MarketFriction

HMA Agro Industries Ltd

NSE HMAAGRO · BSE 543929 · Meat Products including Poultry
₹23.47 -1.88%
NSE close2026-10-01
52 week range19.09 - 34.24
Market cap₹1,189 Cr.
P/E5.54
Price band 20% Delivery 83.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,2001,2521,3907131,4661,4551,5001,1232,1552,0591,5792,110
Expenses1,1771,2031,3937051,4081,4231,4951,1172,0601,9951,5852,101
Operating Profit2349-385832559564-69
OPM %1.9%3.9%-0.2%1.1%4.0%2.2%0.3%0.5%4.4%3.1%-0.4%0.4%
Other Income5278101226331136413772
Interest34334888691112
Depreciation9106889978887
Profit before tax1662-465841211117881163
Tax %65%21%-137%87%8%49%41%58%23%24%28%19%
Net Profit6492153211219067851
EPS in Rs0.190.920.020.031.040.410.260.021.791.320.161.01
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,7422,3731,7083,0833,2094,8135,1336,9167,904
Expenses2,7202,3261,6082,9593,0524,6775,0276,7547,741
Operating Profit234799124158137106162163
OPM %0.8%2.0%6%4.0%4.9%2.8%2.1%2.4%2.1%
Other Income42441356474981125185
Interest6196101317273839
Depreciation10108111835353231
Profit before tax496298159174133126218279
Tax %36%26%26%27%29%24%30%24%
Net Profit31467211612310188165215
EPS in Rs8.3612.3119.362.422.532.011.753.304.28
Dividend Payout %0%0%0%0%0%15%17%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%32%29%43%
Compounded Profit Growth%18%11%149%
Stock Price CAGR%%-32%-24%
Return on Equity%20%16%19%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4444848505050
Reserves138183256327427667739891
Borrowings132169181330343492535850
Other Liabilities276117131151181230386622
Total Liabilities5494735728569991,4391,7102,413
Fixed Assets849593141261295273261
CWIP02149258364761
Investments00000000
Other Assets4653764666246801,1091,3902,090
Total Assets5494735728569991,4391,7102,413
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity232475-32136-166124-85
Cash from Investing Activity-8-30-70-144-83-56-150-141
Cash from Financing Activity-12378142-32685267
Net Cash Flow33213-335046-2142
Free Cash Flow14257-10026-195103-120
CFO/OP197%80%105%12%118%-83%163%-32%
Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days381834343437111
Inventory Days1530342119225680
Days Payable4071812131288
Cash Conversion Cycle1341494340465874
Working Capital Days55710614117
ROCE %26%26%29%24%14%12%16%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Aug 2026
Promoters83.61%83.61%83.61%83.61%83.61%83.61%81.63%81.63%81.63%81.63%75.00%75.00%
FIIs7.40%5.88%5.30%5.76%5.33%5.24%6.73%5.85%4.92%4.87%4.84%4.10%
DIIs0.00%0.02%0.03%0.00%0.00%0.02%0.11%0.63%1.35%1.41%3.46%3.57%
Public8.98%10.48%11.06%10.63%11.04%11.14%11.54%11.90%12.12%12.11%16.71%17.32%
No. of Shareholders26,29554,33958,98060,57665,74865,00265,49864,97564,47162,96763,04564,183

