Adon Agro CommoditiesShare price, financial results, shareholding and management
- Market cap
- ₹230 cr
- Stock P/E
- 9.9peers 19.4
- Book value
- ₹16.9
- Price to book
- 5.91
- EV / operating profit
- -
- Market cap to sales
- 0.71
- ROCE · FY26
- 83.5%
- ROE · FY26
- 90.9%
- ROE, 3-year average
- 83.9%
- Operating margin · FY26
- 10.6%peers 9.5%
- Sales growth, 3 years
- 145.1%
- Profit growth, 3 years
- +231.0%
- Debt to equity
- 0.62peers 0.62
- Borrowings
- ₹24 cr
- Interest cover
- 15.8×
- Cash from business / op. profit
- -26%
- Debtor days
- 23
- Pledged
- 0.00%
- Promoter holding
- 65.44%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 350
- 52-week high / low
- ₹113 / ₹75
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Adon Agro Commodities share price chart
Close on 6 Nov 2026 · +0.99% on the day · Vol 2,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +8.3%
- 3 months
- +14.9%
- Traded a day, 20 days
- ₹0.34 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +215% | +231% |
| 3 years, a year | +145% | - |
| Latest half, H2 FY26 | +110% | +155% |
About Adon Agro Commodities: business, products and customers
Adon Agro Commodities imports and sources dry fruits and nuts such as walnuts, almonds and dates and supplies them in bulk to traders and stores, and since last year also cracks, sorts and packs them in Navi Mumbai under its own Hunger Nuts brand. Its shares trade on BSE SME.
Adon Agro Commodities is a Navi Mumbai company, formed in 2022, that sources dry fruits, nuts, seeds and berries in India and from the UAE, Afghanistan, Chile, the US and Sri Lanka. Until FY25 it was a pure bulk trader selling whole containers to a few business buyers; in FY26 it added wholesale, modern trade chains, a UAE export customer, government tender supply and online sales. Walnuts, almonds and dates make up most of what it handles.
In July 2025 it began processing: shelling almonds by machine, cracking walnuts and cutting dates by hand, then grading and packing, first at a unit in Khairne and now at a larger leased unit in the TTC Industrial Area at Mahape. That changes the numbers: bulk trading turns stock over quickly at a thin margin, while processed and packed goods earn more per kilo but need more stock, packing material and credit to stores. Imports are paid for ahead of shipment and many buyers pay in advance too, so the balance sheet carries large advances on both sides, and festive demand makes the year uneven.
Read more about the business
The Hunger Nuts brand covers packs for wholesale, stores, online marketplaces and its own website, and in September 2026 it launched seven flavoured almond and cashew packs. In August 2026 the board approved closing its unused Dubai subsidiary and forming one in Chile, and from October 2026 it has licensed a further Mahape premises as an office and research lab.
The offer document compares it with three listed dry fruit companies, Leo Dry Fruits & Spices Trading, Krishival Food and Proventus Agrocom, which also source, process and supply nuts and dry fruits. The annual report describes the trade as highly competitive, with unorganised traders, regional processors and established brands all chasing the same customers.
From the Red Herring Prospectus (June 2026), the FY26 annual report, the press release of 24 September 2026 and the exchange announcements of 24 and 26 September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 145% a year over three years.
- It earns a high return on the money it uses: ROCE 84% in FY26.
- The promoters own a large part of the company: 65.44%.
To watch
- Results for the half year to September 2026, the first since listing: whether sales and margins hold and operating cash turns positive as the ₹32.0 cr of IPO money goes into working capital (Offer document, p.106 to p.107; Annual report FY26, p.99).
- The customs case on walnuts seized in December 2025: the Bombay High Court declined relief in April 2026, a Supreme Court petition is pending and no show cause notice had been issued (Offer document, p.326; Annual report FY26, p.127).
- Related parties: goods and commission from Draps Ventures and short loans from promoter company Adon Financial Holdings, which lent about ₹21.3 cr and was repaid about ₹21.1 cr up to January 2026 (Annual report FY26, p.75 to p.76; Offer document, p.76 to p.77).
- Filings: past late ROC filings and delays in EPF and ESI filings, ₹0.65 cr of interest on income tax in FY26, and the auditor's note that PF and ESIC registration was applied for (Offer document, p.46 and p.54; Annual report FY26, p.93 and p.118).
