Corporate Performance     

Published: December 15, 2025
Updated: December 15, 2025

End-to-end supplier of fruits & veggies

Established in 2007 by first-generation entrepreneurs and headquartered in Ahmedabad, Prime Fresh Limited (PFL) is a fully integrated agri-value chain company and one of the leading players specialising in the post-harvest supply chain management of fruits and vegetables. Listed on BSE, the company has built a strong reputation in the domestic market by focusing on end-to-end post-harvest supply chain solutions. It offers comprehensive thirdparty logistics (3PL) and warehousing services, catering to various sectors and serving some of the country’s largest national retailers. It continues to strengthen its position in the fruits and vegetables (F&V) supply chain space through strategic and operational excellence, bringing its total network to more than 1,20,000 farmers across 18 states.

As Prime Fresh continues to build its network, it has positioned itself as the preferred buyer at the grassroots level. A well-managed omni channel sales strategy backed by strong distribution capabilities, a robust business model, a diversified portfolio from backward to forward integration, a decentralised approach, and a large farmers’ base across multiple states and districts in India are some of PFL’s core strengths, seen in very few organised players in the field.

During the second quarter ended September, the revenue stood at Rs 664 million, a 35% YoY increase from Rs 490 million. EBITDA (excluding Other Income) rose 14% YoY to Rs 39 million, up from Rs 34 million in Q2FY25. This improvement flowed through to the bottomline as well, with PAT increasing 11% YoY to Rs 31 million compared to Rs 28 million in the same quarter last year. The increase in volume to 16,244 tonnes translating into a YoY rise of 96% is quite impressive.

In H1FY26, with revenue rising by 22% YoY to Rs 1,198 million from Rs 980 million in H1FY25, highlighting the continued strength of its core business, EBITDA (excluding Other Income) grew 15% YoY to Rs 79 million, up from Rs 68 million, whereas PAT rose by 7% YoY to Rs 59 million from Rs 55 million during the same period last year.

BEATING ODDS

Commenting on the results, Hiren Ghelani, founder and whole-time director of the company, said, “Our focus on strengthening backward integration and improving supply-chain precision continued to yield results despite huge, unfavourable climatic challenges. Overall capacity utilisation improved, cold-chain efficiencies enhanced routing performance, and throughput across major procurement clusters remained robust. These operational gains, along with disciplined cost management, helped to maintain stable realizations and supported margin resilience during one of the most difficult quarters in the last 5 years. During H1FY26, the company made substantial progress in advancing its long-term growth roadmap. The development of our Peri-Urban Vegetable Cluster in Nashik moved forward meaningfully, supported by preliminary approvals received from the National Horticulture Board (EOI was approved). These initiatives are expected to significantly enhance our sourcing depth, farmer coverage, processing capabilities, and value-added offerings over the coming years.”

He added, “From our balance sheet’s perspective, we have already initiated measures to improve collection cycles and optimise inventory turns, which are expected to reflect progressively in the coming quarters. We also welcome the reaffirmation of our CRISIL BBB/ Stable credit rating that exemplifies our financial flexibility and strengths, and supports our planned expansion initiatives. Going forward, we expect growth to be driven by stronger performance in key fruit and vegetable categories, improved seasonal availability, and expanding institutional and export demand. As a result, PFL is well-positioned to deliver sustainable growth through the remainder of FY26 and beyond. However, we are seeing a very challenging climatic environment impacting our growth rate during H2 of FY2026. PFL is putting special efforts and adding new geographies, products and sales partners to counter these challenges.”