Key Financial Performance (Q1 FY27)

Revenue from Operations: ₹1,885 million, representing a decline of 7.1% year-on-year and 13.5% quarter-on-quarter.

EBITDA: ₹210 million, declined 1.2% YoY but improved 20.2% QoQ. EBITDA margin expanded to 11.2% (highest in company's history), representing improvement of 66 basis points YoY and 313 basis points QoQ.

Profit Before Tax: ₹168 million, grew 31.1% YoY and 30.7% QoQ.

Profit After Tax: ₹125 million, grew 31.4% YoY and 31.3% QoQ. PAT margin improved to 6.6%.

Diluted EPS: ₹3.14, increased 19.8% YoY and 32.5% QoQ.

Operational Highlights

Market Position: Overall market share increased by 1 percentage point in packaged wheat-based category. Weighted distribution improved by 0.8 percentage point.

Business Segments: Consumer-facing B2C business declined 4.1% YoY, while B2B declined 17.9% YoY.

Manufacturing Capacity: Total installed capacity of 1,478 MT per day across 8 strategic plants. Capacity utilization at 43.9% for Q1 FY27 (annualized).

Product Portfolio: 256 SKUs across 44 product categories spanning three segments - Carrier (wheat flours), Value-Added (sooji, maida, besan, sattu, dalia), and Emerging (spices, instant mixes, ethnic flours).

Strategic Developments

New Product Launches: Commenced distribution of Soya Chunks. Preparing for wider commercial rollout of ethnic snacks portfolio in Q3 FY27. Planning to launch packaged sweets category in Q3 FY27, both manufactured at Amta unit.

IPO Proceeds Utilization: As of June 30, 2026:

  • ₹600.0 million utilized for prepayment/repayment of borrowings (fully utilized)
  • ₹24.6 million utilized for capital expenditure in Darjeeling unit (₹425.4 million unutilized)
  • ₹107.4 million utilized for general corporate purposes (₹39.7 million unutilized)

Management Commentary

Managing Director Manish Mimani cited challenging operating environment due to extended heatwave, constrained LPG availability, and disruptions from Assembly elections. Margin expansion driven by disciplined procurement during favorable commodity cycle, enhanced product mix, and focused cost-optimization initiatives. Advertising investments increased to 3.1% of revenue.

Financial Position (as of June 30, 2026)

Total Equity: ₹3,830 million (vs ₹3,705 million in Mar'26, ₹2,364 million in Jun'25)

Total Borrowings: ₹59 million (vs ₹83 million in Mar'26, ₹1,985 million in Jun'25)

Cash & Cash Equivalents: ₹232 million (vs ₹725 million in Mar'26, ₹34 million in Jun'25)

Net Debt: Negative ₹172 million (net cash position)

Net Fixed Assets: ₹1,935 million

Net Current Assets: ₹1,688 million

Total Assets: ₹4,519 million

Operational Metrics

Cash Conversion Cycle: 43 days (annualized)

Receivable Days: 6 days

Inventory Days: 53 days

Payable Days: 16 days

ROCE: 12.6% (annualized)

ROE: 11.2% (annualized)

Distribution Network

Reach: 10 million+ households, 3.5 lakh+ general trade outlets

Network: 30 C&F agents, 20 super stockists, 1,000+ distributors

Geographic Presence: Market leader in packaged staples across East India with focus on West Bengal, Jharkhand, Bihar, Odisha, and North-East

Quality Certifications

ISO 14001:2015 (Environmental Management System), FSSAI compliance, ISO 45001:2018 (Occupational Health and Safety Management System)