Freshara Agro Exports Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Freshara Agro Exports Ltd trades at ₹355, in a confirmed uptrend and 28 weeks into that stage. That is +53.9% against its own 200-day average. It sits at 97% of a 52-week range of ₹140 to ₹362. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 37 straight weeks.

Today the stock is in a confirmed uptrend — week 28 of stage 2, confirmed. At ₹355 it trades +53.9% versus its 200-day average and sits at 97% of its 52-week range (₹140–₹362).

Against the market, two honest reads. Cumulative: over the last 1.8 years the stock moved +177% while the NIFTY 500 moved +4% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 37 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Freshara Agro Exports Ltd's story is not scored yet against the markers our research file set on 14 June 2026. Where it sits in its own cycle: EXPANSION_STARTED. Still open: Russia at significant share of exports — any sanctions escalation, banking freeze, or trade disruption would materially impact India revenue.

Our read, 14 June 2026. Freshara completed the Sarrasa olive acquisition and now targets consolidated FY27 revenue — transformation from gherkin exporter to integrated specialty foods platform confirmed, with two management math contradictions flagged in the Jun 2026 call.

From the numbers. PE 14.4x at 43rd percentile of a 7-quarter listed history — moderate. The trend is MONOTONIC_COMPRESSION (earnings curve class EXPANDING at high slope) per deterministic ground truth. This is the earnings-driven…

From the price. Price stage 2, week 28 — above its 200-day line, relative strength rising.

From the research. Freshara completed the Sarrasa olive acquisition and now targets consolidated FY27 revenue — transformation from gherkin exporter to integrated specialty foods platform confirmed, with two management math contradictions…

🚨 Where they disagree. PE 14.4x at 43rd percentile of a 7-quarter listed history — moderate. The trend is MONOTONIC_COMPRESSION (earnings curve class EXPANDING at high slope) per deterministic ground truth. This is the earnings-driven compression pattern: multiple compressing while earnings accelerate per. Normalized PE per shows trailing and normalized EPS are close, confirming no margin cycle distortion. The FALLING_KNIFE matrix label reflects PE/smoothed-YoY mechanics from the FY24 trough-year comparison base, but underlying direction since Unit 2 commissioning is growth. Operating cycle stage CONTRACTION (trend=INSUFFICIENT_DATA, OPM contracting from FY25 peak) — watch for stabilization as Sarrasa margin…

What is proven. Freshara completed the Sarrasa olive acquisition and now targets consolidated FY27 revenue — transformation from gherkin exporter to integrated specialty foods platform confirmed, with two management math contradictions flagged in the Jun 2026 call.

What is not proven yet. Russia at significant share of exports — any sanctions escalation, banking freeze, or trade disruption would materially impact India revenue.

The test written in advance. Cash Quality — Accrual-Heavy Earnings — Cash Quality — Accrual-Heavy Earnings OCF/PAT ratio in FY27 annual results; CCC trajectory; borrowings level by the next result.

The test written in advance. Sarrasa Execution Risk — Math Contradictions Signal Uncertainty — Sarrasa Execution Risk — Math Contradictions Signal Uncertainty H1 FY27 Sarrasa revenue vs FY27 target; EBITDA margin progression; concall clarification of math issues by the next result.

The test written in advance. SME Governance / Disclosure Risk — SME Governance / Disclosure Risk Announcement of quarterly reporting cadence; any institutional re-entry by the next result.

What the company does. FY26 consolidated: revenue and PAT delivered per Jun 2026 results; India standalone met the Dec 2025 guidance exactly; Spain contributed in two months of consolidation. FY27 guidance: consolidated revenue target with segment breakdown given; Sarrasa B2C channel targets 14,000+ Spanish retail outlets; EU FTA expected early 2027 with tariff reduction to under 5%. Critical: OCF/PAT 3-year aggregate flags accrual-heavy earnings; WC absorbed cash over 3 years while debt rose; two management math contradictions flagged in Jun 2026 concall.

🚨 What the surface reading misses. The surface reading is: PE at 43rd percentile — moderate, neither cheap nor expensive on surface The research reads it further: PE compressing (-54%/year) while EPS expanding (+124.5%/year, R2 0.73) — classic earnings-driven compression. The multiple is being compressed BY earnings acceleration, not by price decline. The stock at 14.4x is cheaper than it was at 25.1x five quarters ago while EPS expanded substantially. Normalized PE from cycle_normalized confirms no margin inflation artificially boosting EPS.

🚨 What the surface reading misses. The surface reading is: OCF/PAT -1.59x — earnings not converting to cash; accrual inflation risk The research reads it further: Cash triangle: cash profit ≈ PAT + depreciation over 3 years. WC absorbed substantially more cash than operating cash generated as revenues tripled. Capex took additional cash. Total funded by new debt. The WC decomposition shows CCC falling from 486 to 230 days — this improvement is real (debtor days, inventory days all improved) but absolute WC still grew as revenues tripled. This is scaling-phase WC intensity, not structural cash leakage — BUT the management consistency check found a math error in the Q4 seasonality explanation.

Lever 6 · Order-book wins — BUILDING. India standalone delivered the FY26 guidance at 18.5% EBITDA — Unit 2 fully ramped; FY27 target maintains trajectory. What proves it keeps working: India Business at Scale — Unit 2 Peak. It stops working if OCF/PAT ratio in FY27 annual results; CCC trajectory; borrowings level.

