Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹196.7 Cr
verified against source
Revenue YoY
23.7%
reported change
EBITDA
₹34.3 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated revenue between ₹925 crore and ₹1,000 crore for FY27, assuming Middle East situation normalizes.
- Truly Indian brand expected to grow 75-80% year-on-year in FY27, driven by distribution expansion and repeat purchases.
- Ashoka brand expected to grow 30-35% in FY27 through deeper penetration, new products, and new markets.
- Surat plant expected to reach full capacity utilization (₹200-250 crore revenue) by year three, with ~35% utilization in FY27.
Risks flagged
- 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%.
- Logistics costs increased 3-4% of revenue in March due to longer transit times; management expects normalization but uncertainty remains.
- PLI scheme for marketing expenses ends after FY27; no clarity on renewal, which could impact margins.
- New Surat facility has low initial utilization (35% in FY27); any delay in demand or execution could impact revenue contribution.
Key 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.
Research modules