- Its borrowings rose a lot last year: ₹24 cr, from ₹5 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Adon Agro Commodities revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Adon Agro Commodities half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 91 | 191.12 |
| Expenses | 81 | 161.25 |
| Operating profit | 11 | 29.87 |
| OPM | 12.0% | 15.6% |
| Interest | 0 | 1.87 |
| Depreciation | 0 | 1.05 |
| Profit before tax | 10 | 27.53 |
| Net profit | 8 | 20.39 |
Adon Agro Commodities profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 2 | 22 | 73 | 103 | 324.10 |
| Expenses | 2 | 22 | 70 | 93 | 289.91 |
| Operating profit | 0 | 0 | 3 | 10 | 34.19 |
| OPM | 5.0% | 2.1% | 3.5% | 10.0% | 10.6% |
| Other income | 0 | 0 | 0 | 0 | 0.82 |
| Interest | 0 | 0 | 0 | 0 | 2.12 |
| Depreciation | 0 | 0 | 0 | 0 | 1.60 |
| Profit before tax | 0 | 0 | 3 | 10 | 31.29 |
| Tax rate | 12.0% | -8.0% | 33.3% | 30.0% | 26.0% |
| Net profit | 0 | 0 | 2 | 7 | 23.17 |
| EPS ₹ | 1.40 | 2.60 | 1.13 | 4.52 | 13.89 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Adon Agro Commodities profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 5.0% | 2.1% | 3.5% | 10.0% | 10.6% |
| Tax rate | 12.0% | -8.0% | 33.3% | 30.0% | 26.0% |
| ROCE | · | 0.0% | 49.6% | 69.0% | 83.5% |
| ROE | · | 0.0% | 78.4% | 82.4% | 90.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Adon Agro Commodities debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Adon Agro Commodities balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.10 | 0.10 | 3 | 3 | 17 |
| Reserves | 0 | 0 | 2 | 9 | 22 |
| Net worth | 0.10 | 0.10 | 5 | 12 | 39 |
| Borrowings | 0 | 0 | 7 | 5 | 24 |
| Other liabilities | 2.90 | 3.90 | 8 | 22 | 54 |
| Total liabilities | 3 | 4 | 20 | 39 | 117 |
| Fixed assets | 1 | 1 | 1 | 9 | 11 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 4 |
| Other assets | 2 | 3 | 19 | 30 | 102 |
Adon Agro Commodities cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | · | 2 | -2 | 5 | -9 |
| Cash from investing | · | 0 | 0 | -9 | -14 |
| Cash from financing | · | -1 | 10 | -2 | 20 |
| Net cash flow | · | 1 | 8 | -6 | -3 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 148 | 13 | 46 | 90 | 23 |
| Inventory days | · | · | 0 | 2 | 54 |
| Days payable | · | · | · | 83 | 22 |
| Cash conversion cycle | 148 | 13 | 46 | 10 | 56 |
| Working capital days | -105 | -25 | -15 | 16 | 37 |
Adon Agro Commodities peers and competitors
Listed SME companies in the same industryBy sales, Adon Agro Commodities is number 9 of the 43 listed SME companies in food products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Mayank Cattle Food | 109 | 18.2 | 402 | 6 | 3.4% | 1.05 |
| Gujarat Peanut And Agri Products | 87 | 12.5 | 389 | 7 | 3.0% | 0.80 |
| Green Asia Impex | - | - | 384 | 16 | 8.0% | 2.36 |
| Freshara Agro Exports | 907 | 23.9 | 342 | 38 | 15.0% | 1.02 |
| Adon Agro Commodities | 230 | 9.9 | 324 | 23.2 | 10.6% | 0.62 |
| Madhusudan Masala | 382 | 20.7 | 292 | 18.5 | 11.3% | 0.68 |
| Shivam Chemicals | 253 | 42.2 | 284 | 6 | 3.2% | 0.52 |
| Pajson Agro India | 893 | 35.7 | 256 | 25 | 14.0% | 0.25 |
| Healthy Life Agritec | 29 | 7.2 | 228 | 4 | 2.8% | 0.20 |
| DSM Fresh Foods | 120 | 8.6 | 221 | 14 | 14.0% | 0.55 |
| Peshwa Wheat | - | - | 216 | 16 | 11.0% | 0.56 |
| Median of the 10 others | 187 | 19.5 | 288 | 15 | 9.5% | 0.62 |
Adon Agro Commodities shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Adon Agro Commodities shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jul 26 | Sep 26 | |
|---|---|---|
| Promoters | 65.44% | 65.44% |
| Indian institutions (DIIs) | 0.33% | - |
| Number of shareholders | 763 | 350 |
Adon Agro Commodities study: the business from its own documents
Read from 3 of the company's own documentsAdon Agro Commodities key facts from the filings
Each figure with the document it comes from
- Sales in FY26
- ₹324.1 cr
- Revenue from operations, up from ₹103.0 cr in FY25 as processing and new sales channels began.Annual report FY26, p.29
- Profit in FY26
- ₹23.2 cr
- Profit after tax, up from ₹7.2 cr in FY25.Annual report FY26, p.29
- Processed share of sales
- 52%
