverages Ltd (VBL): 20%
3. Hindustan Foods Ltd (HNDFDS): 14%
4. Tasty Bite Eatables Ltd (TASTYBITE): 14%

### ROCE change — fastest improvers
1. Tasty Bite Eatables Ltd (TASTYBITE): +3.0 pp
2. ADF Foods Ltd (ADFFOODS): +2.8 pp
3. Hindustan Foods Ltd (HNDFDS): −0.1 pp
4. Varun Beverages Ltd (VBL): −5.0 pp

### 20-quarter ROCE history
- HNDFDS: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 21% | Mar 2024 14% | Jun 2024 18% | Sep 2024 14% | Dec 2024 19% | Mar 2025 13% | Jun 2025 17% | Sep 2025 13% | Dec 2025 17% | Mar 2026 13%
- ADFFOODS: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 17% | Dec 2023 20% | Mar 2024 18% | Jun 2024 21% | Sep 2024 17% | Dec 2024 21% | Mar 2025 14% | Jun 2025 18% | Sep 2025 15% | Dec 2025 19% | Mar 2026 17%

### 20-quarter ROCE change history
- HNDFDS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.2 pp | Dec 2022 — | Mar 2023 +1.6 pp | Jun 2023 — | Sep 2023 +2.0 pp | Dec 2023 — | Mar 2024 −2.9 pp | Jun 2024 — | Sep 2024 −3.8 pp | Dec 2024 −2.1 pp | Mar 2025 −0.4 pp | Jun 2025 −1.9 pp | Sep 2025 −0.5 pp | Dec 2025 −2.3 pp | Mar 2026 −0.1 pp
- ADFFOODS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.9 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 +5.5 pp | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 — | Sep 2024 +0.3 pp | Dec 2024 +0.8 pp | Mar 2025 −3.5 pp | Jun 2025 −2.4 pp | Sep 2025 −2.1 pp | Dec 2025 −1.1 pp | Mar 2026 +2.8 pp

## Valuation Against Growth & Quality

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.

Evidence: ADF Foods Ltd · 0.35× | 75% versus #2 · Hindustan Foods Ltd | 0/8 recent comparable periods | 2/4 companies · 26 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. ADF Foods Ltd (ADFFOODS): 0.4
2. Hindustan Foods Ltd (HNDFDS): 1.4

### P/E — lowest P/E
1. ADF Foods Ltd (ADFFOODS): 35.9
2. Hindustan Foods Ltd (HNDFDS): 45.9
3. Varun Beverages Ltd (VBL): 48.6
4. Tasty Bite Eatables Ltd (TASTYBITE): 64.7

### 20-quarter Guarded PEG history
- HNDFDS: Jun 2021 — | Sep 2021 1.8 | Dec 2021 — | Mar 2022 — | Jun 2022 2.2 | Sep 2022 8.3 | Dec 2022 3.4 | Mar 2023 — | Jun 2023 1.4 | Sep 2023 1.4 | Dec 2023 1.6 | Mar 2024 1.4 | Jun 2024 2.2 | Sep 2024 3.8 | Dec 2024 6.1 | Mar 2025 2.2 | Jun 2025 — | Sep 2025 1.2 | Dec 2025 5.9 | Mar 2026 1.4
- ADFFOODS: Jun 2021 2.3 | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.9 | Dec 2022 1.2 | Mar 2023 — | Jun 2023 — | Sep 2023 1.1 | Dec 2023 0.9 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 2.2 | Dec 2024 1.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.5 | Mar 2026 0.4

