Hyderabad-based Srivari Spices & Foods Ltd is like that relative who started with making homemade masalas and now runs a mini-D-Mart. Incorporated in 2019, the company has gone from grinding spices in bulk to grinding competitors’ margins. With 88 SKUs under “Srivari” and 500+ SKUs under “Poushtik” (its online kirana), it has now reached 18,000 retail stores, got itself listed on NSE-SME in 2024, and recently raised ₹25 Cr through a rights issue. Basically, from turmeric powder to wheat atta to launching pooja products, Srivari is sprinkling itself everywhere like coriander garnish.
2. Introduction
Imagine launching an FMCG brand in 2019, right before Covid locked us all at home. While most of us were busy making dalgona coffee, Srivari was busy putting its masalas and atta into every shelf in Telangana & Andhra Pradesh.
The story is textbook India FMCG — start with spices (always), expand into atta (essential), oil (obvious), and then groceries (inevitable). Now with its Poushtik D2C app, the company wants to take a bite of the online grocery market. It’s even planning exports in FY26, because what’s the point of masala if NRIs can’t sprinkle it in New Jersey biryanis?
And they aren’t just stopping at food — the board has approved entry into pooja products under the brand “Neihaa Narayan”. From atta to agarbatti, this company is now a one-stop shop for God and man alike.
But before we call them “mini ITC,” let’s dissect the masala packet properly.
3. Business Model (WTF Do They Even Do?)
Srivari runs on a B2B + B2C + E-commerce model. In simple terms, it sells to kirana shops, institutions (HoReCa, Jumbotail B2B), modern trade like DMart, and directly through its app.
Revenue Mix FY25
Spices & Masalas → 49%
Atta (Sharbati, Whole Wheat) → 51%
Oils (soon scaling) → negligible now
Groceries (Poushtik) → slowly rising contribution
The atta segment is currently the big daddy, but masalas bring in stickiness (pun intended). With utilization levels already at 73% in spices and 88% in atta, capacity expansion is inevitable. That’s why the oil line of 7,200 TPA is being rolled out.
Basically: Srivari wants to be your mom’s kitchen supplier and your Swiggy Instamart alternative.
4. Financials Overview
Quarterly Snapshot (₹ Cr)
Metric
Latest Qtr (Mar’25)
YoY Qtr (Mar’24)
Prev Qtr (Sep’24)
YoY %
QoQ %
Revenue
59.1
47.3
53.0
24.8%
11.5%
EBITDA
9.7
7.7
9.0
26.0%
7.8%
PAT
4.81
4.43
4.95
8.6%
-2.8%
EPS (₹)
5.61 (annualised 22.4)
5.15
5.73
8.9%
-2.1%
At CMP ₹157 → P/E = 157 / 22.4 ≈ 7.0x (way lower than FMCG peers). Margins are spicy at 16–17% OPM. Growth is decent, but profitability growth is cooling a bit QoQ.
5. Valuation – Fair Value RANGE
We’ll cook this dish in 3 masalas:
P/E Method
FMCG peers trade at 18–40x.
Even at conservative 15–20x FY25 EPS (₹11.3), FV range = ₹170 – ₹226.
