Pushp Brand IPO DHRP Analysis

IPO Analysis  |  BSE and NSE Main Board  |  100% Book Built Offer

Based on Draft Red Herring Prospectus dated May 26, 2026

STATUS: DRHP FILED  |  Offer Type: 100% OFS (No Fresh Issue)  |  Sector: Packaged Spices and Masala  |  Exchanges: BSE and NSE Main Board  |  Founded: 1974

 Pushp Brand (India) Limited is an Indore, Madhya Pradesh-based packaged spices and masala company with roots stretching back to 1974 when Late Kishanlal Surana started a proprietorship called M/s Munimji and Sons. Over five decades, the business passed through a partnership firm structure and was incorporated as a private limited company only in May 2020 upon conversion of the partnership, before converting to a public limited company in 2025 ahead of this IPO.

The Pushp Masale brand has become well-recognised in Central and Western India, and the DRHP describes the company as a pan-India player with a leadership position in West and Central India.

Core business: The company manufactures and sells packaged branded spices in three product categories:

• Pure Spices (63.55% of FY2026 revenue at Rs.306 crore): Whole and ground single-ingredient spices such as turmeric, red chilli, coriander, and cumin. These are the foundational SKUs of any spice brand and command the highest volume throughput.

• Blended Spices (32.96% of FY2026 revenue at Rs.159 crore): Value-added proprietary masala blends such as garam masala, chhole masala, biryani masala, kitchen king masala, and other category-specific blends. Blends carry better margins than pure spices because of the recipe-specific formulation and brand differentiation.

• Others (3.49% of FY2026 revenue at Rs.17 crore): Includes salt, besan (gram flour), papad, and some other grocery items sold under the Pushp brand to leverage the distribution network.

Manufacturing: The company operates two owned manufacturing facilities (Bardari Facility and Bharosala Facility) located on Sanwer Road near Indore, with a combined installed capacity of 63,000 MTPA as of FY2026 (up from 53,000 MTPA in FY2024 and FY2025). A third facility, the Rangwasa Facility, handles job-work packaging for soya chunks and tea products. Total capacity utilisation was 38.95% in FY2026, indicating substantial headroom for volume growth without additional capex.

Distribution: This is one of the most important competitive strengths disclosed in the DRHP. Retail touch points grew from 2,37,000 in FY2024 to 3,68,000 in FY2026, a 55% expansion in two years. The company uses a combination of direct distribution (own sales team), super stockists, distributors, and modern trade channels. Geographic focus is West and Central India, with Madhya Pradesh, Maharashtra, Gujarat, and Rajasthan being the core markets. The company is actively expanding into new states.

Promoters: Mahendra Kumar Surana (Chairman and Managing Director) and Surendra Kumar Surana (CEO and Whole Time Director) are brothers who have built the business from their family legacy.

They are also the two promoter selling shareholders in this IPO, each selling up to 840,000 shares at a weighted average acquisition cost of just Rs.0.40 per share. Backed by institutional investors A91 Emerging Fund I LLP (CCPS investor since 2020, WAC Rs.159.50/share) and Sixth Sense India Opportunities III (CCPS investor since 2023, WAC Rs.460.04/share), the company has significant PE-backed growth credentials.

Key Basics

This is a critical structural distinction from most IPOs in this series: this is a 100% Offer for Sale with no Fresh Issue whatsoever. The company receives zero proceeds from this IPO. Every rupee raised goes to the four selling shareholders. This is a pure liquidity event for existing investors, not a capital-raising exercise for the business. Investors are participating to provide exit liquidity to PE investors and the two promoters, not to fund the company's growth.

