MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS
You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in this Red Herring Prospectus. You should also read the section entitled "Risk Factors" beginning on page 23, which discusses several factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and is based on our restated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year ("Fiscal Year" or "FY") are to the twelve-month period ended March 31 of that year.
The financial statements have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI (ICDR) Regulations and restated which is included in this Red Herring Prospectus under the section titled "Restated Financial Information" beginning on page 287. The restated financial statements have been prepared on a basis that difference in certain material respects from generally accepted accounting principles in other jurisdictions, including US GAAP and IFRS. We do not provide a reconciliation of our restated financial statements to US GAAP or IFRS and we have not otherwise quantified or identified the impact of the differences between Indian GAAP and U.S. GAAP or IFRS as applied to our restated financial statements.
This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors such as those described under "Risk Factors" and "Forward Looking Statements" beginning on pages 23 and 21 respectively, and elsewhere in this Red Herring Prospectus. Accordingly, the degree to which the financial statements in this Red Herring Prospectus will provide meaningful information depend entirely on such potential investors level offamiliarity with Indian accounting practices. Please also refer to section titled "Certain Conventions, Presentation of Financial, Industry and Market data" beginning on page 19 of this Red Herring Prospectus.
BUSINESS OVERVIEW
Our Company, headquartered in Bikaner, Rajasthan, is an ISO 22000:2018 certified enterprise engaged in the inhouse manufacturing of:
• Hand-Made Papads,
• Machine-Made Papads,
• Rice Papads (Khichiya),
• Vrat Special Papads, and
• Moongodi.
In addition to in-house manufacturing, we also undertake white label manufacturing of Handmade Papads for clients, wherein products are produced by the Company and marketed by clients under their respective brand names and packaging, tailored to their target market. This combination of in-house and white label manufacturing enables the Company to leverage its production, optimize capacity utilization, diversify revenue streams and maintain consistent demand. At the same time, clients benefit by expanding their product portfolio without investing in manufacturing infrastructure, strengthening brand presence and ensuring product quality and reliability. Furthermore, the Company is engaged in the trading of Cereal Pellets where these products are sourced and traded by the Company under its own brand, complementing its manufacturing operations and providing an additional revenue stream.
While handmade papads continue to represent a significant share of our revenue, we have invested in machine-based production to enhance scalability, consistency, and hygiene standards. Our facilities are equipped with semiautomated and automated machinery for dough preparation, sheeting, rolling, cutting, drying and packaging. The combination of traditional and mechanized methods enables us to balance scale with heritage-based production.
At the heart of our identity lies a diverse portfolio of brands-"Zhakaas", "Vishaf, "Rozana", "Diamond", and "Papadmalji" - each crafted to cater to the delicious tastes and lifestyles of our consumers. "Zhakaas" brings variety with rice papads (khichiya), vrat special papads, ready-to-fry options, cereal pellets, and Moongodi, reaching households through General Trade, Modern Trade channels, Q-commerce platform and Merchant Exporter. "Vishal", steeped in tradition, offers hand-made papads that capture the authentic flavors and time-honoured recipes cherished by families, distributed through General Trade and Merchant Exporter. For everyday convenience, "Rozana" delivers machine-made papads with consistent crispiness, available across Modern Trade and Q-commerce. "Diamond" continues our journey of authenticity with hand-made papads, reaching select General Trade customers outside Vishals footprint. Further, "Papadmalji" stands as our flagship Direct-to-Consumer brand, offering hand-made papads that embody authenticity, heritage, and the timeless joy of crispy indulgence distributed exclusively through our own platform. Together, these brands ensure that every consumer finds the perfect papad for their moments, from everyday meals to festive celebrations.
Our products are sold through a multi-channel distribution network that spans general trade supported by distributors and wholesalers, modern trade channels and quick commerce platform - all through formal purchase order arrangement with renowned brand owners, as well as our direct-to-consumer website. The transactions with modern trade channels and quick commerce platform are conducted on a Purchase Order (PO) basis. In addition, we sell products in selected Middle Eastern countries through a merchant exporter, and transactions with the merchant exporter is also conducted on a Purchase Order (PO) basis. The diversified channel mix enables us to reach a broad base of customers across multiple regions.
Our Company name and its history:
Our journey began in 2012 with a small retail venture, "Vishal Namkeen Bhandar", a sole proprietorship firm located in Rani Bazar, Bikaner, Rajasthan. It was founded by Mr. Jai Agarwal with a commitment to manufacture and sell handmade papads and focus on maintaining product quality and traditional methods of preparation. The business grew steadily, introducing a variety of new papad offerings and continually introducing diverse flavors to meet evolving consumer preferences, all while staying true to the rich tradition of papad-making. The operations of the proprietorship business formed the foundation for the present business of Papadmalji Agro Foods Limited, which continues to be engaged in the production and marketing of papads across India.
Papad is more than just a food item in Indian homes - it is a symbol of togetherness, tradition, and celebration. It holds a special place in religious ceremonies, festivals, and traditional feasts, forming a silent yet essential part of countless cherished memories. Yet, despite its importance, papad often goes unnoticed. We dreamed of changing that - of honouring this timeless culinary tradition and making "papad" a name that every household would recognize and celebrate. Today, papad has moved beyond homes and rituals to become a regular item in hotels, restaurants, and catering services, embraced as a popular snack and accompaniment in everyday dining.
With this vision in mind, we set out to create a brand "Papadmalji" - a brand that captures the essence of authenticity, quality, and the heartfelt warmth of tradition that would not only celebrate the heritage of papad-making but also elevate it to a household name - and proudly registered it as our device mark on March 30, 2017. Inspired by our brand identity and driven by an unwavering commitment to preserving the true spirit of papad-making and ensuring our tradition of excellence reaches every household, we formally incorporated Papadmalji Agro Foods Private Limited on December 19, 2017 with the Registrar of Companies, Central Registration Centre, Manesar.
We subsequently acquired the business of sole proprietorship firm "Vishal Namkeen Bhandar" pursuant to a Business Transfer Agreement (BTA) dated February 17, 2018, on a slump sale basis, in accordance with the terms and conditions set forth in the BTA. Pursuant to the execution of the BTA, our Compa8ny acquired all assets and liabilities relating to the business as on the effective date of the BTA.
Through our journey, our Company has drawn on its deep understanding of target markets and consumer segments, combined with strong capabilities in product innovation, an extensive distribution network, and strategically located manufacturing facilities, to strengthen its brand presence across India. Through consistent marketing and promotional efforts, we have established a name, synonymous with authenticity, quality, and tradition.
Our operations are carried out through two manufacturing units located in Bikaner, Rajasthan, which are FSSAI licensed. with Gharsisar Unit also certified under ISO 22000:2018. Handmade papad production is carried out through the Batara-Batari model governed through Batara Agreement, involving contractors (Bataras) who supervise women workers (Bataris) engaged in home-based hand rolling of papads. Machine-based production has been introduced to support scalability, standardization, and hygiene in production. We source raw materials, including urad dal, moong dal, spices, and edible oils, from domestic markets, primarily within Rajasthan.
Our products are marketed under the brands "Zhakaas", "Vishal", "Rozana", "Diamond" and "Papadmalji" and are distributed through a pan-India network of distributors, wholesalers as well as through modern trade channels, quick commerce paltform, including our direct-to-consumer platform. Our products are also supplied to markets in the Middle East through a merchant exporter. As of June 30, 2025, our products were sold in 20 states and 2 Union Territories in India. The Company is promoted by Mr. Jai Agarwal, who has experience of more than a decade in the papad industry, and Mrs. Prem Lata Agarwal, who serves as Whole-time Director, has experience of over a decade in the papad industry. Our Promoters are responsible for the overall strategic direction, management and control of the affairs along with overseeing the day-to-day operations of our Company. Further, since 2018, we have been supported by an equity investment from "India Customer Insight Fund,", a SEBI-registered Alternative Investment Fund backed by seasoned investors, namely KLB Capital Advisors LLP, Mr. Akash Manek Bhansali, ADIC Diversified Investment Fund, Ageless Capital & Finance Pvt. Ltd., Mr. Haresh Chawla and Mr. Santosh Desai, which has contributed to strengthening our corporate governance framework, internal control systems and overall organizational discipline.
KEY PERFORMANCE INDICATORS ("KPIs")
Our Company confirms that it shall continue to disclose all the KPIs included in this section on a periodic basis, at least once in a year (or any lesser period as determined by the Board of our Company), for a duration of one year after the date of listing of the Equity Shares on the Stock Exchange or till the complete utilisation of the proceeds of the Fresh Issue as per the disclosure made in the Objects of the Offer section, whichever is later or for such other duration as may be required under the SEBI ICDR Regulations.
The KPIs disclosed below have been approved by a resolution of our Audit Committee dated [^]and the members of the Audit Committee have verified the details of all KPIs pertaining to the Company. Further, the members of the Audit Committee have confirmed that there are no KPIs pertaining to our Company that have been disclosed to any investors at any point of time during the three year period prior to the date of filing of this Red Herring Prospectus. Further, the KPIs herein have been certified by M/s. GGPS and Associates, Chartered Accountants, by their certificate dated September 22, 2026 who hold a valid certificate issued by the Peer Review Board of the ICAI. The Restated Financial Information dated September 20, 2026 has been included in the Chapter titled Material Contracts and Documents for Inspection beginning on page 457 of this Red Herring Prospectus.
The KPIs disclosed below have been used historically by our Company to understand and analyze the operational and the financial performance, which in result, helps it in analyzing the growth of various verticals, and other relevant and material KPIs of the business of our Company that have a bearing on arriving at the Basis for Offer Price, have been disclosed below.
The Applicants can refer to the below-mentioned Key Performance Indicators, being a combination of financial and operational Key Performance Indicators, to make an assessment of our Companys performances and make an informed decision.
i) KPI of our Company-
(Amount In INR Lakhs except Percentages) |
|||
Sr. No. Particulars |
As of and for the Fiscal |
||
| 2026 | 2025 | 2024 | |
1 Revenue From Operation (Rs. in Lakhs) |
3,353.48 | 3,175.09 | 2,627.19 |
2 Year-on-year growth in Revenue from Operation (%)* |
5.62% | 20.85% | 5.12% |
3 Total Income (Rs. in Lakhs) |
3,353.52 | 3,176.00 | 2,628.79 |
4 Year-on-year growth in Total Income (%)* |
5.59% | 20.82% | 5.13% |
5 Operating EBITDA (Rs. in Lakhs) |
843.76 | 598.23 | 330.62 |
6 Operating EBITDA Margin (%) |
25.16% | 18.84% | 12.58% |
7 Year-on-year growth in Operating EBITDA (%)* |
41.04% | 80.94% | 107.30% |
8 Profit/(loss) after tax for the year (Rs. in Lakhs) |
521.26 | 472.44 | 210.76 |
9 Net profit Ratio / PAT Margin (%) |
15.54% | 14.88% | 8.02% |
Year-on-year growth in Profit/(loss) after tax for the year 10 (%)* |
10.33% | 124.16% | 729.28% |
11 Return on Equity (ROE) (%) |
38.51% | 55.15% | 40.92% |
12 Debt To Equity Ratio |
0.62 | 0.82 | 1.66 |
13 Debt Service Coverage Ratio |
3.99 | 2.45 | 2.50 |
14 Return on Capital Employed (%) |
46.47% | 44.51% | 32.26% |
15 Current Ratio |
1.81 | 1.72 | 1.48 |
16 Net Working Capital Turnover Ratio |
3.04 | 4.48 | 9.37 |
17 Earnings Per Share (EPS)(In Rs.) |
7.64 | 6.93 | 3.09 |
18 Year-on-year growth in EPS (%)* |
10.33% | 124.16% | 729.28% |
19 Net worth |
1,614.18 | 1,092.93 | 620.49 |
Operational KPIs |
|||
20 Number of Manufacturing Facilities |
2 | 2 | 2 |
21 Installed Capacity (in Kgs.)- |
|||
Machine Made Papad |
9,12,500 | 9,12,500 | 9,12,500 |
Moongodi |
2,19,000 | 2,19,000 | 2,19,000 |
Rice Papad (Khichiya) |
10,95,000 | 10,95,000 | 10,95,000 |
Actual Production (in Kgs.)- |
|||
Machine Made Papad |
6,26,925 | 6,28,320 | 5,91,360 |
Moongodi |
40,055 | 36,960 | 50,400 |
Rice Papad (Khichiya) |
10,20,031 | 907,200 | 9,00,480 |
Capacity Utilization (in %) |
|||
Machine Made Papad |
68.70 | 68.86 | 64.81 |
Moongodi |
18.29 | 16.88 | 23.01 |
Rice Papad (Khichiya) |
93.15 | 82.85 | 82.24 |
22 Number of Employees |
118 | 110 | 106 |
*As certified by M/s. GGPS and Associates, Chartered Accountants pursuant to their certificate dated September 22, 2026, the Audit committee in its resolution dated September 22, 2026 has confirmed that the Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Red Herring Prospectus other than as disclosed in this Section.
