HMA Agro Industries Limited (HMAAGRO)

Fast Moving Consumer Goods · Food Products · NSE · Updated 15 July 2026

₹21.78 ↓ 28.07% (1Y)

🎯 Key Takeaways

HMA Agro Industries Limited is in a high-growth phase, transitioning from a turnaround to a scaling-up trajectory, as evidenced by record revenue and EBITDA expansion in FY26. Management is aggressively pursuing diversification into rice, French fries, and chicken products while targeting INR 10,000 crores in revenue by FY27.
Revenue declined 0.7% QoQ to ₹1,455 in Q3FY25.
⚠️ Leadership transition risk: The unexpected resignation of the Managing Director and Whole-Time Director/CEO, both effective June 2, 2026, raises conce

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 Limited is in a high-growth phase, transitioning from a turnaround to a scaling-up trajectory, as evidenced by record revenue and EBITDA expansion in FY26. Management is aggressively pursuing diversification into rice, French fries, and chicken products while targeting INR 10,000 crores in revenue by FY27. The company has demonstrated strong execution capability, supported by improved credit ratings and compliance with SEBI norms. However, recent leadership changes at the CEO and MD level introduce execution risk during this critical growth phase.

📰 What's Happening

In the latest filing dated June 2, 2026, HMA Agro reported record FY26 revenue of INR 67,689 million, up 39.2% YoY, with consolidated EBITDA growing 55.1% YoY to INR 2,839.59 million and PAT increasing 112.1% YoY to INR 1,651.86 million. Management highlighted strong demand across markets, Malaysian subsidy approval, and plans to expand into rice, French fries, and chicken products. The company reaffirmed its target of INR 10,000 crores revenue by FY27. This growth was preceded by a board reconstitution on June 15, 2026, which appointed new committee chairs including Gaurav R Luthra as Audit Committee Chair and Gulzar Ahmad in key governance roles. Earlier, on June 3, 2026, the company announced the resignation of Managing Director Mohammad Mehmood Qureshi and the retirement of Whole-Time Director and CEO Gulzeb Ahmed, both effective June 2, 2026, due to personal commitments and unwillingness to seek reappointment.

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 clear inflection point: revenue has grown from INR 839 million in Q4FY23 to INR 1,455 million in Q3FY25, with operating margins expanding from 4.5% to 2.2% in the latest quarter, though still volatile. While EBITDA margins improved significantly in FY26 (80.3% YoY growth in standalone EBITDA), recent quarterly data indicates pressure, with Q3FY25 OPM declining to 2.2% from 4.0% in Q2FY25. This suggests that scaling operations is bringing margin compression, likely due to input cost inflation or investment in growth initiatives. The company's ability to sustain profitability will depend on managing these cost pressures while executing its expansion strategy.

🔮 Management Outlook & What's Next

Management has explicitly stated its ambition to scale revenue to INR 10,000 crores by FY27, driven by product diversification into rice, French fries, and chicken, as well as continued demand in existing segments. They cited Malaysian subsidy approval and strong market demand as tailwinds supporting growth. However, no detailed financial guidance beyond revenue targets was provided in the latest filings. The departure of the CEO and MD introduces uncertainty around execution capability, though the board has reconstituted governance committees to ensure oversight continuity.

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. Leadership transition risk: The unexpected resignation of the Managing Director and Whole-Time Director/CEO, both effective June 2, 2026, raises concerns about continuity in strategic execution during a critical growth phase. 2. Margin pressure: Despite revenue growth, operating margins have declined in recent quarters (from 6.5% in Q1FY24 to 2.2% in Q3FY25), indicating vulnerability to input cost inflation or scaling inefficiencies. 3. Geopolitical and subsidy dependency: Management cited Malaysian subsidy approval as a positive, but any regulatory or trade disruption in Malaysia could impact profitability. 4. Execution risk in new segments: Expansion into rice, French fries, and chicken products requires new infrastructure and market development, with no track record yet in these categories.

📋 Recent Filings

🧠 Analyst's Read

HMA Agro is executing a high-ambition growth strategy with strong top-line momentum, but profitability remains volatile and leadership stability is now in question. Investors should monitor the new management's ability to deliver on expansion plans and maintain margins amid cost pressures. The next few quarters will be critical in determining whether growth is sustainable or merely front-loaded.

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 2026-07-15.

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