Offer Type	100% Offer for Sale. NO Fresh Issue. Company receives ZERO proceeds. Total: up to 74,45,000 Equity Shares of face value Rs.5 each.
OFS Seller 1	Mahendra Kumar Surana (Promoter): up to 8,40,000 shares at WAC Rs.0.40/share
OFS Seller 2	Surendra Kumar Surana (Promoter): up to 8,40,000 shares at WAC Rs.0.40/share
OFS Seller 3	A91 Emerging Fund I LLP (PE investor): up to 42,20,000 shares at WAC Rs.159.50/share
OFS Seller 4	Sixth Sense India Opportunities III (PE investor): up to 15,45,000 shares at WAC Rs.460.04/share
Face Value	Rs.5 per Equity Share
Pre-Offer Share Capital	2,00,00,200 Equity Shares (before CCPS conversion) or 2,79,78,600 Equity Shares (after conversion of 7,97,840 outstanding CCPS into up to 79,78,400 Equity Shares)
CCPS Structure	797,840 outstanding CCPS of face value Rs.50 each, held by A91 and Sixth Sense, to be converted to equity before Red Herring Prospectus filing. The OFS includes shares to be acquired upon this conversion.
Post-Offer Share Capital	No change  this is purely OFS, no new shares created
Price Band	To be determined in consultation with BRLMs. Floor and Cap Price announced before Bid Opening.
Eligibility	Regulation 6(1) of SEBI ICDR Regulations 2018
Listing Exchanges	BSE Limited and National Stock Exchange of India Limited (Main Board)
BRLMs	ICICI Securities Limited | IIFL Capital Services Limited (formerly IIFL Securities) | Systematix Corporate Services Limited (marketing only  conflict flagged, director holds CCPS in the company)
Registrar	KFin Technologies Limited
Statutory Auditor	S R B C and CO LLP (EY network firm)  a top-tier audit firm, positive governance signal
ESOP	ESOP 2023 scheme exists; options may be converted to shares, some vested and exercised pre-IPO
Monitoring Agency	Not required  this is OFS only, no Fresh Issue proceeds to monitor
Bid/Offer Dates	To be announced

Conflict flag on BRLM: Systematix Corporate Services Limited is a BRLM but its directors and employees (Nikhil Khandelwal, Rahul Khandelwal, Shikha Rajoria) collectively hold CCPS in the company exceeding the SEBI threshold. In compliance with SEBI Merchant Bankers Regulations, Systematix is restricted to marketing activities only and cannot perform other BRLM functions. While SEBI has been informed and a due diligence certificate filed, this represents a governance disclosure investors should note.

How Will the IPO Money Be Used?

This section is the shortest in this analysis series for a reason: the company receives nothing from this IPO. The entire Rs.[price x 74,45,000 shares] of proceeds goes to the four selling shareholders. There is no capex, no debt repayment, no working capital infusion, no new plant, and no acquisition fund for Pushp Brand (India) Limited from this IPO.

Selling Shareholder	Shares Offered	WAC per Share	Exit Multiple at Various Prices	Notes
Mahendra Kumar Surana	Up to 8,40,000	Rs.0.40	At Rs.1,000: 2,500x; At Rs.1,500: 3,750x	Promoter. Acquired shares through the partnership-to-company conversion at near-zero cost.
Surendra Kumar Surana	Up to 8,40,000	Rs.0.40	At Rs.1,000: 2,500x; At Rs.1,500: 3,750x	Promoter. Same as above. Together, promoters exit 16,80,000 shares.
A91 Emerging Fund I LLP	Up to 42,20,000	Rs.159.50	At Rs.1,000: 6.3x; At Rs.1,500: 9.4x	PE investor since June 2020. CCPS converted to equity. Selling the bulk of the OFS at a disciplined venture return.
Sixth Sense India Opps III	Up to 15,45,000	Rs.460.04	At Rs.1,000: 2.2x; At Rs.1,500: 3.3x	PE investor since December 2023 (recent entry). Even at Rs.1,000 offers a 2.2x return in under 3 years.
Company (Fresh Issue)	NIL	N/A	N/A	Company receives zero proceeds. Listing provides brand visibility and public market liquidity only.

