ADF Foods Reports Record Q3 FY26 Revenue of INR191 Crores, Up 29.5% YoY
ADF Foods Limited reported exceptional Q3 FY26 results with consolidated revenue hitting record high of INR191 crores, up 29.5% YoY. Consolidated EBITDA surged 40.6% to INR37.1 crores with margins of 19.4%. Standalone revenue grew 13.3% to INR137.2 crores while EBITDA increased 35.1% to INR34.4 crores. Strong performance driven by brand investments, new listings, and improved product mix across key markets.
*this image is generated using AI for illustrative purposes only.
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.
| Financial Metric: | Q3 FY26 | Q3 FY25 | YoY Growth (%) |
|---|---|---|---|
| Consolidated Revenue: | INR191 crores | INR147.4 crores | +29.5% |
| Consolidated EBITDA: | INR37.1 crores | INR26.4 crores | +40.6% |
| EBITDA Margin: | 19.4% | 17.9% | +150 bps |
| Consolidated PAT*: | INR29.2 crores | INR18.8 crores | +55.7% |
| PAT Margin: | 15.3% | 12.7% | +260 bps |
*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.
| Standalone Metrics: | Q3 FY26 | Q3 FY25 | YoY Growth (%) |
|---|---|---|---|
| Revenue: | INR137.2 crores | INR121.1 crores | +13.3% |
| EBITDA: | INR34.4 crores | INR25.5 crores | +35.1% |
| EBITDA Margin: | 25.1% | 21.1% | +400 bps |
| PAT*: | INR27.2 crores | INR21.6 crores | +25.9% |
*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
Historical Stock Returns for ADF Foods
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.14% | -3.47% | +12.98% | -3.80% | -12.78% | +39.53% |
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