This Managements Discussion and Analysis provides an overview of the Companys business, industry environment, operating performance, principal risks, outlook and internal control framework for FY 2025-26.
The fast-moving consumer goods (FMCG) sector is Indias fourth-largest sector and has been expanding at a healthy rate over the years as a result of rising disposable income, a rising youth population and increasing brand awareness among consumers. Household and personal care account for a significant share of FMCG sales in India. The Indian FMCG market continues to benefit from rising consumer aspirations, improving accessibility, changing lifestyles and increasing awareness.
The urban segment remains a major contributor to FMCG revenues; however, semi-urban and rural markets have also demonstrated strong growth, supported by rising incomes and increasing penetration of branded consumer products.
The agriculture and food processing sector continues to be an important pillar of the Indian economy. Growth is being supported by investments in irrigation, warehousing, cold-chain infrastructure, food processing facilities and logistics. Increasing adoption of technology, digital agriculture and modern quality-assurance practices is also contributing to the sectors transformation.
The Government of India continues to support the food processing industry through policy initiatives and schemes aimed at strengthening infrastructure, encouraging investment and promoting value addition
India recorded a historic foodgrain production of 357.73 million metric tonnes (MMT) during 2024-25, representing an increase of approximately 25.43 MMT over the previous year. Production growth was led by higher output of rice, wheat, maize, and coarse cereals, reinforcing Indias position among the worlds leading agricultural producers.
The country also achieved a record horticulture production of 362.08 million tonnes during 2024-25, reflecting the increasing contribution of fruits, vegetables, spices, flowers, and plantation crops to the agricultural economy. Horticulture production has consistently exceeded foodgrain production and remains a key driver of value addition and farmers income enhancement.
Indias agricultural exports have shown sustained growth, increasing from US 34.5billioninFY2019 - 20toUS 34.5 billioninFY 2019 - 20 toUS 51.1 billion in FY 2024-25. The share of processed food products in total agricultural exports has also increased, indicating greater value addition within the sector. During FY 2025-26, agricultural exports further increased to approximately US $ 52.55 billion, reflecting the global competitiveness of Indian agricultural products.
The sector continues to attract domestic and foreign investment due to favorable government policies, expanding food processing infrastructure, and growing demand for agricultural commodities. Significant investments are being made in cold-chain infrastructure, food parks, agri-logistics, warehousing, digital agriculture, and food processing facilities across the country.
The Government of India continues to provide strong policy support through various schemes and budgetary allocations aimed at improving farm productivity, enhancing income security, strengthening agricultural infrastructure, and promoting exports. The Union Budget 2026-27 has further increased allocations for the agriculture sector, with emphasis on climate-resilient agriculture, digital agriculture infrastructure, food processing, oilseed and pulse self-sufficiency, natural farming, and development of value chains.
Major initiatives such as PM-KISAN, PM Formalisation of Micro Food Processing Enterprises (PMFME), Digital Public Infrastructure (DPI) for Agriculture, Agri Infrastructure Fund, crop insurance schemes, food processing incentives, cold-chain expansion, and establishment of food testing laboratories are expected to further strengthen the sectors growth trajectory. As of FY 2025-26, cumulative disbursements under PM-KISAN have exceeded $ 4.27 lakh crore, providing direct income support to farmers across the country.
Indias agriculture and food processing sector is expected to maintain a positive growth trajectory supported by rising domestic consumption, increasing export demand, technological adoption, enhanced infrastructure, government support, and growing participation of private enterprises. The continued shift towards horticulture, food processing, value-added products, and digital agriculture is expected to create significant opportunities across the agricultural value chain in the coming years.
Source: Ministry of Agriculture & Farmers Welfare, Economic Survey 2025-26, APEDA, DPIIIT, Ministry of Commerce & Industry, Union Budget 2026-27, and various Press Information Bureau (PIB) releases of the Government of India.
Indias agricultural exports have shown sustained growth, while the share of processed food products in agricultural exports has increased, reflecting greater value addition. The sector continues to attract investment in cold-chain infrastructure, food parks, agri-logistics, warehousing, digital agriculture and food processing.
Government initiatives including PM-KISAN, PM Formalisation of Micro Food Processing Enterprises (PMFME), Digital Public Infrastructure for Agriculture, the Agri Infrastructure Fund, crop insurance schemes and food-processing initiatives are expected to further strengthen the sectors growth trajectory.
he Company was originally incorporated as a Private Limited Company under the name Sharda Edible Products Private Limited on February 19, 2009 under the Companies Act, 1956. The name was subsequently changed to Abram Food Private Limited and the Company was converted into a Public Limited Company with effect from July 10, 2024, following the applicable procedural compliance under the Companies Act, 2013 and the rules made thereunder.
