ANNAPURNASWADISHT Q1 FY27 earnings call.
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Revenue
₹127 Cr
verified against source
Revenue YoY
17.74%
reported change
EBITDA
₹21 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Annapurna Swadisht reported Q1 FY27 consolidated revenue of ₹127 crore with 17.74% YoY growth and PAT of ₹9.81 crore (+50% YoY). The company, now on main board, operates 188 SKUs across 13 categories with 1,150 distributors reaching 8.5 lakh retail outlets. Management targets ₹750 crore revenue for FY27 with ₹115 crore EBITDA, reaching ₹1,000 crore by FY28. Key concerns emerged on the analyst Q&A: the ₹450-500 crore integrated facility capex (vs ₹320 crore market cap) drew scrutiny given the ₹180 crore Madhur acquisition yielding only ₹10 crore PAT. Promoter pledge remains at 70% with zero target by September. Debtor days at 60+ vs peers at 8-10 days and negative operating cash flows remain structural challenges. The company plans to reduce distributor credit terms from 90 to 30 days over 2 years to unlock working capital. Market capitalization at ₹320 crore on ₹521 crore revenue reflects low multiple but visibility on execution is limited given ambitious expansion plans.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated revenue guidance of ₹750 crore for FY27 based on existing business trajectory and Madhur ramp-up.
- Targeting ₹115 crore EBITDA for FY27, implying approximately 15.3% margin, up from 14% blended margin previously achieved.
- Targeting ₹1,000 crore revenue by FY28 with PAT crossing ₹100 crore mark, driven by confectionery scaling and new categories.
- Madhur Confectionery projected to reach ₹250 crore in 2 years from current ₹108 crore, aided by chocolate line expansion and rose candy pack size optimization.
Risks flagged
- Company announced ₹450-500 crore integrated facility capex for Siliguri when market cap is ~₹320 crore. Analyst questioned track record justifying such investment given limited absorption of ₹180 crore Madhur acquisition.
- Debtor days at 60+ compared to peers like Prataap Snacks at 8-10 days for similar price points. Management targets 60 days by FY27 end but industry standard is significantly lower, raising working capital efficiency concerns.
- Promoter pledge at 70% with target to reduce to zero by September 2025. Historical peak was 86%, indicating significant promoter borrowing against shares.
- Company has generated negative operating cash flows over past 4-5 years due to aggressive growth strategy. Management expects positive operating cash flow by FY27 end through credit term reductions.
Key quotes
- We have grown from 13 crores to 500 crores over the next 5-6 years. So if that's possible, Madur going from 150 to 250 is definitely something that is achievable.
- We can't change the business model overnight. It's not going to be possible for them to pay up and start doing cash business day one. There can be a reduction of 30-day reduction over the next year or so is a very good reduction in terms of payment terms.
- A company which is growing at 30-40% should have that kind of multiple but definitely the market has its own mind so until we can address all the queries of the market and the thought processes can align.
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