Nakoda Group of Industries Limited, established in 1989 and headquartered in Nagpur, is a seasoned manufacturer and exporter in the food processing sector. With over three decades of experience, the company began as a proprietary firm and has evolved significantly, completing its IPO on the BSE SME platform in 2018 and migrating to the NSE & BSE main boards in 2021. Its core business revolves around a diverse portfolio of food and value-added products, including its flagship Tutti Frutti (Diced Chelory), candied and processed fruits like Amla, jams, fruit pulps, and an extensive range of dry fruits, roasted nuts, and edible seeds. The company also produces inverted sugar syrup, catering to a wide array of industries.

Nakoda has built a formidable presence both domestically and internationally. It serves 23 states across India and has an export footprint in 15 countries, primarily in the Middle East and Europe, with domestic and export revenues split at a 60:40 ratio. The company supplies its products to major B2B clients in the ice cream, bakery, confectionery, catering, defense, and pharmaceutical sectors, boasting an impressive client list that includes industry leaders such as Haldiram’s, Parle, Britannia, ITC, Amul, and Hindustan Unilever. Recently, the company has made a strategic pivot by launching its own FMCG brand, "NO CTRL" energy drinks, signaling a move from its traditional agro-based operations into the high-growth direct-to-consumer beverage market. This expansion is supported by a scalable, system-driven business model and a state-of-the-art manufacturing facility in Nagpur.

Official Website: http://www.nakodas.com/

• Recent Performance (Q2 & H1 FY26)

• Revenue Growth: The company demonstrated a strong operational turnaround. Q2 FY26 revenue from operations grew by 57.6% year-over-year to ₹14.79 crore from ₹9.38 crore in Q2 FY25. For the first half (H1 FY26), revenue increased by 20.3% to ₹21.71 crore.

• Profitability Turnaround: There was a significant shift to profitability. EBITDA for Q2 FY26 was positive at ₹1.03 crore, a stark contrast to the loss of ₹0.17 crore in Q2 FY25. Similarly, Profit After Tax (PAT) for Q2 FY26 stood at ₹0.25 crore, reversing a loss of ₹0.64 crore in the prior year's quarter.

• H1 FY26 Performance: For the first half of the fiscal year, EBITDA was ₹1.87 crore against a loss of ₹0.28 crore in H1 FY25. PAT for H1 FY26 was ₹0.41 crore, compared to a loss of ₹1.20 crore in H1 FY25.

• Annual Performance (FY25 vs. FY24)

• Income Statement: In FY25, the company reported total income of ₹46.27 crore, a slight decline from ₹47.13 crore in FY24. The company posted a net loss of ₹3.64 crore in FY25, which was wider than the net loss of ₹2.12 crore in FY24, indicating that the recent positive quarterly performance is a significant reversal of the prior year's trend.

• EBITDA: EBITDA was negative at ₹1.98 crore in FY25, a deterioration from the positive ₹0.40 crore reported in FY24.

• Balance Sheet Health

• Debt Reduction: The company has actively reduced its long-term borrowings from ₹1.03 crore as of the end of FY25 to ₹0.63 crore.

• Improved Liquidity: Cash and cash equivalents have more than doubled, increasing from ₹0.43 crore to ₹0.91 crore, strengthening the company's liquidity position.

• Net Worth: Net worth has improved from ₹19.36 crore in FY24 to ₹27.89 crore in FY25, indicating an increase in the book value of the company.

• Cash Flow (FY25)

• Operating Activities: Net cash used from operating activities was ₹1.42 crore in FY25, compared to net cash generated of ₹0.29 crore in FY24, reflecting the operational challenges faced during that fiscal year.

The company has demonstrated a substantial financial turnaround in the first half of FY26, reversing previous losses with strong revenue growth and a return to positive EBITDA and net profit. This recovery is supported by a healthier balance sheet with reduced debt and increased cash reserves.

• Marquee Client Base

• The company has established long-standing relationships and serves as a supplier to some of the largest and most recognized names in the Indian food industry, including Haldiram’s, Parle, Britannia, ITC, Amul, Hindustan Unilever, Vadilal, and Havmor. This client base provides a stable revenue stream and validates the company's product quality.

• Experienced Promoters

• The leadership team possesses deep industry expertise. The Managing Director, Mr. Pravin Choudhary, has over 30 years of experience in the food processing and agricultural trade sector, providing strategic vision and operational knowledge.

• Established Export Operations

• With an export history dating back to 1998, the company has a well-established international presence, particularly in the Middle East and Europe. This geographic diversification reduces dependence on the domestic market.

• Scalable and Integrated Model

• The business operates on a system-driven model that integrates advanced technology and strong marketing efforts. This framework is designed to be scalable and cost-effective, allowing for efficient expansion.

Nakoda's competitive edge is built on its high-quality client roster, deep promoter experience, and an established, scalable business model with a significant export focus.

• Indian Food Processing Sector

• The sector is on a high-growth trajectory, projected to expand from a market size of US$ 866 billion in 2022 to US$ 1,100 billion by 2035.

• It contributes significantly to the national economy, accounting for 32% of India's total food market, 13% of its exports, and 6% of industrial investment.

• The industry grew at an average annual rate of 7.3% between 2015 and 2022.

