Key Financial Performance - FY26

  • Revenue from operations: ₹8,714 million, growth of 2.5% YoY
  • EBITDA: ₹856 million, growth of 16.8% YoY
  • EBITDA margin: 9.8%, expanded 121 basis points from 8.6% in FY25
  • Profit before tax: ₹568 million, growth of 18.6% YoY
  • Profit after tax: ₹424 million, growth of 19.6% YoY
  • PAT margin: 4.8%, improved 69 basis points from 4.1% in FY25
  • Diluted EPS: ₹11.04, growth of 13.3% YoY

Key Financial Performance - Q4 FY26

  • Revenue from operations: ₹2,180 million, decline of 0.9% YoY but growth of 3.0% QoQ
  • EBITDA: ₹175 million, growth of 36.6% YoY but decline of 23.5% QoQ
  • EBITDA margin: 8.0%, improved from 5.8% in Q4 FY25 but declined from 10.8% in Q3 FY26
  • Profit before tax: ₹129 million, growth of 106.7% YoY but decline of 20.8% QoQ
  • Profit after tax: ₹95 million, growth of 108.5% YoY but decline of 21.8% QoQ
  • PAT margin: 4.3%, improved from 2.1% in Q4 FY25 but declined from 5.7% in Q3 FY26
  • Diluted EPS: ₹2.37

Balance Sheet Position (as of March 31, 2026)

  • Total equity: ₹3,705 million
  • Total borrowings: ₹83 million
  • Cash & cash equivalents: ₹725 million
  • Net debt: negative ₹643 million (net cash position)
  • Net fixed assets: ₹1,918 million
  • Net current assets: ₹1,121 million
  • Total assets: ₹4,509 million

Financial Ratios

  • ROCE: 17.9% (vs 19.8% in Mar'25)
  • ROE: 14.2% (vs 15.8% in Mar'25)
  • Net fixed asset turnover ratio: 4.8x
  • Cash conversion cycle: 23 days (vs 21 days in Mar'25)
  • Net debt/equity: negative 0.2x
  • Net debt/EBITDA: negative 0.8x

Operational Highlights

  • Total manufacturing capacity: 1,466 MT per day across 7 strategic plants
  • Capacity utilization: 57.4% for FY26 (excluding Hyderabad plant engaged in job work)
  • Product portfolio: 254 SKUs across 43 product categories
  • Distribution network: 32 C&F agents, 18 super stockists, 1,076 distributors
  • General trade outlets: 3.5 lakh+ across India
  • Household reach: 10 million+ households

Business Segment Performance

  • Spices category grew 19% year-on-year
  • E-commerce channel grew 43% YoY, contributing 14% of B2C revenue
  • Cash & carry distribution model with 53.6% of business
  • Three segments: Carrier (wheat flours), Value-Added (sooji, maida, besan, sattu, dalia), and Emerging (spices, instant mixes, ethnic flours)

Dividend Declaration

  • Board recommended final dividend of ₹2.5 per share for FY26 (subject to shareholder approval)
  • Total FY26 dividend: ₹5.00 per share (including ₹2.50 interim dividend already paid)
  • Payout ratio: approximately 48%

Brand and Marketing Initiatives

  • Appointment of Ravindra Jadeja as brand ambassador for Sattu portfolio
  • Maintained 4.5/5 customer satisfaction ratings on Q-Commerce and E-Commerce platforms
  • Market leadership in packaged staples across East India with 8 decades of heritage

IPO Funds Utilization (as of March 31, 2026)

  • Capital expenditure for manufacturing unit in Darjeeling: ₹600.0 million (fully utilized)
  • Prepayment/repayment of borrowings: ₹24.6 million utilized of ₹450.0 million allocated
  • General corporate purposes: ₹77.0 million utilized of ₹147.1 million allocated
  • Total unutilized amount: ₹495.5 million

Management Commentary

Managing Director Manish Mimani stated that FY26 was a defining year as the first full year as a publicly listed company. The company prioritized structural quality of business over short-term volume, with B2C business holding firm despite competitive intensity. The improvement in margins was driven by strategic procurement planning and sharper portfolio mix, viewed as durable levers for continued profitability.

Quality Certifications and Standards

  • ISO 14001:2015 (Environmental Management System)
  • FSSAI compliance
  • ISO 45001:2018 (Occupational Health and Safety Management System)
  • Advanced manufacturing infrastructure with Buhler-designed plants

Forward-looking Statements

The presentation contains forward-looking statements based on certain assumptions of future events, with risks and uncertainties including growth, competition, acquisitions, economic conditions, government regulations, and human resource retention.