At a Glance:
Mrs. Bectors Food Specialities (Cremica + English Oven) reported ₹1,874 crore revenue in FY25, up 15.4% YoY. Q4 revenue rose 9.8% YoY but fell 9.4% QoQ due to input cost pressures and urban slowdown. PAT for FY25 stood at ₹143 crore, just 2% higher YoY. The company commissioned a new 21,000 MT facility in Dhar, MP to prep for the next phase of growth.
🏭 About the Company
- Brands: Cremica (Biscuits) and English Oven (Premium Bakery)
- Segments: Biscuits (mass + export), Bakery (retail + institutional)
- Presence: Across India + exports to 75 countries
- Clients: QSRs, cloud kitchens, multiplexes, and more
The company is known for baking profitably even in tough market environments – literally and figuratively. Think of it as the Britannia of tier-2 cities with export swagger.
👥 Key Managerial Personnel
- Mr. Anoop Bector – Managing Director and Chief Baker-in-Charge
- One of the OG founders, steering the company since the pre-IPO oven days
- Quoted optimism in FY26 due to easing interest rates and taxation support from Union Budget
📊 Financials (₹ in Cr)
| Particulars | Q4 FY25 | Q4 FY24 | YoY | Q3 FY25 | QoQ | FY25 | FY24 | YoY |
|---|---|---|---|---|---|---|---|---|
| Revenue | 446.1 | 406.4 | +9.8% | 492.1 | -9.4% | 1,873.9 | 1,623.9 | +15.4% |
| Gross Profit | 197.6 | 194.0 | +1.8% | 221.8 | -10.9% | 865.3 | 757.8 | +14.2% |
| EBITDA | 55.6 | 58.6 | -5.3% | 61.4 | -9.6% | 251.5 | 242.4 | +3.7% |
| PAT | 34.3 | 33.6 | +2.0% | 34.6 | -0.9% | 143.2 | 140.4 | +2.0% |
| EBITDA Margin | 12.5% | 14.4% | 12.5% | 13.4% | 14.9% | |||
| PAT Margin | 7.7% | 8.3% | 7.0% | 7.6% | 8.6% |
🔎 Quick Note: Despite a 15% YoY rise in revenue, operating leverage didn’t kick in. Margins fell due to higher input costs and weaker QoQ festive demand.
🍪 Segmental Breakdown
| Segment | Q4 FY25 (₹ Cr) | Q4 FY24 (₹ Cr) | YoY Growth |
|---|---|---|---|
| Biscuits | 257 | 240 | +7% |
| Bakery | 179 | 151 | +19% |
| Total | 446 | 406 | +9.8% |
✅ Biscuits grew 26% over Q4 FY23
✅ Bakery up a hot 40% from Q4 FY23
❌ QoQ pressure from Q3’s festive overhang still lingers
🏗️ Capacity Expansion: Dhar, MP Plant
- New facility launched in Dhar with 21,000 MT capacity
- Expected to streamline supply chain and expand reach
- Strong move as biscuit demand grows outside metros
The move signals Mrs. Bectors is gearing up to dethrone regional players in emerging markets, while keeping its export ovens burning.
🧮 Forward Value Estimate (FY26–27)
Assumptions:
- Revenue CAGR: 12–15%
- EBITDA margin recovers to 15%
- PAT margins steady around 8%
- PE multiple: 30–32x (mid-cap FMCG average)
🧾 FY27E PAT: ₹190–₹200 crore
🧾 FV Range (PE 30x–32x): ₹5,700–₹6,400 Cr market cap
🧾 Implied FV per share: ₹950–₹1,060 (face value ₹10)
🧁 EduInvesting Take
“If Britannia is the multibagger cake, Mrs. Bectors is the sweet biscuit with muted crunch. It doesn’t burn, doesn’t melt — it just slowly rises.”
- Solid brand moat in North India
- Export potential is its sleeper story
- But margin pressure is a worry — especially when atta and sugar prices yo-yo like crypto
Expect sideways baking unless demand surges or input costs chill out.
🧯 Risks & Red Flags
- Gross margin fell from 47.7% to 44.3% YoY in Q4
- EBITDA margin erosion is a trend to watch
- QoQ revenue and EBITDA both fell despite festive season Q3
- Any slowdown in rural FMCG rebound will hurt bakery volumes
🔮 Growth Outlook
- Domestic consumption could revive post-budget stimulus
- Horeca segment demand rising steadily
- E-commerce and QSR partnerships could drive FY26 recovery
- New capex could help beat regional competition in tier-2/3 India
Tags: Bectors Food, Cremica, Q4 FY25 Results, Biscuit Stocks, FMCG India, Bakery Segment, Midcap FMCG, EduInvesting
Author: Prashant Marathe
Date: 2 June 2025
