ADF Foods Ltd.

ADFFOODSNSEFast Moving Consumer GoodsConsumer FoodSmall Cap

₹306.85

▲ 0.41%

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Composite

ADF Foods incorporated in 1992 as American Dry Fruits, is engaged in manufacturing, a wide range of canned, bottled and processed vegetables fruits and foods for the export and domestic markets. It was promoted by Hariram Mewawala Ramesh Thakkar and Kishore Thakkar.

www.adf-foods.comSector: Fast Moving Consumer GoodsIndustry: Consumer Food

Q-DITS fundamental score

43Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹3.4K Cr

TTM PE

37.4x

Industry PE

54.2x

TTM EPS

₹8.19

Book Value

₹52.02

Face Value

₹2

Div Yield

0.39%

PEG

1.95x

5.3x

ROE

14.8%

ROCE

20%

EBITDA mgn

19.1%

D/E

0.02

Int. Cover

36.6x

Curr. Ratio

5.71x

EPS

₹6.3

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	15.9%	14.9%	13.1%	12.5%
EBITDA	32.8%	17.5%	14%	20.8%
Net Profit	37.2%	19.2%	13.7%	30.6%

Score snapshot

Piotroski

2/9

Altman Z

2.41

Quality

72.4

Growth

37.9

Valuation

Earn. Qual

48.5

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
›RevenueCr	210	201	201	231	285	370	421	450	520	590
›EBITDACr	24	28	38	43	62	74	76	92	116	112
›EBITDA margin	11.5%	14%	18.7%	18.5%	21.8%	20%	18.1%	20.4%	22.3%	19.1%
›Net profitCr	7	15	18	25	43	50	49	56	74	69
›PAT margin	3.1%	7.3%	9%	10.9%	15%	13.5%	11.5%	12.4%	14.2%	11.7%
›EPS₹	₹0.6	₹1.38	₹1.7	₹2.53	₹4.27	₹5	₹4.59	₹5.11	₹6.85	₹6.3
›Revenue growth	2.9%	-4.2%	0%	15.2%	23.2%	29.7%	13.9%	6.9%	15.6%	13.3%
›PAT growth	-25.2%	120.8%	23.9%	40.2%	68.8%	17.1%	-3.1%	15.1%	32.1%	-6.1%
›ROE	4.2%	9%	10.6%	14.7%	22.8%	21.8%	16.5%	14.8%	17.2%	14.8%
›ROCE	7.3%	14.1%	19.1%	22.2%	28.2%	27.1%	21.2%	20.1%	23.3%	20%
›ROA	3.2%	7.5%	9.2%	12.8%	18.7%	16.7%	12.1%	11.3%	13.2%	10.8%
›P/E	27.6x	25.2x	23.6x	19x	8x	35.7x	33.7x	5.8x	27x	37.3x
›P/B	1.2x	2.2x	2.4x	2.8x	1.7x	7x	4.9x	3.9x	4.6x	5.3x
›D/E	0	0	0	0	0.1	0	0	0	0	0
›Current ratio	2.8x	4.4x	4.1x	5.2x	3x	4.4x	5.4x	7.7x	6.7x	5.7x
›Interest cover	8.9x	25x	29.4x	44.3x	42.2x	58.5x	37x	29.4x	43x	36.6x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	130	154	122	161	147	159	133	163	191	197
›Rev growth YoY	5.2%	24.8%	8.2%	29.5%	13.8%	3.5%	9.3%	0.8%	29.5%	23.7%
›EBITDACr	27	34	20	28	26	24	24	36	37	34
›EBITDA margin	20.8%	22.3%	16.1%	17.2%	17.9%	15.2%	17.7%	22%	19.4%	17.4%
›Net profitCr	19	25	14	20	19	16	15	26	22	26
›PAT growth YoY	3%	55.6%	-2.3%	31.8%	-1.8%	-34.3%	6%	34.2%	19.3%	57.6%
›EPS₹	₹1.76	₹2.35	₹1.37	₹1.79	₹1.71	₹1.5	₹1.39	₹2.4	₹2.04	₹2.36

