DSM Fresh Foods reported a 59% increase in net profit for the financial year ended March 31, 2026, rising to ₹1,434.03 lakh from ₹902.76 lakh in the previous year. Revenue from operations surged 69% to ₹22,081.81 lakh, driven by strong operational performance and a multi-category manufacturing capability. The board approved the audited standalone and consolidated financial results on May 27, 2026, under Regulation 30 of the SEBI (LODR) Regulations. The company operates as an integrated farm-to-fork platform with brands ZappFresh and Meevaa Foods. The audited financial results for the half year and financial year ended March 31, 2026, were published in the Financial Express (English–New Delhi Edition) and Jansatta (Hindi–New Delhi Edition) on May 29, 2026, pursuant to Regulation 47 of the SEBI (LODR) Regulations, 2015.

Financial Performance

Total revenue for FY26 stood at ₹22,230.93 lakh, compared to ₹13,147.48 lakh in FY25. Total expenses increased to ₹19,881.13 lakh from ₹11,982.34 lakh in the prior year. Profit before tax for the year was ₹2,316.50 lakh, a significant increase from ₹1,165.14 lakh in FY25. Basic earnings per share (EPS) for the year improved to ₹7.46 from ₹5.51 in the previous year. EBITDA for the year grew 90.6% to ₹311 million, with EBITDA margins expanding to 15.9%.

Strategic Outlook and Operations

The company outlined a growth strategy focused on scaling through an acqui-hiring model, diversifying its geographic footprint, and increasing its value-added product proportion. It reported a 58% revenue CAGR over FY23-26 and a 74% PAT CAGR in the same period. The working capital cycle stood at 67 days for FY26. The firm operates three advanced meat processing facilities and serves over 300 farmer partnerships with a presence in approximately 100 channel partner stores across 5 states.

IPO Proceeds Utilization

The company raised ₹59.06 crore through an Initial Public Offering (IPO) on October 6, 2025. As of March 31, 2026, the total unutilized amount was ₹1,165.07 lakh. The monitoring agency, Care Ratings Limited, noted deviations in the utilization of IPO proceeds in its report dated May 15, 2026.

Nature of Deviation

Deviations included parking ₹16.99 crore of unutilized proceeds in mutual funds before moving them to fixed deposits. GST on IPO-related expenses was paid from proceeds, whereas the Draft Red Herring Prospectus specified issue expenses were exclusive of taxes. Utilization for Working Capital Requirement and General Corporate Purposes exceeded the FY26 deployment schedule envisaged in the offer document. Additionally, marketing expenditure was incurred through Google Ads, Facebook Ads, and offline channels instead of exclusively through the HT Media Platform.

Board and Audit Committee Observations

The Audit Committee reviewed the observations of the monitoring agency and management explanations. The board stated that IPO funds were utilized per the prospectus for issue expenses, excluding GST. It noted that estimates for working capital and general corporate purposes were based on management judgment and that actual utilization timing depends on business factors. The company confirmed it utilized funds for branding across multiple channels, including HT Media, based on estimated returns.

Meevaa Foods by Zappfresh has launched its products on Amazon India to expand its pan-India reach and make its frozen food offerings accessible to customers across the country. This strategic move allows the brand to leverage the e-commerce platform's extensive distribution network to meet rising consumer demand for ready-to-cook meals. The launch strengthens the brand's presence in India's growing frozen and ready-to-cook food market.

The product portfolio available on Amazon India includes a variety of convenience-led frozen snacks such as momos, spring rolls, samosas, and kebabs. These offerings are designed to cater to consumers seeking quick, easy-to-prepare meal options without compromising on taste. The brand emphasizes export-grade quality, hygienic processing, and clean-label ingredients across its range.

Meevaa Foods has expanded its presence across approximately 350 Amazon fulfilment and distribution points nationwide. This infrastructure is expected to improve product availability and support faster deliveries. The expansion enables the brand to deepen its presence in key consumption markets as the category continues to witness strong growth.

Prreya Agarwaal, Director, Zappfresh, highlighted the increasing demand for convenience and hygiene in the food category. She stated that the positive response to their products is driven by export-grade manufacturing standards and convenience, with some items ready to serve in three minutes. Agarwaal added that launching on Amazon strengthens their digital presence and helps reach a wider audience in a rapidly growing category.

The brand has been expanding its presence in the value-added frozen food segment through product innovation and distribution expansion. This growth strategy includes Zappfresh's recent acquisition of a majority stake in Avyom Foods, which has enhanced capabilities in frozen food processing, product development, and supply chain integration. Meevaa Foods is currently evaluating expansion across additional e-commerce and quick-commerce platforms.