# ADF Foods share price today (ADF Foods Ltd, NSE: ADFFOODS)

> ADF Foods share price today: ₹256.81 at the NSE close on 3 November 2026, up 17.0% in a year. ADF Foods (NSE: ADFFOODS) is worth ₹2,826 crore, trades at a P/E of 29.2 and has closed between ₹157.89 and ₹320.40 over the past 52 weeks. > ADF Foods Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 34% of past readings. ADFFOODS · FMCG - Contract Mfg · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/adf-foods-ltd

Our note on ADF Foods's latest quarter, with what management said on the call, is in the Sector Alpha newsletter: https://newsletter.sectoralpha.in/p/adf-foods-profit-up-30-in-12-months?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹256.81 (+17.0% in a year)
- P/E: 29.2× (lower than 66% of the last 11 years)
- Revenue (Jun 2026): ₹167 Cr (+25.6% on a year ago)
- Profit (Jun 2026): ₹17.0 Cr (+13.3% on a year ago)
- Operating margin: 18.0% (flat on a year ago)
- ROCE: 22%, FY26
- ROIC: 15.9%, against a 12.0% cost of capital: +3.9 points

Biggest thing to watch: the price has already been rising for 24 weeks, so timing is the risk more than the business. ## What is the ADF Foods share price today? ADF Foods Ltd's share price was ₹256.81 at the close on 3 November 2026. It has been rising for 24 weeks. That is 0.6% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹158 and ₹320, and at that close it sat 61% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 1 week in a row. Over the last 11 years the share price moved +1,485% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at ADF Foods this quarter? 1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare) In the June 2026 quarter revenue was ₹167 crore, +25.6% on a year earlier. Why: Revenue rose because the company got more shelf space, listed products earlier, sold more types of ethnic foods, and saw strong demand for its ready-to-eat, ready-to-cook, shelf-stable and frozen foods. Next results: check whether the orders stuck in June get shipped in the September quarter or slip into the December quarter because of ship and container shortages. From the earnings call on 30 Jul 2026. 3. Profit up on a year earlier for 5 quarters in a row In the June 2026 quarter profit was ₹17 crore, +13.3% on a year earlier. Why: Profit rose because a tariff refund added to earnings, even though higher freight and brand spending took back some of the gain. Next results: check whether profit holds up as the tariff refund fades and the government PLI benefit runs out, with freight costs being passed on. From the earnings call on 30 Jul 2026. ## What are ADF Foods' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), ADF Foods reported revenue of ₹167 crore, up 25.6% from ₹133 crore a year earlier, and a profit of ₹17.0 crore, up 13.3% from ₹15.0 crore. ### ADF Foods results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹167 crore | ₹133 crore | +25.6% |
| Profit | ₹17.0 crore | ₹15.0 crore | +13.3% |
| Earnings per share | ₹1.57 | ₹1.39 | +12.9% |
| Operating margin | 18.0% | 18.0% | 0.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). ADF Foods' management discussed these results on a call held on 30 July 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the ADF Foods share price history? ADF Foods closed at ₹256.81 on 3 November 2026, up 17.0% from ₹219.54 a year earlier (31 October 2025) and up 49.3% over five years. Its highest weekly close since March 2016 was ₹343.55 on 13 December 2024. ### ADF Foods share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹235.00 | +9.3% |
| 1 month ago · 1 Oct 2026 | ₹281.40 | −8.7% |
| 6 months ago · 30 Apr 2026 | ₹264.14 | −2.8% |
| 1 year ago · 31 Oct 2025 | ₹219.54 | +17.0% |
| 3 years ago · 3 Nov 2023 | ₹227.55 | +12.9% |
| 5 years ago · 4 Nov 2021 | ₹172.02 | +49.3% |
| 10 years ago · 4 Nov 2016 | ₹31.26 | +721.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹16.20 | +1,485.2% |
| Highest weekly close since March 2016 · 13 Dec 2024 | ₹343.55 | −25.2% |
| Lowest weekly close since March 2016 · 23 Mar 2016 | ₹15.75 | +1,530.5% |
| 52-week high (weekly close) · 3 Jul 2026 | ₹320.40 | −19.8% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹157.89 | +62.7% |

