ADF Foods Limited — Q3 FY26
ADF Foods delivered a record Q3 FY26 with consolidated revenue of ₹191 crore (+29.5% YoY) and EBITDA of ₹37.1 crore (+40.6% YoY), driven by strong traction from new listings and...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
73%Questions answered2Evaded / deflected11Questions auditedMixedNumbers vs filing
Partial answer
Medium priority
What explains revenue growth variability between 9-month and quarter?
Asked by British, Lucky Investments
Answered with specific reasons but did not confirm the channel fill hypothesis.
attributed to specific one-off issuesdid not address systematic channel fill variability
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Question
what explains the variability in your revenue growth when you look at the 9 month versus the quarter
Bimal (Management)
this year's first quarter because of our GPCB issues the production was at a low... some of the variances you will find is because if there are some new listings which have taken place in some quarter you'll see a bump up
Partial answer
High priority
Are new products from Surat plant accelerating growth rate?
Asked by British, Lucky Investments
Listed new products but avoided stating whether growth rate would accelerate.
did not quantify growth rate impactdescribed product lines but not acceleration
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Question
are you adding any new products whereby your growth rate will look different from what you have in the past
Bimal (Management)
The Surat plant is going to have two new product lines... one new product line is going to come out of the Surat plant... the second new product line will be done in Q2 of the next financial year
Answered
High priority
How are demand conditions trending in end markets?
Asked by Aish Tari, Vario
Provided clear positive demand commentary across periods.
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Question
can you explain the demand conditions in your end market how they have been trending last quarter, second quarter and as you move in January
Bimal (Management)
America is one of our major markets and even with the tariff situation the demand has been fairly robust... this fourth quarter is also started off well
Answered
High priority
What explains margin volatility between Q2 and Q3?
Asked by Aish Tari, Vario
Clearly attributed consolidated margin decline to subsidiary sales mix.
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Question
what explains this margin volatility we are seeing in Q2 and Q3
Bimal (Management)
on a standalone basis the margins have in fact improved and the consolidated margins have come down because this Q3 the sales of the subsidiaries... it's because of that that you've seen on a consolidated basis there has been a margin reduction
Answered
Medium priority
What was capacity utilization in Q3?
Asked by Chit Malu, Genuity Capital
Provided a specific utilization range.
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Question
what was the utilization in Q3?
Bimal (Management)
we were probably at about 70 to 75% on a weighted average
Declined
Low priority
What is the realization per ton?
Asked by Chit Malu, Genuity Capital
Explicitly declined to provide or validate the metric.
refused to confirm or provide number
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Question
I got the number of 2.6 lakh per ton... am I getting it right?
Bimal (Management)
it varies as per product line... we typically don't give that information
Answered
High priority
When will Truly Indian brand turn positive?
Asked by Bharat S, Quest Investment Advisor
Provided a clear timeline for breakeven.
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Question
when do we really expect to it turn a bit positive if you can give some guideline
Bimal (Management)
if you look at it just on a subsidiary level then you will see a break even after 3 years
Evasive
High priority
Can tariff reduction increase our margins?
Asked by Hitesh Randava, CAGR Quest Capital
Avoided answering whether margins could improve from tariff reduction.
did not address margin increase possibilityfocused on distributor pricing
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Question
does this can this increase our margins going forward as far as the US business is concerned
Bimal (Management)
the increase in price has happened at the distributor level not at our level... our price our margins are okay
Answered
High priority
Will we achieve 1,000 crore revenue by FY27?
Asked by Hitesh Randava, CAGR Quest Capital
Provided a specific revenue range guidance.
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Question
do you think we would be able to achieve that in the coming financial year given the sur capacity increase
Bimal (Management)
we feel fairly confident of being able to achieve anywhere between 925 to 1,000 crores
Answered
Medium priority
What is the share of frozen food and capacity utilization?
Asked by Palavi, Samika
Provided both utilization and share percentages.
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Question
what would be the share of frozen food and I understand we were operating at 100% utilization
Bimal (Management)
we were at about 75% capacity utilization... frozen food accounts for upwards of around 40% plus of our total revenues
Evasive
Medium priority
What is marketing expense as percentage of revenue?
Asked by Priyanka, Nilal Bank Securities
Did not provide the requested percentage, only growth rate.
refused to give percentagegave growth rate instead
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Question
what would be the marketing expenses to percentage of revenue on a console level for the quarter
Bimal (Management)
we refrain from giving absolute numbers but when you look at the growth it's a 24% growth year on year and quarter on quarter
Answered
High priority
What is volume growth vs value growth this quarter?
Asked by Ashish Agarwal, Individual Investor
Provided clear split between volume and price growth.
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Question
what is the volume growth that we have achieved in this quarter and what is also the value growth
Shini (Management)
our volume growth accounted for nearly 70% of the total growth with the balance attributable to the price growth
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue guidance of 925-1,000 crores for FY27 | ₹1,000 cr | ₹191 cr | Overstated vs filing |
| Standalone EBITDA margins in high teens going forward | 19% | 19% | Matches filing |
| Distribution margins at 12-14% on steady state | 14% | 19% | Understated vs filing |
| Soul brand monthly sales about 50 lakhs | ₹0.5 cr | ₹191 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.