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Freshara Agro Exports Ltd

FRESHARA

NSE

₹377.00-2.17%19 Oct 2026

Reports

Food Processing Spices and Pickles

Freshara Agro Exports Ltd

FRESHARA

NSE

₹377.00

-2.17%

19 Oct 2026

SOICxStockScans Reports

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Food Processing Spices and Pickles

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

Freshara Agro Exports is a platform that turns Indian farm produce into the jars of pickled gherkins and vegetables sitting on supermarket shelves across forty countries. It began in 2015 by organising thousands of small farmers into a contract-farming network, and in early 2026 it bought a fifty-year-old Spanish olive and pickle company, transforming itself from a behind-the-scenes exporter into an integrated international food platform with its own brands on European shelves. The recurring approach is to control the chain from seed to shelf - securing raw material through farmers, processing it in-house, and then pushing the finished product closer to the end consumer, first through bulk exports and now through a local European subsidiary that bypasses middlemen entirely.

Business segments

Two engines, one feeding the other - a contract-farming-based export business that supplies the world's bottlers with preserved vegetables, and a newly acquired Spanish subsidiary that puts branded jars directly into European supermarkets, with Indian-made gherkins now flowing into both.

1. Gherkin and pickled-vegetable exports: the contract-farming engine that supplies the world's bottlers

Freshara runs a farm-to-factory-to-export pipeline for preserved gherkins and pickled vegetables, selling in bulk to global food manufacturers and private-label bottlers - it is a raw-material supplier, not a consumer brand.

Contract farming locks in supply and cost - over 4,000 farmers across 22 districts in Tamil Nadu, Karnataka, and Andhra Pradesh grow crops under fixed-price contracts, with the company providing seeds, technical help, and a guaranteed buyback; more than 95% of raw produce comes this way, and nine out of ten farmers stay with the company year after year.
Two factories turn fresh produce into shelf-stable jars and drums - the company runs two processing plants in Tamil Nadu’s Tirupattur district with a combined daily capacity of about 150 metric tonnes (later disclosures point to roughly 550 metric tonnes), packing output into industrial drums, glass jars, and metal tins for shipment.
Industrial drums drive the volume - roughly seven out of every ten rupees of revenue comes from bulk industrial-pack shipments to global buyers and private-label manufacturers, a volume-led model with steady institutional demand; retail jars and food-service packs make up the rest.
Russia and Spain are the biggest export destinations - the company ships to over 40 countries and more than 100 customers, with Russia alone taking about 37% of exports in the second half of FY26 and Spain another 15%; it claims roughly 35-40% of the Russian gherkin market and calls itself probably the number-one Indian exporter to Spain.
Certifications are the entry ticket - IFS Food and BRCGS Food Safety certifications, along with FDA, Kosher, and FSSAI approvals, are what let Freshara sell into European and American supermarket supply chains in the first place.

2. Sarasa: the Spanish shop window that puts branded jars on European shelves

A 1968-vintage Spanish olive and pickle business, bought through a court-approved insolvency process in early 2026, gives Freshara its own B2C brand, local European production, and direct access to supermarket chains - something Indian exporters rarely get.

Bought, not built - the acquisition of Aceitunas Sarasa through a Spanish special-purpose vehicle delivered decades of brand trust, customer relationships, and three operating sites in a single transaction, avoiding a greenfield investment estimated at roughly ₹150 crore and a four-to-five-year build.
Three Spanish sites handle olives from reception to retail - an integrated processing-and-logistics hub in Navarre can load up to 25 trucks a day, while a facility in Extremadura ferments and stores roughly 3 million kilograms of olives and runs pitting and slicing lines of up to 10,000 kilos daily.
Over 32 SKUs sit on more than 14,000 retail shelves - the portfolio spans olives, gherkins, white onions, banderillas, and ready-to-cook vegetables, sold under multiple owned brands including “Hechizos,” which is the number-one variety in Spain.
Indian gherkins slash Spanish costs - by shifting roughly 30% of Sarasa’s production - especially gherkins - to Freshara’s Indian factories, the company cuts Sarasa’s cost of goods sold by about 20%, freeing capacity for a 35% increase in olive output without new investment.
A platform to bypass middlemen - European buyers typically prefer domestic suppliers for compliance and logistics, but partnering with Sarasa lets Freshara sell directly to chains like Makro, Spar, and Eroski, while also cross-selling olives into Freshara’s existing markets in the US, Russia, and the Middle East.

Group structure and partners

Freshara Agro Exports Limited is the Indian parent, listed on the NSE SME Emerge platform, with two wholly owned Spanish subsidiaries acquired in January 2026 that now run the Sarasa business.

The parent company, incorporated in Chennai, completed its IPO in October 2024 and had no subsidiaries, joint ventures or associate companies during the year.
On 20 January 2026, Freshara acquired 100% of Conservas Selectas Españolas S.L., a Spanish special-purpose vehicle, which in turn acquired the stocks and business of Aceitunas Sarasa S.A.U. through a court-approved insolvency process; the deal also included Gandin Invest S.L., making both entities wholly owned subsidiaries.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹886Cr

Close Price

₹377.00

Industry

Food Processing Spices and Pickles

Price To Earnings

23.91

Price To Sales

2.59

Revenue

₹342Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter
Revenue RevenueCr
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr
Operating Profit Operating ProfitCr
OPM OPM%
Other Income Other IncomeCr
Interest Expense Interest ExpenseCr
Depreciation DepreciationCr
PBT PBTCr
Tax TaxCr
PAT PATCr
Growth YoY PAT Growth YoY%
NPM NPM%
EPS EPS₹

