ADF Foods Ltd · ADFFOODS
₹109 Cr
₹117 Cr
₹108 Cr
₹97 Cr
₹107 Cr
₹123 Cr
₹123 Cr
₹112 Cr
₹125 Cr
₹130 Cr
₹154 Cr
₹122 Cr
₹161 Cr
₹147 Cr
₹159 Cr
₹133 Cr
₹163 Cr
₹191 Cr
₹197 Cr
₹167 Cr
20-quarter listed-company comparison
FMCG - Contract Mfg Stocks in India
FMCG - Contract Mfg: Varun Beverages Ltd owns the largest revenue base; ADF Foods Ltd has the fastest current growth.
01 · the index people search for
Nifty FMCG - Contract Mfg Index — Constituents & Performance
The FMCG - Contract Mfg companies below are the listed Indian FMCG - Contract Mfg universe this page tracks — the same constituent set people search for as the Nifty FMCG - Contract Mfg index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
02 · the sector itself · before any single company
How has FMCG - Contract Mfg moved against NIFTY 500?
The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 1% behind NIFTY 500. Earnings across its companies grew 21% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 16 weeks running.
FADING · −2 in 4w✓Moving with the index2 of 4 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more
RS ↑16w · 3/4 >200d (−1) · 2/4 lead (−2) · EPS 4/4↑
FMCG - Contract Mfg, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
FMCG - Contract Mfg, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
FMCG - Contract Mfg, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Both lines start at 200 in the same week, so the distance between them is the whole 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 rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically 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 any point to read both values and the gap. This is a description of what the numbers did, not advice.
03 · sector relative strength, before individual stocks
Is FMCG - Contract Mfg outperforming NIFTY 500?
FMCG - Contract Mfg has underperformed NIFTY 500 by 3.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.5%. 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 +7%.
+7.5%Sector vs NIFTY 500 · 13 weeks
-3.4%Sector vs NIFTY 500 · 52 weeks
3/4Stocks leading NIFTY 500
2/4Stocks leading sector
Sector metric: 18.8 as of 2026-07-19 · CONSOLIDATION · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
FMCG - Contract Mfg has underperformed NIFTY 500 by 3.4% over 52 weeks and 7.5% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Varun Beverages Ltd leads with revenue of ₹24,126 crore, based on 4 of 4 comparable companies through Jun 2026.
Companies
4
complete canonical membership
Combined market value
₹1.6 L Cr
Varun Beverages Ltd
Revenue growing
3/4
positive TTM year-on-year growth
Beating NIFTY 500
3/4
positive Mansfield relative strength
Comparing 4 of 4
04 · research priority, made explicit
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.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
ADF Foods Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1ADF Foods LtdADFFOODS | 73.9/100Favorable setup97% evidence | FADING | 29.2/35 Revenue 19.7% · PAT 30% · OPM change 0 pp 100% evidence | 19.3/25 ROCE 21.8% · OPM 18% 100% evidence | 11.4/20 P/E 30.8× · PEG 0.98 85% evidence | 14.0/20 RS sector 7% · RS bench 15.7% · 1Y 0.6%11 of 12 weeks ahead 100% evidence |
| Exact sum: 29.2 + 19.3 + 11.4 + 14 = 73.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Hindustan Foods LtdHNDFDS | 64.4/100Mixed-positive evidence93% evidence | BREAKING OUT | 24.8/35 Revenue 16.9% · PAT 33.3% · OPM change 1 pp 88% evidence | 10.4/25 ROCE 14.2% · OPM 9% 100% evidence | 14.2/20 P/E 45.7× · PEG 1.4 85% evidence | 15.0/20 RS sector -0.5% · RS bench 8.7% · 1Y 4.8%9 of 12 weeks ahead 100% evidence |
| Exact sum: 24.8 + 10.4 + 14.2 + 15 = 64.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Tasty Bite Eatables LtdTASTYBITE | 63.9/100Mixed-positive evidence75% evidence | BREAKING OUT | 22.9/35 Revenue -1% · PAT 37.9% · OPM change 1.3 pp 83% evidence | 12.3/25 ROCE 14% · OPM 9.5% 76% evidence | 12.0/20 P/E 66.4× · PEG — 35% evidence | 16.7/20 RS sector 1.3% · RS bench 10.5% · 1Y -14.8%10 of 12 weeks ahead 100% evidence |
| Exact sum: 22.9 + 12.3 + 12 + 16.7 = 63.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Varun Beverages LtdVBL | 49.0/100Mixed-negative evidence79% evidence | ASLEEP | 16.4/35 Revenue 14.5% · PAT 18.3% · OPM change 0 pp 95% evidence | 20.1/25 ROCE 19.7% · OPM 28% 76% evidence | 12.5/20 P/E 44.2× · PEG — 35% evidence | 0.0/20 RS sector -15.8% · RS bench -8% · 1Y -7.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 16.4 + 20.1 + 12.5 + 0 = 49 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
05 · what price has already done
Market action
Hindustan Foods Ltd has the strongest one-year price move in FMCG - Contract Mfg at +4.8%. ADF Foods Ltd leads on Mansfield relative strength against NIFTY at +15.7%. 3 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.
