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About
HMA Agro Industries Ltd (HMAAGRO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543929 NSE: HMAAGRO Consumer Food | Small Cap | HMA Agro Inds. Share Price
₹20.11 0.11 (0.55%)
As on 11-Sep'26 16:01
HMA Agro Industries Ltd (HMAAGRO)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543929 NSE: HMAAGRO Consumer Food | Small Cap | HMA Agro Inds. Share Price
₹20.11 0.11 (0.55%)
As on 11-Sep'26 16:01
Key Metrics
Valuation Multiples
Market Cap
₹1,002 Cr.
Current Price
₹20.1
52-Week Low / High
₹20 / 34
TTM EPS
₹4.3
TTM Sales
₹7,904 Cr.
Book Value per Share
₹19.8
P/E Ratio
4.67
Lower than its 5-year historical median
Industry PE
51.9
Price to Book (P/B)
1.01
Lower than its 5-year historical median
Price to Sales (P/S)
0.13
Lower than its 5-year historical median
EV/EBITDA
4.61
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
19.10%
Outperforms industry median
Return on Capital Employed (ROCE)
16.43%
Outperforms industry median
Return on Assets (ROA)
8.03%
Operating Profit Margin
3%
Net Profit Margin
2.39%
Gross Profit Margin
3.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
39.22%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
53.78%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
88.38%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹941 Cr.
Equity
₹50.1 Cr.
Face Value
₹1
All Time Low / High
₹19.80 / 84.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Weak
Is HMA Agro Industries Ltd a good quality company?
HMA Agro Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does HMA Agro Industries Ltd performance compare with that of its Peers?
Revenue growth of HMA Agro Industries Ltd vs industry peers?
HMA Agro Industries Ltd revenue CAGR is 31.71%, compared to the industry median CAGR of 8.84%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of HMA Agro Industries Ltd?
Promoters hold 75.00% of the HMA Agro Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of HMA Agro Industries Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -36.84% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
HMA Agro Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 0% | 0% | 20.5% | 26.3% | 27.1% | 30.1% | 27.9% | 17% | 9.6% | 13.9% | - |
| Value Creation Index ⓘ | NA | NA | 0.5 | 0.9 | 0.9 | 1.2 | 1.0 | 0.2 | -0.3 | 0.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 2,742 | 2,373 | 1,707 | 2,922 | 3,126 | 4,665 | 4,862 | 6,769 | 7,753 |
| Sales YoY Gr. | - | NA | NA | -13.5% | -28% | 71.1% | 7% | 49.3% | 4.2% | 39.2% | - |
| Adj EPS ⓘ | 0 | 0 | -0 | 0.4 | 1.4 | 1.6 | 2.6 | 2 | 0.3 | 1.9 | 3 |
| YoY Gr. | - | NA | NA | NA | 308.6% | 14% | 57.7% | -22.2% | -86% | 564.3% | - |
| BVPS (₹) ⓘ | 0 | 0 | 3 | 3.9 | 5.4 | 7.7 | 10.2 | 14.7 | 15.6 | 17.9 | 18.5 |
| Adj Net Profit ⓘ | 0 | 0 | -0 | 16.9 | 67.8 | 77.4 | 122 | 100 | 14.2 | 93.1 | 152 |
| Cash Flow from Ops. ⓘ | 0 | 0 | 28.6 | 44 | 42 | -48.2 | 134 | -142 | 19.2 | -140 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 4.4 | 3.7 | 4 | -5.5 | 2.1 | -2.7 | 26.3 | -6 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | 31.7% | 29.4% | 39.2% | ||||
| Adj EPS ⓘ | NA | 5.4% | -10.2% | 564.3% | ||||
| BVPSⓘ | NA | 27% | 20.6% | 14.5% | ||||
| Share Price | - | - | -37.3% | -34.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | -0 | 10.3 | 30.6 | 24.8 | 28.6 | 16.4 | 1.9 | 11.1 | 16.7 |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0.8 | 2.6 | 5.8 | 3.7 | 5.2 | 2.7 | 0.9 | 2 | 0.8 |
| Net Profit Mgn % ⓘ | 0 | 0 | -0 | 0.7 | 4 | 2.7 | 3.9 | 2.2 | 0.3 | 1.4 | 2 |
