BSE: 531982
SPECTRUM FOODS LTD.
Manufactures and trades salt and generates power, with a 177-room luxury resort under construction. Salt Manufacturing/Trading is the dominant business, contributing Rs 26.6887 crore in FY26 segment data, while Power Generation added Rs 1.0472 crore. The company is building the Samskara Pushkar 5-Star Resort, a Rising Rajasthan MoU project described in filings as the largest hotel in Pushkar and Ajmer; civil work is done with interiors, systems installation and landscaping in final stages, and first wedding events are targeted for the 2026 winter season. The resort business is being transferred as a going concern to wholly owned subsidiary Siyana Resorts Private Limited. Materials account for 90.1% of FY26 revenue, employee costs 1.6%, other opex 4.7% and depreciation 2.8%, leaving an EBITDA margin of 4.6% in FY26. Long-term borrowings surged to Rs 1,490.98 lakh from Rs 76.56 lakh a year earlier and operating cash flow was deeply negative at Rs 761.49 lakh, reflecting the resort capex. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Salt Manufacturing/Trading (100%), Power Generation, Hospitality (Samskara Pushkar Resort). Small, commodity-driven FMCG food products business with a power generation adjunct and a hospitality project in build-out
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 16 | 22 | 22 | 28 |
| EBITDA (ex other income) | 2 | 2 | 3 | 1 | 1 |
| margin % | 9.4 | 13.7 | 13.6 | 2.6 | 3.6 |
| Owners' profit | (0) | 0 | 1 | 0 | 0 |
| EPS, as reported (₹) | (0.52) | 0.79 | 2.74 | 0.05 | 0.12 |
| ROE % · ROCE % | 65.1 · 4.0 | (4979.2) · 42.3 | 100.6 · 56.9 | 0.3 · 0.4 | 0.7 · 0.9 |
| Debt / equity (x) | (25.14) | (150.65) | 1.33 | 0.02 | 0.38 |
| Cash from operations | 0 | 9 | 3 | (24) | (8) |
| Capex | (1) | (0) | 0 | (8) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 6 | 6 | 5 | 7 | 8 | 8 | 5 |
| Profit before tax | 2 | 2 | 0 | (4) | 1 | 2 | 1 | (3) |
| Net profit | 2 | 2 | 0 | (4) | 1 | 2 | 1 | (3) |
| EPS (₹) | 3.00 | 0.79 | 0.09 | (1.75) | 0.62 | 0.64 | 0.26 | (1.39) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| SALT MANUFACTURING/TRADING | 27 | 96.2 |
| POWER GENERATION | 1 | 3.8 |
| Total, before eliminations | 28 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EID PARRY INDIA LTD | 12,167 | 26.2 | 0.82 | 4.2 | 9.3 | 13.1 | 15.7 | 8.7 |
| MANORAMA INDUSTRIES LTD | 11,937 | 46.5 | 17.50 | 33.0 | 33.0 | 42.4 | — | 30.3 |
| ORKLA INDIA LIMITED | 7,521 | 25.5 | 2.73 | 16.9 | 10.4 | 13.1 | — | 19.9 |
| KRISHIVAL FOODS LIMITED | 880 | 37.1 | 4.40 | 22.7 | 11.1 | 13.1 | — | 13.0 |
| Pajson Agro India Limited | 738 | 56.7 | — | — | — | 24.0 | — | — |
| APIS INDIA LTD. | 701 | 2.8 | 3.53 | 18.3 | 12.7 | 15.5 | 7.4 | 11.9 |
| MEGASTAR FOODS LIMITED | 328 | 33.2 | 3.19 | 12.7 | 9.0 | 7.5 | 26.4 | 5.8 |
| Chemkart India Limited | 287 | 13.7 | — | — | — | 20.7 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 150.0 | 25.7 | 25 of 26 | 4% |
| P/B | 1.2 | 1.6 | 6 of 19 | 67% |
| ROCE | 0.6 | 12.6 | 25 of 30 | 17% |
| ROE | 0.7 | 6.8 | 15 of 21 | 30% |
| Debt / Equity | 0.4 | 0.4 | 10 of 21 | 55% |
| EBITDA margin | (57.3) | 8.7 | 20 of 21 | 5% |
| Revenue growth | 7.9 | 8.6 | 10 of 17 | 44% |
| Profit growth | 20.6 | 32.7 | 14 of 20 | 32% |
| Market cap | 47 | 107 | 26 of 29 | 11% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 30 Sept 2026 · AGM 2026: 3 resolutions passed with about 20 percent votes against each | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 32nd AGM voting results - all 3 resolutions approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Spectrum Foods 32nd AGM held on 29 Sep 2026; 3 resolutions tabled | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Spectrum Foods appoints new Company Secretary after resignation | management changes | medium | — | — |
| 17 Sept 2026 · Company Secretary resigns, replacement appointed at Spectrum Foods | management changes | medium | — | — |
| 17 Sept 2026 · Company Secretary Resignation and New Appointment at Spectrum Foods | management changes | medium | — | — |
| 5 Sept 2026 · 32nd AGM Notice and Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Spectrum Foods 32nd AGM notice and RPT approval for Rs 20 Crore | board shareholder meetings | low | — | — |
| 30 Jul 2026 · Spectrum Foods Q1 FY27 PAT rises 32% YoY to Rs 197 lakh | results | high | — | — |
How to read this document
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|---|---|---|
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| 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.