The listing rationale for the company is explicitly stated in the Objects of the Offer: to achieve the benefits of listing the Equity Shares on the Stock Exchanges, which will enhance visibility and brand image and provide a public market for the Equity Shares. In the absence of fresh capital, future growth must come entirely from internally generated cash flows and any new debt the company takes on independently. The large inventory build (Rs.129.16 crore at March 2026 vs Rs.80.66 crore at March 2025) was funded from internal accruals and working capital borrowings without any IPO assistance.

Financial Performance

Note: All figures in Rs. crore unless stated (converted from the DRHP's Rs. million figures). Financial year April to March. Three complete years: FY2024, FY2025, FY2026. Figures from Restated Financial Information under Ind AS. This is a clean, consistently profitable business with improving margins across all three years.

Revenue from operations: Rs.398.24 crore (FY2024) to Rs.404.65 crore (FY2025, up just 1.6%) to Rs.481.94 crore (FY2026, up 19.1%). The near-flat FY2025 is an anomaly explained by the transition from a partnership firm (which had accumulated distribution relationships and channel inventory) to a corporate structure, alongside deliberate portfolio rationalisation. The FY2026 acceleration to 19.1% revenue growth is driven by a 14.47% volume increase (the rest being price and mix), expansion from 2,77,000 to 3,68,000 retail touch points, and growth in the blended spices segment.

Profitability

Metric	FY2024 (Rs. Cr)	FY2025 (Rs. Cr)	FY2026 (Rs. Cr)
Revenue from Operations	398.24	404.65	481.94
Revenue Growth %	17.79%	1.61%	19.10%
Other Income	3.63	7.34	8.77
Total Income	401.87	411.99	490.71
Cost of Materials Consumed	268.57	258.42	320.90
Materials as % of Revenue	67.44%	63.86%	66.58%
Employee Benefits Expense	33.02	38.60	45.55
Finance Costs	1.18	1.06	1.42
Depreciation	3.11	2.90	3.44
Other Expenses	48.21	45.20	60.66
Total Expenses	356.67	350.36	411.01
Profit Before Tax	45.20	61.62	79.33
Total Tax Expense	11.87	15.77	20.37
Profit After Tax (PAT)	33.33	45.86	58.95
EBITDA	49.50	65.59	84.19
EBITDA Margin %	12.43%	16.21%	17.47%
PAT Margin %	8.36%	11.33%	12.23%
Product Margin %	31.91%	35.10%	37.76%
Basic EPS (Rs.)	11.91	16.39	21.07
Diluted EPS (Rs.)	11.91	16.39	21.04
Weighted Average EPS (Rs.)			17.98

The financial story is one of consistent, improving quality: every single margin metric has expanded across all three years without exception. EBITDA margin improved from 12.43% to 17.47%, product margin from 31.91% to 37.76%, and PAT margin from 8.36% to 12.23%. PAT grew from Rs.33.33 crore to Rs.58.95 crore  a 77% increase in two years. EPS grew from Rs.11.91 to Rs.21.07  a 77% increase. These are genuinely exceptional metrics for a branded FMCG company in the competitive spices category.

The finance costs of just Rs.1.42 crore in FY2026 on revenue of Rs.481.94 crore indicate a virtually debt-free business at the operating level (only lease liabilities contribute to finance costs). This is a significant positive: the business has funded its growth entirely from internal cash generation, not external leverage.

