HMA Group

Agra, India Founded: 2008 • Age: 18 yrs Listed Fortune India 500 · #420
Company retails multiple varieties of food

About HMA Group

HMA Group is a publicly listed company based in Agra (India) founded in 2008. Company retails multiple varieties of food. The company has 338 employees. Its Indian entity Hma Agro Industries Limited reported revenue of ₹7,041 Cr. HMA Group offers products and services including Frozen Fish and Rice. Its focus areas include Food and Agriculture, Food Distributors, Farm Produce and Meat & Seafood.

Company details

HMA Group was established in 2008 in Agra, India. Operations center on the food retail sector, where various food items and agro products are handled. Frozen fresh degladed buffalo meat, prepared or frozen natural products, vegetables, and cereals are included among the traded goods. The company maintains a focus on retailing these items within the domestic market.

HMA Group is ranked #420 on the Fortune India 500 (2025).

Recognitions & Rankings of HMA Group

Fortune India 500 2025 edition
Rank#420
Total income
₹5,644 Cr
Profit
₹87 Cr
Last year #422
  • Headquarters Agra, India
  • Employees 338
  • Stage Public
  • Sectors
    Consumer
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website hmagroup.co
  • Social LinkedIn X Facebook Instagram
  • Legal Name Hma Agro Industries Limited
Operational Areas
Key Metrics
  • Market Cap
    ₹1,367 Cr

    HMAAGRO · NSE

  • Share Price
    ₹27.08

    -0.81% today

  • Revenue
    ₹6,916 Cr

    FY 2025-26 · +34.8% YoY

  • EBITDA
    ₹159 Cr

    Margin 2.3%

  • Net Profit
    ₹165 Cr

    FY 2025-26 · +90.6% YoY

  • P/E (TTM)
    6.2x

    P/B 1.3x

  • ROE
    19.1%

    ROCE 16.4%

  • Debt / Equity
    0.80

    Interest cover 29.0x

  • Employee Count
    338

Products & Services of HMA Group

HMA Group offers a comprehensive portfolio of products and services, including Frozen Fish and Rice.

Frozen Fish
Food Products

Frozen fish products are processed and exported for international markets.

Rice
Agricultural Products

Rice is sourced and distributed under branded packaging for domestic and overseas use.

Board of directors of Hma Agro Industries Limited (HMA Group)

Hma Agro Industries Limited is the primary company behind HMA Group. The board of Hma Agro Industries Limited currently have 6 directors; the longest-serving is Gulzar Ahmad, appointed in 2008. 15 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Gulzar Ahmad
DIN 01312305
Managing Director09 Apr 200818 yrs 6 moHma Agro Industries Limited
Gaurav Rajendra Luthra
DIN 08023492
Director03 Jun 20215 yrs 5 moHma Agro Industries Limited
Abhishek Sharma
DIN 06387076
Director24 Oct 20233 yrsHma Agro Industries Limited
Bhawna Jain
DIN 10344683
Director29 May 20251 yr 5 moHma Agro Industries Limited
Viswambharan Parameswaran
DIN 09822921
Whole-time director25 Apr 20266 moHma Agro Industries Limited
Bhabani Sankar Acharya
DIN 11679213
Whole-time director25 Apr 20266 moHma Agro Industries Limited

People of HMA Group

1 people are tracked at HMA Group (1 in leadership); the tracked headcount is 338.

NameRoleGroup
Managing DirectorLeadership
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IPO & Listings of HMA Group

HMA Group is a publicly listed company on the NSE with ticker symbol HMAAGRO in India, operating in the Distribution services sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date04 Jul 2023
  • Listed onNSE: HMAAGRO · BSE: 543929
  • Listed entityHMA Agro Industries Limited
  • Exchange sectorDistribution services
  • ISININE0ECP01024
  • Share price₹25.92 (+7.91% on the day) · 2026-10-14
  • Market capitalisation₹1,201 Cr
  • Price to earnings6.0
  • EPS (diluted, trailing year)₹4.29
  • Dividend yield1.25%
  • Volume (last session)10,735,985

