# Hindustan Foods share price today (Hindustan Foods Ltd, NSE: HNDFDS)

> Hindustan Foods share price today: ₹568.80 at the NSE close on 3 November 2026, up 8.9% in a year. Hindustan Foods (NSE: HNDFDS) is worth ₹6,895 crore, trades at a P/E of 42.6 and has closed between ₹451.10 and ₹645.15 over the past 52 weeks. > Hindustan Foods Ltd's results are improving, while its P/E is near the low end of its own history over 7 years, higher than only 5% of past readings. HNDFDS · FMCG - Contract Mfg · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/hindustan-foods-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹568.80 (+8.9% in a year)
- P/E: 42.6× (lower than 95% of the last 7 years)
- Revenue (Jun 2026): ₹1,201 Cr (+17.9% on a year ago)
- Profit (Jun 2026): ₹43.0 Cr (+34.4% on a year ago)
- Operating margin: 8.0% (flat on a year ago)
- ROCE: 14%, FY26
- ROIC: 9.8%, against a 12.0% cost of capital: −2.2 points

The main question: promoters moved −2.0 percentage points over 8 quarters while the business went the other way. ## What is the Hindustan Foods share price today? Hindustan Foods Ltd's share price was ₹568.80 at the close on 3 November 2026. It has been rising for 20 weeks. That is 1.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹451 and ₹645, 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 20 weeks in a row. Over the last 11 years the share price moved +3,169% 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 Hindustan Foods this quarter? Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit up on a year earlier for 7 quarters in a row and highest quarterly profit in 15 quarters. 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 ₹1,201 crore, +17.9% on a year earlier. Why: Sales rose because home and personal care ran at full capacity and food and beverages had peak production. Next results: check whether the new beverage units start by December-January for the season. From the earnings call on 5 Aug 2026. 2. Profit up on a year earlier for 7 quarters in a row In the June 2026 quarter profit was ₹43 crore, +34.4% on a year earlier. Why: Profit rose faster than sales because for some work the company only charges for converting customer materials, so sales look smaller while profit does not. Next results: check whether profit stays in the Rs 200-220 crore range for FY27. From the earnings call on 5 Aug 2026. 3. Highest quarterly profit in 15 quarters Profit of ₹43 crore in the June 2026 quarter is the highest of the last 15 quarters. Why: Profit reached a record because home and personal care ran at full capacity and food and beverages had peak production. Next results: check whether the footwear division returns to profit in the second half. From the earnings call on 5 Aug 2026. ## What are Hindustan Foods' latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Hindustan Foods reported revenue of ₹1,201 crore, up 17.9% from ₹1,019 crore a year earlier, and a profit of ₹43.0 crore, up 34.4% from ₹32.0 crore. ### Hindustan Foods results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,201 crore | ₹1,019 crore | +17.9% |
| Profit | ₹43.0 crore | ₹32.0 crore | +34.4% |
| Earnings per share | ₹3.53 | ₹2.70 | +30.7% |
| Operating margin | 8.0% | 8.0% | 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). Hindustan Foods' management discussed these results on a call held on 5 August 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 Hindustan Foods share price history? Hindustan Foods closed at ₹568.80 on 3 November 2026, up 8.9% from ₹522.45 a year earlier (31 October 2025) and up 48.7% over five years. Its highest weekly close since March 2016 was ₹723.30 on 16 December 2022. ### Hindustan Foods share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹547.90 | +3.8% |
| 1 month ago · 1 Oct 2026 | ₹575.30 | −1.1% |
| 6 months ago · 30 Apr 2026 | ₹492.45 | +15.5% |
| 1 year ago · 31 Oct 2025 | ₹522.45 | +8.9% |
| 3 years ago · 3 Nov 2023 | ₹520.20 | +9.3% |
| 5 years ago · 4 Nov 2021 | ₹382.49 | +48.7% |
| 10 years ago · 4 Nov 2016 | ₹23.00 | +2,373.0% |
| Earliest and lowest weekly close in our records · 11 Mar 2016 | ₹17.40 | +3,169.0% |
| Highest weekly close since March 2016 · 16 Dec 2022 | ₹723.30 | −21.4% |
| 52-week high (weekly close) · 21 Aug 2026 | ₹645.15 | −11.8% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹451.10 | +26.1% |