Return Ratios

Metric	FY2024	FY2025	FY2026
Return on Net Worth (RoNW) %	16.78%	18.75%	19.24%
Weighted Average RoNW %			18.67%
Return on Equity (ROE) %	18.33%	20.69%	21.40%
Return on Capital Employed (ROCE) %	22.22%	24.19%	24.70%
NAV per Share (Rs.)			153.17 (March 2026)
Debt-to-Equity Ratio	Very Low (borrowings Rs.9.11 Cr)	Rs.12.77 Cr borrowings	Rs.19.37 Cr borrowings
Current Ratio	Rs.1,196.43 mn CA / Rs.283.08 mn CL = 4.23x	Rs.1,989.07 mn / Rs.340.47 mn = 5.84x	Rs.2,114.05 mn / Rs.488.23 mn = 4.33x
Industry Peer P/E Range	Tata Consumer: 76.69x (high)	Orkla India: 31.11x (low)	Average: 53.90x

ROCE of 24.70% and ROE of 21.40% are genuinely strong for a food and FMCG company. The weighted average RoNW of 18.67% compares well against both listed peers (Tata Consumer: 7.08%, Orkla India: 10.39%). The current ratio of 4.33x indicates excellent short-term liquidity. At the weighted average EPS of Rs.17.98 and industry average P/E of 53.90x, the implied offer price is approximately Rs.970.

At the FY2026 EPS of Rs.21.07 and 53.90x, it implies approximately Rs.1,136. At the lowest peer P/E of 31.11x, it implies approximately Rs.656. At the highest peer P/E of 76.69x, it implies approximately Rs.1,616. NAV per share of Rs.153.17 provides book value context.

Balance Sheet

Balance Sheet Item	FY2024 (Rs. Cr)	FY2025 (Rs. Cr)	FY2026 (Rs. Cr)
Total Equity (Net Worth)	198.68	244.61	306.34
Total Borrowings (incl. lease)	9.82	13.77	26.26
Inventories	85.46	80.66	129.16
Trade Receivables	26.24	21.55	25.08
Cash and Cash Equivalents	0.02	0.04	0.20
Other Bank Balances (FDs etc.)	0.00	26.32	21.45
Short-term Investments (MF)	0.00	52.83	26.33
Total Current Assets	119.64	198.91	211.41
Total Assets	235.07	286.64	362.54
Property, Plant and Equipment	50.75	50.74	117.13
Capital Work-in-Progress	1.12	0.32	0.72
No Contingent Liabilities	Nil as per IND AS 37	Nil as per IND AS 37	Nil as per IND AS 37

The balance sheet is clean and conservative. Total borrowings of Rs.26.26 crore (FY2026) are modest and are primarily working capital credit lines and lease liabilities  not long-term structural debt. The company is effectively self-funded.

The large jump in PPE from Rs.50.74 crore (FY2025) to Rs.117.13 crore (FY2026) reflects the capacity expansion from 53,000 to 63,000 MTPA and associated plant investments funded from internal accruals. No contingent liabilities as at March 2026 is a significant positive  no pending tax disputes, no litigation provisions, no guarantees outstanding.

Cash Flow

Cash Flow	FY2024 (Rs. Cr)	FY2025 (Rs. Cr)	FY2026 (Rs. Cr)
Net Cash from Operating Activities	18.23	48.62	19.55
Net Cash from Investing Activities	(1.18)	(50.72)	(23.85)
Net Cash from Financing Activities	(17.07)	2.12	4.46
Net Change in Cash	(0.01)	0.02	0.16
Cash at Year End	0.02	0.04	0.20
Capex (PPE + CWIP)	(3.71)	(7.41)	(68.88)

The cash flow picture has two important observations. First, operating cash flows dropped from Rs.48.62 crore (FY2025) to Rs.19.55 crore (FY2026) despite significantly higher PAT (Rs.58.95 crore). The gap is explained by the massive inventory build in FY2026: inventories grew by Rs.48.50 crore (from Rs.80.66 crore to Rs.129.16 crore), absorbing operating cash.

This inventory build is likely deliberate  stocking up for the post-IPO growth phase and building safety stock as retail touch points expand rapidly. If this inventory sells through in FY2027, cash flows will normalise upward. Second, capex of Rs.68.88 crore in FY2026 (vs Rs.7.41 crore in FY2025) reflects the capacity expansion investment, entirely funded from internal reserves and minor borrowings  not IPO proceeds.

