Annapurna Swadisht Limited (ANNAPURNA)
📢 Recent Corporate Announcements
Annapurna Swadisht Limited submitted a clarification to the National Stock Exchange regarding Regulation 29 compliance under SEBI LODR. The inquiry pertained to the prior intimation timeline for the adjourned Board Meeting held on August 18, 2026, which approved Q1 June 30, 2026 financial results. The company clarified that the meeting was originally scheduled for August 14, 2026 (intimated on August 11, 2026) and adjourned to August 18, 2026, with disclosure made on August 14, 2026. The matter is procedural, with no financial penalties or operational impact reported.
- Clarification filed regarding SEBI Regulation 29 compliance for Board Meeting held on August 18, 2026
- Original Board Meeting was scheduled for August 14, 2026, with prior intimation provided on August 11, 2026
- Adjournment to August 18, 2026, at 3:30 P.M. was disclosed to the exchange on August 14, 2026
- Meeting agenda was to consider and approve financial results for the quarter ended June 30, 2026
Annapurna Swadisht Limited has issued the notice for its 5th Annual General Meeting scheduled for September 30, 2026. Key special resolutions include enhancing the company's borrowing and security creation limits under Section 180 to ₹350 Crore from the earlier limit of ₹250 Crore. The company is also seeking approval to redesignate Whole-Time Director Mr. Ritesh Shaw as Managing Director through March 10, 2028. Additionally, the appointment of M/s. Mohit Vanawat & Associates as Secretarial Auditors for a 5-year tenure (FY27 to FY31) is tabled for shareholder voting.
- 5th Annual General Meeting scheduled to be held on September 30, 2026, at 3:00 PM IST via Video Conferencing.
- Proposed increase in borrowing and asset charge creation limit from ₹250 Crore to ₹350 Crore under Section 180 of the Companies Act.
- Proposed redesignation of Mr. Ritesh Shaw from Whole-Time Director to Managing Director until March 10, 2028.
- Appointment of M/s. Mohit Vanawat & Associates as Secretarial Auditors for 5 consecutive financial years (FY 2026-27 to FY 2030-31).
Annapurna Swadisht announced key leadership changes following its Board meeting on August 29, 2026. Managing Director Shreeram Bagla and CEO Rohit Singhania have stepped down from their respective roles, with Rohit Singhania shifting focus entirely to his responsibilities as Group Sales Head. Consequently, Whole-Time Director Ritesh Shaw has been appointed as both Managing Director and CEO. Additionally, the Board approved increasing the company's borrowing limit to ₹350 Crores (compared to current debt of ₹204 Crores), subject to shareholder approval at the AGM on September 30, 2026.
- Shreeram Bagla resigned as Managing Director and Director effective August 29, 2026.
- Rohit Singhania resigned as CEO to focus exclusively on his role as Group Sales Head.
- Ritesh Shaw elevated from Whole-Time Director to Managing Director and appointed as CEO.
- Board approved enhancing borrowing powers under Section 180(1)(c) up to ₹350 Crores.
- 5th Annual General Meeting scheduled for September 30, 2026 (E-voting cut-off: September 23, 2026).
Annapurna Swadisht announced a major leadership reshuffle alongside an increase in borrowing limits at its board meeting on August 29, 2026. Managing Director Shreeram Bagla and CEO Rohit Singhania have stepped down from their executive roles, with Singhania transitioning back to focus on his role as Group Sales Head. Consequently, Whole-Time Director Ritesh Shaw has been appointed as both Managing Director and Chief Executive Officer. Additionally, the board approved increasing borrowing and asset charge limits up to ₹350 crore (compared to existing debt of ₹204 crore and net worth of ₹321 crore), subject to shareholder approval at the AGM on September 30, 2026.
