HMA Agro Industries Limited (HMAAGRO) AI Stock Analysis

• Market Cap: ₹11.82B
• Dividend Yield: 1.03%
• Average Volume (3M): 25.05K
• Price to Earnings (P/E): 5.5
• Beta (1Y): 0.82
• Revenue Growth: 29.30%
• EPS Growth: 23.69%
• Country: IN
• Employees: 900
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): 1.32
• Shares Outstanding: 500,769,780
• 10 Day Avg. Volume: 16,784
• 30 Day Avg. Volume: 25,045
• PEG Ratio: -1.17
• Price to Book (P/B): 1.91
• Price to Sales (P/S): 0.29
• P/FCF Ratio: 18.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹25.00 ▼(-15.94% Downside)
• Action: Reiterated Date: 10/31/25
• Date: Action: Reiterated 10/31/25

HMA Agro Industries Limited's overall score reflects a company in recovery with improved financial performance but facing challenges in cost control and leverage. The technical analysis suggests a lack of strong momentum, and the valuation is reasonable but not compelling. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Recent Revenue Growth

A ~36% reported revenue growth indicates the company is regaining sales momentum and expanding throughput. Over 2-6 months this growth supports improving utilization of processing capacity and stronger buyer demand, underpinning sustainable top-line recovery if maintained.

Profitability Recovery and Stable EBITDA

The shift from loss to positive net margin and a stable EBITDA margin point to structural improvements in operating performance and cost absorption. Sustained EBITDA stability improves cash generation potential and supports reinvestment and debt servicing across upcoming quarters.

Export-focused B2B Business Model

A B2B export model targeting institutional and distributor customers creates recurring bulk demand, longer-term contracts, and diversified geographic markets. This structural market access reduces reliance on retail cycles and supports durable revenue visibility if trade access remains intact.

Negative Factors

High Leverage

Elevated debt-to-equity increases financial rigidity and interest expense burden, reducing flexibility to invest or absorb shocks. Over a multi-month horizon, high leverage raises refinancing and liquidity risk, especially if cash generation or margins slip seasonally.

Inconsistent Cash Generation

Volatile operating cash flow and historically negative free cash flow signal inconsistent cash conversion. This variability constrains sustainable capex, working capital management, and deleveraging plans, leaving the company sensitive to procurement and logistics swings over coming months.

Margin Pressure from Costs

A declining gross margin highlights persistent cost pressures (procurement, yields, cold-chain). If input-cost inflation or processing inefficiencies persist, net margins and cash conversion may be eroded, challenging sustainable profitability absent structural cost fixes.

HMA Agro Industries Limited Business Overview & Revenue Model

Company Description

HMA Agro Industries Limited processes and deals in frozen buffalo meat and allied products in India. It offers products under the Black Gold, Kamil, and HMA brands. The company also exports its products to the United Arab Emirates, Benin, Thailand, Yemen, Egypt, Vietnam, Indonesia, Hong Kong, Malaysia, and internationally. HMA Agro Industries Limited was incorporated in 2008 and is based in Agra, India.

How the Company Makes Money

HMA Agro Industries Limited makes money mainly by selling processed meat products, primarily buffalo meat, to customers in export and domestic markets. Its core revenue model is business-to-business (B2B): it procures livestock (and related raw materials) through procurement networks, processes and packages meat at its processing facilities, and generates revenue from the sale of these finished products under supply contracts or purchase orders. Key revenue streams typically include (1) export sales of frozen/chilled processed buffalo meat to overseas importers, distributors, and institutional buyers, and (2) domestic sales to wholesalers, food service, and other bulk buyers where applicable. Earnings are influenced by factors such as procurement costs and availability of livestock, processing yields, cold-chain and logistics efficiency, realized selling prices in export markets (including foreign-exchange movements), regulatory and quality-compliance requirements for exports, and the company’s ability to maintain market access and customer relationships in destination countries. Specific details on named partnerships or customer concentrations are null.

HMA Agro Industries Limited Financial Statement Overview

Summary

HMA Agro Industries Limited is showing signs of recovery with improved net profitability and cash flow. However, challenges remain in cost control, leverage management, and cash conversion efficiency. The company needs to stabilize revenue growth and manage debt levels to enhance long-term financial stability.

Income Statement

HMA Agro Industries Limited shows a mixed performance in its income statement. The gross profit margin has declined slightly, indicating a pressure on cost control. However, the company has managed to maintain a stable EBITDA margin. The net profit margin has improved slightly from a loss in 2022 to a positive in recent years, suggesting some recovery. Revenue growth is volatile, but the overall trend indicates a recovery from the previous downturn.

