Hindustan Foods Ltd(HNDFDS)

NSE: HNDFDSBSE: 519126

₹ 545-0.53%refreshed 26 Oct, 01:13 pm ISTMarket cap: ₹ 6,611 crWebsite: www.hindustanfoodslimited.comUpdated: 24 Oct 2026

About

Hindustan Foods Limited is an India-based contract manufacturer serving FMCG brands across Home & Personal Care, Food & Beverages, Ice Cream, Footwear, and Healthcare. It operates as a single contract-manufacturing segment, with a gross block of ₹1,800 cr as of March 2026 and an active capex programme targeting over ₹500 cr of new capacity in FY27.^[1][2][3]

Business segments

The company operates as a single contract-manufacturing segment; the CODM reviews all operations under this one segment with no separate sub-segment financials reported.^[4]
Shared manufacturing accounted for 26% of gross block and 27% of EBITDA as of Q1FY27.^[3]

Products and services

The company manufactures across five verticals: Home & Personal Care (HPC), Food & Beverages, Ice Cream, Footwear, and Healthcare, serving marquee FMCG brand owners under long-term contracts.^[5][2]
The HPC division produces detergent bars, liquid detergents, and personal care products across multiple sites; the liquid category reached highest-ever production levels in Q1FY27.^[3]
The ice cream vertical includes backward integration via a waffle-cone plant (1 mn cones/day capacity, acquired for ₹30 cr) and an ice-cream sticks unit commissioned in FY26.^[6][7]
The footwear division manufactures polymer-soled shoes and crossed ₹500 cr in revenue in FY26; it targets ₹700 - 800 cr in FY27.^[2]
The beverages vertical manufactures bottled water and juices; total beverage capacity across all facilities exceeded 250,000 kL by end of FY26.^[7]

Manufacturing operations

Gross block including CWIP and capital advances reached ₹1,800 cr as of March 2026, up from ₹1,686 cr as of December 2025.^[2][7]
The Panipat greenfield ice cream facility (₹225 cr investment, ~20,000 tons capacity) was commissioned in April 2026, adding approximately 50% to FY26 ice cream volumes of 35,000 - 40,000 tons.^[2]
The Silvassa facility suffered flooding in July 2026 (~10 feet of water); production was partially restored with full recovery expected by end of August 2026. The facility is insured.^[3]
HPC operates across multiple sites; the Silvassa brownfield liquid detergent expansion (₹40 cr) was targeted for Q2FY27, and a Lucknow greenfield detergent bars & liquid facility (₹50 cr) is targeted for Q4FY27.^[3]
A Healthcare Ayurvedic wellness manufacturing facility at Baddi (₹25 cr) is targeted for commissioning by Q3FY27.^[3]

Key operating numbers

Q1FY27 revenue was ₹1,207 cr (+18% YoY); EBITDA was ₹106.3 cr (+26% YoY); PAT was ₹42.8 cr (+33% YoY), the highest ever quarterly profit.^[3]
FY26 adjusted ROCE was 18.9%; net debt-to-equity was 0.84x at FY26 year-end and 0.88x at end of Q1FY27.^[2][3]
FY26 operating cash flow was ₹100 cr, down from ₹118.5 cr in FY25, as GST inverted duty effective September 2025 and proactive inventory build consumed ₹225 cr of working capital.^[2]
Footwear faced a ~₹6 cr EBITDA headwind in Q1FY27 from polymer price increases (~50 - 60%) and a ~30% minimum wage revision in Haryana, not passable under fixed-price seasonal contracts.^[3]
Footwear capacity utilisation reached ~80 - 90% by August 2026, with order book and capacities fully booked from Q2FY27 onwards.^[3]

Customers and distribution

The company serves marquee FMCG customers under long-term contracts; over ₹1,000 cr of projects were announced in the 18 months to FY26, of which over ₹600 cr had been commercialised.^[5]
New footwear customers added in FY27 include multinational brands and previously lapsed domestic customers; order book is fully booked for H2FY27.^[3]
Ice cream: three new customers were onboarded at the Nashik facility in Q3FY26 in addition to the existing anchor client.^[7]
The company is pursuing export opportunities in healthcare and footwear; Class III medical device certification was initiated at the Chennai facility to enable EU and UK exports.^[3]

Expansion and capex

FY27 total signed projects reached ~₹340 cr; together with ₹150 cr carried forward from FY26, capacity exceeding ₹500 cr is targeted for commercialisation in FY27.^[3]
An unannounced project inquiry pipeline of ~₹1,000 cr is under active evaluation as of Q1FY27.^[3]
Goa Greek yoghurt brownfield facility (₹60 cr) is targeted for commercial production by Q3FY27.^[3]
Two bottled water plants - Aurangabad (₹70 cr) and South India (₹50 cr) - plus a beverages greenfield (₹50 cr) are each targeted for commissioning by Q4FY27.^[3]
Panipat Ice Cream Phase 2 expansion (₹80 cr) is targeted for commercialisation by Q4FY27.^[3]
Borrowing limit proposed to increase from ₹1,000 cr to ₹1,300 cr to fund the growing project pipeline.^[5]

Recent developments

The Panipat greenfield ice cream plant (₹225 cr) was commissioned in April 2026 in under 10 months, adding ~20,000 tons of annual ice cream capacity; Phase 2 (₹80 cr) was initiated in Q1FY27.^[2][3]
Silvassa manufacturing site flooded in July 2026 following record rainfall; partial production restoration underway; full recovery targeted by end of August 2026.^[3]
Board authorised ₹190 cr of additional new projects in Q1FY27, bringing FY27 total signed project wins to ~₹340 cr.^[3]
GST duty inversion (e.g., ice cream rate cut from 18% to 5% effective September 2025) is driving a structural shift to a conversion model where customers supply raw and packing materials, which will lower reported revenues while growing EBITDA and PAT disproportionately.^[3][7]
FY26 project wins totalled ₹780 cr, the highest annual project wins in company history; over ₹550 cr was commercialised by the FY26 year-end call.^[2]

Market Cap

₹6,611 Cr

High / Low

₹678 / 443

Stock P/E

42.1

Price / Book

5.6

Book Value

₹98

EPS

₹12.5

No. of Shares

11.95 Cr

ROCE

14.2%

ROE

14.5%

OPM

6.7%

Debt / Equity

0.90

Sales

₹4,251 Cr

Net Profit

₹149 Cr

Promoter holding

61.8%

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Hindustan Foods Ltd(HNDFDS)

About

Business segments

Products and services

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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