- Ritesh Shaw appointed as Managing Director and Chief Executive Officer effective August 29, 2026
- Shreeram Bagla resigned as MD & Director; Rohit Singhania stepped down as CEO to continue as Group Sales Head
- Borrowing limit under Section 180(1)(c) enhanced to ₹350 crore (subject to shareholder approval)
- 5th Annual General Meeting (AGM) scheduled for September 30, 2026, with an E-voting cut-off date of September 23, 2026
Annapurna Swadisht reported consolidated Q1 revenue of ₹127 crore (up 17.74% YoY), EBITDA of ₹21 crore (up 21%), and PAT of ₹9.81 crore (up 50%). Standalone revenue stood at ₹108 crore with a PAT of ₹7.97 crore. Management disclosed that promoter share pledge has decreased from 87% to 70%, with a target to reduce it to 0% by the end of September 2026. Current total debt stands at approximately ₹180 crore, with overall manufacturing capacity utilization at around 45% (180 MT/day capacity).
- Consolidated Q1 revenue rose 17.74% YoY to ₹127 crore with PAT growing 50% YoY to ₹9.81 crore
- Promoter share pledge reduced from 87% to 70%, with guidance to bring it to 0% by end of September 2026
- Current company debt reported at approximately ₹180 crore
- Overall plant capacity utilization is at 45% with ~180 MT/day manufacturing capacity across facilities
- Recently acquired Andri Agro expected to generate ₹60-70 crore revenue this financial year
Annapurna Swadisht Limited has uploaded the audio recording of its analysts/investors earnings conference call held on August 24, 2026. The call addressed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The full recording is accessible to investors via the company's investor presentation webpage.
- Audio recording published for the quarter ended June 30, 2026
- Earnings conference call was conducted on August 24, 2026, at 11:00 AM IST
- Recording made publicly accessible via the company's website under SEBI Regulation 30
Annapurna Swadisht released its Q1FY27 investor presentation reporting consolidated revenue of ₹127.21 crore, up 17.74% YoY, and PAT of ₹9.81 crore, up 50.00% YoY. EBITDA grew 21.88% YoY to ₹21.00 crore with margins expanding 56 bps to 16.51%, aided by higher-margin confectionery products. The company highlighted ongoing integration of Andri Agro Foods (57.14% stake acquired for ₹4.5 crore, targeting ₹120 crore revenue by FY28) and Madhur Confectioners (targeting ₹200 crore revenue by FY28). Production capacity reached 180.80 MT/day across 5 manufacturing plants with distribution expanding to 1,150 distributors across 15 states.
- Q1FY27 consolidated revenue rose 17.74% YoY to ₹127.21 crore, while EBITDA increased 21.88% YoY to ₹21.00 crore.
- Q1FY27 consolidated PAT surged 50.00% YoY to ₹9.81 crore with PAT margins improving 166 bps YoY to 7.71%.
- Acquired 57.14% in Andri Agro Foods Pvt Ltd (out of 75% proposed) for ₹4.5 crore (EV of ₹15 crore), targeting ₹120 crore revenue and ₹6 crore PAT by FY28.
- Madhur Confectioners expansion targets ~₹200 crore in revenue and ~₹16 crore in PAT by FY28 utilizing a 90 MT/day capacity facility.
- Portfolio expanded to 188 SKUs across 13 categories, with Namkeen (45.0%) and Fryums (37.2%) driving majority of Q1FY27 sales.
Annapurna Swadisht Limited has informed the exchanges regarding its upcoming earnings conference call scheduled for Monday, August 24, 2026, at 11:00 AM IST. The management will discuss financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27). For Q1 FY27, the company reported revenue of ₹126.76 crore with a net profit of ₹9.81 crore.
- Earnings conference call scheduled for Monday, August 24, 2026 at 11:00 AM IST.
- The call is to discuss performance for the quarter ended June 30, 2026 (Q1 FY27).
- RSVP managed by Fortuna PR with dial-in and link provided in the exchange filing.
