Mrs. Bectors Food Specialities Limited

Consumer Defensive — Packaged Foods · NSE

₹211.50+₹2.40 (+1.15%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by small-cap size, which brings sharper price swings.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:45 pm

Understanding the Business

Company site ↗

The 60-second version of Mrs. Bectors Food Specialities Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Mrs. Bectors Food Specialities Limited manufactures and distributes various food products in India and internationally. The company provides biscuits, including cookies, creams, crackers, digestives, and glucose under the Mrs. Bector's Cremica brand.

IndustryPackaged Foods

SectorConsumer Defensive

Annual revenue₹2,001 Cr

How does it make money?

Turns over ₹2,001 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 13.9% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE51.0%

What is the outlook?

10 analysts covering the stock expect revenue to grow about 13.6% and earnings to grow about 25.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+13.6%

Est. earnings growth+25.8%

Analysts10

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +51% while net margin moved +4% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+51%

Margin effect+4%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 43.7x is demanding — it needs sustained high growth to justify
✓ P/E is 29% below its own historical median of 61.6x — cheap by its own standards
✗ P/B of 5.12x is a steep premium to book

Quality vs. Valuation

Company Quality

67/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

49/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

43.7x

3Y Median

61.6x

40 monthly readings · mean 61.7x · range 36.1x–91.6x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 29% below its 3y median of 61.6x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 15% below the peer median of 51.7x.

vs. its own history

Cheap

61.6x median over 40 months · -29%

vs. sector peers

Fair

51.7x median of 4 peers · -15%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

23.1x

PEG

2.72

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.15x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 16.5% to 11.1% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 20.0% to 13.9% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 50% over 3 years, from ₹127 Cr to ₹191 Cr.
🟡Receivables growing faster than salesFinancial
Receivables up 90% against revenue up 51% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 29% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹3 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 90% against revenue up 51%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 16.5% to 11.1%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 11% a year✓ 14.7% CAGR
Latest reported year was 16.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 14.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹3 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.7x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 13.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹6,487 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

43.7x

Expensive

Expensive — verify against sector peers

P/B Ratio

5.12x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹4.84

Profitable

Profitable on a per-share basis

ROE

11.1%

Moderate

Moderate capital efficiency

ROCE

13.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.15x

Low

Conservative leverage

Revenue Growth (YoY)

16.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

25.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.61%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹3 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

30.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

8.4%

Average

Average margins

Net Margin

7.0%

Average

Average bottom-line conversion

Current Ratio

2.28

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.19

Defensive

Steadier than the market

52W Range Position

40%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

212.3 / 227.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

43.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,326 Cr	₹1,589 Cr	₹1,819 Cr	₹2,001 Cr	+14.7%
EBITDA	₹187 Cr	₹261 Cr	₹280 Cr	₹288 Cr	+15.5%
EBITDA Margin	14.1%	16.4%	15.4%	14.4%	—
PAT (Net Profit)	₹90 Cr	₹140 Cr	₹143 Cr	₹141 Cr	+16.1%
EPS	₹3.06	₹4.77	₹4.76	₹4.59	+14.4%
ROE	16.5%	21.2%	12.3%	11.1%	—
ROCE	20.0%	23.4%	15.8%	13.9%	—
Total Debt	₹127 Cr	₹245 Cr	₹184 Cr	₹191 Cr	+14.5%
Free Cash Flow	₹55 Cr	-₹62 Cr	-₹97 Cr	₹3 Cr	-60.2%

🟢 Revenue has grown at 14.7% a year over 3 years.

🟢 EBITDA has grown at 15.5% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 14.4% over 3 years.

🟢 PAT (Net Profit) has grown at 16.1% a year over 3 years.

🟢 EPS has grown at 14.4% a year over 3 years.

🔴 ROE has fallen from 16.5% to 11.1% over 3 years (-5.5 pts).

🔴 ROCE has fallen from 20.0% to 13.9% over 3 years (-6.1 pts).

🔴 Total Debt has grown at 14.5% a year over 3 years.

🔴 Free Cash Flow has shrunk at 60.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,687 Cr

Total Liabilities

₹416 Cr

Cash & Equivalents

₹37 Cr

Operating Cash Flow

₹218 Cr

Capex

-₹214 Cr

Shareholding (proxy)

Institutional Holding

31.8%

Insider Holding

50.3%

Corporate Actions

Dividend Rate

₹1.3

Ex-Dividend Date

11 Sept 2026

Analyst Consensus

Recommendations

11 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹260.64

+23.2% vs CMP

Target Range

₹225 – ₹288

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

4 mixed2 general

Mrs Bectors Food soars 11% after Sunil Singhania's Abakkus acquires 29.4 lakh shares via block deal

The Economic Times, 16 Jul

BECTORFOOD Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Mrs Bectors Food Specialities Ltd Technical Momentum Shifts Amid Bearish Sentiment

MarketsMojo, 15 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Mrs. Bectors Food Specialities Share Price Forecast to 2030

Univest, 13 Jul

Mrs. Bectors Food declines after muted Q4 performance

Business Standard, 29 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Mrs. Bectors Food Specialities Limited Just Recorded A 7.0% Revenue Beat: Here's What Analysts Think

Simply Wall Street, 11 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Risk

MiddlingBusiness Quality · Profitability

WeakValuation

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