Annual report
Outcome of Board Meeting 8 Sep - Board approved FY26 annual report, 8th AGM on Sept 30, and ₹44 crore RPT with HOAC Exports.
Source: Nse
Hoac Foods India Ltd. (HOACFOODS)
SME CapConsumer stocks · SME cap · NSE
HOAC Foods India Ltd. manufactures and sells a range of food products including flours, grains, spices, oils, and pulses. It operates through company-owned, franchise, B2B, and export channels, focusing on quality and purity. The company is expanding its product portfolio and market presence.
Data qualityFresh enough for analysisQuote updated 22 Oct, 05:50 pm ISTDetails
Quote22 Oct, 05:50 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result16 Aug, 12:43 am IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=442)
Technical timing lens
Trend score and candlestick chart
49NeutralSMA20 +7.1% / mo · MACD − · sector -5.0pp vs Nifty 500 (3M)
Stock trend: 61
Sector RS: 32
Sector 3M: -10.6% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HOACFOODSD candles · FIT view+125.8%Latest close ₹948.10 on 2026-10-22
Bar
-0.0%
RSI
49
MACD hist
-3.78
52W pos
81%
2026-10-22O ₹948.20H ₹1000.00L ₹948.10C ₹948.10Vol 3,375 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HOACFOODSNifty Consumer DurablesNifty 500
- HOACFOODS
- +29.9%
- Nifty 500
- -6.2%
- Nifty Consumer Durables
- -11.1%
- Vs Nifty 500
- +36.1 pp
Chart stats
22 Oct 2026- From 52W high
- -14.6%
- 52W range position
- 82%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.48x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹812 - ₹1,110
₹1,110
₹231 - ₹1,110
₹32.8
Latest completed session
20-session average
45.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST42
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model-180.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence65
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹20.1 Cr | NDF | +36.4% |
| EBITDA | ₹3.1 Cr | +226.3% | +33.6% |
| Operating margin | 15.5% | +418 bps | -32 bps |
| PAT | ₹2.1 Cr | NDF | +27.6% |
| PAT margin | 10.4% | +372 bps | -72 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 77.10
- P/B
- 18.06
- EV/EBITDA
- 61.79
- Market Cap
- 453.00Cr
Profitability
- ROE
- 24.20%
- ROCE
- 29.40%
- ROA
- 12.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 88.35%
- EPS 5Y
- 77.11%
- Revenue 3Y
- 88.35%
- EPS 3Y
- 77.11%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 8.03×
- Altman Z
- 9.12
- Book Value
- 57.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -4.22 Cr
- EPS TTM
- 10.16
Shareholding
- Promoter Hold
- 62.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 92%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 20.1+36.4% vs prev
Net Profit
₹ CrLatest: 2.1+27.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~6.6% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 288% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
98
RS percentile
Stage 2 UptrendEstablished S2
1M return
+17.2%
3M return
+38.0%
6M return
+123.0%
1Y return
+254.5%
RS 1D
0
RS 20D
0
Sector rank
#9
Industry rank
#49
Stage evidence
- Price is 40.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +13.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
29 May 2025
S2 age
357 trading sessions
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
260 observations
22 Oct 2026Value 408.74-4.38%
RS vs Nifty 500409
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 42 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth17/25
Quality17/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-4
Raw sum
42
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
42/100 · legacy band WATCHLIST
Positive drivers
- Quality contributes 17/20 to the score.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Fair-value margin of safety is negative at -180.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
77.1
PB
18.1
EV/EBITDA
61.8
ROE
24.2%
ROCE
29.4%
FCF Yield
—
Debt/Equity
0.2
MoS
-180.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
42
Previous: 42
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-180.2%
Previous: -194.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
44
44
44
44
44
44
44
42
42
42
42
42
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹114.95
-724.8% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹338.33
-180.2% MoS
PEG
1.00
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SHIVASHRIT
SME
Shivashrit Foods Ltd.
FMCG
match 161
59
15.1
20.5%
+57%
FAIR VALUE
SAWALIYA
SME
Sawaliya Food Products Ltd.
FMCG
match 161
54
23.4
25.9%
+30%
FAIR VALUE
JEYYAM
SME
Jeyyam Global Foods Ltd.
FMCG
match 159
60
8.6
7.9%
+75%
UNDERVALUED
BABAFP
SME
Baba Food Processing (India) Ltd.
FMCG
match 158
34
12.1
4.7%
-11%
WATCHLIST
MEGASTAR
Small
Megastar Foods Limited
FMCG
match 158
31
30.5
9.5%
+7%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-17T07:49:58.838Z
Management commentary snapshot
HOAC Foods reported robust H2 FY26 performance with total income up 84% YoY to INR2,865 lakhs, EBITDA up 52% to INR400 lakhs, and PAT up 66% to INR246 lakhs. Full-year FY26 total income grew 90% to INR5,049 lakhs, EBITDA 72% to INR731 lakhs, and PAT 77% to INR441 lakhs.