Fundamentals

Market Cap₹ 1,189 Cr.
Current Price₹ 23.8
Stock P/E5.54
Book Value₹ 18.8
ROCE16.2 %
ROE19.1 %
Dividend Yield1.26 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)43%
Compounded Profit Growth (TTM)149%
Consolidated figures.
Valuation
Market capRs 1,175 Cr
Enterprise valueRs 1,552 Cr
P/E (TTM)5.48x
Price to book1.64x
Price to sales0.15x
EV / EBITDA4.46x
EV / EBIT4.89x
EV / sales0.20x
Earnings yield18.26%
Dividend yield1.28%
P/E, 3-year average25.40x
P/B, 3-year average3.56x
P/E, 5-year average25.40x
P/B, 5-year average3.56x
Profitability
Operating margin (excl. other income)2.84%
Operating margin (incl. other income)3.85%
EBITDA margin4.41%
Pre-tax margin3.53%
Net profit margin2.72%
Net margin, latest quarter2.40%
ROE16.89%
ROCE14.85%
ROA8.25%
ROE, 3-year average27.15%
ROCE, 3-year average22.96%
ROA, 3-year average12.44%
ROE, 5-year average28.35%
ROCE, 5-year average24.13%
ROA, 5-year average12.02%
ROIC (approx.)21.92%
Tax rate24.46%
Other income / net worth6.79%
Growth
Sales growth (latest year)49.98%
Profit growth (latest year)-16.42%
Sales CAGR, 3 years41.26%
Sales CAGR, 5 years11.91%
Profit CAGR, 3 years11.70%
Profit CAGR, 5 years26.42%
Sales growth QoQ33.64%
Profit growth QoQ536.01%
Sales growth YoY (latest quarter)87.98%
Profit growth YoY (latest quarter)6158.02%
Per share
EPS (TTM)Rs 4.29
EPS (latest year)Rs 2.01
EPS (latest quarter)Rs 1.01
EPS, 3-year averageRs 17.17
EPS, 5-year averageRs 73.70
Book value per shareRs 14.32
Sales per shareRs 157.84
Cash flow per shareRs -3.31
Free cash flow per shareRs -2.40
Dividend per share (latest year)Rs 0.30
Dividend per share, 3-year averageRs 0.30
Dividend per share, 5-year averageRs 0.30
Dividends
Dividend payout14.92%
Dividend payout, 3-year average14.92%
Dividend payout, 5-year average14.92%
Efficiency
Asset turnover3.34x
Fixed asset turnover16.34x
Inventory turnover17.68x
Inventory days21 days
Debtor days37 days
Debtors turnover9.99x
Creditor days8 days
Cash conversion cycle74 days
Working capital days7 days
Leverage
Total debtRs 492 Cr
Cash and bankRs 115 Cr
Net debtRs 377 Cr
Debt to equity0.69x
Net debt / EBITDA1.08x
Interest coverage8.22x
Current ratio (filing 2026-03-31)1.26x
Quick ratio (filing 2026-03-31)0.34x
Trade payables (filing 2026-03-31)Rs 127 Cr
Owners' fund to total sources49.82%
Debt to assets34.18%
Cash flow
Cash from Operating Activity (latest year)Rs -166 Cr
Cash from Investing Activity (latest year)Rs -56 Cr
Cash from Financing Activity (latest year)Rs 268 Cr
Net Cash Flow (latest year)Rs 46 Cr
Free cash flow (latest year)Rs -120 Cr
FCFE (approx.: FCF + change in debt)Rs 29 Cr
Cash from ops / profit, 5 years-0.04x
Statement figures
Net sales (TTM)Rs 7,904 Cr
Net sales (latest year)Rs 4,813 Cr
Sales (latest quarter)Rs 2,110 Cr
Operating profit excl. other income (latest year)Rs 137 Cr
Operating profit (latest quarter)Rs 9 Cr
Other income (TTM)Rs 185 Cr
EBITDA (TTM)Rs 348 Cr
PBDT (TTM)Rs 310 Cr
Profit before tax (TTM)Rs 279 Cr
Tax (latest year)Rs 33 Cr
Net profit (TTM)Rs 215 Cr
Net profit (latest year)Rs 101 Cr
Net profit (latest quarter)Rs 51 Cr
Depreciation (TTM)Rs 31 Cr
Depreciation (latest quarter)Rs 7 Cr
Interest (TTM)Rs 39 Cr
Cost of goods sold (latest year)Rs 4,248 Cr
Total expenditure (latest year)Rs 4,677 Cr
Total income (latest year)Rs 4,862 Cr
Share capitalRs 50 Cr
ReservesRs 667 Cr
Shareholders' fundsRs 717 Cr
Total assetsRs 1,439 Cr
Net blockRs 295 Cr
Capital work in progressRs 36 Cr
ReceivablesRs 482 Cr
InventoryRs 240 Cr
Other liabilitiesRs 230 Cr
Shares outstanding (crore)50.08
Ownership
Promoter holding75.00% (-6.63 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 5.5 is at the 2th percentile of its own 3.3-year range (median 18.7, low 4.9, high 58.2).
P/B 1.64 is at the 8th percentile (median 4.29).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHMAAGRONifty 50Difference
1 week+1.1%-2.8% +3.9 pts
1 month+12.2%-6.8% +19.0 pts
3 months+5.7%-7.6% +13.3 pts
6 months+8.7%+0.4% +8.3 pts
1 year-25.3%-9.9% -15.4 pts
2 years-52.1%-13.6% -38.6 pts
3 years-68.6%+14.2% -82.8 pts

