Annual report
Annual Report 2026
Source: Nse
Srivari Spices And Foods Ltd. (SSFL)
SME CapConsumer stocks · SME cap · NSE
Founded in 2019 in Hyderabad, Srivari Spices and Foods Limited is an FMCG company offering 88+ SKUs across atta, spices, masalas, and oils under the Srivari brand. It operates a state-of-the-art production facility in Telangana, focusing on quality food products and expanding its portfolio into health-focused and traditional segments.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:50 pm ISTDetails
Quote21 Oct, 03:50 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:58 pm IST
Score21 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
51NeutralSMA20 +4.1% / mo · MACD − · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 64
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SSFLD candles · FIT view+171.7%Latest close ₹286.00 on 2026-10-21
Bar
-2.7%
RSI
51
MACD hist
-1.26
52W pos
82%
2026-10-21O ₹294.00H ₹294.00L ₹276.30C ₹286.00Vol 5,000 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
SSFLNifty Consumer DurablesNifty 500
- SSFL
- +8.9%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- +15.4 pp
Chart stats
21 Oct 2026- From 52W high
- -13.1%
- 52W range position
- 82%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.79x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹267.6 - ₹302
₹329.3
₹86 - ₹329.3
₹14.3
Latest completed session
20-session average
47.1% 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 is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral51
Price trend and sector-relative-strength timing.
Valuation
Legacy model+54.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
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 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹96 Cr | NDF | +21.5% |
| EBITDA | ₹16 Cr | NDF | +23.1% |
| Operating margin | 17.0% | NDF | +0 bps |
| PAT | ₹9 Cr | NDF | +28.6% |
| PAT margin | 9.4% | NDF | +52 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.10
- P/B
- 3.29
- EV/EBITDA
- 8.21
- Market Cap
- 245.00Cr
Profitability
- ROE
- 24.40%
- ROCE
- 29.40%
- ROA
- 13.11%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 45.88%
- EPS 5Y
- 51.19%
- Revenue 3Y
- 39.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 7.50×
- Altman Z
- 6.28
- Book Value
- 86.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -14.00 Cr
- EPS TTM
- 18.94
Shareholding
- Promoter Hold
- 58.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 96.0+21.5% vs prev
Net Profit
₹ CrLatest: 9.0+28.6% 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 uptrend intact. RSI 51. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.9% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 233% 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 & 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
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation15/30
Growth21/25
Quality17/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
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 54.4%.
- Quality contributes 17/20 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; 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
15.1
PB
3.3
EV/EBITDA
8.2
ROE
24.4%
ROCE
29.4%
FCF Yield
—
Debt/Equity
0.5
MoS
+54.4%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+54.4%
Previous: +54.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
60
60
60
59
60
60
59
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
₹192.44
-49.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹630.7
+54.4% MoS
PEG
0.33
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
MADHUSUDAN
SME
Madhusudan Masala Ltd.
FMCG
match 160
48
20.1
17.1%
+40%
FAIR VALUE
ANNAPURNA
SME
Annapurna Swadisht Ltd.
FMCG
match 139
60
7.8
9.7%
+74%
UNDERVALUED
SHIVASHRIT
SME
Shivashrit Foods Ltd.
FMCG
match 139
59
15.1
20.5%
+55%
FAIR VALUE
SAWALIYA
SME
Sawaliya Food Products Ltd.
FMCG
match 137
54
23.4
25.9%
+31%
FAIR VALUE
RBS
SME
Ramdevbaba Solvent Ltd.
FMCG
match 135
27
16.8
7.3%
+61%
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 2026-10-01T07:46:39.162Z
Management commentary snapshot
H1 FY26 Revenue from Operations grew 49% YoY to INR 7877.37 lakhs, driven by strong demand. EBITDA margin improved to 17.05% (H1 FY25: 16.66%), while PAT margin slightly declined to 9.14% (H1 FY25: 9.30%).
