1. At a Glance
Thrive Future Habitats Limited (formerly Ador Multiproducts) is currently a ₹114 Cr market-cap stock trading at ₹119, having delivered a meme-worthy +331% return in one year despite revenues that look like pocket change. Latest Q3 FY26 numbers show ₹0.08 Cr sales, ₹0.34 Cr PAT, and a positive EPS of ₹0.36—a rare green shoot after a long desert of losses.
But let’s not get carried away. OPM is still -67%, ROCE is -11.4%, and the stock trades at ~81× Price-to-Sales with negative trailing earnings. Promoters now hold 72.5%, debt is zero, and the balance sheet has been reshuffled via preferential allotments and control change.
So what are we looking at—a turnaround story loading… or a valuation bubble doing yoga? Let’s open the books.
2. Introduction
Founded in 1986, this company has lived many lives. Once a plain-vanilla contract manufacturer of personal care products, it is now rebranded as Thrive Future Habitats Limited, promising a pivot toward D2C clean beauty, brand partnerships, and ecosystem building.
Sounds fancy. Execution? Still warming up.
Over the last five years, sales CAGR is -26%, ROE averages -32%, and inventory days have ballooned like a wedding buffet. Yet, the stock price has gone full Bollywood comeback mode—thanks largely to change in control, preferential issues, and narrative reset.
The big question: Is the business finally turning, or is the
stock just running ahead of reality?
3. Business Model – WTF Do They Even Do?
Originally, the company operated as a B2B contract manufacturer—white-label personal care products from concept to shelf.
Now, the ambition is bigger (and riskier):
- Contract manufacturing with R&D support
- Brand partnerships
- Brand investments
- Own D2C brands
- E-commerce distribution
- Joint ventures for brand building
They boast 2,500+ SKUs, targeting 4,000+ by FY26, with a Pondicherry plant capable of 10 kl/kg per day.
Plot twist: capacity utilisation is just 15% for liquids/creams and 35% for talc.
Ferrari engine. Village road.
Clients include Himalaya, Apollo Pharmacy, Wipro, TTK, and multiple indie brands—but volumes remain tiny.
4. Financials Overview (Q3 FY26 – Quarterly Results)
EPS:
- Q1 FY26: -0.29
- Q2 FY26: -0.44
- Q3 FY26: +0.36
- Average: -0.12
- Annualised EPS: ~-0.49
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec-25) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 0.08 | 0.63 | 0.37 | -87.3% | -78.4% |
| EBITDA | -0.19 | -0.03 | -0.37 | — | — |
| PAT | 0.34 | -0.18 | -0.42 | +289% | Turnaround |
| EPS (₹) | 0.36 | -0.39 | -0.44 | — | — |
Commentary:
Yes, PAT