- Share of sales from processed and packed goods in the ten months to January 2026, the first year of processing.Offer document, p.183
- Almond capacity
- 4,800 tonnes
- Yearly almond shelling capacity at the new Mahape unit, with walnut and date lines beside it.Offer document, p.207
- Customers
- 871
- Customers in the ten months to January 2026, against 101 in FY25; the top ten were 44.17% of sales.Offer document, p.35 and p.185
Show 5 more facts
- IPO
- ₹44.0 cr
- 62.9 lakh new shares at ₹70, listed on 6 July 2026; ₹32.0 cr is for working capital in FY27.Annual report FY26, p.32 and p.122; Offer document, p.106 to p.107
- Operating cash flow
- −₹9.0 cr
- Cash used by the business in FY26 as stock and advances to suppliers rose faster than profit.Annual report FY26, p.99
- Imports in FY26
- ₹83.2 cr
- Value of goods imported, which ties costs to the rupee, freight and customs duty.Annual report FY26, p.82 and p.120
- Customs case
- ₹4.4 cr
- Maximum exposure the company states, plus interest, from a customs undervaluation case on imported walnuts.Offer document, p.326
- Auditor changes
- 2
- Statutory auditors changed in September 2023 and in May 2025, the second because that auditor was not peer reviewed.Offer document, p.84
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it will put the ₹32.0 cr of IPO money into working capital during FY27, scale up processing, widen its presence in supermarkets and other stores, enter more states and export markets, and add snacks such as chips, dips and sauces. It gives no figures for future sales or profit.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Adon earns a margin on dry fruits it imports or sources, now with more of them cracked, sorted and packed before they are supplied to traders and stores.
Its weak spots are that it takes market prices, needs a lot of cash tied up in stock and advances, and has a short record with a pending customs case.
WatchCan it set its own prices?No. Dry fruit prices move with harvests, world supply and duties, and the company purchases and quotes at market rates.
WatchHow strong is it against rivals?It competes with many traders, processors and known brands, and its own brand and processing are only a year old.
AverageWho are its customers?Many more buyers than a year ago, though the largest still take a big share and none is on a long contract.
WatchDoes it need a lot of money?Yes. Growth has been paid for with stock, advances and borrowing, and most of the IPO money goes into working capital.
StrongCan it keep finding new work?It has added channels, states and products quickly, from bulk trading alone to stores, wholesale, exports and its own packs.
WatchDo good and bad years swing a lot?The record is short and has changed shape every year, and the business is exposed to crop prices and festive seasons.
Who runs Adon Agro Commodities?
Promoters, directors and officers; tap a name for the background
NVNarayanswamy VenkitkrishnanPromoter, Managing Director and Chairman
School level education with over fourteen years in the commodity market; acquired a large holding in October 2023, a director since 29 March 2023 and Managing Director since 16 November 2024. Paid ₹0.52 cr in FY26 and a director of promoter group company Adon Financial Holdings. The offer document states Narayanswamy Venkitkrishnan was disqualified as a director from 1 November 2017 to 31 October 2022 over non-filing by Jassmine Design & Build Private Limited, a disqualification that has lapsed, and lists a pending personal income tax demand of ₹0.04 cr. It also states that Narayanswamy Venkitkrishnan and Jigisha Narayanswamy are husband and wife. Held 43.43% before the IPO.
Offer document, p.99, p.239, p.241 to p.242, p.256 and p.327; Annual report FY26, p.52SRShubham Ratan SharmaPromoter and Executive Director
B.Com from Mumbai University, has appeared for the Chartered Accountancy course, with over six years of experience; runs inventory, logistics and trading, and a director since 14 June 2024. Also a director of Adon Financial Holdings, and a director of Draps Ventures until 17 March 2026; the company purchased ₹9.0 cr of goods from Draps Ventures and paid it ₹0.50 cr of commission in FY26. Held 43.43% before the IPO.
