ADF Foods Limited delivered exceptional financial performance in Q3 FY26, achieving record-breaking consolidated revenues and demonstrating strong operational execution across its key markets. The company's results reflect successful brand investments and strategic market expansion initiatives.

Record Financial Performance in Q3 FY26

The company achieved remarkable consolidated performance with revenues reaching an all-time high of INR191 crores, marking a robust 29.5% increase year-on-year and 17.5% quarter-on-quarter growth. This exceptional performance was driven by continued traction from listings secured in recent quarters and strengthening brand penetration across all key markets.

*Excluding exceptional items

Strong Standalone Business Growth

On a standalone basis, the company demonstrated solid performance with revenues of INR137.2 crores, reflecting 13.3% year-on-year growth. The standalone EBITDA reached INR34.4 crores, representing a significant 35.1% increase year-on-year with impressive margins of 25.1%, up 400 basis points.

*Excluding exceptional items

Nine-Month Performance Highlights

For the nine months ended December 31, 2025, consolidated revenues from operations reached INR486.5 crores, up 13% year-on-year. EBITDA grew substantially by 30.8% to INR96.4 crores with margins of 19.8%, representing an improvement of 270 basis points year-on-year.

Brand Performance and Market Expansion

The company's flagship brand Ashoka continues to strengthen its market presence through focused market engagement and deeper penetration. The mainstream brand Truly Indian has exceeded expectations with significant acceleration in its growth trajectory, benefiting from listings in prominent supermarket chains including:

• Whole Foods Market
• Costco
• Albertsons-Safeway
• H-E-B
• Stop & Shop
• Giant Tiger

Truly Indian is now available in more than 2,000 stores across the United States, demonstrating the company's successful mainstream market penetration strategy.

Capacity Expansion and Operational Updates

The company has successfully completed pilot runs at its upcoming Surat greenfield facility, with Phase 1 on track to become fully operational by Q4 FY26. The facility will introduce two new product lines, with one commencing production from March 2026 and the second starting in Q2 of the next financial year. These new frozen product lines will help address wider target consumer groups and support future growth initiatives.

Revenue Guidance and Future Outlook

Management expressed confidence in achieving revenues between INR925 crores to INR1,000 crores for FY27, with the potential to reach the higher end depending on domestic market strategy refinements. The company expects to maintain EBITDA margins in the high teens as it continues investing in brand building and market expansion initiatives.

Source: ADF Foods Limited Q3 & 9M FY26 Earnings Conference Call Transcript

ADF Foods Limited has delivered exceptional financial performance in Q3, reporting consolidated net profit of ₹224M compared to ₹188M in the same period last year, marking a significant 19% year-on-year growth. The company's revenue also demonstrated strong momentum, reaching ₹1.9B versus ₹1.5B in the corresponding quarter of the previous year.

Q3 Financial Performance

The company's quarterly results showcase robust operational performance across key financial metrics. The growth in both revenue and profitability indicates effective business execution and market expansion, with particularly strong EBITDA performance demonstrating improved operational efficiency.

Corporate Governance and Compliance

The company had previously scheduled its board meeting for February 3, 2026, to consider and approve the unaudited standalone and consolidated financial results. Company Secretary Shalaka Ovalekar had signed the official notice informing stock exchanges about the scheduled meeting in compliance with SEBI Regulation 29.

Earnings Conference Call

Following the board meeting, ADF Foods hosted an earnings conference call on February 5, 2026, at 3:30 PM IST to discuss the strong Q3 & 9M FY26 performance with key management participants including Chairman, MD & CEO Bimal Thakkar and VP Sales & Strategy Sumer Thakkar.

Trading Window and Regulatory Compliance

The company had implemented trading restrictions during the financial results announcement period from January 1, 2026, to February 5, 2026, in accordance with SEBI Insider Trading Regulations 2015. Both the board meeting notice and earnings call intimation were issued pursuant to SEBI regulations, with formal notifications sent to National Stock Exchange of India Limited and BSE Limited.