### 20-quarter P/E history
- VBL: Jun 2021 77.0 | Sep 2021 70.3 | Dec 2021 58.3 | Mar 2022 58.8 | Jun 2022 61.1 | Sep 2022 52.2 | Dec 2022 59.7 | Mar 2023 58.5 | Jun 2023 62.3 | Sep 2023 65.5 | Dec 2023 80.5 | Mar 2024 85.8 | Jun 2024 97.9 | Sep 2024 81.6 | Dec 2024 79.8 | Mar 2025 68.8 | Jun 2025 54.6 | Sep 2025 52.3 | Dec 2025 55.0 | Mar 2026 44.9
- HNDFDS: Jun 2021 116.9 | Sep 2021 98.6 | Dec 2021 89.0 | Mar 2022 87.3 | Jun 2022 83.0 | Sep 2022 103.0 | Dec 2022 118.3 | Mar 2023 90.1 | Jun 2023 81.9 | Sep 2023 75.9 | Dec 2023 74.0 | Mar 2024 58.8 | Jun 2024 65.2 | Sep 2024 79.2 | Dec 2024 61.8 | Mar 2025 68.0 | Jun 2025 65.9 | Sep 2025 57.7 | Dec 2025 56.7 | Mar 2026 43.2
- ADFFOODS: Jun 2021 37.5 | Sep 2021 34.6 | Dec 2021 30.8 | Mar 2022 27.4 | Jun 2022 29.7 | Sep 2022 33.8 | Dec 2022 36.0 | Mar 2023 31.7 | Jun 2023 36.7 | Sep 2023 36.2 | Dec 2023 33.9 | Mar 2024 30.9 | Jun 2024 35.3 | Sep 2024 39.7 | Dec 2024 41.4 | Mar 2025 32.6 | Jun 2025 43.4 | Sep 2025 34.6 | Dec 2025 29.7 | Mar 2026 20.4
- TASTYBITE: Jun 2021 102.0 | Sep 2021 104.9 | Dec 2021 99.3 | Mar 2022 140.6 | Jun 2022 214.0 | Sep 2022 279.7 | Dec 2022 139.7 | Mar 2023 80.0 | Jun 2023 115.5 | Sep 2023 95.9 | Dec 2023 75.0 | Mar 2024 65.6 | Jun 2024 65.7 | Sep 2024 198.9 | Dec 2024 168.9 | Mar 2025 95.9 | Jun 2025 111.1 | Sep 2025 61.2 | Dec 2025 64.8 | Mar 2026 48.6

## Enterprise Value & Book Value

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.

Evidence: ADF Foods Ltd · 12.4× | 36.7% versus #2 · Hindustan Foods Ltd | 0/8 recent comparable periods | 4/4 companies · 80 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. ADF Foods Ltd (ADFFOODS): 12.4
2. Hindustan Foods Ltd (HNDFDS): 19.6
3. Tasty Bite Eatables Ltd (TASTYBITE): 21.3
4. Varun Beverages Ltd (VBL): 24.8

### P/BV — lowest P/BV
1. ADF Foods Ltd (ADFFOODS): 5.9
2. Hindustan Foods Ltd (HNDFDS): 5.9
3. Tasty Bite Eatables Ltd (TASTYBITE): 6.8
4. Varun Beverages Ltd (VBL): 7.9