Notes:
a. Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements.
b. Total Income as appearing in the Restated Financial Statements of the companies
c. Operating EBITDA refers to earnings before interest, taxes, depreciation, amortisation, gain or loss from discontinued operations and exceptional items. Operating EBITDA excludes other income.
d. Operating EBITDA Margin refers to operating EBITDA during a given period as a percentage of revenue from operations during that period.
e. PAT is the profit for the year from continuing operations as appearing in the Restated Financial Statements of the company.
f. Net Profit Ratio/PAT Margin quantifies our efficiency in generating profits from our revenue and is calculated by dividing our net profit after taxes by our revenue from operations.
g. Return on equity (ROE) is equal to profit for the year divided by the total average equity during that period and is expressed as a percentage.
h. Debt to equity ratio is calculated by dividing the Total debt (i.e., Total borrowings) by total equity (Shareholders Fund).
i. Debt Service Coverage Ratio measures our ability to make interest payments from available earnings and is calculated by dividing EBITDA by Debt service (Principal + Interest+ Lease Rentals).
j. RoCE (Return on Capital Employed) (%) is calculated as Earning Before Interest and Tax divided Capital Employed (i.e. Net worth + Long Term Debt (including the current maturities of long term borrowings) - Intangible Assets - Deferred Tax Asset + Deferred Tax Liability).
k. Current Ratio is a liquidity ratio that measures our ability to pay short-term obligations (those which are due within one year) and is calculated by dividing the current assets by current liabilities.
l. Net Working Capital Turnover Ratio quantifies our effectiveness in utilizing our working capital and is calculated by dividing our revenue from operations by our Average working capital (i.e., current assets less current liabilities)
m. EPS is calculated as PAT of relevant year divided by Average number of Equity Share (As the Company has allotted bonus shares vide EGM dated September 23,, 2025, in the ratio of 8 shares for every 1 share held. Weighted average number of equity shares has been adjusted as if the event has occurred in the beginning of earliest reporting periodfor year on year comparison)
n. Net worth is a snapshot offinancial stability at a given point in time and is useful for assessing financial progress and making informed financial decisions. The formula is Net worth = Total Assets - Total Liabilities.
o. Number of manufacturing facilities are strategically located in Bikaner, the state of Rajasthan, India.
p. Installed Capacity (in Kgs.) represents maximum production capabilities of our manufacturing facilities under ideal operating conditions;
q. Actual production (in Kgs.) represents actual output achieved by our facilities during the given period.
r. Capacity utilization (in %) indicates the extent to which the installed capacity has been utilized, reflecting operational efficiency.
s. Number of employees represents the employees working as on the last date of each stated period.
* Year-on-year growth is calculated as (Relevant Year Amount/ number minus Previous Year Amount/ number) divided by Previous Year Amount/number.
Setforth the description of historic use of the KPIs by our Company to analyses, track or monitor the operational and/or financial performance of our Company.
For evaluation of our business, we consider that the KPIs, as presented above, as additional measures to review and assess our financial and operating performance. These KPIs have limitations as analytical tools and presentation of these KPIs should not be considered in isolation or as a substitute for the Restated Standalone Financial Information. Further, these KPIs may differ from the similar information used by other companies, including peer companies, and hence their comparability may be limited. Although these KPIs are not a measure of performance calculated in accordance with applicable accounting standards, our Company s management believes that it provides an additional tool for investors to use our operating results and trends and in comparing our financial results with other companies in our industry as it provides consistency and comparability with past financial performance.
KPI |
Explanations |
Revenue from Operations (Rs. in Lakhs) |
Revenue from Operations is used by our management to track the revenue profile of the business and in turn helps assess the overall financial performance of our Company and Size of our business. |
Growth in Revenue from Operations (%) |
Revenue Growth informs the management of annual growth rate i.e. Rate at which Companys revenue are growing on annual basis. |
Total Income (Rs. in Lakhs) |
Total Income is used to track the total revenue generated by the business including other income. |
Growth in Total Income (%) |
Total Income Growth informs the management of annual growth rate i.e. Rate at which Companys total income are growing on annual basis. |
Operating EBITDA (Rs. in Lakhs) |
Operating EBITDA provides information regarding the operational efficiency of the business. |
Operating EBITDA Margin (%) |
Operating EBITDA Margin is an indicator of the operational profitability and financial performance of our business. |
Growth in EBITDA (%) |
EBITDA Growth means the annual growth rate in EBITDA during the term determined |
Profit After Tax for the year (Rs. in Lakhs) |
Profit after tax provides information regarding the overall profitability of the business. |
Net Profit Ratio/PAT Margin (%) |
PAT Margin is an indicator of the overall profitability and financial performance of our business. |
Growth in Net Profit Ratio/PAT (%) |
PAT Growth means the annual growth rate in PAT during the Term determined |
Return on Equity (ROE) (%) |
RoE provides how efficiently our Company generates profits from shareholders funds. |
Debt To Equity Ratio |
Debt-to-equity (D/E) ratio is used to evaluate companys financial leverage. |
Debt Service Coverage Ratio |
The debt service coverage ratio is a debt service and profitability ratio used to determine how easily a company can pay interest and principal on its outstanding debt. |
Return on Capital Employed (ROCE) (%) |
ROCE provides how efficiently our Company generates earnings from the capital employed in the business. |
Current Ratio |
It shows management how business can maximize the current assets on its Balance Sheet to satisfy its current debt and other payables. |
Net Working Capital Turnover Ratio |
This metric enables us to track the how effectively company is utilizing its working capital to generate revenue. |
Earnings Per Share (EPS) (In Rs.) |
EPS is calculated as PAT of relevant year divided by Average number of Equity Share. |
Growth in Earning Per Share (%) |
Earning Per Share (EPS) Growth means the annual growth rate in Earning Per Share (EPS) during the Term determined |
Net worth |
Net worth is a snapshot of financial stability at a given point in time and is useful for assessing financial progress and making informed financial decisions. The formula is Net worth = Total Assets - Total Liabilities. |
No. of Manufacturing Facilities |
Number of manufacturing facilities are strategically located in Bikaner, the state of Rajasthan, India |
Installed Capacity |
Represents the maximum production capability of our manufacturing facilities under ideal operating conditions. |
Actual Production |
Refers to the actual output achieved by our facilities during the given period. |
Capacity Utilization |
Indicates the extent to which the installed capacity has been utilized, reflecting operational efficiency. |
Number of Employees |
Indicates the number of employees working as on the last date of each stated period. |
Operational KPIs of the Company*
Top 1, Top 3, Top 5 and Top 10 Customers:
Revenues |
Fiscal |
|||||
2026 |
2025 |
2024 |
||||
| Amount (Rs. in lacs) | Percenatge of Revenue from Operations (%) | Amount (Rs. in lacs) | Percenatge of Revenue from Operations (%) | Amount (Rs. in lacs) | Percenatge of Revenue from Operations (%) | |
Top 1 Customer |
304.39 | 9.08% | 629.97 | 19.84 | 409.88 | 15.59 |
Top 3 Customers |
748.74 | 22.33% | 1,251.51 | 39.41 | 954.90 | 36.35 |
Top 5 Customers |
1034.55 | 30.85% | 1,696.76 | 53.43 | 1,420.24 | 54. 06 |
Top 10 Customers |
1540.76 | 45.94% | 2,198.74 | 69.25 | 1,829.83 | 69.65 |
*As certified by M/s GGPS and Associates, Chartered Accountants, Bikaner, Peer Reviewed Statutory Auditor of our Company, pursuant to their certificate dated September 22, 2026
Top 1, Top 3, Top 5 and Top 10 Suppliers:
Fiscal |
||||||
2026 |
2025 |
2024 |
||||
Purchases |
Amount (Rs. in lacs) | Percentage of Purchases (%) | Amount (Rs. in lacs) | Percentage of Purchases (%) | Amount (Rs. in lacs) | Percentage of Purchases (%) |
Top 1 Supplier |
321.53 | 14.26% | 346.52 | 16.14 | 281.14 | 13.00 |
Top 3 Suppliers |
724.85 | 32.14% | 607.65 | 28.30 | 734.09 | 33.95 |
Top 5 Suppliers |
997.54 | 44.24% | 826.79 | 38.51 | 998.83 | 46.19 |
Top 10 Suppliers |
1376.08 | 61.02% | 1,165.76 | 54.29 | 1,458.28 | 67.44 |
As certified by the Peer Reviewed Statutory Auditor M/s GGPS and Associates, Chartered Accountants, Bikaner vide certificate dated September 22, 2026.
Explanation for KPI Metrics
KPI |
Explanation |
Contribution to revenue from operations of top 1/3/5/10 customers |
This metric enables us to track the contribution of our key customers to our revenue and also assess any concentration risks. |
Contribution to purchase of raw materials from top 1/3/5/10 suppliers |
This metric enables us to track the purchase of raw materials from our key suppliers and also assess any concentration risks. |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of Statement of Significant Accounting Policies, please refer to "Significant Accounting Policies" under Chapter titled "Restated Financial Statements" beginning on page 287 of this Red Herring Prospectus.
SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE MARCH 31, 2026
As per mutual discussion between the Board of the Company and BRLM, in opinion of the Board of the Company, there have not arisen any circumstances since the date of the last financial statements which materially and adversely affect or is likely to affect within the next twelve months.
FACTORS AFFECTING OUR RESULTS OF OPERATIONS
Our business is subjected to various risks and uncertainties, including those discussed in the section titled "Risk Factors" beginning on page 23 of this Red Herring Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:
• General economic and business conditions in the markets in which we operate and in the local & regional economies;
• Changes in Industry Requirements;
• availability of, and increase in, cost of materials and labour;
• Changes in government policies resulting high taxes payable by us;
• Changes in laws and regulations that apply to the industries in which we operate;
• Impact of Russia-Ukraine War, Israel - Hamas War and US-Iran War on our business and operations;
• General economic, political, and other risks that are out of our control;
• Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
• Companys ability to successfully implement its growth strategy and expansion plans;
• Occurrence of Environmental Problems & Uninsured Losses;
• The performance of the financial markets in India and globally;
• Performance of Companys competitors;
• Our ability to maintain tie-ups or collaboration agreement;
• Our dependence on limited number of customers/suppliers/brands for a significant portion of our revenues;
• Rapid Technological advancement and inability to keep pace with the change;
• Our ability to retain and hire key employees or maintain good relations with our workforce;
• Occurrence of natural or man-made disasters could adversely affect our results of operations and financial condition;
• Failure to obtain any applicable approvals, licenses, registrations and permits in a timely manner;
REVIEW OF RESTATED FINANCIALS
Long / Short Term Borrowings: Our borrowings mainly include cash credit loan, secured term loan and vehicle loan, availed to support day to day operational requirement. Our long-term borrowings has decreased from U287.13 lakhs in FY 2023-24 to Rs.168.87 lakhs in FY 2024-25, and further decreased to Rs.95.87 lakhs in FY 2025-26. The decrease in long-term borrowings during FY 2024-25 and FY 2025-26 were primarily due to partial repayment and optimization of borrowings. Similarly, our short-term borrowings, decrease from Rs.740.70 lakhs to Rs.728.25 lakhs between FY 2023-24 and FY 2024-25, but increased to Rs.902.69 lakhs in FY 2025-26. Short-term borrowings are largely in the form of working capital facilities such as cash credit, taken to support the increased scale of operations and higher working capital cycle requirements. The marginal reduction in FY 2024-25 indicates improved internal accruals and better working capital management despite growth in volumes. Emphasis will continue on improving operating cash flows, thereby gradually reducing dependence on high-cost borrowing. Further, In FY 2025-26 the sanction limit of cash credit has been revised and increased to Rs.890.00 lakhs form existing Rs.695.00 lakhs in FY 2024-25 due to requirement of working capital of the company.
