First Ever Concall by Annapurana Swadisht:
- Management positions the company as a collection of brands with one distribution network catering to Eastern India, focused on the ₹5 to ₹20 segment. ₹5 and ₹10 price points still contribute 90–95% of Annapurna's portfolio.
- Madhur had been stuck in the ₹90–100 crore range for 4–5 years before acquisition. Management projects ₹150 crores revenue and ₹25 crores EBITDA for FY27, with ₹250 crores and ₹25 crores PAT for FY28.
- Once Madhur and Annapurna distribution networks are integrated, market penetration can increase from 400 km radius to 1,100 km radius from factory. Company will enter modern trade, general trade, and explore export markets.
Disc: Not a buy/Sell Recommendations.
2August 31, 2026 931 1