Quarter
Revenue RevenueCr
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr
Operating Profit Operating ProfitCr
OPM OPM%
Other Income Other IncomeCr
Interest Expense Interest ExpenseCr
Depreciation DepreciationCr
PBT PBTCr
Tax TaxCr
PAT PATCr
Growth YoY PAT Growth YoY%
NPM NPM%
EPS EPS₹

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2025	Mar 2026
Revenue RevenueCr	254	342
Growth Revenue Growth%		34.6
Expenses ExpensesCr	214	292
Operating Profit Operating ProfitCr	40	50
OPM OPM%	15.7	14.7
Other Income Other IncomeCr	6	11
Interest Expense Interest ExpenseCr	6	8
Depreciation DepreciationCr	2	4
PBT PBTCr	38	50
Tax TaxCr	10	12
PAT PATCr	29	38
Growth PAT Growth%		30.3
NPM NPM%	11.3	11.0
EPS EPS₹	14.6	16.0

Financial Year	Mar 2025	Mar 2026
Revenue RevenueCr	254	342
Growth Revenue Growth%		34.6
Expenses ExpensesCr	214	292
Operating Profit Operating ProfitCr	40	50
OPM OPM%	15.7	14.7
Other Income Other IncomeCr	6	11
Interest Expense Interest ExpenseCr	6	8
Depreciation DepreciationCr	2	4
PBT PBTCr	38	50
Tax TaxCr	10	12
PAT PATCr	29	38
Growth PAT Growth%		30.3
NPM NPM%	11.3	11.0
EPS EPS₹	14.6	16.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2026
Equity Capital Equity CapitalCr	24
Reserves ReservesCr	142
Current Liabilities Current LiabilitiesCr	224
Non Current Liabilities Non Current LiabilitiesCr	37
Total Liabilities Total LiabilitiesCr	436
Current Assets Current AssetsCr	335
Non Current Assets Non Current AssetsCr	101
Total Assets Total AssetsCr	436

Financial Year	Mar 2026
Equity Capital Equity CapitalCr	24
Reserves ReservesCr	142
Current Liabilities Current LiabilitiesCr	224
Non Current Liabilities Non Current LiabilitiesCr	37
Total Liabilities Total LiabilitiesCr	436
Current Assets Current AssetsCr	335
Non Current Assets Non Current AssetsCr	101
Total Assets Total AssetsCr	436

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	-57
Investing Cash Flow Investing Cash FlowCr	-23	-51
Financing Cash Flow Financing Cash FlowCr	54	89
Net Cash Flow Net Cash FlowCr	29	-19
Free Cash Flow Free Cash FlowCr		-108
CFO To PAT CFO To PAT%	-6.2	-152.6
CFO To EBITDA CFO To EBITDA%	-4.4	-113.8

Financial Year	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-2	-57
Investing Cash Flow Investing Cash FlowCr	-23	-51
Financing Cash Flow Financing Cash FlowCr	54	89
Net Cash Flow Net Cash FlowCr	29	-19
Free Cash Flow Free Cash FlowCr		-108
CFO To PAT CFO To PAT%	-6.2	-152.6
CFO To EBITDA CFO To EBITDA%	-4.4	-113.8

Consolidated

Standalone

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	290	387	886
Price To Earnings Price To Earnings	10.1	10.3	23.9
Price To Sales Price To Sales	1.1	1.1	2.6
Price To Book Price To Book	2.3	2.3	5.4
EV To EBITDA EV To EBITDA		11.0	21.3
Profitability Ratios Profitability Ratios
GPM GPM%		24.2	24.2
OPM OPM%	15.7	14.7	14.7
NPM NPM%	11.3	11.0	11.0
ROCE ROCE%		16.7	16.7
ROE ROE%		22.7	22.7
ROA ROA%		8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	290	387	886
Price To Earnings Price To Earnings	10.1	10.3	23.9
Price To Sales Price To Sales	1.1	1.1	2.6
Price To Book Price To Book	2.3	2.3	5.4
EV To EBITDA EV To EBITDA		11.0	21.3
Profitability Ratios Profitability Ratios
GPM GPM%		24.2	24.2
OPM OPM%	15.7	14.7	14.7
NPM NPM%	11.3	11.0	11.0
ROCE ROCE%		16.7	16.7
ROE ROE%		22.7	22.7
ROA ROA%		8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	FRESHARA	AVEER	SSFL	SHYAMDHANI	MADHURIND
Market CapitalizationMkt CapCr	886	248	246	109	3
Close PriceClose₹	377.00	553.00	287.25	53.00	7.72
IndustryIndustry	Food Processing Spices and Pickles	Food Processing Spices and Pickles	Food Processing Spices and Pickles	Food Processing Spices and Pickles	Food Processing Spices and Pickles
Price To EarningsPE	23.91	62.70	15.16	20.08
Price To SalesPS	2.59	1.72	1.41	0.75
RevenueRevenueCr	342	144	174	146	0
Revenue Growth TTMRev Gr TTM%		25.3%	53.3%	16.9%
PAT Growth TTMPAT Gr TTM%		5.8%	71.4%	6.2%	60.3%

	FRESHARA	AVEER	SSFL	SHYAMDHANI	MADHURIND
Market CapitalizationMkt CapCr	886	248	246	109	3
Close PriceClose₹	377.00	553.00	287.25	53.00	7.72
IndustryIndustry	Food Processing Spices and Pickles	Food Processing Spices and Pickles	Food Processing Spices and Pickles	Food Processing Spices and Pickles	Food Processing Spices and Pickles
Price To EarningsPE	23.91	62.70	15.16	20.08
Price To SalesPS	2.59	1.72	1.41	0.75
RevenueRevenueCr	342	144	174	146	0
Revenue Growth TTMRev Gr TTM%		25.3%	53.3%	16.9%
PAT Growth TTMPAT Gr TTM%		5.8%	71.4%	6.2%	60.3%