Wardwizard Foods - Wardwizard Foods

📊 BSE: 539132 🏢 Other Food Products 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total income grew by 376.95% YoY, reaching INR 93.90 Cr (9,390.38 lakhs) in FY25 compared to INR 19.69 Cr (1,968.86 lakhs) in FY24. This growth was primarily driven by the expansion of the Frozen and Ready-to-Eat (RTE) segments and the strategic pivot toward international exports.

Geographic Revenue Split

The company operates across 11 Indian states and has expanded into international markets including the USA, UK, Canada, UAE, and Australia. While specific percentage splits are not disclosed, the company identifies exports as a primary driver for the 455% increase in net sales from operations.

Profitability Margins

The Net Profit Ratio improved from -1.97 in FY24 to -0.15 in FY25, reflecting a significant reduction in losses. The Operating Profit Ratio turned positive at 0.02 in FY25 from -0.57 in FY24, indicating that core operations are beginning to stabilize despite high expansion costs.

EBITDA Margin

The company reported a loss from operations before tax of INR 13.86 Cr in FY25, which is a 57% improvement over the INR 32.23 Cr loss in FY24. This indicates that while the company is still in a gestation phase for its new segments, the scale of operations is rapidly improving core profitability metrics.

Capital Expenditure

The company invested heavily in capacity building and distribution expansion, contributing to a rise in total expenses to INR 107.76 Cr in FY25 from INR 51.92 Cr in FY24. Specific planned CapEx for FY26 is not disclosed, but recent acquisitions of Yeppy Foods and Safpro Industries indicate an aggressive inorganic growth spend.

Credit Rating & Borrowing

The Debt Equity Ratio increased to 0.40:1 in FY25 from 0.30:1 in FY24, representing a 33.3% increase in leverage to fund expansion. Specific credit ratings and interest rate percentages were not disclosed in the provided documents.

⚙️ Operational Drivers

Raw Materials

Key raw materials include spices, condiments, vegetables for RTE meals, and ingredients for sauces and mayonnaise. These materials are sourced to support a 7,000-tonne annual capacity for sauces and a 1,277-tonne capacity for frozen foods.

Import Sources

The company emphasizes sourcing fresh ingredients from local farmers in India to ensure authentic taste. International operations currently focus on finished product exports rather than raw material imports.

Key Suppliers

Not specifically disclosed by name, but the company maintains a network of local farmers and vendors to support its two manufacturing plants in Bhor and Por.

Capacity Expansion

Current installed capacity includes 1,277 Tonnes per year for the Frozen & RTE segment and 7,000 Tonnes per year for the Sauces & Mayo segment. The Por facility covers 88,000 sq mtr, providing significant room for future scaling.

Raw Material Costs

Total expenses rose 107.5% YoY to INR 107.76 Cr. Raw material costs are subject to volatility in commodity prices, which the company identifies as a primary challenge to maintaining its competitive pricing strategy.

Manufacturing Efficiency

The Inventory Turnover Ratio improved by 188% from 14.54 in FY24 to 41.88 in FY25, indicating much higher manufacturing and sales efficiency. The Trade Receivables Turnover Ratio also improved from 2.62 to 5.73.

Logistics & Distribution

Distribution is handled through a network of 50+ dealers for the Snack Buddy brand and partnerships with established retailers and online platforms across 11 states.

📈 Strategic Growth

Expected Growth Rate

16.40%

Growth Strategy

Growth will be achieved through a 'strategic pivot' toward exports in high-value markets (USA, UK, Australia), diversifying the portfolio into plant-based and keto-friendly meals, and leveraging the 7,000-tonne capacity of recently acquired Safpro Industries. The company is also expanding its QSR footprint and digital D2C channels.

Products & Services

Ready-to-eat meals, frozen snacks, beverages (WOL), spices, condiments, tomato ketchup, mayonnaise (multiple variants like Garlic, Chipotle, Mayo), and QSR services.

Brand Portfolio

QuikShef, Snack Buddy, WOL (Water of Life).

New Products/Services

New launches include high-protein and keto-friendly customized meal recommendations and an expanded range of plant-based alternatives to capture the health-conscious consumer segment.

Market Expansion

Targeting deeper penetration in the USA, Canada, UK, UAE, and Australia. Domestically, the company is strengthening its distribution network across 11 states to reach more than the current 6,500+ stores.

Market Share & Ranking

Not disclosed, but the company identifies as a 'leading food business' in the Vadodara region with aspirations to become a global FMCG brand.

Strategic Alliances

Recent strategic acquisitions include Yeppy Foods and Safpro Industries Pvt Ltd to enhance market reach and production capabilities.

🌍 External Factors

Industry Trends

The Indian RTE market is growing at a CAGR of 16.40% (FY25-32), while the global market is expected to reach $515.80 billion by 2035. Trends are shifting toward health-conscious, sustainable, and convenient meal solutions.

Competitive Landscape

The company competes in a price-sensitive market against both domestic players and global FMCG brands, focusing on 'authentic Indian flavors' as a differentiator.

Competitive Moat

The moat is built on vertical integration (in-house manufacturing), which protects proprietary recipes, and high-standard certifications (USFDA, FSSC 22000) that act as entry barriers for international markets. These are sustainable due to the high cost and complexity of compliance.

Macro Economic Sensitivity

The business is highly sensitive to urban consumption trends and disposable income levels, as RTE and frozen foods are driven by busy lifestyles and urbanization.

Consumer Behavior

Shifting toward convenience, health-conscious options (keto, high-protein), and sustainable packaging, which the company is addressing through its new product development.

Geopolitical Risks

Global uncertainties and trade barriers are noted as challenges, particularly as the company expands its international footprint in five major global regions.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by FSSAI (India), USFDA (USA), and FSSC 22000 standards. Adherence to stringent food safety regulations is cited as a critical operational requirement.

Environmental Compliance

The company is exploring sustainable packaging and waste management to address the environmental impact of packaging waste, though specific costs are not disclosed.

Taxation Policy Impact

The company reported a tax expense of INR -17.51 lakhs in FY25 compared to INR 81.23 lakhs in FY24.

Legal Contingencies

No specific pending court cases or values were disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

Fluctuations in raw material prices and potential disruptions in the global supply chain for exports represent the primary business uncertainties.

Geographic Concentration Risk

While expanding globally, the company remains concentrated in 11 Indian states for its domestic revenue, with a significant manufacturing base in Gujarat.