Crazy Snacks Limited

Consumer Defensive — Packaged Foods · BSE

₹54.20₹0.00 (0.00%)

DalalBaazaar Score

58 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:56 pm

Understanding the Business

Company site ↗

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

What does this company do?

Crazy Snacks Limited manufactures and sells bakery and snack products. It offers bread, buns, cookies, cup cake, layer cake, slice cake, rusks, namkeen, snacks under the Crazy, Bity, and Baked Gold brand names. It sells its products through dealers and retail stores.

IndustryPackaged Foods

SectorConsumer Defensive

Annual revenue₹111 Cr

How does it make money?

Turns over ₹111 Cr a year. Of every ₹100 of sales, about ₹6 reaches shareholders as profit, with ₹15 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?Some evidence

ROCE of 19.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE51.0%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +50% while net margin moved +100% 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+50%

Margin effect+100%

DalalBaazaar Score

58/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

74/ 100

Cheap

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

19.9x

Sector Median

51.7x

median of 4 sector peers

🟢Against its sector it trades 61% below the peer median of 51.7x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

51.7x median of 4 peers · -61%

vs. generic bands

Fair

15x–35x

EV/EBITDA

11.4x

PEG

0.45

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 9.1% to 14.8% over 3 years.
Return on equity is rising
ROE has improved from 10.8% to 17.3%.
Return on capital is rising
ROCE has improved from 11.3% to 19.1%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

6 items require attention · 5 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 142% over 3 years, from ₹26 Cr to ₹63 Cr.
🔴High leverageFinancial
Debt/Equity of 1.79x — earnings must service borrowings before shareholders see anything.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 338% against revenue up 50% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 392% against revenue up 50% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹14 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 9.1% to 14.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 61% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
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?

The debt load needs earnings to hold up
Debt is 3.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 338% against revenue up 50%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Size brings its own risk
Micro 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.
Several serious flags at once
5 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 11% a year✓ 14.4% CAGR
Latest reported year was -12.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 14.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹14 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✓ 3.1x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 11 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹130 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

19.9x

Fair

Fairly valued against the generic band

P/B Ratio

2.24x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.72

Profitable

Profitable on a per-share basis

ROE

16.2%

Strong

Strong capital efficiency

ROCE

19.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.79x

High

High leverage

Revenue Growth (YoY)

-12.7%

Shrinking

Sales are contracting

Profit Growth (YoY)

19.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹19 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

6.8%

Average

Average asset productivity

Operating Margin

6.2%

Average

Average margins

Net Margin

5.6%

Average

Average bottom-line conversion

Current Ratio

1.56

Comfortable

Healthy short-term liquidity

52W Range Position

43%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

54.8 / 57.4

Bearish alignment (short < long)

RSI (14)

51.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY22	FY23	FY24	FY25	3Y CAGR
Revenue	₹74 Cr	₹89 Cr	₹128 Cr	₹111 Cr	+14.4%
EBITDA	₹7 Cr	₹13 Cr	₹16 Cr	₹16 Cr	+34.8%
EBITDA Margin	9.1%	14.2%	12.6%	14.8%	—
PAT (Net Profit)	₹2 Cr	₹4 Cr	₹5 Cr	₹6 Cr	+44.1%
EPS	₹0.88	₹1.48	₹2.22	—	—
ROE	10.8%	13.4%	17.1%	17.3%	—
ROCE	11.3%	17.7%	22.5%	19.1%	—
Total Debt	₹26 Cr	₹48 Cr	₹45 Cr	₹63 Cr	+34.2%
Free Cash Flow	₹3 Cr	-₹33 Cr	₹1 Cr	-₹14 Cr	—

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

🟢 EBITDA has grown at 34.8% a year over 3 years.

🟢 EBITDA Margin has risen from 9.1% to 14.8% over 3 years (+5.8 pts).

🟢 PAT (Net Profit) has grown at 44.1% a year over 3 years.

🟢 ROE has risen from 10.8% to 17.3% over 3 years (+6.4 pts).

🟢 ROCE has risen from 11.3% to 19.1% over 3 years (+7.8 pts).

🔴 Total Debt has grown at 34.2% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹3 Cr to -₹14 Cr.

Balance Sheet & Cash Flow — FY2025

Total Assets

₹110 Cr

Total Liabilities

₹73 Cr

Cash & Equivalents

₹5 Cr

Operating Cash Flow

-₹7 Cr

Capex

-₹8 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

78.4%

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

1 positive1 mixed4 general

Compare Zydus Wellness with

Equitymaster, 16 Oct

Crazy Snacks Ltd Share Price

Business Today, 12 Oct

Crazy Snacks FY26 consolidated profit rises 6.4% to ₹650.60 lakh

scanx.trade, 08 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Crazy Snacks IPO Listing: Shares rally 10% after debuting at 5% premium from issue price despite muted GMP

Livemint, 03 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Crazy Snacks Ltd Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 23 Sept

Crazy Snacks IPO Date, Price Band, GMP, Subscription & Allotment

IndiaIPO, 24 Jun

Watch Items

Revenue growth is negative (-12.7%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingValuation

WeakFinancial Health · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 5 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive · see Key things to watch ↑