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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100YoY data unavailable — classification deferred
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +17.2% / mo · RSI overbought · MACD + · near 52W high
Technical chart
HOACFOODSdaily · 1Y · AUTO+195.3%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 86.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~14.7% over last month) — short-term momentum positive.
- RSI(14) at 86 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Quality contributes 17/20 to the score.
- Growth contributes 19/25 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 -184.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 62.1%. Key concern: Promoter holding fell 8%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 48th pctile, median 66 · SME: 56th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 74.60
- P/B
- 17.44
- EV/EBITDA
- 60.18
- Market Cap
- 438.00Cr
Profitability
- ROE
- 24.20%
- ROCE
- 29.20%
- ROA
- 12.40%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 89.60%
- EPS 5Y
- 77.11%
- Revenue 3Y
- 89.60%
- EPS 3Y
- 77.11%
Balance Sheet
- Debt/Equity
- 0.24
- Interest Coverage
- 8.46×
- Altman Z
- 9.12
- Book Value
- 57.90
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
- 100%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.