1. At a Glance

From humble beginnings in 1978 to premium biscuit aisles today, Mrs. Bectors has gone from “bread and ice cream” to an FMCG player whose P/E ratio could buy a small bakery chain. With20%+ CAGR sales growthover the past 5 years and36% CAGR profit growth, it’s been kneading steady performance. But at7.54x book valueand 63x earnings, the market clearly thinks every cookie will sell itself forever.

2. Introduction

Once upon a time, Mrs. Rajni Bector decided Punjab needed better bread, biscuits, and ice cream. Decades later, Mrs. Bectors Food Specialities Ltd is an FMCG darling with two big brands:

• Cremica(biscuits & cookies)
• English Oven(breads & bakery)

The company has outgrown its small-town roots and now caters to both domestic and export markets. But while the products are premium, so is the stock price. Investors are paying up for growth, even though FY25 TTM profit dipped 2% — proving biscuits are not entirely recession-proof.

3. Business Model (WTF Do They Even Do?)

• Biscuits & Cookies:UnderCremica, including premium offerings, export-oriented SKUs, and contract manufacturing.
• Bakery Products:UnderEnglish Oven, focusing on high-quality breads, buns, and specialty baked goods.
• Exports:Strong play in developed markets with private label contracts.
• Institutional Sales:Supplying to QSRs, airlines, and catering companies.

Roast: Think Britannia with fewer SKUs and a bigger hipster appeal. But unlike Britannia, they can’t yet plaster every railway platform with ads.

4. Financials Overview

FY25 (TTM) Highlights:

• Revenue:₹1,907 Cr