NSE: BECTORFOOD · BSE: 543253
MRS BECTORS FOOD SPE LTD
Manufactures and sells packaged biscuits and bakery products in India under brands including English Oven. The business runs two segments — Biscuits and Bakery — that together generated FY26 revenue of Rs. 2,043.6 crores, up 9.1% year-on-year. Biscuits contributed Rs. 1,235 crores in FY26 (growing 7%) while Bakery contributed Rs. 769 crores (growing 14%), with the company crossing the Rs. 2,000 crore revenue milestone for the first time. During FY26 the company commissioned new manufacturing plants at Kolkata and Khopoli, lifting property, plant and equipment on the balance sheet from Rs. 550.4 crores to Rs. 855.8 crores. Raw materials — wheat flour (atta) and other ingredients — are the dominant input, accounting for 52.1% of revenue, followed by employee costs at 14.4% and other operating expenses at 18.2%. Despite the revenue growth, FY26 profit after tax slipped 1.6% to Rs. 140.9 crores as margins compressed, and the company has launched a cost-efficiency programme called Project IMPACT from Q1 FY27. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Biscuits, Bakery. Branded packaged-foods FMCG, asset-heavy manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 988 | 1,362 | 1,624 | 1,874 | 2,044 |
| EBITDA (ex other income) | 122 | 175 | 242 | 251 | 258 |
| margin % | 12.4 | 12.9 | 14.9 | 13.4 | 12.6 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 9.72 | 15.31 | 23.87 | 23.79 | 4.59 |
| ROE % · ROCE % | 12.2 · 14.1 | 16.5 · 20.1 | 21.2 · 23.4 | 12.3 · 15.8 | 11.1 · 13.9 |
| Debt / equity (x) | 0.27 | 0.22 | 0.34 | 0.11 | 0.10 |
| Cash from operations | 84 | 164 | 153 | 161 | 218 |
| Capex | (60) | (109) | (215) | (259) | (214) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 496 | 492 | 446 | 473 | 551 | 533 | 486 | 549 |
| Profit before tax | 52 | 46 | 45 | 41 | 49 | 50 | 47 | 52 |
| Net profit | 39 | 35 | 34 | 31 | 37 | 38 | 35 | 39 |
| EPS (₹) | 6.56 | 5.64 | 5.59 | 5.03 | 5.95 | 1.24 | 1.15 | 1.26 |
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) | 19.3 | 29.2 | 14 of 38 | 65% |
| P/B | 4.5 | 2.7 | 23 of 34 | 33% |
| ROCE | 13.1 | 7.4 | 15 of 40 | 64% |
| ROE | 11.1 | 7.7 | 14 of 34 | 61% |
| Debt / Equity | 0.1 | 0.1 | 15 of 33 | 56% |
| EBITDA margin | 14.7 | 9.9 | 9 of 33 | 75% |
| Revenue growth | 16.0 | 14.1 | 17 of 36 | 54% |
| Profit growth | 25.5 | 14.1 | 15 of 33 | 56% |
| Market cap | 5689 | 100 | 6 of 43 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 19 Sept 2026 · 31st AGM: All 3 Resolutions Passed, FY26 Dividend Confirmed | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 31st AGM voting results: all 3 resolutions passed; total dividend Rs 1.30 per share | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · Mrs. Bectors 31st AGM: total dividend Rs 1.30 per share, all resolutions passed | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Mrs. Bectors to meet institutional investors on September 21 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Newspaper notice published for 31st AGM, book closure, e-voting and dividend | compliance | minimal | — | — |
| 26 Aug 2026 · Record date Sept 11, 2026 set for FY26 final dividend of Rs 0.70 per share | corporate actions | high | — | — |
| 26 Aug 2026 · Mrs Bectors Food files BRSR for FY 2025-26 | compliance | minimal | — | — |
| 26 Aug 2026 · 31st AGM on Sep 18, 2026; Rs 1.30 per share dividend; record date Sep 11 | corporate actions | high | — | — |
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.