Financials of HMA Group

Exchange-reported figures of Hma Agro Industries Limited, the listed company behind HMA Group (NSE: HMAAGRO).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹6,916 Cr
+34.7% YoY
EBITDA
₹159 Cr
+50.6% YoY
Profit After Tax
₹165 Cr
+90.6% YoY
Net Worth
₹941 Cr
+19.3% YoY
Total Assets
₹1,816 Cr
+34.6% YoY
Total Debt
₹850 Cr
+59.0% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue6,9165,1334,8133,2093,0831,7082,375
Revenue growth+34.8%+6.6%+50.0%+4.1%+80.6%-28.1%-
EBITDA15910613715812499.5046.98
EBITDA margin+2.3%+2.1%+2.8%+4.9%+4.0%+5.8%+2.0%
Profit before tax21812613317415997.6662.19
Net profit16586.4496.8512011572.2345.88
Net profit margin+2.4%+1.7%+2.0%+3.8%+3.7%+4.2%+1.9%
EPS (₹)3.291.732.0125.3424.15193.80123.17
Balance sheet
Total assets1,8161,3491,233842723443358
Net worth941789717474374260187
Total debt850535492343330181169
Cash & bank24694.2911573.8744.0251.6938.51
Net working capital1,225760765426406261238
Cash flow
Cash from operations(84.55)124(166)136(31.96)74.9224.22
Cash from investing(141)(150)(56.33)(83.14)(144)(70.13)(29.54)
Cash from financing2674.68268(2.56)1428.3837.15
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue2,7792,1101,5792,0592,1551,1231,5001,455
Revenue growth (YoY)+29.0%+88.0%+5.3%+41.5%+47.0%+57.5%--
Other income34.5571.7736.8240.6836.1111.3233.3426.31
EBITDA1199.28(6.18)64.4595.475.304.6831.67
EBITDA margin+4.3%+0.4%-0.4%+3.1%+4.4%+0.5%+0.3%+2.2%
Depreciation7.006.798.018.018.137.488.838.89
Interest14.0611.7511.179.286.427.728.357.82
Profit before tax13262.5111.4687.841171.4220.8441.27
Tax27.9112.003.2421.2727.220.828.4820.08
Net profit10550.518.2266.5789.810.6012.3621.19
EPS (₹)2.081.010.161.321.790.020.260.41
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue6,7694,8624,6653,1262,9221,7072,375
Revenue growth+39.2%+4.2%+49.3%+7.0%+71.1%-28.1%-
EBITDA87.4841.4212615410996.4960.40
EBITDA margin+1.3%+0.9%+2.7%+4.9%+3.7%+5.7%+2.5%
Profit before tax17290.8114718414998.4260.20
Net profit12759.8211113711072.4244.50
Net profit margin+1.9%+1.2%+2.4%+4.4%+3.8%+4.2%+1.9%
EPS (₹)2.541.202.2128.9023.24194.40120.27
Balance sheet
Total assets1,7311,2891,124773634427359
Net worth895782737484368257185
Total debt834504385286265169174
Cash & bank23386.4910866.9639.0250.8738.00
Net working capital1,245814782471448314249
Cash flow
Cash from operations(140)19.16(142)134(48.18)41.9544.00
Cash from investing(105)(124)(36.46)(86.63)(76.39)(32.84)(29.40)
Cash from financing28283.502210.8990.213.7117.40
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue2,7332,0721,5381,9932,1491,0881,4371,365
Revenue growth (YoY)+27.2%+90.4%+7.1%+46.0%+57.3%+56.9%--
Other income38.7371.3836.3940.3335.7810.9832.9525.63
Total expenses2,6482,0881,5361,9512,1131,0821,4561,337
EBITDA84.61(16.09)2.0042.0136.546.92(18.97)27.56
EBITDA margin+3.1%-0.8%+0.1%+2.1%+1.7%+0.6%-1.3%+2.0%
Depreciation1.111.071.361.301.471.211.281.38
Interest13.8311.4811.129.146.407.127.857.27
Profit before tax10842.7425.9171.9064.459.574.8544.54
Tax27.3310.836.7019.4216.222.406.3310.47

