Super Bakers (India) Limited

Consumer Defensive — Packaged Foods · BSE

₹34.15₹0.00 (0.00%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Super Bakers (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Super Bakers (India) Limited manufactures and sells bread in India.

IndustryPackaged Foods

SectorConsumer Defensive

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.

NESTLE INDIA LIMITEDP/E 59.8x · ROE 79.9%

BRITANNIA INDUSTRIES LTDP/E 44.1x · ROE 51.0%

TATA CONSUMER PRODUCT LTDP/E 59.3x · ROE 7.5%

DABUR INDIA LTDP/E 34.7x · ROE 17.2%

What is its competitive advantage?Little sign of one

Returns on capital of 10.1% 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.

ROCE10.1%

ROE8.5%

Peer median ROE51.0%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ ROE of 8.5% is weak

Quality vs. Valuation

Company Quality

65/ 100

Good

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

Valuation

63/ 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

22.0x

3Y Median

24.6x

40 monthly readings · mean 25.8x · range 19.7x–40.3x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 10% below its 3y median of 24.6x. 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 57% below the peer median of 51.7x.

vs. its own history

Fair

24.6x median over 40 months · -10%

vs. sector peers

Cheap

51.7x median of 4 peers · -57%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

22.0x

P/B

1.84x

EV/EBITDA

15.5x

PEG

1.14

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well2

Cash generation is improving
Free cash flow is up 50% over 3 years.
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

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 57% 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?

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.

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

1Free cash flow remains positive✓ ₹1 Cr
Profit that never becomes cash eventually stops being profit.
2ROCE stays above 8%✓ 10.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
3Valuation vs its own median of 24.6x✓ 22.0x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

4 / 9 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ 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

2 good · 8 neutral · 1 weak

Market Cap

₹10 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

22.0x

Fair

Fairly valued against the generic band

P/B Ratio

1.84x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.55

Profitable

Profitable on a per-share basis

ROE

8.5%

Moderate

Moderate capital efficiency

ROCE

10.1%

Moderate

Moderate return on the capital in the business

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-3.0%

Falling

Profits are shrinking

Dividend Yield

None

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

Free Cash Flow

₹1 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹34.15

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

16.29

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.61

Defensive

Steadier than the market

52W Range Position

39%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

33.1 / 34.0

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

63.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	₹0 Cr	₹1 Cr	₹1 Cr	₹1 Cr	+11.3%
PAT (Net Profit)	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+19.4%
EPS	₹0.92	₹1.17	₹1.41	₹1.56	+19.2%
ROE	6.4%	7.6%	8.3%	8.5%	—
ROCE	8.7%	10.4%	9.9%	10.1%	—
Free Cash Flow	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+14.6%

🟢 EBITDA has grown at 11.3% a year over 3 years.

🟢 PAT (Net Profit) has grown at 19.4% a year over 3 years.

🟢 EPS has grown at 19.2% a year over 3 years.

🟢 ROE has risen from 6.4% to 8.5% over 3 years (+2.1 pts).

🟢 ROCE has risen from 8.7% to 10.1% over 3 years (+1.5 pts).

🟢 Free Cash Flow has grown at 14.6% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹6 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

58.1%

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

6 general

Super Bakers (India) Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Super Bakers appoints Thakkar, Udhwani as independent directors

scanx.trade, 25 Jul

Superfoods Market Size, Share, Industry Report, 2034

Fortune Business Insights, 28 Sept

Pro Picks: Seahawks will edge Patriots in a Super Bowl rematch to kick off the NFL season

Livemint, 09 Sept

Super Bakers (India) Ltd

Equitypandit, 21 Mar

ITC is Getting all the Attention. But Here are 5 FMCG Stocks to Watch Out for...

Equitymaster, 04 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🔴Business QualityWeak8.1/20

🟢Financial HealthStrong17.5/20

🟢GrowthStrong18.6/20

🔴ProfitabilityWeak4.5/15

🟡ValuationFair9.3/15

🟡RiskModerate6.2/10

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.

This thesis breaks if

✓Free cash flow remains positive₹1 Cr
✓ROCE stays above 8%10.1%
✓Valuation vs its own median of 24.6x22.0x today