Financial Performance Highlights

  • Total Income: ₹310.24 crores in Q1 FY27, representing 69.35% year-on-year growth from ₹183.19 crores in Q1 FY26
  • EBITDA: ₹19.68 crores, up 23.92% YoY from ₹15.88 crores in the corresponding quarter last year
  • Profit After Tax: ₹9.52 crores, increased by 37.43% YoY
  • Earnings Per Share: ₹2.85 for the quarter
  • EBITDA Margin: 6.3% in Q1 FY27 (declined by 133 basis points due to mix of manufacturing, export, and commodity-linked business with higher raw material intensity)

Operational and Business Updates

Retail Expansion:

  • Added new stores at Rasayani and Babgaon during Q1
  • Opened 53rd retail store at Uran in Raigad after quarter close
  • Current store count: 53 stores
  • Average monthly sales per store: ₹80-90 lakhs
  • Sales per square foot: ₹5,000-6,000 (Q1), with mature stores achieving ₹20,000 per square foot
  • Payback period for new stores: 24 months to recover entire capex and inventory rotation

Private Label Expansion:

  • Expanded flagship brand 'Indian Chaska' into Madhya Pradesh in August 2026
  • Current presence: 8 states and 1 union territory
  • Current revenue from Madhya Pradesh: ₹10-12 lakhs per month
  • Private label contribution: 17.55% to retail sales, 37% to export sales, 45% to domestic sales
  • Apparel and fashion products contribution: 8-9% of retail sales with 15-20 day inventory holding period

Business Segment Breakdown:

  • Export business: 40% of total revenue, contributing 35-40% to bottom line
  • Retail sales: ₹101 crores in Q1 FY27
  • Online sales: ~₹50 lakhs in Q1 with 50,000+ app downloads
  • Product wastage: Less than 0.1% in retail business

Capacity and Utilization

  • Processing facilities current utilization: 50-55%
  • Target utilization by end FY27/FY28: 80-82%

Forward Guidance and Targets

  • EBITDA margin target: 8-9% for coming quarters (expecting improvement from Q1's 6.3%)
  • Store expansion target: 8-10 new stores in FY27
  • Expected revenue from new stores: ~₹1 crore per month per store
  • Positive operating cash flow expected by H1 FY27
  • Planning to introduce whole spices category in current quarter and 2-3 more categories next quarter

Strategic Initiatives

  • Focus on cluster-based expansion strategy
  • Exploring partnerships with quick commerce platforms (Blinkit, Zepto) for private label products
  • Planning above-the-line and below-the-line marketing activities for brand building
  • Targeting Western suburbs and Pune/PCMC regions for future expansion
  • Working on technology improvements for faster delivery (20-30 minute target)

Management Commentary

Management expressed confidence in growth opportunities, expecting newly opened stores to mature over time and contribute increasingly to overall sales while improving operating leverage across the retail network. The company remains focused on disciplined expansion, strengthening consumer franchise, and building a larger, more efficient, and increasingly profitable retail and food processing platform.