| Debt to Equity ⓘ | 0 | 0 | 0.9 | 0.9 | 0.7 | 0.7 | 0.6 | 0.5 | 0.6 | 0.9 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 66 | 83 | 63 | 77 | 70 | 88 | 83 | 40 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 29 | 49 | 36 | 40 | 33 | 45 | 50 | 11 |
Valuation of HMA Agro Inds. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,742 | 2,373 | 1,707 | 3,083 | 3,209 | 4,813 | 5,133 | 6,916 |
| Operating Expenses ⓘ + | 2,720 | 2,336 | 1,608 | 2,959 | 3,052 | 4,677 | 5,027 | 6,754 |
| Operating Profit ⓘ | 23 | 37 | 99 | 124 | 158 | 137 | 106 | 162 |
| Operating Profit Margin (%) | 0.8% | 1.5% | 5.8% | 4.0% | 4.9% | 2.8% | 2.1% | 2.3% |
| Other Income ⓘ + | 42 | 44 | 13 | 56 | 47 | 49 | 81 | 125 |
| Interest ⓘ | 6 | 8 | 6 | 10 | 13 | 17 | 27 | 38 |
| Depreciation ⓘ | 10 | 10 | 8 | 11 | 18 | 35 | 35 | 32 |
| Profit Before Tax ⓘ | 49 | 62 | 97 | 159 | 174 | 133 | 126 | 218 |
| Tax ⓘ | 18 | 16 | 26 | 42 | 50 | 33 | 38 | 53 |
| Profit After Tax | 31 | 46 | 72 | 116 | 123 | 101 | 88 | 165 |
| PAT Margin (%) | 1.1% | 1.9% | 4.2% | 3.8% | 3.9% | 2.1% | 1.7% | 2.4% |
| Adjusted EPS (₹) | 0.7 | 1.0 | 1.5 | 2.4 | 2.5 | 2.0 | 1.7 | 3.3 |
| Dividend Payout Ratio (%) | 0.80% | 0% | 0% | 0% | 11.80% | 14.90% | 17.30% | 0% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 141 | 187 | 259 | 374 | 474 | 717 | 789 | 941 | |||
| Debt + | 132 | 169 | 181 | 320 | 330 | 476 | 533 | 840 | |||
| Minority Interest | 0 | 0 | 0 | 17 | 20 | 20 | 21 | 22 | |||
| Trade Payables | 254 | 39 | 68 | 79 | 87 | 136 | 98 | 127 | |||
| Others Liabilities ⓘ | 20 | 73 | 62 | 62 | 79 | 78 | 262 | 479 | |||
| Total Liabilities ⓘ | 548 | 469 | 570 | 853 | 991 | 1,428 | 1,704 | 2,409 | |||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 84 | 95 | 93 | 141 | 261 | 295 | 272 | 260 | |||
| CWIP ⓘ | 0 | 2 | 14 | 92 | 58 | 36 | 47 | 61 | |||
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Inventories | 94 | 157 | 127 | 137 | 129 | 240 | 670 | 1,331 | |||
| Trade Receivables | 289 | 117 | 157 | 290 | 298 | 482 | 151 | 24 | |||
| Cash Equivalents | 7 | 39 | 52 | 44 | 74 | 115 | 94 | 246 | |||
| Others Assets ⓘ | 75 | 59 | 129 | 151 | 171 | 260 | 470 | 488 | |||
| Total Assets ⓘ | 548 | 469 | 570 | 853 | 991 | 1,428 | 1,704 | 2,409 | |||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 23 | 20 | 75 | -32 | 136 | -166 | 124 | -85 |
| Cash Flow From Investing Activity ⓘ + | -8 | -19 | -70 | -144 | -83 | -56 | -150 | -141 |
| Cash Flow From Financing Activity ⓘ + | -12 | 31 | 8 | 142 | -3 | 268 | 5 | 267 |
| Net Cash Flow ⓘ | 3 | 32 | 13 | -33 | 50 | 46 | -21 | 42 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 22.03 | 27.94 | 32.12 | 36.79 | 29.09 | 16.88 | 11.64 | 19.1 | ||
| ROCE (%) | 19.91 | 22.38 | 26.09 | 29.51 | 24.55 | 14.87 | 12.06 | 16.43 | ||
| Asset Turnover Ratio | 5 | 4.67 | 3.29 | 4.33 | 3.48 | 3.98 | 3.28 | 3.37 | ||
| PAT to CFO Conversion(x) | 0.74 | 0.43 | 1.04 | -0.28 | 1.11 | -1.64 | 1.41 | -0.52 | ||
| Working Capital Days | ||||||||||
| Receivable Days | 38.40 | 31.10 | 29.20 | 26.40 | 33.40 | 29.60 | 22.50 | 4.60 | ||
| Inventory Days | 12.50 | 19.30 | 30.40 | 15.60 | 15.10 | 14 | 32.30 | 52.70 | ||
| Payable Days | 40.30 | 28 | 14.30 | 11.20 | 12.30 | 10.10 | 9.80 | 6.80 | ||
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HMA Agro Industries Ltd FAQs
The current trading price of HMA Agro Inds. on 11-Sep-2026 16:01 is ₹20.11.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of HMA Agro Inds. stood at ₹1,001.5 Cr
The latest P/E ratio of HMA Agro Inds. as of 10-Sep-2026 is 6.60.
