Freshara Agro ExportsShare price, financial results, shareholding and management
- Market cap
- ₹955 cr
- Stock P/E
- 25.5peers 13.3
- Book value
- ₹70.4
- Price to book
- 5.77
- EV / operating profit
- 22.3
- Market cap to sales
- 2.79
- ROCE · FY26
- 33.3%
- ROE · FY26
- 45.3%
- ROE, 3-year average
- 111.4%
- Operating margin · FY26
- 14.7%peers 5.7%
- Sales growth, 3 years
- 39.5%
- Profit growth, 3 years
- 60.9%
- Debt to equity
- 1.09peers 0.58
- Borrowings
- ₹180 cr
- Interest cover
- 7.4×
- Cash from business / op. profit
- -112%
- Debtor days
- 160
- Pledged
- 0.00%
- Promoter holding
- 62.58%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 2,076
- 52-week high / low
- ₹494 / ₹130
- 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.
Freshara Agro Exports share price chart
Close on 6 Nov 2026 · +1.18% on the day · Vol 5,400
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
- -1.0%
- 3 months
- +12.5%
- 6 months
- +95.2%
- 1 year
- +146.4%
- Since IPO
- +250.5%
- Traded a day, 20 days
- ₹0.76 cr
- Taken for delivery
- 92%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +35% | +29% |
| 3 years, a year | +40% | +61% |
| Latest half, H2 FY26 | +22% | +23% |
About Freshara Agro Exports: business, products and customers
Freshara Agro Exports grows gherkins and other vegetables with contract farmers in south India, pickles them and exports them in jars and drums to food companies abroad. It now also owns an olive and pickle business in Spain, and its shares trade on NSE Emerge.
Freshara Agro Exports purchases gherkins, baby corn, chillies, jalapenos and banderillas from more than 4,000 contract farmers, preserves them at two plants in Tirupattur district, Tamil Nadu, and ships them to more than 100 customers in about 40 countries. Gherkins make up most of the revenue, and in FY26 the company exported more than 43,600 tonnes of them.
Most of the output goes in bulk industrial packs to bottlers who repack it under their own labels; a smaller share now goes in retail jars, made possible by the second plant that started in 2025. Russia and Spain are the largest markets.
Read more about the business
What is new: in January and February 2026 the company took two Spanish companies, Conservas Selectas Españolas and Gandin Invest, as wholly owned subsidiaries, which hold the olive and pickle business of Aceitunas Sarasa, a former customer. The company says the Spanish unit owns several brands sold in Spanish supermarkets and plans to move gherkin packing for those brands to India.
From the offer document, the June 2025, December 2025 and June 2026 earnings calls, the January and February 2026 acquisition announcements and the July 2026 Crisil rating note.
Read the deeper study ↓In its favour
- Sales have grown fast: 40% a year over three years.
- It earns a high return on the money it uses: ROCE 33% in FY26.
- The promoters own a large part of the company: 62.58%.
To watch
- Revenue of about ₹200 cr from the Spanish business in FY27, which Junaid Ahmed said the company expects (Earnings call, June 2026, p.11).
- The aim to turn cash positive in the coming year after negative cash flow in FY26 (Earnings call, June 2026, p.19 to 20).
- Inventory of ₹143.6 cr and receivables of ₹149.9 cr at March 2026 (Result filing, FY26, May 2026, p.15).
- The India and EU trade agreement, which the company expects in early 2027 to cut duties on its products into Europe (Earnings call, June 2026, p.8).
- It paid no dividend in the past year.
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.
Freshara Agro Exports revenue and profit growth
Half-yearly results · Profit and lossSales have grown 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.