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (563 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on ADF Foods? 3 Nov 2026: ADF Foods closed at ₹256.81, up 9.3% on the week and down 8.7% on the month. Our read, 22 Aug 2026: ADF Foods has demand and fresh frozen-food capacity, but shipment conversion, cash absorption and repeated revisions to Surat assumptions keep the case conditional. ### Earlier

- 5 Aug 2026: ex-date for a dividend of ₹0.60 a share. - 30 Jul 2026: ADF Foods held its results call for April to June 2026. Management guided: FY27 consolidated revenue goal is upwards of ₹900 crore, with management cautiously optimistic. - Results for April to June 2026: Revenue up 25.6% and profit up 13.3% on a year earlier. - 13 Nov 2025: ex-date for an interim dividend of ₹0.60 a share. ### Our read of the business

Latest quarter: Demand held up, but shipment shortages and a tariff refund complicate the quality of the print. (Our read after the latest results, written 22 August 2026.)

## What dividend does ADF Foods pay? ADF Foods paid ₹1.20 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 0.47% at the ₹256.81 close on 3 November 2026. The last was a dividend of ₹0.60 a share, ex-date 5 August 2026. ### ADF Foods dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 5 Aug 2026 | ₹0.60 | Dividend | same day |
| 13 Nov 2025 | ₹0.60 | Interim | same day |
| 6 Aug 2025 | ₹0.60 | Dividend | same day |
| 6 Nov 2024 | ₹0.60 | Interim | same day |
| 26 Jul 2024 | ₹1.20 | Dividend | same day |
| 10 Nov 2023 | ₹4 | Special | same day |
| 3 Aug 2023 | ₹5 | Dividend | same day |
| 4 Aug 2022 | ₹4 | Dividend | n/a |
| 16 Sep 2021 | ₹3 | Dividend | 17 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. ADF Foods Ltd paid out 15% of its profit as dividends in FY26, and it paid a dividend in 10 of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did ADF Foods management say on the latest results call? On the call for April to June 2026, held on 30 July 2026, ADF Foods' management guided: FY27 consolidated revenue goal is upwards of ₹900 crore, with management cautiously optimistic. > “Our order book is the strongest it has ever been, so the challenge is purely about shipping it out.”
> Bimal Thakkur, on the call for April to June 2026

### What management guided

- FY27 operating margin is expected to remain in the high teens excluding the tariff refund; reiterated under Q&A as the goal. - Freight increases are expected to be passed through at close to 75.0% in the US and across more than 65.0%-70.0% of total business. - Q2 should receive carryover shipments, although Q2 orders could move into Q3 if the vessel and container disruption persists. - Surat is expected to reach about 30.0% capacity utilization and contribute ₹40-50 crore in FY27 by fiscal year-end. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/2062-30-Jul-2026.pdf). (From the call for April to June 2026, 30 July 2026.)

## What is the future of ADF Foods? What is changing in the business? What is changing at ADF Foods, from the latest results and calls: surat frozen-food ramp, branded retail expansion and ashoka and frozen-product mix. - Surat frozen-food ramp. Commercial deliveries have begun, with management aiming for fiscal-year utilization and revenue from Surat while Phase 2 adds another product line. ⚠ estimate
- Branded retail expansion. Truly Indian has expanded across United States retail stores, with existing-store orders cited as a source of growth. ⚠ estimate
- Ashoka and frozen-product mix. Ashoka growth and frozen-food mix can support revenue and margin once freight pass-through is established. ⚠ estimate
- Export-clearance and Europe expansion. Faster export clearances and an Ireland structure may improve shipment handling and open incremental European distribution. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What is ADF Foods' order book? Management said the order book was at its highest level, with shipment conversion as the constraint. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What could change the ADF Foods story? What are the risks? The thesis fails if shipment conversion remains constrained and Surat does not progress toward management's fiscal-year utilization and revenue goals while working-capital absorption continues to outpace cash generation. ### Each change stops working if