Lever 10 · New geographies — BUILDING. Sarrasa contributed revenue in two months post-acquisition; FY27 target from B2C retail via Spanish supermarket outlets. What proves it keeps working: Sarrasa Integration — Spain Platform Revenue Ramp. It stops working if OCF/PAT ratio in FY27 annual results; CCC trajectory; borrowings level.

Lever 15 · Market-share gains — BUILDING. EU FTA expected early 2027 reduces export tariffs to under 5% from current 7-14%; retail packaging (currently highest duty tier) is primary beneficiary. What proves it keeps working: EU Free Trade Agreement — Tariff Reduction Tailwind. It stops working if OCF/PAT ratio in FY27 annual results; CCC trajectory; borrowings level.

Sources: our stock research file (14 June 2026) · quarterly results through Mar 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Freshara Agro Exports Ltd reported ₹179 Cr of revenue in the Mar 26 quarter, +18.5% year on year. That is the 2nd straight quarter of year-on-year growth. Over 4 years it has compounded at 29.7% a year. The last full year, FY26, came in at ₹314 Cr. The last four reported quarters add to ₹568 Cr.

Why this happened. Unit 2 (commissioned Jan 2025, 75-100 MTPD) drove India standalone from FY24 to FY25 then to FY26 meeting guidance. Mar 2026 quarter (peak season) was the highest quarterly revenue in listed history. For FY27, management guides India at or above FY26 levels with similar margin profile. The driver is now MATURING rather than BUILDING — incremental growth from Sarrasa rather than Unit 2 ramp.

FY26 revenue came in at ₹314 Cr (+25.1% on the year), capping 4 years at 29.7% compound. The latest quarter (Mar 26) printed ₹179 Cr, +18.5% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +23.6% growth against the decade's 29.7% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Freshara Agro Exports Ltd's operating margin is 16.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −1.7% to 17.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 16.0%, −1.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −1.7%–17.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Freshara Agro Exports Ltd earned ₹21.0 Cr of net profit in the Mar 26 quarter, +23.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹36.0 Cr. The 4-year compound rate is 144.9%. That is 11.7% of the quarter's revenue.

Mar 26 profit was ₹21.0 Cr, +23.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹36.0 Cr (+24.1%), and the 4-year compound rate is 144.9%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −159% of Freshara Agro Exports Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−21.0 Cr of operating cash against ₹36.0 Cr of profit. After ₹22.0 Cr of capital spending, ₹−43.0 Cr was left as free cash.

FY26: operating cash of ₹−21.0 Cr against reported profit of ₹36.0 Cr, leaving free cash of ₹−43.0 Cr after ₹22.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −159% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −159%: the cash cycle tightened 256 days between FY24 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 8.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Freshara Agro Exports Ltd's cash conversion cycle runs 230 days in FY26, down from 486 days in FY24. Capital spending ran ₹44.0 Cr over the last 2 years. At FY26 sales of ₹314 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹198 Cr sits inside the business at any moment.

FY26: debtors at 142 days, inventory at 157 days — roughly 5.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 230 days, tighter than FY24's 486.

The full loop: cash goes out to suppliers and production on day 0; stock waits 157 days to sell; customers pay about 142 days after that; and suppliers themselves are paid at 69 days — netting out to the 230-day cycle.

In money terms: at FY26 sales of ₹314 Cr, each day of the cycle holds about ₹0.9 Cr — so the 230-day loop keeps roughly ₹198 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹44.0 Cr over the last 2 fiscal years against ₹5.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Freshara Agro Exports Ltd earns a ROCE of 21% in FY26. Return on invested capital clears the cost of that capital by −1.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 11.5% net margin on 0.88× asset turns.

FY26 ROCE is 21%.

🚨 Why the return is what it is — the wiring (FY26): 11.5% net margin × 0.88× asset turns × 2.04× balance-sheet leverage ≈ 20.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 10.3% − 12.0% = a −1.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Freshara Agro Exports Ltd carries total debt of ₹180 Cr against shareholder equity of ₹175 Cr as of Mar 26, a debt-to-equity of 1.03. On the annual view that ratio went from 0.74 in FY25 to 1.03 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹180 Cr against shareholder equity of ₹175 Cr — a debt-to-equity of 1.03. On the annual view, debt-to-equity went from 0.74 (FY25) to 1.03 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Freshara Agro Exports Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Freshara Agro Exports Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Freshara Agro Exports Ltd trades at 23.0× P/E, at the pricey end of its own range (73rd percentile). Its long-run median P/E is 14.8×, measured across 1.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 23.0× is at the pricey end of its own range (73rd percentile), against a long-run median of 14.8× measured over 1.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +25.8% against a +86.4% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Freshara Agro Exports Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

55.3/100 — rank 1 of 1 in Food - Processing - Spices/Pickles · 53% evidence confidence

Freshara Agro Exports Ltd scores 55.3 out of 100 against the 1 companies it is compared with in Food - Processing - Spices/Pickles, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 15.1 + 17.7 + 10 + 12.5 = 55.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Freshara Agro Exports Ltd's management promised, set against what actually arrived — 1 tracked promise on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

Working Capital Seasonality Justification · 4 June 2026. Management justified a significant year-end increase in receivables and inventory by claiming that roughly 65% of their total sales occur in Q4. However, they simultaneously reported that sales for the December to March period were about 140 crores, which mathematically represents less than 40% of their stated FY26 consolidated total income of 353 crores. This internal contradiction fundamentally undermines the primary explanation given for the company's deteriorating working capital position.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions