Mrs. Bectors Food Specialities Ltd

Financial Performance

• Q1 FY27 revenue mounted to INR 548.7 crores, up 16% YoY.
• QoQ revenue growth was 12.9%.
• EBITDA rose to INR 72.1 crores; margin 13.1%.
• EBITDA margin up 80 basis points QoQ.
• FY26 revenue crossed INR 2,000 crores.
• Gross margin improved, aided by mix and pricing; inflation offset via IMPACT.
• Full-year EBITDA target remains 14% by Q4 FY27.
• Capex guidance for FY27: INR 3,400–3,500 crores; Calcutta spillover ~INR 20 crores.

Operating Update & Segment Trends

• Domestic biscuit growth observed in high single digits; pricing and volume both contributing.
• Bakery EBITDA above company average; Biscuit EBITDA below.
• English Oven and QSR growth strong; Naturbaked crossed INR 1 crore monthly revenue.
• Khopoli plant commissioned March 2026; stabilizing; Kolkata bakery commissioned Q4 FY26.
• Exports delivered high double-digit growth; US market back on growth trajectory; Peanut Butter Cracker launched.
• Juneexport shipments were delayed due to geopolitical tensions; no lasting restocking observed.
• Freight and logistics costs rose; vessel availability not fully normalized.

Capex & Capacity Expansion

• MP plant opened to service exports and domestic; supported by government incentives.
• Total capex for the year ~INR 3,400–3,500 crores; spillover from last year ~INR 20 crores.
• Bangalore capex planned around INR 200 crores; final ordering pending.
• Debt-equity ratio remains healthy; ~60% internally funded, ~40% borrowed.

Guidance & Outlook

• Full-year revenue growth targeted at mid-teens (17–19%).
• Q4 FY27 EBITDA target of about 14%.
• Longer-term aim: EBITDA near 16% by FY2030.
• Brand investments and distribution expansion to drive growth; 40,000 billed outlets target; 400 km focus.

Q&A Takeaways

• Domestic biscuit growth driven by pricing and distribution expansion.
• Exports to maintain momentum; US remains a major market; US tariff disruptions have eased.
• Exports contribute ~35% of top line; contract manufacturing ~1–1.5%.
• North India remains key; English Oven ~80% of its revenue from North India; upcountry expansion ongoing.
• Capex funding mix maintained; 60% internal funds, 40% debt; Bangalore capex ~INR 200 crores.

Business Overview

• Core business: biscuits and bakery segments; Domestic/Exports; Retail and Institutional.
• Biscuit revenue for Q1 FY27: Rs 325 Cr; Bakery revenue: Rs 215 Cr.
• 70+ countries served; strong export footprint.
• Expansion: biscuits capacity 185,880 MT; Bakery capacity 116,008 MT.
• New launches: Danish Butter Cookies Tin, Choco Bico, Fruity Fun.
• Preferred supplier to Subway and Wendy's.

Operational Highlights

• Biscuit and Bakery segment growth: 16% and 18% YoY in Q1 FY27.
• Q1 FY27 gross profit Rs 258.9 Cr; GP% 47.2%.
• Q1 FY27 EBITDA Rs 72.1 Cr; EBITDA margin 13.1%.
• PBT Rs 52.0 Cr; PAT Rs 38.8 Cr; PAT 7.1%.
• Total revenue of Q1 FY27 Rs 548.7 Cr.

Financial Performance

• FY26 revenue Rs 2,043.6 Cr; PAT Rs 140.9 Cr; EBITDA Rs 257.7 Cr.
• GP% FY26: 45.2%; EBITDA margin 12.6%.
• Balance sheet: total equity Rs 1,271.0 Cr; total assets Rs 1,687.3 Cr.
• Debt: borrowings non-current Rs 80.2 Cr; current Rs 51.0 Cr.

Capital Structure & Liquidity

• Cash and cash equivalents Rs 37.4 Cr; bank balances Rs 193.8 Cr.
• Operating cash flow Rs 217.8 Cr; investing Rs -213.1 Cr; financing Rs -53.8 Cr.
• Total liabilities Rs 416.4 Cr; total equity Rs 1,271.0 Cr.

Strategic Priorities & Outlook

• Capex: bakery capacity expansion of 8,541 MT; total 116,008 MT.
• Maintain growth in biscuits and bakery; leverage QSR partnerships.

Business Overview

• Core biscuits and bakery business under the Cremica brand; domestic and export focus.
• Segments: Biscuit (domestic/export/CSD) and Bakery (retail/institutional) with QSR exposure.
• Preferred supplier to Subway and other large QSR franchises.
• Export reach to 70+ countries.
• Marketing and new launches underpin growth strategy.