- Surat frozen-food ramp: Shipment shortages persist or Surat misses the fiscal-year utilization and revenue goals. - Branded retail expansion: Repeat orders do not convert into rising revenue per store and marketing spending remains elevated. - Ashoka and frozen-product mix: Freight pass-through falls short and recurring margin remains below management’s high-teen objective. ### The main risks

- Shipment conversion and freight: Vessel and container shortages prevented shipment of ready goods, while freight pressure remains only partly passed through. ✓ fact
- Management credibility: Tariff commentary, Surat revenue potential and the full-ramp date have changed across recent calls. ✓ fact
- Working-capital absorption: Cash conversion is below reported profit as inventory, receivables and capital spending absorb operating cash. ✓ fact
- : Retail expansion can build brand value, but the business remains in an build-out phase and store productivity is undisclosed. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in ADF Foods' next results? When ADF Foods reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 shipment conversion: monitor whether carryover orders are shipped or move into Q3, given that 30.0% of June-ready goods were blocked by vessel and container shortages. - What to check (from the call)
- Q2 shipment conversion: monitor whether carryover orders are shipped or move into Q3, given that 30.0% of June-ready goods were blocked by vessel and container shortages. - Surat ramp: check progress toward about 30.0% FY27 utilization and ₹40-50 crore revenue contribution by the fiscal year-end. - Margin normalization: track movement toward high-teen operating margin excluding the tariff refund as freight pass-through takes effect and the ₹16 crore PLI benefit runs through FY27. - European expansion: monitor Ireland subsidiary execution and whether UK and European business begins delivering the promised high-double-digit growth over the next few quarters. ## Which stock lists is ADF Foods on? ADF Foods is not on any of our India lists this week. ## Is ADF Foods profitable? ADF Foods Ltd earned ₹17.0 Cr of net profit in the Jun 2026 quarter, +13.3% on the same quarter a year earlier. That is the 5th quarter in a row of profit growth. Full-year FY26 profit was ₹90.0 Cr. Over 10 years profit has grown 29.1% a year on average. That is 10.2% of the quarter's revenue. The same quarter a year earlier earned ₹15.0 Cr. For the full year, FY26 profit was ₹90.0 Cr (+30.4% on the year before). Why profit moved: revenue changed +25.6% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +30.4% and revenue +20.1%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does ADF Foods make, and is it growing? ADF Foods Ltd reported ₹167 Cr of revenue in the Jun 2026 quarter, +25.6% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 12.5% a year on average. The last full year, FY26, came in at ₹683 Cr. Why this happened. The capex inflection point applies because Surat is no longer a proposal: commercial deliveries have started and the next product line is planned for the current fiscal year. The payoff depends on product acceptance, repeat orders and shipment availability, not simply installed capacity. The last four reported quarters add to ₹718 Cr. FY26 revenue was ₹683 Cr, +15.8% on the year before. Recent pace: the last four quarters grew +20.1% on average, against 12.5% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +19.7%, against +16.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +30.0%, against +11.7% a year (accelerating). ## How much of every ₹100 of sales does ADF Foods keep? ADF Foods Ltd's operating margin was 18.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 13 years it has been between 8.0% and 20.0%. The latest quarter is within that range. Why this happened. The geographic TAM expansion model applies through mainstream retail placements and repeat orders. The missing disclosure is store-level sales productivity, so the store footprint is a leading indicator rather than proof of a fully scaled earnings stream. