NSE: TASTYBITE · BSE: 519091
TASTY BITE EATABLES LTD
Makes ready-to-eat and frozen packaged foods, with ready-to-eat at 64 percent of turnover and frozen foods at 36 percent. Operates through three business lines: a PBI US Affiliate business (sales fell 40 percent in FY26 due to macro and tariff challenges), a Mars Affiliate business (sales grew 148 percent), and a Food Service business (sales grew 18 percent and recorded 10 consecutive quarters of growth). Sells across 22 countries, with 69 percent of FY26 turnover coming from exports, and uses e-commerce and quick-commerce channels including Zepto in India. Its largest cost is raw materials at 65.2 percent of revenue, followed by other operating expenses at 17.0 percent, with employee costs at 9.2 percent and depreciation at 5.7 percent. Became debt-free in FY26 and doubled its cash position, while proposing a final dividend of Rs 10 per share. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Ready-to-eat foods (64%), Frozen foods (36%), Exports (69%). Asset-light packaged foods with high export exposure and significant related-party dependence.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 372 | 476 | 540 | 554 | 549 |
| EBITDA (ex other income) | 34 | 64 | 74 | 52 | 61 |
| margin % | 9.0 | 13.4 | 13.7 | 9.3 | 11.2 |
| Owners' profit | 10 | 30 | 42 | 26 | 35 |
| EPS, as reported (₹) | 40.25 | 117.73 | 161.80 | 99.80 | 137.57 |
| ROE % · ROCE % | 4.8 · 7.0 | 12.4 · 15.0 | 14.5 · 17.1 | 8.2 · 10.8 | 10.3 · 14.0 |
| Debt / equity (x) | 0.34 | 0.31 | 0.12 | 0.09 | 0.00 |
| Cash from operations | 65 | 61 | 67 | 39 | 59 |
| Capex | (44) | (38) | (17) | (13) | (8) |
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 | 157 | 179 | 134 | 121 | 133 | 177 | 118 | 156 |
| Profit before tax | 14 | 18 | 7 | 11 | 5 | 23 | 8 | 12 |
| Net profit | 10 | 13 | 6 | 8 | 4 | 17 | 6 | 9 |
| EPS (₹) | 39.27 | 101.56 | 24.14 | 31.91 | 14.11 | 68.14 | 23.41 | 34.45 |
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 | 2,25,418 | 59.2 | 43.71 | 41.0 | 67.9 | 54.7 | — | 24.4 |
| BRITANNIA INDUSTRIES LTD | 1,10,429 | 42.4 | 21.50 | 29.6 | 49.4 | 59.8 | 7.8 | 18.0 |
| ZYDUS WELLNESS LIMITED | 14,793 | 78.6 | 2.54 | 37.6 | 3.4 | 2.4 | 16.2 | 17.1 |
| BIKAJI FOODS INTERN LTD | 11,603 | 44.9 | 6.80 | 25.7 | 14.9 | 18.3 | — | 15.3 |
| BOMBAY BURMAH TRADING COR | 8,286 | 6.4 | 0.86 | 2.4 | 26.0 | 33.5 | 7.8 | 17.7 |
| MRS BECTORS FOOD SPE LTD | 5,577 | 18.9 | 4.39 | 19.6 | 11.1 | 13.1 | 18.3 | 14.7 |
| GOPAL SNACKS LIMITED | 3,057 | 36.4 | 6.38 | — | 15.4 | 19.4 | — | 7.6 |
| ADF FOODS LIMITED | 2,635 | 28.6 | 4.61 | 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) | 63.5 | 29.5 | 31 of 38 | 19% |
| P/B | 6.7 | 2.6 | 28 of 34 | 18% |
| ROCE | 12.5 | 7.4 | 16 of 40 | 62% |
| ROE | 10.3 | 7.7 | 15 of 34 | 58% |
| Debt / Equity | 0.0 | 0.1 | 1 of 33 | 81% |
| EBITDA margin | 13.3 | 9.9 | 12 of 33 | 66% |
| Revenue growth | 28.6 | 14.1 | 12 of 36 | 69% |
| Profit growth | 7.9 | 14.1 | 21 of 33 | 38% |
| Market cap | 2284 | 96 | 10 of 43 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Postal ballot approves Mars Food UK asset purchase and expense reimbursement | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Postal ballot: Mars Food UK asset purchase and expense approvals passed | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Postal ballot approves Mars Food UK asset purchase and expense reimbursement | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting set for November 5 to approve quarterly and half-year results | results | low | — | — |
| 26 Oct 2026 · Share transfer agent submits quarterly investor servicing certificate | compliance | minimal | — | — |
| 28 Sept 2026 · Postal ballot for related party transactions with Mars Food UK Limited | strategic transactions | medium | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Promoters confirm no encumbrance on Tasty Bite shares for FY26 | ownership changes | low | — | — |
| 14 Aug 2026 · Board changes: Page reappointed, Shekhar reclassified as rotational director | management changes | medium | — | — |
| 14 Aug 2026 · Amendment to Articles of Association approved by members | regulatory legal | medium | — | — |
How to read this document
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|---|---|---|
| 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 |
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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.