As of 6 Nov 2026, HMA Agro Industries trades at 6.3× trailing earnings, below the industry P/E of 19.5×, and the shares are 21% below their 52-week high. Sales and net profit grew 29% and 11% a year over 3 years, with ROCE of 26% and ROE of 19%. Debt is 0.88× equity. It is a small-cap company with a market cap of ₹1,356 Cr, ranked 34th of 127 Packaged Foods companies by market cap; the shares fell 13% over the past year.
- ₹27.70
- ₹27.70
- ₹26.41
- ₹27.30
- 14 L
Health check
- ReturnsIn line
−12.6% over a year, better than 3 of 7 peers.
- Price tagCheaper
P/E 6.3 vs industry 19.5.
- GrowthStrong
Sales +29.2%, profit +11.0% a year over 3 years.
- ProfitabilityStrong
ROCE 26.0% vs peer median 15.3%.
- Balance sheetFair
Debt 0.88× equity, interest covered 7.4×, Piotroski 4 of 9.
- Red flags1 to check
Promoter stake down from 81.6% to 75.0%.
Small cap
Defensive
Key metrics
- Market cap
- ₹1,356 Cr
- Small cap
- P/E
- 6.3
- Industry 19.5
- Price to book
- 1.44
- Peers 8.88
- Dividend yield
- 0.00%
- ROE
- 19.1%
- Peers 14.8%
- ROCE
- 26.0%
- Peers 15.3%
- Debt to equity
- 0.88
- Debt ₹850 Cr
- EPS (TTM)
- ₹4.28
- Face value ₹1
- OPM (TTM)
- 2.1%
- Net margin 2.7%
- Sales growth
- +88.0%
- Latest quarter vs a year ago
- Profit growth
- +6197.3%
- Latest quarter vs a year ago
- Price to sales
- 0.17
- EV/EBITDA 11.6
Strengths and risks
Strengths
- Return on equity of 19.1%.
- Return on capital employed of 26.0%.
- Quarterly profit up 6197.3% on a year ago.
- Quarterly sales up 88.0% on a year ago.
- P/E of 6.3 against an industry P/E of 19.5.
Risks to check
- Promoter stake down from 81.6% to 75.0%.
About HMA Agro Industries
HMA Agro Industries Limited manufactures and exports frozen buffalo meat and related products. It offers frozen fish seafood, rice, pet food, by-product, and leather, as well as fruits and vegetables. The company offers products under the Black Gold, Kamil, Fresh Gold, and HMA Green Gold brands. It operates in India, Vietnam, Malaysia, Uzbekistan, Saudi Arabia, Indonesia, Hong Kong, Egypt, and internationally. HMA Agro Industries Limited was incorporated…
- Headquarters
- Agra
- Employees
- 338
- Sector
- Consumer Defensive
- ISIN
- INE0ECP01024
- Website
- hmagroup.co
Price range
- Avg volume (3M)
- 35.3 L
- 1-year return
- minus 12.6%
- From 52-week high
- minus 20.9%
Peers · Packaged Foods
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NESTLEINDNestle India | 1,282.10 | plus 1.89% | 2,47,229 | 60.6 | 42.76 | – | 79.9% | 21.0% | – | – | 0.94% | minus 0.5% |
| BRITANNIABritannia Industries | 4,785.00 | minus 3.92% | 1,15,255 | 43.2 | 27.13 | 61.2% | 66.7% | 18.4% | 5.7% | 3.0% | 1.89% | minus 15.5% |
| TATACONSUMTata Consumer Products | 1,086.30 | plus 0.80% | 1,07,511 | 63.3 | 4.86 | 8.3% | 7.6% | 14.0% | 13.9% | 8.6% | 0.92% | minus 8.6% |
