DSM Fresh FoodsShare price, financial results, shareholding and management
- Market cap
- ₹100 cr
- Stock P/E
- 7.0peers 15.1
- Book value
- ₹52
- Price to book
- 0.87
- EV / operating profit
- -
- Market cap to sales
- 0.45
- ROCE · FY26
- 23.1%
- ROE · FY26
- 17.4%
- ROE, 3-year average
- 18.9%
- Operating margin · FY26
- 14.0%peers 11.0%
- Sales growth, 3 years
- 58.0%
- Profit growth, 3 years
- 68.5%
- Debt to equity
- 0.55peers 0.35
- Borrowings
- ₹64 cr
- Interest cover
- 4.3×
- Cash from business / op. profit
- -155%
- Debtor days
- 92
- Pledged
- 0.00%
- Promoter holding
- 28.16%
- Change in promoter holding
- +0.05 pts
- Shareholders
- 1,142
- 52-week high / low
- ₹208 / ₹44
- 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.
DSM Fresh Foods share price chart
Close on 6 Nov 2026 · -5.12% on the day · Vol 40,800
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
- -20.6%
- 3 months
- -36.9%
- 6 months
- -57.9%
- 1 year
- -74.3%
- Traded a day, 20 days
- ₹0.23 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +69% | +59% |
| 3 years, a year | +58% | +69% |
| Latest half, H2 FY26 | +95% | +5% |
About DSM Fresh Foods: business, products and customers
DSM Fresh Foods sells fresh chicken, mutton and fish under the Zappfresh name to restaurants and to households ordering on its app and website, and has started making frozen ready to eat snacks. Its shares trade on BSE SME.
DSM Fresh Foods, founded in 2015 in New Delhi, sources birds, goats and fish from farmers, cleans and cuts them at its own processing centres, and delivers them chilled under the Zappfresh brand in Delhi NCR, Uttar Pradesh, Haryana, Bengaluru and Mumbai. It sells to more than 300 restaurants and institutions, to households through its own app and website, and now through about 100 partner meat shops that it supplies and brands. In January 2026 it bought Ambrozia Frozen Foods, a Chandigarh maker of frozen vegetarian snacks that mostly ships to the US, Canada and Europe, and launched the range as Meevaa Foods.
The mix of buyers shapes the margins. The company says restaurant and institutional sales carry a gross margin of about 20 to 25%, against about 45 to 50% for home delivery, and restaurant sales rose to about two thirds of revenue in FY26 from about a fifth to a quarter a year earlier, so revenue jumped while the gross margin fell. Restaurants also take credit and farmers are paid in advance, so cash from operations was a large outflow even as profit grew. The company books itself as a single business of trading in fresh and frozen meat.
Read more about the business
The annual report names Licious, FreshToHome and TenderCuts, which are not listed, as its organised rivals, alongside a large unorganised trade. Management says it stays profitable by purchasing live birds from farmers and selling the by-products too, and by selling through its own app rather than paying commissions to quick commerce platforms. It is also building an aquaculture project and a seafood sourcing group of about 300 farmers.
From the FY26 annual report (company overview, board's report, management discussion and financial statements), the May 2026 investor presentation and the earnings call of 29 May 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 58% a year over three years.
- It earns a high return on the money it uses: ROCE 23% in FY26.
To watch
- FY27 revenue against the company's aim of 70 to 80% growth, said on the 29 May 2026 call.
- The monitoring agency's finding on the use of IPO money and the board's legal opinion on it (Annual report FY26, p.64 and p.65).
- Advances to directors and related parties, which the company calls business advances backed by a legal opinion (Annual report FY26, p.64 and p.151).
- Whether cash from operations turns positive, which the finance team put two to three years away (earnings call, 29 May 2026, p.22).
- Customers take longer to pay than before: 92 days in FY26, against 42 in FY21.
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.
