Adf Foods Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Adf Foods Ltd-$ filed with BSE on 21 May 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 Q4 FY26 revenue of INR196.7 crores, up 23.7% year-on-year, with consolidated EBITDA of INR34.3 crores at 17.4% margin. Management attributed the growth to volume gains, product mix, and continued brand penetration, while noting that the West Asia conflict disrupted shipments to the Middle East and limited GCC revenue in March and April. The company also commenced commercial production at its Surat greenfield facility in March 2026 and outlined revenue guidance for FY27 contingent on the Middle East situation stabilising.
Numbers mentioned
Consolidated revenue: INR196.7 crores (Q4 FY26)
p. 3
“we delivered a strong performance in Q4 of the financial year '26 with consolidated revenues reaching an all-time high of INR196.7 crores, representing a robust 23.7% year-on-year growth”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Stand-alone revenue: INR150.3 crores (Q4 FY26)
p. 3
“On a stand-alone basis, revenues increased by 11.6% year-on-year to INR150.3 crores.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Consolidated EBITDA: INR34.3 crores (Q4 FY26)
p. 3
“Our consolidated EBITDA reached INR34.3 crores with healthy margins of 17.4%.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Stand-alone EBITDA: INR36.5 crores (Q4 FY26)
p. 3
“On a stand-alone basis, EBITDA increased by 24.8% to INR36.5 crores.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Consolidated revenue: INR683.2 crores (FY26)
p. 4
“Coming to the full year performance, consolidated revenue stood at INR683.2 crores, up 15.9% year-on-year.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Consolidated EBITDA margin: 19.1% (FY26)
p. 4
“EBITDA increased 32.8% to INR130.7 crores, while EBITDA margins improved to 19.1%, an expansion of 240 basis points.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Consolidated PAT: INR96.8 crores (FY26)
p. 4
“PAT, excluding exceptional items, stood at INR96.8 crores, up 39.7% year-on-year, translating into a PAT margin of 14.2%.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Stand-alone revenue: INR527.9 crores (FY26)
p. 4
“For the full year ended March 31, 2026, stand-alone revenues stood at INR527.9 crores, registering a 10.3% growth year-on-year.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Stand-alone PAT margin: 19.7% (FY26)
p. 4
“PAT, excluding exceptional items, stood at INR104 crores with PAT margins at 19.7%.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Net cash surplus: INR78.2 crores
p. 4
“The company's financial position remains strong with a net debt-free balance sheet and a robust cash surplus of INR78.2 crores, thereby providing strong financial flexibility for future growth initiatives.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Total dividend: 60% of face value (FY26)
p. 4
“The Board has recommended final dividend of 30% of face value, making the total dividend amounting to 60% for FY '26.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
Capex over last 2 years: INR124 crores
p. 4
“we have invested approximately INR124 crores in capex over the last 2 years in both greenfield and brownfield expansions.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
PLI incentive: INR16 crores (FY26)
p. 10
“So from a PLI perspective, for the full year, our number is roughly around INR16 crores for FY '26.”
Srinivas Ayyagari, page 10 of the filed PDF · View the filing
U.S. store count for Truly Indian: close to 3,000 stores
p. 4
“We now service close to 3,000 stores across the U.S. markets.”
Srinivas Ayyagari, page 4 of the filed PDF · View the filing
GCC share of revenue: under 15%
p. 7
“The GCC overall accounts for about a little under 15% of our overall revenues.”
Bimal Thakkar, page 7 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.
Revenue — INR925 crores to INR1,000 crores · FY27
stated conditionally by Bimal Thakkar
p. 8
“But if things stabilize within the next month or so, which we hope, then we would be able to meet our guidance of around between INR925 crores to INR1,000 crores.”
Bimal Thakkar, page 8 of the filed PDF · View the filing
Revenue growth — 12% to 15% · FY27
stated conditionally by Bimal Thakkar
p. 11
“In terms of growth, then over our financial year '26, we would look at growth of about 12% to 15% overall.”
