ADF Foods - Multiple Growth Levers Ahead: HDFC Securities Initiates Coverage

HDFC Securities Retail Research

Started in 1932 as a small retail store selling dry fruits and nuts under the name of American Dry Fruit Stores in Mumbai, from where it gets its current name, ADF Foods Ltd. today is a market leader in the prepared ethnic food segment with products spanning across a wide range of categories from ready-to-eat to frozen foods and meal accompaniments.

With a strong portfolio of seven brands including Ashoka, Truly Indian, Camel, Aeroplane, ADF Soul, Nate’s and PJ’s Organics and a global presence in 55 plus countries, ADF Foods has a developed a strong global footprint with 98% plus of revenues coming from exports across the globe, the largest contribution being from North America, Europe and GCC Markets.

The rise in urban working culture and fast-paced lifestyles, processed foods such as ready-to-eat products are increasingly becoming the go to food for most meals for millennials, a trend which further received a thrust from Covid-19 led lockdowns.

ADF Foods, with its strong portfolio, established distribution network backed by renewed aggression looks well placed to capture this trend.

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