DSM Fresh Foods revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
DSM Fresh Foods half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 67 | 64 | 95.85 | 124.97 |
| Expenses | 62 | 53 | 80.58 | 109.12 |
| Operating profit | 5 | 11 | 15.27 | 15.85 |
| OPM | 8.0% | 17.0% | 15.9% | 12.7% |
| Interest | 1 | 3 | 2.76 | 4.13 |
| Depreciation | 1 | 1 | 0.83 | 1.36 |
| Profit before tax | 4 | 8 | 11.67 | 11.53 |
| Net profit | 2 | 7 | 7.03 | 7.34 |
DSM Fresh Foods profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 50 | 56 | 56 | 90 | 131 | 220.82 |
| Expenses | 62 | 58 | 53 | 81 | 114 | 189.82 |
| Operating profit | -12 | -2 | 4 | 9 | 16 | 31 |
| OPM | -25.0% | -3.5% | 7.0% | 10.0% | 12.0% | 14.0% |
| Other income | 0 | -1 | 0 | 0 | 1 | 1.49 |
| Interest | 0 | 0 | 0 | 1 | 4 | 7 |
| Depreciation | 1 | 0 | 0 | 1 | 2 | 2 |
| Exceptional and other items | · | · | -1 | 1 | 1 | · |
| Profit before tax | -13 | -3 | 3 | 8 | 12 | 23.16 |
| Tax rate | 0.0% | -20.0% | 0.0% | 37.5% | 25.0% | 38.1% |
| Net profit | -13 | -2 | 3 | 5 | 9 | 14.34 |
| EPS ₹ | -12.74 | -2.44 | 2.69 | 4.32 | 5.51 | 6.43 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
DSM Fresh Foods 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
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | -25.0% | -3.5% | 7.0% | 10.0% | 12.0% | 14.0% |
| Tax rate | 0.0% | -20.0% | 0.0% | 37.5% | 25.0% | 38.1% |
| ROCE | · | -39.9% | 19.3% | 28.1% | 25.2% | 23.1% |
| ROE | · | -28.5% | 21.4% | 18.5% | 20.7% | 17.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
DSM Fresh Foods 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 take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
DSM Fresh Foods balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.01 | 0.01 | 16 | 22 |
| Reserves | 2 | 12 | 16 | 38 | 33 | 94 |
| Net worth | 2.01 | 12.01 | 16.01 | 38.01 | 49 | 116 |
| Borrowings | 0 | 1 | 2 | 8 | 32 | 64 |
| Other liabilities | 6.99 | 7.99 | 3.99 | 3.99 | 3 | 14 |
| Total liabilities | 9 | 21 | 22 | 50 | 84 | 194 |
| Fixed assets | 2 | 1 | 1 | 5 | 7 | 9 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 19 |
| Other assets | 7 | 20 | 21 | 45 | 77 | 166 |
DSM Fresh Foods cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -7 | -2 | -2 | -13 | -22 | -48 |
| Cash from investing | 3 | 0 | -1 | -5 | -4 | -22 |
| Cash from financing | 0 | 2 | 3 | 22 | 22 | 79 |
| Net cash flow | -4 | 0 | 0 | 4 | -4 | 9 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 42 | 53 | 29 | 21 | 47 | 92 |
| Inventory days | 0 | 0 | 0 | 23 | · | 20 |
| Days payable | 59 | 65 | 24 | 18 | · | 17 |
| Cash conversion cycle | -17 | -12 | 5 | 21 | 47 | 92 |
| Working capital days | 1 | 1 | 35 | 50 | 54 | 87 |
DSM Fresh Foods peers and competitors
Listed SME companies in the same industryBy sales, DSM Fresh Foods is number 14 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 |
|---|---|---|---|---|---|---|
| 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 | 100 | 7.0 | 221 | 14.3 | 14.0% | 0.55 |
| Peshwa Wheat | - | - | 216 | 16 | 11.0% | 0.56 |
| Chemkart India | 299 | 14.9 | 215 | 20 | 13.0% | 0.04 |
| Baba Food Processing (India) | 36 | - | 205 | -1.4 | 1.5% | 1.19 |
| Goyal Salt | 181 | 15.9 | 200 | 11.4 | 12.1% | 0.66 |
| Jhandewalas Foods | 37 | 6.1 | 176 | 6 | 4.6% | 0.23 |
| Elfin Agro India | 173 | 28.8 | 175 | 6 | 5.0% | 0.09 |
| Srivari Spices And Foods | 244 | 15.3 | 174 | 16 | 17.0% | 0.45 |
| Leo Dryfruits & Spices Trading | 103 | 9.3 | 174 | 11 | 11.0% | 0.50 |
| Median of the 10 others | 173 | 15.1 | 202 | 11.2 | 11.0% | 0.35 |
DSM Fresh Foods shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own less than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
DSM Fresh Foods 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.
