BSE: 540955
Tasty Dairy Specialities Limit
Processed and packaged liquid milk and other dairy products at a facility in Kanpur Dehat, Uttar Pradesh, with operations now suspended after the company was admitted into Corporate Insolvency Resolution Process (CIRP) under the IBC on October 7, 2025, on a petition by Punjab National Bank. Revenue from operations collapsed from Rs. 111.43 crore in FY23 to Rs. 3.32 crore in FY26. The business sold dairy products through what would normally be retail and institutional channels, but sales effectively dried up after manufacturing halted and all bank accounts were frozen since November 2023. Material costs, primarily raw milk and ingredients, made up 91.4% of FY26 revenue, with depreciation at 42.6% reflecting the asset-heavy nature of dairy processing. Net worth is fully eroded, the auditor flagged a going-concern uncertainty, and 11 prospective resolution applicants have submitted revival plans currently under negotiation with the Committee of Creditors. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dairy products. Asset-heavy dairy processing, currently under CIRP with manufacturing suspended
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 162 | 111 | 40 | 6 | 3 |
| EBITDA (ex other income) | (34) | 7 | (59) | (1) | (1) |
| margin % | (20.9) | 6.5 | (148.1) | (17.0) | (18.4) |
| Owners' profit | (29) | (0) | (51) | (10) | (5) |
| EPS, as reported (₹) | (14.17) | (0.04) | (24.87) | 4.86 | 3.62 |
| ROE % · ROCE % | (97.6) · (88.4) | (0.3) · 10.3 | 256.0 · (409.2) | 33.4 · 173.6 | 14.3 · (3.8) |
| Debt / equity (x) | 2.36 | 2.05 | (2.79) | (2.27) | (1.42) |
| Cash from operations | 0 | 10 | 15 | 10 | (1) |
| Capex | (4) | (0) | 0 | 0 | 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 | 1 | 1 | 2 | 2 | 2 | 1 | 0 | 0 |
| Profit before tax | (3) | (2) | (2) | (2) | (2) | (2) | (1) | (0) |
| Net profit | (3) | (2) | (2) | (3) | (2) | (2) | (1) | (0) |
| EPS (₹) | (1.28) | (1.16) | (1.16) | 1.23 | 1.00 | 1.00 | 0.36 | 0.36 |
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. % |
|---|---|---|---|---|---|---|---|---|
| HATSUN AGRO PRODUCT LTD. | 25,174 | 72.2 | 13.76 | 26.4 | 13.4 | 10.5 | — | 10.9 |
| KWALITY WALL'S (INDIA) L | 9,917 | — | 14.75 | — | (54.9) | (37.5) | — | 13.5 |
| DODLA DAIRY LIMITED | 6,404 | 26.2 | 3.83 | 17.3 | 15.9 | 15.7 | 16.2 | 6.6 |
| VADILAL INDUSTRIES LTD | 5,299 | 23.7 | 6.23 | 19.8 | 18.2 | 19.3 | 26.5 | 28.4 |
| HERITAGE FOODS LTD | 3,916 | 29.0 | 3.53 | 13.9 | 13.5 | 13.8 | 12.8 | 5.1 |
| PARAG MILK FOODS LTD. | 3,393 | 25.8 | 2.70 | 12.9 | 10.7 | 10.1 | 15.7 | 7.4 |
| VADILAL ENTERPRISES LTD. | 903 | 17.7 | 27.29 | — | 31.6 | 17.4 | — | 0.7 |
| MILKFOOD LTD. | 198 | 17.1 | 1.17 | 12.2 | (5.1) | (3.2) | (4.1) | (3.0) |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.5 | 20.7 | 1 of 12 | 100% |
| ROCE | (13.1) | 10.1 | 12 of 13 | 8% |
| ROE | 14.3 | 12.1 | 4 of 12 | 73% |
| Debt / Equity | (1.4) | 0.3 | 1 of 12 | 100% |
| Revenue growth | (100.0) | 17.7 | 11 of 11 | 0% |
| Profit growth | 95.8 | 19.8 | 1 of 10 | 100% |
| Market cap | 8 | 903 | 13 of 13 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Aug 2026 · Q1 FY27 results show zero revenue as firm remains under insolvency process | results | high | — | — |
| 7 Aug 2026 · Tasty Dairy Specialities to announce Q1 FY27 results on August 11 | results | low | — | — |
| 14 May 2026 · Pursuant to applicable provisions of SEBI (LODR) Regulations, 2015, Please find enclosed copies of Newspaper publication of the Financial Results for the Quarter / Year Ended on 31 March, .... | compliance | minimal | — | — |
| 13 May 2026 · Pursuant to ongoing Corporate Insolvency Resolution Process ( "CIRP" ) of the company under the provisions of IBC, 2016 and in terms of applicable provisions of SEBI ( LODR) regulations, .... | regulatory legal | critical | — | — |
| 13 May 2026 · Pursuant to the ongoing Corporate Insolvency Resolution Process ('CIRP') of the Company under the Insolvency and Bankruptcy Code, 2016 ('IBC'), and in terms of Regulation 30 and 33 of SEBI .... | regulatory legal | critical | — | — |
| 12 May 2026 · Approval of Audited Financial Results along with Statement of Impact of Audit Qualifications and Related Party Disclosure for the Quarter / Year Ended on March 31, 2026 | results | high | — | — |
| 27 Feb 2026 · Extension of Timeline for submission of Resolution Plan from 28.02.2026 to 07.03.2026 | regulatory legal | medium | — | — |
| 12 Feb 2026 · Approval of Un-Audited Financial Results For the 3rd Quarter and 9 months ended December 31, 2025 | results | high | — | — |
| 12 Feb 2026 · Approval of Un-Audited Financial Results for the 3rd Quarter and 9 months ended December 31, 2025 | results | high | — | — |
| 2 Jan 2026 · Intimation for Closure of Trading Window for the quarter ended December 31, 2025 | 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.