SSFL
Srivari Spices & Foods financials
- Market cap
- ₹269 Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 2
SSFL H1 FY26
What went well
- Revenue grew by 49.08% YoY to ₹78.77 crores, demonstrating strong top-line performance.
- PAT increased by 46.66% YoY to ₹7.20 crores, indicating healthy profit growth.
- EBITDA margin remained robust at 17.05%, reflecting operational efficiency.
What to watch
- Oil segment is in a launch phase with minimal margins and low utilization (5% of revenue, 10% utilization of 720 tons capacity).
- Launch of Pooja and Devotional products has been delayed to January 2026.
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 0 delivered 1 missed 6 open- Poushtik Daily Deliveries missed said Q4 FY25 Promised: 300 deliveries per day within 6 months Q2 FY26: Company completely divested the subsidiary (Srivari Supply Chain) holding Poushtik. It is no longer connected to Srivari.
- Overall Revenue Growth revised down said Q4 FY25 Promised: 100% growth in FY26 Q2 FY26: Management walked back the 100% target: 'Exactly, I can't comment on that. But it will be better than... past growth'.
- Oil Segment Revenue on track said Q4 FY25 Promised: INR 30-40 crores in FY26 Q2 FY26: Confirmed expectation to hit the 30-40 cr target in H2 FY26 despite slow H1 start.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 53 | 61 | 79 | 96 |
| EBITDA | 9 | 9 | 13 | 16 |
| Net profit | 5 | 5 | 7 | 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 +110.2% 1Y
1Y: ₹149.2 on 10 Sept 2025 → ₹313.65. High ₹313.65 (11 Sept 2026), low ₹86.15 (29 Jan 2026).
How the price took the results
close before → close after
- Q2 FY26
- −5.9%
- 24 Nov
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 | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹7 Cr | ₹9 Cr | ₹9 Cr |
| Reserves | ₹17 Cr | ₹58 Cr | ₹66 Cr |
| Borrowings | ₹19 Cr | ₹33 Cr | ₹34 Cr |
| Other liabilities | ₹12 Cr | ₹9 Cr | ₹13 Cr |
| Total liabilities | ₹55 Cr | ₹109 Cr | ₹122 Cr |
| Fixed assets | ₹6 Cr | ₹20 Cr | ₹18 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹49 Cr | ₹89 Cr | ₹104 Cr |
| Total assets | ₹55 Cr | ₹109 Cr | ₹122 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, the public trimmed −0.21 pp while FIIs added +0.20 pp. The shareholder count shrank 8% to 1,610.
- Promoters
- 58.3%
- FIIs
- 0.2%
- DIIs
- 1.4%
- Public
- 40.2%
Since Mar 2025
- Public −0.21 pp
- FIIs +0.20 pp
- Promoters 0.00 pp
How it drifted, 6 quarters
Over this window promoters fell from 69.9% to 58.3% — −11.7 pp.
Ownership split by quarter, oldest first. Mar '24: Promoters 69.9%, Public 30.1%.Sep '24: Promoters 69.9%, DIIs 1.1%, Public 29.0%.Oct '24: Promoters 58.3%, DIIs 1.1%, Public 40.6%.Mar '25: Promoters 58.3%, DIIs 1.4%, Public 40.4%.Sep '25: Promoters 58.3%, DIIs 1.4%, Public 40.4%.Mar '26: Promoters 58.3%, FIIs 0.2%, DIIs 1.4%, Public 40.2%.
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.
- Findoc Investmart Private Limited newly disclosed 3.03% held
- Anamika Fashionwears And Exports Private Limited +0.17 pp 2.22% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Srivari Spices & Foods Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Narayan Das Rathi | 29.59% | unchanged |
| Neihaa Rathi | 28.69% | unchanged |
| Avneesh Kumar Rana | 3.93% | unchanged |
| Findoc Investmart Private Limited | 3.03% | newly disclosed |
| Anamika Fashionwears And Exports Private Limited | 2.22% | +0.17 pp |
| Ajapa Bose | 2.00% | unchanged |
| Generational Capital Breakout Fund 1 AIF | 1.35% | unchanged |
| Manan Rathi | 0.00% | unchanged |
| Narayan Das Rathi HUF | 0.00% | unchanged |
| Jyoti Maniyar | 0.00% | unchanged |
| Srivari Supply Chain Private Limited | 0.00% | unchanged |
| Ranawat Ranjana | 0.00% | unchanged |
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
- 1.1% 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
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Srivari Spices & Foods Ltd
Guides on how to read this kind of business and the numbers that matter.