Price and relative strength
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.
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.
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.
06 · compare level, then change
Revenue Scale & Growth Durability
Varun Beverages Ltd has the highest Revenue among the 4 FMCG - Contract Mfg companies compared here, at ₹24,126 crore. Hindustan Foods Ltd is next at ₹4,195 crore. ADF Foods Ltd has the highest Revenue growth at 19.7%, 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: Varun Beverages Ltd is the scale leader at ₹24,126 crore, 475.1% ahead of Hindustan Foods Ltd. ADF Foods Ltd's growth is 19.7% from a ₹718 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderVarun Beverages Ltd · ₹24,126 crore
Gap475.1% versus #2 · Hindustan Foods Ltd
Persistence7/8 recent comparable periods
Coverage4/4 companies · 68 observations
Investor read: Varun Beverages Ltd is the scale benchmark; ADF 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 ADF Foods Ltd's for two consecutive comparable reports while 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.
Revenuelargest
Revenue growthfastest growers
Revenue · company comparison
4/4 level · 4/4 change
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
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.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Varun Beverages Ltd VBL | ₹8.5K Cr | 20% | Jun 2026 |
| Hindustan Foods Ltd HNDFDS | ₹1.1K Cr | 16% | Mar 2026 |
| ADF Foods Ltd ADFFOODS | ₹167 Cr | 26% | Jun 2026 |
| Tasty Bite Eatables Ltd TASTYBITE | ₹118 Cr | -12% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Hindustan Foods Ltd · HNDFDS
₹466 Cr
₹522 Cr
₹595 Cr
₹598 Cr
₹662 Cr
₹679 Cr
₹660 Cr
₹619 Cr
₹675 Cr
₹729 Cr
₹731 Cr
₹868 Cr
₹883 Cr
₹880 Cr
₹959 Cr
₹995 Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
—
Tasty Bite Eatables Ltd · TASTYBITE
—
—
—
—
—
₹105 Cr
₹110 Cr
₹154 Cr
₹145 Cr
₹133 Cr
₹109 Cr
₹85 Cr
₹157 Cr
₹179 Cr
₹134 Cr
₹121 Cr
₹133 Cr
₹177 Cr
₹118 Cr
—
Varun Beverages Ltd · VBL
—
—
—
—
—
₹2.2K Cr
₹3.9K Cr
₹5.6K Cr
₹3.9K Cr
₹2.7K Cr
₹4.3K Cr
₹7.2K Cr
₹4.8K Cr
₹3.7K Cr
₹5.6K Cr
₹7.0K Cr
₹4.9K Cr
₹4.2K Cr
₹6.6K Cr
₹8.5K Cr
Revenue growth · reported quarter history
ADF Foods Ltd · ADFFOODS
—
—
—
13%
-1.8%
5.1%
14%
15%
17%
5.7%
25%
8.9%
29%
13%
3.3%
9.0%
1.2%
30%
24%
26%
Hindustan Foods Ltd · HNDFDS
—
—
—
31%
42%
30%
11%
3.5%
2.0%
7.4%
11%
40%
31%
21%
31%
15%
18%
19%
16%
—
Tasty Bite Eatables Ltd · TASTYBITE
—
—
—
—
—
—
—
—
—
26%
-0.7%
-45%
8.1%
35%
23%
42%
-15%
-1.0%
-12%
—
Varun Beverages Ltd · VBL
—
—
—
—
—
—
—
—
—
21%
11%
28%
24%
38%
29%
-2.5%
1.9%
14%
18%
20%
07 · compare level, then change
Operating Economics & Margin Trend
Varun Beverages Ltd has the highest OPM among the 4 FMCG - Contract Mfg companies compared here, at 28%. ADF Foods Ltd is next at 18%. 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 Jun 2026.
What the numbers say: Varun Beverages Ltd leads opm at 28%; Tasty Bite Eatables Ltd leads margin change at +1.3 percentage points.
