JEYYAM - Jeyyam Global

📊 NSE: JEYYAM 🏢 Food - Processing - Indian 📅 Last Updated: 12/14/2025 8:37

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew by 20.95% YoY, reaching INR 762.00 Cr in FY 2024-25 compared to INR 630.00 Cr in FY 2023-24. The growth is driven by pulses processing, specifically besan, fried gram, and black chana, through both volume increases and better price realization.

Geographic Revenue Split

The company has a high geographic concentration with more than 80% of revenue derived from Tamil Nadu. Other key markets include Karnataka, Andhra Pradesh, and other Southern Indian regions.

Profitability Margins

Net Profit Margin improved to 2.90% in FY 2024-25 from 2.40% in FY 2023-24. Operating Profit Margin increased to 4.77% from 4.49% YoY. The improvement is attributed to effective cost optimization and higher sales volumes.

EBITDA Margin

EBITDA margin was 5.34% in FY 2023-24 (INR 33.62 Cr). For FY 2024-25, the Operating Profit Margin of 4.77% reflects core profitability, showing a marginal YoY improvement of 28 basis points.

Capital Expenditure

The company is undertaking capacity expansion scheduled for completion by Q1 FY 2026. While specific INR Cr for the new plant is not disclosed, the expansion is aimed at sustaining volume growth and realizing economies of scale.

Credit Rating & Borrowing

Assigned 'Crisil BBB/Stable' for INR 76 Cr bank facilities in January 2025. However, Infomerics downgraded facilities of INR 68.12 Cr to 'IVR BB; Negative; ISSUER NOT COOPERATING' in April 2025 due to non-submission of information.

⚙️ Operational Drivers

Raw Materials

Bengal Gram (Chana) is the primary raw material, accounting for approximately 90% of the Cost of Goods Sold (COGS) for FY 2025-26.

Import Sources

Sourced from major Chana supply markets across India through an established procurement network with direct relationships with suppliers.

Key Suppliers

Not specifically named in the documents, but the company maintains direct relationships with suppliers in major Chana producing hubs.

Capacity Expansion

Current capacity is 1,71,158 MT per annum (Tamil Nadu: 1,04,328 MT; Andhra Pradesh: 66,830 MT). Expansion is planned for completion by Q1 FY 2026 to increase throughput.

Raw Material Costs

Raw material costs represent ~90% of revenue. The company is highly susceptible to price swings in agri-commodities, where a small percentage change in Chana prices can significantly impact the thin 2.9% net margins.

Manufacturing Efficiency

The company utilizes automated manufacturing units to maintain quality and efficiency. Capacity utilization metrics are not explicitly stated but expansion suggests high current utilization.

Logistics & Distribution

Distribution is focused on the Southern region with strategically located plants in Tamil Nadu and Andhra Pradesh to ensure a seamless supply chain and lower transit costs.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

Growth will be achieved through capacity expansion by Q1 FY 2026, branching into high-margin B2C markets, and expanding the 'Jeyyam' brand nationally. The company aims to leverage its 13% market share in the Indian Fried Gram market to capture institutional and retail demand.

Products & Services

Fried Gram, Besan (Gram Flour), and Black Chana. The company also operates 'Mandee', a B2B trading platform for sugar, dry fruits, and other value-added products.

Brand Portfolio

Jeyyam, Mandee (B2B platform).

New Products/Services

Expansion into B2C markets with branded consumer packs of Besan and Fried Gram is expected to contribute to higher realizations.

Market Expansion

Targeting pan-India expansion beyond the current 80% concentration in Tamil Nadu, utilizing the new Andhra Pradesh plant as a gateway to broader Southern and Central markets.

Market Share & Ranking

Holds a 13% market share of the Indian Fried Gram market.

Strategic Alliances

The company underwent an amalgamation with Jeyyam Food Park LLP and Jeyyam Products Private Limited to consolidate its processing and trading operations.

🌍 External Factors

Industry Trends

The Indian pulses-processing sector is maturing with a shift toward branded, hygienic products (Besan/Chana) due to health-conscious consumer trends. The industry is growing but remains fragmented with low capital requirements for entry.

Competitive Landscape

Intensely competitive with low entry barriers. Competitors include local unorganized mills and large FMCG players entering the staples segment.

Competitive Moat

Moat is built on a 40-year brand legacy, 13% market share in fried gram, and automated large-scale manufacturing. Sustainability depends on successfully transitioning from a regional B2B player to a national B2C brand.

Macro Economic Sensitivity

Highly sensitive to food inflation and rural demand dynamics, as these affect both procurement costs and consumer purchasing power for staples.

Consumer Behavior

Rising demand for protein-rich vegetarian foods and branded staples is driving a shift from loose to packaged Besan and Chana.

Geopolitical Risks

Minimal direct impact as a domestic food processor, though global fertilizer prices could indirectly affect Chana crop yields and domestic pricing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by FSSAI (Food Safety and Standards Authority of India) and agricultural produce marketing regulations. Compliance with ISO standards is mandatory for their institutional clients.

Environmental Compliance

Compliant with FSSAI regulations and ISO 22000:2018 food safety standards.

Taxation Policy Impact

Effective tax rate not specified, but the company follows standard Indian corporate tax norms under the Companies Act 2013.

Legal Contingencies

The company has disclosed pending litigations in Note 32 of its financial statements; however, the specific INR value of these contingencies is not detailed in the summary.

⚠️ Risk Analysis

Key Uncertainties

Execution risk regarding the timely completion of the Q1 FY 2026 capacity expansion and the ability to maintain margins despite 90% of costs being tied to volatile agri-commodities.