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -18% of net profit over the last 3 years
explainHigh accruals Profit exceeded operating cash by 19% of total assets in 2026
explainShare dilution Share count up 5% in a year, 1243% in three
explainDebt up, profit down Borrowings up 43% while net profit fell in 2026
lookAuditor change Auditor change 2026-08-25: Hma Agro Industries Limited has informed the Exchange regarding Change in Auditors of the company.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹2,110 Cr +87.9% vs Jun 2025. Net profit ₹51 Cr +5000.0%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2025-08-22Dividend - Re 0.30 Per Share
2024-09-20Annual General Meeting/Dividend - Re 0.30 Per Share
2023-12-29Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share0.1000
2023-09-15Annual General Meeting/Dividend - Rs 3 Per Share
DateTypeWhat it says
2026-09-29Credit RatingCredit Rating
2026-09-19Shareholder meetingVoting results.
2026-09-18CessationCessation of M/s MAPSS and Company as Statutory Auditors of the company w.e.f. September 18, 2026.
2026-09-18AppointmentAppointment of Mr VARUN BANSAL PARTNER, VAA & ASSOCIATES as Statutory Auditor of the company w.e.f. September 18, 2026.
2026-09-18Shareholder meetingShareholders meeting
2026-09-09Memorandum of Understanding/Memorandum of Understanding/Agreements
2026-09-09AgreementsAgreements
2026-09-08Diversification/DisinvestmenDiversification/Disinvestment
2026-09-08Board meeting outcomeOutcome of Board Meeting held on September 08, 2026.
2026-08-27General UpdatesGeneral Updates
2026-08-27Shareholder meetingNotice of Annual General Meeting to be held on September 18, 2026 (Revised Notice of AGM)
2026-08-25General UpdatesGeneral Updates
2026-08-25Shareholder meetingNotice of Annual General Meeting to be held on September 18, 2026
2026-08-25General UpdatesGeneral Updates
2026-08-25Change in AuditorsChange in Auditors of the company.
2026-08-25Record DateRecord date for the purpose of For Remote E-Voting eligibility for 18th AGM of the Company is 11-Sep-2026.
2026-08-25Board meeting outcomeOutcome of Board Meeting for approval of Notice and Annual General Meeting and Annual Report for the F.Y 2026
2026-08-17Concall / analyst meetTranscript
2026-08-14Concall / analyst meetLink of Recording
2026-08-14Investor PresentationInvestor Presentation
2026-08-13Disclosure under SEBI TakeovHma Agro Industries Limited has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acqu...
2026-08-13Board meeting outcomeHma Agro Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-12UpdatesPlease find enclosed report under Regulation 10(7) of the (Substantial Acquisition of Shares and Takeovers) Regulations 2011 in respect of acquisition...
2026-08-11Updates.
2026-08-11General UpdatesGeneral Updates
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03