Adf Foods Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Adf Foods Ltd-$ filed with BSE on 04 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
ADF Foods reported consolidated revenue growth of 25.9% year-on-year to Rs167.3 crores in Q1 FY27, with consolidated EBITDA up 26% to Rs29.7 crores and EBITDA margin at 17.7%. Management attributed the growth to shelf space expansion, category diversification and strong execution in international markets, while citing freight cost increases, vessel shortages and West Asia disruptions as headwinds. The company also referenced a US tariff refund of USD2.08 million and the AEO-T3 export certification received during the quarter.
Numbers mentioned
Consolidated revenue from operations: INR167.3 crores (Q1 FY27)
p. 3
“In Q1 of FY27, our consolidated revenue from operations increased by 25.9% year-on-year to INR167.3 crores.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Stand-alone revenue: INR120.9 crores (Q1 FY27)
p. 3
“On a stand-alone basis, revenue grew by 20.5% year-on-year to INR120.9 crores.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR29.7 crores (Q1 FY27)
p. 4
“consolidated EBITDA increased by 26% year-on-year to INR29.7 crores with the EBITDA margin at 17.7%.”
Bimal Thakkar, page 4 of the filed PDF · View the filing
Consolidated profit after tax: INR17.3 crores (Q1 FY27)
p. 5
“Consolidated profit after tax stood at INR17.3 crores, up 13.4% year-on-year with a PAT margin of 10.3%.”
Srinivas Ayyagari, page 5 of the filed PDF · View the filing
Stand-alone EBITDA: INR27.5 crores (Q1 FY27)
p. 5
“Stand-alone EBITDA increased 22.6% year-on-year to INR27.5 crores with the EBITDA margin improving 40 basis points to 22.8%.”
Srinivas Ayyagari, page 5 of the filed PDF · View the filing
Stand-alone profit after tax: INR18.3 crores (Q1 FY27)
p. 5
“Stand-alone profit after tax increased 7.6% year-on-year to INR18.3 crores with a PAT margin of 15.1%.”
Srinivas Ayyagari, page 5 of the filed PDF · View the filing
Processed foods segment revenue: INR144 crores (Q1 FY27)
p. 5
“Processed foods revenue increased 28.5% year-on-year to INR144 crores with segment EBITDA at INR31.2 crores and a margin of 21.6%.”
Srinivas Ayyagari, page 5 of the filed PDF · View the filing
Distribution segment revenue: INR23.2 crores (Q1 FY27)
p. 5
“Revenue from distribution segment stood at INR23.2 crores with a margin of 11.5%.”
Srinivas Ayyagari, page 5 of the filed PDF · View the filing
US tariff refund: USD2.08 million (INR19.69 crores) (Q1 FY27)
p. 5
“our wholly owned subsidiary, U.S. subsidiary, received a tariff refund of USD2.08 million amounting to INR19.69 crores from the U.S. government.”
Srinivas Ayyagari, page 5 of the filed PDF · View the filing
Tariff refund booked in P&L: USD0.77 million (~INR7 crores) (Q1 FY27)
p. 8
“in quarter 1 we have basically booked USD0.77 million. It's about roughly INR7 crores, upwards of roughly INR7 crores.”
Srinivas Ayyagari, page 8 of the filed PDF · View the filing
Freight cost impact on margin: 3% of revenue (Q1 FY27)
p. 7
“on consolidated level, our number is roughly around 3%, which is getting impacted on because of freight.”
Srinivas Ayyagari, page 7 of the filed PDF · View the filing
PLI benefit: INR16 crores (FY26)
p. 17
“our PLI for the last year was INR16 crores and this was on a revenue of INR683 crores”
Srinivas Ayyagari, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue — upwards of INR900 crores · FY27
stated conditionally by Bimal Thakkar
p. 4
“we remain well positioned to deliver revenue upwards of INR900 crores in financial year 27 while maintaining healthy high-teen EBITDA margins.”
