1. At a Glance
Prime Fresh Ltd just dropped a Q3 FY26 performance that looks less like a mandi trader and more like a logistics startup wearing a banana crate on its head. Market cap at ~₹361 crore, current price around ₹265, and a stock P/E of ~29x — not exactly “sabziwala valuation.” In the last 6 months, the stock sprinted ~67%, then paused to catch its breath. Latest quarterly revenue came in at ₹74.3 crore, up 36.7% YoY, while PAT exploded by ~150% YoY to ₹4.73 crore. ROCE is hovering near 19%, debt is basically pocket change (~₹2 crore), and the balance sheet looks cleaner than a freshly washed apple.
But here’s the real masala: this is a fruits & vegetables company that earns from warehousing, 3PL, handling charges, and supply chain services — not just selling onions when prices spike. Is Prime Fresh becoming the “cold chain landlord” of India’s agri ecosystem? Or is this just a good quarter helped by mango season optimism? Let’s peel this fruit layer by layer.
2. Introduction
Prime Fresh Ltd was incorporated in 2007, which means it has survived commodity cycles, onion tears, tomato price memes, and enough GST notifications to qualify for a stress test. The company positions itself as a single-window solution for sourcing, processing, packaging, warehousing, manpower management, and distribution of fruits and vegetables.
In simple words: Prime Fresh doesn’t just sell fruits — it moves them, stores them, repackages them, and invoices everyone involved.
With 75+ SKUs and a “core” portfolio of 9 products (read: the stuff Indians actually eat daily), Prime Fresh operates across HoReCa, retail, modern trade, processors, exporters, and now increasingly, quick commerce platforms. When Zepto, Swiggy, and Zomato need fresh produce at 6 a.m., Prime Fresh is one of the companies making sure that tomato hasn’t already given up on life.
What makes Prime Fresh interesting is not the glamour (there is none) but the execution-heavy, asset-light-meets-asset-heavy hybrid model. It smells like a boring business, but the numbers suggest otherwise. And boring businesses with improving margins
are usually where market narratives arrive late.
3. Business Model – WTF Do They Even Do?
If you think Prime Fresh is just buying mangoes from farmers and selling them to Reliance Fresh, you’re missing half the story.
Core Business Pillars
- Fresh Fruits & Vegetables Trading
- Onion, tomato, mango, pomegranate, grapes — the usual suspects.
- Core competency in mango, pomegranate, oranges, bananas, grapes, onions, and imported fruits.
- Selling capacity: ~60,000 TPA.
- Procurement capacity: ~1.5 lakh TPA.
- Supply Chain & Distribution
- End-to-end farm-to-market and farm-to-consumer.
- Collection centres (CCs), distribution centres (DCs), sorting, grading, ripening.
- 35+ packhouses and cold storage facilities across Gujarat, Maharashtra, Rajasthan.
- Warehousing & 3PL Services
- ~5.5 lakh TPA warehousing & packaging capability.
- ~4 lakh sq. ft. of warehouse operations.
- Clients include Reliance, ITC ecosystem partners, Wagh Bakri, pharma and spice companies.
So effectively, Prime Fresh is half agri trader, half cold-chain logistics operator, and half services company (yes, that’s three halves — welcome to Indian midcaps).
4. Financials Overview
Quarterly Performance Table (₹ crore)
| Metric | Latest Qtr (Dec 2025) | YoY Qtr (Dec 2024) | Prev Qtr (Sep 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 74.33 | 54.39 | 66.40 | +36.7% | +11.9% |
| EBITDA | 6.30 | 2.78 | 3.88 | +126.6% | +62.4% |
| PAT | 4.73 | 1.84 | 3.12 | +157.1% | +51.6% |
| EPS (₹) | 3.31 | 1.33 | 2.21 | +149.6% | +49.8% |
Annualised EPS (Q3 rule)
Average EPS of Q1, Q2, Q3 FY26 = (2.07 + 2.21 + 3.31) / 3 ≈ 2.53
Annualised EPS = 2.53 × 4 ≈ ₹10.1
At CMP ~₹265, that’s roughly 26x annualised EPS, not cheap, not insane.
Commentary: EBITDA margins jumped to 8.5%
