Anmol Industries IPO

Strengths · 7

• 01Revenue from operations rose from Rs 1,422.90 crore in FY2024 to Rs 2,101.84 crore in FY2026, with growth of 28.09% in FY2026.
• 02Cracker biscuits grew at a 31.38% CAGR from FY2024 to FY2026 and now make 45.96% of product sales.
• 03Profit after tax was Rs 190.97 crore in FY2026 and EBITDA margin was 13.67%, up from 4.43% in FY2025.
• 04Operating cash flow was Rs 254.05 crore in FY2026, higher than the profit of Rs 190.97 crore for the year.
• 05Bank borrowings fell from Rs 151.00 crore in FY2024 to Rs 103.42 crore in FY2026, against net worth of Rs 804.49 crore.
• 06Products reach 4,266 pin codes across 24 states and 2 union territories, made at seven plants in four states.
• 07Net working capital days were 11.36 in FY2026, and return on net worth was 26.96%.

Risks · 10

• 01Biscuits and cookies made 93.74% of revenue from sale of products in FY2026, so a change in consumer taste in this one category hits the whole business.
• 02Core markets gave 67.70% of revenue from sale of products in FY2026, so trouble in these regions would matter a lot.
• 03Profit after tax fell from Rs 126.21 crore in FY2024 to Rs 38.12 crore in FY2025, even as revenue rose; EBITDA margin dropped to 4.43% that year.
• 04Cost of materials consumed was 64.48% of revenue from operations in FY2026 and 70.80% in FY2025, so raw material prices drive margins.
• 05The top 10 suppliers gave 33.88% of total purchases in FY2026, so supply disruption can hurt production.
• 06The whole offer is an offer for sale of up to Rs 1,800.00 crore by Baijnath Choudhary & Family Trust. The company gets none of the money.
• 07The selling promoter trust has a weighted average cost of acquisition of Rs 0.03 per share, so the sale is at a very low cost against any offer price.
• 08Promoters and promoter group hold the entire company before the offer, with no public shareholder among the top 10.
• 09Outstanding cases against the company include 1 criminal case, 8 tax cases, 3 regulatory actions and 1 material civil case, with an amount of Rs 283.19 million.
• 10Shift to modern trade, e-commerce and quick commerce can bring different cost structures and pricing pressure, the document warns.

Anmol Industries Limited is a branded packaged foods company based in Kolkata. It focuses on aspirational and premium products. Its portfolio has biscuits (cracker, cream and marie), cookies, cakes, and other items such as bakery products, chocolate-coated wafers and Indian sweets.

Biscuits and cookies made 93.74% of revenue from sale of products in FY2026. Cracker biscuits are the largest line at 45.96% of sales, or Rs 935.55 crore. Cookies gave 26.03%, cream biscuits 12.28% and marie biscuits 8.44%. Cakes are small but growing fast: Rs 116.46 crore in FY2026, a CAGR of 40.40% from FY2024. The company reports one business segment, food products.

It runs seven manufacturing facilities: Greater Noida and Ghaziabad in Uttar Pradesh, Hajipur and Thakurganj in Bihar, Dankuni and Begampur in West Bengal, and Bhubaneswar in Odisha. Its products are available in 4,266 pin codes across 24 states and 2 union territories, in both urban and rural markets. Core markets gave 67.70% of revenue from sale of products in FY2026.

The company describes itself as the fourth largest biscuits brand in India, with an established position in Eastern India. It is promoted by the Choudhary family, with Baijnath Choudhary & Family Trust holding 84.44% before the offer. Bimal Kumar Choudhary is the Managing Director and Biswanath Choudhary is the Chairman. The offer is a pure offer for sale, so the company will not receive any money from it.

The industry

The Indian biscuits and cookies market was valued at about Rs 510 billion in FY2021 and reached about Rs 765 billion in FY2026, a CAGR of 8.5%, according to the F&S report quoted in the document. The same report projects the market at Rs 1,210 billion by FY2031, a CAGR of 9.6%. Growth is linked to more packaged snacking, wider reach of branded food in urban and rural markets, and the position of biscuits as an affordable everyday snack.

Customer concentration: The top 10 suppliers gave 33.88% of total purchases in FY2026 (37.11% in FY2025). The document does not give customer concentration.