| Oct 25 | Mar 26 | |
|---|---|---|
| Promoters | 28.11% | 28.16% |
| Foreign investors (FIIs) | 6.45% | - |
| Indian institutions (DIIs) | 13.82% | - |
| Number of shareholders | 1,056 | 1,142 |
DSM Fresh Foods study: the business from its own documents
Read from 4 of the company's own documentsDSM Fresh Foods so far
From the company's own record
- May 2015Company formed
- 31 March 2026Promoters at 28.16%
- 20 Nov 2025Highest close since listing, ₹196.30
DSM Fresh Foods key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹220.8 cr
- Up about 69% from ₹130.7 cr, driven by sales to restaurants and seafood.Annual report FY26, p.58 and p.86
- Profit after tax
- ₹14.4 cr
- Up from ₹9.0 cr; a deferred tax charge of ₹4.0 cr lowered it.Annual report FY26, p.58
- Restaurant and institutional sales
- About 68%
- Share of FY26 revenue, against about 20 to 25% in FY25; home delivery is the rest.Annual report FY26, p.88; earnings call, 29 May 2026, p.5 and p.23
- Cash from operations
- ₹47.8 cr outflow
- Larger than the year's profit, as money owed by customers and advances paid both rose.Annual report FY26, p.91 and p.129
- Trade receivables
- ₹55.6 cr
- Up from ₹16.9 cr, after credit was extended to large restaurant and institutional customers.Annual report FY26, p.88 and p.127
Show 5 more facts
- Short term loans and advances
- ₹52.8 cr
- Up from ₹19.5 cr, mostly advances to suppliers.Annual report FY26, p.127 and p.145
- IPO raised
- ₹59.1 cr
- 59,06,400 shares at ₹100 each; listed on BSE SME on 9 October 2025.Annual report FY26, p.63 and p.84
- Use of IPO money
- Flagged
- The monitoring agency reported that the use of IPO money was not in line with the stated objects; the board has sought a legal opinion.Annual report FY26, p.64 and p.65
- Partner meat shops
- About 100
- Onboarded by FY26, with a stated roadmap to 500; each can bring about ₹30 lakh of revenue a year, the company says.Annual report FY26, p.85
- Permanent employees
- 72
- Staff on the company's own rolls at March 2026; it sells across five states.Annual report FY26, p.110
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the company said it is aiming for revenue growth of 70 to 80% in FY27, with Meevaa Foods expected to bring about 15 to 20% of revenue and fish and seafood rising to about 30 to 35%. It said it aims to grow partner shops to about 300 to 400 within a year and to lift the EBITDA margin by three to four points over two years through aquaculture, ready to eat foods and more home delivery. The finance team said cash from operations may turn positive in two to three years.
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.
DSM Fresh Foods earns a trading and processing margin on fresh meat and fish, sold mostly to restaurants and partly to households, and is adding frozen snacks with higher margins.
Its weak spots are cash tied up in customer credit and supplier advances, a falling gross margin as restaurant sales grew, and open questions on the use of IPO money and advances to directors.
WatchCan it set its own prices?Meat prices follow feed costs and the market, and large restaurant customers pay less than households. The company says contract farming helps keep purchase costs down.
AverageHow strong is it against rivals?It is profitable while it says larger online rivals are not, but the field is crowded and easy to enter, and most meat is still sold in local markets.
AverageWho are its customers?More than 300 restaurants and institutions now bring about two thirds of sales, with households on its app the rest; the documents give no single customer's share.
WatchDoes it need a lot of money?Yes. Growth has been paid for with IPO money and short term borrowing, as customer credit and advances to farmers and suppliers swallowed more cash than the business made.
StrongCan it keep finding new work?Demand is broad and moving from wet markets to branded sellers, and the company keeps adding channels: restaurants, partner shops, frozen snacks and exports.
AverageDo good and bad years swing a lot?People eat meat and fish all year, but disease outbreaks, feed prices and cold chain failures can hit costs or stock quickly.
Who runs DSM Fresh Foods?
Promoters, directors and officers; tap a name for the background
DMDeepanshu ManchandaPromoter, Chairman and Managing Director
Holds an MBA from Preston University, USA, with more than 15 years of experience in building businesses from inception, including as part of the management team at Mobikwik; experienced in operations, marketing, sales and fund raising. Appointed a Goodwill Ambassador for the UN Sustainable Development Goals by IIMSAM. On the May 2026 call, Deepanshu Manchanda said warrants would be exercised to add to the promoter holding.