Trade Receivables: Trade receivables have grown in line with the expansion in sales volumes and customer base, reflecting the overall business growth. Our trade receivables rose from Rs. 120.48 lakhs in FY 2023-24 to U290.77 lakhs in FY 2024-25, which further increase to Rs.344.33 lakhs in FY 2025-26, largely driven by increase in revenue from operations during the FY 2024-25 and FY 2025-26. The Company recorded a healthy growth in sales, reaching Rs.3,353.48 lakhs in FY 2025-26, compared to Rs.3,175.09 lakhs in FY 2024-25.
The company follows a prudent credit policy, extending credit selectively to trusted customers while closely monitoring debtor ageing. Regular follow-ups and a robust collection mechanism ensure timely realization of dues, thereby minimizing the risk of bad debts. The receivable cycle has been managed efficiently, demonstrating strong working capital discipline even in a high- growth phase.
Trade Payables: Trade payables reflect the companys outstanding obligations towards suppliers of raw materials, packaging materials, and other inputs. The increase over the last three years corresponds to the expansion in operations and higher inventory purchases required to support revenue growth. Our Trade Payables increased from Rs. 321.88 lakhs to Rs. 481.36 lakhs from FY 2023-24 to FY 2024-25 and further increased to Rs. 486.86 lakhs in the FY 2025-26. Due to purchase of inventories and growth in operation, the growth in payables is in line with the companys procurement strategy, reflecting efficient supplier credit utilization. The company enjoys healthy relationships with suppliers, which enables it to secure adequate credit periods without straining liquidity.
Unsecured Loans from Promoters
During Fiscal 2025, the Company availed unsecured loans aggregating to Rs.458.40 lakhs from certain Promoters to support its short-term working capital requirements. These loans were extended on a need-basis to address temporary liquidity gaps arising from increased scale of operations, higher inventory holding, and extended credit periods offered to customers in the ordinary course of business.
As the Companys operational cash flows strengthened and internal accruals improved during the year, the Company repaid an aggregate amount of Rs.672.42 lakhs to the Promoters in Fiscal 2025, which included repayment of loans availed during the year as well as outstanding balances from earlier periods.
The unsecured loans from Promoters have historically served as a flexible and timely source of funding, enabling the Company to manage its working capital cycle efficiently. These transactions were undertaken on mutually agreed commercial terms and have been appropriately disclosed in the financial statements in accordance with applicable accounting standards.
Inventories: Inventories represent a critical element of the companys working capital, facilitating uninterrupted supply of raw materials supports smooth production and timely order fulfilment of finished goods to meet customer demand. Our inventories increased from Rs. 1,468.97 lakhs to Rs. 1,814.66 lakhs from FY 2023-24 to FY 2024-25, and further increased to Rs. 2,498.61 lakh in FY 2025-26. While inventories rose significantly between FY 2024 to FY 2026, sales also witnessed healthy growth momentum, in FY 2026. The inventory build-up was a strategic measure to support anticipated demand, minimize supply disruptions, and manage raw material price volatility.
During Fiscal 2024, the Companys inventory increased significantly primarily due to a strategic build-up of raw materials and finished goods to support anticipated supplies to institutional customers, including the proposed onboarding with Kendriya Police Kalyan Bhandar (KPKB), and the expansion of distribution through modern trade and newly opened channels of existing customers. The Company undertook higher procurement of key raw materials to ensure production continuity and timely fulfilment of expected orders, which also led to a corresponding increase in finished goods inventory. While Revenue from Operations grew moderately by 5.12%, the inventory levels rose by 67% (from Rs. 879.23 lakhs in Fiscal 2023 to Rs. 1,468.97 lakhs in Fiscal 2024) in advance of sales realization due to longer supply cycles and stocking requirements associated with modern trade and institutional channels. Consequently, the increase in inventory during Fiscal 2024 was largely operational and forward-looking in nature, arising from planned procurement and production aligned with demand visibility, resulting in a temporary working capital cycle mismatch rather than any slowdown in demand or operational inefficiency.
Loans and Advances given: The companys short-term loans and advances primarily comprise advances to suppliers and employees and balances with government authorities. Short-term loans and advances increased from Rs.10.48 lakhs in FY 2023-24 to ^11.27 lakhs in FY 2024-25, although, advances to suppliers and advances to employees were significantly reduced from Rs.6.77 lakhs and U2.47 lakhs to Rs.0.53 lakhs and Rs. 0.28 lakhs, the income tax assets was significantly increased from Rs.1.24 lakhs to Rs.10.46 lakhs in FY 2024-25 from FY 2023-24. In FY 2025-26, short-term loans and advances increased to Rs.34.48 lakhs from ^11.27 lakhs in FY 2024-25, due to increase in advancve paid to employees by Rs. 285.50 lakhs and advance paid to vendors by Rs.5.17 lakhs. The company will continue to minimize non-core advances and ensure faster recovery/settlement of balances with statutory authorities.
Contingent Liability: The company received demand notice from income tax department under section 147 on March 30 2024 amounting to Rs. 276.84 Lakhs. The company has filed an appeal before the Commissioner of Income Tax (Appeals) challenging the demand. As on the date of this report, the matter is pending adjudication before the Commissioner (Appeals).
(Amount In INR Lakhs) |
|||
Particulars |
As at 31 March, 2026 | As at 31 March, 2025 | As at 31 March, 2024 |
(i) Contingent Liabilities (to the extent not provided for) |
|||
In respect of Income Tax |
276.84 | 276.84 | 276.84 |
(ii) Other Commitments |
- | - | |
DISCUSSION ON RESULT OF OPERATIONS
The following discussion on results of operations should be read in conjunction with the Restated Financial Statements for the financial year ended on 31st March, 2026, 31st March, 2025 and 31st March, 2024:
(Amount In INR Lakhs) |
||||||
Particulars |
For the year ended 31 March, 2026 | % of Total Income | For the year ended 31 March, 2025 | % of Total Income | For the year ended 31 March, 2024 | % of Total Income |
Revenue from operations |
3,353.48 | 100.00% | 3,175.09 | 99.97% | 2,627.19 | 99.94% |
Other Income |
0.04 | 0.00% | 0.91 | 0.03% | 1.60 | 0.06% |
Total Income |
3,353.52 | 100.00% | 3,176.00 | 100% | 2,628.79 | 100% |
Expenses:- Cost of Material Consumed |
1,539.11 | 45.90% | 1,609.53 | 50.68% | 1,520.75 | 57.85% |
Purchase of Stock-In-Trade |
94.36 | 2.81% | 294.37 | 9.27% | 130.18 | 4.95% |
Changes in inventories of finished goods, and Stock-in-Trade |
(62.34) | (1.86)% | (102.11) | (3.22)% | (78.37) | (2.98)% |
Employee Benefit Expenses |
322.74 | 9.62% | 314.06 | 9.89% | 271.74 | 10.34% |
Finance Cost |
79.68 | 2.38% | 92.06 | 2.90% | 85.22 | 3.24% |
Depreciation & Amortization Expenses |
39.89 | 1.19% | 35.15 | 1.11% | 33.77 | 1.28% |
Other Expenses |
615.86 | 18.36% | 461.00 | 14.52% | 452.27 | 17.20% |
Total Expenses |
2,629.30 | 78.40% | 2,704.07 | 85.14% | 2,415.55 | 91.89% |
Profit Before Tax |
724.22 | 21.60% | 471.93 | 14.86% | 213.24 | 8.11% |
Tax: |
||||||
Current Tax |
178.61 | 5.33% | - | - | - | - |
Deferred Tax |
3.66 | 0.11% | (0.51) | (0.02)% | 2.48 | 0.09% |
Income tax of earlier year |
20.69 | 0.62% | - | - | - | - |
Profit/(Loss) for the year |
521.26 | 15.54% | 472.44 | 14.88% | 210.76 | 8.02% |
Earnings per share |
||||||
Basic and Diluted EPS (Pre Bonus) |
68.79 | - | 62.35 | - | 27.81 | - |
Basic and Diluted EPS (Post Bonus) |
7.64 | - | 6.93 | - | 3.09 | - |
Revenue from operations:
Our company is engaged in manufacturing of food products such as papad, moongodi and Rice Papad (khichiya). Revenue from operations comprise (i) sale of products that comprises of Papad(s) (such as hand-made papad, machine-made papad, rice papad and vrat special papad), moongodi, and (ii) others (revenue from sourcing and distribution).
Other Income:
Our other income primarily consists profit on sale of vehicle, sundry balances written back, Interest on IT refund, and other income.
Expense:
Our expenses comprise Cost of materials consumed; Purchase of Stock-in-trade; Changes in Inventories of work in progress; Employee Benefits expense; Finance costs; Depreciation & Amortisation expenses and other expenses.
Cost of Materials Consumed:
Cost of material consumed consists of consumption of inventory in (i) raw materials; and (ii) packing materials. Purchase of stock-in-trade
Purchase of stock-in-trade consists primarily of purchase of products for the purpose of trading.
Changes in inventories of Finished Goods and Stock-in-Trade
Changes in Inventories of Finished Goods and Stock-in-Trade i.e. difference between opening stock and closing stock of Finished Goods and Stock-in-Trade.
Employee benefits expense:
Our Employee Benefits Expense primarily comprises of Salary, Wages and other allowances, Directors Remuneration, Contribution to PF and other Fund, Gratuity expenses and Staff Welfare Expenses.
Finance Costs:
Finance cost includes Interest paid to Bank, Bill Discounting, Interest paid to Others and Bank charges and Loan processing charges.
Depreciation and Amortization Expenses
Depreciation and Amortisation expenses comprise depreciation on Factory Building, Motor vehicle, Computers, Plant and Machinery, Furniture & Fixture and amortisation of Software/Website development and Goodwill/ Trademark.
Other Expenses:
Other expenses comprises: Power and Fuel Expenses, Contractual Charges, Storage Charges for goods, Repair and Maintenance on Plant and Machinery and Other Items, Insurance Expenses; Donation, Rates & Taxes, Legal and Professional Fees, Audit Fee, Rent, Business Promotion Expenses, Travelling Expenses, Freight outward, Bad Debt Written Off and Other Expenses.
Summary of major items of Income and Expenditure:
Revenue from Operations:
Our company is generating revenue mainly from (i) sale of food products, in particular papad, moongodi, Rice Papad (khichiya) and others items; and (ii) sale of traded goods. Our revenue from operations are 100.00%, 99. 97% and 99.94% of total income for the financial year ended March 31, 2026, March 31, 2025 and March 31, 2024.
(Amount In INR Lakhs) |
|||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Sale of Products: |
|||
Finished goods |
3,232.04 | 2,727.57 | 2,549.21 |
Other operating revenues* |
121.44 | 447.52 | 77.99 |
Total |
3,353.48 | 3,175.09 | 2,627.19 |
*Other operating revenue mainly includes revenue from sourcing and distribution.
Performance of White Labelling Business Segment
"Revenue from the White Labelling segment decreased from Rs.515.08 lakhs (20.61% of total revenue from operations) in Fiscal 2023 to Rs.145.60 lakhs (4.59% of total revenue from operations) in Fiscal 2025, representing a decline of approximately 71.7%. The decline was primarily due to a strategic shift in focus towards strengthening the Companys own branded product portfolio and expanding its distribution network, including increased penetration in modern trade and organized retail. White labelling arrangements generally offer lower margins and limited brand visibility compared to in-house branded products.
Accordingly, the reduction reflects a deliberate business decision to prioritize higher-margin and sustainable growth segments. The Company may continue selective white labelling assignments; however, this segment is not expected to constitute a significant portion of revenue going forward.
Other Income: - The detailed breakup of other income is presented for the specified period as follows:
(Amount In INR Lakhs) |
|||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Profit on sale of vehicle |
- | - | 1.02 |
Sundry balance written back |
- | 0.34 | 0.52 |
Interest on income tax refund |
- | - | 0.05 |
Other income |
0.04 | 0.57 | - |
Total |
0.04 | 0.91 | 1.60 |
Total Expenses: Our expenses comprise Cost of Materials Consumed, Purchase of Stock-in-trade, Changes in Inventories of Finished Goods and Stock in Trade, Employee Benefits Expenses, Finance Costs, Depreciation & Amortisation Expenses and Other Expenses.