Revenue Composition and Business Mix

Category	FY2024 (Rs. Cr)	FY2024 %	FY2025 (Rs. Cr)	FY2025 %	FY2026 (Rs. Cr)	FY2026 %
Pure Spices	247.70	62.20%	257.32	63.58%	306.30	63.55%
Blended Spices	136.08	34.17%	130.19	32.17%	158.82	32.96%
Others	14.47	3.63%	17.14	4.23%	16.82	3.49%
Total Revenue from Ops	398.24	100%	404.65	100%	481.94	100%
Product Margin Rs.	127.10	31.91%	142.05	35.10%	182.00	37.76%
Volume Growth %	2.49%		10.63%		14.47%
Retail Touch Points	2,37,000		2,77,000		3,68,000
Installed Capacity (MTPA)	53,000		53,000		63,000
Capacity Utilisation %	36.49%		39.07%		38.95%

The product mix has remained relatively stable with pure spices at approximately 63% and blended spices at 33%. The strategic imperative going forward is growing the blended spices share, as blends carry higher product margin (proprietary recipe = less price transparency, better pricing power) than commodity pure spices (chilli and turmeric prices are publicly quoted). Product margin expansion from 31.91% to 37.76% reflects both volume leverage and mix improvement, though the pure spices-to-blended-spices ratio has not yet shifted significantly.

Capacity utilisation at 38.95% is low in isolation but should be understood in context: the company expanded from 53,000 to 63,000 MTPA in FY2026 (new line commissioned), so the headline utilisation understates productive deployment of the older assets. The 3,68,000 retail touch point network is the growth foundation  each incremental touch point adds potential distribution volume. If the company can reach 5,00,000 touch points over the next 2-3 years (a plausible target), the volume growth potential is substantial.

How Does It Compare to Peers?

The DRHP cites only two listed peers: Tata Consumer Products Limited (P/E 76.69x, RoNW 7.08%) and Orkla India Limited, formerly known as Ching's Secret and Smith and Jones parent (P/E 31.11x, RoNW 10.39%). Industry P/E range is therefore 31.11x to 76.69x, average 53.90x.

The peer set is arguably narrow and not directly comparable  Tata Consumer is a massive diversified FMCG conglomerate (tea, coffee, water, Starbucks India) with revenue of Rs.20,290 crore versus Pushp's Rs.482 crore. The true comparable would be mid-sized regional spice brands, but none are listed with sufficient coverage. MDH and Everest are private companies.

Metric	Pushp Brand (FY2026)	Tata Consumer Products (FY2026)	Orkla India Limited (FY2026)
Revenue from Ops (Rs. Cr)	481.94	20,290.43	2,509.14
EPS Basic (Rs.)	21.07	15.59	20.90
EPS Diluted (Rs.)	21.04	15.58	20.80
RoNW %	19.24%	7.08%	10.39%
NAV per Share (Rs.)	153.17	220.17	200.75
P/E Ratio	TBD	76.69x (highest)	31.11x (lowest)
Industry Average P/E	53.90x
Implied price at 53.90x on FY26 EPS Rs.21.07	approx Rs.1,136
Implied price at 31.11x on WAG EPS Rs.17.98	approx Rs.559
Implied price at 53.90x on WAG EPS Rs.17.98	approx Rs.970

Pushp's RoNW of 19.24% significantly outperforms both peers (Tata Consumer: 7.08%, Orkla: 10.39%), suggesting higher capital efficiency in its focused spices-only business model. However, Tata Consumer's premium valuation (76.69x P/E) reflects brand power, geographic diversification, and institutional investor depth that a regional brand cannot yet command.

