Annapurna Swadisht Ltd(ANNAPURNA)

NSE: ANNAPURNA

₹ 158.2-2.80%refreshed 11 Aug, 03:30 pm ISTMarket cap: ₹ 345 crUpdated: 24 Oct 2026

About

Annapurna Swadisht Ltd makes packaged snacks, bakery products and confectionery. It sells about 33 lakh packets a day through 1,150 distributors and 8.5 lakh retail touchpoints in 15 states. Its revenue in FY26 was Rs 520.08 Cr. In FY26 it took over the confectionery maker Madhur, and it has since bought a majority stake in Andri Agro Foods, which makes soya-based foods.^[1][2]

Business segments

Confectionery's share of revenue was 17.06% in H1 FY26, up from 10.54% in FY25, after the Madhur acquisition.^[3]
Western snacks' share of revenue was 30.56% in H1 FY26, down from 39.48% in FY25.^[3]
Bakery's share of revenue was 24.46% in H1 FY26, up from 12.44% in FY25.^[3]
Madhur, the confectionery business, made Rs. 108 cr of revenue in FY26, after only 5-6 months under Annapurna's management.^[2]

Products and brands

The company had 188 SKUs in Q1 FY27, up from 109 SKUs in H1 FY26. It had 11 product categories in H1 FY26.^[2][3]
Rs 5 packs still made up about 90-95% of Annapurna's revenue as of Q1 FY27. The company is moving its mix toward the Rs 10-Rs 50 price range.^[2]
OFFSIDE, a premium brand of banana chips, makhana and diet chiwda priced at Rs 10 and above, was launched about 4 months before Q1 FY27. It was already bringing in Rs. 2 cr of revenue a month.^[2]
In Q2 FY26 the company launched higher-value products priced Rs 10-Rs 40 in urban markets, with a campaign led by brand ambassador Sourav Ganguly.^[3]
Madhur has added chocolate molding capacity, raised its production shifts from 8 to 16 hours, launched Rose in gift packs and increased pack size by 25%.^[2]

Manufacturing and capacity

Manufacturing capacity was 180 MT/day in Q1 FY27. Overall capacity utilisation was about 45%, though management said storage space limits how much more can be made.^[2]
Madhur's confectionery plant has a capacity of 90 TPD, with significant unused headroom as of H1 FY26.^[3]
Andri Agro Foods' plant has a capacity of 4,20,000 tonnes p.a. and was underutilised as of Q1 FY27.^[2]

Volumes and distribution

The company sold 33 lakh packets a day in Q1 FY27. The figure given for H1 FY26 was 38 lakh packets a day.^[2][3]
In Q1 FY27 the network had 1,150 distributors, 250 stockists and 8.5 lakh retail touchpoints across 15 states. In FY23 it had 510 distributors, 100 stockists, 6 lakh outlets and 5 states.^[2]
Direct and indirect distributors numbered 1,150 in H1 FY26, up from 1,100 in FY25. There were 11 super stockists.^[3]
Distributor credit was about 90 days in Q1 FY27. The target is about 60 days by the end of FY27.^[2]
Madhur sells in the UAE, Europe, the UK, Saudi Arabia and Africa. The company plans to use this footprint to grow its presence abroad.^[3]
The company plans to combine the Annapurna and Madhur distribution networks, widening its market radius from 400 km to 1,100 km from the factory.^[2]

Expansion and capex

Siliguri: the company has begun buying 30 acres of land (Rs. 60-65 cr) for an integrated plant covering a flour mill, besan mill, lamination, extrusion, frying and packing.^[2]
The Siliguri project is expected to cost Rs. 450-500 cr over 4-5 years. SBI Caps is preparing the techno-economic feasibility report (TEFR), and shareholder approval was being sought at the AGM.^[2]
Madhur's chocolate molding capacity expansion is planned at no more than Rs. 5-7 cr, paid for from internal accruals.^[2]

Recent developments

The company bought a 57.14% stake in Andri Agro Foods, which makes soya chunks, vermicelli, pasta and 3D pellets, at an enterprise value of Rs. 15 cr. Its revenue target for FY27 is Rs. 60-70 cr.^[2]
Madhur's revenue target is Rs. 145-150 cr for FY27 and Rs. 250 cr for FY28.^[2]
Management plans to cut the promoter pledge to zero by the end of September 2026.^[2]
After moving to the NSE Mainboard, the company plans to switch to a larger auditor, to be announced at the AGM.^[2]
GST on the company's products fell from about 18% to 5% in Q2 FY26. The company passed the cut on to consumers as extra grammage per packet.^[3]

Market Cap

₹345 Cr

High / Low

₹287 / 121

Stock P/E

11.4

Price / Book

1.1

Book Value

₹151

EPS

₹13.9

No. of Shares

2.18 Cr

ROCE

12.8%

ROE

9.6%

OPM

11.8%

Debt / Equity

0.69

Sales

₹520 Cr

Net Profit

₹31 Cr

Promoter holding

40.7%

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