At a Glance
Greenchef Appliances Ltd, the maker of mixers, pressure cookers, and now “digital cooktops”, debuted on NSE SME with a pop… and now sizzles at ₹60. But does this kitchen brand deliver hot financials, or is it just low-flame gas?
🔪 1. TL;DR — Is This SME a Hidden Multibagger?
- FY25 Profit = ₹6 Cr, up 20% YoY
- FY25 Sales = ₹373 Cr (up 16%)
- 🪓 OPM stuck at 4% for 2 years straight
- CMP ₹60 = P/E of ~23x, P/B ~1.16x
- 5-Year PAT CAGR = 39%, but Sales CAGR only 9%
- ROE? Just 5.1% in FY25
- ❌ No dividend. No moat. No kicker.
- 🧾 Promoters hold 73.5% — solid control
- 📉 Stock has fallen-16%in 1 year
- post IPO
🍲 2. What Does Greenchef Actually Do?
Greenchef is your classic Tier-2 kitchen appliance maker:🔹 ISO 9001:2008 certified🔹 Offers over150 SKUsacross25 categories🔹 Major products:
- Pressure cookers
- Gas stoves
- Mixers & juicers
- Cooktops
- Induction stoves
- Recently launched:Tri-ply steel utensils(June 2025)
It’s like a mini Prestige meets Pigeon… but without the brand swagger.
📦 3. Financial Recap – From Cooker Whistle to Investor Fizzle
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 239 | 329 | 320 | 321 | 373 |
| EBITDA (₹ Cr) | 10 | 8 | 20 | 12 | 15 |
| OPM (%) | 4% | 2% | 6% | 4% | 4% |
| Net Profit (₹ Cr) | 3 | 1 | 10 | 5 | 6 |
| EPS (₹) | 8.59 | 1.43 | 6.13 | 2.08 | 2.56 |
| ROE (%) | 8% | 3% | 13% | 5% | 5% |
😬Flat sales. Low margin. ROE below 7%.The
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