okay so ADF Foods
they make frozen naan and Indian meals for shops abroad
profit is up 30% in the last 12 months
and in June they couldn’t ship 30% of ready goods
I went through both calls so you don’t have to
Back in an uptrend and pushing higher
the stock closed at ₹289.7 on 9 Oct 2026
it’s in stage 2 rn, which just means an uptrend
the low was ₹157.89 in late March 2026
it sits well above its 40 week average of ₹263.43
in 3 weeks it climbed from ₹261.45 back over ₹277.81
the July 2026 high was ₹320.4...
no clear ceiling in the last 40 weeks
Zooming out: the last 5 years
Indian food for shelves abroad
ADF Foods makes packaged and frozen Indian food
think frozen naan, flatbreads and ready to eat meals
most of it goes abroad, to the US, UK, Europe and Australia
Ashoka is the big brand, for Indians living abroad
Truly Indian is the newer one, made for regular American shoppers
Watch it in under 90 seconds
The good and the bad
What’s working
Demand is bigger than shipping can handle
Management says the order book is the strongest it has ever been.
In June, 30% of ready goods couldn’t leave, no vessels or containers.
So some sales just moved to later months.
Ashoka grew over 30% in April–June
Ashoka is the main brand, about ₹300 crore of sales.
It grew over 30% in April–June 2026.
Big jump for a brand that size.
The new Surat plant started shipping
The frozen food plant shipped about 15 containers in April–June 2026.
At full size it can support a little under ₹300 crore of sales.
What’s bugging me
The margin got help from a refund
About ₹7 crore of a US tariff refund landed in April–June 2026.
Without it, margin was a little under 14%.
Freight costs took away about 3% of sales.
Cash is lagging behind profit
In the year to March 2026, profit was ₹90 crore.
Cash from the actual business was only ₹58 crore.
The rest went into stock and the new plant.
Government help ends this year
PLI is a government scheme that paid half their marketing spend.
It gave them about ₹16 crore last year.
This is the last year of it, unless it gets extended.
Did they do what they said?
but the big numbers and dates keep sliding a bit
on 9 Oct 2026 they settled that case for US$1.75 million plus interest source
“Our order book is the strongest it has been in the company’s history.”
— Management, ADF Foods, earnings call of 30 Jul 2026
My take: I believe the demand part.
the open question is shipping, bc orders only count once they leave port
The numbers
Revenue
revenue is just total sales
₹718 crore in the last 12 months, up from ₹600 crore
April–June 2026 was ₹167 crore, up 25.6% from ₹133 crore
PAT
PAT is profit after tax
₹91 crore in the last 12 months, up from ₹70 crore
April–June was ₹17 crore vs ₹15 crore, slower than sales
OPM
OPM is operating profit as a share of sales
19% in the last 12 months, up from 17%
April–June showed 18%, helped by that one time refund
ROE
ROE is profit as a share of the owners’ money
16.9% in the year to March 2026, up from 14.8%
it was 21% back in March 2021
EPS and P/E
EPS is profit per share.
₹8.37 in the last 12 months, up from ₹6.39
P/E is the price paid for each ₹1 of yearly profit.
it’s 32.9 now
its usual level is about 32, so imo it’s sitting right near normal
Dates to watch
orders are there, ships aren’t yet. tbh I’m watching the next results closely — Roshan, Sector Alpha
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Prices as of 9 October 2026 · results to Apr–Jun 2026 · business analysis from 22 August 2026
Sector Alpha shows what has happened in published results and market data, and explains the business behind it, so you can study a stock yourself. It is never a recommendation to buy or sell, and Sector Alpha is not registered with SEBI as an adviser. Data as of 12 October 2026. Full data page: https://sectoralpha.in/stocks/ADFFOODS