Ganesh Consumer Products Limited is a Kolkata-based FMCG company that has built a dominant position in the eastern Indian market for staple food products. The firm’s flagship “Ganesh” brand is the third‑largest packaged wheat‑flour (atta) brand in the region and the market‑leading player in wheat-based derivatives such as maida, sooji, and dalia. In FY 2025, the company also ranked among the top two packaged‑sattu and packaged‑besan producers in East India, commanding market‑shares of roughly 43 % and 5 % respectively. With a diversified portfolio that now includes spices, ethnic snacks, and a growing D2C online presence, Ganesh Consumer Products recorded INR 8,504.6 million of revenue in FY 2025 – an 18 % CAGR over the FY23-25 and witnessed an ROCE of 19.8 %. The business is supported by a wide distribution network of more than 900 partners across West Bengal, Jharkhand, Bihar, Odisha, and Assam.
Offer Details of the IPO
Price Band: INR 306 to INR 322 per Equity Share
Book‑Running Lead Managers
Indian Packaged Food Industry – Overview
The Indian packaged‑food market is a fast-growing, consumer-driven segment of the FMCG landscape. Retail‑sales-based estimates place the market at INR 11,17,457 cr in FY 2025, up 9.6 % from FY 2024, and it is projected to reach ₹ 18,77,251 cr by FY 2030 (CAGR ≈ 10.9 %). The expansion is underpinned by:
The market is organised into five principal segments:
| Segment | Core product families | Typical share of the total packaged food market (FY 2025) |
| Packaged Staples | Edible oils, wheat & other flours, rice, pulses, sugars, spices (edible oil alone ≈ 61.8 % of this segment) | 36.4 % |
| Other Packaged Food | Biscuits, breads, confectionery, savoury snacks, pasta, noodles, sauces, breakfast cereals, value-added dairy, baby food, tea & coffee, ready to cook (RTC) & ready to eat (RTE) | 35.5 % |
| Packaged Dairy (Fresh) | Packaged milk, curd, yoghurt, paneer (short shelf life) | – |
| Packaged Beverages | Packaged water, aerated drinks, juices, sports & energy drinks, concentrates. | – |
| Packaged Meat | Branded eggs, frozen/chilled meat, cold cuts | – |
Source: RHP
Growth‑Rate Snapshot (Past vs. Future)
| Segment (FY 2025) | Projected CAGR FY 2025 → FY 2030 | Comment |
| Packaged Staples | 10.0 % | Still the largest driver; edible oil price volatility may temper volume growth, but expanding product mix (e.g., fortified flours, organic variants) sustains demand. |
| Spices | 12.3 % | Premiumisation and regional taste diversification (e.g., blended & organic blends) are accelerating growth. |
| Snacks | 13.0 % | Convenience snack consumption is rising, especially in Tier II/III cities and via e‑commerce. |
| Bakery & Bread | 10.4 % | Steady demand for packaged breads & biscuits; modern trade penetration is a key enabler. |
| Packaged Sweet | 20.0 % | Niche but high growth segment driven by premium & health-focused confectionery (e.g., sugar-free, fortified sweets). |
| RTE/RTC | 18.3 % | Working women and time‑pressed households fuel the rapid uptake of ready-to-cook/eat solutions. |
| Noodles & Vermicelli | 9.0 % | Modest growth; the market is maturing but still benefits from regional flavour innovations. |
| Overall Packaged Food | 10.9 %* | The sector is expected to outpace GDP growth, buoyed by lifestyle change, increased retail modernisation, and expanding middle-class consumption. |
Source: RHP
Key Takeaways:
Ganesh Consumer Products Limited – Company Overview
The company was founded in 1936 as a single-store retail outlet in Burrabazar, Kolkata, selling “Ganesh” branded flours. It has evolved into a leading packaged foods brand with a core business of manufacturing & marketing of wheat-based flours (atta, maida, sooji, dalia), gram-based products (sattu, besan), spices, ethnic snacks, and ready-to-cook mixes. The flagship “Ganesh” brand is the primary consumer-facing identity. Its manufacturing footprint spans 7 integrated plants located in West Bengal, Uttar Pradesh, and Telangana The company engages in both its own manufacturing and limited contract manufacturing for select product lines, allowing flexibility in scaling production capacity. Its 900+ distribution partners in East India also make it the largest regional network amongst peers. These are a mix of direct clearing agents, super stockists, wholesalers, and online platforms.