The latest P/B ratio of HMA Agro Inds. as of 10-Sep-2026 is 1.08.
The 52-week high of HMA Agro Inds. is ₹34.21 and the 52-week low is ₹19.80.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HMA Agro Inds. is ₹7,753 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that HMA Agro Industries Ltd is a average quality company.
The key valuation ratios of HMA Agro Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of HMA Agro Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About HMA Agro Industries Ltd
The company was incorporated as ‘HMA Agro Industries Limited’ on April 09, 2008 under the Companies Act, 1956 with the Registrar of Companies, Uttar Pradesh and Uttranchal bearing registration number 034977. The company was granted its certificate for commencement of business on June 25, 2008 by the RoC. Further, object of the company was altered vide Special Resolution dated January 01, 2015 and August 29, 2016. The fresh certificate of incorporation was issued on January 19, 2015 and September 27, 2016, respectively by the Registrar of Companies, Kanpur.
HMA Group is one of the biggest food trade organisation for handled food and agro products including frozen fresh deglanded buffalo meat, prepared/frozen natural products, vegetables and cereals in India and has an experience of many years altogether. HMA Group has been in the meat industry since over four decades. The company is the flagship company of the group and is a three star export house recognized by Government of India. Its products are mainly packaged under the brand name ‘Black Gold’, ‘Kamil’ & ‘HMA’ and exported to many countries all over the globe. It deals in buffalo meat and allied products. Unlike beef or pork, buffalo meat is free from religious constraints and has the added advantage of low fat and cholesterol. The meat produced for export is in the form of deboned and deglanded frozen halal buffalo meat.
It (including its subsidiaries) own four fully integrated packaged meat processing plants which are located at Aligarh, Mohali, Agra and Parbhani and are in the process of setting up its fifth fully integrated owned meat product processing unit at Haryana. The procurement of raw material is done by the company and then this raw material is sent to various processing units to process the raw material into final products and it exports these branded finished products through its distribution channels. Most of these processing units are owned by its subsidiaries and some are owned by third parties. The company pays the fixed charges to these processing units.
Business area of the company
The company is one of the biggest food trade organisation for handled food and agro products including frozen fresh deglanded buffalo meat, prepared/frozen natural products, vegetables and cereals in India.
Products of the company
- Frozen buffalo meat
- Frozen fish
- Basmati rice
History and milestone
- 2008: The company was incorporated as HMA Agro Industries Limited.
- 2010: Commencement of Production at its Aligarh Plant.
- 2012: Commencement of Export and Production from Agra Plant (contractual basis).
- 2013: Crossed revenue of Rs 10,000 million.
- 2016: Acquired 100% stake of FNS Agro Foods Limited.
- 2017: Acquired 100% stake of HMA Food Export Private Limited.
- 2018: Acquired 100% stake of United Farm Product Private Limited, under which Haryana Plant was proposed.
- 2018: Commencement of Manesar Plant (secondary level meat processing unit).
- 2018: Crossed revenue of Rs 20,000 million.
- 2019: Closure of Aligarh Plant due to UPPCB Issue.
- 2020: Incorporated its Subsidiary Laal Agro Food Private Limited (Owner of Jaipur Plant).
- 2020: Incorporated its Subsidiary JFF Exports Private Limited.
- 2021: Acquired 60% of Federal Agro Industries Private Limited.
- 2021: Acquired 95% of M/s. Reliable Agro Foods.
- 2021: JFF Exports Pvt Ltd enters into agreement to acquire the Unnao Plant and formalities for asset transfer get underway.
- 2022: Introduced Frozen Fish and Basmati Rice in the product basket.
- 2023: Commencement of Production in Haryana Plant.
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