Balance Sheet

The balance sheet of HMA Agro Industries reflects moderate financial health. The debt-to-equity ratio is relatively high, indicating significant leverage, which could pose risks in a downturn. However, the equity ratio shows a decent proportion of equity financing. Return on equity has improved as the company returned to profitability, but it remains at a level that suggests room for enhancement.

Cash Flow

Cash flow statements reveal challenges in cash generation. Operating cash flow is positive but fluctuates significantly year-over-year, highlighting operational inefficiencies. Free cash flow has been negative in previous years, though it has turned positive recently. The free cash flow to net income ratio indicates some improvement in cash conversion efficiency, though it remains an area of concern.

Breakdown	TTM	Mar 2025	Mar 2024	Jun 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	62.32B	51.33B	48.13B	32.09B	30.83B	17.07B
Gross Profit	6.40B	5.61B	3.94B	164.95M	4.11B	3.41B
EBITDA	2.44B	1.83B	1.85B	2.04B	1.79B	1.20B
Net Income	1.24B	867.80M	1.01B	1.20B	1.15B	715.97M
Balance Sheet
Total Assets	17.68B	17.10B	14.39B	9.99B	8.56B	5.94B
Cash, Cash Equivalents and Short-Term Investments	1.70B	990.22M	1.15B	689.04M	185.28M	517.00M
Total Debt	6.27B	5.35B	4.92B	315.13M	3.30B	1.81B
Total Liabilities	8.82B	9.00B	7.02B	5.04B	4.64B	3.33B
Stockholders Equity	8.64B	7.89B	7.17B	4.74B	3.75B	2.60B
Cash Flow
Free Cash Flow	94.06M	800.29M	-2.04B	-386.46M	-1.22M	76.00M
Operating Cash Flow	314.12M	1.02B	-1.66B	36.53M	703.00K	211.00M
Investing Cash Flow	-987.39M	-1.50B	-563.27M	-271.47M	-151.92M	-129.00M
Financing Cash Flow	636.10M	272.61M	2.68B	233.41M	1.42B	83.33M

HMA Agro Industries Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HMAAGRO, the sentiment is Negative. The current price of 29.74 is above the 20-day moving average (MA) of 25.29, above the 50-day MA of 26.47, and below the 200-day MA of 29.79, indicating a bearish trend. The MACD of -0.94 indicates Positive momentum. The RSI at 33.76 is Neutral, neither overbought nor oversold. The STOCH value of 33.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HMAAGRO.

HMA Agro Industries Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GOKULAGRO	78 Outperform	₹54.19B	17.02	―	―	34.34%	45.32%
CLSEL	72 Outperform	₹11.59B	9.13	―	0.95%	-11.39%	-12.82%
GRMOVER	72 Outperform	₹28.16B	38.77	―	―	-8.29%	4.70%
LTFOODS	69 Neutral	₹133.07B	21.49	―	0.74%	18.77%	5.76%
KRBL	63 Neutral	₹64.03B	13.27	―	0.87%	19.04%	39.43%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
HMAAGRO	60 Neutral	₹11.82B	5.49	―	1.03%	29.30%	23.69%

HMA Agro Industries Limited Corporate Events

HMA Agro Warns Investors of Fraudulent Website Impersonating Official Brand

HMA Agro Industries Limited has alerted exchanges and the public to a fraudulent website, www.hma-agro.com, that was created to mimic its official site and mislead international buyers. The fake site copied the company’s branding and falsely represented its export house status, raising concerns over potential defamation and customer fraud.

In response, the company has lodged a complaint with cyber police authorities and coordinated with domain registrars to have the fake site blocked. HMA Agro is urging customers and partners to use only its official website, www.hmagroup.co, and verified email domains for communications and payments to safeguard against impersonation-related risks.

HMA Agro Industries Secures CRISIL BBB+ Rating for Rs 1,250 Crore Bank Facilities

HMA Agro Industries Limited has received a long-term credit rating of Crisil BBB+ with a Stable outlook and a short-term rating of Crisil A2 from Crisil Ratings Limited for its bank facilities totaling Rs. 1,250 crore. The assigned ratings, which will remain under continuous surveillance, reflect a moderate degree of creditworthiness and are likely to influence the company’s financing costs and access to bank funding, with implications for its expansion capacity and risk perception among lenders and other stakeholders.

HMA Agro Files SEBI Demat Compliance Certificate for December Quarter

HMA Agro Industries Limited has reported that its registrar and share transfer agent, Bigshare Services Pvt. Ltd., has certified the company’s compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The certificate confirms that all securities received for dematerialisation during the quarter were duly processed, listed on the appropriate stock exchanges, and that physical share certificates were mutilated, cancelled, and replaced in the register of members with the depositories as registered owners within the prescribed timelines, underscoring the company’s adherence to regulatory norms and reinforcing confidence in its share transfer and depository processes for investors and market regulators.