Cost of Materials Consumed: The subsequent table sets forth a breakdown of our cost of materials consumed for the periods indicated:
Consumption of Raw Material-
| (Amount In INR Lakhs) | |||
Particulars |
For the year ended 31 March, 2026 |
For the year ended 31 March, 2025 |
For the year ended 31 March, 2024 |
Inventories at the beginning of the year |
686.53 | 614.56 | 237.30 |
Purchase of Raw material |
1,936.73 | 1,653.56 | 1,828.20 |
Inventories at the end of the year |
1,235.48 | 686.53 | 614.56 |
Total (A) |
1,387.78 | 1,581.59 | 1,450.94 |
Consumption of Packing Material-
| (Amount In INR Lakhs) | |||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Inventories at the beginning of the year |
743.40 | 571.79 | 437.68 |
Purchase of packing material |
223.99 | 199.55 | 203.93 |
Inventories at the end of the year |
816.06 | 743.40 | 571.79 |
Total (B) |
151.33 | 27.94 | 69.82 |
Total Cost of Material Consumed (A+B) |
1,539.11 | 1,609.53 | 1,520.75 |
Purchase of Stock-in-Trade: - The following table sets forth a breakdown of Purchase of Stock-in-Trade for the periods indicated:
| (Amount in Rs. Lakhs) | |||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Purchase of Stock-in-Trade |
94.36 | 294.37 | 130.18 |
Total |
94.36 | 294.37 | 130.18 |
Changes in Inventories of Finished goods and Stock-in-Trade: - The following table sets forth a breakdown of changes in inventories of Finished Goods and Stock-in-trade for the periods indicated:
(Amount in Rs. Lakhs) |
|||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Inventories at the beginning of the year |
384.73 | 282.62 | 204.25 |
Inventories at the end of the year |
447.07 | 384.73 | 282.62 |
Total |
(62.34) | (102.11) | (78.37) |
Employee Benefit Expenses: - The following table sets forth a breakdown of our employee benefits expense for the periods indicated:
(Amount In INR Lakhs) |
|||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Salary, wages and other allowances |
241.45 | 219.31 | 186.80 |
Director Remuneration |
45.00 | 60.00 | 60.00 |
Contribution to PF and other fund |
14.66 | 13.50 | 8.34 |
Gratuity expense |
4.26 | 2.48 | -0.79 |
Staff Welfare Expenses |
17.37 | 18.77 | 17.39 |
Total |
322.74 | 314.06 | 271.74 |
Finance Costs: - Bifurcation of finance costs is described below:
| (Amount in Rs. Lakhs) | |||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Interest paid to Bank |
76.02 | 68.80 | 46.09 |
Bill Discounting |
- | 3.39 | 6.05 |
Interest paid to Others |
0.57 | 17.54 | 29.43 |
Bank Charge and Loan Processing Charges |
3.09 | 2.32 | 3.65 |
Total |
79.68 | 92.06 | 85.22 |
Depreciation and Amortization Expenses:-
The segregation of depreciation and amortization expenses is described as follows:
(Amount In INR Lakhs) |
|||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Depreciation & Amortization Expenses |
39.89 | 35.15 | 33.77 |
Total |
39.89 | 35.15 | 33.77 |
Other expenses: - The following table sets forth a breakdown of our other expenses for the periods Indicated:
| (Amount in Rs. Lakhs) | |||
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | For the year ended 31 March, 2024 |
Power and Fuel Expenses |
94.77 | 92.50 | 88.70 |
Contractual Charges |
273.78 | 191.36 | 215.54 |
Storage Charges for goods |
- | 2.81 | 0.68 |
Repair and Maintenance: |
|||
Repair and Maintenance - Plant and Machinery |
8.36 | 9.66 | 12.89 |
Repair and Maintenance - Others |
7.56 | 8.65 | 1.32 |
Insurance Expenses |
3.97 | 3.53 | 3.48 |
Donation |
0.19 | 0.17 | 0.05 |
Rates & Taxes |
16.47 | 5.88 | 3.83 |
Legal & Professional Fees |
17.82 | 8.54 | 5.23 |
Audit Fee |
2.00 | 1.50 | 1.25 |
Rent |
24.87 | 5.43 | 5.16 |
Business Promotion Expenses |
26.24 | 30.05 | 18.19 |
Travelling Expenses |
15.84 | 8.77 | 7.90 |
Freight Outward |
81.42 | 80.27 | 75.81 |
Bad Debts written off |
29.91 | 0.15 | 7.91 |
Other Expenses |
12.66 | 11.74 | 4.32 |
Total |
615.86 | 461.00 | 452.27 |
Details of Financial Year 2025-26 compared to Financial Year 2024-25 (Based on Restated Financial Statements)
Total Income: - Total Income for the Financial Year 2025-26 stood at Rs. 3,353.52 Lakhs whereas the same stood at Rs. 3,176.00 Lakhs in financial year 2024-25, representing an increase of 5.59%.
This significant growth is mainly attributable to increase in sales of the company which is mainly on account of companys focus on growth in business operation and sale.
The company generates revenue mainly from (i) sale of food products, in particular papad, moongodi, rice papad (khichiya), and others. Sale of food products primarily comprises finished goods and traded products such as papad, moongodi, rice papad (khichiya) and others; (ii) sale of traded goods and other income.
| (Amount in Rs. Lakhs) | |||
Particulars |
As at March 31, 2025 (Rs. In lakhs) |
As at March 31, 2025 (Rs. In lakhs) |
Growth Percentage (%) |
(a) Revenue from operations |
3,353.48 | 3,175.09 | 5.62 |
(b) Other Income |
0.04 | 0.91 | (96.02) |
Total Income |
3,353.52 | 3,176.00 | 5.59 |
Revenue from Operations:-
Revenue from Operation for Financial Year 2025-26 stood at Rs. 3,353.48 lakhs as against Rs. 3,175.09 lakhs in financial year 2024-25. This increase of 5.62% is primarily attributed to the growth in revenue from sale of products manufactured, in particular papad, moongodi, Rice Papad (khichiya) and other snacks and the goods traded. This increase in the sales can be attributed to a combination of various factors.
Particulars |
As at March 31, 2026 | As at March 31, 2025 | Absolute Changes | Growth Percentage (%) | Reason for Variance |
| (Rs. In Lakhs) | (Rs. In Lakhs) | (Rs. In Lakhs) | |||
Sale of Products -Finished goods |
3,232.04 | 2,727.57 | 504.47 | 18.50% | During the financial years 202425 and 2025-26, our company has focused towards increasing sales, which resulted in an increase in revenue in FY 2025-26 by Rs. 504.47 Lakhs. Further, our company have made additional sales in Rozanna Brand which has increased from Rs. 341.53 Lakhs in FY 2024-25 to Rs. 703.42 Lakhs in FY 2025-26 |
Other operating revenues |
121.44 | 447.52 | (326.08) | (72.86)% | In the FY 2025-26, our company sold additional quantity of cereal pallets and also traded in other commodity goods, as compared to the previous year, leading to decrease in revenue by Rs. 326.08 Lakhs in aggregate. |
Total |
3,353.48 | 3,175.09 | 178.39 | 5.62% |
Other Income:- Other income for financial year 2025-26 was Rs. 0.04 lakhs as compared to Rs. 0.91 lakhs in financial Year 2024-25 representing a decrease of (96.02)%. Such decrease is mainly due to decrease in sundry balances written back from Rs. 0.34 lakhs during the FY 2024-25 to Rs. Nil during the FY 2025-26, the same is representing a decrease by 100.00%. Apart from this other income which stood at Rs.0.04 lakhs in FY 2025-26 from Rs.0.57 lakhs in FY 2024-25, representing an decrease by 93.62%.
Total Expenses:- Total Expense during the year ended on March 31, 2026 stood at Rs. 2,629.30 lakhs against Rs. 2,704.07 lakhs for the year ended March 31, 2025. Our total expenses encompass the following - (i) Cost of Materials Consumed (ii) Purchase of stock in trade (iii) Changes in Inventories of finished goods and Stock-in-Trade (iv) Employee benefit expenses (v) Finance Cost (vi) Depreciation and Amortization Expenses and (vii) Other Expenses.
Cost of Materials Consumed: - Cost of Materials Consumed stood at Rs.1,539.11 lakhs in the financial year ended March 31, 2026. It comprises of changes in material and purchase of raw material and packing material. During the period we have purchase raw material for the value of Rs. 1,936.73 lakhs and packing material of Rs. 223.99 lakhs. We have opening balance in raw material Rs. 686.53 lakhs and opening balance of packing material Rs. 743.40 lakhs and closing balance of raw material is Rs. 1,235.48 lakhs and closing balance of packing material Rs. 816.06 lakhs. Our cost of material consumed is 45.90% of total income for the year ended March 31, 2026 and 50.68% of total income for the year ended March 31, 2025.
Purchase of Stock in Trade:- Purchase of Stock in Trade stood at Rs.94.36 lakhs in the financial year ended March 31, 2026 as compared to Rs.294.37 lakhs in the financial year ended March 31, 2025, representing a decrease of Rs.200.01 lakhs which is (67.95)%.
Changes in inventories of finished goods and Stock-in-Trade:- Changes in inventories of finished goods and Stock-in-Trade stood at Rs.(62.34) lakhs in the financial year ended March 31, 2026, comparing with the financial year ended March 31, 2025 when the value was Rs.(102.11) lakhs. This represented a decrease of Rs.39.77 lakhs or (38.95)%.
Employee benefits expense:- Employee Benefit Expense during the year ended on March 31, 2026 stood at Rs. 322.74 lakhs whereas the same was Rs. 314.06 lakhs during the FY 2024-25. It is 9.62% of total income during the year ended March 31, 2026 and showing increase of 2.76% from previous financial year. It comprises of Salaries and wages of Rs. 241.45 lakhs, Directors Remuneration to Mr. Jai Agarwal and Mrs. Prem Lata Agarwal of Rs. 45.00 lakhs, Contribution to PF and other fund of Rs. 14.66 lakhs, Gratuity expenses of Rs. 4.26 lakhs, staff welfare expenses of Rs. 17.37 lakhs during the FY 2025-26.
Whereas the same stood as Rs. 219.31 lakhs for Salary and wages, Rs. 60.00 lakhs for Directors Remuneration, Rs. 13.50 lakhs for Contribution to PF and other fund, Rs. 2.48 lakhs for Gratuity expenses, Rs. 18.77 lakhs for the staff and Welfare Expenses for the FY 2024-25. This increase is mainly due to increase in operation of company which consequently led to increase in Salary and wages from Rs. 219.31 lakhs in FY 2024-25 to Rs. 241.45 lakhs in FY 25-26.
Finance Cost: - Finance cost during the year ended on March 31, 2026 stood at Rs. 79.68 lakhs which is 2.38% of total income, whereas the same is stood as Rs. 92.06 lakhs during the year ended March 31, 2025 which is 2.90% of total income. It comprises of Interest paid to bank amounting Rs.76.02 lakhs, Interest paid to others Rs.0.57 and bank charges amounting Rs.3.09 lakhs during the year ended March 31, 2026, whereas in previous year ended March 31, 2025, the same stood at Interest paid to bank amounting Rs.68.80 lakhs, Bill discounting of Rs.3.39 lakhs, Interest paid to others Rs.17.54 and bank charges amounting Rs.2.32 lakhs. Our company had modified the cash credit loan from Axis Bank Limited during the year which enhanced interest from previous year.
Depreciation and Amortization Expenses:- Depreciation and Amortization expenses during the year ended on March 31, 2026 stood at Rs. 39.89 lakhs whereas the same stood as Rs. 35.15 lakhs for the year ended March 31, 2025. This is showing an increase of Rs. 4.74 lakhs which is 13.48% from the previous year.
This is due to depreciation on tangible asset such as factory building, motor vehicle, computers, Plant and Machinery, Furniture & Fixture and amortisation on intangible asset such as Software/ website development and Goodwill / Trademark expenses of the company. Our Depreciation and Amortization Expenses is 1.19% of total income for the year during the year ended March 31, 2026 and whereas the same is 1.11% of total income for the year ended March 31, 2025.
Other Expenses:- Other Expenses for the year ended March 31, 2026, stood at Rs.615.86 lakhs, compared to Rs. 461.00 lakhs for the year ended March 31, 2025, showing an increase of Rs. 154.86 lakhs or 33.59%. This rise was primarily due to increase of Power and Fuel Expenses of Rs.2.27 lakhs, Contractual charges of Rs.82.42 lakhs (up 43.07% from Rs.191.36 lakhs).
