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Hindustan Foods Ltd

HNDFDS

NSE

₹565.15-0.98%19 Oct 2026

Reports

FMCG Contract Mfg

Hindustan Foods Ltd

HNDFDS

NSE

₹565.15

-0.98%

19 Oct 2026

SOICxStockScans Reports

Ask AI

FMCG Contract Mfg

Indices

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

Hindustan Foods is India’s largest contract manufacturer for FMCG brands - it is the factory behind the labels, making everything from ice cream and detergent to shoes and vitamin tablets for companies that prefer to stay asset-light. Born in 1984 as a single-product baby-food unit for Glaxo, the company was transformed after the Vanity Case Group took control in 2012-13, deliberately breaking out of a “single product, single location, single customer” trap to become a multi-category, multi-location platform. The recurring approach is agnostic expansion: HFL pursues manufacturing opportunities based on a brand owner’s supply-chain needs rather than product glamour, and only commits capital when a project can clear an 18% return threshold.

Business segments

Five engines at different stages - a contract-manufacturing platform that spans home and personal care, ice cream, food and beverages, healthcare, and footwear - each built by locking in long-term take-or-pay contracts before pouring concrete.

1. Contract manufacturing platform: the factory-as-a-service model

HFL builds and runs dedicated or shared factories for FMCG brands under multi-year contracts that guarantee cost recovery and a return on investment, insulating the company from demand swings and raw-material inflation.

Three ways to get paid - under Dedicated Manufacturing, a single customer commits to a 5-10 year take-or-pay contract covering all operating costs and a return on the assets HFL deploys; roughly 80% of the gross block was tied to this model as of March 2025. Under Anchor-Tenant and Shared Manufacturing, multiple brands share a facility with strict secrecy protocols, and this model generated 74% of FY26 revenue and EBITDA. Under Private Label, HFL owns the formula and delivers a finished, branded product, giving it better bargaining power.
Cost pass-through is structural - over 85% of revenue comes from long-term contracts that guarantee recovery of fixed costs including capital servicing costs, so inflation hits the brand owner’s margin, not HFL’s. The company also builds inventory ahead of supply disruptions to keep lines running.
Capital discipline before growth - management evaluates every new project and acquisition against a minimum internal ROCE hurdle of 18%, which acts as a filter on the roughly INR 150 crores of new projects already signed for FY27 across beverages, HPC, and ice cream.
Agnostic to category, not to opportunity - HFL does not choose products based on premiumness; it follows the brand owner’s need for a reliable, scaled manufacturing partner in a specific location, which is why the same company makes talcum powder, tea, and sneakers.

2. Home and personal care: the largest engine in the platform

With a gross block of Rs. 541 crore, this segment makes the detergents, shampoos, cleaners, and cosmetics that sit in millions of Indian bathrooms and kitchens every day.

Detergent at scale - the Hyderabad facility alone can produce 70,000 tonnes of detergent powder, 250,000 kilolitres of liquid detergents and shampoos, and 50,000 tonnes of detergent bars annually, all with fully automated material handling.
Colour cosmetics as a moat - the Silvassa plant, acquired in 2022, has 3,500 tonnes of annual capacity for colour cosmetics, oral care, and fragrances, categories that require clean-room precision and are harder for brands to insource.
New capacity is already funded - a Rs. 40 crore liquid detergent line in Silvassa and a Rs. 50 crore detergent bar facility in Lucknow are both under construction and expected online in FY27, while a recently acquired Aurangabad unit adds small-batch capability for D2C and premium brands.
Regulatory-grade quality - the segment’s products touch roughly 10 million people daily, and the manufacturing standards required by customers like Hindustan Unilever and Reckitt Benckiser create a barrier to entry for smaller job-shops.

3. Ice cream: the cold-chain bet on India’s freezer boom

A Rs. 630 crore gross block dedicated to frozen desserts, built on take-or-pay contracts with both legacy and new-age brands in a category growing at 12-15% annually.