Freshara Agro Exports half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 104 | 146.98 | 134.38 | 179.16 |
| Expenses | 89 | 125.73 | 116.52 | 149.67 |
| Operating profit | 15 | 21.25 | 17.86 | 29.49 |
| OPM | 14.0% | 14.5% | 13.3% | 16.5% |
| Interest | 3 | 3.55 | 3.04 | 3.67 |
| Depreciation | 1 | 0.80 | 1.47 | 1.74 |
| Profit before tax | 15 | 23.14 | 19.87 | 28.42 |
| Net profit | 11 | 17.41 | 14.91 | 21.37 |
Freshara Agro Exports profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 111 | 126 | 71 | 254 | 342.29 |
| Expenses | 113 | 109 | 59 | 214 | 291.99 |
| Operating profit | -2 | 17 | 12 | 40 | 50.30 |
| OPM | -1.7% | 13.0% | 17.0% | 16.0% | 14.7% |
| Other income | 7 | 1 | 2 | 6 | 10.78 |
| Interest | 3 | 3 | 1 | 6 | 7.74 |
| Depreciation | 1 | 1 | 0 | 2 | 3.59 |
| Exceptional and other items | 1 | · | · | · | · |
| Profit before tax | 2 | 14 | 13 | 38 | 49.74 |
| Tax rate | 50.0% | 35.7% | 23.1% | 23.7% | 24.6% |
| Net profit | 1 | 9 | 10 | 29 | 37.51 |
| EPS ₹ | · | · | 5.86 | 12.25 | 15.96 |
| 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.
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.
Freshara Agro Exports 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 | -1.7% | 13.0% | 17.0% | 16.0% | 14.7% |
| Tax rate | 50.0% | 35.7% | 23.1% | 23.7% | 24.6% |
| ROCE | · | · | 20.7% | 65.2% | 33.3% |
| ROE | · | · | 74.1% | 214.8% | 45.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Freshara Agro Exports debt and cash flow
Balance sheet · Cash flow · Working capitalIts loans are now larger 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.
Freshara Agro Exports balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | · | · | 17 | · | 23.50 |
| Reserves | · | · | 10 | · | 141.93 |
| Net worth | · | · | 27 | · | 165.43 |
| Borrowings | · | · | 108 | · | 179.62 |
| Other liabilities | · | · | 32 | · | 91.26 |
| Total liabilities | · | · | 167 | · | 436.31 |
| Fixed assets | · | · | 22 | · | 95.60 |
| Capital work in progress | · | · | 7 | · | 1 |
| Investments | · | · | 1 | · | 1 |
| Other assets | · | · | 137 | · | 338.71 |
| Receivables | · | · | · | · | 149.92 |
| Inventory | · | · | · | · | 143.56 |
| Cash | · | · | · | · | 13.41 |
| Trade payables | · | · | · | · | 58.02 |
Freshara Agro Exports cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | · | · | -98 | -2 | -56.54 |
| Cash from investing | · | · | -5 | -23 | -50.81 |
| Cash from financing | · | · | 107 | 54 | 87.87 |
| Net cash flow | · | · | 4 | 29 | -19.48 |
| Capital spending | · | · | · | · | 51.15 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | · | · | 396 | · | 160 |
| Inventory days | · | · | 262 | · | 282 |
| Days payable | · | · | 172 | · | 114 |
| Cash conversion cycle | · | · | 486 | · | 328 |
| Working capital days | · | · | 34 | · | 104 |
Freshara Agro Exports peers and competitors
Listed SME companies in the same industryBy sales, Freshara Agro Exports is number 8 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 |
|---|---|---|---|---|---|---|
| Rukmani Devi Garg Agro Impex | 120 | 13.3 | 460 | 9 | 3.2% | 0.19 |
| 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 | 955 | 25.5 | 342 | 37.5 | 14.7% | 1.09 |
| Adon Agro Commodities | 234 | 10.2 | 324 | 23 | 11.0% | 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 |
| Median of the 10 others | 120 | 13.3 | 308 | 11.5 | 5.7% | 0.58 |
Freshara Agro Exports 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 is about the same.
