📌 At a glance:
Krishival Foods Ltd. (NSE: KRISHIVAL) has pulled off a near miracle in FY25 — doubling revenue to ₹206 Cr, growing net profit by 44%, and posting 783% EBITDA growth in ice cream (no, that’s not a typo). With a dual-brand strategy (Krishival Nuts and Melt N Mellow), they’re gunning for India’s premium snacking and frozen indulgence markets. But at ₹250/share, is this already fully priced?
🏢 About Krishival Foods Ltd.
| Attribute | Details |
|---|---|
| Founded | 2014 (formerly Empyrean Cashews Ltd.) |
| Listed on | NSE: KRISHIVAL |
| Headquarters | Mumbai, Maharashtra |
| Brands | Krishival Nuts (dry fruits), Melt N Mellow (ice cream) |
| Retail Presence | 25,000+ touchpoints for ice cream, 102+ cities for nuts |
| Exports | Singapore (300+ stores) |
From cashew wholesaler to multi-brand FMCG disruptor, Krishival is trying to do a “Hatsun + Happilo” in one go.
📊 FY25 Financial Performance
| Metric | FY25 | FY24 | YoY Growth |
|---|---|---|---|
| Total Income | ₹206.30 Cr | ₹104.70 Cr | 🔼 +97% |
| EBITDA | ₹25.23 Cr | ₹15.17 Cr | 🔼 +66% |
| Net Profit (PAT) | ₹13.54 Cr | ₹9.35 Cr | 🔼 +44% |
| EPS (₹) | ₹6.08 | ₹4.37 | 🔼 +39% |
This is not a cashew company anymore. It’s a fast-moving chilled dessert + dry fruit combo plate with attitude.
🥜 Segment-Wise Breakdown
1️⃣ Krishival Nuts (Dry Fruits & Premium Snacks)
| Metric | FY25 | FY24 | Growth |
|---|---|---|---|
| Revenue | ₹175 Cr | ₹104 Cr | +67% |
| EBITDA | ₹23 Cr | ₹15 Cr | +50% |
This is the backbone. Strong margin profile. Expanding in Tier II/III. Flagship stores in Goa, Alibaug, Dapoli.
📦 Also available on: Amazon, Flipkart, Zepto, Blinkit, BigBasket
2️⃣ Melt N Mellow (Ice Cream Division)
| Metric | FY25* | FY24 | Growth |
|---|---|---|---|
| Revenue | ₹51 Cr | ₹37 Cr | +38% |
| EBITDA | ₹3 Cr | ₹0.35 Cr | +783% |
*Note: Business acquired in Sept 2024. FY25 numbers include only 6 months of ice cream revenue.
Retail Reach: 25,000+ outlets
Footprint: Maharashtra, Karnataka, Goa, Telangana
You scream, I scream — for a business that pulled 800% margin growth in just two quarters.
🌍 Operational Highlights
- 🏪 Flagship Nut Stores: Goa (Calangute, Candolim), Alibaug, Dapoli
- 🚚 Quick Commerce Push: Zepto, Blinkit, BigBasket — driving D2C play
- 🌐 Export Strategy: Already in 300+ Singapore stores
- 🔄 Omni-channel presence being scaled for both brands
If you’ve eaten a ₹120 cashew pouch in Goa or had a passionfruit ice cream in Pune, chances are — Krishival made it.
🧠 EduInvesting Take
What’s Hot:
- 🧨 FY25 revenue doubled
- 🍨 Ice cream turned profitable in 6 months
- 📦 Nut margins intact despite scale-up
- 🛒 Online + offline channel mastery = rare for SME FMCG
- 🧾 Premium segment, not mass market — less price sensitivity
What’s Not:
- ❄️ Ice cream is seasonal — Q1/Q2FY26 must prove consistency
- 💸 High valuation already pricing in aggressive FY26 expansion
- 📊 Full-year impact of acquisition only visible in FY26
- 🏗️ Further growth needs capex — may dilute equity if not debt-financed
🔮 Valuation Snapshot (CMP ₹250)
| Metric | Value |
|---|---|
| FY25 EPS | ₹6.08 |
| CMP (as of May 26, 2025) | ₹250.00 |
| Current P/E | 41.1× |
| FMCG Midcap P/E Avg | 30–35× |
| EduInvesting FV (25×) | ₹152.00 |
| ⚠️ Premium Over FV | +64.5% |
At 41x earnings, Krishival is already priced like a household brand. But in reality, it’s still building distribution.
The stock is hotter than its own roasted almonds — driven by hopes of D2C expansion, ice cream seasonality, and FMCG re-rating.
🧾 Comparable Peers
| Company | FY25 Revenue | P/E | Segment |
|---|---|---|---|
| Happilo (Unlisted) | ~₹350 Cr+ | ~40x | Dry fruits only |
| Hatsun Agro | ₹7,000 Cr+ | ~80x | Ice cream + dairy |
| Everest Foods | ₹600 Cr+ | ~50x | Spices |
| Krishival | ₹206 Cr | 41.1x | Dry fruits + ice cream |
Krishival is growing faster than many, but still tiny in scale — the bet here is on brand building and scalability.
🧾 Final Verdict
CMP: ₹250 | EPS: ₹6.08 | P/E: 41.1×
Fair value based on FY25 earnings = ₹152
But if FY26 hits ₹300 Cr revenue and ₹10+ EPS? Then this can look fairly priced in hindsight.
For now, you’re paying a brand premium on a business that’s still pre-summer in its ice cream cycle and just learning retail retail.
🗓️ Published: May 26, 2025
✍️ By: Prashant Marathe
Tags: Krishival Foods share price, FY25 results, premium dry fruits stock, Melt N Mellow ice cream, emerging FMCG stocks India, SME food brands, quick commerce D2C, cashew IPOs NSE, ₹250 FMCG SME stock, Krishival valuation