Three plants, one season - HFL now operates ice cream factories in Nashik, Lucknow, and Panipat, with the Panipat unit commissioned in a record sub-10-month timeline in April 2026, giving the company geographic coverage to serve national brands while managing cold-chain costs.
Backward integration into cones and sticks - the company acquired a cone manufacturing business in November 2025 that can produce roughly 10 lakh cones per day and already counts India’s largest multinational ice cream company as a customer, while a stick-making facility also began commercial production in FY26.
A fragmented market needs scaled partners - national players hold only about 46% of the Rs. 35,000 crore Indian ice cream market, leaving room for contract manufacturers that can deliver consistent quality and handle the extreme seasonal volume spikes.
Contracts are take-or-pay - like the dedicated manufacturing model, ice cream agreements guarantee offtake, so HFL’s return on the Rs. 250 crore deployed in Lucknow and the Nashik facility operating on an anchor tenant model with full capacity commitment is contractually protected.

4. Food and beverages: the diversification engine

A Rs. 349 crore gross block spanning juices, carbonated drinks, tea, coffee, extruded snacks, and soon Greek yogurt, serving customers from Coca-Cola to Paper Boat.

Beverages are the anchor - the Mysuru facility produces 57,000 kilolitres of soft drinks, juices, and energy drinks annually, while a Guwahati juice line adds another 20,000 kilolitres in SIG combi-block packs, a format that extends shelf life without refrigeration.
Moving up the value chain - HFL is entering Greek yogurt through a Rs. 40 crore facility in Goa, targeting wellness-oriented dairy, and is evaluating biscuits and condiments as adjacent categories.
Flexible commercial models - in some beverage contracts the customer supplies raw and packing materials and HFL charges only a conversion fee; in others HFL procures everything and sells the finished product, adapting to the brand’s working-capital preference.
Acquisitions fill the map - the Nashik dry-powder plant, acquired via the Avalon Cosmetics demerger, produces nearly 5,000 tonnes of soups, meal-makers, and energy beverages annually, while a bottled-water facility in Odisha acquired in January 2025 adds 36.7 lakh cases of capacity.

5. Healthcare: the regulated-export niche

A Rs. 181 crore gross block making OTC medicines, vitamins, and Ayurvedic products in facilities approved by US, UK, and Australian regulators, exporting to more than 20 countries.

Regulatory approvals are the moat - the Baddi site holds certifications from the US FDA, MHRA (UK), Ayush, UK & Russia GMP, which take years to replicate and allow HFL to serve export markets that generic Indian manufacturers cannot access.

6. Footwear: the labour-intensive new frontier

A Rs. 109 crore gross block assembling leather, sports, and athleisure shoes for brands like Puma, Reebok, and Skechers, built through a string of acquisitions that brought 8,500 employees and five specialised units under one roof.

A different operational beast - the shoe business manages over 2,500 vendors and more than 50,000 raw-material item masters, with a working-capital cycle that requires advance payment for exports and long conversion times from leather to finished pair.
From shared to dedicated - the segment currently operates on a shared-manufacturing model, but HFL’s stated goal is to migrate customers to anchor-tenant and eventually dedicated contracts, which would lock in returns the way the ice cream and HPC businesses already do.
Integration is the near-term task - merging five units covering cutting, stitching, sole-making, and assembly required a new ERP system and vendor integration, and the division remains highly sensitive to petrochemical input costs.

Group structure and partners

HFL is a publicly listed Vanity Case Group company with a streamlined promoter holding and a web of wholly owned subsidiaries that house acquired businesses.

Promoter structure simplified - in March 2026, the holding company Vanity Case India Private Limited was merged into HFL, so the Kothari Group and Dempo Group now hold their shares directly, eliminating a layer of cross-holding.
Subsidiaries map to acquisitions - HFL Consumer Products runs the Lucknow ice cream plant and the cone business; HFL holds the Chennai foot-care facility; HFL Multiproducts owns the Odisha bottled-water unit; and KNS Shoetech operates the North India footwear factories.
A strategic outlier - in August 2025, HFL invested Rs. 5 crore for a 25.07% stake in Asar Green Kabadi, a waste-management and recycling company, a bet on circular-economy services that sits outside the core contract-manufacturing mandate.
Customer roster reads like an FMCG index - the company’s disclosed partners include Danone, Kraft Heinz, Reckitt Benckiser, Hindustan Unilever, GSK, Marico, Godrej, ITC, and Himalaya Herbals, among others.

