1. At a Glance – Dry Fruits, High Valuation, Even Higher Drama
Sumuka Agro Industries Ltd is that small-cap FMCG stock which suddenly started behaving like it discovered steroids in pista packets. With a market cap of roughly ₹147 crore and a current price hovering around ₹207, this dry-fruit trader-turned-packaged-food aspirant has delivered a 295% YoY jump in quarterly profit, 40.6% YoY sales growth, and still somehow managed to confuse investors about whether it’s a high-growth FMCG story or just a very enthusiastic wholesaler with good PowerPoint skills.
The latest quarter (Sep 2025) delivered ₹20.93 crore in sales and ₹0.75 crore PAT, translating into a quarterly EPS of ₹1.06. Annualised, that’s roughly ₹4.24 EPS, which conveniently matches the trailing EPS of ₹4.15. The market, however, has decided this deserves a P/E of 48.5x, which is the same multiple the market gives to giants with brands, moats, and advertising budgets bigger than Sumuka’s entire balance sheet.
ROCE stands strong at 22.7%, ROE at 19.1%, debt-to-equity is a manageable 0.21, and yet the stock is down 13% over three months and 21.7% over six months, proving once again that Dalal Street enjoys mood swings more than Indian soaps.
And just when you thought things were simple, Sumuka threw in a merger with Gujjubhai Foods, shifted registered offices like a tenant dodging rent, and introduced Himalayan Salt because why not? Curious already? Good. Let’s dig.
2. Introduction – From Sleepy Trader to FMCG Hopeful
Sumuka Agro was incorporated in 1989, which means it has existed longer than most investors’ demat accounts. For decades, it did almost nothing exciting. Revenues were microscopic, profits were either missing or hiding behind accounting bushes, and the stock was the definition of “ignore safely.”
Then came FY23 onwards, when revenues suddenly jumped from ₹1.39 crore in FY22 to ₹27.88 crore in FY23, followed by ₹54.95 crore in FY24 and ₹62.30 crore in FY25. That’s not growth; that’s a rebirth arc straight out of a Bollywood comeback movie.
The company operates as a trader, retailer, and franchisor of dry fruits, ready-to-cook items, snacks, sweets, spices, and now Himalayan Salt. It claims presence in 100,000+ outlets across Telangana and Tamil Nadu, which sounds impressive until you remember kirana stores in India multiply faster than mutual fund schemes.
The real masala entered with related-party transactions with Gujjubhai Foods, proposed up to ₹30 crore earlier and later expanded to approvals of up to ₹200 crore. Eventually, management decided to stop pretending and simply
merge Gujjubhai Foods into Sumuka Agro. NCLT and BSE approved the scheme in August 2025, with a swap ratio of 7:4.
So now the big question: is this a genuine FMCG scale-up story or a financial jugglery act wrapped in cashew packets? Let’s investigate like a funny auditor with trust issues.
3. Business Model – WTF Do They Even Do?
At its core, Sumuka Agro does trading of dry fruits and packaged food products. No fancy factories, no heavy capex, no brand recall like “taste bhi, health bhi.” This is largely a distribution and sourcing game.
They source dry fruits, spices, snacks, and packaged items, sell them through distributors, franchises, and online channels, and pocket a thin margin while praying volumes scale faster than costs. Their operating margins hover around 4–6%, which is classic trader territory, not premium FMCG royalty.
The introduction of Himalayan Salt in FY24 signals an attempt to move into higher-margin branded products. But as of now, the financials still scream “trader with ambition” rather than “brand with pricing power.”
The merger with Gujjubhai Foods is crucial here. Gujjubhai was already doing large volumes with Sumuka as a related party. Instead of continuing the awkward “bhai-bhai transactions,” management decided to formalise the relationship. Post-merger, revenues will look bigger, but the real test will be margins and cash flows.
Ask yourself: is Sumuka becoming a packaged food company, or is it just aggregating turnover to look sexier? Hold that thought.
4. Financials Overview – Quarterly Fireworks, Thin Margins
Result Type Detected: Quarterly Results
(EPS annualisation locked as quarterly × 4)
Quarterly Comparison Table (₹ in Crores)
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 20.93 | 14.89 | 19.69 | 40.6% | 6.3% |
| EBITDA | 0.88 | 0.68 | 0.97 | 29.4% | -9.3% |
| PAT | 0.75 | 0.19 | 0.82 | 294.7% | -8.5% |
| EPS (₹) | 1.06 | 0.27 | 1.15 | 292.6% | -7.8% |
