Bambino Agro Ind - Bambino Agro Ind

📊 BSE: 519295 🏢 Packaged Foods 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total operating income grew by 9.65% YoY, rising from INR 303.20 Cr in FY23 to INR 332.45 Cr in FY24. For 9MFY25, the company reported revenue of INR 275.24 Cr, indicating sustained demand for its packaged food products.

Geographic Revenue Split

Not disclosed in available documents; however, the company maintains a widespread distribution network of stockists and distributors across India to support its national brand presence.

Profitability Margins

Net Profit Margin improved slightly from 3.02% in FY23 to 3.29% in FY24. However, for the full year FY25, PAT was INR 9.21 Cr compared to INR 10.93 Cr in FY24, representing a 15.7% decrease despite higher revenues, likely due to increased tax expenses and finance costs.

EBITDA Margin

EBITDA margin improved from 6.95% in FY23 to 8.23% in FY24, driven by better operational efficiencies. The 9MFY25 EBITDA margin remained stable at 8.00% with an absolute EBITDA of INR 22.01 Cr.

Capital Expenditure

Property, Plant and Equipment (PPE) increased to INR 99.18 Cr in FY25 from INR 83.88 Cr in FY24, representing an investment of approximately INR 15.30 Cr in asset base expansion. Capital work-in-progress stood at INR 0.56 Cr as of March 2025.

Credit Rating & Borrowing

The company's credit rating was upgraded in March 2025 to IVR BBB-/Stable from IVR BB+/RWDI. This upgrade reflects improved capital structure and business performance. Interest coverage ratio improved from 3.34x in FY23 to 3.67x in 9MFY25.

⚙️ Operational Drivers

Raw Materials

Wheat and Semolina are the primary raw materials for pasta and vermicelli production, representing the largest portion of the INR 354.32 Cr total expenditure in FY25.

Import Sources

Not specifically disclosed, but procurement is primarily domestic to support manufacturing units in Haryana.

Capacity Expansion

The company has a total installed capacity of 141,310 MT per annum across its manufacturing units in Begumpur Khatola (Gurgaon) and Gohana (Sonepat), Haryana.

Raw Material Costs

Raw material costs are a significant driver of the INR 354.32 Cr total expenses. The company faces volatility in wheat prices but mitigates this by partially passing price hikes to consumers through its established brand name.

Manufacturing Efficiency

Average working capital limit utilization was approximately 75% for the 12 months ended January 2025, suggesting efficient use of available credit lines for operations.

Logistics & Distribution

The company utilizes a nationwide network of stockists and distributors to deliver products from its Haryana-based plants to various regional markets.

📈 Strategic Growth

Expected Growth Rate

10%

Growth Strategy

Growth is targeted through the expansion of product offerings beyond traditional vermicelli into instant food mixes, soups, and ginger garlic paste. The company is also increasing its market presence in the packaged food segment to leverage its existing distribution scale.

Products & Services

Vermicelli, Macaroni, Dalia, Pasta products, Soya chunks, Wheat flour, Instant soups, Instant food mixes, and Ginger garlic paste.

Brand Portfolio

Bambino

New Products/Services

Expansion into instant food products like soups and mixes is expected to diversify revenue streams and improve margins compared to bulk commodities.

Market Expansion

The company is focusing on expanding its product reach through its established stockist network, targeting both organized and unorganized retail segments.

Market Share & Ranking

The company is a leading player in the Indian pasta and vermicelli industry with over three decades of brand presence.

🌍 External Factors

Industry Trends

The packaged food industry is shifting toward 'instant' and 'convenience' foods. Bambino is positioning itself by expanding into instant mixes and soups to capture this growing consumer segment.

Competitive Landscape

Faces intense competition from both large organized pasta brands and numerous small-scale unorganized manufacturers in the fragmented food processing sector.

Competitive Moat

The primary moat is the 'Bambino' brand name, which has been established over 30 years, creating high consumer recall and a competitive advantage over unorganized players.

Macro Economic Sensitivity

Highly sensitive to agricultural inflation (wheat prices) and consumer spending patterns in the packaged food sector.

Consumer Behavior

Increasing demand for branded, hygienic, and easy-to-cook food products is driving growth in the company's core pasta and instant mix segments.

Geopolitical Risks

Primarily domestic operations limit direct geopolitical exposure, though global wheat price trends affect local procurement costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to food safety standards and FSSAI regulations; the company must maintain strict quality controls to mitigate reputation risks inherent in the food industry.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 34% (INR 4.75 Cr tax on INR 13.96 Cr PBT).

Legal Contingencies

A significant family dispute and shareholder petition (u/s 241, 242 & 245 of the Companies Act 2013) is pending before the NCLT Hyderabad. This litigation involves substantial shareholders and could impact management stability.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the outcome of the NCLT litigation regarding shareholding and management, which could lead to leadership changes or operational disruptions.

Geographic Concentration Risk

Manufacturing is concentrated in Haryana (Gurgaon and Sonepat), making the supply chain vulnerable to regional disruptions.

Third Party Dependencies

High dependency on a network of independent stockists and distributors for revenue realization.

Technology Obsolescence Risk

The company is currently migrating to 'Netsuite' accounting software to address a lack of audit trail (edit log) features in its previous system, which was a noted internal control deficiency.