Bimal Thakkar, page 4 of the filed PDF · View the filing
EBITDA margin — high teens · FY27
stated firmly by Bimal Thakkar
p. 19
“I think our guidance has been high teens and we continue to be at that.”
Bimal Thakkar, page 19 of the filed PDF · View the filing
Surat facility full capacity utilization — 2 to 3 years
stated as an aspiration by Bimal Thakkar
p. 6
“for the plant to reach its full capacity, it's going to be anywhere between 2 to 3 years.”
Bimal Thakkar, page 6 of the filed PDF · View the filing
Surat facility capacity utilization — about 30-odd percent capacity utilization · this year
stated as an aspiration by Bimal Thakkar
p. 7
“this year we'll probably see the plant at about 30-odd percent capacity utilization.”
Bimal Thakkar, page 7 of the filed PDF · View the filing
Surat facility revenue contribution — INR40 crores to INR60 crores · FY27
stated conditionally by Bimal Thakkar
p. 9
“Yes, we should be able to get to that number by the end of this fiscal year.”
Bimal Thakkar, page 9 of the filed PDF · View the filing
Depreciation from Phase 2 capitalization — INR25 crores to INR30 crores · Q3/Q4 FY27
stated firmly by Srinivas Ayyagari
p. 16
“Yes, INR25 crores to INR30 crores. That's the range which we have given basically.”
Srinivas Ayyagari, page 16 of the filed PDF · View the filing
Full manufacturing capacity utilization — FY30
stated as an aspiration by Bimal Thakkar
p. 19
“I think '30 would be a realistic year where we'll see full utilization.”
Bimal Thakkar, page 19 of the filed PDF · View the filing
Total revenue potential at full capacity ex agency — upwards of INR1,250 crores
stated as an aspiration by Srinivas Ayyagari
p. 19
“we will have upwards of INR1,250 crores of revenue basically catering with all these investments.”
Srinivas Ayyagari, page 19 of the filed PDF · View the filing
Freight pass-through — close to 75% of the freight increase in the U.S.
stated firmly by Bimal Thakkar
p. 7
“our major markets like the U.S., we are passing on close to 75% of the freight increase on to the customers.”
Bimal Thakkar, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said trial production started end of March and full capacity would take 2-3 years.
Answered by Bimal Thakkar
Asked by Rehan Saiyyed: What is the current capacity utilization at Surat and when will it reach optimal levels for the INR275 crore target?
p. 6
“the trial production commenced end of March of the last fiscal year. We have made shipments of about 15-odd containers in the first quarter of this month.”
Bimal Thakkar, page 6 of the filed PDF · View the filing
Management said high teens remains the target and freight pass-through will help.
Answered by Bimal Thakkar
Asked by Rehan Saiyyed: What is the sustainable EBITDA margin range going forward?
p. 6
“the high teens is a good indication and we will continue to be around that.”
Bimal Thakkar, page 6 of the filed PDF · View the filing
Management said freight ate about 3% of margin and they have started passing it on to customers.
Answered by Srinivas Ayyagari
Asked by Saurabh: What was the freight impact on margins and what is the sustainable margin level?
p. 7
“we have now started to pass on the entire freight to our customers from this quarter.”
Srinivas Ayyagari, page 7 of the filed PDF · View the filing
Management reiterated the INR900 crore-plus goal, conditional on geopolitical situations easing.
Answered by Srinivas Ayyagari
Asked by Saurabh: Will FY27 revenue be closer to INR900 crores, INR950 crores or INR1,000 crores?
p. 7
“if they are as per -- if they ease out rather, we will be able to achieve this INR900 crores upwards target.”
Srinivas Ayyagari, page 7 of the filed PDF · View the filing
Management clarified the high teens guidance excludes tariff refund and freight pass-through will help recovery.
Answered by Bimal Thakkar
Asked by Ankur Gulati: Does the margin guidance include or exclude the tariff refund?
p. 10
“the high teens is going to be without the tariff refund.”
Bimal Thakkar, page 10 of the filed PDF · View the filing
Management said there was nothing significant beyond seasonal shortages.