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 Hindustan Foods? 3 Nov 2026: Hindustan Foods closed at ₹568.80, up 3.8% on the week and down 1.1% on the month. Our read, 22 Aug 2026: Hindustan Foods commissioned ₹700+ crore of new capacity in FY26, and the first quarter of FY27 showed it is paying off: record quarterly profit of ₹43 crore, up 34% year on year, with the full-year guidance of ₹200-220 crore intact. The footwear segment absorbed a one-time ₹6 crore hit from polymer and freight costs, but management expects it to turn profitable in the second half as pass-through agreements take effect. Home and personal care ran at maximum capacity, ice cream delivered a strong summer, and beverage commissioning is due December-January, the multi-division platform is diversifying the risk of any single segment dragging. ### Earlier

- 5 Aug 2026: Hindustan Foods held its results call for April to June 2026. Management guided: FY27 profit ₹200-220 crore, implying 34-48% growth over FY26. - Results for April to June 2026: Revenue up 17.9% and profit up 34.4% on a year earlier. ### Our read of the business

Hindustan Foods commissioned ₹700+ crore of new capacity in FY26, and the first quarter of FY27 showed it is paying off: record quarterly profit of ₹43 crore, up 34% year on year, with the full-year guidance of ₹200-220 crore intact. The footwear segment absorbed a one-time ₹6 crore hit from polymer and freight costs, but management expects it to turn profitable in the second half as pass-through agreements take effect. Home and personal care ran at maximum capacity, ice cream delivered a strong summer, and beverage commissioning is due December-January, the multi-division platform is diversifying the risk of any single segment dragging. April to June 2026: Highest-ever quarterly profit at ₹43 crore; HPC at full capacity; footwear drag contained at ₹6 crore. (Our read after the April to June 2026 results, written 22 August 2026.)

## What dividend does Hindustan Foods pay? Hindustan Foods has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. Hindustan Foods Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## What did Hindustan Foods management say on the latest results call? On the call for April to June 2026, held on 5 August 2026, Hindustan Foods' management guided: FY27 profit ₹200-220 crore, implying 34-48% growth over FY26. > “But I think the shoe business should finally start paying off in the second half of this financial year.”
> Sameer Kothari, Managing Director, on the call for April to June 2026

### What management guided

- FY27 project commitments of ₹340 crore plus carry-forward projects, nearly ₹500 crore total; capacities exceeding ₹500 crore to be commercialized. - Customer inquiry pipeline around ₹1,000 crore, not confirmed orders and subject to conversion. - Silvassa facility fully operational by end-August after partial restoration. - Beverage units to come online by December-January for season start; anchor-tenant projects expected to support utilization. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/2051/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 5 August 2026.)

## What is the future of Hindustan Foods? What is changing in the business? The changes showing up in Hindustan Foods' own numbers are costs spread over more sales. It is too early to say whether they last. Costs spread over more sales too early to call

Hindustan Foods makes products for other brands (ice cream, drinks, detergents, shoes, medicines). Over the last four quarters it filled newly built plants and operating profit grew faster than sales: operating profit ₹381 crore against ₹302 crore a year earlier (+26%) while sales rose from ₹3,741 crore to ₹4,401 crore (+18%). Management attributes this to 'operating leverage from improved utilization and capacity ramp' and guides net profit of ₹200-220 crore for FY27 from ramping plants already built. Why it may last: The fill-up of each new plant is real, but return on capital has not risen (14% in both FY25 and FY26) and operating cash flow fell to ₹100 crore in FY26 against ₹149 crore of net profit, so it is not yet shown that the bigger asset base earns more than the smaller one did. Return on capital rising above 14% in FY27 as Panipat and the beverage lines fill would decide it. What could be flattering it: Margins that only look higher because sales are booked on a smaller base (customers supplying their own materials, so only the conversion fee shows as sales), or profit coming from other income and tax rather than the factories. Next check: Sep 2026 quarter operating profit above ₹86 crore by at least 20% (above about ₹103 crore) with operating margin above 8.25%, while footwear costs are still being passed on. Quarter by quarter, 4 quarters