Offer document, p.77, p.99 and p.239; Annual report FY26, p.75 to p.76JNJigisha NarayanswamyPromoter and Executive Director
BA from Mumbai University and a diploma in Commercial Arts from St Francis Institute of Art & Design, with over five years in HR, administration and marketing; a director since 24 February 2025. Held 1.59% before the IPO.
Offer document, p.99 and p.240 to p.242MAManisha AgrawalChief Financial Officer
Chartered Accountant with a B.Com from Utkal University and over six years in finance, tax and audit; Chief Financial Officer since 1 February 2025.
Offer document, p.250SBShilpa BungIndependent Director, chair of the nomination and remuneration committee
B.Sc from Osmania University, a law degree and a practising Company Secretary; on the board since 18 September 2024.
Offer document, p.240 to p.242; Annual report FY26, p.47MKMadhusudan KushwahaIndependent Director
Chartered Accountant in practice since 2017 with a B.Com from the University of Rajasthan; joined on 1 January 2026, when independent director Gaurav Joshi left the board.
Offer document, p.241 to p.242; Annual report FY26, p.40SJShubham JainIndependent Director
Company Secretary with law degrees and a B.Com from the University of Rajasthan, working in company law and compliance; on the board since 24 February 2025 and an independent director of several other companies.
Offer document, p.240 and p.242Adon Agro Commodities latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹191 cr (+110%), net profit ₹20.4 cr (+155%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 65.44%.
Adon Agro Commodities announcements
11 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the Quarter and Half year ended September 30,2026PDF ↗
- AGM/EGMVoting Results of 05th AGM of the CompanyPDF ↗
- AGM/EGMVoting result pursuant to Regulation 44 of SEBI (LODR) Regulations, 2015PDF ↗
- OthersAppointment of Secretarial Auditor and Internal AuditorPDF ↗
- AGM/EGMProceeding of the 05th AGM of the CompanyPDF ↗
- Company UpdateThe company has entered into a leave and license agreementPDF ↗
- Insider Trading / SASTIntimation of closure of trading windowPDF ↗
- Company UpdateDisclosure under Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015- Press ReleasePDF ↗
- Company UpdateIntimation for brand/product launchPDF ↗
- Company UpdateIntimation of Loan AgreementPDF ↗
- Company UpdateGrant of Authorised Economic Operator T2 MSME CertificatePDF ↗
Adon Agro Commodities annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Adon Agro Commodities share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Adon Agro Commodities' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 71 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,30,17,270 shares).
- !The FY26 results imply 1,70,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Adon Agro Commodities
What does Adon Agro Commodities do?
Adon Agro Commodities imports and sources dry fruits and nuts such as walnuts, almonds and dates and supplies them in bulk to traders and stores, and since last year also cracks, sorts and packs them in Navi Mumbai under its own Hunger Nuts brand. Its shares trade on BSE SME.
What is the share price of Adon Agro Commodities?
₹100 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Adon Agro Commodities?
₹230 cr at the close on 6 Nov 2026, on 2,30,17,270 shares.
What is the P/E of Adon Agro Commodities?
9.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Adon Agro Commodities' revenue and profit?
Revenue ₹324 cr and profit after tax ₹23 cr in FY26.
Who are the promoters of Adon Agro Commodities?
Narayanswamy Venkitkrishnan, Shubham Ratan Sharma, Jigisha Narayanswamy; promoters held 65.44% at 30 Sept 2026.
What is Adon Agro Commodities' website?
www.adonagrocommodities.com
More SME companies like Adon Agro Commodities
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Srivari Spices And FoodsSSFL · NSE Emerge · Food Products · listed 2023Market cap ₹243 cr
- Shivashrit FoodsSHIVASHRIT · NSE Emerge · Food Products · listed 2025Market cap ₹215 cr
- Chatha FoodsCHATHA · BSE SME · Food ProductsMarket cap ₹212 cr
- Shivam ChemicalsSHIVAM · BSE SME · Food ProductsMarket cap ₹254 cr
- Magson Retail And DistributionMAGSON · NSE Emerge · Food Products · listed 2023Market cap ₹261 cr
- Mother Nutri FoodsMNFL · BSE SME · Food ProductsMarket cap ₹200 cr
Built from 1 offer document, 1 annual report, 1 press release, 11 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.