ADF Foods Limited has accepted the resignation of Ms. Purvi Dwivedi from the position of General Manager – Accounts. Her tenure with the company ended at the closure of business hours on August 21, 2026.

Ms. Dwivedi, who was designated as Senior Management Personnel, tendered her resignation to pursue new opportunities and challenges. The company disclosed this development pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The disclosure was made in compliance with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Shalaka Ovalekar, Company Secretary, confirmed the acceptance of the resignation in a letter addressed to the exchanges.

Resignation Details

In her resignation letter dated August 20, 2026, Ms. Dwivedi thanked the management and colleagues for their support during her tenure. She expressed appreciation for the professional growth and exposure gained while working with the organization.

The company stated that her association has been a valuable learning experience. No replacement for Ms. Dwivedi was named in the immediate disclosure.

ADF Foods Limited reported a consolidated net profit of ₹17.3 crore for Q1FY27, a 13.4% year-on-year increase, while revenue surged 25.9% to ₹167.3 crore. During the earnings call on July 30, 2026, management reaffirmed its target of upwards of ₹900 crore revenue for FY27, citing strong order books and brand traction despite persistent global supply chain disruptions. The company secured Advanced Exporter (AEO-T3) certification, which is expected to improve customs clearance efficiency. However, elevated freight costs impacted margins by approximately 3%, a challenge management is mitigating by passing on freight increases to customers in major markets like the U.S.

The Board of Directors approved the unaudited financial results on July 29, 2026, pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. M/s. MSKA & Associates LLP, the statutory auditors, issued a limited review report confirming compliance with Ind AS 34. The audio recording of the earnings call is hosted on the company’s website as per Regulation 46 of the SEBI LODR Regulations, 2015.

Segment Performance

The processed and preserved foods segment remained the primary growth engine, contributing ₹144 crore to consolidated revenue, up 28.5% year-on-year, with an EBITDA margin of 21.6%. The Ashoka brand delivered robust diaspora demand, while Truly Indian expanded its presence to over 3,000 stores in the U.S., with growth driven by both repeat purchases (60%) and new listings (40%). Domestically, ADF Soul continued channel expansion through e-commerce and modern trade.

Key Financial Drivers

Consolidated EBITDA rose 26.0% to ₹29.7 crore, maintaining a margin of 17.72%. Standalone revenue grew 20.5% to ₹120.9 crore, with standalone EBITDA margin improving 40 basis points to 22.8%. A material development was the receipt of a USD 2.08 million (₹19.69 crore) import tariff refund from the U.S. Government. Of this, USD 0.77 million (₹7.29 crore) reduced cost of materials consumed, USD 0.33 million (₹3.12 crore) reduced inventory value, and the remaining USD 0.98 million (₹9.28 crore) was recognized for evaluating commercial arrangements with customers. Management noted that approximately 65-70% of freight increases are being passed on to customers, particularly in the U.S. market where close to 75% of the increase is recovered.

Capacity Expansion and Outlook

The new Surat greenfield facility, spanning ~14,300 sq.mt., commenced commercial deliveries in Q1FY27. Management expects the plant to reach full capacity in 2-3 years, with current utilization at roughly 30%. At full scale, combined greenfield and brownfield capacities will support manufacturing revenue of upwards of ₹1,250 crore, excluding agency business. The company also plans to set up a step-down subsidiary in Ireland to address the European market, leveraging Free Trade Agreements (FTAs) with the U.K. and EU. While the Production Linked Incentive (PLI) scheme for Category 3 brand marketing ends this year, management anticipates offsetting the ~2% margin impact through declining brand investment as a percentage of sales for mature brands like Ashoka.

What the Numbers Show

Despite top-line growth, profitability faced headwinds from logistics. Consolidated PAT declined 33.3% quarter-on-quarter from ₹25.9 crore in Q4FY26, attributed to shipping constraints that prevented the shipment of 30% of ready goods in June due to container shortages. The divergence between record-high order books and realized revenue highlights the severity of global supply chain bottlenecks. However, the maintenance of high-teen EBITDA margins amidst these pressures demonstrates effective cost discipline. The strategic pass-through of freight costs and the upcoming operational leverage from the Surat facility position the company to sustain margins in the high teens for FY27, excluding one-time tariff refunds.