Bakshi Finance — Family Office
The information presented on this site is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice. The firm operates as a Family Office serving qualified investors. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. This site does not participate in the investment decision.

Baladi Agro Industries Ltd.

Baladi Agro Ltd. | TASE | Food Distribution

Data as of: April 2026 | Primary source: 2025 Annual Report

BLDI
Research Depth · Standard Israeli Food · Distribution
Market Cap
₪2.4B
Annual total return +152%
Revenue 2025
₪1,510M
+22.5% Y/Y
EBITDA
₪206M
13.6% margin
Net Income
₪127M
8.4% margin / +30%
Operating Cash Flow
₪193M
from (NIS 19M) in 2024
ROE
~26%
Equity 49% of balance sheet
1 Company Profile

Baladi Agro Industries (BLDI) is a leading Israeli food company in the Arab-sector market, traded on the Tel Aviv Stock Exchange. The company specialises in the import, production and distribution of food products to retail chains, neighbourhood stores and restaurants, operating an automated logistics centre in Timurim. Baladi delivered a +152% total return in 2025 — a dramatic improvement in operating cash flow (from -NIS 19M to NIS 193M). 2025 revenue: NIS 1.51B (+22.5%). EBITDA margin 13.6%. Market capitalisation: NIS 2.4B. Key observation: ROE of 26% with equity representing 49% of the balance sheet — a strong balance sheet alongside high profitability.

ActivityFeature
Food-product importsStaple goods and raw materials
Retail distributionShufersal, Rami Levy, Tiv Tam
הפצה למגזר ערבינישת ייחוד
מרלו"ג אוטומטיתימורים — יעילות לוגיסטית

Source: 2025 Annual Report

2 Key Financial Observations

This summary is not a recommendation. It is a factual list of key financial metrics.

ביצועים 2025

MetricValue
Revenue₪1,510M
EBITDA₪206M
Net Income₪127M
Operating Cash Flow₪193M
Shareholders’ Equity₪493M

מדדים נוספים

MetricValue
P/E19x
EV/EBITDA~12.8x
דיבידנד1.7%
עובדים329

Missing data: פילוח Customers, אחוז מכירות מגזר ערבי vs כללי, חשיפה לחומרי גלם.

מדדים פיננסיים
פילוח פעילות
שולי רווח
רווחיות
מגמה
מדד נוסף
3 Industry & Competitive Context

מזון ישראלי / הפצה. תחרותי. בלדי ייחודית במגזר הערבי. מתחרים: שטראוס, אסם, חברות ייבוא.

מתחרהטיקרהבדל
שטראוסSTRSענקית מזון ישראלית
אסם / Nestle—מתחרה ביבוא
נטו מ.ע.NTCHחברת אחזקות מזון
שופרסל Private Label—תחרות מרשתות
4 Risk Factors
סיכוןהקשר
תלות במחירי תשומותיבוא — חשוף לדולר וסחורות
תחרות מרשתותprivate label שוחק שולי רווח
שינוי דמוגרפיתלות במגזר ערבי
Gross Margin דקייםהפצת מזון = שולי רווח דקיים בסיס
5 Analytical Lens — The Questions We Ask
In professional company analysis, the question is not "is this good?" but rather "through which lenses must this company be examined so that we do not miss what matters most?" At Bakshi Finance, every analysis passes through six lenses.

This framework is intended to structure analysis, not to produce an investment conclusion.
Growth
+22.5% — sustainable or one-off?
Profitability
EBITDA 13.6% — strong for food. The trend?
Leverage
Equity 49% — Balance Sheet חזק
Competitive Position
Against Strauss + private label.
Management Quality
Dramatic 2025 improvement — sustainable?
Business Complexity
Import + distribution + a unique segment.
These are the questions. The specific answers for לבלדי אגרו-תעשיות are woven throughout the analysis and discussed in depth under "How to Think About This Company".
The same six questions are asked of every company on the site — what varies is the answers, not the instrument.
6 Scenario Framework
Scenarios are descriptive, not predictive. They outline possible conditions, not expected outcomes.
These scenarios carry no probability assessment, no preferred direction, and no expectation regarding which, if any, will materialise.
Constructive Scenario — if the following conditions hold:

Market-share gains in the Arab-sector market, expansion into new retail chains, EBITDA margin maintained above 13%.

Base Scenario — if current trends continue:

Revenue grows 8-12%, EBITDA margin 12-14%, net income grows gradually.

Adverse Scenario — if the following risks materialise:

Private-label competition pressures pricing, input costs rise, sector weakness.

Scenarios describe conditions, not forecasts. There is no preferred direction and no probability assessment expressed in this framework.
7 How to Think About This Company
Baladi is an Israeli food company with a distinctive niche in the Arab-sector market. The idea behind analysing Baladi is not "is this a good business" (yes — material improvement), but rather "is the 2025 jump (cash flow from negative to positive, +152% total return) the result of structural improvement or special circumstances?"
The critical variables: (a) EBITDA margin — is 13.6% sustainable? (b) revenue-growth pace — will 20%+ continue? (c) commodity exposure — USD, wheat, oil.
Where the analysis may go wrong: First error — assuming the 152% total return repeats (it is an anomaly). Second error — ignoring private-label competition from retail chains. Third error — valuing on 26% ROE without understanding the source.
Professional analysis addresses three things: (a) decomposing the cash-flow improvement; (b) customer diversification; (c) raw-material sensitivity.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
The difference between surface-level analysis and professional thinking often lies in the variables that are not immediately visible.
8 Sources & Data
#SourceDateType
1בלדי — דוח Annual 2025March 2026Official — TASE
2maya.tase.co.ilApril 2026Official — Stock Exchange

Missing: פילוח Customers, אחוז מכירות מגזר ערבי vs כללי, חשיפה לחומרי גלם.

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Bakshi Finance | Family Office | All rights reserved 2026

Disclosure: The information presented in this document is provided for informational and educational purposes only. It does not constitute investment advice, investment marketing, or a substitute for personalised advice tailored to the client. The firm operates as a Family Office serving qualified investors only. The firm’s founder held a licensed investment-advisory practice from 2008 through 2023. Past performance is not indicative of future results. This site does not participate in the investment decision. This framework is intended to structure analysis, not to produce an investment conclusion.