Integrated Industries Ltd Q2 FY26 Results: The ₹287 Crore Cookie Monster That Turned Biscuits Into Gold (and Cash Flow Into Chaos)
1. At a Glance
Someone please check on Parle-G, because a new biscuit beast is rising — and it’s not dunking itself quietly. Integrated Industries Ltd (IIL) has gone from a sleepy food trader to a full-blown FMCG upstart with ₹287 crore in Q2 FY26 revenue and ₹23.8 crore PAT, up a jaw-dropping 101% YoY. The company’s stock, priced at just ₹26, packs a P/E of 8.04, ROCE of 30.5%, and ROE of 27.5% — all wrapped in a ₹604 crore market cap.
You’d expect a biscuit maker to crumble under inflation or sugar prices, but IIL instead baked profits like Diwali cookies. The company’s journey from a trader of food items to a manufacturer of its own brands — Richlite, Funtreat, and Crunchy Craze — is the corporate equivalent of watching your neighborhood kirana suddenly open an outlet in Dubai.
And yes, they actually did — with contract manufacturing across Malaysia and Indonesia, biscuits flying to Somalia, Seychelles, and Saharan tea stalls. From North Indian supermarket shelves to African supermarkets, Integrated Industries is turning carbs into cash and diversification into drama.
2. Introduction
If someone told you five years ago that a company once limited to “trading food” would be exporting cookies to Africa and buying biscuit factories, you’d probably offer them a glucose biscuit and walk away. But that’s exactly what Integrated Industries Ltd has done — and done with swagger.
Founded in 1995, this once-tiny player has now crunched its way into headlines with scorching growth. The stock rose 398% in 3 years, though it’s taken a short nap this year with a -34% YoY return — maybe even cookies need cooling-off periods.
What’s remarkable here is not just the scale-up but the style. They didn’t merely buy an asset; they bought a biscuit empire (Nurture Well Foods Ltd), slapped on fresh brands, expanded to Dubai, and now want to lend to group companies through a freshly amended Memorandum of Association. Yes, while baking cookies, they’re also baking Core Investment Company vibes.
It’s that rare kind of story where a small-cap company goes, “Let’s make biscuits… and also bonds.”
The company’s Q2 FY26 result proves that this hybrid model of food, finance, and fortitude can work — at least for now. Sales jumped 53.7% YoY, profit surged 101%, and the OPM edged to a sweet 11%. Who needs sugar when your margins taste this good?
3. Business Model – WTF Do They Even Do?
Let’s break this down before your glucose levels drop:
Integrated Industries started as a food products trader — importing, exporting, and distributing various edible goods. But post FY23, it underwent a Michelin-level transformation when it acquired a running biscuit plant in subsidiary Nurture Well Foods Ltd.
That move unlocked full-scale manufacturing under three brand names:
Richlite – your classic “looks like a Parle-G but fancier” biscuit.
Funtreat – the party pack that screams “give me diabetes, but make it crunchy.”
Crunchy Craze – for people who want snacks that sound like they’re eating gravel in meetings.
The real twist? The company also does contract manufacturing in Dubai — getting biscuits made in Malaysia and Indonesia for international buyers. Think of it as drop-shipping, but for cookies. They don’t need massive plants abroad — they outsource, brand, and ship. Smart.
And the diversification doesn’t stop there. They’re also:
Setting up a new 5000-ton Sikandrabad unit (U.P.), operational by October 2026, expected to contribute ₹100 crore revenue by FY26.
Playing financier with a new Core Investment Company license, allowing them to deploy idle funds in short-term mutual funds, bonds, and inter-corporate deposits.
If there’s ever been a company trying to be both Britannia and Bajaj Finserv, this is it.
4. Financials Overview
Here’s where the cookie turns into hard numbers.
Metric (₹ Crore)
Q2 FY26 (Sep 2025)
Q2 FY25 (Sep 2024)
Q1 FY26 (Jun 2025)
YoY %
QoQ %
Revenue
287
187
250
53.7%
14.8%
EBITDA
31
15
26
106.7%
19.2%
PAT
23.8
11.8
20.6
101%
15.5%
EPS (₹)
1.02
0.58
0.85
75.9%
20.0%
Commentary: Integrated Industries didn’t just beat last year — it baked it, packaged it, and shipped it overseas. Revenue crossed ₹287 crore this quarter, driven by growing exports and domestic sales from new SKUs. Margins improved slightly despite higher input costs, suggesting that the “premium cookie” strategy is actually paying off.
With an annualised EPS of ₹4.08, the P/E works out to ~6.4x, which for a company doubling profits YoY looks suspiciously cheap. Either the market doesn’t trust the dough or investors haven’t