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

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹6,890Cr

Close Price

₹568.00

Industry

FMCG Contract Mfg

Price To Earnings

43.93

Price To Sales

1.57

Revenue

₹4,400Cr

Rev Gr TTM

Revenue Growth TTM

17.64%

PAT Gr TTM

PAT Growth TTM

37.19%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	675	729	731	868	883	880	959	1,019	1,039	1,044	1,117	1,201
Growth YoY Revenue Growth YoY%	2.0	7.5	10.8	40.2	30.8	20.6	31.2	17.4	17.6	18.6	16.5	17.9
Expenses ExpensesCr	621	672	670	795	813	807	880	938	953	949	1,017	1,101
Operating Profit Operating ProfitCr	54	57	61	73	70	73	78	81	86	95	100	100
OPM OPM%	8.0	7.8	8.3	8.4	7.9	8.3	8.2	7.9	8.3	9.1	8.9	8.3
Other Income Other IncomeCr	2	1	3	3	3	6	3	3	4	-2	3	6
Interest Expense Interest ExpenseCr	13	15	18	20	21	20	20	20	20	19	23	23
Depreciation DepreciationCr	12	14	18	20	20	20	20	21	22	23	23	26
PBT PBTCr	31	29	28	36	32	39	42	43	47	51	57	57
Tax TaxCr	7	7	5	9	9	11	10	10	12	12	16	14
PAT PATCr	25	22	23	27	23	29	32	32	35	39	42	43
Growth YoY PAT Growth YoY%	30.3	29.1	13.5	16.6	-7.0	30.2	37.4	18.2	53.6	35.0	31.7	32.8
NPM NPM%	3.6	3.0	3.1	3.1	2.6	3.3	3.3	3.2	3.4	3.7	3.7	3.6
EPS EPS₹	2.2	1.9	2.0	2.4	2.0	2.4	2.6	2.7	3.0	3.0	3.4	3.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	675	729	731	868	883	880	959	1,019	1,039	1,044	1,117	1,201
Growth YoY Revenue Growth YoY%	2.0	7.5	10.8	40.2	30.8	20.6	31.2	17.4	17.6	18.6	16.5	17.9
Expenses ExpensesCr	621	672	670	795	813	807	880	938	953	949	1,017	1,101
Operating Profit Operating ProfitCr	54	57	61	73	70	73	78	81	86	95	100	100
OPM OPM%	8.0	7.8	8.3	8.4	7.9	8.3	8.2	7.9	8.3	9.1	8.9	8.3
Other Income Other IncomeCr	2	1	3	3	3	6	3	3	4	-2	3	6
Interest Expense Interest ExpenseCr	13	15	18	20	21	20	20	20	20	19	23	23
Depreciation DepreciationCr	12	14	18	20	20	20	20	21	22	23	23	26
PBT PBTCr	31	29	28	36	32	39	42	43	47	51	57	57
Tax TaxCr	7	7	5	9	9	11	10	10	12	12	16	14
PAT PATCr	25	22	23	27	23	29	32	32	35	39	42	43
Growth YoY PAT Growth YoY%	30.3	29.1	13.5	16.6	-7.0	30.2	37.4	18.2	53.6	35.0	31.7	32.8
NPM NPM%	3.6	3.0	3.1	3.1	2.6	3.3	3.3	3.2	3.4	3.7	3.7	3.6
EPS EPS₹	2.2	1.9	2.0	2.4	2.0	2.4	2.6	2.7	3.0	3.0	3.4	3.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	492	772	1,386	2,040	2,598	2,755	3,639	4,251	4,400
Growth Revenue Growth%		56.9	79.6	47.2	27.4	6.0	32.1	16.8	17.6
Expenses ExpensesCr	460	716	1,303	1,925	2,425	2,533	3,340	3,888	4,019
Operating Profit Operating ProfitCr	32	56	83	115	173	222	298	363	381
OPM OPM%	6.6	7.2	6.0	5.6	6.7	8.1	8.2	8.6	8.7
Other Income Other IncomeCr	1	0	1	1	5	7	17	9	11
Interest Expense Interest ExpenseCr	7	11	19	20	36	57	80	82	85
Depreciation DepreciationCr	7	11	17	25	37	55	80	90	95
PBT PBTCr	18	34	48	71	105	117	155	200	212
Tax TaxCr	6	12	14	27	33	24	40	51	53
PAT PATCr	12	22	34	45	71	93	115	149	158
Growth PAT Growth%		83.9	57.0	29.9	59.2	30.8	23.9	29.3	37.2
NPM NPM%	2.4	2.8	2.5	2.2	2.7	3.4	3.2	3.5	3.6
EPS EPS₹	1.3	2.3	3.3	4.0	6.3	8.2	9.5	12.3	12.9