Bimal Thakkar, page 11 of the filed PDF · View the filing
Surat facility revenue contribution — INR40 crores to INR50 crores · FY27
stated as an aspiration by Bimal Thakkar
p. 5
“So we expect in terms of revenue around INR40 crores to INR50 crores contribution from the Surat facility in this fiscal year.”
Bimal Thakkar, page 5 of the filed PDF · View the filing
Surat facility full capacity revenue — upwards of INR200 crores to INR250 crores · year 3
stated as an aspiration by Bimal Thakkar
p. 10
“So as I mentioned earlier, at full capacity and with the second phase being executed, the Surat facility will give upwards of anywhere between INR200 crores to INR250 crores in top line.”
Bimal Thakkar, page 10 of the filed PDF · View the filing
Ashoka brand growth — 30%, 35% · this fiscal year
stated as an aspiration by Bimal Thakkar
p. 8
“We expect the Ashoka brand to grow close to 30%, 35% in this fiscal year.”
Bimal Thakkar, page 8 of the filed PDF · View the filing
Truly Indian brand revenue — INR75 crores to INR80 crores · this year
stated as an aspiration by Bimal Thakkar
p. 8
“I mean our estimate is if everything goes well, we are looking at anywhere between INR75 crores to INR80 crores on Truly Indian for this year.”
Bimal Thakkar, page 8 of the filed PDF · View the filing
EBITDA margin — high-teens · FY27
stated conditionally by Bimal Thakkar
p. 10
“Well, as the Surat facility would not be fully utilized, but we feel fairly confident that we will maintain these high-teen EBITDAs, which we've been giving guidance for.”
Bimal Thakkar, page 10 of the filed PDF · View the filing
Capex — INR20 crores to INR25 crores · this year
stated firmly by Srinivas Ayyagari
p. 13
“This will be roughly around INR20 crores to INR25 crores this year, we will be still spending on capex.”
Srinivas Ayyagari, page 13 of the filed PDF · View the filing
New warehouse opening — third quarter
stated firmly by Bimal Thakkar
p. 10
“Yes, the plan is to open up another warehouse as well later on in -- probably in the third quarter.”
Bimal Thakkar, page 10 of the filed PDF · View the filing
PLI incentive — same range · FY27
stated as an aspiration by Bimal Thakkar
p. 14
“Yes, it should be in the same range.”
Bimal Thakkar, page 14 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 the plant will contribute INR40-50 crores this year and upwards of INR200 crores at full capacity.
Answered by Bimal Thakkar
Asked by Saurabh Beria: What is the current utilization of the Surat plant and expected ramp-up and incremental revenue at full capacity?
p. 5
“At its full capacity, the Surat plant will give us upwards of INR200 crores in top line.”
Bimal Thakkar, page 5 of the filed PDF · View the filing
Management said growth will come from a combination of deeper penetration, new markets, and new product development.
Answered by Bimal Thakkar
Asked by Rehan Syed: What are the key levers sustaining Ashoka's growth trajectory?
p. 5
“So it will be a combination of all these 2 things, which will help continue the growth of the brand.”
Bimal Thakkar, page 5 of the filed PDF · View the filing
Management said they see no impact and believe vegetarian/vegan products could benefit from such trends.
Answered by Bimal Thakkar
Asked by Dhananjai Bagrodia: Is there any impact from GLP-1/Ozempic trends on demand for their products in the U.S.?
p. 6
“No, no. We are not seeing any kind of impact on that. And in fact, our whole product range is vegetarian and vegan.”
Bimal Thakkar, page 6 of the filed PDF · View the filing
Management said the GCC business specifically has been impacted heavily, while other markets saw only longer transit times and higher freight.
Answered by Bimal Thakkar
Asked by Charchit Maloo: To what extent has the war situation impacted exports?
p. 7
“So I would say the GCC business has been impacted by at least about 80%, 85% for us.”
Bimal Thakkar, page 7 of the filed PDF · View the filing
Management attributed most growth to volume, with some benefit from rupee depreciation, and no price increases.