July to September 2025

Operating profit ₹86 crore vs ₹70 crore a year earlier (+23%) on sales up 18% (₹1,039 crore vs ₹883 crore); operating margin 8.25% vs 7.91%. ✓ fact

From our notes of the call for July to September 2025: Shared manufacturing margins improving through capacity utilization optimization and operational efficiency. October to December 2025

Operating profit ₹95 crore vs ₹73 crore (+30%) on sales up 19% (₹1,044 crore vs ₹880 crore); operating margin 9.08% vs 8.32%, the best of the eight quarters. ✓ fact

From our notes of the call for October to December 2025: Driven by progress in ramp-up and normalization of already commissioned assets. January to March 2026

Operating profit ₹100 crore vs ₹78 crore (+28%) on sales up 16% (₹1,117 crore vs ₹959 crore); operating margin 8.93% vs 8.18%, despite the footwear raw-material hit. ✓ fact

From our notes of the call for January to March 2026: Both reflect strong operating leverage from improved utilization and capacity ramp. April to June 2026

Operating profit ₹100 crore vs ₹81 crore (+23%) on sales up 18% (₹1,201 crore vs ₹1,019 crore); operating margin 8.35% vs 7.93%, after absorbing about ₹6 crore of footwear cost pressure. Depreciation rose to ₹26 crore from ₹21 crore as new plants came on. ✓ fact

From our notes of the call for April to June 2026: Consolidated operating profit growth reflected improving operating leverage and better asset utilization. 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. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the Hindustan Foods story? What are the risks? If H1 FY27 profit comes in below ₹80 crore, well short of the roughly ₹90 crore needed for the ₹200 crore full-year run rate, that would show the capacity ramp is not converting to profit at the expected speed, and the FY27 guidance range would need to be reset to FY28. A second signal would be operating margin falling below 8.5% for two consecutive quarters, indicating that the polymer cost drag has spread beyond footwear to the broader business. ### Each change stops working if

- Panipat ice cream capacity ramp and backward integration: Panipat utilization stays below 40% through the July to September 2026 summer peak, signaling that customer adoption of the new capacity has not matched the supply build. - Operating leverage from commissioned capacity across all five divisions: Operating margin falls below 8.5% for two consecutive quarters, reversing the 200 basis point improvement from the FY22 base and signaling pricing pressure or cost inflation has outrun the operating leverage benefit. - GST duty inversion resolution normalizing working capital: Working capital days remain above 55 by December 2027 with no concall explanation of GST resolution, indicating the inversion was not the primary driver of the inventory build. - New contract pipeline and beverage commissioning: No major contract announcements by July to September 2026 and the beverage commissioning slips past January, removing both the pipeline conversion and the seasonal beverage contribution from the FY27 narrative. ### The main risks

- Footwear polymer cost surge limiting H1 FY27 profit: Polymer and freight costs absorbed ₹6 crore in April to June 2026; H2 recovery depends on customer pass-through taking effect. ⚠ estimate
- Management narrative consistency, repeated timeline and guidance slippage: Four documented inconsistencies across five concalls; optimistic guidance that slips right. ⚠ estimate
- Shared manufacturing ROCE dilution from underutilized commissioning assets: Reported ROCE at 14% versus 18% historically; recovery depends on FY27-FY28 ramp delivering at plan. ⚠ estimate

(Our read after the April to June 2026 results, written 22 August 2026.)