LeaderVarun Beverages Ltd · 28%
Gap55.6% versus #2 · ADF Foods Ltd
Persistence1/8 recent comparable periods
Coverage4/4 companies · 78 observations
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.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
Margin changefastest expanders
Operating margin · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Varun Beverages Ltd VBL | 28% | 0.0 pp | Jun 2026 |
| ADF Foods Ltd ADFFOODS | 18% | 0.0 pp | Jun 2026 |
| Tasty Bite Eatables Ltd TASTYBITE | 9.5% | +1.3 pp | Mar 2026 |
| Hindustan Foods Ltd HNDFDS | 9.0% | +1.0 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
ADF Foods Ltd · ADFFOODS
17%
17%
14%
9.3%
17%
22%
21%
20%
17%
21%
22%
16%
17%
18%
16%
18%
22%
19%
17%
18%
Hindustan Foods Ltd · HNDFDS
5.9%
5.5%
5.2%
6.4%
6.4%
6.0%
7.0%
8.0%
8.0%
8.0%
8.0%
8.0%
8.0%
8.0%
8.0%
8.0%
8.0%
9.0%
9.0%
—
Tasty Bite Eatables Ltd · TASTYBITE
3.6%
3.0%
12%
12%
14%
11%
17%
21%
14%
9.9%
7.6%
1.9%
11%
13%
8.2%
13%
6.6%
15%
9.5%
—
Varun Beverages Ltd · VBL
21%
12%
19%
25%
22%
14%
20%
27%
23%
16%
23%
28%
24%
16%
23%
28%
23%
15%
23%
28%
Margin change · reported quarter history
ADF Foods Ltd · ADFFOODS
+0.2 pp
−2.5 pp
−5.8 pp
−5.1 pp
−0.4 pp
+5.1 pp
+6.8 pp
+10.7 pp
+0.1 pp
−1.0 pp
+1.0 pp
−4.0 pp
0.0 pp
−3.0 pp
−6.0 pp
+2.0 pp
+5.0 pp
+1.0 pp
+1.0 pp
0.0 pp
Hindustan Foods Ltd · HNDFDS
−0.6 pp
+0.0 pp
−0.7 pp
+0.9 pp
+0.4 pp
+0.5 pp
+1.8 pp
+1.6 pp
+1.6 pp
+2.0 pp
+1.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
+1.0 pp
+1.0 pp
—
Tasty Bite Eatables Ltd · TASTYBITE
−10.5 pp
−11.7 pp
−5.4 pp
−2.6 pp
+10.5 pp
+8.0 pp
+4.9 pp
+9.5 pp
−0.4 pp
−1.2 pp
−9.3 pp
−19.6 pp
−3.1 pp
+2.8 pp
+0.6 pp
+11.1 pp
−4.0 pp
+2.2 pp
+1.3 pp
—
Varun Beverages Ltd · VBL
−0.5 pp
−1.0 pp
+1.8 pp
+1.9 pp
+1.4 pp
+2.0 pp
+1.2 pp
+1.8 pp
+1.0 pp
+2.0 pp
+3.0 pp
+1.0 pp
+1.0 pp
0.0 pp
0.0 pp
0.0 pp
−1.0 pp
−1.0 pp
0.0 pp
0.0 pp
08 · compare level, then change
Profit Scale & Acceleration
Varun Beverages Ltd has the highest Net profit among the 4 FMCG - Contract Mfg companies compared here, at ₹3,409 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 15 reported observations across the 20-quarter window.
What the numbers say: Varun Beverages Ltd leads with ₹3,409 crore of TTM profit, 23× 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.
LeaderVarun Beverages Ltd · ₹3,409 crore
Gap23× versus #2 · Hindustan Foods Ltd
Persistence8/8 recent comparable periods
Coverage4/4 companies · 68 observations
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.