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	492	772	1,386	2,040	2,598	2,755	3,639	4,251	4,400
Growth Revenue Growth%		56.9	79.6	47.2	27.4	6.0	32.1	16.8	17.6
Expenses ExpensesCr	460	716	1,303	1,925	2,425	2,533	3,340	3,888	4,019
Operating Profit Operating ProfitCr	32	56	83	115	173	222	298	363	381
OPM OPM%	6.6	7.2	6.0	5.6	6.7	8.1	8.2	8.6	8.7
Other Income Other IncomeCr	1	0	1	1	5	7	17	9	11
Interest Expense Interest ExpenseCr	7	11	19	20	36	57	80	82	85
Depreciation DepreciationCr	7	11	17	25	37	55	80	90	95
PBT PBTCr	18	34	48	71	105	117	155	200	212
Tax TaxCr	6	12	14	27	33	24	40	51	53
PAT PATCr	12	22	34	45	71	93	115	149	158
Growth PAT Growth%		83.9	57.0	29.9	59.2	30.8	23.9	29.3	37.2
NPM NPM%	2.4	2.8	2.5	2.2	2.7	3.4	3.2	3.5	3.6
EPS EPS₹	1.3	2.3	3.3	4.0	6.3	8.2	9.5	12.3	12.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	21	21	23	23	23	24	24
Reserves ReservesCr	46	165	199	281	352	547	860	1,139
Current Liabilities Current LiabilitiesCr	125	198	266	374	505	689	904	1,136
Non Current Liabilities Non Current LiabilitiesCr	76	154	207	306	455	590	728	873
Total Liabilities Total LiabilitiesCr	266	539	694	984	1,335	1,925	2,552	3,174
Current Assets Current AssetsCr	119	253	345	440	598	868	1,297	1,605
Non Current Assets Non Current AssetsCr	147	286	350	544	738	1,058	1,255	1,569
Total Assets Total AssetsCr	266	539	694	984	1,335	1,925	2,552	3,174

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	13	21	21	23	23	23	24	24
Reserves ReservesCr	46	165	199	281	352	547	860	1,139
Current Liabilities Current LiabilitiesCr	125	198	266	374	505	689	904	1,136
Non Current Liabilities Non Current LiabilitiesCr	76	154	207	306	455	590	728	873
Total Liabilities Total LiabilitiesCr	266	539	694	984	1,335	1,925	2,552	3,174
Current Assets Current AssetsCr	119	253	345	440	598	868	1,297	1,605
Non Current Assets Non Current AssetsCr	147	286	350	544	738	1,058	1,255	1,569
Total Assets Total AssetsCr	266	539	694	984	1,335	1,925	2,552	3,174

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	17	74	36	99	87	118	100
Investing Cash Flow Investing Cash FlowCr	-44	-145	-92	-141	-246	-381	-292	-339
Financing Cash Flow Financing Cash FlowCr	43	153	34	91	128	298	209	196
Net Cash Flow Net Cash FlowCr	-6	24	16	-14	-19	3	36	-44
Free Cash Flow Free Cash FlowCr	-46	-111	-5	-104	-65	-46	-118	-225
CFO To PAT CFO To PAT%	-40.8	77.7	213.7	81.5	139.3	93.2	102.8	67.1
CFO To EBITDA CFO To EBITDA%	-15.0	30.6	88.3	31.7	57.2	39.1	39.7	27.5

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-5	17	74	36	99	87	118	100
Investing Cash Flow Investing Cash FlowCr	-44	-145	-92	-141	-246	-381	-292	-339
Financing Cash Flow Financing Cash FlowCr	43	153	34	91	128	298	209	196
Net Cash Flow Net Cash FlowCr	-6	24	16	-14	-19	3	36	-44
Free Cash Flow Free Cash FlowCr	-46	-111	-5	-104	-65	-46	-118	-225
CFO To PAT CFO To PAT%	-40.8	77.7	213.7	81.5	139.3	93.2	102.8	67.1
CFO To EBITDA CFO To EBITDA%	-15.0	30.6	88.3	31.7	57.2	39.1	39.7	27.5

