Indian food is going global — and ADF Foods just posted its highest-ever quarterly revenue of ₹196.7 Cr, growing 23.7% year-on-year despite the West Asia conflict wiping out nearly its entire GCC business in March.
What’s fuelling this growth, where the next 200 Cr is coming from, and what risks remain — here are the key takeaways, but before that:
Help us grow: If you think our stock recommendations could add value to your friends, relatives, or acquaintances, we’d appreciate you spreading the word about Katalyst Wealth.
Latest recommendations shared with Alpha, Alpha + and Insider Bets members:
- For Alpha + members – On 11th May’26, we released our New special situation opportunity under “(opens in new tab)Alpha +” subscription. The holding period for this one should be around 1-2 months. The upside potential is around 14% from our recommended levels (assuming full acceptance). We believe the stock will have to correct more than 10% for investors to start losing money. You can access it by signing up (opens in new tab)HERE
- For Insider Bets members – On 19th Apr’26, we released our New stock report under “(opens in new tab)Insider Bets“ subscription. It’s a rare setup wherein Promoter is increasing stake via preferential allotment, Valuations very reasonable at <10x earnings | 1x book and Earnings growth strong at 20%+ CAGR. You can access it by signing up (opens in new tab)HERE.
- For Alpha/Alpha + members – On 22nd Mar’26, we released a new long term investment recommendation for (opens in new tab)Alpha and Alpha + members. Company has a Strong niche in rail‑centric infra (bridges, sleepers, signalling) with a large order book and strong balance sheet with good multi‑year growth visibility. Current mid‑teens P/E provide strong margin of safety. You can access it by signing up (opens in new tab)HERE
ADF Foods – Interesting details from Concall
Financials (Q4 FY26, Consolidated)
- Revenue: ₹196.7 Cr — all-time high, +23.7% YoY
- EBITDA: ₹34.3 Cr, margins at 17.4% (+190 bps YoY)
- PAT: ₹25.9 Cr, +57.6% YoY; PAT margin 13.2%
- Full year consolidated revenue: ₹683 Cr, +15.9% YoY; EBITDA margins 19.1%
Key Growth Drivers
- Ashoka brand: deeper penetration across North America, UK/Europe, Australia/NZ; management guiding 30–35% growth in FY27
- Truly Indian brand: now in ~3,000 US stores (Costco, Whole Foods, Safeway, Albertsons); FY27 target of ₹75–80 Cr from this brand alone; won two industry awards (Nexty + Freezies)
- SKUs expanded from 440 to ~600; distribution brand portfolio also widened
Surat Greenfield Plant
- Phase 1 commenced commercial production in March 2026
- FY27 revenue contribution expected: ₹40–50 Cr; peak capacity potential: ₹200–250 Cr
- Phase 2 (pizza base line) to be operational in Q3 FY27
- Full capacity utilisation expected by Year 3
- Total Surat capex (Phase 1 + 2): ~₹100 Cr
Key Risk — West Asia/GCC
- GCC contributes ~15% of revenues; shipments to the region were near zero in March and remained severely constrained in April
- Impact: ~80–85% decline in GCC business currently
- Logistics costs rose ~3–4% of revenue in March (treated as an aberration; toning down from mid-April)
- FY27 guidance: ₹925–1,000 Cr if GCC normalises; ₹800–850 Cr if GCC stays at zero
Other Highlights
- FY27 capex guidance: ~₹20–25 Cr (pizza line + brownfield debottlenecking)
- Net debt-free; cash surplus of ₹78.2 Cr
- PLI incentive: ₹16 Cr in FY26; similar range expected in FY27 (last year of the scheme)
- Tariff refund application filed: >$1.5 Mn pending, expected in FY27
- US warehouse running at >100% capacity on freezer side; new distribution centre planned for Q3 FY27
Not a research subscriber yet?
If you found this useful, our paid members get full research reports with entry levels, financial models, and entry-exit updates on stocks like these.
(opens in new tab)Explore Katalyst Wealth subscriptions →
Hope you found the blog post useful and it added value to your investment decisions. Sign up for more interesting stock ideas and industry notes.
Disclaimer: This is not a recommendation to buy/sell any of the stocks mentioned above. The securities quoted are for illustration only and are not recommendatory.
Ekansh Mittal
Research Analyst
SEBI Research Analyst Registration No. INH100001690
Research Analyst Details
Name: Ekansh Mittal Email Id: (opens in new tab)[email protected] Ph: +91 727 5050062
Details of Associate: Not Applicable
Analyst Certification: The Analyst certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report.
Disclaimer: (opens in new tab)http://www.
Registered Address – 7, Panch Ratan, 7/128, Swaroop Nagar, Kanpur – 208002
Place of Business – 205, Ratan Floor, 113/120, Swaroop Nagar, Kanpur – 208002
Compliance Officer/Grievance Redressal – Mr. Ekansh Mittal, +91-9818866676, (opens in new tab)info@
“Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors”.
“Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”
The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision
This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. Ekansh Mittal/Mittal Consulting/Katalyst Wealth is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Ekansh Mittal or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Neither Ekansh Mittal, nor its employees, agents nor representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Ekansh Mittal/Mittal Consulting or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.
The recipients of this report should rely on their own investigations. Ekansh Mittal/Mittal Consulting and/or its affiliates and/or employees may have interests/ positions, financial or otherwise in the securities mentioned in this report. Mittal Consulting has incorporated adequate disclosures in this document. This should, however, not be treated as endorsement of the views expressed in the report.
We submit that no material disciplinary action has been taken on Ekansh Mittal by any regulatory authority impacting Equity Research Analysis.
Use of Artificial Intelligence: RA may infrequently use Artificial Intelligence (AI) tools like chatgpt, notebooklm, etc. in its research services to enhance the quality and efficiency of the recommendations provided to clients. The tools are primarily used for data collection and generating con-call summaries for the purpose of research.
In accordance with Regulation 24(7) of the SEBI (Research Analyst) Regulations, 2014: We take full responsibility for the security, confidentiality, and integrity of client data used in conjunction with AI tools and we ensure compliance with applicable laws regarding the use of AI tools.
Disclaimer: You can access it here – (opens in new tab)LINK
Whether the research analyst or research entity or his associate or his relative has any financial interest in the subject company/companies and the nature of such financial interest – No
Whether the research analyst or research entity or his associates or his relatives have actual/beneficial ownership of 1% or more securities of the subject company (at the end of the month immediately preceding the date of publication of the research report or date of the public appearance) – No
Whether the research analyst or research entity or his associate or his relative has any other material conflict of interest at the time of publication of the research report or at the time of public appearance – No
Whether it or its associates have received any compensation from the subject company in the past twelve months – No
Whether it or its associates have managed or co-managed public offering of securities for the subject company in the past 12 months – No
Whether it or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months – No
Whether it or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months – No
Whether the subject company is or was a client during twelve months preceding the date of distribution of the research report and the types of services provided – No
Whether the research analyst has served as an officer, director or employee of the subject company – No
Whether the research analyst or research entity has been engaged in market making activity for the subject company – No