HMA Agro Industries Limited (IN:HMAAGRO)
:HMAAGRO
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HMA Agro Industries Limited
(HMAAGRO)
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Rating:48Neutral
Price Target:
₹23.50
▼(-20.98% Downside)
Action:Reiterated
Date:05/28/26
The score is held back primarily by weak cash-flow quality (negative operating/free cash flow in 2026) and rising leverage, with additional pressure from soft technical momentum and a high P/E; revenue growth and positive earnings provide partial offset.
Positive Factors
Strong multi-year revenue growth
Sustained top-line expansion across multiple years demonstrates durable demand for processed meat exports and effective commercial execution. Growing revenue supports unit economics improvements, capacity utilization, and provides a base to absorb fixed costs, underpinning medium-term earnings potential.
Negative Factors
Weak cash-flow quality
Negative operating and free cash flow in 2026 marks a structural risk: recurring cash conversion volatility increases reliance on external financing and working-capital management. Over months, this undermines liquidity for capex, debt servicing, or cushions against demand or cost shocks, raising funding risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong multi-year revenue growth
Sustained top-line expansion across multiple years demonstrates durable demand for processed meat exports and effective commercial execution. Growing revenue supports unit economics improvements, capacity utilization, and provides a base to absorb fixed costs, underpinning medium-term earnings potential.
Read all positive factors
HMA Agro Industries Limited (HMAAGRO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹11.77B
Dividend Yield1.03%
Average Volume (3M)25.05K
Price to Earnings (P/E)7.2
Beta (1Y)0.73
Revenue Growth34.75%
EPS Growth89.92%
CountryIN
Employees900
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)2.49
Shares Outstanding500,769,780
10 Day Avg. Volume16,784
30 Day Avg. Volume25,045
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)1.15
Price to Sales (P/S)0.16
P/FCF Ratio-7.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
How the Company Makes Money
HMAAGRO primarily makes money by selling processed meat products (notably buffalo meat) to buyers in export and domestic channels. Revenue is generated on a per-order/per-shipment basis from supplying finished, processed, and packaged meat to whol...
HMA Agro Industries Limited Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
57
Neutral
Cash Flow
34
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Jun 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.32B | 69.16B | 51.33B | 48.13B | 32.09B | 30.83B |
| Gross Profit | 6.40B | 6.86B | 5.61B | 3.94B | 164.95M | 4.11B |
| EBITDA | 2.44B | 1.59B | 1.83B | 1.85B | 2.04B | 1.79B |
| Net Income | 1.24B | 1.65B | 867.80M | 1.01B | 1.20B | 1.15B |
Balance Sheet | ||||||
| Total Assets | 17.68B | 24.13B | 17.10B | 14.39B | 9.99B | 8.56B |
| Cash, Cash Equivalents and Short-Term Investments | 1.70B | 2.46B | 990.22M | 1.15B | 689.04M | 185.28M |
| Total Debt | 6.27B | 8.50B | 5.35B | 4.92B | 315.13M | 3.30B |
| Total Liabilities | 8.82B | 14.50B | 9.00B | 7.02B | 5.04B | 4.64B |
| Stockholders Equity | 8.64B | 9.41B | 7.89B | 7.17B | 4.74B | 3.75B |
Cash Flow | ||||||
| Free Cash Flow | 94.06M | -1.39B | 800.29M | -2.04B | -386.46M | -1.22M |
| Operating Cash Flow | 314.12M | -1.03B | 1.02B | -1.66B | 36.53M | 703.00K |
| Investing Cash Flow | -987.39M | -1.56B | -1.50B | -563.27M | -271.47M | -151.92M |
| Financing Cash Flow | 636.10M | 3.01B | 272.61M | 2.68B | 233.41M | 1.42B |
HMA Agro Industries Limited Technical Analysis
Negative
29.74
Price Trends
23.93
Negative
25.51
Negative
28.03
Negative
Market Momentum
-0.09
Positive
43.90
Neutral
47.04
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 24.17, above the 50-day MA of 23.93, and above the 200-day MA of 28.03, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 43.90 is Neutral, neither overbought nor oversold. The STOCH value of 47.04 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
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹69.30B | 18.81 | ― | ― | 23.14% | 50.41% | |
73 Outperform | ₹14.03B | 12.24 | ― | 0.95% | -3.72% | 12.55% | |
72 Outperform | ₹82.54B | 12.74 | ― | 0.87% | 9.01% | 36.14% | |
68 Neutral | ₹140.57B | 22.53 | ― | 0.74% | 26.08% | 3.33% | |
65 Neutral | ₹32.90B | 39.67 | ― | ― | 0.04% | 16.37% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
48 Neutral | ₹11.77B | 7.18 | ― | 1.03% | 34.75% | 89.92% |
* Consumer Defensive Sector Average
IN:HMAAGRO
HMA Agro Industries Limited
23.51
-12.20
-34.16%
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HMA Agro Industries Limited Corporate Events
HMA Agro to Divest Entire Stake in Laal Agro Food Subsidiary
May 2, 2026
HMA Agro Industries Limited has executed a share purchase agreement to sell its entire equity stake in its wholly owned subsidiary, Laal Agro Food Private Limited, to promoter group members Gulzar Ahmad and Mohammad Kamil Qureshi. The divestment, ...
HMA Agro to Divest Stakes in Two Non-Material Subsidiaries
Apr 27, 2026
HMA Agro Industries Limited has approved the divestment of its entire equity stakes in two wholly owned subsidiaries, FNS Agro Foods Limited and Laal Agro Food Private Limited, following a board meeting held on April 25, 2026. The proposed sale, t...
HMA Agro launches e-voting postal ballot to seek shareholder approvals
Apr 25, 2026
HMA Agro Industries Limited has initiated a postal ballot process to seek shareholder approval on certain corporate matters, in line with Regulation 30 of SEBI’s listing obligations. The company is sending the postal ballot notice electronic...
HMA Agro Warns Investors of Fraudulent Website Impersonating Official Brand
Mar 17, 2026
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...
HMA Agro Industries Secures CRISIL BBB+ Rating for Rs 1,250 Crore Bank Facilities
Mar 14, 2026
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.