Freshara Agro Exports 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 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 62.58% | 62.58% | 62.58% | 62.58% |
| Foreign investors (FIIs) | 7.11% | 0.04% | 0.13% | 0.13% |
| Indian institutions (DIIs) | 4.53% | 0.53% | 0.14% | 0.56% |
| HNIs (over ₹2 lakh each) | 9.77% | 22.11% | 20.48% | 12.40% |
| Small holders (up to ₹2 lakh) | 11.37% | 13.06% | 12.09% | 15.05% |
| Companies and others | 4.64% | 1.68% | 4.58% | 9.28% |
| Number of shareholders | 2,456 | 1,573 | 1,452 | 2,076 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Freshara Agro Exports study: the business from its own documents
Read from 11 of the company's own documentsFreshara Agro Exports so far
From the company's own record
- 24 Oct 2024Listed on NSE Emerge at ₹116
- 31 March 2026Promoters at 62.58%
- 10 Sept 2026Highest close since listing, ₹486.40
Freshara Agro Exports key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹342.3 cr
- Consolidated revenue for the year to March 2026, up from ₹254.3 cr, including about two months of the Spanish business.Result filing, FY26, May 2026, p.16
- Spanish business
- ₹28.8 cr
- Revenue of the two Spanish subsidiaries in FY26, from the start of operations in January 2026.Result filing, FY26, May 2026, p.14; Earnings call, June 2026, p.6
- Gherkin exports
- 43,600 tonnes
- Gherkins exported in FY26, which the company says brought in nearly ₹268 cr of revenue.Earnings call, June 2026, p.3
- Contract farmers
- 4,000+
- Farmers across 22 districts who grow the crop for the company under contract; the company supports them through the whole growing cycle.Earnings call, December 2025, p.3; Earnings call, June 2026, p.3
- Top ten customers
- 39.7%
- Share of FY25 revenue from the ten largest customers, against 42% in FY24 and FY23.Investor presentation, June 2025, p.32
Show 4 more facts
- Russia's share
- 35%
- Share of exports that went to Russia in the first half of FY26, up from 18% a year earlier.Earnings call, December 2025, p.3
- Borrowings
- ₹179.6 cr
- Total borrowings at March 2026, about double the ₹88.9 cr a year earlier, after the Spanish purchase and a build up of stock.Result filing, FY26, May 2026, p.15; our arithmetic
- Stock and unpaid bills
- ₹293.5 cr
- Inventory of ₹143.6 cr and trade receivables of ₹149.9 cr at March 2026, against ₹136.4 cr a year earlier.Result filing, FY26, May 2026, p.15; our arithmetic
- Credit rating
- Crisil BBB/Stable
- Reaffirmed in July 2026, with rated bank limits raised to ₹175 cr from ₹100 cr.Credit rating note, Crisil, July 2026, p.1 to 2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In the June 2026 call, Junaid Ahmed said the company aims for growth of about 25% in the Indian business in FY27 and about ₹200 cr of revenue from the Spanish business, which was running below half of its capacity. Junaid Ahmed put the expected profit margin after tax for the whole group at 10% to 11%, and said the Spanish unit's margin after tax, about 4% to 5% in its first months, should rise to 8% to 10%. The company also says it expects lower European import duties once the India and EU trade agreement takes effect, which it expects in early 2027.
| What management said | When | What happened |
|---|---|---|
| Borrowings would not change much by the end of FY26 | June 2025 call | ₹179.6 cr at March 2026, against ₹88.9 cr a year earlier, after the Spanish purchase |
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.
Freshara Agro Exports earns its money by growing gherkins and other vegetables through contract farmers, pickling them in Tamil Nadu and exporting them, mostly in bulk to food companies that pack them under their own names.
Its weak spots are the large amount of money tied up in crop stock and unpaid export bills, and a crop that depends on the weather.
AverageCan it set its own prices?The company wins much of its business through bidding against other exporters, and food processing rarely earns wide margins. Margins have held steady so far.
AverageHow strong is it against rivals?Crisil describes an established position in gherkin exports, built on long ties with farmers, but larger exporters compete in the same market.
AverageWho are its customers?Sales are spread over more than a hundred importers and food companies, though the ten largest bring in about two fifths and Russia has become a big share.
WatchDoes it need a lot of money?Yes. The crop arrives in a few months and has to be stored, and export buyers take months to pay, so most of the money sits in stock and bills.
StrongCan it keep finding new work?Export volumes have kept rising and the Spanish purchase gives the company its own brands in European shops.
WatchDo good and bad years swing a lot?The crop depends on the monsoon and arrives in two seasons, so stock, sales and cash move a lot within the year.
Who runs Freshara Agro Exports?
Promoters, directors and officers; tap a name for the background
JAJunaid AhmedPromoter, Chairman and Managing Director · holds 34.36%
An engineer from the College of Engineering, Guindy, Anna University, with an MBA from the University of Liverpool. Was a partner in Freshara Picklz Exports and has been with the business since it began; time in the United Kingdom gave exposure to retail chains that marketed gherkins processed in India. The offer document states that Junaid Ahmed is the son of Iqbalahmed Khudrathullah Mohammed and the husband of Asma Syed.