Annapurna Swadisht reported standalone revenue from operations of ₹108.29 Cr for Q1 ended June 30, 2026, marking a 22.0% YoY increase from ₹88.73 Cr. Standalone net profit rose 6.9% YoY and 109% QoQ to ₹7.97 Cr, delivering a quarterly EPS of ₹3.65. Statutory auditors issued a qualified conclusion citing that the results were not prepared under applicable Ind AS standards due to lack of sufficient workings. The company also completed the acquisition of a 57.14% stake in Andri Agro Foods Private Limited on June 30, 2026, with plans to increase ownership to 75%.
- Standalone revenue from operations reached ₹108.29 Cr in Q1 FY27, up 22.0% YoY from ₹88.73 Cr
- Net profit (PAT) stood at ₹7.97 Cr, up 6.9% YoY compared to ₹7.46 Cr in Q1 FY26 and up 109% QoQ from ₹3.81 Cr
- Acquired 57.14% stake in Andri Agro Foods Pvt Ltd on June 30, 2026, with proposed expansion to 75%
- Statutory auditor Agarwal Khetan & Co. issued a qualified review report due to non-application of Ind AS standards
Annapurna Swadisht Limited (ASL) has successfully migrated from the NSE EMERGE (SME) platform to the NSE Main Board, with trading commencing on August 12, 2026. This transition follows a period of rapid growth, with the company reaching a TTM revenue of ₹928 Cr and a PAT of ₹53 Cr. The migration is a significant milestone that removes SME lot-size trading restrictions, potentially increasing liquidity and attracting institutional investors. ASL currently maintains a presence in 20 states with a distribution network of over 1,150 partners.
- Trading on the NSE Main Board commenced effective August 12, 2026.
- Company achieved TTM revenue of ₹928 Cr and TTM PAT of ₹53 Cr prior to migration.
- Distribution network spans 20 states with more than 1,150 distributors.
- EBITDA margins improved to 12.86% in H1 FY26 from 10.62% in FY24.
Annapurna Swadisht Limited has received final approval to migrate its 2,18,20,000 equity shares from the NSE SME (EMERGE) platform to the NSE Main Board. The transition is effective from August 12, 2026, marking a significant milestone for the company which currently reports a TTM revenue of Rs 928 Cr. This move is expected to enhance stock liquidity as the market lot size will be reduced to 1 share. The company's current valuation shows a P/E of 6.4, which is relatively low for the food processing industry.
- Migration to NSE Main Board effective from August 12, 2026
- Total of 2,18,20,000 equity shares of Rs 10 each to be admitted for trading
- Market lot size reduced to 1 share, down from the previous SME platform lot requirements
- Company achieved TTM revenue of Rs 928 Cr and TTM PAT of Rs 53 Cr prior to migration
Annapurna Swadisht Limited has received in-principle approval from the National Stock Exchange (NSE) to migrate its 2,18,20,000 equity shares from the SME EMERGE platform to the Main Board. This transition is a significant milestone for the company, which currently reports a TTM revenue of Rs 928 Cr and a market capitalization of Rs 283 Cr. The approval, granted on July 28, 2026, is valid for 45 days, during which the company must complete final listing formalities. Migration to the Main Board typically leads to higher stock liquidity and allows for increased participation from institutional investors.
- Migration of 2,18,20,000 equity shares of Rs 10 each from NSE EMERGE to the Main Board.
- In-principle approval granted by NSE vide Reference No. NSE/LIST/296 dated July 28, 2026.
- Approval remains valid for a period of 45 days from the date of issuance.
- Company scales from SME status with TTM revenue of Rs 928 Cr and TTM PAT of Rs 53 Cr.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 22.37% YoY in H1 FY26 to INR 249.90 Cr. FY25 revenue reached INR 407.97 Cr, a 54% increase from FY24's INR 264.97 Cr, driven by rural demand and the Madhur Confectioners acquisition which contributed INR 88.54 Cr in turnover.
Geographic Revenue Split
The company focuses on Tier III and IV towns in India. It achieved a PAN India presence in 2024 with a four-digit distribution network and expanded into international markets in 2025.
Profitability Margins
PAT margin improved to 6.17% in H1 FY26 from 5.26% in FY25. FY25 PAT margin was 5.26% compared to 4.96% in FY24, reflecting improved operational scale.
