Concall transcriptAug 2026
Earnings-call transcript · Annapurna Swadisht Limited has informed the Exchange about Transcript
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:51 pm ISTDetails
Quote19 Oct, 03:51 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result19 Aug, 12:52 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -10.3% / mo · MACD + · near 52W low · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANNAPURNAD candles · FIT view-24.5%Latest close ₹127.13 on 2026-10-19
Bar
+4.4%
RSI
45
MACD hist
0.13
52W pos
8%
2026-10-19O ₹121.82H ₹130.50L ₹114.00C ₹127.13Vol 1.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANNAPURNANifty Consumer DurablesNifty 500
- ANNAPURNA
- -3.4%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +2.2 pp
Chart stats
19 Oct 2026- From 52W high
- -55.7%
- 52W range position
- 8%
- ATR (14)
- 5.4%
- Volume vs 20D
- 2.81x
- Avg traded value
- ₹0.6 Cr
- 20D price channel
- ₹114 - ₹141.9
₹287
₹114 - ₹287
₹6.8
Latest completed session
20-session average
32.0% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+73.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence47
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 18 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 7.80
- P/B
- 0.80
- EV/EBITDA
- 6.12
- Market Cap
- 264.00Cr
Profitability
- ROE
- 9.71%
- ROCE
- 12.40%
- ROA
- 4.93%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 48.03%
- EPS 5Y
- 64.22%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 62.00%
Balance Sheet
- Debt/Equity
- 0.76
- Interest Coverage
- 4.24×
- Altman Z
- 2.61
- 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
- 1%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 127+0.7% vs prev
Net Profit
₹ CrLatest: 9.8+35.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 45. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.5% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 56% off 52W high · 12% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
13
RS percentile
Stage 4 Downtrend
1M return
-4.1%
3M return
-3.4%
6M return
-23.3%
1Y return
-48.5%
RS 1D
+5
RS 20D
+4
Sector rank
#9
Industry rank
#46
Stage evidence
- Price is 12.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 50.54+6.11%
RS vs Nifty 50051
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth24/25
Quality1/20
Balance Sheet4/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-2
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 73.8%.
- Valuation contributes 30/30 to the score.
- Growth contributes 24/25 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.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
7.8
PB
0.8
EV/EBITDA
6.1
ROE
9.7%
ROCE
12.4%
FCF Yield
—
Debt/Equity
0.8
MoS
+73.8%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+73.8%
Previous: +73.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
60
60
60
60
60
60
60
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹217.31
+44.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹462.87
+73.8% MoS
PEG
0.12
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ITALIANE
SME
Italian Edibles Ltd.
FMCG
match 155
49
11.2
8.6%
+67%
FAIR VALUE
DIAMONDYD
Small
Prataap Snacks Limited
FMCG
match 141
22
200.0
1.6%
-6234%
OVERVALUED
SSFL
SME
Srivari Spices And Foods Ltd.
FMCG
match 139
60
15.1
24.4%
+54%
UNDERVALUED
SHIVASHRIT
SME
Shivashrit Foods Ltd.
FMCG
match 138
59
15.1
20.5%
+55%
FAIR VALUE
GOPAL
Small
Gopal Snacks Limited
FMCG
match 137
27
57.6
4.7%
-30%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-20T07:25:58.691Z
Management commentary snapshot
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.
Current business mix
Revenue by Product Category (H1FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Western Snacks30.6%
Bakery24.5%
Traditional Snacks20.1%
Confectionery17.1%
Noodles7.8%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor presentation explicitly provides H1FY26 results compared to H1FY25, indicating a focus on year-over-year performance for assessing growth and profitability trends.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
47Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
4th percentile
overall median 67 · Consumer: 5th pctile, median 66 · SME: 4th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
35
weak · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
58
watch · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Annapurna Swadisht Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Investor presentation · Annapurna Swadisht Limited has informed the Exchange about Investor Presentation
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationOct 2025
Investor presentation · Annapurna Swadisht Limited has informed the Exchange about Investor Presentation
Source: Nse
Investor presentation
Investor presentation · Annapurna Swadisht Limited has informed the Exchange about Investors Presentation.
Source: Nse
Annual report
Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.