ADF Foods Limited (ADFFOODS) share price

₹264.80 on NSE as of 2026-09-04. -1.01% on the day. market cap ₹2,909 Cr. P/E 31.6. 52-week range ₹157.89 to ₹320.40. Fast Moving Consumer Goods.

ADF Foods Q1 FY27: Revenue Up 25.9%, and 30% of June's Goods Never Left the Port

At a glance

ADF Foods sells samosas, pickles and frozen naan to sixty countries, and this quarter its biggest problem was not making the food. It was finding a boat.

Consolidated revenue for the June 2026 quarter came in at ₹167.3 crore, up 25.9% year-on-year — what management called a fourth consecutive quarter of strong double-digit growth. Operating profit was ₹29.65 crore against ₹23.52 crore a year ago. PAT reached ₹17.29 crore, up 13.4%. Three growth numbers, three different speeds, and the gap between the first and the last is where the quarter actually lives.

Management stated that in June, roughly 30% of goods could not be shipped, citing non-availability of ships and containers. The order book, per management, is the strongest in company history for June and July and even August. Both of those things are true at once: a record book of orders, and a chunk of it sitting in a warehouse in Gujarat waiting for a vessel. The CFO quantified freight as roughly a 3% hit at the consolidated level.

There was also a windfall of the sort accountants love and footnotes complicate: the US subsidiary received a tariff refund of USD 2.08 million (₹19.69 crore), of which only ₹7.29 crore ran through this quarter's P&L as a reduction in cost of materials consumed. The rest is parked on the balance sheet.

And the Surat plant — the ₹90 crore greenfield that has been "coming soon" for three years — finally shipped about fifteen containers.

Introduction

ADF Foods Limited traces its origins to 1932, when it was American Dry Fruits Stores in Mumbai, selling specialty dried fruit. The Camel brand arrived in 1960, taking the company into processed foods and the Middle East. Ashoka — still the flagship — launched in 1980. The company listed on BSE in 1992, added a Nashik plant in 1996, entered frozen manufacturing in 2001, and acquired Elena Food Specialties in 2010.

The last five years have been about moving closer to the shelf. In 2021 it acquired Vibrant Foods LLC to control last-mile distribution to retailers on the US Northeast coast. In 2024 it launched the Truly Indian range into the US mainstream market and ADF Soul into India. In March 2026, Phase 1 of the Surat greenfield unit — 10,000 MT per annum, roughly ₹90 crore — commenced commercial production.

The recent filing record is busy in the way growing mid-caps tend to be. December 2025: CFO Shardul Doshi resigned. February 2026: Srinivas Ayyagari appointed CFO, and GM–Supply Chain Jeetendra Joshi resigned, with the company stating operations were unaffected. April 2025: the Gujarat Pollution Control Board ordered closure of two plants over alleged pollution violations; the annual secretarial compliance report notes GPCB revoked the Nadiad closure on 19 November 2025. In June 2026, a US court ruled favourably for ADF Foods USA, awarding US$2.30 million with liability limited to US$100,707.

CRISIL reaffirmed its ratings at 'Crisil A/Positive/Crisil A1' in May 2025, describing the financial risk profile and liquidity as strong. On 31 July 2026, CRISIL assigned an ESG rating of 55 (Adequate).

Business model

ADF makes Indian food that survives a container voyage. That is the entire proposition, and it is harder than it sounds.

The portfolio runs to 600+ SKUs across five prominent brands. Frozen products: snacks, samosas, Indian breads, cut fruits and vegetables, sweets, puffs, rolls. Ready-to-eat and ready-to-cook: curries regular and vegan, cooked rice, condiment pastes, dipping and cooking sauces. Accompaniments: pickles, chutneys, murabba. Then spices, tamarind, an Indo-Chinese range, and canned mango pulp and soya chaap.

The brands are segmented by who is eating and why. **Ashoka**, born 1980, targets the South Asian diaspora across USA, Canada, UK, APAC and the Middle East — the homesick-at-9pm market. Management says it has compounded 20%+ over five years, with brand sales rising from ₹119 crore in FY21 to ₹308 crore in FY26. **Truly Indian** goes after non-Indians who want to try Indian food that isn't intimidating — "carefully crafted for a milder palate," which is the most diplomatic sentence in the entire presentation. It is now in 3,000+ US stores and collected a NEXTY award for a Tikka Masala Naan out of 1,000+ entries, plus two AllRecipes Golden Cart awards. **Camel** serves Arab consumers in the Middle East and has been at it for a century. **Aeroplane** targets budget-conscious expats in the same region. **ADF Soul** sells "better-for-you" packaged food to urban India, including pickles made with 100% extra-virgin olive oil — an idea that will either define a category or quietly go away.

Structurally there are two segments: Processed Foods and Distribution, split 85/15 by FY26 revenue. Distribution is agency work — ADF's UK and USA arms distribute other companies' FMCG products, including an exclusive agreement with Patanjali Ayurved for Western Europe and the UK. It is the segment that buys goods rather than makes them, and its margins say so.

Manufacturing sits at Nadiad and Nashik, now joined by Surat, for ~38,000 MT of annual food processing capacity. Two US warehouses in New Jersey and Atlanta total 100,000 sq ft, with a cold storage facility added in New Jersey.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for ADF Foods Limited.

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