ANNAPURNA - Annapurna Swadi.

📊 NSE: ANNAPURNA 🏢 Food - Processing - Indian 📅 Last Updated: 12/13/2025 18:21

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 22.37% YoY in H1 FY26 to INR 249.90 Cr. FY25 revenue reached INR 407.97 Cr, a 54% increase from FY24's INR 264.97 Cr, driven by rural demand and the Madhur Confectioners acquisition which contributed INR 88.54 Cr in turnover.

Geographic Revenue Split

The company focuses on Tier III and IV towns in India. It achieved a PAN India presence in 2024 with a four-digit distribution network and expanded into international markets in 2025.

Profitability Margins

PAT margin improved to 6.17% in H1 FY26 from 5.26% in FY25. FY25 PAT margin was 5.26% compared to 4.96% in FY24, reflecting improved operational scale.

EBITDA Margin

EBITDA margin stood at 12.86% in H1 FY26, up 142.70 bps from 11.44% in H1 FY25. FY25 EBITDA margin was 11.47% vs 10.62% in FY24 due to better control over factory and administrative expenses.

Capital Expenditure

Not explicitly disclosed as a total figure, but long-term borrowings decreased from INR 34.39 Cr in March 2025 to INR 25.57 Cr by September 2025, suggesting a focus on debt reduction over heavy new CAPEX in the period.

Credit Rating & Borrowing

Acuite has assigned a consolidated rating approach for Annapurna Swadisht Limited and Madhur Confectioners Private Limited. Specific interest rate percentages were not disclosed.

⚙️ Operational Drivers

Raw Materials

Primary inputs include flour, oil, sugar, and spices for snacks and confectionery. Packaging charges and manufacturing costs are significant, though specific percentage splits per material are not disclosed.

Capacity Expansion

The company operates large-scale industrial operations and expanded into 10 product categories by 2024. Specific MTPA capacity figures were not disclosed.

Raw Material Costs

Total operating expenses for H1 FY26 were INR 217.76 Cr, up 20.40% YoY, tracking revenue growth.

Manufacturing Efficiency

Efficiency improved as evidenced by the EBITDA margin expansion from 10.62% in FY24 to 12.86% in H1 FY26 through better control of factory and loading/unloading costs.

Logistics & Distribution

Distribution network exceeds 1,150 distributors, focusing on deep penetration in Tier III and IV towns.

📈 Strategic Growth

Expected Growth Rate

22.37%

Growth Strategy

Growth is driven by expanding into 10 product categories (including noodles and popcorn), onboarding Sourav Ganguly as Brand Ambassador for national visibility, and deepening rural penetration through affordable low-unit packs.

Products & Services

Ready-to-eat noodles, popcorn, jhalmuri, various snacks, and confectionery products.

Brand Portfolio

Annapurna Swadisht, Madhur Confectioners.

New Products/Services

Recently launched ready-to-eat noodles, popcorn, and jhalmuri, expanding the portfolio to ten categories.

Market Expansion

Achieved PAN India presence in 2024 and initiated international market expansion in 2025.

Strategic Alliances

Acquired a 74% stake in Madhur Confectioners Private Limited to strengthen the confectionery segment.

🌍 External Factors

Industry Trends

The industry is shifting toward branded packaged snacks in rural India, with Annapurna growing 54% in FY25, significantly outperforming general market trends.

Competitive Landscape

Competes with both unorganized local players and large national snack brands in the affordable segment.

Competitive Moat

Moat is built on a deep rural distribution network (1,150+ distributors) and brand equity enhanced by celebrity endorsement (Sourav Ganguly), which are difficult for new entrants to replicate quickly.