A rational pricing range for Pushp would anchor closer to the mid-point of 45-55x P/E on FY2026 EPS, implying approximately Rs.950-1,160. The real valuation question is whether investors will assign Pushp a growth premium for its rapidly expanding distribution network and improving margins, or a discount for the 100% OFS structure (company gets nothing) and the regional brand concentration.

Key Risks

• 100% OFS  company receives zero proceeds, listing is purely for existing investor exit: This is the most structurally important characteristic of this IPO. Pushp Brand (India) Limited gets nothing from this IPO. All proceeds go to four selling shareholders. Future growth must come from the Rs.19.55 crore in operating cash flow (FY2026), internally funded capex, and whatever working capital credit lines the company maintains. Investors who apply are providing exit liquidity to PE firms and promoters, not investing capital into the business. Post-listing, the company has no new equity capital, no debt repayment benefit, and no growth fund from this IPO.

• Both promoters are selling shares at WAC of Rs.0.40 per share  2,500x exit at likely offer price: Mahendra Kumar Surana and Surendra Kumar Surana are selling up to 8,40,000 shares each (16,80,000 combined) at a weighted average acquisition cost of Rs.0.40 per share. These shares were acquired through the partnership-to-company conversion at near-zero cash cost. At any reasonable offer price of Rs.800-1,200, the promoters are realising a 2,000x to 3,000x return. While legally permissible, the scale of this exit by the founding family raises legitimate questions about their long-term conviction in the company's public market trajectory.

• Capacity utilisation was just 38.95% in FY2026 on an installed base of 63,000 MTPA: The company is running at under 40% of its manufacturing capacity. This means approximately 38,400 MTPA of capacity sits idle. While this provides headroom for growth, it also means the company is absorbing fixed costs (depreciation, maintenance, overhead) on unutilised assets. If volume growth doesn't accelerate meaningfully in FY2027-28, the return on the recently expanded manufacturing investment will remain suboptimal.

• Operating cash flow dropped to Rs.19.55 crore in FY2026 despite Rs.58.95 crore PAT: The Rs.39.40 crore gap between PAT and operating cash flow was almost entirely driven by the Rs.48.50 crore inventory build. While some inventory build is strategic (expanded distribution requires more stock), any delay in turning this inventory into sales would create cash flow pressure. The company runs with essentially no cash reserve (Rs.0.20 crore cash at March 2026)  any disruption to working capital credit lines would be immediately felt.

• Highly competitive and fragmented market  competing against Everest, MDH, Catch, Tata Sampann, and hundreds of regional brands: Indian spices is one of the most competitive categories in FMCG. It features strong national brands (Everest, MDH), aggressive new entrants (Tata Sampann, ITC Masterchef), and thousands of local and unbranded players who compete on price. Pushp's regional strength in Central and Western India is genuine, but scaling nationally requires substantial marketing investment that will be funded from internal accruals only (no IPO capital available).

• Systematix BRLM conflict  director holds CCPS in the company: Nikhil Khandelwal (Managing Director of Systematix Corporate Services Limited, one of the BRLMs) and other Systematix-connected individuals hold CCPS of Pushp Brand (India) Limited. While SEBI has been notified and Systematix is restricted to marketing activities only, this creates an inherent conflict: the BRLM's director has a financial interest in achieving a high offer price. Investors should weigh this disclosure carefully.

• Near-zero cash balance (Rs.0.20 crore) with total inventory of Rs.129.16 crore: The business operates with minimal cash on the balance sheet, relying on short-term borrowings (Rs.19.37 crore) and working capital facilities. The large inventory position (27% of annual revenue) creates liquidity concentration risk. Any significant demand shortfall or channel destocking could create a working capital crunch that the company would need to address through additional borrowings.

• Concentration in West and Central India  national scaling is unproven: While the 3,68,000 retail touch point network is expanding, the business remains primarily anchored in Madhya Pradesh, Maharashtra, Gujarat, and Rajasthan. National expansion into South India (where tastes and spice profiles differ significantly), East India, and North India will require significant channel investment, local product customisation, and brand-building that consumes cash without immediate revenue return.