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.0 percentage points on the year while gross margin changed +3.0 points. So the gain came mostly from the gross margin, which means input costs and prices charged. ## Is ADF Foods' profit turning into cash? Over the last 3 years, 71% of ADF Foods Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹58.0 Cr of operating cash against ₹90.0 Cr of profit. After ₹101 Cr of spending on assets, free cash was −₹43.0 Cr: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 71% of profit came in as cash: the cash cycle got 23 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: less of the profit turns into cash than it should, and the cash cycle is 23 days longer. The next section looks at where the cash is stuck. ## Where does ADF Foods' cash go? ADF Foods Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 162 days in FY26, up from 139 days in FY21. It spent ₹158 Cr on assets over the last 3 years. Customers take 77 days to pay, and stock sits for 205 days on average. At FY26 sales of ₹683 Cr, each day of that cycle ties up about ₹1.9 Cr, so roughly ₹303 Cr is tied up in the business at any time. FY26: customers took 77 days to pay and stock sat for 205 days, about 6.7 months of sales sitting as stock, for a full cycle of 162 days, longer than FY21's 139. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 205 days. Customers pay about 77 days after that. Suppliers are paid at 120 days. Together that makes the 162-day cycle. Spending on assets: ₹158 Cr over the last 3 years, against ₹55.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹27.0 Cr (FY26): assets paid for that are not earning yet. In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit. ## What is ADF Foods' P/E ratio, and how does it compare with its own history? ADF Foods Ltd's P/E is 29.2×, near the low end of its own history: it has been lower only 34% of the time. Its usual P/E (the middle reading) is 31.9×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why this happened. The value-chain climb is supported by management’s description of Ashoka growth and favorable product mix. It fails if freight costs cannot be passed through or if the tariff-related margin support is mistaken for recurring operating leverage. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹8.37. Why the multiple is where it is: over the past year earnings per share moved +29.8% while the price moved +17.0%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +8.3% a year; about +11.0% a year came from earnings growth and about −2.7 percentage points from the multiple (the market paying less); over 10 years the price moved +23.4% a year; about +25.9% a year came from earnings growth and about −2.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the ADF Foods share price assume? Worked out from its price on 25 August 2026, ADF Foods Ltd's share price assumed profit growth of about 18.5% a year. Over the past 10 years its profit actually grew 29.1% a year. Today its P/E is 29.2×, lower than 66% of its own last 11 years. This is a one-day reading, taken on 25 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the ADF Foods business getting better or worse? ADF Foods Ltd's business is turning around. Profit growth has swung from −4.1% at its low to +30.0%, improving for 4 quarters in a row, with ROCE steady at 21.0%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the ADF Foods story, and has it been checked? ADF Foods Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: EARLY EXPANSION. Our read, 22 August 2026. ADF Foods has demand and fresh frozen-food capacity, but shipment conversion, cash absorption and repeated revisions to Surat assumptions keep the case conditional. From the numbers. From the price. Price stage 2, week 24, below its 200-day line, relative strength falling. From the research. ADF Foods has demand and fresh frozen-food capacity, but shipment conversion, cash absorption and repeated revisions to Surat assumptions keep the case conditional. Where they disagree. What is proven. ADF Foods has demand and fresh frozen-food capacity, but shipment conversion, cash absorption and repeated revisions to Surat assumptions keep the case conditional. What is not proven yet. The thesis fails if shipment conversion remains constrained and Surat does not progress toward management's fiscal-year utilization and revenue goals while working-capital absorption continues to outpace cash generation. What would change our mind. The thesis fails if shipment conversion remains constrained and Surat does not progress toward management's fiscal-year utilization and revenue goals while working-capital absorption continues to outpace cash generation. The test written in advance. The thesis fails if shipment conversion remains constrained and Surat does not progress toward management's fiscal-year utilization and revenue goals while working-capital absorption continues to outpace cash generation. Measured by: the thesis as written as stated by the next result. The test written in advance. Shipment conversion and freight. Measured by: Shipment conversion and