The company delivered robust top-line growth and margin expansion in H1 FY26. Strategic diversification into new product categories like oil and soya chunks, alongside plans for a puja articles vertical, indicates a clear growth trajectory. Distribution expansion efforts are also positive for future scale.
Current business mix
Revenue by Product Category (FY25)
Latest issuer-disclosed distribution across 2 reported categories.
Atta51.0%
Spices & Masalas49.0%
Growth engines
Oil Segment Expansion
Launched new oil plant and officially introduced its products in Mumbai, Maharashtra on July 28, 2025.
Soya Chunks Launch
Launched Soya Chunks on November 20, 2025, adding to the Company’s growth journey in a health-focused category.
New Puja Articles Vertical
Planning to launch a new business vertical for Puja articles, devotional goods, and festival items under 'Neihaa Narayan' brand.
Distribution Reach Expansion
Partnered with 'SOLV' for B2B operations and placed products across 40 KPN Stores outlets under Modern Trade.
Capacity and execution
Oil Plant Commissioning
Launched a new oil plant with an installed capacity of 7200 tons p.a.
Tailwinds
Growing Soy Protein Market
The Indian soy protein market is projected to grow at a CAGR of ~6% from 2024–2029, driven by rising health awareness.
Protein Deficiency Demand
Over 70% of Indians do not consume recommended daily protein, creating demand for affordable sources like Soya Chunks.
Cultural Market Diversification
New Puja articles vertical taps into a segment deeply rooted in India’s culture and traditions.
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
H1 results are best compared year-on-year to account for potential seasonality in consumer demand and operational cycles, providing a clearer view of underlying business performance.
Sector KPIs management disclosed
Revenue from Operations
H1 FY26: INR 7877.37 lakhs; H1 FY25: INR 5283.89 lakhs.
EBITDA Margin
H1 FY26: 17.05%; H1 FY25: 16.66%.
PAT Margin
H1 FY26: 9.14%; H1 FY25: 9.30%.
Retail Distribution
Network of 18,000+ retail stores; products in 40 KPN Stores outlets under Modern Trade.
Management forward view
Strategic Diversification
The Board approved alteration of the Objects Clause to enable a new line of business in Puja articles, devotional goods, and festival items.
Portfolio Expansion
Launched Soya Chunks to enter a high-growth, health-focused category, addressing protein deficiency needs.
Pan-India Growth Focus
Chairperson Neihaa Rathi is driving pan-India expansion with a focus on innovation, quality, and purposeful entrepreneurship.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Oil Segment Utilization | 72 tons utilized (7200 tons p.a. installed capacity). | Ramp-up in utilization and its contribution to overall revenue and profitability in subsequent quarters. |
| Soya Chunks Market Penetration | Launched on November 20, 2025. | Initial sales volumes, market acceptance, and contribution to the health-focused product portfolio in H2 FY26. |
| New Puja Articles Vertical Launch | MOA amended to enable this new line of business. | Official launch timeline, product offerings under 'Neihaa Narayan' brand, and initial market response. |
| Distribution Network Growth | 18,000+ retail stores, 40 KPN Stores, B2B with SOLV. | Further expansion into modern trade, new geographies, and increased B2B channel penetration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited 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 59th percentile of the scored universe and 63rd 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
8 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · SME: 77th pctile, median 64
Evidence depth
Financial-only
8 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 58.3%.
- ▸Promoter pledge is zero.
- ▸ROCE is 29.3%.
- ▸OPM spread across recent quarters is 2%.
Trust risks
- ▸Operating cash flow is negative at ₹-14 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Srivari Spices And Foods Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementMar 2026
Mar 2026 · Trading Window 25 March 2026 - Trading window closed from 1 April 2026 until 48 hours after audited FY2026 results announcement.
Source: Nse
AnnouncementFeb 2026
Feb 2026 · Shareholders meeting 19 February 2026 - Postal ballot (20 Jan–18 Feb 2026): authorised capital increase and Further Public Offering approved with 99.87% and 99.84% votes.
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Company Ir
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Annual report
Annual Report 2025
Source: Nse
Concall transcriptMar 2025
Mar 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.