Increases were also seen in Rates and Taxes by Rs.10.59 lakhs, Legal & Professional expenses by Rs.9.28 lakhs, Audit Fess by Rs.0.50 lakhs, Expenses for Rent by Rs.19.44 lakhs, Travelling Expenses by Rs.7.06 lakhs, Freight Outward by Rs.1.15 lakhs, Bad Debt Written Off Rs.29.77 lakhs and other expenses by Rs.0.92 lakhs. Other cost include Storage Charges for goods, Repair and Maintenance of Plant and Machinery, Repair and Maintenance of Other items and Business Promotion Expenses represented which are decreasing from previous financial year.
Particulars |
For the year ended 31 March, 2026 | For the year ended 31 March, 2025 | Variance | % of Variance (in %) | Reason for Variance |
| (Rs. In Lakhs) | (Rs. In Lakhs) | (Rs. In Lakhs) | |||
Power and Fuel Expenses |
94.77 | 92.50 | 2.27 | 2.46 | The increase in production and sale volume resulted increase in Expenses of Power and Fuel by Rs. 2.27 lakhs which 2.46% from previous year. |
Contractual Charges |
273.78 | 191.36 | 82.42 | 43.07 | The increase in sales volumes has resulted in increase in Contract Charges which mainly incurred for Batara charges for papad batai expenses and Contract Labour Charges. |
Repair and Maintenance: |
|||||
Donation |
0.19 | 0.17 | 0.02 | 12.65 | The increase represent the additional donation made by the company during the FY 2026. |
Rates & Taxes |
16.47 | 5.88 | 10.59 | 180.16 | The increase in Rates & Taxes expenses during the year is primarily due to higher legal, statutory and compliance-related charges, including Legal Expenses of Rs. 14.13 lakhs, Government fees of Rs. 1.48 lakhs, interest on TDS of Rs.. |
Particulars |
For the year ended 31 March, 2026 (Rs. In Lakhs) | For the year ended 31 March, 2025 (Rs. In Lakhs) | Variance (Rs. In Lakhs) | % of Variance (in %) | Reason for Variance |
Power and Fuel Expenses |
94.77 | 92.50 | 2.27 | 2.46 | The increase in production and sale volume resulted increase in Expenses of Power and Fuel by Rs. 2.27 lakhs which 2.46% from previous year. |
0.15 lakhs, Penal Expenses of Rs. 0.09 lakhs etc |
|||||
Legal & Professional Fees |
17.82 | 8.54 | 9.28 | 108.61 | The increase in legal fee in the FY 2026 was due to expenditure incurred towards Certificate & License Expenses of Rs. 6.90 lakhs, Consultancy Charges of Rs. 3.65 lakhs, Legal and Professional Expenses of Rs. 3.64 lakhs, Certificate and Registration Charges of Rs. 1.14 lakhs etc. |
Audit Fees |
2.00 | 1.50 | 0.50 | 33.33 | Additional expenditure incurred in the FY 2026 towards increase in Audit Fess by the Auditor. |
Rent |
24.87 | 5.43 | 19.44 | 357.69 | The increase in Rent Expenses was due to additional Rent incurred on Factory and Bachhasar Unit in current financial year. |
Travelling Expenses |
15.84 | 8.77 | 7.06 | 80.47 | The increase in Travelling Expenses was due to increase in Tour and Travel expenses for the purpose of business. |
Freight Outward |
81.42 | 80.27 | 1.15 | 1.44 | The increase in Freight Outward was due to increase in freight incurred on sold goods. |
Bad Debts written off |
29.91 | 0.15 | 29.77 | 20158.27 | The increase is due to writing off of various parties having old outstanding balances in the previous financial years, which was negligible in the FY 2026 |
Other Expenses |
12.66 | 11.74 | 0.92 | 7.82 | Increase in other expenses mainly account of factory cleaning expenses, pest control expenses, puja expenses etc. |
Restated Profit before Extraordinary Item, Exceptional Items & Tax:-
Restated Profit before Exceptional Items, Extraordinary Item & Tax is Rs. 724.22 lakhs during the financial year ended on March 31, 2026 whereas the same stood Rs. 471.93 lakhs during the year ended March 31, 2025. It is 21.60% and 14.86% of total income for the FY 2025-26 and FY 2024-25 respectively. In comparison to the FY 2024-25 it is showing an increase of 53.46% during the FY 2025-26.
Profit after Tax: - The Company had reported net profit after tax of Rs. 521.26 lakhs in financial year 2025-26, which marks an increase when compared to the preceding financial year, 2024-25, where the PAT was Rs. 472.44 lakhs. The increase in PAT by 10.33%. When analyzing the Restated Profit After Tax (PAT) in proportion to the total income, it is observed that in the financial year 2025-26 PAT represented 15.54% of the total income whereas in financial year 2024-25, PAT contributes 14.88% of total income. Here are the factors contributing to increase in PAT margin.
i. Decrease in Cost of Materials:
The cost of materials consumed at Rs.1,539.11 lakhs for the year ended March 31, 2026, as compared to Rs.1,609.53 lakhs for the year ended March 31, 2025, reflecting an decrease of Rs. 70.42 lakhs i.e. (4.38)%. During the same period, revenue from operations increased from Rs. 3,175.09 lakhs in FY 2024-25 to Rs.3,353.48 lakhs in FY 2025-26, showing a growth of 5.62%. Though purchase of raw material and packing material are increasing during the financial year by Rs. 283.17 lakhs and Rs. 24.44 lakhs respectively.
ii. Decrease in Purchase of Stock in Trade:
The purchase of stock in trade is reduced from t 294.37 lakhs in Fiscal 2025 to t 94.36 lakhs in Fiscal 2026, representing decrease of t 200.01 lakhs or 67.95%. This decrease in purchase of stock in trade is due to reduction in other operating activity of the company i.e. trade of cereal pallets etc.
iii. Decrease in Employee Benefit Expenses
Employee benefit expenses stood at Rs.322.74 lakhs in FY 2025-26 as compared to Rs.314.06 lakhs in FY 2024-25, representing an increase of Rs.8.68 lakhs, or 2.76%. However, as a percentage of total income, employee benefit expenses decreased from 9.89% in FY 2024-25 to 9.62% in FY 2025-26, reflecting a reduction of 0.27 percentage points. The increase in employee benefit expenses was primarily attributable to an increase in employee-related costs during FY 2025-26, partially offset by a reduction of t15.00 lakhs in directors remuneration as compared to FY 2024-25.
iv. Decrease in Finance Cost
Finance costs stood at Rs.79.68 lakhs in FY 2025-26 as compared to Rs.92.06 lakhs in FY 2024-25, representing a decrease of Rs.12.38 lakhs, or 13.45%. As a percentage of total income, finance costs decreased from 2.90% in FY 2024-25 to 2.38% in FY 2025-26, reflecting a reduction of 0.52 percentage points. The decrease in finance costs was primarily attributable to a reduction ofRs.3.39 lakhs in bill discounting charges and a reduction of Rs.16.97 lakhs in interest charges on loans availed from related parties during FY 2025-26 as compared to FY 2024-25
Details of Financial Year 2024-25 compared to Financial Year 2023-24 (Based on Restated Financial Statements)
Total Income: - Total Income for the Financial Year 2024-25 stood at Rs. 3,176.00 Lakhs whereas the same stood at Rs. 2,628.79 Lakhs in financial year 2023-24, representing an increase of 20.82%. This significant growth is mainly attributable to increase in sales of the company which is mainly on account of companys focus on growth in business operation and sale. The company generates revenue mainly from (i) sale of food products, in particular papad, moongodi, rice papad (khichiya), and others. Sale of food products primarily comprises finished goods and traded products such as papad, moongodi, rice papad (khichiya) and others; (ii) sale of traded goods and other income.
(Amount In INR Lakhs) |
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Particulars |
As at March 31, 2025 (Rs. In lakhs) |
As at March 31, 2024 (Rs. In lakhs) |
Growth Percentage (%) |
(a) Revenue from operations |
3,175.09 | 2,627.19 | 20.85 |
(b) Other Income |
0.91 | 1.60 | (42.86) |
Total Income |
3,176.00 | 2,628.79 | 20.82 |
Revenue from Operations:- Revenue from Operation for Financial Year 2024-25 stood at t 3,175.09 lakhs as against Rs. 2,627.19 lakhs in financial year 2023-24. This impressive increase of 20.85% is primarily attributed to the growth in revenue from sale of products manufactured, in particular papad, moongodi, Rice Papad (khichiya) and other snacks and the goods traded. This increase in the sales can be attributed to a combination of various factors.
Particulars |
As at March 31, 2025 | As at March 31, 2024 | Absolute Changes | Growth Percentage (%) | Reason for Variance |
| (Rs. In Lakhs) | (Rs. In Lakhs) | (Rs. In Lakhs) | |||
Sale of Products -Finished goods |
2,727.57 | 2,549.21 | 178.36 | 7.00 | During the financial years 202324 and 2024-25, our company has focused towards increasing sales, which resulted in an increase in revenue in FY 2024-25 by t 178.36 Lakhs. Further, our company have made additional sales in Rozanna Brand which has increased from Rs. 341.53 Lakhs in FY 2023-24 to Rs. 703.42 Lakhs in FY 2024-25 |
Other operating revenues |
447.52 | 77.99 | 369.53 | 473.82 | In the FY 2024-25, our company sold additional quantity of cereal pallets and also traded in other commodity goods, as compared to the previous year, leading to increase in revenue by Rs. 369.53 Lakhs in aggregate. |
Total |
3,175.09 | 2,627.19 | 547.90 | 20.85 |
Other Income:- Other income for financial year 2024-25 was Rs. 0.91 lakhs as compared to Rs. 1.60 lakhs in financial Year 2023-24 representing a decrease of (43.13)%. Such decrease is mainly due to absence of profit on sale of vehicle in FY 2024-25, which was Rs. 1.02 lakhs during the FY 2023-24 representing decrease of 100.00%. Sundry balances written back of Rs. 0.34 lakhs during the FY 2024-25 comparing to Rs. 0.52 lakhs during the FY 2023-24, the same is representing a decrease by 34.62%. Apart from this other income stood at Rs.0.57 lakhs in FY 2024-25 the same is representing an increase by 100%, while no income was recorded under interest on income tax refund during the FY 2024-25 as against Rs.0.05 lakhs in the FY 2023-24 and hence, resulting in 100% decline.
Total Expenses:- Total Expense during the year ended on March 31, 2025 stood at Rs. 2,704.07 lakhs against Rs. 2,415.55 lakhs for the year ended March 31, 2024. Our total expenses encompass the following - (i) Cost of Materials Consumed (ii) Purchase of stock in trade (iii) Changes in Inventories of Work in Progress (iv) Employee benefit expenses (v) Finance Cost (vi) Depreciation, Amortization and Impairment Expenses and (vii) Other Expenses.
Cost of Materials Consumed: - Cost of material consumed increased from Rs.1,520.75 lakhs in Fiscal 2024 to Rs.1,609.53 lakh in Fiscal 2025 representing an increase of 5.84%. Our cost of material consumed is 50.68% of total income for the year ended March 31, 2025 against 57.85% of total income for the year ended March 31, 2024. It comprises of changes in material and purchase of raw material and packing material. During the FY 2025, we have purchase raw material for the value of Rs. 1,653.56 lakhs and packing material of Rs. 199.55 lakhs. The absolute increase in cost of material consumed to Rs.1,581.59 lakhs in Fiscal 2025 from Rs.1,450.94 lakhs in Fiscal 2024 is primarily attributable to higher production volumes aligned with increased revenue from operations. However, as a percentage of total income, the cost declined significantly due to improved procurement efficiencies, optimisation in material usage and wastage control, and benefits arising from economies of scale.
Employee benefits expense:- Employee benefit expenses increased from Rs.271.74 lakhs in Fiscal 2024 to Rs.314.06 lakhs in Fiscal 2025 representing an increase of 15.57%. Our employee benefit expense is 9.89% of total income for the year ended March 31, 2025 against 10.34% of total income for the year ended March 31, 2024. It comprises of Salaries and wages, Directors Remuneration, Contribution to PF and other fund, Gratuity expenses, and staff welfare expenses. The increase in employee benefit expenses in Fiscal 2025 was mainly due to increase in the operations of the Company requiring incremental manpower deployment and support expanded operations. Although, the directors remuneration remains same for both of the fiscals, the main increment was in the salary & wages, which accounts Rs.186.80 lakhs in Fiscal 2024 to Rs.219.31 lakhs in Fiscal 2025. Despite the absolute increase in the value of expenses, the decline in percentage terms reflects higher revenue growth and better manpower productivity.
