Mrs. Bectors Food: ₹8,790 Cr Market Cap, 63.4x P/E – The Biscuit Queen with Premium Pricing (and Valuation)


1. At a Glance

From humble beginnings in 1978 to premium biscuit aisles today, Mrs. Bectors has gone from “bread and ice cream” to an FMCG player whose P/E ratio could buy a small bakery chain. With 20%+ CAGR sales growth over the past 5 years and 36% CAGR profit growth, it’s been kneading steady performance. But at 7.54x book value and 63x earnings, the market clearly thinks every cookie will sell itself forever.


2. Introduction

Once upon a time, Mrs. Rajni Bector decided Punjab needed better bread, biscuits, and ice cream. Decades later, Mrs. Bectors Food Specialities Ltd is an FMCG darling with two big brands:

  • Cremica (biscuits & cookies)
  • English Oven (breads & bakery)

The company has outgrown its small-town roots and now caters to both domestic and export markets. But while the products are premium, so is the stock price. Investors are paying up for growth, even though FY25 TTM profit dipped 2% — proving biscuits are not entirely recession-proof.


3. Business Model (WTF Do They Even Do?)

  • Biscuits & Cookies: Under Cremica, including premium offerings, export-oriented SKUs, and contract manufacturing.
  • Bakery Products: Under English Oven, focusing on high-quality breads, buns, and specialty baked goods.
  • Exports: Strong play in developed markets with private label contracts.
  • Institutional Sales: Supplying to QSRs, airlines, and catering companies.

Roast: Think Britannia with fewer SKUs and a bigger hipster appeal. But unlike Britannia, they can’t yet plaster every railway platform with ads.


4. Financials Overview

FY25 (TTM) Highlights:

  • Revenue: ₹1,907 Cr (up from ₹1,874 Cr in FY24)
  • EBITDA: ₹246 Cr (13% margin)
  • PAT: ₹139 Cr (down from ₹143 Cr in FY24)
  • ROE: 15.7% | ROCE: 18.1%
  • Debt: ₹184 Cr (down from ₹245 Cr in FY24)
  • Other Income: ₹31 Cr

P/E Recalc:
Q4 FY25 EPS = ₹5.58 → Annualised = ₹22.32 → Forward P/E ≈ 64.1x.

Margins are steady, but the latest quarter’s net profit fell 12.8% YoY, which at this valuation is a biscuit crumb in the wrong direction.


5. Valuation (Fair Value RANGE only)

MethodAssumptionsFV
P/EForward EPS ₹22.32 × 40–50x₹893 – ₹1,116
EV/EBITDAEBITDA ₹246 Cr × 18–20x₹885 – ₹983
DCF12% growth, 11% WACC₹900 – ₹1,050

FV Range: ₹890 – ₹1,110

Disclaimer: This FV range is for educational purposes only and

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FII & DII Data | Institutional Money Tracker

FII & DII Data

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