freight Reported revenue and management disclosure of ready-goods shipment conversion by the next result. The test written in advance. Management credibility. Measured by: Management credibility No further revision to Surat utilization, revenue contribution or full-ramp timing by the next result. What the company does. The latest quarter delivered revenue growth while reported profit grew more slowly, as shipping constraints delayed conversion of ready goods and the tariff refund lifted reported margin. Surat commercial deliveries, branded-store expansion and frozen-food mix provide identifiable forward fuel, but the ramp now goals fiscal-year-end utilization rather than an immediate capacity step-up. What the surface reading misses. What the surface reading misses. The surface reading is: Cash conversion below reported profit can imply weak earnings quality. The research reads it further: Cash was used for manufacturing capex and growth working capital; the deterministic cash story classifies this as growth-led working-capital and capex absorption. Lever 6 · Order-book wins: building. Commercial deliveries have begun, with management aiming for fiscal-year utilization and revenue from Surat while Phase 2 adds another product line. What proves it keeps working: Surat frozen-food ramp. It stops working if Shipment shortages persist or Surat misses the fiscal-year utilization and revenue goals. Lever 2 · Value-added mix: building. Truly Indian has expanded across United States retail stores, with existing-store orders cited as a source of growth. What proves it keeps working: Branded retail expansion. It stops working if Repeat orders do not convert into rising revenue per store and marketing spending remains elevated. Lever 8 · Demerger or value unlock: building. Ashoka growth and frozen-food mix can support revenue and margin once freight pass-through is established. What proves it keeps working: Ashoka and frozen-product mix. It stops working if Freight pass-through falls short and recurring margin remains below management’s high-teen objective. Lever 10 · New geographies: building. Faster export clearances and an Ireland structure may improve shipment handling and open incremental European distribution. What proves it keeps working: Export-clearance and Europe expansion. It stops working if The thesis fails if shipment conversion remains constrained and Surat does not progress toward management's fiscal-year utilization and revenue goals while working-capital absorption continues to outpace cash generation. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did ADF Foods management deliver what it promised? What ADF Foods Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Tariff Burden Explanation Reversed · 30 July 2026. In February 2026, management said tariffs were passed through to consumers by distributors, implying ADF did not absorb the tariff cost. In July 2026, management said most mainstream customers did not share the tariff increase and that ADF absorbed it, a direct reversal with material implications for historical margins and credibility. Surat Full-Capacity Revenue Revised Upward · 30 July 2026. In May 2026, management estimated Surat's full-capacity revenue at INR200 crores to INR250 crores, whereas the July 2026 call stated that the facility could support a little under 300 crores. This is a material increase in the plant's modeled revenue capacity, and management did not explain whether the scope, product mix, or underlying assumptions had changed. Surat Full-Utilization Date Shift · 30 July 2026. In May 2026, management said it was hoping to reach full utilization in year 3. In July 2026, management identified FY30 as the realistic year for full utilization, indicating a potentially later milestone without explaining the change in the ramp schedule. Shipping Disruption Risk Narrative Deteriorated · 30 July 2026. In May 2026, management characterized the shipping issue as primarily affecting the GCC, while saying other markets were still accepting shipments with only longer transit times and somewhat higher freight. In July 2026, management said 30% of ready goods could not be shipped in June because of vessel and container shortages, indicating a broader and more persistent operational impact that was not reconciled with the prior outlook. Every quote above is taken word for word from the company’s own earnings calls. ## What is ADF Foods management's track record? An old insider-trading matter involved promoter Bhavesh Thakkar; the fresh 2026 compliance sweep did not show a new adverse order. 0% Promoter shares pledged

