Annapurna Swadisht Ltd. (ANNAPURNA)
SME CapConsumer stocks · SME cap · NSE
Annapurna Swadisht Ltd. is a fast-growing FMCG company making quality, affordable food products accessible across rural Eastern & North-Eastern India. With 5 facilities and 5 white-label partners, it produces snacks, namkeen, biscuits, cakes, sweets, confectionery, chocolates, and candies. Products reach 20 states and international markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹126.8 Cr | NDF | +0.7% |
| EBITDA | ₹20.6 Cr | +20.3% | +12.9% |
| Operating margin | 16.2% | +38 bps | +175 bps |
| PAT | ₹9.8 Cr | NDF | +35.9% |
| PAT margin | 7.7% | -45 bps | +201 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Annapurna Swadisht reports strong H1FY26 consolidated revenue growth of 22.37% YoY to INR 249.90 Cr, driven by an increased product portfolio. Consolidated Net Profit rose 23.67% YoY to INR 15.41 Cr, supported by high-margin confectionery products and volume/value growth.
The company delivered robust H1FY26 growth, leveraging recent acquisitions and an expanded product portfolio. While Q2 saw temporary pressure from GST changes, management expects a strong H2FY26 rebound. Focus on high-margin confectionery and urban market penetration alongside rural strength is positive.
Revenue by Product Category (H1FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Acquisition of Madhur Confectioners
Strengthened confectionery segment, expanded footprint across 20 Indian states and international markets (UAE, Europe, UK, Saudi Arabia, Africa).
Expanded Product Portfolio
Increased product range, including new higher-value products priced between ₹10–₹40 in urban markets.
Distribution Network Expansion
Grew total distribution network to over 1,150 distributors, enhancing brand presence and penetration.
Brand Ambassador Campaign
High-impact brand ambassador (Mr. Saurav Ganguly) campaign during Durga Puja to deepen penetration in high-value packet segments and urban markets.
Madhur Confectioners Production Facility
Acquisition includes a 1.53 lac sq. ft. ISO and HACCP-certified facility with a daily capacity of 90 Ton, currently underutilized, offering headroom for growth.
GST Reduction
Reduction of GST from ~18% to 5% presents an opportunity to consolidate position against unorganized players, with benefits passed to consumers via increased grammage.
High-margin Confectionery Products
Supported consolidated EBITDA growth in H1FY26.
Temporary Q2 Sales Pressure
Q2 sales faced temporary pressure due to distributor delays in anticipation of GST changes.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation explicitly provides H1FY26 results compared to H1FY25, indicating a focus on year-over-year performance for assessing growth and profitability trends.
Consolidated Total Revenues
INR 249.90 Cr in H1FY26, up 22.37% YoY.
Consolidated EBITDA
INR 32.14 Cr in H1FY26, up 37.64% YoY.
Consolidated EBITDA Margin
12.86% in H1FY26, up 142.70 Bps YoY from 11.44%.
Consolidated Net Profit
INR 15.41 Cr in H1FY26, up 23.67% YoY.
Strong H1FY26 Performance
Chairman & MD states 22% revenue growth and 24% net profit growth on a consolidated basis, driven by acquisitions, consumer acceptance, and operational efficiencies.
Confidence in H2FY26 Rebound
Management remains confident of achieving strong revenue growth in H2FY26, supported by strategic initiatives, GST rationalization, expanded portfolio, and distribution.
Vision for National Leadership
Management's vision is to emerge as a leading FMCG brand across India, expanding well beyond its stronghold in Eastern India.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| H2FY26 Sales Rebound | Q2 sales faced temporary pressure due to GST anticipation. | Strong rebound in H2FY26 sales and sustained growth, as projected by management. |
| Confectionery Segment Contribution | Supported H1FY26 EBITDA growth. | Continued growth and margin contribution from the confectionery segment, leveraging Madhur acquisition. |
| Distribution Network Expansion | 1,150 distributors in H1FY26. | Further expansion and deeper penetration into North & Central India, as per 'Way Forward'. |
| Urban Market Penetration | Launched ₹10-₹40 products in urban markets with brand ambassador. | Increased market share and sales volume in urban segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 +13.3% / mo · MACD − · near 52W low
Technical chart
ANNAPURNAdaily · 1Y · AUTO-17.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~11.7% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 51% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 71.1%.
- Growth contributes 24/25 to the score.
- Valuation contributes 27/30 to the score.
Main drags
- Promoter pledge is 87.4%.
- Penalty bucket subtracts 2 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 5th percentile within Consumer. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Key concern is Promoters have pledged 87.4% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 5th pctile, median 66 · SME: 4th pctile, median 64
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸No strong positive evidence yet.
Trust risks
- ▸Promoters have pledged 87.4% of holding.
- ▸Operating cash flow is negative at ₹-21 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 9.06
- P/B
- 0.93
- EV/EBITDA
- 6.37
- Market Cap
- 306.00Cr
Profitability
- ROE
- 9.69%
- ROCE
- 12.60%
- ROA
- 4.93%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 48.12%
- EPS 5Y
- 64.22%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 62.00%
Balance Sheet
- Debt/Equity
- 0.69
- Interest Coverage
- 4.24×
- Altman Z
- 2.69
- Book Value
- 151.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -21.00 Cr
- EPS TTM
- 13.90
Shareholding
- Promoter Hold
- 40.17%
- Promoter Pledge
- 87.40%
- Momentum 52W
- 11%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.