ANNAPURNA
Annapurna Swadi. financials
- Market cap
- ₹325 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 1
Annapurna Swadi. Q1 FY27
What went well
- Q1 FY27 Consolidated Revenue grew 17.74% YoY to ₹127 crores, demonstrating strong top-line expansion.
- Q1 FY27 Consolidated PAT increased by 50% YoY to ₹9.81 crores, indicating improved profitability.
- Q1 FY27 Consolidated EBITDA rose 21% YoY to ₹21 crores, reflecting operational efficiency.
What to watch
- Debtor days remain high at 50-70 days, significantly above peers (8-10 days), though management has a plan to reduce them.
- A large CapEx plan of ₹450-500 crores for the Siliguri integrated facility is substantial compared to the current market cap of ₹320 crores, requiring careful financial management and shareholder approval.
What Annapurna Swadi. does
Annapurna Swadisht makes and distributes affordable packaged food products — potato chips, extruded snacks, namkeen, sweet snacks, biscuits, cakes, noodles, popcorn and jhalmuri — targeted at rural and small-town consumers, with entry price points as low as ₹5. It runs its own manufacturing plants plus five white-label production partners, and after acquiring Madhur Confectioners Pvt Ltd it also makes chocolates, candies and lollipops under the "Madhur" brand. Products are sold through a multi-tier network of super stockists and distributors reaching retail outlets across 20 Indian states, with a smaller export presence in the UAE, Europe, UK, Saudi Arabia and Africa.
Segments
- Traditional Snacks
- Western Snacks
- Confectionery
- Noodles
- Bakery, Beverages & Others
- Edible Oil
- Manufacturing facilities
- 6 (Asansol, Siliguri, Gurap, Dhulagarh, West Bengal + Indore) plus 5 white-label partners
- SKUs
- 109 across 11 product categories
- Distribution network
- 1,150+ direct & indirect distributors
- Super stockists
- 175
- States covered
- 20
- Retail touchpoints
- ~8.5 lakh
Guidance record · Q1 FY27
what the last two calls moved 9 tracked 0 delivered 0 missed 9 open- Consolidated Revenue open said Q1 FY27 Promised: consolidated revenue of about Rs. 750 crores Q1 FY27: Q1 revenue was Rs. 127 crores.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 37.9%, net profit up 9.0% against the same quarter last year.
| Line item | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 131 | 134 | 204 | 204 | 108 −18% | 250 +87% | 126 −38% | 127 −38% |
| EBITDA | 13 | 14 | 23 | 24 | 17 +31% | 32 +129% | 18 −21% | 21 −14% |
| Net profit | 7 | 7 | 12 | 9 | 9 +26% | 15 +114% | 7 −40% | 10 +9% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −43.4% 1Y
1Y: ₹243.75 on 10 Sept 2025 → ₹137.95. High ₹278.15 (20 Oct 2025), low ₹123.4 (28 Jul 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.4%
- 24 Aug
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹16 Cr | ₹18 Cr | ₹22 Cr | ₹22 Cr |
| Reserves | ₹43 Cr | ₹97 Cr | ₹293 Cr | ₹308 Cr |
| Borrowings | ₹24 Cr | ₹63 Cr | ₹113 Cr | ₹229 Cr |
| Other liabilities | ₹28 Cr | ₹58 Cr | ₹60 Cr | ₹70 Cr |
| Total liabilities | ₹112 Cr | ₹236 Cr | ₹488 Cr | ₹629 Cr |
| Fixed assets | ₹24 Cr | ₹77 Cr | ₹225 Cr | ₹271 Cr |
| Capital work in progress | ₹11 Cr | ₹22 Cr | ₹32 Cr | ₹57 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹16 Cr | ₹27 Cr |
| Other assets | ₹77 Cr | ₹137 Cr | ₹215 Cr | ₹274 Cr |
| Total assets | ₹112 Cr | ₹236 Cr | ₹488 Cr | ₹629 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, FIIs added +3.68 pp while the public trimmed −3.67 pp. The shareholder count shrank 13% to 3,998.
- Promoters
- 40.2%
- FIIs
- 6.6%
- DIIs
- 0.4%
- Public
- 52.8%
Since Mar 2025
- FIIs +3.68 pp
- Public −3.67 pp
- DIIs −0.30 pp
How it drifted, 9 quarters
Over this window promoters fell from 51.9% to 40.2% — −11.7 pp.
Ownership split by quarter, oldest first. Sep '22: Promoters 51.9%, FIIs 2.1%, DIIs 0.3%, Public 45.7%.Mar '23: Promoters 51.9%, FIIs 0.4%, Government 0.0%, Public 47.8%.Sep '23: Promoters 49.0%, Public 51.0%.Mar '24: Promoters 48.7%, DIIs 0.3%, Public 51.0%.Jun '24: Promoters 49.5%, DIIs 0.3%, Public 50.1%.Sep '24: Promoters 39.9%, FIIs 4.4%, DIIs 1.2%, Public 54.5%.Mar '25: Promoters 39.9%, FIIs 3.0%, DIIs 0.7%, Public 56.5%.Sep '25: Promoters 39.9%, FIIs 7.3%, DIIs 0.5%, Public 52.3%.Mar '26: Promoters 40.2%, FIIs 6.6%, DIIs 0.4%, Public 52.8%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Tusk Investments newly disclosed 3.21% held
- Nurture Well Industries Limited newly disclosed 2.52% held
- Barclays Wealth Trustees India Private Limited newly disclosed 2.31% held
- Nexpact Limited FPI fund newly disclosed 2.02% held
- Findoc Investmart Private Limited newly disclosed 1.11% held
- Dv Stock Vision Llp newly disclosed 1.03% held
- Real Capital Financial Services Private Limited newly disclosed 1.00% held
- Ritesh Shaw +0.30 pp 33.98% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Annapurna Swadi. above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ritesh Shaw | 33.98% | +0.30 pp |
| Shreeram Bagla | 6.19% | unchanged |
| Tusk Investments | 3.21% | newly disclosed |
| Nurture Well Industries Limited | 2.52% | newly disclosed |
| Barclays Wealth Trustees India Private Limited | 2.31% | newly disclosed |
| Nexpact Limited FPI fund | 2.02% | newly disclosed |
| Atlas Events Private Limited | 1.29% | unchanged |
| Nova Global Opportunities Fund Pcc - Touchstone FPI fund | 1.14% | −1.66 pp |
| Findoc Investmart Private Limited | 1.11% | newly disclosed |
| Dv Stock Vision Llp | 1.03% | newly disclosed |
| Real Capital Financial Services Private Limited | 1.00% | newly disclosed |
| Clearing Member Unclassified | 0.00% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -5.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Annapurna Swadi.
Guides on how to read this kind of business and the numbers that matter.