East India Securitie's report on ADF Foods
ADF Foods manufactures ethnic Indian food, primarily frozen food, ready to eat foods such as curries and rice and ready to cook foods. Besides that, it offers condiments like Indian chutneys, sauces, pickles, spices, pastes and dips. It sells under 8 brands i.e. Ashoka, Truly Indian, Soul, Camel, Aeroplane, PJs, Nate’s, Khansaama.
Outlook
ADF trades at a FY25E P/E of 24.6x; We value the stock based on P/E methodology and assign multiple of 25x on FY25E PAT of Rs 891mn to arrive at a target price of Rs 199 per share, which is a potential upside of 1.7% from current market price and recommend “Hold” on the stock.
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