1. At a Glance
Rama Vision Ltd is that classic Indian smallcap story where a boring distributor suddenly discovers manufacturing and decides to spice things up—literally, with wafer sticks. Market cap sits around ₹149 crore, the stock is hovering near ₹143, and in the last three months it has sprinted like it found Red Bull in its baby food portfolio, delivering ~36% returns.
The latest Q3 FY26 numbers are what made people stop scrolling. Quarterly revenue clocked in at ₹41.9 crore, up a chunky 42% YoY, while PAT exploded to ₹1.90 crore—up an eye-watering ~493% YoY. Operating margins touched double digits (10.23%), something this company historically only dreamed about.
ROCE is a decent 12.3%, ROE around 9.6%, and debt-to-equity at 0.63 tells us this isn’t a debt junkie, but it does borrow enough to stay awake. Valuation-wise, the stock trades at ~26x earnings—neither dirt cheap nor full Bollywood superstar premium.
But here’s the real hook: a company that used to be 98% trading is now flirting with manufacturing via its MADDOX wafer sticks plant. Is this a genuine transformation or just a tasty side hustle? That’s what makes Rama Vision interesting enough to deserve a deep dive.
2. Introduction
Rama Vision has been around since 1989. That’s older than most PMS presentations and definitely older than half of Twitter finfluencers. For decades, it lived a quiet life importing and distributing baby care, mother care, skincare, and food products. No drama. No fancy CAPEX stories. Just containers coming in and invoices going out.
Then suddenly, in FY24–FY25, management woke up and said, “Why should we only trade other people’s brands when we can make our own snacks?” Enter wafer sticks. Enter manufacturing. Enter margin expansion dreams.
Today, Rama Vision operates across two worlds. On one hand, it distributes well-known international brands like Pigeon, Palmers, Farlin, Real Thai, Kewpie, and others. On the other, it runs a manufacturing facility in Uttarakhand making cream-filled wafer sticks under the brand MADDOX—and even does contract manufacturing for Pran Beverages.
The company is still largely a trading business, but Q3
FY26 shows what happens when operating leverage finally kicks in. Profits grow faster than revenue, margins expand, and suddenly the stock starts trending. The big question: is this the start of a structural re-rating or just a good quarter after many average ones?
3. Business Model – WTF Do They Even Do?
Let’s simplify this without turning it into an MBA case study.
Trading Segment (The Old, Reliable Uncle)
This is the bread-and-butter business. Rama Vision imports and distributes:
- Baby & mother care products
- Skincare, oral & personal care
- Food products like Thai sauces, Korean noodles, ready-to-eat items
This segment contributes ~98% of revenue. Margins are thin, working capital is heavy, and competition is brutal. You don’t build generational wealth here—you survive and maybe grow slowly.
Manufacturing Segment (The New, Ambitious Kid)
This is where things get interesting. Rama Vision set up a wafer stick manufacturing unit at Himalayan Mega Food Park, Kashipur, Uttarakhand, with:
- Capacity: 900 MTPA
- Products: Cream-filled & cream-sprayed wafer sticks
- Brand: MADDOX
It also does contract manufacturing for Pran Beverages under the “PRAN” brand. This helps improve capacity utilization and absorb fixed costs—classic smart smallcap move.
Manufacturing is still just ~2% of revenue, but it punches above its weight in narrative value. If this scales, margins could structurally improve. If not, it remains a fancy appendix in the annual report.
So ask yourself: can a trading