Answered by Bimal Thakkar
Asked by Rishi Maheshwari: What portion of Q4 revenue growth was volume versus currency/pricing?
p. 7
“So I would say the growth is more 60%, 65% towards the volume growth. There has been some benefit with the devaluation, but majority of the growth has come through with volume growth.”
Bimal Thakkar, page 7 of the filed PDF · View the filing
Management said freight costs rose about 3-4% of revenue, driven mainly by the March aberration in Middle East shipping, and shared costs 50-50 with distributors.
Answered by Bimal Thakkar
Asked by Ankur Gulati: What was the increase in logistics/freight cost during the quarter?
p. 9
“The increase has been roughly about 3% to 4% at the moment.”
Bimal Thakkar, page 9 of the filed PDF · View the filing
Management stated the PLI incentive for the full year was around INR16 crores.
Answered by Srinivas Ayyagari
Asked by Ravi Naredi: How much PLI incentive was received in FY26?
p. 10
“So from a PLI perspective, for the full year, our number is roughly around INR16 crores for FY '26.”
Srinivas Ayyagari, page 10 of the filed PDF · View the filing
Management said overall growth would fall to 12-15% if Middle East contribution stays at zero.
Answered by Bimal Thakkar
Asked by Shialditya Chaudhury: What would be the impact on guidance if the Middle East situation persists at current levels?
p. 11
“If the Middle East remains at 0 level, right.”
Bimal Thakkar, page 11 of the filed PDF · View the filing
Management clarified that 12-15% growth corresponds to roughly INR800-850 crores, while 30% growth corresponds to the INR925-1000 crore target.
Answered by Bimal Thakkar
Asked by Deeya: Does the 12-15% growth scenario correspond to a specific revenue range?
p. 12
“That will get us to more towards the INR800 crores to INR850 crores kind of number. When it gets up to the upwards of 30%, that's when we will come to the INR925 crores to INR1,000 crores.”
Bimal Thakkar, page 12 of the filed PDF · View the filing
Management said no refund has been received yet, applications have been filed, and any amount received will be accrued when it comes in.
Answered by Bimal Thakkar
Asked by Rishi Maheshwari: Is there any tariff refund benefit expected from the Supreme Court directive?
p. 14
“We have made applications for refund, and we are keeping our fingers crossed that we get it in this financial year.”
Bimal Thakkar, page 14 of the filed PDF · View the filing
Management said most of the growth came from debottlenecking and capacity additions on certain full-capacity lines.
Answered by Bimal Thakkar
Asked by Anupam Agarwal: How much of the volume growth came from debottlenecking at Nadiad and Nashik?
p. 15
“So most of the growth has come from debottlenecking and addition of these capacities.”
Bimal Thakkar, page 15 of the filed PDF · View the filing
Risks flagged
Middle East / GCC shipping disruption due to West Asia conflict
p. 7
“So at the moment, for us, our biggest challenge has been servicing the Middle East market, the GCC market because there is no availability of ships.”
Bimal Thakkar, page 7 of the filed PDF · View the filing
Higher freight/logistics costs due to longer transit times
p. 9
“March was a very big aberration month because the West Asia situation unfolded and there were a lot of containers and vessels which had got jammed and we could not get vessels, and we had to use long transit timelines towards the U.S. markets.”
Srinivas Ayyagari, page 9 of the filed PDF · View the filing
Loss of PLI incentive after FY27
p. 14
“So this financial year '27 is -- yes, this year will be the last year.”
Bimal Thakkar, page 14 of the filed PDF · View the filing
Tariffs and supply chain issues affecting business
p. 3
“Despite prevailing challenges, including tariffs, West Asia conflict and supply chain issues, our business saw continued momentum fueled by significant traction from listings secured in the past few years and strengthening of our brand penetration and distribution across all our key markets.”
Bimal Thakkar, page 3 of the filed PDF · View the filing
Potential need to revise revenue guidance if Middle East situation persists
p. 11
“So if the situation in the Middle East continues, of course, it will have an impact, and then we will look at revising our guidance.”
Bimal Thakkar, page 11 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.