Incorporation & Evolution:
· 2000 – incorporated as Ganesh Wheat Products Private Ltd (Kolkata).
· 2010 – renamed Ganesh Grains Private Ltd after acquiring Ganesh Flour Mills.
· 2011 – converted to a public limited company (Ganesh Grains Ltd).
· 2016 – The company received private equity infusion from India Business Excellence Fund II and IBEF IIA.
· 2024 – name changed to Ganesh Consumer Products Ltd to reflect the broader product mix.
Founding / Key Management Team:
Competitive Positioning
Ganesh Consumer Products Ltd is a dominant regional brand in East India, with a strong presence across West Bengal, Jharkhand, Bihar, Odisha, and Assam. Most peers have a pan-India presence (wider but not necessarily deeper in Eastern India) and are strong in select niches. For instance, Adani Wilmar (Fortune) leads in edible oil and rice; Patanjali excels in organic and value-added staples; ITC dominates premium flour with Aashirvaad.
Following are the highlights of Ganesh’ market share
Strengths
Heritage & Brand Equity: Over 85 years of “Ganesh” brand awareness in the eastern market; strong consumer trust in staple products.
Integrated Manufacturing: Own 7 plants gives control over quality, cost, and ability to launch value-added variants quickly.
Efficient Operations: Low inventory days, short cash conversion cycle, modest marketing spend → reasonably high operating margins.
Deep Distribution Network: 900+ dedicated distributors ensure deep market penetration in a fragmented regional market.
Product Diversification: Recent entry into spices, blended spices, ethnic snacks, and ready-to-cook mixes expands wallet share opportunities.
Digital Initiatives: D2C website (Ganesh Kart) and presence on e-commerce platforms begin to capture the growing online consumer base.
Financial Discipline: Net debt of INR 487 million (FY 25) with strong cash balances; ROCE ≈ 20 % indicates efficient capital use.
Weaknesses / Risks
Geographic Concentration: Over 80% of Ganesh Consumer Products Ltd’s sales originate from East India. This heavy regional dependence makes the company vulnerable to localized disruptions such as agricultural price volatility or logistics bottlenecks, which could materially impact earnings.
Limited Modern Trade / E-Commerce Share:Modern trade contributes only ~2% of total sales. As consumer preferences shift toward organized retail and online channels, peers are gaining market share, highlighting Ganesh’s limited presence in these fast-growing segments.
Scale Compared to National Players:With revenue around INR 8.5 billion, Ganesh operates at a significantly smaller scale than national giants like Adani Wilmar or Patanjali. This limits its bargaining power with large retailers and raw material suppliers.
Related Party Financing:The company has substantial borrowings and advances from related parties such as New Age Import and Manoj Mercantile. This raises potential governance concerns and could negatively influence credit ratings.
Brand Portfolio Depth:While the “Ganesh” brand enjoys strong regional recognition, the company lacks a premium or health-focused sub-brand that could tap into higher-margin consumer segments.
Innovation Pace: Recent product launches in spices and snacks show momentum, but sustained investment in R&D is essential to keep pace with evolving FMCG trends like fortified flours and gluten-free offerings.
Regulatory & Tax Exposure: The ongoing scheme of arrangement and operations across multiple tax jurisdictions (state GST and central taxes) adds layers of compliance complexity.
Dependence on Raw Material Prices: Volatility in wheat, gram, and oilseed prices directly affects the cost of goods sold (COGS). With limited hedging mechanisms in place, margins remain exposed to commodity price fluctuations
Financial Profile
Revenue Growth: Ganesh achieved 18% CAGR from FY 2023 to FY 2025, outperforming most peers except Patanjali and Adani Wilmar.
