HMA Agro Industries Limited (HMAAGRO)

Fast Moving Consumer Goods · Food Products · NSE · Updated 2 August 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹20.52 ↓ 32.96% (1Y)

🎯 Key Takeaways

HMA Agro Industries is undergoing a strategic transformation phase, marked by aggressive revenue growth and expansion into new product lines, though profitability remains volatile. The company is targeting INR 10,000 crores in revenue by FY27, signaling a clear growth trajectory beyond its current scale.
Revenue declined 0.7% QoQ to ₹1,455 in Q3FY25.
⚠️ Margin compression is a critical risk, as OPM declined to 2.2% in Q3FY25 from 6.5% in Q1FY24 despite revenue growth, indicating cost inflation or pric

Market Cap

₹1,207

P/E Ratio

16.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

HMA Agro Industries is undergoing a strategic transformation phase, marked by aggressive revenue growth and expansion into new product lines, though profitability remains volatile. The company is targeting INR 10,000 crores in revenue by FY27, signaling a clear growth trajectory beyond its current scale. Recent financial performance shows strong top-line expansion but inconsistent margins and profitability, with FY26 revenue up 34.7% YoY to INR 69,164.95 million. However, operational efficiency and margin sustainability remain key concerns amid rising competition and market volatility.

📰 What's Happening

In FY26, HMA Agro reported record revenue of INR 67,689 million (consolidated: INR 69,164.95 million), up 34.7% YoY, driven by strong demand and Malaysian subsidy approval. EBITDA grew 55.1% YoY to INR 2,839.59 million (consolidated), and PAT reached INR 1,651.86 million, reflecting improved operational performance. Management highlighted expansion into rice, French fries, and chicken products as part of its diversification strategy. The company also completed an OFS with pricing based on a board-determined floor price, and CARE reaffirmed its A- rating following a credit facility enhancement to INR 1,231 crores. Additionally, the board reconstituted key committees, appointing new chairs for audit and risk management functions.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	839	971	1,200	1,252	1,390	713	1,466	1,455
Operating Profit	37	73	28	76	5	17	70	58
OPM %	4.5%	6.5%	1.9%	3.9%	-0.2%	1.1%	4.0%	2.2%
Net Profit	10	44	6	49	2	1	53	21
EPS	₹2.15	₹9.25	₹1.96	₹0.94	₹0.02	₹0.03	₹1.04	₹0.41

The company's financial trajectory shows a sharp inflection point in FY26, with revenue surging 34.7% YoY to INR 69,164.95 million, up from INR 1,455 million in Q3FY25. However, profitability remains erratic — OPM declined to 2.2% in Q3FY25 from 6.5% in Q1FY24, and standalone PAT in Q3FY25 was only INR 21 million despite higher revenue. This suggests rising input costs or pricing pressures offsetting volume gains. The sharp drop in EPS from INR 9.25 in Q1FY24 to INR 0.41 in Q3FY25 raises concerns about bottom-line sustainability, despite management's growth ambitions.

🔮 Management Outlook & What's Next

Management expressed confidence in future growth, reaffirming its target of INR 10,000 crores in revenue by FY27 and citing strong demand trends and Malaysian subsidy support as tailwinds. The expansion into rice, French fries, and chicken products was presented as a strategic diversification to reduce dependency on core segments. However, no detailed financial guidance or margin improvement roadmap was provided in the filing. The focus remains on scaling operations and capitalizing on subsidy benefits, but execution risks are elevated given current margin compression.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Food Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Nestle India Limited	2.76 L Cr	84.6	93.6%	81.3%	0.19
Britannia Industries Limited	1.30 L Cr	53.9	60.6%	55.5%	0.28
Hatsun Agro Product Limited	20,977	60.2	—	—	—
Avanti Feeds Limited	18,028	37.5	—	—	—
Bikaji Foods International Limited	16,776	61.5	—	—	—
Zydus Wellness Limited	15,976	49.1	—	—	—
EID Parry India Limited	14,042	9.2	—	—	—
Godrej Agrovet Limited	10,960	26.3	—	—	—
The Bombay Burmah Trading Corporation Limited	10,625	5.0	—	—	—
Orkla India Limited	8,647	—	—	—	—

🔗 Peer Stock Analyses

NESTLEIND BRITANNIA HATSUN AVANTIFEED BIKAJI

⚠️ Risk Factors

1. Margin compression is a critical risk, as OPM declined to 2.2% in Q3FY25 from 6.5% in Q1FY24 despite revenue growth, indicating cost inflation or pricing pressure. 2. Profitability volatility is evident, with standalone PAT collapsing from INR 44 million in Q1FY24 to just INR 21 million in Q3FY25, raising concerns about sustainability. 3. Leadership instability is a concern following the resignation of the Managing Director and CEO, with no immediate succession plan disclosed. 4. Expansion into new segments like rice and chicken carries execution and regulatory risks, especially without clear margin guidance.

📋 Recent Filings

🧠 Analyst's Read

HMA Agro is in a high-growth but margin-constrained phase, with top-line momentum driven by strategic expansion and subsidies, yet profitability remains fragile. Investors should monitor margin recovery in upcoming quarters and clarity on the leadership transition, as execution risks in new verticals could impact the FY27 revenue target.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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