Offer document, p.160 to 162IKIqbalahmed Khudrathullah MohammedPromoter and Whole Time Director
An engineer from the College of Engineering, Guindy, Anna University, with 35 years in construction as a civil engineer. Was the founding investor partner of Freshara Picklz Exports and, the offer document says, guided the building of the company's plant and storage.
Offer document, p.160 to 161ASAsma SyedPromoter and Whole Time Director
Was a partner in Freshara Picklz Exports and has been with the business since it began, handling customer relationships; around nine years in the industry, with postgraduate studies at Anna University.
Offer document, p.160 to 161LKLoganathan KarthikIndependent Director
A Chartered Accountant and commerce graduate of the University of Madras with more than five years of practice in audit, tax and company law. On the board since February 2024 and chair of the audit committee.
Offer document, p.161 to 162; Annual report 2024 to 25, p.3GVGnanasambandam VenkatraghavanIndependent Director
Holds an MBA from Madurai Kamaraj University and a postgraduate diploma in human resource management from LIBA, and is a director of Pathfinder Payroll Solutions. On the board since February 2024 and chair of the nomination and remuneration committee.
Offer document, p.160 to 162; Annual report 2024 to 25, p.3MYMohammed YousufChief Financial Officer
A commerce graduate of the University of Madras who worked in finance and accounts at I & W Innovation from 2007 to 2012. Appointed Chief Financial Officer in March 2024.
Offer document, p.171Freshara Agro Exports 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 ₹179 cr (+22%), net profit ₹21.4 cr (+23%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 62.58%.
Freshara Agro Exports announcements
23 on record, latest first; each opens the filing on the exchange
- ConversionConversionPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Outcome of Board MeetingHeld on September 18, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Change in Managementchange in ManagementPDF ↗
- Credit RatingCredit RatingPDF ↗
- Structural Digital DatabasePlease refer attachmentPDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enFreshara Agro Exports Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q1 FY 2026-27PDF ↗
Freshara Agro Exports annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 31 Dec 2025 ↗read
- 30 June 2025 ↗read
Freshara Agro Exports 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 Freshara Agro Exports' data · 10
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 halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,34,99,200 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹313.5 cr of sales against ₹342.3 cr for the full year; both are shown as reported.
- ✓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 Freshara Agro Exports
What does Freshara Agro Exports do?
Freshara Agro Exports grows gherkins and other vegetables with contract farmers in south India, pickles them and exports them in jars and drums to food companies abroad. It now also owns an olive and pickle business in Spain, and its shares trade on NSE Emerge.
What is the share price of Freshara Agro Exports?
₹407 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Freshara Agro Exports?
₹955 cr at the close on 6 Nov 2026, on 2,34,99,200 shares.
What is the P/E of Freshara Agro Exports?
25.5 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Freshara Agro Exports' revenue and profit?
Revenue ₹342 cr and profit after tax ₹38 cr in FY26.
Who are the promoters of Freshara Agro Exports?
Junaid Ahmed, Iqbalahmed Khudrathullah Mohammed, Asma Syed; promoters held 62.58% at 31 March 2026.
What was the IPO price of Freshara Agro Exports?
₹116 a share; it listed on 24 Oct 2024.
What is Freshara Agro Exports' website?
www.fresharaagroexports.com
More SME companies like Freshara Agro Exports
Other listed SME companies in food products, the closest in size first, each read from its own documents.
- Shri Ahimsa NaturalsSHRIAHIMSA · NSE Emerge · Food Products · listed 2025Market cap ₹930 cr
- Pajson Agro IndiaPAJSON · BSE SME · Food ProductsMarket cap ₹784 cr
- Proventus AgrocomPROV · NSE Emerge · Food Products · listed 2023Market cap ₹685 cr
- Madhusudan MasalaMADHUSUDAN · NSE Emerge · Food Products · listed 2023Market cap ₹424 cr
- Hoac Foods IndiaHOACFOODS · NSE Emerge · Food Products · listed 2024Market cap ₹412 cr
- Chemkart IndiaCHEMKART · BSE SME · Food ProductsMarket cap ₹278 cr
Every listed SME company in Food Products → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 3 investor presentations, 2 credit rating notes, 1 offer document, 1 result filing, 1 annual report, 23 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.