FMCG Contract Maker Stocks and Companies in India

The largest FMCG Contract Maker stocks in India by market value are Varun Beverages (₹1.42 lakh crore), Hindustan Foods (₹6,886 crore) and ADF Foods (₹2,898 crore), at prices of 4 Nov 2026.

• Varun Beverages: ₹420.45 | market value ₹1.42 lakh crore | P/E 41.2
• Hindustan Foods: ₹567.65 | market value ₹6,886 crore | P/E 42.5
• ADF Foods: ₹263.70 | market value ₹2,898 crore | P/E 29.9
• Tasty Bite Eatables: ₹10,897 | market value ₹2,796 crore | P/E 77.0

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

All 4 listed Indian FMCG - Contract Mfg companies are named here, largest first. This is the set of companies people mean when they search for a Nifty FMCG - Contract Mfg index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Varun Beverages Ltd₹1.3 lakh cr
2. Hindustan Foods Ltd₹6,520 cr
3. ADF Foods Ltd₹2,590 cr
4. Tasty Bite Eatables Ltd₹2,500 cr

4 FMCG Contract Maker companies in the FMCG - Contract Mfg industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Varun Beverages (₹1.33 lakh crore) and the smallest with a market value is Tasty Bite Eatables.

Download all 4 FMCG Contract Maker companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 13% behind NIFTY 500. Earnings across its companies grew 24% on average over the last four reported quarters.

1 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 1 week running; 1 of the 4 companies in the industry index above their 200-day average (2 fewer than four weeks earlier); 1 of those 4 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 3 of the 4 that report earnings.

Participation is shrinking, 2 → 1 of 4 over four weeks, after being ahead of NIFTY 500. Price-only fade, 3 of 4 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 4 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

FMCG - Contract Mfg has done better than the NIFTY 500 by 12.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.8%. Tasty Bite Eatables Ltd is the strongest against the sector itself at +16%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 13.6 as of 30 October 2026 (leaders, rising).

FMCG - Contract Mfg has done better than the NIFTY 500 by 12.3% over 52 weeks and by 1.8% over 13 weeks. 1 of 4 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of 4 is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

ADF Foods Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 92.6% evidence confidence.

Tasty Bite Eatables Ltd has the strongest one-year price move in FMCG - Contract Mfg at +8.5%. It also leads on relative strength against the NIFTY, at +23.5%. 3 of 4 companies we track are ahead of the index on that measure. Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against FMCG - Contract Mfg itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Aggregate revenue compounded from 3,765 cr (2015) to 26,393 cr (2025) and profit from 133 cr to 3,267 cr, with operating margin structurally high and RISING (20.89% in 2025, 82nd %ile of its 11y range). The one caveat is composition: this is a 4-name BRONZE index and Varun Beverages dominates it (see mechanism).

From our industry review of 14 June 2026. A newer review (10 October 2026) did not cover FMCG - Contract Mfg, so this is the latest we have.

1 of 4 FMCG - Contract Mfg companies held a results call for July to September 2026. Varun Beverages guided: Significant Twizza-BevCo operational synergies to unlock over coming quarters as integration proceeds.

From the results calls for July to September 2026.

Big funds, foreign and Indian, cut their stake by 0.4 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹3,075 crore in the last 12 months, 34% less than a year before.
• Projects still being built shrank 65% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 FMCG - Contract Mfg companies, in percentage points.

Ownership and spending as of 10 October 2026.

Varun Beverages Ltd has the highest Revenue among the 4 FMCG - Contract Mfg companies compared here, at ₹25,931 crore. Hindustan Foods Ltd is next at ₹4,401 crore. The same company also has the highest Revenue growth, at 22.1%. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Varun Beverages Ltd is the largest at ₹25,931 crore, 489.2% ahead of Hindustan Foods Ltd. Varun Beverages Ltd's growth is 22.1% from a ₹25,931 crore base, with 16 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Varun Beverages Ltd is both the largest and the fastest-growing company here; the growth has to turn into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Varun Beverages Ltd's revenue growth slows for two consecutive comparable reports while its operating margin also compresses.

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Varun Beverages Ltd has the highest OPM among the 4 FMCG - Contract Mfg companies compared here, at 22%. ADF Foods Ltd is next at 18%. ADF Foods Ltd has the highest Margin change at 0 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Varun Beverages Ltd leads opm at 22%; ADF Foods Ltd leads margin change at 0 percentage points.

What this means: Varun Beverages Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Varun Beverages Ltd has the highest Net profit among the 4 FMCG - Contract Mfg companies compared here, at ₹3,480 crore. Hindustan Foods Ltd is next at ₹159 crore. Hindustan Foods Ltd has the highest Profit growth at 37.1%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Varun Beverages Ltd earns the most, ₹3,480 crore of profit over the last 12 months, 21.9× the profit of Hindustan Foods Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Varun Beverages Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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 · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

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 Jun 2026.

What the numbers say: ADF Foods Ltd leads ROCE at 21.8%, 2.1 percentage points above Varun Beverages Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: ADF Foods Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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.

Return on capital · company comparison

Withheld from this chart: Varun Beverages Ltd (VBL): its two data sources disagree by up to 8.2% on reported income across 15 comparable periods, so its derived ratios are withheld; Tasty Bite Eatables Ltd (TASTYBITE): its two data sources disagree by up to 3.9% on reported income across 15 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Hindustan Foods Ltd has the lowest PEG among the 4 FMCG - Contract Mfg companies compared here, at 0.8×. ADF Foods Ltd is next at 0.98×. ADF Foods Ltd has the lowest P/E at 26.7×, so level and change sit with different companies. 2 of 4 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Hindustan Foods Ltd has the lowest comparable PEG at 0.8×, 18.4% below ADF Foods Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

FMCG - Contract Mfg companies show up on 4 of our India lists. The most are on the multibagger study list list (1 company).

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-source figures left out because the two sources disagree. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• 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-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

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 Sep 2026 and market data through 30 October 2026.

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 15 comparable periods, so its derived ratios are withheld; Tasty Bite Eatables Ltd (TASTYBITE): its two data sources disagree by up to 3.9% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 23 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.