• Government Support

• The sector is supported by favorable government initiatives, including the Production Linked Incentive (PLI) Scheme for Food Processing (2021–27), which has a budget of US$ 1.3 billion.

• Export Market for Processed Foods

• India's export of processed fruits and vegetables stood at US$ 1,094 million in the first seven months of FY25.

• Major export destinations for Indian processed food products include the USA, UAE, Canada, Bangladesh, and Nepal, which are key markets for Nakoda.

The company operates within India's rapidly growing food processing industry, which is supported by strong domestic demand, increasing exports, and favorable government policies.

• New Product and Market Diversification

• The launch of the "NO CTRL" energy drink brand marks a strategic entry into the high-growth FMCG beverages segment. This diversifies the company's revenue stream away from its traditional agro-based products.

• Channel Expansion

• The company is expanding its distribution into B2C channels, including e-commerce and quick-commerce platforms like Blinkit. This move enhances direct consumer access and brand visibility, complementing its established B2B network.

• Geographic Penetration

• A core strategy is to expand product reach in under-penetrated domestic regions by appointing new distributors and strengthening the sales network.

• Operational Efficiency

• The company aims to drive growth by improving operational efficiencies through investment in automation and modern technology, which is expected to reduce costs and improve margins.

Growth is being driven by a strategic pivot into the B2C beverage market, expansion of distribution channels, and a focus on improving operational efficiencies to enhance profitability.

• Entry into FMCG Beverage Market

• The launch of "NO CTRL" provides a significant opportunity to capture market share in the rapidly growing consumer beverage sector. The strong initial market response indicates high potential.

• Leveraging E-commerce and Quick-Commerce

• By establishing a presence on platforms like Blinkit, the company can tap into the rising trend of online grocery and convenience shopping, reaching a wider and more urban consumer base.

The primary opportunity lies in the strategic shift into the direct-to-consumer beverage market, leveraging modern retail channels to build a new high-growth business vertical.

• Installed vs. Utilized Capacity

• The company's manufacturing facility has an installed capacity for raw papaya processing of 100 Metric Tons (MT) per day.

• Current capacity utilization is between 8 to 10 MT per day.

• The capacity for finished goods production is 20 MT per day.

• Operating Leverage

• The current utilization rate of 8-10% is very low, indicating that the company has substantial spare capacity. This allows for significant production growth to meet rising demand without the need for major capital expenditure in the near term.

• Capital Work in Progress

• The balance sheet for FY25 shows a minor amount of ₹24.30 lakh in Capital Work in Progress, suggesting minimal ongoing capex.

The company's low capacity utilization provides significant operating leverage, enabling it to scale production substantially to meet demand from new and existing businesses without immediate, large-scale capex.

• Expand Product Reach

• The primary focus is on deepening market penetration by appointing additional distributors and expanding the sales network into new geographies.

• Strengthen Marketing Capabilities

• The company plans to implement targeted promotional strategies for both domestic and international markets to increase product visibility and drive sales.

• Improve Operational Efficiencies

• A key objective is to invest in automation and technology to enhance product quality, reduce production costs, and achieve economies of scale, thereby improving margins.

The company's future plans are centered on a three-pronged strategy of expanding its distribution network, enhancing marketing efforts, and improving operational efficiency through technology.

• Significant Margin Expansion

• EBITDA margin for Q2 FY26 improved dramatically to 6.99% from -1.87% in Q2 FY25. For H1 FY26, the EBITDA margin was 8.61%, compared to -1.57% in H1 FY25.

• PAT margin also turned positive, reaching 1.70% in Q2 FY26 from -6.82% in the corresponding quarter of the previous year.

• Drivers of Improvement

• The presentation attributes the margin recovery to better cost management and improved operational efficiencies, which have been key focus areas.

• Historical Context

• The recent margin improvement is a significant turnaround from FY25, when the company reported a negative PAT margin of approximately -8%.

The company has achieved a sharp and positive turnaround in its profitability margins in H1 FY26, driven by improved cost controls and operational efficiencies.

• Forward-Looking Statements

• The company's business prospects and strategic outlook are based on current expectations and are subject to significant risks and uncertainties that could cause actual results to differ materially.

• Macroeconomic and Market Risks

• Performance is susceptible to economic conditions in India and internationally, as well as shifts in industry trends and competitive dynamics.

• Execution and Operational Risks

• The ability to successfully execute business strategies, revenue variability, market acceptance of new products, and technological developments pose operational risks.

• Regulatory Risks

• The business is subject to regulatory changes that could impact operations and profitability.

The company faces general market, economic, and execution-related risks typical for its industry, which could impact its ability to achieve its forward-looking targets.

• New Product Launch: "NO CTRL"

• On October 24, 2025, the company launched its FMCG energy drink brand "NO CTRL."

• The initial launch includes four flavors: Kiwi & Lime, Pineapple & Coconut, Mango & Peach, and Mix Ginger Ale.

• Shareholding Pattern

• As of September 30, 2025, the promoters hold a majority stake of 56.40% in the company, with the public holding the remaining 43.60%.

• Capital Market Information

• The company's shares are listed on the BSE (Scrip Code: 541418) and NSE (Scrip Code: NGIL).

• As of November 14, 2025, the market capitalization was ₹50.60 crore.

The most significant recent update is the company's strategic entry into the consumer beverage market with the launch of its "NO CTRL" energy drink brand.