1. At a Glance
Once a humble rice processor, Mishtann Foods exploded its revenue by 158% in two years. But wait—there’s salt, scandals, and SEBI in the kitchen too.
2. Introduction with Hook
Imagine a small-town cook suddenly managing a Michelin-starred restaurant. That’s Mishtann for you. From humble beginnings in Gujarat to global rice export dreams and a Himalayan pink salt pivot, everything smells aromatic—until SEBI walked in, sniffed around, and found Rs. 49.9 crore “misplaced.”
- 158% revenue growth in 2 years.
- 307 debtor days (yes, you read that right).
- SEBI ban on promoters + auditor resignation = investor heartburn.
3. Business Model (WTF Do They Even Do?)
Mishtann is in the FMCG game via staples—rice, salt, wheat, pulses—sold across premium (Snowflake), mid-range (Jasper), and economy brands (Rozana).
They claim pan-India reach with ambitions in export, including “value-added” salts (rock, crystal, Himalayan pink).
But don’t let the pink Himalayan fluff fool you—the real spice is in financial engineering.
4. Financials Overview
Topline Talk:
- FY23 Sales: ₹1,288 Cr → FY25 Sales: ₹1,375 Cr
- FY23 PAT: ₹346 Cr → FY25 PAT: ₹333 Cr
- OPM: FY23 – 28%, FY25 – 25%
- RoE: 44.1%, RoCE: 42.2%
- P/E: 2.22 (insanely cheap… but why?)
Concern Points:
- High receivables: 307 debtor days
- Cash from ops: Negative (₹-49 Cr)
- Zero dividend despite rising PAT
- Promoters