Sources:

- [sovrenn.com](https://www.sovrenn.com/knowledge/adf-foods-concall-summary-q3-and-9-m-fy-26-revenue-at-all-time-high-of-191-crore-ebitda-margin-at-19-4)
- [drvijaymalik.com](https://www.drvijaymalik.com/analysis-adf-foods-ltd)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/29/ADFFOODS/latest/adf-foods-ltd)

(Checked 30 August 2026.)

## How much does ADF Foods earn on its capital? ADF Foods Ltd earned a ROCE of 22% in FY26. That is up from a low of 4% in FY14. Its return on capital used (ROIC) is 3.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 13.2% net margin and 0.92× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 13.2% net margin × 0.92× asset turnover × 1.30× leverage (assets divided by equity) ≈ 15.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 15.9% − 12.0% = +3.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 15.9% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 17.0%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does ADF Foods have too much debt? ADF Foods Ltd has total debt of ₹55.0 Cr against shareholder equity of ₹572 Cr as of Jun 2026, so its debt is 0.10× its equity, which is very little. Year by year, that ratio went from 0.20 in FY22 to 0.10 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the ADF Foods shareholding pattern? Domestic institutions raised their stake in ADF Foods Ltd by 12.2 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 21.0% of the company. Foreign institutions moved +1.8 points over the same period, to 11.4%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +12.2 points over 8 quarters, to 21.0%; Foreign institutions: +1.8 points over 8 quarters, to 11.4%; Promoters: +0.0 points over 8 quarters, to 36.1%. Why the owners changed: domestic institutions drove it (+12.2 points), together with foreign institutions (+1.8 points). They raised their stake step by step. ## How far is ADF Foods from balance-sheet trouble? For ADF Foods Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does ADF Foods rank in its industry? 67.4 out of 100, rank 1 of 4 in FMCG - Contract Mfg, with 93% of the evidence available. ADF Foods Ltd scores 67.4 out of 100 against the 4 companies it is compared with in FMCG - Contract Mfg, ranking 1. Earnings are strong; relative strength in its sector is -3.3% and the one-year return is 7.2%. The four parts add up to the total exactly: 27.6 + 20.3 + 14.4 + 5.1 = 67.4. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is ADF Foods compared with? ADF Foods ranks 1 of 4 FMCG - Contract Mfg companies on the 4-Factor Sector Score, with 67.4 out of 100. 1. ADF Foods Ltd this page ADFFOODS · quiet · Most evidence points up · 93% evidence 67.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.6/35 · Revenue 19.7% · Profit 30% · Operating margin change 0 points · 88% evidence Capital efficiency 20.3/25 · ROCE 21.8% · Operating margin 18% · 100% evidence Valuation 14.4/20 · P/E 26.7× · PEG 0.98 · 85% evidence Relative strength 5.1/20 · Lead over its industry -3.3% · Lead over NIFTY 500 2.2% · 1 year 7.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.6 + 20.3 + 14.4 + 5.1 = 67.4 · What this means: Earnings are strong; relative strength in its sector is -3.3% and the one-year return is 7.2%. 2. [Hindustan Foods Ltd](https://www.sectoralpha.in/stocks/hindustan-foods-ltd) HNDFDS · losing its lead · Evidence leans up · 93% evidence 61.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.6/35 · Revenue 17.6% · Profit 37.1% · Operating margin change 0 points · 88% evidence Capital efficiency 10.0/25 · ROCE 14.1% · Operating margin 8% · 100% evidence Valuation 18.0/20 · P/E 40.3× · PEG 0.8 · 85% evidence Relative strength 9.4/20 · Lead over its industry -2.1% · Lead over NIFTY 500 4.5% · 1 year 2.4% · 100% evidence · 9 of 12 weeks ahead Exact sum: 23.6 + 10 + 18 + 9.4 = 61 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Tasty Bite Eatables Ltd](https://www.sectoralpha.in/stocks/tasty-bite-eatables-ltd) TASTYBITE · leader · Evidence leans up · 75% evidence 55.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.6/35 · Revenue -1.2% · Profit -4.1% · Operating margin change -3.5 points · 83% evidence Capital efficiency 12.3/25 · ROCE 14% · Operating margin 9.5% · 76% evidence Valuation 11.6/20 · P/E 68.8× · PEG n/a · 35% evidence Relative strength 20.0/20 · Lead over its industry 16% · Lead over NIFTY 500 23.5% · 1 year 8.5% · 100% evidence · 11 of 12 weeks ahead Exact sum: 11.6 + 12.3 + 11.6 + 20 = 55.5 · What this means: Relative strength against the index is 23.5%, and revenue and profit growth are weak. 4. [Varun Beverages Ltd](https://www.sectoralpha.in/stocks/varun-beverages-ltd) VBL · basing · Evidence leans up · 79% evidence 52.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.4/35 · Revenue 22.1% · Profit 16.6% · Operating margin change -1 points · 95% evidence Capital efficiency 20.1/25 · ROCE 19.7% · Operating margin 22% · 76% evidence Valuation 13.4/20 · P/E 38.4× · PEG n/a · 35% evidence Relative strength 2.4/20 · Lead over its industry -16.8% · Lead over NIFTY 500 -10.7% · 1 year -16.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.4 + 20.1 + 13.4 + 2.4 = 52.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [FMCG - Contract Mfg](https://www.sectoralpha.in/sectors/fmcg-contract-mfg), all 4 compared on one page. ## Which companies are close to ADF Foods in size? ADF Foods is the 3rd largest of 4 FMCG - Contract Mfg companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Varun Beverages and Hindustan Foods. Just below it: Tasty Bite Eatables. ### FMCG - Contract Mfg companies close in size