Strong top-line growth and expanding distribution channels support the thesis. Margin pressure from off-season raw material purchases is a concern, but management's inventory build-up strategy and new capacity should mitigate this. Focus on high-margin products and new geographies is positive.
Current business mix
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Company-owned outlets21.8%
Franchise-owned outlets18.6%
B2B sales (GT stores)52.3%
Export revenue7.2%
Growth engines
New B2B and Export Channels
B2B and export channels were established in FY26 and are expected to provide significant growth in the coming year.
Store Expansion
Planning to open nine to ten new stores in FY27, including expansion into different states like Madhya Pradesh.
Product Diversification
Planning to launch 15 to 20 new marginal, value-added products in FY27, focusing on ready-to-eat and high-margin items like peanut oil.
Online Channels
Focusing on own website (hariomatta.com) and mobile application (Hariom Atta and Spices), aiming to double annual revenue from INR2.5-3 crores.
Capacity and execution
Vidisha Plant Expansion
New plant in Vidisha is almost 75% built and production is expected to start in approximately 1.5 months.
Atta Production Capacity
New factory will increase Atta capacity from current 10 tons per day (one shift) to 40-50 tons per day (one shift), a 5x increase.
Peanut Oil Plant
A large capacity plant for peanut oil has been set up in the new facility, with a planning target of 4,000 liters per day.
Tailwinds
Strong Product Demand
Robust growth and high existing factory utilization (95%) reflect strong demand for the company's products.
Expanding Market Presence
Enhancing market penetration across key regions, strengthening relationships with distributors, retailers, and channel partners.
Long-term Food Industry Opportunities
Management remains optimistic about long-term opportunities within the food industry to drive sustainable and profitable growth.
Headwinds
Raw Material Cost Volatility
Off-season raw material purchases due to sudden demand impacted H2 FY26 EBITDA margins.
High Competition in B2B
High competition in the B2B market requires offering slightly higher margins and longer credit periods to distributors and GT stores.
Low Quick Commerce Margins
Quick commerce platforms like Blinkit charge 30-32% margins, leading the company to focus on its own online channels.
Risk radar
Raw Material Price Increases
Potential impact from spiking crude oil, fertilizer prices, and erratic monsoons on raw material costs.
Credit Period Management
Credit period in General Trade (GT) can reach 30-40 days, though adding distributors is expected to reduce this.
New Store Maturity
New stores typically take 9-10 months to become profitable and reach break-even, or 5-6 months in posh areas.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly provides H2 FY26 and full-year FY26 results compared to the previous year, indicating a focus on annual growth trends rather than sequential quarterly fluctuations.
Sector KPIs management disclosed
EBITDA Margin
H2 FY26 EBITDA margins stood at 13.95%, while full-year FY26 EBITDA margins were 14.48%. Management aims for 15% to 16% in the future.
Gross Margin
B2C gross margin is around 35%. For B2B, the gross margin is around 20% to 22%.
Distribution Expansion
Opened eight new stores in FY26, planning nine to ten new stores in FY27, including interstate expansion into the Bhopal region (Madhya Pradesh and Nagpur area belt).
Capacity Utilization
The existing factory is at 95% utilization. New factory will be ready in 1.5 months.
Management forward view
Strategic Focus
Focus remains on strengthening product portfolio, expanding distribution reach, improving operational capabilities, and building a scalable food business.
Commitment to Quality and Innovation
Committed to delivering high-quality food products while maintaining consistency, innovation, and customer satisfaction.
Optimistic Growth Outlook
Optimistic about long-term opportunities and confident in driving sustainable, profitable growth through focused execution and strategic expansion.
Investor Communication
Will try to provide quarterly updates and results to keep investors informed about business direction and performance.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 14.48% (FY26) | Sustaining 15-16% EBITDA margins in FY27, as targeted by management. |
| New Plant Commissioning & Ramp-up | 75% built, 1.5 months to production | Timely commissioning of the Vidisha plant and ramp-up to 40-50 tons/day Atta capacity. |
| Store Expansion | 8+ new stores in FY26 | Opening of 9-10 new stores in FY27, particularly interstate expansion. |
| Online Channel Revenue | INR2.5-3 crores annually | Doubling revenue from the company's own website and mobile application in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
65Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 48th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
45th percentile
overall median 67 · Consumer: 48th pctile, median 66 · SME: 56th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
68
acceptable · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 62.1%.
- ▸Promoter pledge is zero.
- ▸ROCE is 29.2%.
Trust risks
- ▸Promoter holding fell 8%.
- ▸Operating cash flow is negative at ₹-4 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hoac Foods India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.