### 20-quarter EV/EBITDA history
- VBL: Jun 2021 25.6 | Sep 2021 27.1 | Dec 2021 24.5 | Mar 2022 25.3 | Jun 2022 28.3 | Sep 2022 27.5 | Dec 2022 32.4 | Mar 2023 32.3 | Jun 2023 34.8 | Sep 2023 37.3 | Dec 2023 45.9 | Mar 2024 49.2 | Jun 2024 55.9 | Sep 2024 46.8 | Dec 2024 46.9 | Mar 2025 37.0 | Jun 2025 30.5 | Sep 2025 29.1 | Dec 2025 30.9 | Mar 2026 24.8
- HNDFDS: Jun 2021 50.1 | Sep 2021 44.3 | Dec 2021 40.4 | Mar 2022 38.9 | Jun 2022 35.1 | Sep 2022 44.0 | Dec 2022 50.8 | Mar 2023 37.7 | Jun 2023 34.5 | Sep 2023 34.1 | Dec 2023 33.9 | Mar 2024 27.6 | Jun 2024 28.9 | Sep 2024 33.3 | Dec 2024 24.6 | Mar 2025 27.4 | Jun 2025 31.3 | Sep 2025 23.2 | Dec 2025 22.9 | Mar 2026 19.6
- ADFFOODS: Jun 2021 25.3 | Sep 2021 22.9 | Dec 2021 20.2 | Mar 2022 18.2 | Jun 2022 19.6 | Sep 2022 21.4 | Dec 2022 22.0 | Mar 2023 19.4 | Jun 2023 22.3 | Sep 2023 22.2 | Dec 2023 20.0 | Mar 2024 18.2 | Jun 2024 22.8 | Sep 2024 25.6 | Dec 2024 26.5 | Mar 2025 20.7 | Jun 2025 26.9 | Sep 2025 21.1 | Dec 2025 17.7 | Mar 2026 12.4
- TASTYBITE: Jun 2021 56.7 | Sep 2021 58.3 | Dec 2021 49.1 | Mar 2022 50.3 | Jun 2022 50.6 | Sep 2022 66.9 | Dec 2022 46.4 | Mar 2023 31.0 | Jun 2023 47.2 | Sep 2023 45.3 | Dec 2023 35.9 | Mar 2024 32.4 | Jun 2024 31.3 | Sep 2024 58.7 | Dec 2024 47.5 | Mar 2025 33.3 | Jun 2025 42.1 | Sep 2025 27.6 | Dec 2025 26.3 | Mar 2026 21.3

### 20-quarter P/BV history
- VBL: Jun 2021 8.8 | Sep 2021 10.2 | Dec 2021 10.5 | Mar 2022 10.2 | Jun 2022 12.3 | Sep 2022 14.1 | Dec 2022 17.9 | Mar 2023 17.7 | Jun 2023 16.1 | Sep 2023 18.9 | Dec 2023 24.8 | Mar 2024 26.2 | Jun 2024 30.5 | Sep 2024 23.1 | Dec 2024 23.6 | Mar 2025 11.0 | Jun 2025 9.4 | Sep 2025 8.2 | Dec 2025 8.9 | Mar 2026 6.7
- HNDFDS: Jun 2021 23.0 | Sep 2021 19.1 | Dec 2021 16.9 | Mar 2022 16.5 | Jun 2022 16.6 | Sep 2022 15.6 | Dec 2022 20.5 | Mar 2023 18.8 | Jun 2023 19.2 | Sep 2023 16.1 | Dec 2023 14.9 | Mar 2024 12.6 | Jun 2024 16.1 | Sep 2024 12.0 | Dec 2024 8.4 | Mar 2025 9.2 | Jun 2025 9.5 | Sep 2025 7.0 | Dec 2025 6.0 | Mar 2026 5.8
- ADFFOODS: Jun 2021 9.2 | Sep 2021 6.6 | Dec 2021 5.4 | Mar 2022 4.8 | Jun 2022 5.2 | Sep 2022 4.2 | Dec 2022 4.5 | Mar 2023 4.5 | Jun 2023 5.7 | Sep 2023 5.5 | Dec 2023 5.0 | Mar 2024 4.6 | Jun 2024 6.3 | Sep 2024 6.8 | Dec 2024 7.2 | Mar 2025 5.6 | Jun 2025 6.9 | Sep 2025 4.9 | Dec 2025 4.3 | Mar 2026 3.3
- TASTYBITE: Jun 2021 24.6 | Sep 2021 22.9 | Dec 2021 16.6 | Mar 2022 12.8 | Jun 2022 10.7 | Sep 2022 13.2 | Dec 2022 11.5 | Mar 2023 9.5 | Jun 2023 16.1 | Sep 2023 17.2 | Dec 2023 12.3 | Mar 2024 11.3 | Jun 2024 11.2 | Sep 2024 11.4 | Dec 2024 8.9 | Mar 2025 7.3 | Jun 2025 9.9 | Sep 2025 7.4 | Dec 2025 6.3 | Mar 2026 5.5

