Truly Indian store count
3,000
+2,000 stores YoY
Truly Indian brand now present in ~3,000 US stores including Costco, Walmart, and Whole Foods.
ADFFOODS
Consumer
15 May 2026
ADF Foods Ltd — Q4 FY26
ADF Foods delivered a strong Q4 FY26 with consolidated revenue of ₹196.7 crore (+23.7% YoY) and EBITDA of ₹34.3 crore (+38.9% YoY), driven by volume growth (60-65% of revenue increase) and improved product mix.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
ADF Foods delivered a strong Q4 FY26 with consolidated revenue of ₹196.7 crore (+23.7% YoY) and EBITDA of ₹34.3 crore (+38.9% YoY), driven by volume growth (60-65% of revenue increase) and improved product mix. The flagship Ashoka brand continues to gain traction, while the mainstream brand Truly Indian has expanded to ~3,000 US stores and won awards. The new Surat greenfield facility commenced production in March and is expected to contribute ₹40-50 crore in FY27, ramping to full capacity of ₹200-250 crore by year three. Management guided FY27 revenue of ₹925-1,000 crore, contingent on Middle East normalization; without it, growth would be 12-15%. Key risks include ongoing West Asia conflict disrupting GCC shipments (15% of revenue) and potential freight cost escalation. Capex of ₹20-25 crore is planned for FY27, including a pizza base line.
Key Numbers
Surat facility FY27 revenue contribution
₹40-50 crore
New facility
Phase 1 started March 2026; expected to contribute ₹40-50 crore in FY27.
PLI incentive received
₹16 crore
FY26 full year
Government PLI scheme for marketing expenses; similar amount expected in FY27 (last year).
GCC revenue share
~15%
Down 80-85% in March-April
GCC markets severely impacted by West Asia conflict; no shipments in March.
Management Guidance
FY27 revenue guidance of ₹925-1,000 crore
Management expects consolidated revenue between ₹925 crore and ₹1,000 crore for FY27, assuming Middle East situation normalizes.
Management guidance revenueTruly Indian brand to grow 75-80% in FY27
Truly Indian brand expected to grow 75-80% year-on-year in FY27, driven by distribution expansion and repeat purchases.
Management guidance growthAshoka brand to grow 30-35% in FY27
Ashoka brand expected to grow 30-35% in FY27 through deeper penetration, new products, and new markets.
Management guidance growthSurat facility to reach full capacity in 3 years
Surat plant expected to reach full capacity utilization (₹200-250 crore revenue) by year three, with ~35% utilization in FY27.
Management guidance expansionKey Risks
West Asia conflict disrupting GCC shipments
GCC markets (15% of revenue) severely impacted; no shipments in March and minimal in April. If situation persists, FY27 growth could drop to 12-15%.
high · management_commentaryFreight cost escalation
Logistics costs increased 3-4% of revenue in March due to longer transit times; management expects normalization but uncertainty remains.
medium · analyst_questionPLI incentive expiry after FY27
PLI scheme for marketing expenses ends after FY27; no clarity on renewal, which could impact margins.
medium · analyst_questionCapacity utilization ramp-up risk at Surat
New Surat facility has low initial utilization (35% in FY27); any delay in demand or execution could impact revenue contribution.
medium · data_observationNotable Quotes
We are proud to announce that Truly Indian has won next award in the best breads and bakery category for its tikka masala naan and also won the freezies award in the best frozen bread and bakery category for its garlic naan.
The ethnic Indian food category within the mainstream American consumers is getting more and more popular... the Indian category is at this inflection point where we feel over the next few years it'll just... there'll be a huge growth in this category.
If the Middle East remains at zero level... in terms of growth then over our financial year 26 we would look at growth of about 12 to 15% overall.
Frequently Asked Questions
What was ADF Foods's revenue in Q4 FY26?
ADF Foods reported revenue of ₹197 Cr in Q4 FY26, representing a +23.7% change compared to the same quarter last year.
What guidance did ADF Foods management give for FY27?
FY27 revenue guidance of ₹925-1,000 crore: Management expects consolidated revenue between ₹925 crore and ₹1,000 crore for FY27, assuming Middle East situation normalizes. Truly Indian brand to grow 75-80% in FY27: Truly Indian brand expected to grow 75-80% year-on-year in FY27, driven by distribution expansion and repeat purchases. Ashoka brand to grow 30-35% in FY27: Ashoka brand expected to grow 30-35% in FY27 through deeper penetration, new products, and new markets. Surat facility to reach full capacity in 3 years: Surat plant expected to reach full capacity utilization (₹200-250 crore revenue) by year three, with ~35% utilization in FY27.
What are the key risks for ADF Foods in FY27?
Key risks include West Asia conflict disrupting GCC shipments — GCC markets (15% of revenue) severely impacted; no shipments in March and minimal in April. If situation persists, FY27 growth could drop to 12-15%.; Freight cost escalation — Logistics costs increased 3-4% of revenue in March due to longer transit times; management expects normalization but uncertainty remains.; PLI incentive expiry after FY27 — PLI scheme for marketing expenses ends after FY27; no clarity on renewal, which could impact margins.; Capacity utilization ramp-up risk at Surat — New Surat facility has low initial utilization (35% in FY27); any delay in demand or execution could impact revenue contribution..
Did ADF Foods meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full ADF Foods Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.