## What to watch in Hindustan Foods' next results? When Hindustan Foods reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Sep 2026 quarter operating profit above ₹86 crore by at least 20% (above about ₹103 crore) with operating margin above 8.25%, while footwear costs are still being passed on. | What to check | Why |
| --- | --- |
| Sep 2026 quarter operating profit above ₹86 crore by at least 20% (above about ₹103 crore) with operating margin above 8.25%, while footwear costs are still being passed on. | Costs spread over more sales |
| Silvassa restoration milestone - verify full production normalization and quantify downtime and insurance-claim impact. | From the call |
| Footwear cost recovery - check customer pass-through, utilization and profitability as the fuller order book moves into production. | From the call |
| Q2 profit trajectory - check whether improved utilization and footwear recovery keep the reaffirmed range intact. | From the call |
| Beverage commissioning - check on-time production start and early anchor-tenant utilization before the season. | From the call |

## Which stock lists is Hindustan Foods on? Hindustan Foods is on 2 of our India lists: Multibagger study list and Undervalued stocks. - [Multibagger study list Study stage: late](https://www.sectoralpha.in/multibagger-stocks-india)
- [Undervalued stocks Profit growth x: 1.3706896551724137](https://www.sectoralpha.in/markets/in/deep-value-stocks)

## Is Hindustan Foods profitable? Hindustan Foods Ltd earned ₹43.0 Cr of net profit in the Jun 2026 quarter, +34.4% on the same quarter a year earlier. That is the 7th quarter in a row of profit growth. Full-year FY26 profit was ₹149 Cr. Over 7 years profit has grown 43.3% a year on average. That is 3.6% of the quarter's revenue. The same quarter a year earlier earned ₹32.0 Cr. For the full year, FY26 profit was ₹149 Cr (+29.6% on the year before). Why profit moved: revenue changed +17.9% 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 +38.1% and revenue +17.7%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY26-Q4. revenue ₹1,117 Cr and profit ₹42 Cr as reported. FY27-Q1. revenue ₹1,201 Cr and profit ₹43 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does Hindustan Foods make, and is it growing? Hindustan Foods Ltd reported ₹1,201 Cr of revenue in the Jun 2026 quarter, +17.9% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 36.1% a year on average. The last full year, FY26, came in at ₹4,251 Cr. The last four reported quarters add to ₹4,401 Cr. FY26 revenue was ₹4,251 Cr, +16.8% on the year before. Recent pace: the last four quarters grew +17.7% on average, against 36.1% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +17.6%, against +21.1% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +37.1%, against +28.0% a year (accelerating). FY26-Q4. revenue ₹1,117 Cr and profit ₹42 Cr as reported. FY27-Q1. revenue ₹1,201 Cr and profit ₹43 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does Hindustan Foods keep? Hindustan Foods Ltd's operating margin was 8.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 8 years it has been between 6.0% and 9.0%. The latest quarter is within that range. Why this happened. FY26 EBITDA grew 20% on 17% revenue, operating leverage is confirmed and recurring. With Rs 1,800 crore of gross block commissioned versus Rs 1,220 crore a year earlier, fixed-cost absorption improves each quarter as utilization increases. OPM expanded to around 9% in the latest two quarters before Q1 FY27, compared to roughly 7% in FY22. Home and personal care ran at maximum capacity in Q1 FY27, confirming utilization is not the constraint in all divisions. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.4 percentage points on the year while gross margin changed +0.7 points. So the gain came mostly from the gross margin, which means input costs and prices charged. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. FY26-Q4. revenue ₹1,117 Cr and profit ₹42 Cr as reported. FY27-Q1. revenue ₹1,201 Cr and profit ₹43 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is Hindustan Foods' profit turning into cash? Over the last 3 years, 85% of Hindustan Foods Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹100 Cr of operating cash against ₹149 Cr of profit. After ₹381 Cr of spending on assets, free cash was −₹281 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 85% of profit came in as cash: the cash cycle got 70 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: the bigger use of cash is spending on new assets, at 4.4× depreciation over three years. The next section checks what that spending is building. ## Where does Hindustan Foods' cash go? Hindustan Foods Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 68 days in FY26, up from −2 days in FY21. It spent ₹998 Cr on assets over the last 3 years. Customers take 22 days to pay, and stock sits for 131 days on average. Why this happened. Panipat was commissioned in April 2026 with 20,000-ton annual capacity, adding roughly 50% volume versus the FY26 ice cream base of 35,000-40,000 tons. Q1 FY27 delivered strong summer ice cream output with Panipat contributing alongside Nashik. The first full summer season contribution for Panipat comes in Q2 FY27 (July-September), which is when utilization is expected to be highest. Backward integration via cone and stick manufacturing lowers input costs and enables new customer relationships beyond the contract manufacturing base. At FY26 sales of ₹4,251 Cr, each day of that cycle ties up about ₹11.6 Cr, so roughly ₹792 Cr is tied up in the business at any time. FY26: customers took 22 days to pay and stock sat for 131 days, about 4.3 months of sales sitting as stock, for a full cycle of 68 days, longer than FY21's −2. