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

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## 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.

## Sector relative strength

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%.

13-week sector return versus NIFTY 500: 7.5%
52-week sector return versus NIFTY 500: -3.4%
Stocks leading NIFTY: 3/4
Stocks leading sector: 2/4

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: ₹1.6 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): 74/100 — Favorable setup; evidence 97%
   - Growth & earnings 29.2/35 | Capital efficiency 19.3/25 | Valuation 11.4/20 | Relative strength 14.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - 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.
2. Hindustan Foods Ltd (HNDFDS): 64/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 24.8/35 | Capital efficiency 10.4/25 | Valuation 14.2/20 | Relative strength 15.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - 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.
3. Tasty Bite Eatables Ltd (TASTYBITE): 64/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 22.9/35 | Capital efficiency 12.3/25 | Valuation 12.0/20 | Relative strength 16.7/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 10 of the last 12 weeks
   - 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.
4. Varun Beverages Ltd (VBL): 49/100 — Mixed-negative evidence; evidence 79%
   - Growth & earnings 16.4/35 | Capital efficiency 20.1/25 | Valuation 12.5/20 | Relative strength 0.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 9 of the last 12 weeks
   - 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.

## 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.

### Strongest one-year price performers
1. Hindustan Foods Ltd (HNDFDS): 4.8%
2. ADF Foods Ltd (ADFFOODS): 0.6%
3. Varun Beverages Ltd (VBL): -7.3%
4. Tasty Bite Eatables Ltd (TASTYBITE): -15%

### Strongest relative strength versus NIFTY 500
1. ADF Foods Ltd (ADFFOODS): 16%
2. Tasty Bite Eatables Ltd (TASTYBITE): 11%
3. Hindustan Foods Ltd (HNDFDS): 8.7%
4. Varun Beverages Ltd (VBL): -8.0%

## Revenue Scale & Growth Durability

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.

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.

Evidence: Varun Beverages Ltd · ₹24,126 crore | 475.1% 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): ₹24.1K Cr
2. Hindustan Foods Ltd (HNDFDS): ₹4.2K Cr
3. ADF Foods Ltd (ADFFOODS): ₹718 Cr
4. Tasty Bite Eatables Ltd (TASTYBITE): ₹549 Cr

### Revenue growth — fastest growers
1. ADF Foods Ltd (ADFFOODS): 20%
2. Hindustan Foods Ltd (HNDFDS): 17%
3. Varun Beverages Ltd (VBL): 15%
4. Tasty Bite Eatables Ltd (TASTYBITE): -1.0%

### 20-quarter Revenue history
- VBL: 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 | Jun 2026 ₹8.5K Cr
- HNDFDS: 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 | Jun 2026 —
- ADFFOODS: 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 | Jun 2026 ₹167 Cr
- TASTYBITE: 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 | Jun 2026 —

### 20-quarter Revenue growth history
- VBL: 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% | Jun 2026 20%
- HNDFDS: 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% | Jun 2026 —
- ADFFOODS: 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% | Jun 2026 26%
- TASTYBITE: 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% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Varun Beverages Ltd leads opm at 28%; 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 · 28% | 55.6% versus #2 · ADF Foods Ltd | 1/8 recent comparable periods | 4/4 companies · 78 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): 28%
2. ADF Foods Ltd (ADFFOODS): 18%
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. Hindustan Foods Ltd (HNDFDS): +1.0 pp
3. ADF Foods Ltd (ADFFOODS): 0.0 pp
4. Varun Beverages Ltd (VBL): 0.0 pp

### 20-quarter OPM history
- VBL: 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% | Jun 2026 28%
- HNDFDS: 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% | Jun 2026 —
- ADFFOODS: 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% | Jun 2026 18%
- TASTYBITE: 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% | Jun 2026 —

### 20-quarter Margin change history
- VBL: 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 | Jun 2026 0.0 pp
- HNDFDS: 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 | Jun 2026 —
- ADFFOODS: 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 | Jun 2026 0.0 pp
- TASTYBITE: 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 | Jun 2026 —

## Profit Scale & Acceleration

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.

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 · ₹3,409 crore | 23× 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): ₹3.4K Cr
2. Hindustan Foods Ltd (HNDFDS): ₹148 Cr
3. ADF Foods Ltd (ADFFOODS): ₹91 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): 30%
4. Varun Beverages Ltd (VBL): 18%

### 20-quarter Net profit history
- VBL: 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 | Jun 2026 ₹1.5K Cr
- HNDFDS: 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 | Jun 2026 —
- ADFFOODS: 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 | Jun 2026 ₹17 Cr
- TASTYBITE: 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 | Jun 2026 —

### 20-quarter Profit growth history
- VBL: 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% | Jun 2026 15%
- HNDFDS: 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% | Jun 2026 —
- ADFFOODS: 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% | Jun 2026 13%
- TASTYBITE: 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% | Jun 2026 —

## 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: 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% | Jun 2026 —
- ADFFOODS: 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% | Jun 2026 —

### 20-quarter ROCE change history
- HNDFDS: 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 | Jun 2026 —
- ADFFOODS: 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 | Jun 2026 —

## Valuation Against Growth & Quality

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.

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 · 0.98× | 30% 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 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.

### PEG — lowest PEG
1. ADF Foods Ltd (ADFFOODS): 1.0
2. Hindustan Foods Ltd (HNDFDS): 1.4

### P/E — lowest P/E
1. ADF Foods Ltd (ADFFOODS): 30.8
2. Varun Beverages Ltd (VBL): 44.2
3. Hindustan Foods Ltd (HNDFDS): 45.7
4. Tasty Bite Eatables Ltd (TASTYBITE): 66.4

### 20-quarter PEG history
- HNDFDS: 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 | Jun 2026 —
- ADFFOODS: 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 | Jun 2026 1.0

### 20-quarter P/E history
- VBL: 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 | Jun 2026 54.0
- HNDFDS: 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 | Jun 2026 —
- ADFFOODS: 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 | Jun 2026 34.9
- TASTYBITE: 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 | Jun 2026 —


## 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: Valuation have fewer than three usable current readings.

## Every company
- Varun Beverages Ltd (VBL) — market value ₹1.5 L Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Hindustan Foods Ltd (HNDFDS) — market value ₹7.0K Cr; latest fundamentals Mar 2026
- ADF Foods Ltd (ADFFOODS) — market value ₹3.0K Cr; latest fundamentals Jun 2026
- Tasty Bite Eatables Ltd (TASTYBITE) — market value ₹2.4K 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 Jun 2026; prices through 2026-07-31.
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

### 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.