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	540	1,192	4,473	4,121	5,690	5,394	6,660	6,095	6,890
Price To Earnings Price To Earnings	45.3	54.4	130.0	92.3	80.0	58.0	57.8	40.9	43.9
Price To Sales Price To Sales	1.1	1.5	3.2	2.0	2.2	2.0	1.8	1.4	1.6
Price To Book Price To Book	9.1	6.4	20.3	13.6	15.2	9.5	7.5	5.2	5.9
EV To EBITDA EV To EBITDA	19.1	23.3	55.3	38.5	35.5	27.4	25.0	19.6	20.9
Profitability Ratios Profitability Ratios
GPM GPM%	13.8	12.5	9.7	8.9	10.0	12.7	16.5	16.4	16.4
OPM OPM%	6.6	7.2	6.0	5.6	6.7	8.1	8.2	8.6	8.7
NPM NPM%	2.4	2.8	2.5	2.2	2.7	3.4	3.2	3.5	3.6
ROCE ROCE%	17.7	13.5	16.4	14.1	15.8	13.4	13.2	12.5	12.5
ROE ROE%	20.1	11.8	15.6	14.7	19.0	16.3	13.0	12.8	12.8
ROA ROA%	4.5	4.1	5.0	4.5	5.3	4.8	4.5	4.7	4.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	540	1,192	4,473	4,121	5,690	5,394	6,660	6,095	6,890
Price To Earnings Price To Earnings	45.3	54.4	130.0	92.3	80.0	58.0	57.8	40.9	43.9
Price To Sales Price To Sales	1.1	1.5	3.2	2.0	2.2	2.0	1.8	1.4	1.6
Price To Book Price To Book	9.1	6.4	20.3	13.6	15.2	9.5	7.5	5.2	5.9
EV To EBITDA EV To EBITDA	19.1	23.3	55.3	38.5	35.5	27.4	25.0	19.6	20.9
Profitability Ratios Profitability Ratios
GPM GPM%	13.8	12.5	9.7	8.9	10.0	12.7	16.5	16.4	16.4
OPM OPM%	6.6	7.2	6.0	5.6	6.7	8.1	8.2	8.6	8.7
NPM NPM%	2.4	2.8	2.5	2.2	2.7	3.4	3.2	3.5	3.6
ROCE ROCE%	17.7	13.5	16.4	14.1	15.8	13.4	13.2	12.5	12.5
ROE ROE%	20.1	11.8	15.6	14.7	19.0	16.3	13.0	12.8	12.8
ROA ROA%	4.5	4.1	5.0	4.5	5.3	4.8	4.5	4.7	4.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VBL	HNDFDS	ADFFOODS	TASTYBITE
Market CapitalizationMkt CapCr	1,42,251	6,890	2,881	2,374
Close PriceClose₹	420.55	568.00	262.20	9,251.00
IndustryIndustry	FMCG Contract Mfg	FMCG Contract Mfg	FMCG Contract Mfg	FMCG Contract Mfg
Price To EarningsPE	42.01	43.93	31.33	66.03
Price To SalesPS	5.90	1.57	4.01	4.07
RevenueRevenueCr	24,126	4,400	718	583
Revenue Growth TTMRev Gr TTM%	14.5%	17.6%	19.4%	-1.2%
PAT Growth TTMPAT Gr TTM%	18.3%	37.2%	31.2%	-4.1%

	VBL	HNDFDS	ADFFOODS	TASTYBITE
Market CapitalizationMkt CapCr	1,42,251	6,890	2,881	2,374
Close PriceClose₹	420.55	568.00	262.20	9,251.00
IndustryIndustry	FMCG Contract Mfg	FMCG Contract Mfg	FMCG Contract Mfg	FMCG Contract Mfg
Price To EarningsPE	42.01	43.93	31.33	66.03
Price To SalesPS	5.90	1.57	4.01	4.07
RevenueRevenueCr	24,126	4,400	718	583
Revenue Growth TTMRev Gr TTM%	14.5%	17.6%	19.4%	-1.2%
PAT Growth TTMPAT Gr TTM%	18.3%	37.2%	31.2%	-4.1%

FY2026

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FY2026

Jun 26