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 profitlargest
Profit growthfastest growers
Net profit · company comparison
4/4 level · 4/4 change
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Varun Beverages Ltd VBL | ₹1.5K Cr | 15% | Jun 2026 |
| Hindustan Foods Ltd HNDFDS | ₹42 Cr | 31% | Mar 2026 |
| ADF Foods Ltd ADFFOODS | ₹17 Cr | 13% | Jun 2026 |
| Tasty Bite Eatables Ltd TASTYBITE | ₹6 Cr | -2.9% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
ADF Foods Ltd · ADFFOODS
₹13 Cr
₹14 Cr
₹11 Cr
₹8 Cr
₹14 Cr
₹19 Cr
₹16 Cr
₹15 Cr
₹15 Cr
₹19 Cr
₹25 Cr
₹14 Cr
₹20 Cr
₹19 Cr
₹16 Cr
₹15 Cr
₹26 Cr
₹22 Cr
₹26 Cr
₹17 Cr
Hindustan Foods Ltd · HNDFDS
₹10 Cr
₹12 Cr
₹12 Cr
₹15 Cr
₹19 Cr
₹17 Cr
₹20 Cr
₹23 Cr
₹25 Cr
₹22 Cr
₹23 Cr
₹27 Cr
₹23 Cr
₹29 Cr
₹32 Cr
₹32 Cr
₹35 Cr
₹39 Cr
₹42 Cr
—
Tasty Bite Eatables Ltd · TASTYBITE
—
—
—
—
—
₹4 Cr
₹9 Cr
₹21 Cr
₹11 Cr
₹6 Cr
₹3 Cr
₹-4 Cr
₹10 Cr
₹13 Cr
₹6 Cr
₹8 Cr
₹4 Cr
₹17 Cr
₹6 Cr
—
Varun Beverages Ltd · VBL
—
—
—
—
—
₹82 Cr
₹439 Cr
₹1.0K Cr
₹514 Cr
₹144 Cr
₹548 Cr
₹1.3K Cr
₹629 Cr
₹196 Cr
₹731 Cr
₹1.3K Cr
₹745 Cr
₹260 Cr
₹879 Cr
₹1.5K Cr
Profit growth · reported quarter history
ADF Foods Ltd · ADFFOODS
—
—
—
-27%
7.7%
36%
45%
88%
7.1%
0.0%
56%
-6.7%
33%
0.0%
-36%
7.1%
30%
16%
63%
13%
Hindustan Foods Ltd · HNDFDS
—
—
—
50%
90%
42%
67%
53%
32%
29%
15%
17%
-8.0%
32%
39%
19%
52%
34%
31%
—
Tasty Bite Eatables Ltd · TASTYBITE
—
—
—
—
—
—
—
—
—
56%
-72%
-117%
-11%
108%
143%
—
-64%
34%
-2.9%
—
Varun Beverages Ltd · VBL
—
—
—
—
—
—
—
—
—
76%
25%
26%
22%
36%
33%
5.0%
18%
33%
20%
15%
09 · compare level, then change
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 Jun 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.
LeaderADF Foods Ltd · 21.8%
Gap10.7% versus #2 · Varun Beverages Ltd
Persistence4/8 recent comparable periods
Coverage4/4 companies · 30 observations
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.
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.
ROCEhighest
ROCE changefastest improvers
Return on capital · company comparison
4/4 level · 4/4 change
Withheld from this chart: 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.
All-company data · latest reported quarter
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| ADF Foods Ltd ADFFOODS | 17% | +2.8 pp | Jun 2026 |
| Hindustan Foods Ltd HNDFDS | 13% | −0.1 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
ADF Foods Ltd · ADFFOODS
18%
—
14%
—
12%
—
15%
—
17%
20%
18%
21%
17%
21%
14%
18%
15%
19%
17%
—
Hindustan Foods Ltd · HNDFDS
19%
—
15%
—
16%
—
17%
—
18%
21%
14%
18%
14%
19%
13%
17%
13%
17%
13%
—
ROCE change · reported quarter history
ADF Foods Ltd · ADFFOODS
—
—
—
—
−6.9 pp
—
+0.2 pp
—
+5.5 pp
—
+3.3 pp
—
+0.3 pp
+0.8 pp
−3.5 pp
−2.4 pp
−2.1 pp
−1.1 pp
+2.8 pp
—
Hindustan Foods Ltd · HNDFDS
—
—
—
—
−3.2 pp
—
+1.6 pp
—
+2.0 pp
—
−2.9 pp
—
−3.8 pp
−2.1 pp
−0.4 pp
−1.9 pp
−0.5 pp
−2.3 pp
−0.1 pp
—
10 · compare level, then change
Valuation Against Growth & Quality
ADF Foods Ltd has the lowest PEG among the 4 FMCG - Contract Mfg companies compared here, at 0.98×. Hindustan Foods Ltd is next at 1.4×. The same company also holds the lowest P/E, at 30.8×. 2 of 4 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 11 reported observations across the 20-quarter window.
What the numbers say: ADF Foods Ltd has the lowest comparable PEG at 0.98×, 30% below Hindustan Foods Ltd. Only 2 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderADF Foods Ltd · 0.98×
Gap30% versus #2 · Hindustan Foods Ltd
Persistence0/8 recent comparable periods
Coverage2/4 companies · 26 observations
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.
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 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.
