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 in...
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.
88%Questions answered0Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Current utilization and ramp-up timeline for Surat solar facility, incremental revenue at full capacity.
Asked by Sarupia, Samiksha Capital
Management provided specific revenue guidance for FY27 and full capacity.
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Question
what is the current utilization and what is the ramp up timeline you're expecting and in FY27 and also in coming years when the plant operates at say full capacity what is the incremental delta revenue we expect
Bimal (Management)
the plant is going to be done in two phases... we expect in terms of revenue around 40 to 50 crores contribution from the Surat facility in this fiscal year. At its full capacity the Surat plant will give us upwards of 200 crores in topline.
Partial answer
Medium priority
Impact of Surat plant on margins and margin guidance on consolidated basis.
Asked by Sarupia, Samiksha Capital
Management gave qualitative assurance but no numeric margin guidance.
no specific margin number given
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Question
should we expect a initial operating leverage to impact and what is the margin guidance on a console basis?
Bimal (Management)
till its full capa at its full capacity we expect to maintain the similar kind of margins that we are getting from our existing facilities.
Answered
High priority
Key levers to sustain 25% growth for Ashoka brand given large base.
Asked by Rahan Sayyad, Prenatal Asset Managers
Management listed specific growth drivers without evasion.
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Question
what according to the management are the key levers that can sustain the guided 25% growth trajectory from here and especially considering the large revenue base now.
Bimal (Management)
it'll be a combination of both. I mean we still are looking at widening our penetration in our existing core markets adding on new markets and of course continuous product development and adding new product lines.
Answered
High priority
Truly Indian growth: distribution expansion vs repeat purchases, consumer behavior differences.
Asked by Rahan Sayyad, Prenatal Asset Managers
Management clearly distinguished between distribution and repeat drivers.
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Question
could you help us understand whether the growth is currently being driven more by distribution expansion or by healthy tech and repeat purchase at existing store and also are you seeing any meaningful difference in consumer behavior between Indian and mainstream non-Indian consumer
Bimal (Management)
the initial traction is more from a distribution point. We have had repeats happening with some of the Costco... it's a combination of repeats as well as new listings which is leading to the growth
Answered
Medium priority
Impact of GLP-1 drugs on food intake and Middle East war impact on numbers.
Asked by Danj Pagoria, Alchemy
Management directly denied any impact and explained why.
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Question
are we seeing any impact of in at least in US and people talking about OMG are we hearing anything from any of these players?
Bimal (Management)
we are not seeing any kind of impact on that and in fact our whole product range is vegetarian and vegan. So if anything it will lure the consumers towards these kind of products
Answered
High priority
Middle East performance given war situation.
Asked by Danj Pagoria, Alchemy
Management quantified the impact as insignificant sales in March and April.
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Question
how is the numbers coming along in Middle East considering the whole war situation?
Bimal (Management)
the Middle East has been because of the current situation in the month of March and April we've not been able to service that market apart from a few ports... March and April have seen a very insignificant sale out there
Answered
Medium priority
Capacity utilization as of FY26 and expected utilization for Surat plant.
Asked by Charit Malu, Genuity Capital
Management gave a specific range for capacity utilization.
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Question
what was the capacity utilization as of FY26?
Bimal (Management)
at an average I would say we were anywhere between 70% to 75% capacity utilization.
Answered
High priority
Q4 revenue breakdown: volume vs value, rupee depreciation impact, GCC export impact.
Asked by Rashi Maheshwari, AXA Capital
Management provided a clear volume vs value split and quantified GCC impact.
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Question
the colonal revenue for Q4. Can you break it down versus volume and value given the benefit of rupee depreciation that you would have also witnessed in this quarter?
Bimal (Management)
the growth is more 60 65% towards the volume growth. There has been some benefit with the devaluation but majority of the growth has come through volume growth
Partial answer
High priority
Reconciliation of FY27 revenue guidance with Ashoka growth and other segments.
Asked by Rashi Maheshwari, AXA Capital
Management gave conditional guidance but did not fully reconcile the numbers.
conditional guidanceno detailed bridge
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Question
you projected for 1000 crores of revenue in FY27... I was wondering what really is scaling up over here.
Bimal (Management)
the guidance on revenue we've said 925 to 1000 crores... we feel fairly confident of being able to achieve it provided the geopolitical situations improve... we are looking at anywhere between 75 to 80 growers on truly Indian for this year
Answered
Medium priority
Store additions for Ashoka brand and core markets.
Asked by NITK, NV alpha fund
Management corrected the premise and explained growth strategy.
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Question
Ashoka brand we have roughly 300 crores of topline currently and the reach of roughly 3000 stores. So what sort of store additions do we anticipate to be adding further?
Bimal (Management)
the Ashoka brand is not 3000 store. Ashoka is much more than that. 3000 stores is for the truly Indian brand... growth on Ashoka is going to come from deeper penetration within the existing stores across all our main markets
Partial answer
Medium priority
Middle East revenue in Jan-Feb and increase in logistic costs.
Asked by Anker Gulati, Genu Capital
Management did not provide the specific Jan-Feb revenue figure.
no exact number given
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Question
what was the revenue from Middle East in Janu Feb out of 197 revenue?
Bimal (Management)
I don't know the exact number but like as I mentioned the GCC accounts overall for about under 15% of our revenues.
Answered
Medium priority
PLI incentive amount in Q4 and full year FY26.
Asked by Ravi Naredi, Nared Investment Private Limited
Management provided a specific figure for PLI incentive.
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Question
how much BL incentive we received from government in quarter 4 or full year of 2026?
Shini (Management)
from a PLI perspective, for the full year, our number is roughly around 16 crores for FY26.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Surat facility expected revenue contribution of 40-50 crores in FY27 | ₹45 cr | ₹196.7 cr | Understated vs filing |
| Surat plant full capacity topline upwards of 200 crores | ₹200 cr | ₹196.7 cr | Matches filing |
| Truly Indian brand expected to grow 75-80% in FY27 | 77.5% | 23.7% | Overstated vs filing |
| Ashoka brand expected to grow close to 30-35% in FY27 | 32.5% | 23.7% | Overstated vs filing |
| Surat plant full capacity topline 200-250 crores | ₹225 cr | ₹196.7 cr | Overstated vs filing |
| If Middle East zero, FY27 growth 12-15% | 13.5% | 23.7% | Understated vs filing |
| If Middle East normal, FY27 growth upwards of 30% | 30% | 23.7% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.