The Company is an ISO 9001:2015, ISO 45001:2018, ISO 22000:2018, ISO 14001:2015 and FSSAIcertified FMCG company with over sixteen years of experience in the FMCG sector. It is engaged in the manufacturing and trading of Chana, Kabuli Chana, Moong, Flour (Chakki Fresh Atta), Besan, Multi Grain Atta, Maida, Sooji, Spices, Edible Oils, Chana Churi and Cattle Feed.
The Company markets its products in Rajasthan, Uttar Pradesh, Delhi/NCR & Haryana under the brand name Kherliwala through its distributor network. Products are processed with utmost care without using artificial preservatives or chemicals. Quality remains a key focus across procurement, processing and packaging.
Quality focusQuality is of paramount importance to the Company. The Company gives quality the utmost priority at all stages of production and continuously endeavours to maintain and exceed customer expectations
During FY 2025-26, the Company earned a Profit After Tax of ? 235.06 lakh as compared with ? 325.55 lakh in the previous year. The Company will continue to pursue expansion in the domestic market with the objective of achieving sustained and profitable growth.
The Companys business and financial performance may be affected by various internal and external factors. Key risks and concerns include:
Any adverse changes in central or state Government policies; Any qualifications or other observations made by the statutory auditors which may affect results of operations; Loss of one or more key customers and/or suppliers; Increase in productivity and overall efficiency of competitors; Ability to maintain and enhance the Companys brand image; Reliance on third-party suppliers for raw materials; General economic and business conditions in the markets in which the Company operates; Changes in technology and the ability to manage disruption or failure of technology systems; Changes in political and social conditions, monetary and interest-rate policies, inflation and other economic factors;
Performance of financial markets in India and globally; Natural disasters or calamities affecting areas of operations; Market fluctuations and industry dynamics beyond the Companys control; Ability to compete effectively, particularly in new markets and businesses; Changes in foreign exchange rates or other rates or prices; Inability to collect dues and receivables from customers; Changes in domestic and foreign laws, regulations and taxes; Termination of customer contracts without cause or with limited notice; Inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals.
The Company intends to pursue sustained growth by strengthening its domestic market presence and improving operational efficiency. Technology-driven and integrated supply chains can support reduction in inventory and costs, product value enhancement, wider market reach and improved customer retention.
The continuing development of agricultural infrastructure, food processing, cold storage, food parks and digital agriculture is expected to create opportunities across the agricultural value chain. The Company will continue to monitor these developments and evaluate opportunities aligned with its business capabilities.
A Stakeholders Relationship Committee has been constituted to review statutory compliances and matters relating to security holders, dividend payments and the performance of the Registrar and Transfer Agent.
No complaints were raised or received from any shareholders during the year.
The summary of key financial metrics and ratios, as applicable, has been disclosed in the Financial Statements, which should be read together with the Notes annexed thereto and forming an integral part thereof.
Statements regarding expected financial condition, results of operations, business objectives, strategies, plans, goals and prospects constitute forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied.
Important factors that could cause actual results to differ include general economic and business conditions; competition; delays or defaults in customer payments; political or regulatory changes; market demand and supply; compliance with applicable regulations; changes in Government policies; concentration of ownership; financial market performance; and natural or man-made disasters.
The Companys internal control system is continuously monitored and updated to safeguard assets, ensure compliance with established regulations and address identified issues promptly. The Audit Committee reviews matters relating to internal controls and audit observations.
The Company maintains dialogue with its Auditors viz Statutory as well Internal Auditors to monitor the effectiveness of the internal control framework and to take corrective action wherever considered necessary.
The Company believes that the quality and capability of its employees are key contributors to its success and remains committed to developing employee skills and enabling the workforce to adapt to technological and business developments.
The Companys employee strength stood at 16 as on 31st March 2026, as stated in the source document.
The Company has adopted an integrated approach to risk management under which material risks are identified, assessed and mitigated with a view to supporting long-term sustainability. Well-defined policies, standard operating procedures and controls are maintained to minimize and mitigate identified risks. Risk-management responsibilities are assigned across the Board of Directors and the Audit Committee.
Source references appearing in the source material include IBEF, Ministry of Agriculture & Farmers Welfare, Economic Survey 2025-26, APEDA, DPIIIT, Ministry of Commerce & Industry, Union Budget 2026-27 and PIB releases.
| For and on behalf of the Board Abram Food Limited | |
| Brij Bhushan | Mona Singhal |
| Managing Director | Director |
| DIN:01934853 | DIN:07457919 |
| Address: Plot No. 11, Flat No. 502 | Address: Plot No. 11, |
| Motidungri Excellency, | Flat No. 502 |
| Alwar, Rajasthan | Motidungri Excellency, Alwar |
| India, 301001 | Rajasthan, India 301001 |
| Date: 29/08/2026 | |
| Place: New Delhi |
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