Annapurna Swadisht Ltd H1FY26 – From Fryums to Fortune: How a ₹454 Cr Snack Star is Chewing Its Way Through the FMCG Jungle

1. At a Glance

Ladies and gentlemen, presentingAnnapurna Swadisht Ltd (ASL)— the snack sensation from the East that started with fryums and now wants to fry Britannia’s nerves. As ofNovember 25, 2025, the stock trades at₹236, giving it amarket cap of ₹516 crore— roughly the price of one Britannia ad campaign featuring a celebrity eating a biscuit.

The company’sH1FY26 revenuestands tall at₹249.9 crore, up22% YoY, andPATat₹15.4 crore, up23.7%. Annualized, that’s₹500 crore+ in revenue potential, which for a regional brand is like Kolkata Knight Riders winning an IPL in a small stadium.

But the masala mix isn’t just tasty — the numbers are crunchy too:ROCEat12.8%,ROEat9.7%, andP/Eat just22.2, compared to anindustry average of 51. Cheap? Maybe. Spicy? Definitely.

Yet, under that savoury surface lies a few burnt corners —55.7% promoter pledge, adrop in promoter holding from 52% to 39.9%, andcash flows doing bhangra in reverse gear. Still, Annapurna’s story is what Indian snacks are made of — humble start, endless ambition, and a lot of oil.

2. Introduction

If FMCG were a Bollywood family drama, Annapurna Swadisht would be that ambitious small-town cousin who shows up at the wedding wearing the same sherwani as Haldiram — and pulls it off better. Founded in2016, this company didn’t just jump into India’s snack market; it cannonballed with a splash that got even Britannia’s attention.

In less than a decade, Annapurna has gone from manufacturingfryums and namkeensin Bengal to runningeight units across West Bengal, Assam, and Uttar Pradesh, serving a staggering6 lakh retail touchpoints. Imagine that — a brand from Debgram now sitting on the same supermarket shelf as Bingo, Bikaji, and Pepsi’s Lays.

But here’s the twist — unlike its larger FMCG cousins that sell dreams with a celebrity smile, Annapurna sellsaffordability. Most of its SKUs still live in the ₹5–₹10 sweet spot, catering to that legendary Indian crowd that believes ₹10 can fix hunger, boredom, and heartbreak.

Withrevenue growing 34% YoYandprofits up 22%, Annapurna’s not just feeding bellies; it’s feeding investor curiosity. But don’t bite too fast — this story has layers: expansions, acquisitions, resignations, and more twists than a pack ofkurkure.

3. Business Model – WTF Do They Even Do?

At its core, Annapurna Swadisht Ltd is amass-market snack manufacturer. The company makes and sells food products — fromfryums, namkeen, extruded snacks, noodles, cakes, biscuits, candy, and drinks— in short, every food item you’ve ever bought impulsively at a railway station.

Theirproduct portfolioruns across75 SKUsand about10 categories, and they’ve built an empire on low-cost, high-volume munchies. Think of it as the FMCG version of a Dosa cart — small margins, massive scale, and very loyal customers.

Here’s the interesting bit: Annapurna doesn’t just sell under one brand. It has an entireBollywood castof brand names —Jackpot, Chatpata Moon, Makeup Box, Dhamaka, Rambo, Jungle Adventures, Bachpan Ka Pyaar— each more dramatic than the last.

The company’sproduction capacityhas ballooned toover 250 MT/dayacross owned and leased facilities. TheGurap unitadds 50MT/day,Dhulagarhbrings 20MT/day, and theTezpur, Assam plantrecently launched with 125MT capacity. That’s a serious scaling spree for a company barely nine years old.

Annapurna’s focus is clear —capture the heartland snack economy, move beyond ₹5 products into ₹10 and ₹30 items, and now — thanks to its 2024 acquisition — start bottling mustard oil under the “Arati” brand. Because why not? When you’re already frying snacks, might as well sell the oil too.

4. Financials Overview

Now that’s a tasty table. Revenues have shot up like popcorn in hot oil, and PAT is sizzling even faster.

At anannualized EPS of ₹28.2, theP/E ratio of 22.2looks digestible, especially compared toNestlé’s 81x