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 08 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue2,7792,1101,5792,0592,1551,1231,5001,455
Revenue growth (YoY)+29.0%+88.0%+5.3%+41.5%+47.0%+57.5%--
Other income34.5571.7736.8240.6836.1111.3233.3426.31
EBITDA1199.28(6.18)64.4595.475.304.6831.67
EBITDA margin+4.3%+0.4%-0.4%+3.1%+4.4%+0.5%+0.3%+2.2%
Depreciation7.006.798.018.018.137.488.838.89
Interest14.0611.7511.179.286.427.728.357.82
Profit before tax13262.5111.4687.841171.4220.8441.27
Tax27.9112.003.2421.2727.220.828.4820.08
Net profit10550.518.2266.5789.810.6012.3621.19
EPS (₹)2.081.010.161.321.790.020.260.41
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue6,9165,1334,8133,2093,0831,7082,375
Revenue growth+34.8%+6.6%+50.0%+4.1%+80.6%-28.1%-
Other income12581.3648.6846.8755.7912.9043.82
Total expenses6,7575,0274,6773,0522,9591,6082,328
Employee cost0.0014114496.5310658.6075.96
EBITDA15910613715812499.5046.98
EBITDA margin+2.3%+2.1%+2.8%+4.9%+4.0%+5.8%+2.0%
Depreciation31.6334.5234.7817.6410.678.3110.02
Interest34.5926.8317.3213.2910.256.4318.59
Profit before tax21812613317415997.6662.19
Tax52.5637.9132.5750.0842.1325.4316.32
Net profit16586.4496.8512011572.2345.88
Net profit margin+2.4%+1.7%+2.0%+3.8%+3.7%+4.2%+1.9%
EPS (₹)3.291.732.0125.3424.15193.80123.17
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital50.0850.0850.0847.5147.513.733.73
Reserves & surplus891739667427327256183
Shareholders' funds (net worth)941789717474374260187
Minority interest21.6821.1120.2620.2317.190.490.49
Secured loans847506383286265168157
Unsecured loans3.2728.5210957.6864.8513.4311.78
Total debt850535492343330181169
Total liabilities1,8161,3491,233842723443358
Assets
Gross block408394382316178120115
Net block26127329526114192.5495.29
Capital work in progress61.3946.6435.5357.8491.6413.641.61
Investments0.000.000.000.000.000.000.00
Inventories1,331670240129137127157
Sundry debtors23.73151482298290157117
Cash & bank balances24694.2911573.8744.0251.6938.51
Loans & advances22220613481.7567.7054.6440.98
Total current assets1,8221,121972583538390354
Total current liabilities597361206157133129115
Net working capital1,225760765426406261238
Total assets1,8161,3491,233842723443358
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash94.2911568.9018.5351.6938.516.68
Net cash from operating activities(84.55)124(166)136(31.96)74.9224.22
Net cash from investing activities(141)(150)(56.33)(83.14)(144)(70.13)(29.54)
Net cash from financing activities2674.68268(2.56)1428.3837.15
Net change in cash41.51(20.91)46.2950.38(33.16)13.1731.83
Closing cash24694.2911573.8744.0251.6938.51
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+34.8%+6.6%+50.0%+4.1%+80.6%-28.1%-
EBITDA growth+50.6%-22.7%-13.3%+27.4%+24.4%+111.8%-
PBT growth+73.4%-5.7%-23.3%+9.4%+62.4%+57.0%+27.2%
Net income growth+90.6%-10.8%-19.5%+4.9%+58.9%+57.4%-
Revenue CAGR (3Y)+29.2%+18.5%+41.3%+10.6%+4.0%--
EBITDA CAGR (3Y)+1.0%-5.2%+11.1%+49.7%+76.4%--
Profitability & leverage
Net income margin+2.4%+1.7%+2.1%+3.9%+3.8%+4.2%+1.9%
Return on capital employed+16.4%+12.0%+14.8%+24.5%+29.4%+26.0%+25.6%
Return on net worth+19.1%+11.6%+16.9%+29.1%+36.7%+32.3%+27.9%
Debt / equity0.800.680.700.790.810.780.92
Long-term debt / equity0.020.040.060.110.090.010.00
Interest cover29.0137.7517.029.509.067.0550.30
Efficiency & per share
Fixed asset turnover17.2413.2213.7812.9720.6714.5522.77
Inventory turnover6.9211.2826.1024.1923.3912.0218.93
Debtors turnover78.9516.2112.3410.9113.8112.4911.72
EPS (₹)3.301.752.0125.3424.15193.80123.17
Dividend per share (₹)0.000.300.303.002.000.000.00
Book value per share (₹)18.7915.7514.3299.8278.81696.73501.87
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue2,7332,0721,5381,9932,1491,0881,4371,365
Revenue growth (YoY)+27.2%+90.4%+7.1%+46.0%+57.3%+56.9%--
Other income38.7371.3836.3940.3335.7810.9832.9525.63
Total expenses2,6482,0881,5361,9512,1131,0821,4561,337
EBITDA84.61(16.09)2.0042.0136.546.92(18.97)27.56
EBITDA margin+3.1%-0.8%+0.1%+2.1%+1.7%+0.6%-1.3%+2.0%
Depreciation1.111.071.361.301.471.211.281.38
Interest13.8311.4811.129.146.407.127.857.27
Profit before tax10842.7425.9171.9064.459.574.8544.54