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 131 days. Customers pay about 22 days after that. Suppliers are paid at 86 days. Together that makes the 68-day cycle. Spending on assets: ₹998 Cr over the last 3 years, against ₹225 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 ₹150 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Hindustan Foods' P/E ratio, and how does it compare with its own history? Hindustan Foods Ltd's P/E is 42.6×, near the low end of its own history: it has been lower only 5% of the time. Its usual P/E (the middle reading) is 72.9×, over 7 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. 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 ₹13.20. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +27.1% while the price moved +8.9%. 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 +27.0% a year came from earnings growth and about −18.7 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 Hindustan Foods share price assume? Worked out from its price on 11 October 2026, Hindustan Foods Ltd's share price assumed profit growth of about 25.6% a year. Over the past 7 years its profit actually grew 43.3% a year. Today its P/E is 42.6×, lower than 95% of its own last 7 years. This is a one-day reading, taken on 11 October 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 Hindustan Foods business getting better or worse? Hindustan Foods Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 16.1%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Hindustan Foods story, and has it been checked? Hindustan 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: Not stated in the research file. Our read, 22 August 2026. What is proven. What is not proven yet. If H1 FY27 PAT comes in below Rs 80 crore, well short of the roughly Rs 90 crore needed for the Rs 200 crore full-year run rate, that would show the capacity ramp is not converting to profit at the expected speed, and the FY27 guidance range would need to be reset to FY28. A second signal would be OPM falling below 8.5% for two consecutive quarters, indicating that the polymer cost drag has spread beyond footwear to the broader business. What would change our mind. If H1 FY27 PAT comes in below Rs 80 crore, well short of the roughly Rs 90 crore needed for the Rs 200 crore full-year run rate, that would show the capacity ramp is not converting to profit at the expected speed, and the FY27 guidance range would need to be reset to FY28. A second signal would be OPM falling below 8.5% for two consecutive quarters, indicating that the polymer cost drag has spread beyond footwear to the broader business. What the surface reading misses. The surface reading is: PAT rose from Rs 45 crore in FY22 to a record Rs 149 crore in FY26, implying roughly 35% four-year CAGR. The research reads it further: FY26 EBITDA growth of 20 percent and PAT growth of 29 percent exceeded total-income growth of 17 percent, indicating operating leverage alongside the profit expansion. What the surface reading misses. Lever 1 · Operating leverage: building. EBITDA growing faster than revenue as Rs 1,800 crore of gross block fills with volume. What proves it keeps working: Operating leverage from commissioned capacity across all five divisions. It stops working if OPM falls below 8.5% for two consecutive quarters, reversing the 200 basis point improvement from the FY22 base and signaling pricing pressure or cost inflation has outrun the operating leverage benefit. Lever 12 · New product launch: building. Rs 150 crore signed in first 45 days of FY27; beverage units due December-January before the season. What proves it keeps working: New contract pipeline and beverage commissioning. It stops working if No major contract announcements by Q2 FY27 and the beverage commissioning slips past January, removing both the pipeline conversion and the seasonal beverage contribution from the FY27 narrative. 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 Hindustan Foods management deliver what it promised? What Hindustan 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. Reclassification of FY27 Capex Pipeline · 5 August 2026. In May 2026, management described approximately INR150 crores as new projects already signed for FY27. Management did not reconcile this change in the timing or classification of the previously announced capex, which could affect assumptions about FY27 capacity commissioning and growth. Footwear Margin and Risk Narrative Reversal · 22 May 2026. In the Nov 2025 and Feb 2026 calls, management expressed significant confidence in the footwear business, asserting that the worst was behind them and the complex operations had stabilized. However, in the May 2026 call, they revealed that the division was severely impacted by a 50% to 60% surge in polymer prices and rising subcontracting costs, impacting the performance and P&L in both Q4 FY26 and Q1 FY27. Full-Year Cash Flow Projections Not Met · 22 May 2026. In the May 2026 call, management admitted that the final cash flow results were less than satisfactory due to high working capital deployment and inventory build-up. Panipat Project Ramp-up Delay · 11 February 2026. In the November 2025 call, management committed to starting commercial production at the Panipat facility in Q4 FY26, with the capacity being fully ramped up by Q1 FY27. However, during the February 2026 call, management acknowledged that while production might begin soon, the full ramp-up of this asset will now realistically occur only in FY28. Earlier call (Nov 2025): “In terms of the Panipat facility... we expect to start commercial production by Q4 of this financial year... the capacity will be fully ramped up by Q1 of next financial year.” Later call (Feb 2026): “We are aware that the full ramp-up of those assets will likely happen in FY28. ... Panipat production begins in Q1 FY27.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Hindustan Foods management's track record? Construction/capital-discipline component reports execution without cost overruns, but cash delivery and timing through stress slipped. Prior full-downturn conduct insufficiently documented. Recent promoter percentages held after earlier decreases. ### Regulatory and governance record