Profitability: Gross margin stands at 22%, significantly higher than Adani Wilmar (~12%). EBITDA margin is 8.6%, placing Ganesh in the top quartile.
Operating Efficiency: Inventory days reduced to 30.7 (from 44 in 2023); cash conversion cycle is 21.3 days, ranking 3rd lowest among peers.
Peer Benchmark: Inventory days range from 45–55; CCC ranges from 35–45 days.
***
Strong revenue growth: It witnessed a strong 18 % (CAGR) over the past three years. The strong growth is among the highest in the industry. Following factors were the key reasons for its strong revenue growth.
| Driver | Impact |
| Market share gains in core categories – Ganesh is the largest packaged sattu player in West Bengal (≈ 92 % share) and the top two in East India (≈ 43 % share). It also leads the East India market for packaged sooji & dalia (31.2 % share) and maida (16.4 %). | Higher volume sales of high-margin wheat-derived flours and gram-based products lifted the top line. |
| Product portfolio expansion – Launch of whole spice range (2023), blended spices (2024), and ethnic snacks (2024). 94 SKUs added across 11 new products in the last three years. | Diversified revenue streams and cross-selling opportunities, especially in the fast-growing “snacks & ready to cook” segment. |
Source: RHP
Overall, the revenue trajectory reflects a combination of organic volume expansion in core flour/gram-based categories, successful new‑product introductions, and a disciplined go-to-market strategy that leverages a deep regional distribution footprint.
Profitability Trends
| Metric | FY 2023 | FY 2024 | FY 2025 | Trend |
| Gross Margin | 22.82 % | 21.38 % | 22.23 % | Stable around 22 % – reflects effective cost of goods sold management despite raw material price volatility. |
| EBITDA (INR mn) | 561.44 | 633.54 | 732.38 | +30 % YoY |
| EBITDA Margin | 9.19 % | 8.35 % | 8.61 % | Slight improvement; among the highest in the peer set (Adani Wilmar 3.9 %). |
| PAT (INR mn) | 271.04 | 269.92 | 354.32 | +31 % YoY |
| PAT Margin | 4.44 % | 3.56 % | 4.17 % | Rising to a 4 plus % level, driven by a margin stable core and higher EBITDA. |
| ROCE | 14.96 % | 16.73 % | 19.81 % | Highest among peers – indicates superior earnings generation on total capital employed. |
| ROE | 14.21 % | 12.68 % | 15.81 % | Strong return to shareholders, outpacing most peers. |
Source: RHP
The company now converts its working‑capital into cash in ≈ 21 days, the third‑lowest cycle among the peer group, thanks to very short debtor days and disciplined inventory management.
Comparative Peer Position (selected peers)
| Name of Company | Closing price on September 10, 2025 (₹) | Revenue, for Fiscal 2025 (in ₹ million) | EPS (₹) Basic | EPS (₹) Diluted | P/E | RONW (%) |
| Ganesh Consumer Products Limited(2) | NA | 8,504.62 | 9.74 | 9.74 | 33.1* | 15.81 |
| Patanjali Foods Limited | 1,802.25 | 341,569.67 | 35.94 | 35.94 | 50.15 | 11.96 |
| AWL Agri Business Limited (formerly known as Adani Wilmar Limited) | 256.30 | 636,722.40 | 9.44 | 9.44 | 27.15 | 13.12 |
Source: RHP; * – based on upper end of price band
Ganesh’s profitability (gross & EBITDA margins) and return metrics are well‑aligned with the best‑performing peers, while its leverage is comfortably low. The company’s cash‑conversion cycle is among the quickest, underscoring superior working‑capital management.
