While FMCG giants argue over ad budgets and discounts, HOAC Foods quietly doubled its numbers and logged into the concall with a straight face. No celebrity endorsements, no “brand purpose” slides—just atta, spices, oil, and a chairman who believes quality sells itself.
From a single wheat SKU in 2009 to shipping containers to the UK and US, the management tone oscillated between humble origin story and full-blown confidence. Add a 50,000 sq. ft. mega plant, 1,400 kirana stores, and Blinkit onboarding, and suddenly this isn’t just a local chakki story anymore.
Margins were discussed without panic. Capex was admitted without sugarcoating. Guidance was… selectively confident.
Read on. The flour is fresh, the growth hot, and the ambition clearly not kneaded halfway.
2. At a Glance
Revenue up 96.9%: Nearly doubled—no “base effect” excuses were harmed.
EBITDA up 105%: Operating leverage knocked, management said “capex first.”
PAT up ~94%: Profits followed revenue obediently.
EPS up 67%: Dilution tried, growth overruled.
Export at 8.2%: Containers doing what ads haven’t yet.
3. Management’s Key Commentary
“HOAC is no longer a traditional flour business.” (Translation: Please stop calling us a chakki 😏)
“Manufacturing is the backbone of our business.” (Margins like machines, not marketing bills)
“We can seamlessly operate 200–300 outlets.” (But won’t rush, because chaos isn’t scalable)
“Exports are increasing steadily.” (Containers speak louder than pitch decks 🚢)
“We don’t want margins above 10% right now.” (Growth before flexing 💸)
“Flour is banned in exports.” (Fine. We’ll send spices, oil, besan instead.)
“Retention rate is 85%.” (Quality doing the marketing’s job 😌)
4. Numbers Decoded
Source table
Metric
H1 FY26
What It Really Says
Revenue
₹21.84 Cr
Almost 2x YoY—execution visible
EBITDA
₹3.31 Cr
15% margin, despite expansion
PAT
₹1.95 Cr
Clean growth, no funny business
EPS
₹4.78
Equity dilution lost the fight
Export Mix
8.23%
Optionality unlocked
Capacity Utilization
80–85%
Capex wasn’t optional
Verdict: Growth is real, not PowerPoint-driven.
5. Analyst Questions (Decoded)
Capex utilisation? Plants are almost full, Vidisha coming to save the day.
Store break-even? 6–7 months earlier, now 3–4 months. Retail learned fast.