SAT appeal dismissal affirms company listing-compliance breaches; management fail under the current court-order bar. No fraud allegation is made. Fresh sweep contradicts older CLEAN cache. Sources:

- [hindustanfoodslimited.com](https://www.hindustanfoodslimited.com/investor-section/investor-presentation/Transcript%20of%20the%20Investor%20Conference%20Call%20on%20May%2022,%202026.pdf)
- [investoomarket.com](https://investoomarket.com/news/securities-appellate-tribunal-dismisses-hindustan-foods-limiteds-appeal.53384/)
- [tipranks.com](https://www.tipranks.com/news/company-announcements/hindustan-foods-sat-appeal-on-sebi-listing-fine-dismissed)

(Checked 14 October 2026.)

## How much does Hindustan Foods earn on its capital? Hindustan Foods Ltd earned a ROCE of 14% in FY26. Its return on capital used (ROIC) is 2.2 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 3.5% net margin and 1.34× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.5% net margin × 1.34× asset turnover × 2.72× leverage (assets divided by equity) ≈ 12.8% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 9.8% − 12.0% = −2.2 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. Negative: growth at these returns loses value until returns improve. ## Does Hindustan Foods have too much debt? Hindustan Foods Ltd has total debt of ₹1,088 Cr against shareholder equity of ₹1,165 Cr as of Jun 2026, so its debt is 0.93× its equity. Year by year, that ratio went from 1.15 in FY22 to 0.93 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Hindustan Foods shareholding pattern? Foreign institutions raised their stake in Hindustan Foods Ltd by 2.4 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 5.8% of the company. Promoters moved −2.0 points over the same period, to 61.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +2.4 points over 8 quarters, to 5.8%; Promoters: −2.0 points over 8 quarters, to 61.8%; Domestic institutions: +0.9 points over 8 quarters, to 14.7%. Why the owners changed: foreign institutions drove it (+2.4 points), with the other side taken by promoters (−2.0 points). They raised their stake step by step. ## How far is Hindustan Foods from balance-sheet trouble? For Hindustan 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 Hindustan Foods rank in its industry? 61.0 out of 100, rank 2 of 4 in FMCG - Contract Mfg, with 93% of the evidence available. Hindustan Foods Ltd scores 61.0 out of 100 against the 4 companies it is compared with in FMCG - Contract Mfg, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 23.6 + 10 + 18 + 9.4 = 61. 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 Hindustan Foods compared with? Hindustan Foods ranks 2 of 4 FMCG - Contract Mfg companies on the 4-Factor Sector Score, with 61.0 out of 100. 1. [ADF Foods Ltd](https://www.sectoralpha.in/stocks/adf-foods-ltd) 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 this page 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 Hindustan Foods in size? Hindustan Foods is the 2nd largest of 4 FMCG - Contract Mfg companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Varun Beverages. Just below it: ADF Foods and 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 ₹6,522 crore
3. [ADF Foods Ltd](https://www.sectoralpha.in/stocks/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. [Rain Industries Ltd](https://www.sectoralpha.in/stocks/rain-industries-ltd) ₹6,530 crore · Cement
2. [Neogen Chemicals Ltd](https://www.sectoralpha.in/stocks/neogen-chemicals-ltd) ₹6,523 crore · Speciality Chemicals
3. Hindustan Foods Ltd ₹6,522 crore
4. [Suprajit Engineering Ltd](https://www.sectoralpha.in/stocks/suprajit-engineering-ltd) ₹6,502 crore · Auto Ancillaries - Diversified
5. [Bengal & Assam Company Ltd](https://www.sectoralpha.in/stocks/bengal-assam-company-ltd) ₹6,452 crore · Finance & Investments - Others

