Stock Price Movement and Market Context
On 2 Feb 2026, HMA Agro Industries Ltd’s stock price fell by 1.84%, underperforming the Sensex which recorded a marginal gain of 0.05%. This decline extended a two-day losing streak, with the stock delivering a cumulative negative return of 2.68% over this period. The stock also underperformed its sector by 0.63% on the day.
The current price of Rs.24.77 represents both a new 52-week low and an all-time low for the company. The stock is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, signalling sustained bearish momentum.
Comparative Performance Analysis
HMA Agro Industries Ltd’s performance over various time frames has lagged considerably behind benchmark indices. Over the past one year, the stock has declined by 37.41%, while the Sensex has appreciated by 4.20%. Year-to-date returns stand at -13.84%, compared to the Sensex’s -5.23%. The stock’s one-month and three-month returns are -15.27% and -20.62% respectively, both significantly worse than the Sensex’s corresponding declines of -5.83% and -3.79%.
Longer-term performance also reflects stagnation, with zero returns recorded over three, five, and ten-year periods, contrasting sharply with the Sensex’s gains of 34.75%, 62.18%, and 229.11% respectively.
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Financial Health and Fundamental Metrics
HMA Agro Industries Ltd’s financial fundamentals have been under pressure, contributing to its subdued market performance. The company’s long-term operating profit growth has contracted at a compound annual growth rate (CAGR) of -11.50% over the last five years, indicating a decline in core profitability.
Debt servicing capacity remains constrained, with a Debt to EBITDA ratio of 3.53 times, reflecting elevated leverage relative to earnings before interest, tax, depreciation, and amortisation. This level of indebtedness may limit financial flexibility.
The company’s average Return on Capital Employed (ROCE) stands at 7.28%, a modest figure that suggests limited profitability generated per unit of total capital employed, encompassing both equity and debt.
Market Perception and Institutional Holding
Despite its size within the FMCG sector, HMA Agro Industries Ltd holds no stake from domestic mutual funds. Given that such funds typically conduct thorough research and maintain selective exposure, their absence may reflect reservations about the company’s valuation or business prospects at current levels.
Recent Quarterly Financial Highlights
Contrasting with the broader downtrend, the company reported a substantial increase in net profit of 14,865% in the quarter ending September 2025. Profit Before Tax excluding Other Income (PBT LESS OI) reached Rs.80.91 crore, growing by 747.9% compared to the previous four-quarter average.
Net sales for the quarter stood at Rs.2,155.34 crore, a 55.5% increase relative to the prior four-quarter average, while Profit Before Depreciation, Interest and Tax (PBDIT) hit a quarterly high of Rs.95.46 crore.
These figures indicate pockets of operational strength despite the overall challenging environment.
Valuation and Relative Attractiveness
The company’s ROCE of 7.9% combined with an Enterprise Value to Capital Employed ratio of 1.3 suggests a valuation that is attractive relative to its capital base. The stock is trading at a discount compared to the average historical valuations of its peers in the FMCG sector.
Over the past year, while the stock price has declined by 37.41%, profits have increased by 23.7%, resulting in a Price/Earnings to Growth (PEG) ratio of 0.4, which may indicate undervaluation from a growth perspective.
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Mojo Score and Rating Update
HMA Agro Industries Ltd currently holds a Mojo Score of 37.0, with a Mojo Grade of Sell as of 17 Nov 2025. This represents an upgrade from a previous Strong Sell rating, reflecting some improvement in the company’s outlook or market perception, though the overall assessment remains cautious.
The company’s Market Cap Grade is rated at 3, indicating a relatively modest market capitalisation within its sector.
Summary of Performance and Outlook
In summary, HMA Agro Industries Ltd’s stock has reached an unprecedented low point, underscored by sustained underperformance relative to major indices and sector benchmarks. While recent quarterly results show notable profit growth and sales expansion, the broader financial indicators and market metrics highlight ongoing pressures on profitability and valuation.
The stock’s trading below all major moving averages and its absence from domestic mutual fund portfolios further illustrate the challenges faced by the company in the current market environment.
Conclusion
The all-time low price of Rs.24.77 marks a significant moment for HMA Agro Industries Ltd, reflecting a complex interplay of financial performance, market sentiment, and valuation dynamics. The company’s recent financial results provide some positive data points, yet the overall trend remains subdued when viewed through the lens of long-term returns and capital efficiency.
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