Dsm Fresh Foods Ltd

BSE: 544568

₹ 50.2-5.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 112 crWebsite: www.zappfresh.comUpdated: 24 Oct 2026

About

DSM Fresh Foods, founded in 2015, is an integrated farm-to-fork food company focused on fresh meat, seafood and value-added food products, sold under the Zappfresh and Meevaa Foods brands. Revenue from operations was Rs 220.82 crore in FY26. The company listed on the BSE SME platform on 9 October 2025 and operates across five states, with a strong presence in Delhi NCR, Bengaluru and Mumbai.^[1][2]

Business segments and revenue mix

The company reports a single business segment: supply of fresh/frozen meat (FY26).^[1]
The B2B HoReCa/institutional channel made up about 68% of revenue in H2 FY26, against about 20-25% in FY25. B2C made up 32% in H2 FY26.^[3]
The B2B/B2C split was 50:50 in H1 FY26, against 30:70 in FY25.^[4]
Fish and seafood made up 27% of revenue in H2 FY26, up from 21% in H1 FY26.^[3]
Seafood made up about 27% of core non-vegetarian revenue in FY26, against a medium-term target of about 30%.^[1]
Fish and mutton together made up about 46-47% of revenue in H1 FY26.^[4]

Brands and products

The company has two brands: Zappfresh, its fresh-protein omnichannel consumer platform, and Meevaa Foods, its frozen and convenience foods business (FY26).^[1]
The range covers fresh poultry, mutton, seafood and fish, plus pre-marinated ready-to-cook items, heat-and-eat snacks, kebabs and cold cuts such as chicken sausage and salami.^[1]
Meevaa Foods, a frozen vegetarian snacks and ready-to-eat brand, launched in February 2026 with Rs. 10 crores earmarked over two to three years. It drew over 5,000 orders within 48 hours of launch.^[1]
Meevaa Foods had an annualised run rate of INR 30-40 crores as of the Q4 FY26 call.^[3]

Processing facilities and capacity

The company has four facilities with an aggregate annual capacity of about 8,800 tonnes: Delhi (~1,800 tonnes), Mumbai (~1,000 tonnes), Bengaluru (~500 tonnes) and Chandigarh (~5,500 tonnes, under Meevaa Foods) as of FY26.^[1]
It has an export-ready 30,000 sq. ft. manufacturing facility with four parallel automated production lines (FY26).^[1]
Management says the Chandigarh plant has capacity to support INR 500 crores of revenue (Q4 FY26 call).^[3]

Sourcing and integration

The company buys live birds and sells the whole bird, including ancillary products such as feathers and feet. It uses direct farmer partnerships for contract farming (Q4 FY26 call).^[3]
It formed a seafood sourcing alliance of 300 farmers organised on a farmer producer organisation model (FY26).^[1]
Fish gross margin rose to 23% in H1 FY26 from 16-17% in H1 FY25. Mutton gross margin rose to 14-15% from about 10% over the same period.^[4]

Customers and distribution

The HoReCa and institutional customer base grew to over 300 restaurant and institutional customers in FY26.^[1]
Products are sold through the company's own website and app, HoReCa/institutional partners, quick-commerce and e-commerce platforms, and partner retail outlets. The company is live on Blinkit, Amazon and Big Basket.^[1]
About 100 partner retail stores had been onboarded by FY26, ahead of the FY27 target, with a roadmap to 500 stores. Each store can generate about Rs30 lakh in annual revenue.^[1]
Monthly transacting B2C users were 80,000-90,000 in H2 FY26, down about 15% half-on-half from about 1 lakh. Customer retention rate was 85% in FY26.^[3]
Mumbai, entered through the Bonsaro acquisition in July 2024, made up about 20-21% of revenue in H1 FY26, up from about 5-6%.^[4]
Monthly online orders were about 1.4-1.5 lakh in H1 FY26, with an average online order value of about INR 540.^[4]

Expansion projects

An aquaculture project with annual capacity of about 500 tonnes is under development. An MoU covers about 270 acres at Village Masurie, Ghaziabad (FY26).^[1]
Land is being acquired for fish farming in Kanpur, Ghaziabad, Nagpur and Assam under Marina Aqua (Q4 FY26 call).^[3]
Planned geographic expansion includes Pune, Nashik and markets near Bangalore (Q4 FY26 call).^[3]
The company plans to enter regulated export markets: Canada, the Middle East, the US and Europe.^[1]
Management targets 300-400 partner stores by the end of FY27, and Meevaa Foods contributing at least INR 70 crores in FY27.^[3]

Recent developments

In January 2026 the company acquired Ambrozia Frozen Foods, through Avyom Foodtech. The business had a peak revenue run-rate of about Rs. 16 crores.^[1]
The company listed on the BSE SME platform on 9 October 2025 after an IPO of 59,06,400 shares that raised gross proceeds of Rs. 5,906.40 lakhs.^[1]
Trade receivables turnover fell to 6.09 in FY26 from 11.87 in FY25, which the company attributes to extended credit terms for B2B customers.^[1]
Management said the managing director will exercise warrants to increase the promoter equity stake (Q4 FY26 call).^[3]
The company received the CII IPO Trailblazer 2025 Award during FY26.^[1]

Market Cap

₹112 Cr

High / Low

₹208 / 47

Stock P/E

7.8

Price / Book

0.0

Book Value

₹52

EPS

₹6.4

No. of Shares

2.23 Cr

ROCE

16.8%

ROE

12.4%

OPM

13.7%

Debt / Equity

0.56

Sales

₹221 Cr

Net Profit

₹14 Cr

Promoter holding

28.7%

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