## What else do people ask about Hindustan Foods? ### What is Hindustan Foods's share price today? Hindustan Foods Ltd's share price is ₹568.80, +8.9% over the past year. The whole company is worth ₹6,895 Cr on the market. In the last 52 weeks it traded between ₹451 to ₹645; today it is 61% of the way up from the low, 1.7% above its 200-day average (as of 3 November 2026). ### What were Hindustan Foods's latest quarterly results? Hindustan Foods Ltd reported revenue of ₹1,201 Cr and net profit of ₹43.0 Cr for the Jun 2026 quarter. Revenue rose 17.9% and profit rose 34.4% compared with a year earlier. Earnings per share were ₹3.53. The operating margin was 8.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Hindustan Foods's market cap? Hindustan Foods Ltd's market capitalisation is ₹6,895 Cr at a share price of ₹568.80. 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 Hindustan Foods performing? Hindustan Foods Ltd's share price has been rising for 20 weeks. In its latest quarter, revenue rose 17.9% and profit rose 34.4% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 20 weeks running (as of 3 November 2026). ### Will Hindustan Foods's share price go up? This page does not forecast Hindustan Foods Ltd's share price. What it shows instead: the share price is ₹568.80, and it has been rising for 20 weeks. Its P/E of 42.6× is higher than 5% of its own last 7 years (as of 3 November 2026). ### Where is Hindustan Foods in its business cycle? Hindustan Foods Ltd's FY26 operating margin was 9.0%, against a 8-year range of 6.0% to 9.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 8.0%. 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 Hindustan Foods story? The main question: promoters moved −2.0 percentage points over 8 quarters while the business went the other way. 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 Hindustan Foods a stock worth studying right now? What the numbers show: Hindustan Foods Ltd's results are improving, while its P/E is near the low end of its own history over 7 years, higher than only 5% of past readings. The main open question: whether the owners’ moves turn back in line with the business. 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 Hindustan Foods share price forecast for 2026? What management itself guided: FY27 profit ₹200-220 crore, implying 34-48% growth over FY26. The changes showing up in Hindustan Foods' own numbers are costs spread over more sales. It is too early to say whether they last. What would change the story: If H1 FY27 profit comes in below ₹80 crore, well short of the roughly ₹90 crore needed for the ₹200 crore full-year run rate, that would show the capacity ramp is not converting to profit at the expected speed, and the FY27 guidance range would need to be reset to FY28. A second signal would be operating margin falling below 8.5% for two consecutive quarters, indicating that the polymer cost drag has spread beyond footwear to the broader business. ### Where does this page get Hindustan Foods' management information? From Hindustan 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. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
- Undervalued stocks: https://www.sectoralpha.in/markets/in/deep-value-stocks

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