Annual report FY26, p.5; earnings call, 29 May 2026, p.21PAPriya AggarwalPromoter and Non-Executive Director
Holds an MBA in Marketing and HR from TAPMI, Manipal, with 14 years of experience, including Manager, Branding at IndusLaw and Assistant Vice President, Brand Strategy and Communication at Luthra & Luthra Law Offices. A director since 15 February 2024 and a director of Avyom Foodtech, whose remuneration revision was put to the 2026 AGM.
Annual report FY26, p.6, p.29 and p.47SGSaurabh GandhiChief Financial Officer
Chief Financial Officer; signed the FY26 financial statements and the managing director and CFO certificate, and spoke for the company on the May 2026 call.
Annual report FY26, p.8 and p.111; earnings call, 29 May 2026, p.3SCSuman ChoudharyIndependent Director
Holds an MBA from the Institute of Agribusiness Management, Bikaner, with 22 years in agribusiness; served as nominee director on companies set up under the AYUSH cluster scheme for IL&FS Cluster Development Initiative. Independent director since 8 May 2024.
Annual report FY26, p.7AKAchal KapoorIndependent Director
An associate member of the Institute of Company Secretaries of India with a postgraduate diploma in finance from Symbiosis and a law degree from CCS University, Meerut; more than nine years in corporate and securities law, compliance, accounts and tax.
Annual report FY26, p.7MAMohammad Arif KhanNon-Executive Director (resigned)
BE in Chemical Engineering from MITS Gwalior and an MBA in Finance; founder and CEO of Zappian, with more than ten years in technology and fintech. A director since 27 February 2023 holding 383,028 shares; resigned from 6 October 2026 citing other commitments.
Annual report FY26, p.6 and p.56; BSE announcement, 6 October 2026DSM Fresh Foods 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 ₹125 cr (+95%), net profit ₹7.3 cr (+5%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 28.11% to 28.16%.
DSM Fresh Foods announcements
5 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Rajasthan Global SPDF ↗
- Company UpdateCertificate under regulation 74(5) of the SEBI (Depositories and Participants) Regulation, 2018 for the quarter ended 30th September, 2026PDF ↗
- Company UpdateIntimation of resignation of Mr. Mohammad Arif Khan (DIN: 06590634) w.e.f- October 06, 2026PDF ↗
- AGM/EGMVoting Results for 11th Annual General Meeting of the company held on 29th september, 2026PDF ↗
- AGM/EGMProceeding of 11th Annual General Meeting held on Tuesday, 29th September, 2026PDF ↗
DSM Fresh Foods annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
DSM Fresh Foods 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 DSM Fresh Foods' 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.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,22,87,138 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about DSM Fresh Foods
What does DSM Fresh Foods do?
DSM Fresh Foods sells fresh chicken, mutton and fish under the Zappfresh name to restaurants and to households ordering on its app and website, and has started making frozen ready to eat snacks. Its shares trade on BSE SME.
What is the share price of DSM Fresh Foods?
₹45 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of DSM Fresh Foods?
₹100 cr at the close on 6 Nov 2026, on 2,22,87,138 shares.
What is the P/E of DSM Fresh Foods?
7.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are DSM Fresh Foods' revenue and profit?
Revenue ₹221 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of DSM Fresh Foods?
Deepanshu Manchanda, Priya Aggarwal; promoters held 28.16% at 31 March 2026.
What is DSM Fresh Foods' website?
www.zappfresh.com
More SME companies like DSM Fresh Foods
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Leo Dryfruits & Spices TradingVANDU · BSE SME · Food ProductsMarket cap ₹104 cr
- Jeyyam Global FoodsJEYYAM · NSE Emerge · Food Products · listed 2024Market cap ₹107 cr
- Shyam Dhani IndustriesSHYAMDHANI · NSE Emerge · Food Products · listed 2025Market cap ₹107 cr
- Gujarat Peanut And Agri ProductsGPAPL · BSE SME · Food ProductsMarket cap ₹93 cr
- Dindigul Farm ProductDFPL · BSE SME · Food ProductsMarket cap ₹86 cr
- Rukmani Devi Garg Agro ImpexRDGAIL · BSE SME · Food ProductsMarket cap ₹120 cr
Built from 2 annual reports, 1 earnings call transcript, 1 investor presentation, 5 exchange announcements, 2 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.