1. [Varun Beverages Ltd](https://www.sectoralpha.in/stocks/varun-beverages-ltd) ₹1,32,594 crore
2. [Hindustan Foods Ltd](https://www.sectoralpha.in/stocks/hindustan-foods-ltd) ₹6,522 crore
3. ADF Foods Ltd ₹2,586 crore
4. [Tasty Bite Eatables Ltd](https://www.sectoralpha.in/stocks/tasty-bite-eatables-ltd) ₹2,497 crore

[All 4 FMCG - Contract Mfg companies, largest first](https://www.sectoralpha.in/sectors/fmcg-contract-mfg#all-companies)

### Companies close in size in other industries

1. [Arvind SmartSpaces Ltd](https://www.sectoralpha.in/stocks/arvind-smartspaces-ltd) ₹2,589 crore · Realty - Construction & Contracting
2. [NACL Industries Ltd](https://www.sectoralpha.in/stocks/nacl-industries-ltd) ₹2,589 crore · Pesticides/Agrochemicals
3. ADF Foods Ltd ₹2,586 crore
4. [Protean eGov Technologies Ltd](https://www.sectoralpha.in/stocks/protean-egov-technologies-ltd) ₹2,572 crore · IT Enabled Services
5. [Dr Agarwals Eye Hospital Ltd](https://www.sectoralpha.in/stocks/dr-agarwals-eye-hospital-ltd) ₹2,570 crore · Hospitals

## What else do people ask about ADF Foods? ### What is ADF Foods's share price today? ADF Foods Ltd's share price is ₹256.81, +17.0% over the past year. The whole company is worth ₹2,826 Cr on the market. In the last 52 weeks it traded between ₹158 to ₹320; today it is 61% of the way up from the low, 0.6% below its 200-day average (as of 3 November 2026). ### What were ADF Foods's latest quarterly results? ADF Foods Ltd reported revenue of ₹167 Cr and net profit of ₹17.0 Cr for the Jun 2026 quarter. Revenue rose 25.6% and profit rose 13.3% compared with a year earlier. Earnings per share were ₹1.57. The operating margin was 18.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is ADF Foods's market cap? ADF Foods Ltd's market capitalisation is ₹2,826 Cr at a share price of ₹256.81. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is ADF Foods performing? ADF Foods Ltd's share price has been rising for 24 weeks. In its latest quarter, revenue rose 25.6% and profit rose 13.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 1 week running (as of 3 November 2026). ### Will ADF Foods's share price go up? This page does not forecast ADF Foods Ltd's share price. What it shows instead: the share price is ₹256.81, and it has been rising for 24 weeks. Its P/E of 29.2× is higher than 34% of its own last 11 years (as of 3 November 2026). ### Where is ADF Foods in its business cycle? ADF Foods Ltd's FY26 operating margin was 19.0%, against a 13-year range of 8.0% to 20.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 18.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the ADF Foods story? Biggest thing to watch: the price has already been rising for 24 weeks, so timing is the risk more than the business. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is ADF Foods a stock worth studying right now? What the numbers show: ADF Foods Ltd's results are improving, while its P/E is near the low end of its own history over 11 years, higher than only 34% of past readings. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a ADF Foods share price forecast for 2026? What management itself guided: FY27 consolidated revenue goal is upwards of ₹900 crore, with management cautiously optimistic. What is changing at ADF Foods, from the latest results and calls: surat frozen-food ramp, branded retail expansion and ashoka and frozen-product mix. What would change the story: The thesis fails if shipment conversion remains constrained and Surat does not progress toward management's fiscal-year utilization and revenue goals while working-capital absorption continues to outpace cash generation. ### Where does this page get ADF Foods' management information? From ADF Foods' results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. This is research, not advice. We’re not SEBI-registered.