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	167	174	172	204	274	343	419	441	493	572
›ReservesCr	145	153	151	184	235	313	397	419	470	550
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	16	7	8	25	24	47	89	138	141	0
›Total assetsCr	169	177	173	206	274	407	472	542	607	755
›Current assetsCr	98	116	115	177	251	299	329	351	395	441
›Current liabilitiesCr	22	29	22	59	58	56	43	53	69	115
›Trade payablesCr	10	14	14	21	35	32	22	30	45	70
›Gross blockCr	86	91	94	109	115	206	234	257	279	158

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	17	24	20	31	36	34	51	70	37	58
›Investing CF (CFI)Cr	-1	3	-4	-40	-8	-54	-63	16	-40	-11
›Financing CF (CFF)Cr	-12	-11	-32	14	-7	33	-5	-63	-21	-24
›Net cash changeCr	4	16	-17	5	20	13	-17	23	-23	22
›Closing cashCr	12	28	14	20	40	54	40	60	37	66

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)72.4

Growth (25%)37.9

Valuation (20%)17

Piotroski (15%)22

Earnings Quality (10%)48.5

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

2/9

✓ROA positiveROA 10.83%

✓CFO positiveCFO ₹57.6 Cr

✗ROA improving13.19% → 10.83%

✗CFO > PAT (low accruals)CFO 57.6 vs PAT 69.26

✗Leverage decreasedD/E 0.0 → 0.02

✗Liquidity improvedCR 6.67 → 5.71

✗No share dilutionEPS 6.85 → 6.3

✗Margin improvedEBITDA mgn 22.29% → 19.07%

✗Asset turnover upAsset TO 0.93 → 0.92

Altman Z-Scoregrey

2.41

0.433

0.728

0.125

0.758

0.781

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

72.4/100

ROE

14.8%

ROCE

20%

Margin

11.7%

Debt

Int. cover

36.6x

Growth

37.9/100

Revenue 3Y

14.9%

Profit 3Y

19.2%

EPS

-8%

Valuation

17/100

37.3x

5.3x

EV/EBITDA

22.5x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

48.5/100

CFO₹58 Cr

PAT₹69 Cr

Accrual ratio0.015

CFO/PAT0.83x

PEAD · SURGE

+2 / +2

Revenue SUE0.93

EPS SUE1.51

Latest quarter2026-03

Rev growth YoY23.7%

Shareholding pattern

Promoter36.1%

FII/FPI11.5%

DII7.8%

Public63.9%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	36.4%	36.3%	36.2%	36.1%	36.1%	36.1%	36.1%	36.1%	36.1%
›FII / FPI	9.5%	9.5%	9.5%	10.1%	9.8%	11.3%	11.3%	11.3%	11.5%
›DII	8.7%	8.7%	8.8%	8.8%	8.8%	7.7%	7.7%	7.7%	7.8%
›Public / Retail	63.6%	63.7%	63.8%	63.9%	63.9%	63.9%	63.9%	63.9%	63.9%
›Promoter pledge	7.7%	7.7%	6%	4.3%	4.3%	4.3%	1.3%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Nestle India Ltd.	2,72,924	23,155	3,545	78x	52.9x	76.3	98.3	0
Varun Beverages Ltd.	1,78,974	23,267	3,219	56.2x	8.8x	16.9	20.7	0.1
Britannia Industries Ltd.	1,25,003	19,152	2,567	49.3x	24.5x	52.5	53	0.28
Jubilant FoodWorks Ltd.	27,648	9,538	367	64.5x	12.1x	11.1	22.9	0.73
Hatsun Agro Product Ltd.	20,565	9,624	348	59x	10.9x	16.9	14.6	1.22
Bikaji Foods International Ltd.	16,610	2,994	254	64.3x	10.3x	15	19.5	0.11
Zydus Wellness Ltd.	16,296	3,961	197	82.6x	2.8x	6.3	6.4	0.03