Depreciation and Amortization Expenses:- Depreciation and Amortization expenses during the year ended on March 31, 2025 stood at Rs. 35.15 lakhs whereas the same stood as Rs. 33.77 lakhs for the year ended March 31, 2024. This is showing an increase of Rs. 1.38 lakhs which is 4.09% from the previous year. This is due to depreciation on tangible asset such as factory building, motor vehicle, computers, Plant and Machinery, Furniture & Fixture and amortisation expenses on intangible asset such as Software/ website development, Goodwill / Trademark expenses of the company. Our Depreciation, Amortization and Impairment Expenses is 1.11% of total income for the year during the year ended March 31, 2025 and whereas the same is 1.28% of total income for the year ended March 31, 2024. The reduced proportion to income indicates improved asset utilisation.
Finance Cost: - Finance cost increased marginally during the year ended on March 31, 2025 stood at Rs. 92.06 lakhs, whereas the same is was Rs. 85.22 lakhs during the year ended March 31, 2024, representing an increase of 8.03%in Fiscal 2025 from the previous year. Our finance cost is 2.90% of total income for the year ended March 31, 2025 against 3.24% of total income for the year ended March 31, 2024. It comprises of Interest paid to bank, Bill discounting, Interest paid to others and bank charges amounting. Our company had modified the cash credit and term loan from Axis Bank Limited during the year which enhanced interest from previous year. The marginal increase in finance cost is attributable to higher interest paid to banks which amount to Rs.46.09 lakhs in Fiscal 2024 to Rs.68.80 lakhs in Fiscal 2025, reflecting higher average working capital utilisation to support increased scale of operations. However, finance cost as a percentage of total income declined due to better capital management, and optimised borrowing mix and interest cost controls.
Other Expenses:- Other Expenses increased slightly from Rs.452.27 lakhs in Fiscal 2024 to Rs.461.00 lakhs in Fiscal 2025, showing an increase of Rs. 8.73 lakhs or 1.93%. Our other expenses is 14.52% of total income for the year ended March 31, 2025 against 17.20% of total income for the year ended March 31, 2024. While other expenses increased marginally in absolute terms due to higher logistics, selling, and administrative activities linked to business growth, their reduction as a percentage of total income reflects cost rationalization initiatives, improved operational efficiencies, and tight control over discretionary overheads.
This rise was primarily due to increased storage charges for goods of Rs.2.81 lakhs (up 313.24% from Rs.0.68 lakhs) for storing of increased raw materials and finished goods. Notable increases were seen in repair and maintenance charges of equipments (Rs.8.65 lakhs vs Rs.1.32 lakhs), Donation expenses (Rs.0.17 lakhs vs Rs.0.05 lakhs), Rates and Taxes (Rs.5.88 lakhs vs Rs.3.83 lakhs), Legal & Professional expenses (Rs.8.54 lakhs vs Rs.5.23 lakhs), Business Promotion expenses (Rs.30.05 lakhs vs Rs.18.19 lakhs), and other expenses (Rs.11.74 lakhs vs Rs.4.32 lakhs). Other cost includes Contractual charges, Bad debt written off, Overall, Other Expenses represented 14.52% of total income in FY 2024-25, compared to 17.20% in FY 2023-24, indicating improved cost efficiency relative to revenue growth. Despite the increase in absolute terms, the Company achieved a significant reduction in total expenses as a percentage of income, from 91.89% in FY 2024 to 85.14% in FY 2025, resulting in a substantial improvement in profitability. This improvement was driven by scale-led operating leverage, optimised cost structure, and focused efficiency enhancement across operations.
Particulars |
For the year ended 31 March, 2025 (Rs. In Lakhs) | For the year ended 31 March, 2024 (Rs. In Lakhs) | Variance (Rs. In Lakhs) | % of Variance (in %) | Reason for Variance |
Storage Charges for goods |
2.81 | 0.68 | 2.13 | 313.24 | The increase in sales volumes has resulted in a corresponding rise in storage and warehousing charges for raw materials and finished goods, also sudden increase includes the cold storage charges for storing tradable products. |
Repair and Maintenance: |
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Repair and Maintenance - Plant and Machinery |
9.66 | 12.89 | -3.23 | -25.06 | The decrease is due to cost of repair of boiler in the FY 2025. Whereas in FY 2025, no such expense was incurred. |
Repair and Maintenance - Others |
8.65 | 1.32 | 7.33 | 555.30 | The increase in expenditure was due to repair and maintenance of vehicles during the FY 2025 |
Donation |
0.17 | 0.05 | 0.12 | 240.00 | The increase represent the additional donation made by the company during the FY 2025. |
Rates & Taxes |
5.88 | 3.83 | 2.05 | 53.52 | The increase in Rates & Taxes expenses during the year is primarily due to higher statutory and compliance-related charges, including TDS late fees, ROC Fees etc. also, it includes the fee paid towards registration with Canteen |
Legal & Professional Fees |
8.54 | 5.23 | 3.31 | 63.29 | The increase in legal fee in the FY 2025 was due to additional expenditure incurred towards Trademark hearing. |
Business Promotion Expenses |
30.05 | 18.19 | 11.86 | 65.20 | The increase in business promotion expense was due to additional expenditure incurred in the FY 2025 towards multiple advertisement and promotional activities undertaken by the Company. |
Bad Debts written off |
0.15 | 7.91 | -7.76 | -98.10 | The decrease is due to writing off of various parties having old outstanding balances in the FY 2024, which was negligible in the FY 2025 |
Other Expenses |
11.74 | 4.32 | 7.42 | 171.76 | Increase in other expenses mainly account for increase in water expenses, pest control expenses etc. Which are necessary for production process and storing of goods. |
Restated Profit before Extraordinary Item, Exceptional Items & Tax:- Restated Profit before Exceptional Items, Extraordinary Item & Tax is Rs. 471.93 lakhs during the financial year ended on March 31, 2025 whereas the same stood Rs. 213.24 lakhs during the year ended March 31, 2024. It is 14.86% and 8.11% of total income for the FY 2024-25 and FY 2023-24 respectively. In comparison to the FY 2023-24 it is showing an increase of 121.31% during the FY 2024-25.
Profit after Tax: - The Company had reported net profit after tax of Rs. 472.44 lakhs in financial year 2024-25, which marks an increase when compared to the preceding financial year, 2023-24, where the PAT was Rs. 210.76 lakhs. There is an increase in PAT by 124.16%. When analyzing the Restated Profit After Tax (PAT) in proportion to the total income, it is observed that in the financial year 2024-25 PAT represented 14.88% of the total income whereas in financial year 2023-24, PAT contributes 8.02% of total income. Here are the factors contributing to higher PAT margin
Particulars |
For the year ended 31 03 2025 | Per cent age on Tot al Inco me | For the year ended 31-03 2024 | Per cent age on Tot al Inco me | V ar ia nc e in Pe rc en ta ge of T ot al In co m e | Var ianc e in Abs olut e Am oun t | % of Var ianc e in Abs olut e Am oun t | Remarks |
Revenue from operations |
3,175. 09 | 99.9 7% | 2,627. 19 | 99.9 4% | 0. 03 % | 547. 90 | 20.8 5% | The Companys revenue from operations increased by Rs.547.90 lakhs, from Rs.2,627.19 lakhs in FY 2024 i.e. 99.94% of the total income to Rs.3,175.09 lakhs in FY 2025 resembling 99.97% of the total income, having a growth of approximately 20.85%. This increase was due to increase in credit term provided to certain customers in modern trade ranging from 15 days to 60 days. Further, company has expanded its customer base in modern trade and quick commerce during the year by entering into vendor registration with four new customers in modern trade and one customer in quick commerce. The increased in credit terms and new vendor registration enable customers to increase their purchase which inline increase revenue from operations of the company. The increase in revenue is also driven by an expansion in sale to newly opened distribution channels of existing customers under the modern trade segment. Further the increase in sale is also expanded due to effective capture of heightened demand during the marriage season, improved market penetration, and an overall increase in demand across the food industry during the year. |
Company has also introducing and scaling up certain additional product categories under its trading activities, which contributed to the improvement in sale during the year. Trading revenue increased from Rs.77.99 lakhs (2.97%) in FY 2024 to Rs.434.40 lakhs (13.68%) in FY 2025. |
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Further, the sale of machine-made papads increased from Rs.503.63 lakhs in fiscal 2024 to Rs.799.52 lakhs in fiscal 2025, however, revenue from handmade papad declined from Rs.1255.80 lakhs in FY 2024 to Rs.1147.43 lakhs in FY 2025 and its contribution marginally declined by 8.63% of total revenue from operation. The sale of rice papads (Khichiya) increased from Rs.723.79 lakhs in fiscal 2024 to Rs.732.61 lakhs in fiscal 2025, increased by 1.22% of total revenue from operation from FY 2024. The consistent performance of these core papad segments supported revenue growth. |
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Other Income |
0.91 | 0.03 % | 1.6 | 0.06 % | 0. 03 % | 0.69 | 43.1 3% | Other Income reduced by Rs.0.69 lakhs, from Rs.1.60 lakhs in fiscal 2024 to Rs.0.91 lakhs in fiscal 2025 representing a variation of (43.13%). |
Total Income |
3,176. 00 | 100. 00% | 2,628. 79 | 100. 00% | 0. 00 % | 547. 21 | 20.8 2% | |
Expenses |
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Cost of Material Consumed |
1,609. 53 | 50.6 8% | 1,520. 75 | 57.8 5% | 7. 17 % | 88.7 8 | 5.84 % | Cost of Material Consumed reduced by Rs.88.78 lakhs i.e. from 57.85% of the total income in the fiscal 2024 to 50.68% of total income in the fiscal 2025. This reduction was mainly driven by a change in the revenue mix, with a relatively lower contribution from manufacturing activities during the year. During FY 2025, sales of manufactured finished goods decreased, while trading activities increased by Rs.369.54 lakhs. As a result, the share of revenue from finished goods declined from 96.97% in FY 2024 to 85.88% in FY 2025, whereas the contribution from other operating revenue increased from 2.79% to 14.09%. Consequently, overall revenue from operations increased as compared to last year. This shift in operational mix led to comparatively lower material consumption. However, In spite of decrease in cost of Material consumed as percentage of total income, the value of material consumed increased by Rs.88.78 lakhs during the fiscal 2025 from, Rs. 1,609.53 lakhs from Rs. 1,520.75 lakhs in fiscal 2024. |
Purchase of Stock-InTrade |
294.3 7 | 9.27 % | 130.1 8 | 4.95 % | 4. 32 % | 164. 19 | 126. 13% | Purchase of stock-in-trade rose by Rs.164.19 lakhs i.e. to Rs.294.37 lakhs in the fiscal 2025 from Rs.130.18 lakhs in the fiscal 2024, representing a growth of 126.13%. The rise in the purchase of stock-in-trade item was due to increase in sale of traded items such as ground nuts and other traded items i.e. RNR Paddy and Raw Rice which has increased by Rs. 352.90 lakhs in FY 2025. |
Changes in inventories of finished goods, and Stock-inTrade |
102.1 1 | 3.22 % | -78.37 | 2.98 % | 0. 23 % | 23.7 4 | 30.2 9% sales, leading to the reported change in inventories. | Changes in inventories turned favourable by (Rs.23.74) lakhs and declined to Rs.(102.11) lakhs i.e. (3.22%) of total income during fiscal 2025, compared to Rs.(78.37) lakhs which resembles (2.98%) of total income in the fiscal 2024, which is 30.29% in variation to the fiscal 2024. The increase was mainly on account of higher procurement of raw materials undertaken to support enhanced production requirements and inventory lying as finished goods after processing from raw material during the year 2025. The growth in modern trade and e- commerce network has also resulted in higher inventory requirements to support timely and consistent deliveries across the market. As a result, higher levels of inventory were required to support stable product availability and continuity of |
Employee Benefit Expenses |
314.0 6 | 9.89 % | 271.7 4 | 10.3 4% | 0. 45 % | 42.3 2 | 15.5 7% | Employee benefit expenses decreases in terms of percentage of total income to Rs.314.06 lakhs i.e. 9.89% of the total income during the fiscal 2025 as compared to Rs.271.74 lakhs 10.34% of total income in the fiscal 2024. Though, in comparative terms it is showing growth by Rs.42.32 lakhs representing 15.57% variations in the fiscal 2025 from Fiscal 2024. As the production and sale is increasing, the expenses related to manpower and human resource are also increasing due to rise in the annual increment of salary and wages structure during the year comparatively from previous FY 2024. But in term of total income there is a decrease in employees benefit expenses, which is due to decrease in Expenses related to Bonus Expenses and Festival gifts during the year from Previous years. Hence, reduction of Employees Benefit Expenses by 0.45% in terms of percentage of total income in FY 2025 from FY 2024 impacted to increase in PAT Margin. |