Operational Highlights

• Q1 FY27 Biscuit revenue Rs 325 cr, up 16% YoY.
• Q1 FY27 Bakery revenue Rs 215 cr, up 18% YoY.
• Total Q1 FY27 revenue 548.7 cr; GP 258.9 cr; EBITDA 72.1 cr.
• EBITDA margin 13.1%; PAT 38.8 cr; PAT margin 7.1%.
• Expansion: Biscuits capacity 1,85,880 MT; Bakery total 1,16,008 MT.
• New launches: Danish Butter Cookies Tin, Choco Bico, Fruity Fun.
• Subway and Wendy's remain preferred supplier relationships.

Financial Position

• FY26 revenue 2,043.6 cr; PAT 140.9 cr; PAT margin 6.9%.
• Gross margin 45.2%; EBITDA margin 12.6%.
• Equity 1,271 cr; total equity and liabilities 1,687.3 cr end-Mar-26.
• Total debt: long-term 80.2 cr, short-term 51.0 cr.
• Cash and cash equivalents 37.4 cr; bank balances 193.8 cr.
• Operating cash flow 217.8 cr; investing cash flow -213.1 cr.

Strategic Priorities & Outlook

• Expansion-driven growth with bakery capacity increase and new product launches.
• Focus on capacity expansion, new launches, and leveraging QSR partnerships.
• Export growth to sustain international revenue contribution.

Financial highlights

• Revenue ₹548.7 Cr, up 16% YoY.
• Gross profit ₹258.9 Cr, up 20%, gross margin 47.2%.
• EBITDA ₹72.1 Cr, up 23.8%, margin 13.1%.
• PAT ₹38.8 Cr, up 25.5%, PAT margin 7.1%.

Segment performance

• Biscuit revenue ₹325 Cr, up 16% YoY.
• Bakery revenue ₹215 Cr, up 18% YoY.
• Biscuit segment growth 19% vs Q1 FY25.
• Bakery segment growth 40% vs Q1 FY25.

Operational developments

• Kolkata facility ramp-up completed; gaining traction in East.
• Khopoli plant commissioned March 2026; stabilising toward full capacity.
• International business delivered double-digit growth; US market returning to growth.
• NaturBaked monthly revenue run rate ₹1 Cr.
• Quick Commerce grew 58% YoY.

Outlook and management commentary

• Demand remains healthy domestically and internationally; premiumization and innovation ongoing.
• Project IMPACT continuing; focus on cost optimization and profitable growth.
• Management optimistic about sustained growth and brand investments.

Notes

• Total revenue includes revenue from contract manufacturing.

Management changes

• Change in designation of Parveen Kumar Goel from WTD and CFO to WTD, approved 7 Aug 2026.
• Appointed Anshul Rastogi as CFO from 07 Aug 2026; ~20 years finance experience; CA.
• Disclosure of relationships with other directors: Not Applicable.

Designation change: Parveen Kumar Goel

• Change in designation: Parveen Kumar Goel from WTD and CFO to WTD.
• Effective date: 7 August 2026.
• Reason for change: not stated.
• Impact on board/committee composition: not specified.

Appointment of Anshul Rastogi as CFO

• Appointment of Anshul Rastogi as Chief Financial Officer.
• Effective date: 7 August 2026.
• Reason: NRC recommendation.
• Profile: Chartered Accountant with two decades in finance; ex-CFO at RAK Ceramics India; Versuni/Philips.
• Relationships with other directors: Not Applicable.
• Term of appointment: from August 7, 2026.

Key personnel changes

• Parveen Kumar Goel's designation changed from WTD and CFO to WTD.
• Anshul Rastogi appointed CFO w.e.f. 07 Aug 2026.

Financial results

• Unaudited consolidated results for quarter ended 30 Jun 2026 filed with limited review.
• Unaudited standalone results for quarter ended 30 Jun 2026 filed with limited review.

Auditor remarks

• Consolidated review: unmodified; some subsidiaries/associate not fully reviewed.
• Standalone review: unmodified; Trust not reviewed; not material.

Shareholder / AGM actions

• 31st AGM to be held on 18 September 2026 at 11:00 AM via VC/OAVM.

Regulatory disclosures

• Annexure A contains appointment details for CFO Anshul Rastogi filed under SEBI Circular 2023/123.

Price movement clarification

• There is no undisclosed or price-sensitive information at this time.
• Price/volume movement attributed to market forces rather than company-specific news.
• The company complies with SEBI LODR and promptly informs exchanges.
• No pending or impending corporate actions were communicated.
• Company will continue to disclose material events promptly per regulations.
• Sign-off by Atul Sud, Company Secretary and Compliance Officer.