Company Overview

ADF Foods Limited (Scrip Code: 519183) submitted its Investor Presentation for Q2 & H1 FY 2026-27 to the National Stock Exchange of India Limited and BSE Limited on 5th November 2026. The presentation was digitally signed by Shalaka Swapnil Ovalekar, Company Secretary & General Counsel, and uploaded on the company's website at www.adf-foods.com.

Financial Performance Highlights

Q2 FY27 Consolidated Performance

  • Revenue from Operations: ₹200.9 crore (23.6% YoY growth), marking the company's highest-ever quarterly revenue
  • EBITDA: ₹39.0 crore (9.0% YoY growth)
  • EBITDA Margin: 19.4%
  • PAT Margin: 12.6%

Q2 FY27 Standalone Performance

  • Revenue from Operations: ₹163.3 crore (16.6% YoY growth)
  • EBITDA: ₹31.0 crore
  • EBITDA Margin: 19.0%

H1 FY27 Performance Context

Growth remained strong despite elevated ocean freight costs, container availability constraints, and West Asia conflict-related shipping disruptions affecting shipment schedules to GCC and other key markets.

Operational Updates

Manufacturing Facilities

  • Three manufacturing facilities: Surat (Gujarat), Nadiad (Gujarat), Nashik (Maharashtra)
  • Total capacity: ~38,000 MT
  • Surat greenfield facility (Phase 1) commenced operations in Q1 FY27 and is progressing towards achieving targeted operational performance

Distribution Network

  • Global presence across 60+ countries including North America, UK, EU, Middle East, and Asia Pacific
  • Two distribution warehouses in USA: Atlanta (34,000 sq.ft.) and New Jersey (66,000 sq.ft.)
  • New cold storage facility established in New Jersey to enhance frozen product handling

Credit Rating Upgrade

  • CRISIL rating upgraded from 'CRISIL A/Positive' to 'CRISIL A+/Stable' in Q2 FY27

Capital Expenditure & Financial Position

  • ₹145+ crore capex spent over past 2.5 years, fully funded through internal accruals
  • Continuous investments in capacity expansion supported by strong balance sheet

Business Segments Performance

Processed Foods Segment

  • Q2 FY27 Revenue: ₹163.4 crore (up from ₹144.0 crore in Q1 FY27 and ₹133.3 crore in Q2 FY26)

Distribution Segment

  • Revenue figures not quantified in the disclosure

Brand Performance & Initiatives

Ashoka (Flagship Brand)

  • 5-year revenue CAGR of 20%+
  • Products available in 60+ countries
  • New marketing campaign launched with three films targeting five markets across digital, live cricket, and retail platforms

Truly Indian Brand

  • Expanded to 3,500+ stores in the U.S.
  • New listings secured in Kroger, Meijer, and Sprouts
  • Consecutive quarters of strong double-digit YoY revenue growth
  • Multiple industry awards won:
  • NEXTY Award for Best Breads and Bakery Product (Tikka Masala Naan)
  • Progressive Grocer Editor's Pick for Best New Products of 2026
  • Simply Recipes Freezies Awards Winner (Tandoori Garlic Naan)
  • Two AllRecipes Golden Cart Awards

ADF Soul Brand

  • Targeted at urban Indian consumers with "better-for-you" products
  • 22 SKUs of pickles and chutneys (using 100% extra-virgin Olive Oil and Sunflower Oil)
  • 7 SKUs of frozen breads and 5 SKUs of frozen snacks
  • Available through company website, e-commerce platforms (Amazon, Zepto, Big Basket, Flipkart, Swiggy, Instamart), and modern trade outlets in Mumbai, Pune, and Bangalore

New Product Launch

  • A2 Gir Cow Danedar Ghee: Made from indigenous Gir cow milk using traditional Bilona-churned method, free from preservatives, artificial colors, and flavors

Quality Certifications

  • Achieved highest AEO-T3 certification from CBIC in Q1 FY27, providing faster customs clearance, reduced inspections, and improved export efficiency
  • Existing 3 Star Export House status

ESG & CSR Initiatives

  • FY26 ESG metrics and initiatives focused on improving resource efficiency, strengthening compliance, and scaling community impact through focused CSR programs

Management & Governance

  • Experienced Board of Directors including:
  • Bimal Thakkar (Chairman, Managing Director and CEO) - 40+ years experience
  • Deepa Harris (Independent Director) - 30+ years luxury hospitality expertise
  • Other directors with extensive experience in administration, corporate law, business management, and food industry

Investor Relations

  • Ernst & Young LLP providing investor relations advisory services
  • Contacts: Srinivas Ayyagari (CFO), Sumedh Desai, Sukhin Naphade, Vikash Verma

Historical Financial Performance (Consolidated)

| Particulars (₹ crores) | FY22 | FY23 | FY24 | FY25 | FY26 |

| Revenue from Operations | 421.2 | 450.3 | 520.3 | 589.6 | 683.2 |

| Gross Profit | 211.5 | 235.9 | 276.2 | 341.4 | 410.5 |

| Gross Profit (%) | 50.2% | 52.4% | 53.1% | 57.9% | 60.1% |

| EBITDA | 66.6 | 80.6 | 104.9 | 98.4 | 130.7 |

| EBITDA Margin (%) | 15.8% | 17.9% | 20.2% | 16.7% | 19.1% |

| PAT | 48.5 | 55.9 | 73.8 | 69.3 | 96.8* |

| PAT Margin (%) | 11.5% | 12.4% | 14.2% | 11.7% | 14.2% |

*PAT excludes exceptional items of ₹6.8 crores due to labour code