P/Elowest P/E
Valuation · company comparison
2/4 level · 4/4 change
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Hindustan Foods Ltd HNDFDS | 1.4 | 43.2 | Mar 2026 |
| ADF Foods Ltd ADFFOODS | 1.0 | 34.9 | Jun 2026 |
| Varun Beverages Ltd VBL | — | 54.0 | Jun 2026 |
| Tasty Bite Eatables Ltd TASTYBITE | — | 48.6 | Mar 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
ADF Foods Ltd · ADFFOODS
—
—
—
—
4.9
1.2
—
—
1.1
0.9
1.1
1.0
2.2
1.8
—
—
—
1.5
0.4
1.0
Hindustan Foods Ltd · HNDFDS
1.8
—
—
2.2
8.3
3.4
—
1.4
1.4
1.6
1.4
2.2
3.8
6.1
2.2
—
1.2
5.9
1.4
—
P/E · reported quarter history
ADF Foods Ltd · ADFFOODS
34.6
30.8
27.4
29.7
33.8
36.0
31.7
36.7
36.2
33.9
30.9
35.3
39.7
41.4
32.6
43.4
34.6
29.7
20.4
34.9
Hindustan Foods Ltd · HNDFDS
98.6
89.0
87.3
83.0
103.0
118.3
90.1
81.9
75.9
74.0
58.8
65.2
79.2
61.8
68.0
65.9
57.7
56.7
43.2
—
Tasty Bite Eatables Ltd · TASTYBITE
104.9
99.3
140.6
214.0
279.7
139.7
80.0
115.5
95.9
75.0
65.6
65.7
198.9
168.9
95.9
111.1
61.2
64.8
48.6
—
Varun Beverages Ltd · VBL
70.3
58.3
58.8
61.1
52.2
59.7
58.5
62.3
65.5
80.5
85.8
97.9
81.6
79.8
68.8
54.6
52.3
55.0
44.9
54.0
11 · before the conclusion, check the blind spots
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. 1 of the 5 ranked sections has fewer than three usable current readings.
Keep these limits visible
- 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: Valuation have fewer than three usable current readings.
12 · evidence and freshness
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 Jun 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-31 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing2 cross-checked · 0 unverified · 2 withheld, of 4 graded companies.
How a second data feed is admitted, and what happens when it disagrees
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.
13 · questions investors ask, short speakable answers
FMCG - Contract Mfg company comparison FAQs
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 Jun 2026. Price and relative-strength answers run through 2026-07-31. Nothing here is estimated, and none of it is a recommendation.
Is the FMCG - Contract Mfg sector outperforming NIFTY 500?
FMCG - Contract Mfg has underperformed NIFTY 500 by 3.4% over 52 weeks and 7.5% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.
Which FMCG - Contract Mfg company is largest by revenue?
Varun Beverages Ltd leads with revenue of ₹24,126 crore, based on 4 of 4 comparable companies through Jun 2026.
Which FMCG - Contract Mfg company is growing fastest?
ADF Foods Ltd has the fastest current revenue growth at 19.7%, across 4 of 4 comparable companies.
Which FMCG - Contract Mfg company has the strongest 4-Factor Sector Score?
ADF Foods Ltd ranks first at 73.9/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which FMCG - Contract Mfg company has the lowest comparable PEG?
ADF Foods Ltd has the lowest comparable PEG at 0.98, among 2 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.
How much history does this FMCG - Contract Mfg comparison include?
The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 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.
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 Jun 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 Jun 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 Jun 2026.
Which FMCG - Contract Mfg company is the biggest?
Varun Beverages Ltd is the largest, with trailing-twelve-month revenue of ₹24,126 crore, ahead of Hindustan Foods Ltd at ₹4,195 crore. That covers 4 of 4 companies with comparable reporting through Jun 2026.
Which FMCG - Contract Mfg company has the best profit margins?
Varun Beverages Ltd has the highest operating margin at 28%, 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 ₹3,409 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 PEG — where a LOWER number is cheaper — ADF Foods Ltd screens cheapest at 0.98×. Only 2 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.
Is the FMCG - Contract Mfg sector beating the market?
FMCG - Contract Mfg has underperformed NIFTY 500 by 3.4% over the last 52 weeks and 7.5% 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 73.9 out of 100 with 97% evidence confidence, from 29.2 points on growth and earnings, 19.3 on capital efficiency, 11.4 on valuation and 14 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, ending Jun 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 ₹1,61,916 crore of combined market value. Varun Beverages Ltd is the largest at ₹1,49,606 crore, about 92% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.
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 3.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.
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.