| Company | Particulars (Units) | FY 2023 | FY 2024 | FY 2025 | CAGR (%) |
| Ganesh Consumer Products Limited
|
Revenue from operations (₹ mn) | 6,107.51 | 7,590.73 | 8,504.62 | 18.26% |
| Revenue growth (YoY %) | 34.23% | 24.29% | 12.04% | – | |
| Gross Profit (₹ mn) | 1,393.61 | 1,622.65 | 1,890.62 | – | |
| Gross Margin (%) | 22.82% | 21.38% | 22.23% | – | |
| EBITDA (₹ mn) | 561.44 | 633.54 | 732.38 | 14.03% | |
| EBITDA Margin (%) | 9.19% | 8.35% | 8.61% | – | |
| Profit after Tax (PAT) (₹ mn) | 271.04 | 269.92 | 354.32 | 14.09% | |
| PAT Margin (%) | 4.44% | 3.56% | 4.17% | – | |
| ROE (%) | 14.21% | 12.68% | 15.81% | – | |
| ROCE (%) | 14.96% | 16.73% | 19.81% | – | |
| Adjusted ROCE (%) | 17.24% | 21.19% | 23.49% | – | |
| Debt to Equity Ratio | 0.42 | 0.17 | 0.22 | – | |
| Cash Conversion Cycle (days) | 35.75 | 30.94 | 20.80 | – | |
| Number of SKUs | 150 | 176 | 232 | – | |
| Number of Manufacturing Facilities | 7 | 7 | 7 | – | |
| Number of Distributors | 814 | 881 | 972 | – | |
|
Patanjali Foods Limited
|
Revenue from operations (₹ mn) | 315,246.56 | 317,213.54 | 341,569.67 | 4.11% |
| Revenue growth (YoY %) | 30.24% | 0.62% | 7.68% | – | |
| Gross Profit (₹ mn) | 34,504.11 | 39,154.37 | 53,157.85 | – | |
| Gross Margin (%) | 10.95% | 12.34% | 15.56% | – | |
| EBITDA (₹ mn) | 12,806.43 | 12,785.40 | 19,459.81 | 23.27% | |
| EBITDA Margin (%) | 4.06% | 4.03% | 5.70% | – | |
| Profit after Tax (PAT) (₹ mn) | 8,864.41 | 7,651.51 | 13,007.06 | 21.78% | |
| PAT Margin (%) | 2.81% | 2.41% | 3.81% | – | |
| ROE (%) | 11.07% | 7.63% | 12.06% | – | |
| ROCE (%) | 12.46% | 11.58% | 14.93% | – | |
| Adjusted ROCE (%) | – | – | NA | – | |
| Debt to Equity Ratio | 0.15 | 0.10 | 0.07 | – | |
| Cash Conversion Cycle (days) | 41.29 | 45.70 | 47.13 | – | |
| Number of SKUs | 500+ | 500+ | NA | – | |
| Number of Manufacturing Facilities | 25 | 25 | 26 | – | |
| Number of Distributors | 7,500+ | 8,000+ | ~8,000 | – | |
|
Adani Wilmar Limited
|
Revenue from operations (₹ mn) | 581,848.10 | 512,616.30 | 636,722.40 | 4.60% |
| Revenue growth (YoY %) | 7.44% | -11.90% | 24.21% | – | |
| Gross Profit (₹ mn) | 52,994.80 | 59,868.20 | 75,348.30 | – | |
| Gross Margin (%) | 9.11% | 11.68% | 11.83% | – | |
| EBITDA (₹ mn) | 9,587.90 | 11,352.60 | 24,817.40 | 61.08% | |
| EBITDA Margin (%) | 1.65% | 2.21% | 3.90% | – | |
| Profit after Tax (PAT) (₹ mn) | 5,821.20 | 1,479.90 | 11,632.30 | 40.73% | |
| PAT Margin (%) | 1.00% | 0.29% | 1.83% | – | |
| ROE (%) | 7.58% | 1.80% | 13.11% | – | |
| ROCE (%) | 15.05% | 9.43% | 20.88% | – | |
| Adjusted ROCE (%) | – | – | NA | – | |
| Debt to Equity Ratio | 0.27 | 0.29 | 0.18 | – | |
| Cash Conversion Cycle (days) | 49.12 | 48.88 | 40.90 | – | |
| Number of SKUs | 2,000+ | 2,000+ | NA | – | |
| Number of Manufacturing Facilities | 60+ | 61+ | 76 | – | |
| Number of Distributors | 10,000+ | 10,000+ | NA | – |
Source: RHP
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