Answered by Bimal Thakkar
Asked by Ankur Gulati: Are there labour shortages similar to those faced by peers due to West Bengal elections?
p. 10
“Nothing significant. So you have some shortages if there is -- typically maybe during this election time or wedding season, there is some amount of shortage, but it's a seasonal thing which happens.”
Bimal Thakkar, page 10 of the filed PDF · View the filing
Management said shipments resumed from late April and volumes are close to returning to the prior 15% level.
Answered by Bimal Thakkar
Asked by Bharat Sheth: What was the impact from the West Asia conflict, which was roughly 15% of business?
p. 12
“we started off shipments from end April onwards and we have caught up quite a bit and are more or less coming back to that same kind of levels of 15%.”
Bimal Thakkar, page 12 of the filed PDF · View the filing
Management said the company had absorbed most tariffs for mainstream customers, with the rest shared across the chain.
Answered by Srinivas Ayyagari
Asked by Dhananjai: Were customers sharing the tariff increases or absorbing them?
p. 12
“most of our customers especially in the mainstream business, we had actually absorbed those tariffs.”
Srinivas Ayyagari, page 12 of the filed PDF · View the filing
Management attributed the flat margin to the freight cost impact and expects operating leverage to improve margins.
Answered by Srinivas Ayyagari
Asked by Saurabh: Why did processed foods EBITDA stay flat despite revenue growth?
p. 13
“The major impact, as I had said earlier, was on the freight part, which has eaten away our margins for Q1.”
Srinivas Ayyagari, page 13 of the filed PDF · View the filing
Management said the rate continues at 10% for now and future changes are uncertain.
Answered by Bimal Thakkar
Asked by Saurabh: What is the current tariff rate applied after the 10% rate expired on July 24?
p. 14
“it's still continuing at 10% only at the moment. How it goes future is anyone's guess, Saurabh.”
Bimal Thakkar, page 14 of the filed PDF · View the filing
Management said Q1 is historically the weakest quarter and growth was still ahead of last year despite shipping problems.
Answered by Bimal Thakkar
Asked by Raghu: Is the revenue dip this quarter seasonal, and will there be a bump-up in future quarters?
p. 15
“Q1 for us as a company historically if you see has been the weakest quarter for us.”
Bimal Thakkar, page 15 of the filed PDF · View the filing
Management said full capacity across greenfield and brownfield facilities could support up to INR1,250 crores.
Answered by Bimal Thakkar
Asked by Pritesh Chheda: What revenue can total capacity, including Surat expansion, support ex-agency business?
p. 19
“we can go up to INR1,250 crores.”
Bimal Thakkar, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical uncertainties from the West Asia conflict disrupting shipments
p. 3
“we achieved this growth despite continued geopolitical uncertainties arising from the West Asia conflict, supply chain and trade route disruptions, vessel shortages and elevated fuel and increased ocean freight costs.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Vessel shortages and shipping disruptions preventing shipments despite strong order book
p. 14
“even in the month of June, we could not ship out 30% of our goods which were ready due to non-availability of the ships and containers.”
Bimal Thakkar, page 14 of the filed PDF · View the filing
Uncertainty over future US tariff rates
p. 14
“How it goes future is anyone's guess, Saurabh. We really don't know and we hope it doesn't fluctuate too much and it remains at these same levels.”
Bimal Thakkar, page 14 of the filed PDF · View the filing
Elevated freight costs impacting margins
p. 7
“The freight impact was nearly 3%.”
Srinivas Ayyagari, page 7 of the filed PDF · View the filing
Loss of PLI scheme benefits after the current year
p. 17
“this is the last year of our PLI where we are basically enrolled for the Cat 3 brand marketing and promotion expenses, which gets reimbursed.”
Srinivas Ayyagari, page 17 of the filed PDF · View the filing
Continued supply chain crisis potentially delaying shipments into future quarters
p. 15
“the availability of containers and the supply chain issue still continues to be a challenge. So what could happen is Q2 could get again further carried forward to Q3.”
Bimal Thakkar, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.