Tasty Bite Eatables Limited

Consumer Defensive — Packaged Foods · NSE

₹9,369.00+₹25.00 (+0.27%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Reasonable but unspectacular business quality, with modest growth. Valuation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Tasty Bite Eatables Limited manufactures and sells prepared food in India and internationally. The company offers ready-to-eat and ready-to-cook meals, sauces, frozen food, and culinary accompaniments for retail and foodservice customers.

IndustryPackaged Foods

SectorConsumer Defensive

Employees281

Annual revenue₹548 Cr

How does it make money?

Turns over ₹548 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. Each of its 281 employees supports ₹1.95 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.95 Cr

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 13.6% 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 has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +15% while net margin moved +1% 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+15%

Margin effect+1%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ P/E of 66.9x is demanding — it needs sustained high growth to justify
• P/E is close to its own historical median of 78.5x
✗ P/B of 7.03x is a steep premium to book

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

32/ 100

Expensive

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

66.9x

3Y Median

78.5x

40 monthly readings · mean 84.9x · range 50.8x–146.4x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 15% below its 3y median of 78.5x. 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 29% above the peer median of 51.7x.

vs. its own history

Fair

78.5x median over 40 months · -15%

vs. sector peers

Expensive

51.7x median of 4 peers · +29%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

29.0x

PEG

12.55

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 69% over 3 years.
Cash generation is improving
Free cash flow is up 122% over 3 years.
Very low debt
Debt/Equity of 0.12x leaves the balance sheet with plenty of headroom.
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?

Deleveraging frees up earnings
Debt is down 69% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹51 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?

A premium to the sector to defend
It trades 29% above the peer median. That premium needs a reason that persists, or it closes.
Growth barely outpaces inflation
Revenue compounding at 4.9% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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

1EBITDA margin holds above 13%✓ 15.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 4% a year✓ 4.9% CAGR
Latest reported year was 29.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹51 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 11%✓ 13.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

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 · 5 neutral · 2 weak

Market Cap

₹2,404 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

66.9x

Expensive

Expensive — verify against sector peers

P/B Ratio

7.03x

Rich

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

EPS (TTM)

₹140.11

Profitable

Profitable on a per-share basis

ROE

10.3%

Moderate

Moderate capital efficiency

ROCE

13.6%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.12x

Low

Conservative leverage

Revenue Growth (YoY)

29.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

8.0%

Modest

Slow profit growth

Dividend Yield

0.11%

Modest

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

Free Cash Flow

₹51 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.0%

Average

Average margins

Net Margin

5.9%

Average

Average bottom-line conversion

Current Ratio

2.57

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.13

Defensive

Steadier than the market

52W Range Position

71%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

9481.2 / 9728.9

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

35.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹474 Cr	₹539 Cr	₹553 Cr	₹548 Cr	+4.9%
EBITDA	₹77 Cr	₹93 Cr	₹70 Cr	₹84 Cr	+2.9%
EBITDA Margin	16.2%	17.3%	12.6%	15.3%	—
PAT (Net Profit)	₹30 Cr	₹42 Cr	₹26 Cr	₹35 Cr	+5.3%
EPS	₹117.73	₹161.8	₹99.8	₹137.57	+5.3%
ROE	12.4%	14.5%	8.2%	10.3%	—
ROCE	14.2%	17.0%	10.6%	13.6%	—
Total Debt	₹134 Cr	₹86 Cr	₹72 Cr	₹42 Cr	-32.2%
Free Cash Flow	₹23 Cr	₹50 Cr	₹26 Cr	₹51 Cr	+30.5%

🟢 Revenue has grown at 4.9% a year over 3 years.

🟢 EBITDA has grown at 2.9% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 15.3% over 3 years.

🟢 PAT (Net Profit) has grown at 5.3% a year over 3 years.

🟢 EPS has grown at 5.3% a year over 3 years.

🔴 ROE has fallen from 12.4% to 10.3% over 3 years (-2.1 pts).

🟡 ROCE has held roughly flat at 13.6% over 3 years.

🟢 Total Debt has shrunk at 32.2% a year over 3 years.

🟢 Free Cash Flow has grown at 30.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹475 Cr

Total Liabilities

₹133 Cr

Cash & Equivalents

₹27 Cr

Operating Cash Flow

₹59 Cr

Capex

-₹8 Cr

Shareholding (proxy)

Institutional Holding

3.6%

Insider Holding

80.2%

Corporate Actions

Dividend Rate

₹10

Ex-Dividend Date

06 Aug 2026

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 positive5 general

Tasty Bite Eatables Limited's (NSE:TASTYBITE) Share Price Not Quite Adding Up

Simply Wall Street, 10 Feb

Tasty Bite Share Price Near 52-Week High Analysis

Univest, 14 Aug

Tasty Bite Eatables (TASTYBITE.NS) Holds Near ₹9,600 as Traders Eye ₹9,130 Support - Bull Pennant

siam.in, 29 Sept

Tasty Bite Eatables Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Tasty Bite net profit up 24% in Q1FY27; EBITDA margin slides

scanx.trade, 12 AugResults

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

Tasty Bite Eatables Ltd. Share Price Live Today

CNBC TV18, 03 Jan

Watch Items

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

DalalBaazaar Thesis

StrongFinancial Health

MiddlingBusiness Quality · Profitability · Risk

WeakGrowth · Valuation

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.

All 5 tripwires holding · see Key things to watch ↑