Finance Cost |
92.06 | 2.90 % | 85.22 | 3.24 % | 0. 34 % | 6.84 | 8.03 % | Finance costs increased by Rs.6.84 lakhs to Rs.92.06 lakhs in the fiscal 2025 from Rs.85.22 lakhs in the fiscal 2024, resembling 8.03% of variation in the fiscal 2025. During the FY 2025, the company have modify the Cash Credit Loan from Axis Bank and enhance the limit from 800.00 lakhs to 895.00 lakhs, whereas in the same year a working capital demand loan availed from Yes Bank sanction amount Rs. 400.00 lakhs has been repayed. The growth in finance cost is due to increase in Bank Charges and Interest of Secured Loan which rise from Rs. 47.72 lakhs in FY 2024 to Rs. 71.58 lakhs in FY 2025. However, Finance costs marginally reduced in term of percentage on total income from 3.24% to 2.90% due to decrease in interest on Unsecured Loan, loan processing charges and discounting charges on bill from Rs. 37.49 lakhs in FY 2024 to 20.94 lakh in FY 2025. Hence, reduction of finance cost by 0.34% in terms of percentage of total income in FY 2025 from FY 2024 impacted to increase in PAT Margin. |
Depreciation & Amortization Expenses |
35.15 | 1.11 % | 33.77 | 1.28 % | 0. 18 % | 1.38 | 4.09 % | Depreciation and amortization expenses rose by Rs.1.38 lakhs to Rs.35.15 lakhs during the fiscal 2025 as compared to Rs.33.77 lakhs in the fiscal 2024 resembling 4.09% increase in the fiscal 2025. This increase in depreciation cost is due to increase in value of assets i.e. addition in the value of factory building, Motor Vehicles, Computers, Plant & Machinery and Furniture & Fixture by Rs. 20.55 lakhs during the year. However, in term of percentage of total income the depreciation expenses reduced from 1.28% to 1.11% due to effective reduction in written down value of the existing tangible assets by Rs. 12.61 lakhs which was Rs. 380.69 lakhs in FY 2024 and Rs. 368.8 lakhs in FY 2025. Hence, reduction of depreciation & amortisation expenses by 0.18% in terms of percentage of total income in FY 2025 from FY 2024 impacted to increase in PAT Margin. |
Other Expenses |
461 | 14.5 2% | 452.2 7 | 17.2 0% | 2. 69 | 8.73 | 1.93 % | Other expenses includes multiple heads of administrative overhead expenses. Other expenses marginally increased by Rs. 8.73 lakhs in FY 2025 representing 1.93% increase from FY 2024 in comparative basis. This increase in other expenses is due to increase in expenses of Storage charges of goods in Cold Storage, Repair and Maintenance expenses for regular vehicle maintenence and computer repair and maintenance activity, Expenses of Rates and Taxes for arrear PF demand due to late registration in PF and consultant fees paid for Central Police Canteen Registration, Legal and Professional Fees paid to legal professional, Business Promotion expenses for business promotional activity and advertisement inline with increase in sale and other expenses such as Water Expenses, Expenses for Pest Control service, Printing and Stationary expenses etc. by Rs. 34.10 lakhs from Rs. 33.57 lakhs in FY 2024 to Rs. 67.67 lakhs in FY 2025. |
| % | However, on comparison in terms of total income it declined materially from 17.20% of the total income in fiscal 2024 to 14.52% of total income in fiscal 2025 due to effective decrease in certain expenses. Decrease under the other expenses in terms of total income includes (i) Power and Fuel expenses decrease from 3.37% of total income in FY 2024 to 2.91% of total income in FY 2025 due to decrease in expenses for biomass fuel pellets by Rs. 10.25 lakhs which was compensated by other fuel options such as petrol and diesel (ii) Contractual charges paid decrease from 8.20% in FY 2024 to 6.03% in FY 2025 mainly due to decrease in Batara charges by Rs. 20.33 lakhs, which reduced from Rs.210.65 lakhs in fiscal 2024 to Rs.190.32 lakhs in fiscal 2025, (iii) Reduction in expenses of Repairs & maintenance of installed plant & machineries by Rs.3.23 lakhs, from Rs.12.89 lakhs in the fiscal 2024 to Rs.9.66 lakhs in the fiscal 2024 representing decrease of 0.49% of total income in FY 2024 to 0.30% of total income in FY |
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2025; (iv) reduction of insurance expenses in term of percentage total income by 0.13% to 0.11% which is not directly related to total income (v) decrease in rent expenses in term of percentage of total income from 0.20% in FY 2024 to 0.17% in FY 2025 which is not directly related to sale (vi) Decrease in travelling expenses in term of percentage on total income from 0.30% in FY 2024 to 0.27% in FY 2025 (vii) Freight charges decrease in terms of total income from 2.88% in FY 2024 to 2.53% in FY 2025 due to reduction in transport expenses to unregistered transport agencies which is compensated by other transport modes (iii) Bad debts written off decreased to Rs.0.15 lakhs in the fiscal 2025 from Rs.l.91 lakhs in the fiscal 2024, representing reduction in loss of bad debt during the year by Rs.l.l6 Lakhs. In terms of total income this represent decrease by 0.30% in FY to almost nil in FY 2025. |
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Hence, the aggregate impact of changes in items specified in Other Expenses head reduced the cost in terms of total income from 17.20% in FY 2024 to 14.52% in FY 2024, which is impacting to increase the PAT margin by 2.69% in FY 2025. |
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Total Expenses |
2,704. 07 | 85.1 4% | 2,415. 55 | 91.8 9% | 6. 75 % | 288. 52 | 11.9 4% | |
Profit Before Tax |
471.9 3 | 14.8 6% | 213.2 4 | 8.11 % | 6. 75 % | 258. 69 | 121. 31% | |
Tax Expenses |
-0.51 | 0.02 % | 2.48 | 0.09 % | 0. 11 % | 2.99 | 120. 56% | |
The increase in the Companys Profit After Tax ("PAT") margin in Fiscal 2025 was also driven by improved cost optimisation and operating efficiencies across major expense heads and improved procurement efficiencies, and enhanced operational execution resulted in higher PAT for fiscal 2025. |
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Revenue from operations increased by Rs.54l.90 lakhs from Rs.2,62l.19 lakhs in fiscal 2024 to Rs.3,1l5.09 lakhs in fiscal 2025, registering a growth of approximately 20.85% over Fiscal 2024, mainly attributable to expansion of the customer base in the modern trade and quick-commerce segments, execution of new vendor registrations, extension of credit terms to select customers, expansion in sale to newly opened distribution channels of existing customers under the modern trade segment and effective capture of seasonal and industry-wide demand. |
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Profit/(Loss) for the year |
472.4 4 | 14.8 8% | 210.7 6 | 8.02 % | 6. 86 % | 261. 68 | 124. 16% | While, sales volumes improved, the Company achieved a reduction in cost of material consumption and overall cost of production (Cost of Material Consumed, Purchase of Stock-In-Trade and Changes in inventories of finished goods and Stock-in-Trade) as a percentage of total income from 59.82% in FY 2024 to 56.73% in FY 2025 representing decrease by 3.09%, which in turn increase the Profit margin by same ratio. |
Employee benefit expenses rose on account of annual salary increments; however, their proportion to total income declined. Hence, reduction of Employees Benefit Expenses by 0.45% in terms of percentage of total income in FY 2025 from FY 2024 impacted to increase in PAT Margin. |
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Finance costs increased marginally in absolute terms but reduced as a percentage of total income due to partial repayment of borrowings. Hence, reduction of finance cost by 0.34% in terms of percentage of total income in FY 2025 from FY 2024 impacted to increase in PAT Margin. |
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Depreciation expenses remained largely stable, however, in term of percentage of total income the depreciation expenses reduced from 1.28% to 1.11% due to effective reduction in written down value of the existing tangible assets by Rs. 12.61 lakhs which was Rs. 380.69 lakhs in FY 2024 and Rs. 368.8 lakhs in FY 2025. Hence, reduction of depreciation & amortisation expenses by 0.18% in terms of percentage of total income in FY 2025 from FY 2024 impacted to increase in PAT Margin. |
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While other operating expenses declined materially as a percentage of total income owing to reductions in power and fuel expenses, contractual charges, Repair and Maintenance - Plant and Machinery, Insurance Expenses, Rent expenses, Travelling Expenses, Freight Outward, bad-debt write-offs, and certain administrative and maintenance expenses. Hence, the aggregate impact of changes in items specified in Other Expenses head reduced the cost in terms of total income from 17.20% in FY 2024 to 14.52% in FY 2024, which is impacting to increase the PAT margin by 2.69% in FY 2025. |
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Consequently, the combined impact of strong top-line growth, improved product mix, controlled operating expenditures, resulted in a significant improvement in the Companys PAT margin during Fiscal 2025 from 8.02% in FY 2024 to 14.88% in FY 2025. |
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Further, the net profit during the year also increases due to increase in average profit margin of Papad and Rice Papad Segment. The average profit margin for Papad products increased from 28.65% in fiscal 2024 to 31.68% in fiscal 2025, reflecting higher margins across brands supported by improved contribution margins on both general and modern trade. Similarly, the average profit margin for Rice Papad products increased from 29.05% in fiscal 2024 to 31.04% in fiscal 2025, primarily due to improved realisations and better cost absorption across variants. The improvement in product-level margins contributed positively to the overall profitability of the Company and supported the increase in net profit during FY 2025. |
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Consequently, the cumulative impact of the aforesaid factors i.e. improvement mainly attributable to higher operating revenues supported by higher sales volumes and better utilization of available liquidity resulted in an increase in the Companys net profit margin where the Profit after tax (PAT) increased from Rs.210.76 lakhs (8.02%) in fiscal 2024 to Rs.472.44 lakhs (14.88%) in fiscal 2025. |
t. Increase in Cost of Materials, but at a Lower Proportion:
The cost of materials consumed at Rs.1,609.53 lakhs for the year ended March 31, 2025, as compared to Rs.1,520.75 lakhs for the year ended March 31, 2024, reflecting an increase of Rs. 88.78 lakhs i.e. 5.84%. During the same period, revenue from operations increased from Rs. 2,627.19 lakhs in FY 2023-24 to Rs.3,175.09 lakhs in FY 2024-25, showing a growth of 20.85%. Since the increase in cost is lower than the increase in revenue, the Company has achieved improved gross margins and enhanced operational efficiency in FY 2024-25 over FY 2023-24.
Particulars |
For the year ended 31 March, 2025 (Rs. In Lakhs) | For the year ended 31 March, 2024 (Rs. In Lakhs) | Absolute Changes (Rs. In Lakhs) | Growth Percentage (%) |
Revenue from operation |
3,175.09 | 2,627.19 | 547.90 | 20.85 |
Cost of materials consumed |
1,609.53 | 1,520.75 | 88.78 | 5.84 |
u. Increase in Total Expenses at a Lower Rate:
Total expenses for the year ended March 31, 2025, stood at Rs.2,704.07 lakhs, as compared to Rs.2,415.55 lakhs in the previous year, representing an increase of Rs.288.52 lakhs which is 11.94%. Whereas, total income for the FY 2024 - 25 is Rs. 3,176.00 Lakhs compared to FY 2023-24 Rs. 2,628.79 Lakhs resulting in growth of Rs. 547.21 Lakhs, representing increase by 20.82%. This rise in Total Expenses is lower than the growth in total income, reflecting improved cost efficiency and operational leverage driven by effective cost management and scale benefits.
Particulars |
For the year ended 31 March, 2025 | For the year ended 31 March, 2024 | Absolute Changes (Rs. In | Growth Percentage fo/„\ |
| (Rs. In Lakhs) | (Rs. In Lakhs) | Lakhs) | ||
Total Income |
3,176.00 | 2,628.79 | 547.21 | 20.82 |
Total Expenses |
2,704.07 | 2,415.55 | 288.52 | 11.94 |
Solvency Risk
Historically, the Company has financed the expansion of its business operations through a combination of internal accruals and bank borrowings. The Companys borrowings are secured by way of charge over current assets, including inventories and trade receivables, together with personal guarantees provided by the Promoters.
