At a glance:
Integrated Industries Ltd (BSE: 531889) — a company that once made printed circuit boards — is now baking serious numbers. From zero revenue in FY22 to ₹766 crore in FY25, it’s not just pivoting… it’s pirouetting. With a 411% 3-year stock return and a biscuit brand portfolio (Richlite, Funtreat, Canberra) no one’s heard of — this is either genius or witchcraft.
🏢 About the Company
- Incorporated: 1995
- Old Business: Printed Circuit Boards (R.I.P)
- Current Business: Processed Foods — mainly biscuits, cookies, and other edible capitalist temptations
- Subsidiary: Nurture Well Food Pvt Ltd (NWFPL), fully owned
- Plant: Neemrana, Rajasthan; Capacity: 3,400 MTPA
- Brands: Richlite, Funtreat, Canberra — sound like rejected soap opera titles but they’re edible
👥 Key Managerial People (KMP)
- Promoter Holding: Down from 75% to 53.81% over 3 years 🫣
- Management’s Focus: Scaling food operations, new biscuit plant in Sikandrabad by Oct 2026
📊 5-Year Financial Performance
| Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | OPM (%) | Equity Capital (₹ Cr) | ROCE (%) |
|---|---|---|---|---|---|
| FY21 | 0 | – | – | – | – |
| FY22 | 5 | 1 | 97% | 5 | – |
| FY23 | 331 | 25 | 9% | 10 | 36% |
| FY24 | 766 | 67 | 9% | 23 | 30% |
| FY25 | 766 (TTM) | 67 (TTM) | 9% | 23 | 30% |
Yes, that’s a 131% CAGR in revenue. They went from “no biscuits, only dreams” to 3x Britannia’s growth rate.
🧮 Forward Fair Value (FV) Estimate (EduInvesting Style™)
Let’s be aggressively optimistic for fun.
- FY25 Net Profit: ₹67 Cr
- EPS (TTM): ₹2.43
- CMP: ₹24
- PE: 9.9x (Cheap or suspicious? You decide.)
Assuming 20–25% growth and PE expansion to 15–20x if rerated like small FMCG peers:
🎯 Fair Value Range = ₹36 – ₹49 (12–18 months outlook)
Disclaimer: Or it could stay ₹24 and confuse everyone.
📈 Growth Outlook & Industry Vibes
🍪 The Biscuit Sector Is Hotter Than Tandoor
- FMCG biscuits = ₹40,000+ Cr market in India
- Demand for packaged foods growing in Tier 2/3 towns
- Competitors like Mrs. Bectors, Bikaji, Gopal Snacks are trading at insane PE multiples (70–90x)
🔋 Integrated’s Edge?
- Low PE of 9.9x
- Debt-free balance sheet
- High promoter ambition (Sikandrabad plant = expansion alert)
- ROE of 27.5%, ROCE of 30% = serious operational efficiency
📉 Risks & Red Flags 🚨
- No dividends: Why no Mithai for shareholders?
- Low tax rates: FY23 tax = 3%, raises audit eyebrows
- Promoter Holding Decline: From 75% to 53.8% — dilution alert
- High receivables: Debtor Days = 92
- Big Capex Plans: Sikandrabad plant may need funding = dilution or debt?
🧠 EduInvesting Take
Integrated Industries is that weird student who switched majors from electronics to culinary arts — and now runs a Michelin star bakery. While most FMCG smallcaps are overvalued sugar bombs, Integrated is still cheap, profitable, and growing like it overdosed on glucose biscuits.
If they can continue this performance, retain margins, and not burn capital in new plants — the stock may earn rerating love.
But if accounting ghosts emerge or promoters continue dilution — 🧟♂️ beware.
🏁 TL;DR Recap
| Metric | Value |
|---|---|
| 3Y Return | +411% |
| Revenue CAGR | 131% |
| Net Profit CAGR | 127% |
| PE Ratio | 9.9x |
| Promoter Holding | 53.81% (↓ 21% in 3 yrs) |
| Fair Value Range | ₹36–₹49 |
| Brands | Richlite, Funtreat, Canberra |
| FY26 Plan | New Biscuit Plant (Sikandrabad) |
Tags: Integrated Industries Ltd, BSE 531889, Biscuit Stocks, Nurture Well Food, FMCG Multibagger, Cheap FMCG stock India, Richlite Biscuit Brand, Smallcap Stock 2025, EduInvesting Recap, NSE SME Watch
Author: Prashant Marathe
Date: June 11, 2025