• Spice commodity price volatility affects input costs: Raw spices (chilli, turmeric, coriander, cumin) are agricultural commodities subject to monsoon-dependent supply variability. Input costs as a percentage of revenue ranged from 63.86% to 67.44% over three years, reflecting this volatility. A bad monsoon season or export policy change can sharply increase procurement costs and compress product margins in a short timeframe.

• Food safety and quality regulatory risk: FSSAI compliance, including quality testing, labelling standards, and permissible pesticide residue levels, is increasingly stringent for packaged food companies. Any adulteration incident, quality recall, or regulatory action would be severely damaging to brand equity in a category where trust is the primary purchase driver.

• ESOP scheme dilution potential: ESOP 2023 exists with options that can convert to equity shares. The DRHP does not provide full disclosure of all outstanding options and their vesting schedules in the sections reviewed. Any future ESOP exercises will dilute existing shareholders.

• FY2025 revenue growth of only 1.6%  channel disruption risk during corporate restructuring: The near-flat FY2025 performance during the partnership-to-company transition shows the business is not immune to structural disruptions. Any future organisational change, management transition, or channel relationship disruption could repeat this pattern.

Positives

• 50+ year brand heritage  'Pushp Masale' brand recognition in Central and Western India: Founded in 1974, Pushp has built genuine regional brand equity over five decades. In the spices category, where trust and consistency drive repeat purchase, a 50-year-old brand name is a powerful asset that cannot be bought or replicated quickly by new entrants.

• Consistent margin expansion across all three years  EBITDA margin 12.43% to 17.47%: Every single margin metric improved every single year. This is rare and signals a compounding combination of operating leverage, mix improvement, and pricing discipline. The 500 basis point EBITDA expansion in two years is exceptional for a commodity-adjacent FMCG category.

• PAT grew 77% from Rs.33.33 crore to Rs.58.95 crore in two years with EPS from Rs.11.91 to Rs.21.07: Multi-year double-digit profit growth with no debt dilution or equity dilution (the company issued no new shares during FY2024-FY2026). Pure earnings growth from operations.

• Essentially debt-free operating structure with finance costs of just Rs.1.42 crore: At Rs.482 crore revenue, finance costs of Rs.1.42 crore represent just 0.29% of revenue. The company has no meaningful financial leverage, meaning future earnings are not at risk from interest rate changes and the balance sheet has significant capacity to borrow if growth investment requires it.

• Retail touch points grew 55% from 2,37,000 to 3,68,000 in two years: This distribution expansion is the most forward-looking indicator in the business. Each new touch point is a recurring revenue point that compounds with brand awareness and product launches. The absolute growth in reach has been impressive and organic.

• Zero contingent liabilities as at March 2026  exceptional clean balance sheet: No pending tax disputes, no litigation provisions, no guarantees given on behalf of group companies. This is particularly noteworthy for a food company operating in a regulatory-sensitive category. SR BC and CO LLP (EY network) as statutory auditor adds further credibility.

• Volume growth of 14.47% in FY2026  confirms real demand, not just price inflation: With 14.47% volume growth and 19.10% total revenue growth, most of the FY2026 growth is volume-driven, not price inflation. This signals genuine market share gains and distribution penetration, not just commodity price pass-through.

• A91 and Sixth Sense as institutional backers  PE validation of business quality: A91 Emerging Fund I LLP (one of India's respected mid-market PE funds, known for backing quality consumer companies) invested at Rs.159.50/share in 2020. Sixth Sense India (a specialist consumer PE fund) invested at Rs.460.04/share in 2023. These are sophisticated consumer sector investors whose entry valuations validate the business quality.

Analysis based on DRHP dated May 26, 2026  |  Restated Financial Information under Ind AS  |  Currency figures converted from Rs. million to Rs. crore for readability