EBITDA Margin
EBITDA margin stood at 12.86% in H1 FY26, up 142.70 bps from 11.44% in H1 FY25. FY25 EBITDA margin was 11.47% vs 10.62% in FY24 due to better control over factory and administrative expenses.
Capital Expenditure
Not explicitly disclosed as a total figure, but long-term borrowings decreased from INR 34.39 Cr in March 2025 to INR 25.57 Cr by September 2025, suggesting a focus on debt reduction over heavy new CAPEX in the period.
Credit Rating & Borrowing
Acuite has assigned a consolidated rating approach for Annapurna Swadisht Limited and Madhur Confectioners Private Limited. Specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Primary inputs include flour, oil, sugar, and spices for snacks and confectionery. Packaging charges and manufacturing costs are significant, though specific percentage splits per material are not disclosed.
Capacity Expansion
The company operates large-scale industrial operations and expanded into 10 product categories by 2024. Specific MTPA capacity figures were not disclosed.
Raw Material Costs
Total operating expenses for H1 FY26 were INR 217.76 Cr, up 20.40% YoY, tracking revenue growth.
Manufacturing Efficiency
Efficiency improved as evidenced by the EBITDA margin expansion from 10.62% in FY24 to 12.86% in H1 FY26 through better control of factory and loading/unloading costs.
Logistics & Distribution
Distribution network exceeds 1,150 distributors, focusing on deep penetration in Tier III and IV towns.
Strategic Growth
Expected Growth Rate
22.37%
Growth Strategy
Growth is driven by expanding into 10 product categories (including noodles and popcorn), onboarding Sourav Ganguly as Brand Ambassador for national visibility, and deepening rural penetration through affordable low-unit packs.
Products & Services
Ready-to-eat noodles, popcorn, jhalmuri, various snacks, and confectionery products.
Brand Portfolio
Annapurna Swadisht, Madhur Confectioners.
New Products/Services
Recently launched ready-to-eat noodles, popcorn, and jhalmuri, expanding the portfolio to ten categories.
Market Expansion
Achieved PAN India presence in 2024 and initiated international market expansion in 2025.
Strategic Alliances
Acquired a 74% stake in Madhur Confectioners Private Limited to strengthen the confectionery segment.
External Factors
Industry Trends
The industry is shifting toward branded packaged snacks in rural India, with Annapurna growing 54% in FY25, significantly outperforming general market trends.
Competitive Landscape
Competes with both unorganized local players and large national snack brands in the affordable segment.
Competitive Moat
Moat is built on a deep rural distribution network (1,150+ distributors) and brand equity enhanced by celebrity endorsement (Sourav Ganguly), which are difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
Highly sensitive to rural consumption trends and inflation in essential food commodities.
Consumer Behavior
Increasing preference for branded, hygienic, and ready-to-eat snack options in Tier III and IV markets.
Geopolitical Risks
Potential trade barrier impacts as the company expands into international markets.
Regulatory & Governance
Industry Regulations
Complies with FSSAI standards for food manufacturing and SEBI (LODR) Regulations for listed entities.
Taxation Policy Impact
Standalone provision for income tax and deferred tax was INR 4.34 Cr for H1 FY26.
Legal Contingencies
No significant and material orders have been passed by regulators, courts, or tribunals impacting the going concern status or future operations.
Risk Analysis
Key Uncertainties
Fluctuations in raw material prices and potential shifts in rural discretionary spending could impact margins by 2-3%.
Geographic Concentration Risk
High concentration in Indian Tier III and IV towns, though expanding nationally and internationally.
Third Party Dependencies
Dependent on a network of 1,150+ third-party distributors for revenue realization.
Technology Obsolescence Risk
Low risk in food processing, but the company is adopting a data-driven approach for process alignment.
Credit & Counterparty Risk
Trade receivables stood at INR 43.34 Cr for H1 FY26, indicating significant credit extended to the distribution channel.