During the fiscals under review, our Company reported low Debt Service Coverage Ratio (DSCR), as 3.99x, 2.45x, and 2.50x for fiscal years 2026, 2025, and 2024, respectively. Our Company experienced sub-optimal capacity utilization of its installed manufacturing facilities, which constrained revenue generation and operating cash flows in the initial years following expansion. Further, the extension of longer credit periods to certain customers and comparatively higher inventory levels maintained during expansion phases resulted in temporary working capital pressure, thereby affecting liquidity and cash flows available for debt servicing. These factors collectively contributed to a lower Debt Service Coverage Ratio in the said periods.
In order to strengthen its solvency position and improve its Debt Service Coverage Ratio to a sustainable level, the Company has undertaken and/or proposes to undertake the following measures:
1. Capacity Optimization: Progressive improvement in utilization levels of installed capacity through enhanced production planning and increased market penetration.
2. Debt Rationalization: Prepayment and/or reduction of a portion of outstanding borrowings, including through utilization of a part of the Issue proceeds, with a view to aligning repayment obligations with expected cash flow generation.
3. Working Capital Management: Strengthening receivable collection mechanisms, implementation of tighter customer credit evaluation policies, and optimization of inventory levels to improve liquidity.
4. Revenue Diversification: Expansion into higher-margin product categories and entry into new geographic markets to enhance profitability and cash accruals via modern trade segment.
The management believes that the aforesaid initiatives, coupled with the anticipated growth in revenues and operating margins, are expected to result in a gradual and sustainable improvement in operating cash flows and the Companys overall debt servicing capability in the forthcoming fiscal periods.
LIQUIDITY AND CAPITAL RESOURCES:
We have been able to finance our capital requirements and the expansion of our business and operations through a Combination of funds generated from our operations, equity infusions from shareholders and debt financing, and we expect to continue to do so.
We believe that after taking into account the expected cash to be generated from our business and operations, the Net Proceeds from the Fresh Issue and the proceeds from our existing bank loans, we will have sufficient capital to meet our anticipated requirements for our capital expenditure, working capital requirements and general corporate purpose 12 months following the date of this Red Herring Prospectus. For the financial year ended on March 31, 2026, March 31, 2025 and March 31, 2024, we had cash and cash equivalents (comprising of cash on hand and balances with banks) of Rs. 2.35 Lakhs, Rs. 0.72 Lakhs, and U2.42 Lakhs respectively as per our Restated Financial Statements.
CASH FLOW:
The table below summaries our cash flows from our Restated Financial Information for the financial year ended on March 31, 2026, March 31, 2025 and March 31, 2024.
Particulars |
For the year ended March 31, 2026 | For the year ended March 31, 2025 | For the year ended March 31, 2024 |
Net cash from Operating activities |
55.71 | 241.63 | (274.72) |
Net Cash flows from Investing activities |
(75.84) | (20.55) | (14.67) |
Particulars |
For the year ended March 31, 2026 | For the year ended March 31, 2025 | For the year ended March 31, 2024 |
Net cash flow used in Financing activities |
21.75 | (222.78) | 291.65 |
Net increase in cash and cash equivalents |
1.62 | (1.69) | 2.28 |
Cash and cash equivalents at the beginning of the year |
0.72 | 2.42 | 0.15 |
Cash and cash equivalents at the end of the year |
2.35 | 0.74 | 2.43 |
Operating Activities:
FY 2025-26Our net cash flow from operating activities is Rs.55.71 lakhs for the financial year ended on March 31, 2026. Our operating profit before working capital changes was Rs.848.05 lakhs which was adjusted for changes in working capital comprising of Inventories of Rs.(683.95) lakhs, Trade Receivable of Rs.(53.56) lakhs, Loans and Advances of Rs.(23.21) lakhs, Other Current Assets of Rs.(46.57) lakhs, Trade Payables of Rs.5.50 lakhs, Other Current Liabilities of Rs.32.83 lakhs, Long Term Provision of Rs.(0.62) lakhs and taxes paid of Rs.22.77 lakhs .
FY 2024-25
Our net cash flow from operating activities is Rs.241.63 lakhs for the financial year ended on March 31, 2025. Our operating profit before working capital changes was Rs.601.62 lakhs which was adjusted for changes in working capital comprising of Inventories of Rs.(345.68) lakhs, Trade Receivable of Rs.(170.29) lakhs, Loans and Advances of Rs.8.43 lakhs, Other Current Assets of Rs.1.79 lakhs, Trade Payables of Rs.159.47 lakhs, Other Current Liabilities of Rs.(4.48) lakhs, Short Term Provision of Rs.0.65 lakhs, Long Term Provision of Rs.(0.65) lakhs and taxes paid of Rs.9.22 lakhs .
FY 2023-24
Our net cash used in operating activities is Rs.(274.72) lakhs for the financial year ended on March 31, 2024. Our operating profit before working capital changes was Rs.330.35 lakhs which was adjusted for changes in working capital comprising of Inventories of Rs.(589.74) lakhs, Trade Receivable of Rs.(21.32) lakhs, short term loans and advances of Rs.2.02 lakhs, Other Current Assets of Rs. (6.00)lakhs, Trade Payables of Rs.20.14 lakhs, Other Current Liabilities of Rs.(10.57) lakhs, Short Term Provision of Rs.0.64 lakhs, Long Term Provision of Rs.(0.64) lakhs and ta xes refund of Rs.(0.40) Lakhs.
Investing Activities
FY 2025-26
Net cash used from investing activities was Rs.(75.82) lakhs for the financial year ended on March 31, 2026. This was on account of purchase of Fixed Assets / Capital Expenditure amounting to Rs.(75.82) lakhs.
FY 2024-2025
Net cash flow from investing activities was Rs.(20.55) lakhs for the financial year ended on March 31, 2025. This was on account of purchase of Fixed Assets / Capital Expenditure amounting to Rs.(20.55) lakhs.
FY 2023-24
Net cash used in investing activities was Rs.(14.67) lakhs for the financial year ended on March 31, 2024. This was due to net off on account of purchase & disposing of Fixed Assets / Capital Expenditure including profit on sale of disposed fixed assets amounting to Rs.(14.72) lakhs, Interest Income of Rs.0.05 lakhs.
Financing Activities FY 2025-26
Net cash flow from financing activities for the financial year ended on March 31, 2026 was Rs. 21.75 lakhs. This was on account of Repayment of non-current borrowing of Rs.(107.11) lakhs, Proceeds from non-current borrowings of Rs.42.92 lakhs, Proceeds of Short-term borrowing of Rs.165.62 lakhs and Finance Charges of Rs.(79.68) lakhs.
FY 2024-25
Net cash flow used in financing activities for the financial year ended on March 31, 2025 was Rs. (222.78) lakhs. This was on account of Repayment of non-current borrowing of ^(31.01) lakhs, Proceeds from non-current borrowings of Rs.16.57 lakhs, Repayment of Short-term borrowing of Rs.(116.27) lakhs and Finance Charges of Rs.(92.06) lakhs.
FY 2023-24
Net cash flow generated from financing activities for the financial year ended on March 31, 2024 was U291.65 lakhs. This was on account of Repayment of non-current borrowing of Rs.(42.62) lakhs, proceeds from non-current borrowings of U207.87 lakhs, Proceed from Short-term borrowing of Rs. 211.62 lakhs and Financial Charges of Rs.(85.22) lakhs.
FINANCIAL MARKET RISKS
We are exposed to financial market risks from changes in borrowing costs, interest rates and inflation.
INTEREST RATE RISK
We are currently exposed to interest rate risks to the extent of outstanding loans. However, any rise in future borrowings may increase the risk.
EFFECT OF INFLATION
We are affected by inflation as it has an impact on the material cost, operating cost, staff costs etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.
CHANGES IN AUDITORS
For details with respect to change in auditors please refer chapter title General Information, under heading "Changes in Auditor" on page No. 78.
OTHER MATTERS INFORMATION REQUIRED AS PER ITEM 11 (II) (C) (IV) OF PART A OF SCHEDULE VI TO THE SEBI (ICDR) REGULATIONS, 2018:
1. Unusual or infrequent events or transactions
Except as described in this Red Herring Prospectus, there have been no other events or transactions or changes in accounting policy to the best of our knowledge which may be described as "unusual" or "infrequent".
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
Other than as described in the section titled Risk Factors beginning on page no. 23 of this Red Herring Prospectus, to our knowledge there are no known significant economic changes that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.
3. Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations.
Other than as described in this Red Herring Prospectus, particularly in the sections Risk Factors on page no. 23, respectively, to our knowledge, there are no known trends or uncertainties that are expected to have a material adverse impact on our revenues or income from continuing operations.
4. Future changes in relationship between costs and revenues, in case of events such as future increase in labours or material costs or prices that will cause a material change are known.
Our Companys future costs and revenues will be determined by demand/supply situation, government policies and other economic factor.
5. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or increased sales prices.
Our Company is specialized in manufacturing of Papad and also produces Rice Papad (khichiya), mangoodi and other snacks. The Companys continuous focus on expanding its distribution network and maintaining consistent product quality, contributed to this volume growth.
Total turnover of each major industry segment in which the issuer company operated.
The Company operates in Food Industry. Relevant industry data, as available, has been included in the Chapter titled "Industry Overview" beginning on page 143 of this Red Herring Prospectus.
6. Status of any publicly announced new products or business segment.
Our Company has not announced any new product and segment / scheme.
7. The extent to which business is seasonal.
Our business depends heavily on agricultural produce for raw material procurement, and since agriculture is inherently seasonal and influenced by monsoon patterns, climatic conditions, and environmental factors, variations in weather can affect crop yields, causing supply shortages, quality issues, and price fluctuations. Other than as described in the section titled Risk Factors beginning on page no. 23 of this Red Herring Prospectus, to our knowledge there are no known significant seasonal impact on our business
8. Any significant dependence on a single or few suppliers or customers.
Our reliance on multiple sales channels exposes us to operational and commercial risks, and any disruption or underperformance in any of these channels could adversely impact our business operations and financial performance. Other than as described in the section titled Risk Factors beginning on page no. 23 of this Red Herring Prospectus, to our knowledge there are no known dependence on any single or few suppliers or customers on our business
Top 1, top 3, top 5 and top 10 Customers
(Amount In INR Lakhs except Percentages) |
||||||
Revenues |
Fiscal |
|||||
2026 |
2025 |
2024 |
||||
| Amount (Rs. in lacs) | Percenatge of Revenue from Operations (%) | Amount (Rs. in lacs) | Percenatge of Revenue from Operations (%) | Amount (Rs. in lacs) | Percenatge of Revenue from Operations (%) | |
Top 1 Customer |
304.39 | 9.08% | 629.97 | 19.84 | 409.88 | 15.59 |
Top 3 Customers |
748.74 | 22.33% | 1251.51 | 39.41 | 954.90 | 36.35 |
Top 5 Customers |
1034.55 | 30.85% | 1696.76 | 53.43 | 1420.24 | 54. 06 |
Top 10 Customers |
1540.76 | 45.94% | 2198.74 | 69.25 | 1829.83 | 69.65 |
*As certified by the Peer Reviewed Statutory Auditor M/s GGPS and Associates, Chartered Accountants, Bikaner vide certificate dated September 22, 2026
Top 1, top 3, top 5 and top 10 Suppliers
(Amount In INR Lakhs except Percentages) |
||||||
Purchases |
Fiscal |
|||||
2026 |
2025 |
2024 |
||||
| Amount (Rs. in lacs) | Percentage of Purchases (%) | Amount (Rs. in lacs) | Percentage of Purchases (%) | Amount (Rs. in lacs) | Percentage of Purchases (%) | |
Top 1 Supplier |
321.53 | 14.26% | 346.52 | 16.14 | 281.14 | 13.00 |
Top 3 Suppliers |
724.85 | 32.14% | 607.65 | 28.30 | 734.09 | 33.95 |
Top 5 Suppliers |
997.54 | 44.24% | 826.79 | 38.51 | 998.83 | 46.19 |
Top 10 Suppliers |
1376.08 | 61.02% | 1165.76 | 54.29 | 1458.28 | 67.44 |
As certified by the Peer Reviewed Statutory Auditor M/s GGPS and Associates, Chartered Accountants, Bikaner vide certificate dated September 22, 2026.
Competitive conditions:
We face competition from existing and potential competitors which is common for any business. Over a period of time, we have developed certain competitive strengths which have been discussed in section titles "Our Business - Strengths" beginning on page 159 of this Red Herring Prospectus.
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+91 9892691696
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