Annapurna Swadisht LtdQ1 FY27
Annapurna Swadisht Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹149P/E: 9.8Market Cap: ₹331 CrSector: Food Products
Management growth scorecard
Revenue
Category 2
Margin
Category 1
Fundraise
Yes
Order
N/A
Capex
Yes
3 of 4 growth signals are positive.
Full analysisRevenue guidance
Category 2- →Company targets Rs. 1,100 crore top line by FY '28, with a PAT exceeding Rs. 100 crores.
- →Fryums and namkeen businesses each at Rs. 250 crore run rate, totaling Rs. 500 crores.
- →Madhur confectionery expected to reach Rs. 150 crore in FY '26, with plans to grow further.
- →Other categories (noodles, biscuits, Andri Agro) anticipated to contribute Rs. 250 crores combined by FY '28.
- →OFFSIDE brand launched 4 months ago, generating Rs. 2 crore/month revenue, targeting Rs. 5-10 crore in next year.
- →Integrated facility planned to support Rs. 2,000 crore revenue with 15% EBITDA in 3-5 years.
- →Capacity utilization currently ~45%, with potential to double revenue using existing facilities.
- →Ongoing expansion through product portfolio diversification, geographic reach, and brand endorsements.
Margin guidance
Category 1- →The company targets a consolidated revenue exceeding Rs. 1,000 crore by FY '28 with a PAT margin around 8-9%.
- →Madhur confectionery business expected to grow from Rs. 108 crore in FY '26 to Rs. 150 crore this year, with a projection of Rs. 250 crore next year.
- →PAT for Madhur expected to be about Rs. 25 crore after 2 years.
- →The company projects an EBITDA of Rs. 100 crore next year or the year after, with a PAT around Rs. 30 crore, up from Rs. 7 crore in 2023.
- →Operating cash flow is expected to turn positive by the end of the current financial year.
- →Growth driven by expansion in noodles, biscuits, and new acquisitions (e.g., Andri Agro).
- →Significant scaling and premiumization efforts aimed at improving margins and returns.
- →Focus on reducing distributor credit days to improve cash flow and profitability.
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Fundraise plans
Yes- →The company plans to fund its upcoming CapEx initially through internal accruals.
- →If needed, future fundraising options may include debenture issuance or Qualified Institutional Placement (QIP).
- →The timeline for the CapEx and detailed funding needs are still in initial stages and not yet finalized.
- →No immediate equity fundraising has been confirmed; discussions for funding via debentures or QIP are possibilities depending on requirements.
- →The company is in the process of organizing a large integrated facility project (Rs. 450-500 crores) planned over 3-5 years, with funding and approvals to be discussed in the upcoming AGM.
Order book
The transcript from the provided pages does not explicitly mention the current or expected order book or pending orders for the company. The discussion primarily covers topics such as:
- Company growth and PE ratio outlook.
- Debt levels (around Rs. 180 crores currently).
- Capacity utilization (~45% utilization currently with plans to increase shifts).
- Brand endorsements and marketing strategies.
- Expansion plans including integrated facility CapEx.
- Revenue and business segment performance.
No specific quantitative details about order book or pending orders were disclosed in the provided excerpts.
Capex plans
Yes- →The company plans a large integrated facility in Siliguri with an estimated project cost of Rs. 450-500 crores, including around Rs. 60-70 crores for land and site development.
- →This facility will have complete backward integration (flour mill, besan mill, lamination unit, extrusion, frying, packing).
- →The project timeline spans 3-5 years, with gradual expansion and shifting of existing production without disrupting supply chains.
- →CapEx will be funded initially through internal accruals; future financing options may include debenture issues or QIP placements.
- →Smaller CapEx is planned for scaling up chocolate production capacity, funded through internal accruals without additional debt.
- →The company is consolidating existing manufacturing facilities and ramping up brands (like Madhur), with the large CapEx being a longer-term strategic growth initiative.
How does Annapurna Swadisht Ltd rank vs peers in Food Products?
Pro feature1Annapurna Swadisht Ltd
Rev 2Mar 1
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How does Annapurna Swadisht Ltd rank in Food Products?
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