01 — At a Glance
The Biscuit That Quietly Ate Your Portfolio’s Lunch
- 52-Week High / Low₹46 / ₹17
- Q3 FY26 Revenue₹290 Cr
- Q3 FY26 Net Profit₹31 Cr
- TTM EPS₹3.71
- Annualised EPS (Q1+Q2+Q3 avg ×4)₹3.91
- Book Value₹13.2
- Price to Book3.29x
- Dividend Yield0.00%
- Debt / Equity0.04x
- Return (3 months)+40.3%
Detective’s Opening Note: Integrated Industries — a 1995-born trading company that evolved into a biscuit empire — just posted Q3 FY26 revenue of ₹290 crore (+45.8% YoY), EBITDA of ₹33 crore (+93.8% YoY), and net profit of ₹31 crore (+85% YoY). The stock is up 130% in 6 months, 78% in 1 year, and 180% in 3 years. Stock P/E at 11.6x despite a 30.5% ROCE. Something is either very cheap or very suspicious. Let’s investigate the cookie trail.
02 — Introduction
Richlite, Funtreat & The Audacity of Selling Biscuits to Africa
Ladies and gentlemen, allow us to introduce Integrated Industries Limited — a company that started life in 1995 as a plain vanilla food products trader, decided that wasn’t ambitious enough, acquired a biscuit factory in FY23, and is now shipping cookies to Somalia, Tanzania, Congo, Rwanda, and Seychelles. If your biscuit strategy includes Rwanda, you have our full attention.
The listed entity operates through its subsidiary Nurture Well Foods Limited, which runs a manufacturing plant in Neemrana, Rajasthan under the brand names Richlite, Funtreat, and Crunchy Craze. A second plant is being set up in Sikandrabad, UP at a capex of approximately ₹400 crore. The company is also doing contract manufacturing through Malaysia for its overseas biscuit orders. Yes, you read that right — a Rajasthan-headquartered company is contract manufacturing biscuits in Malaysia to sell under its own brand in Africa. The audacity is delicious.
Revenue has exploded from ₹5 crore in FY23 to ₹766 crore in FY25, with TTM now at ₹1,067 crore — a growth trajectory that makes most FMCG companies look like they’re baking in a tandoor on one LPG cylinder. Management is guiding for ₹1,150 crore in FY26 and a ₹2,500 crore dream by FY29 once the UP plant is operational.
Is this the next Britannia, or a Bourbon-flavoured mystery? Let’s dust for fingerprints — with numbers.
Concall Note (Feb 2026): Management guided FY26 full-year revenue at ~₹1,150 crore. 9M FY26 revenue already at ₹826 crore. Q4 needs ₹324 crore to hit the target — doable given Q3 run-rate of ₹290 crore and ongoing ramp-up.
03 — Business Model: WTF Do They Even Do?
They Sell Biscuits. In Rajasthan, Malaysia, and Also Somalia.
The business has two legs — and both of them are surprisingly muscular. Approximately 80% of revenue comes from overseas, primarily Africa (which contributes ~77–80% of the overseas piece) and the GCC (about 20–25%). These products are contract manufactured in Malaysia, shipped in bulk, distributed through consolidators, and sold under the company’s own brand name RICHLITE. The recipe is theirs. The packaging is theirs. Only the manufacturing address says “Kuala Lumpur.”
The remaining ~20% is domestic, manufactured at the company’s Neemrana plant in Rajasthan with a monthly capacity of ~3,400–3,600 tonnes. Products include glucose biscuits, cream biscuits, digestive, premium cookies, bourbon, butter, cashew, marie, and coconut variants — basically every biscuit you’ve seen sitting on a shelf in a North Indian kirana store. Distribution covers 150+ stockists across J&K, Himachal, Punjab, Rajasthan, Uttarakhand, Delhi NCR, and UP.
The strategic pivot management is executing: flip the mix to 50:50 India vs overseas within 3 years, add premium cookies from the UP mega-plant, reduce dependence on the 2–3 consolidators who currently handle 50–55% of overseas revenue, and enter confectionery, noodles, and fresh bakery. It’s ambitious. It’s also entirely logical if you already have the brand and distribution DNA. Think of it as the biscuit equivalent of going from regional carrier to national airline.
Revenue Mix~80%Overseas
Domestic~20%Neemrana Plant
Export Countries9+Africa + GCC
Distrib. Partners150+North India
Concentration Risk Watch: The top 2–3 overseas consolidators account for ~50–55% of company revenue. Management calls this a distribution-layer artifact. Auditors call it a risk. The prudent investor calls it “something to monitor every quarter.”
💬 A biscuit company doing ₹1,000 crore revenue from North India and Africa feels straight out of a thriller novel. Does this model feel solid to you, or does the Africa-Malaysia-Rajasthan triangle give you pause? Drop your view!
04 — Financials Overview
Q3 FY26: The Cookie That Doubled
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