Tax27.3310.836.7019.4216.222.406.3310.47
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue6,7694,8624,6653,1262,9221,7072,375
Revenue growth+39.2%+4.2%+49.3%+7.0%+71.1%-28.1%-
Other income12378.9841.1446.0855.3912.6443.50
Total expenses6,6814,8214,5402,9712,8131,6112,314
Employee cost0.0034.3138.6721.8873.0058.4375.70
EBITDA87.4841.4212615410996.4960.40
EBITDA margin+1.3%+0.9%+2.7%+4.9%+3.7%+5.7%+2.5%
Depreciation5.335.146.104.384.354.2823.50
Interest33.7724.4514.0612.2710.176.4320.20
Profit before tax17290.8114718414998.4260.20
Tax44.7430.6535.8446.3839.0626.0015.70
Net profit12759.8211113711072.4244.50
Net profit margin+1.9%+1.2%+2.4%+4.4%+3.8%+4.2%+1.9%
EPS (₹)2.541.202.2128.9023.24194.40120.27
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital50.0850.0850.0847.5147.513.733.70
Reserves & surplus845732687437320253181
Shareholders' funds (net worth)895782737484368257185
Secured loans834503383286265163157
Unsecured loans0.001.192.120.000.006.0916.70
Total debt834504385286265169174
Total liabilities1,7311,2891,124773634427359
Assets
Gross block67.4262.8362.6452.4747.8546.8766.50
Net block39.0934.7839.2635.0234.7237.8949.20
Capital work in progress0.000.000.000.420.420.420.10
Investments22322072.8872.8872.8851.8634.30
Inventories1,280622163113132127156
Sundry debtors17.93145474299288169127
Cash & bank balances23386.4910866.9639.0250.8738.00
Loans & advances29728621612298.8295.1158.20
Total current assets1,8271,139961601558442379
Total current liabilities582325179130110128130
Net working capital1,245814782471448314249
Total assets1,7311,2891,124773634427359
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash86.4910865.1116.5050.8738.056.00
Net cash from operating activities(140)19.16(142)134(48.18)41.9544.00
Net cash from investing activities(105)(124)(36.46)(86.63)(76.39)(32.84)(29.40)
Net cash from financing activities28283.502210.8990.213.7117.40
Net change in cash36.69(21.48)42.8648.62(34.37)12.8232.00
Closing cash23386.4910866.9639.0250.8738.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+39.2%+4.2%+49.3%+7.0%+71.1%-28.1%-
EBITDA growth+111.2%-67.0%-18.6%+42.1%+12.5%+59.8%-
PBT growth+89.2%-38.0%-20.2%+22.9%+51.8%+63.5%+25.2%
Net income growth+112.5%-46.0%-19.4%+24.4%+52.4%+62.7%-
Revenue CAGR (3Y)+29.4%+18.5%+39.8%+9.6%+2.1%--
EBITDA CAGR (3Y)-16.2%-27.4%+9.2%+36.7%+68.2%--
Profitability & leverage
Net income margin+1.9%+1.2%+2.4%+4.4%+3.8%+4.2%+1.9%
Return on capital employed+13.8%+9.6%+16.9%+27.9%+30.1%+26.7%+25.5%
Return on net worth+15.2%+7.9%+18.1%+32.2%+35.3%+32.8%+27.3%
Debt / equity0.800.590.550.650.690.780.94
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover43.4367.4611.778.199.766.9754.74
Efficiency & per share
Fixed asset turnover103.9477.5081.0562.3161.7030.1240.08
Inventory turnover7.1212.3933.8225.5622.5912.0919.07
Debtors turnover83.3315.7312.0710.6412.7911.5311.04
EPS (₹)2.541.202.2128.9023.24194.40120.27
Dividend per share (₹)0.000.300.303.002.000.000.00
Book value per share (₹)17.8815.6214.72101.9677.39690.23500.27
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Frequently Asked Questions about HMA Group

HMA Group was founded in 2008.

HMA Group is headquartered in Agra, India. It is registered at Agra, Uttar Pradesh, India.

HMA Group has 338 employees.

The primary company behind HMA Group, Hma Agro Industries Limited, reported revenue of ₹7,041 Cr for FY 2026, up 35% year on year.

HMA Group was established in 2008 in Agra, India. Operations center on the food retail sector, where various food items and agro products are handled. Frozen fresh degladed buffalo meat, prepared or frozen natural products, vegetables, and cereals are included among the traded goods. The company maintains a focus on retailing these items within the domestic market.

HMA Group offers Frozen Fish and Rice.

Yes, HMA Group is publicly traded on NSE under the ticker symbol HMAAGRO.

HMA Group operates through Hma Agro Industries Limited.

The legal entities of HMA Group currently have 8 directors, including Gulzar Ahmad, Gulzeb Ahmed, Gaurav Rajendra Luthra and others.

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