NSE: LOTUSCHO · BSE: 523475
LOTUS CHOCOLATE CO. LTD.
Manufactures and sells chocolates and cocoa products as a single business segment. In FY26, the company generated Rs 579.55 crore of revenue at a 3.69% EBITDA margin, with raw materials forming its dominant input at 52.5% of revenue, followed by other operating expenses at 8.2% and employee costs at 5.9%. In Q1 FY27 (quarter ended June 30, 2026), revenue from operations fell 42% year-on-year to Rs 91.95 crore and profit after tax collapsed to Rs 2 lakh from Rs 2.99 crore, with a clean review given by auditor Deloitte Haskins and Sells. Listed only on BSE (scrip code 523475) with a registered office in Hyderabad, the company recently appointed a new CFO, Piyush Goyal (formerly of Mondelez, Hindustan Coca-Cola, HUL, ITC and Zydus Wellness), and a Non-Executive Director, Mohammed Rafathullah (with FMCG experience at Gandour Chocolates, Dukes Biscuits, Heinz India and GlaxoSmithKline). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chocolates and cocoa products (100%). Single-segment, low-margin packaged foods manufacturer in chocolates and cocoa products
Exhibit 1: Financial summary, FY24–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 |
|---|---|
| Revenue | 198 |
| EBITDA (ex other income) | 3 |
| margin % | 1.4 |
| Owners' profit | 2 |
| EPS, as reported (₹) | 1.25 |
| ROE % · ROCE % | 4.4 · 6.1 |
| Debt / equity (x) | 0.14 |
| Cash from operations | (21) |
| Capex | (17) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 |
|---|---|---|---|---|---|
| Revenue | 32 | 48 | 52 | 66 | 141 |
| Profit before tax | 0 | 0 | 1 | 1 | 10 |
| Net profit | 0 | (0) | 0 | 1 | 9 |
| EPS (₹) | 0.15 | (0.11) | 0.22 | 0.92 | 7.33 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NESTLE INDIA LIMITED | 2,27,636 | 59.7 | 44.14 | 41.4 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,09,850 | 42.2 | 21.39 | 29.4 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 15,003 | 79.7 | 2.58 | 38.0 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,647 | 45.0 | 6.82 | 25.8 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,182 | 6.3 | 0.85 | 2.3 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,689 | 19.3 | 4.48 | 20.0 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,031 | 36.1 | 6.33 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,626 | 28.6 | 4.59 | 17.9 | 15.7 | 18.8 | 13.1 | 18.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 61.9 | 29.2 | 28 of 38 | 27% |
| P/B | 17.0 | 2.7 | 32 of 34 | 6% |
| ROCE | 4.4 | 7.4 | 25 of 40 | 39% |
| ROE | 4.4 | 7.7 | 21 of 34 | 39% |
| Debt / Equity | 0.1 | 0.1 | 17 of 33 | 50% |
| EBITDA margin | 8.0 | 9.9 | 20 of 33 | 41% |
| Revenue growth | 337.4 | 14.1 | 3 of 36 | 94% |
| Profit growth | 4698.4 | 14.1 | 1 of 33 | 100% |
| Market cap | 664 | 100 | 11 of 43 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Special window for physical share transfers and dematerialization | compliance | minimal | — | — |
| 16 Oct 2026 · Routine SEBI Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Lotus Chocolate Q2 FY27: revenue falls 43%, swings to loss | results | high | — | — |
| 8 Oct 2026 · Lotus Chocolate Q2 FY26 results: Revenue drops 43%, swings to loss | results | high | — | — |
| 3 Oct 2026 · Board meeting on Oct 8 to approve Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results publication | compliance | minimal | — | — |
| 25 Sept 2026 · Lotus Chocolate 37th AGM voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Lotus Chocolate 37th AGM: All 4 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Lotus Chocolate 37th AGM held, all 4 resolutions passed | board shareholder meetings | medium | — | — |
| 4 Sept 2026 · Lotus Chocolate files newspaper clippings for 37th AGM notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.