## Market action

ADF Foods Ltd has the strongest one-year price move in FMCG - Contract Mfg at +12.4%. It also leads on Mansfield relative strength against NIFTY at +34.6%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. ADF Foods Ltd (ADFFOODS): 12%
2. Hindustan Foods Ltd (HNDFDS): 1.8%
3. Varun Beverages Ltd (VBL): -5.7%
4. Tasty Bite Eatables Ltd (TASTYBITE): -19%

### Strongest relative strength versus NIFTY 500
1. ADF Foods Ltd (ADFFOODS): 35%
2. Hindustan Foods Ltd (HNDFDS): 12%
3. Tasty Bite Eatables Ltd (TASTYBITE): 9.6%
4. Varun Beverages Ltd (VBL): -3.0%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Varun Beverages Ltd (VBL) — market value ₹1.5 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Hindustan Foods Ltd (HNDFDS) — market value ₹7.0K Cr; latest fundamentals Mar 2026
- ADF Foods Ltd (ADFFOODS) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Tasty Bite Eatables Ltd (TASTYBITE) — market value ₹2.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 2. Graded companies: 4.

2 of 4 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: 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.

- WITHHELD | VBL | Varun Beverages Ltd | diff_gt_2pct | disagreement up to 8.23% over 14 comparable periods
- WITHHELD | TASTYBITE | Tasty Bite Eatables Ltd | diff_gt_2pct | disagreement up to 4.95% over 14 comparable periods

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty FMCG - Contract Mfg index?

The Nifty FMCG - Contract Mfg index tracks India's listed FMCG - Contract Mfg companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Contract Mfg sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best FMCG - Contract Mfg stocks in India?

Ranked by this page's four-factor score, ADF Foods Ltd places first among 4 listed FMCG - Contract Mfg companies, followed by Hindustan Foods Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Contract Mfg stocks are listed in India?

This comparison covers 4 listed FMCG - Contract Mfg companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which FMCG - Contract Mfg company is the biggest?

Varun Beverages Ltd is the largest, with trailing-twelve-month revenue of ₹22,692 crore, ahead of Hindustan Foods Ltd at ₹4,195 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which FMCG - Contract Mfg company is growing fastest?

Hindustan Foods Ltd has the fastest revenue growth at 16.9% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which FMCG - Contract Mfg company has the best profit margins?

Varun Beverages Ltd has the highest operating margin at 23%, from 4 of 4 comparable companies. Tasty Bite Eatables Ltd shows the biggest recent improvement, at +1.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Contract Mfg company makes the most profit?

Varun Beverages Ltd earns the most, at ₹3,209 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Tasty Bite Eatables Ltd has the fastest profit growth at 37.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Contract Mfg company earns the highest return on capital?

ADF Foods Ltd leads on return on capital employed at 21.8%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Contract Mfg stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — ADF Foods Ltd screens cheapest at 0.35×. Only 2 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which FMCG - Contract Mfg company has the strongest balance sheet?

Tasty Bite Eatables Ltd carries the lowest comparable gross debt at ₹42 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the FMCG - Contract Mfg sector beating the market?

FMCG - Contract Mfg has outperformed NIFTY 500 by 3.3% over the last 52 weeks and 13.5% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which FMCG - Contract Mfg stock has the strongest price momentum?

ADF Foods Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Contract Mfg company scores highest for research priority?

ADF Foods Ltd scores 80 out of 100 with 97% evidence confidence, from 29 points on growth and earnings, 21.6 on capital efficiency, 12.5 on valuation and 16.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Contract Mfg companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Contract Mfg sector?

The 4 FMCG - Contract Mfg companies on this page carry ₹1,67,322 crore of combined market value. Varun Beverages Ltd is the largest at ₹1,54,646 crore, about 92% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the FMCG - Contract Mfg sector performing?

3 of the 4 covered FMCG - Contract Mfg companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 3.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-contract-mfg