Financial Performance Highlights (Consolidated)

Q2 FY27 Results (₹ crore except margins and EPS)

  • Revenue from Operations: ₹80.39 crore, up 21.1% YoY and 30.3% QoQ
  • EBITDA: ₹6.99 crore, up 71.2% YoY and 13.4% QoQ
  • EBITDA Margin: 8.70%, improved by 255 bps YoY but declined 126 bps QoQ
  • Profit After Tax (PAT): ₹4.83 crore, up 54.7% YoY and 10.8% QoQ
  • PAT Margin: 6.00%, improved by 130 bps YoY but declined 105 bps QoQ
  • Diluted EPS: ₹3.26, up 54.7% YoY and 10.8% QoQ

H1 FY27 Results (₹ crore except margins and EPS)

  • Revenue from Operations: ₹142.09 crore, up 18.66% YoY
  • EBITDA: ₹13.14 crore, up 62.25% YoY
  • EBITDA Margin: 9.25%, improved by 249 bps YoY
  • Profit After Tax (PAT): ₹9.18 crore, up 52.79% YoY
  • PAT Margin: 6.46%, improved by 144 bps YoY
  • Diluted EPS: ₹6.20, up 52.79% YoY

Operational Highlights

Q2 FY27 Operational Metrics

  • Standalone F&V Sales Tonnage: 12,798 MT, declined 28.8% QoQ and 21.2% YoY
  • Average Sales Realization per MT: Increased (indicating improved pricing and product mix)
  • Product Mix: Onion continued as volume anchor; pomegranate contribution strengthened; Nagpur oranges and sweet lime volumes increased

H1 FY27 Operational Metrics

  • Standalone F&V Sales Tonnage: 30,780 MT, increased 14.2% YoY

Key Business Milestones and Strategic Initiatives

Cluster Development Programmes

  • Nashik CDP: Secured and launched under Ministry of Agriculture and Farmers Welfare, monitored by National Horticulture Board (NHB). Focuses on farmgate sourcing, cold-chain expansion, and value-chain infrastructure.
  • Pune CDP: Secured selection at Expression of Interest (EOI) stage by NHB.

Geographical Expansion

  • Northern India Operations: Commenced operations at state-of-the-art distribution center in Gopiganj (Varanasi region), Uttar Pradesh, enhancing regional market penetration and distribution efficiency.

Partnerships and Acquisitions

  • Farmer Producer Organisation (FPO) Partnership: Established strategic partnership with local FPO in Amravati, Maharashtra for orange farmer linkages and processing capabilities.
  • Frozen Foods Entry: Acquired 51% stake in Poona Agro Cart LLP, entering frozen food processing sector with ready-to-cook frozen snacks.

Technology Initiatives

  • Digital Platforms: Launched proprietary PFL Pulse Field Application and PFL Setu platforms to enhance supply chain traceability and operational efficiency.

Management Commentary

Mr. Hiren Ghelani, Director, commented on the performance:

  • Growth driven by cost rationalization, favorable onion pricing, inventory gains, higher product realizations, and improved product mix
  • Operational discipline, better procurement economics, and favorable commodity-market conditions contributed to profitability improvement
  • Focus on improving earnings quality through value addition, better product mix, and cost efficiencies
  • Nashik CDP represents opportunity to integrate sourcing, processing, technology, and distribution

Forward Outlook and Strategic Focus

Four core execution priorities identified:

1. Core F&V Scalability: Accelerate fresh produce volume growth and expand institutional/wholesale market linkages

2. Margin Enhancement: Scale value-added processing and high-margin product categories

3. CDP Project Execution: Leverage Nashik hub to deepen farmer/FPO integration and cold-chain capabilities

4. Operational Discipline: Enhance digital controls and transaction efficiency for sustained earnings quality

Company Overview

  • Established: 2007
  • Headquarters: Ahmedabad
  • Business: Integrated post-harvest supply chain management for fruits and vegetables
  • Listing: BSE Mainboard
  • Operating Legacy: 19+ years

Operating Footprint

  • Farmer Procurement Network: 1,30,000+ farmers
  • Supply-chain Partners: 2,400+; 100+ local area aggregators
  • Collection Centers: 16 (seasonal and year-round)
  • Sourcing Capacity: 1,80,000+ tonnes p.a. across 85 districts in 6+ states
  • Operational Handling Capacity: 6,00,000+ tonnes p.a.
  • Market Presence: Supply across 19 Indian states; 28+ operating centers including 3PL
  • Institutional Reach: 30+ e-commerce/retail clients; 10+ processor partners; 20+ exporter partners