| PATANJALIPatanjali Foods | 411.50 | plus 0.19% | 44,776 | 22.7 | 3.42 | 11.2% | 14.8% | 4.2% | 8.7% | 27.0% | 0.98% | minus 28.6% |
| HATSUNHatsun Agro Product | 1,068.10 | plus 0.33% | 23,792 | 66.0 | 12.07 | 20.2% | 19.0% | 10.7% | 11.2% | 29.0% | 1.87% | plus 2.4% |
| MILKYMISTMilky Mist Dairy Food | 297.20 | plus 0.93% | 22,880 | 91.2 | 8.88 | – | 9.7% | 10.1% | – | – | 0.00% | plus 63.7% |
| AWLAWL Agri Business | 167.00 | minus 0.48% | 21,573 | 18.7 | 1.98 | 15.3% | 11.1% | 2.9% | 8.7% | 21.4% | 0.60% | minus 39.5% |
| HMAAGROHMA Agro Industries | 27.08 | minus 0.81% | 1,356 | 6.3 | 1.44 | 26.0% | 19.1% | 2.1% | 29.2% | 11.0% | 0.00% | minus 12.6% |
| Median of 7 peers | – | 0.33% | 44,776 | 60.6 | 8.88 | 15.3% | 14.8% | 10.7% | 8.7% | 21.4% | 0.94% | −8.6% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 1,123 | 2,155 | 2,059 | 1,579 | 2,110 | |
| 1,117 | 2,060 | 1,995 | 1,585 | 2,101 | |
| 5.3 | 95.5 | 64.5 | −6.2 | 9.3 | |
| 0.5% | 4.4% | 3.1% | −0.4% | 0.4% | |
| 11.3 | 36.1 | 40.7 | 36.8 | 71.8 | |
| 7.7 | 6.4 | 9.3 | 11.2 | 11.7 | |
| 7.5 | 8.1 | 8 | 8 | 6.8 | |
| 1.4 | 117 | 87.8 | 11.5 | 62.5 | |
| 58.0% | 23.3% | 24.2% | 28.3% | 19.2% | |
| 0.8 | 89.8 | 66.2 | 8 | 50.7 | |
| 0.02 | 1.79 | 1.32 | 0.16 | 1.01 |
Profit & loss
- Sales CAGR 3Y
- +29.2%
- Profit CAGR 3Y
- +11.0%
- EPS CAGR 3Y
- +11.0%
- ROE
- 19.1%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 3,209 | 4,813 | 5,133 | 6,916 | |
| – | +50.0% | +6.6% | +34.7% | |
| 3,043 | 4,672 | 5,027 | 6,707 | |
| 167 | 141 | 106 | 209 | |
| 5.2% | 2.9% | 2.1% | 3.0% | |
| 44.7 | 33.5 | 77.1 | 119 | |
| 11.2 | 13.6 | 23.2 | 34.1 | |
| 17.6 | 34.8 | 34.5 | 31.6 | |
| −9.1 | 6.7 | 0.2 | −44.7 | |
| 174 | 133 | 126 | 218 | |
| 28.9% | 24.5% | 30.2% | 24.1% | |
| 120 | 101 | 86.8 | 165 | |
| – | minus 16.4% | minus 13.8% | +89.9% | |
| 2.40 | 2.03 | 1.75 | 3.29 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 47.5 | 50.1 | 50.1 | 50.1 | |
| 427 | 667 | 739 | 891 | |
| 343 | 492 | 535 | 850 | |
| 181 | 230 | 386 | 622 | |
| 999 | 1,439 | 1,710 | 2,413 | |
| 364 | 368 | 354 | 356 | |
| 104 | 73.6 | 82.5 | 97 | |
| – | 74.8 | 199 | 219 | |
| 68.9 | 115 | 100 | 246 | |
| 462 | 808 | 974 | 1,494 | |
| 999 | 1,439 | 1,710 | 2,413 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 136 | −166 | 124 | −84.5 | |
| −83.1 | −56.3 | −150 | −141 | |
| −2.6 | 268 | 4.7 | 267 | |
| 50.4 | 46.3 | −20.9 | 41.5 | |
| −110 | −38 | −21.8 | −35.8 | |
| 26.3 | −204 | 103 | −120 | |
| −9.5 | −15 | −15 | −15 |
Shareholding pattern
- Promoters75.00%
- Public25.00%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 75.00% | 25.00% | 0.00 | |
| 30 Jun 2026 | 75.00% | 25.00% | 0.00 | |
| 10 Apr 2026 | 75.00% | 25.00% | minus 6.63 | |
| 31 Mar 2026 | 81.63% | 18.37% | 0.00 | |
| 31 Dec 2025 | 81.63% | 18.37% | – |
Major shareholders
Filings & events
News
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