Consumer Food · Founded 1983 · www.bambinoagro.com · BSE 519295 · · ISIN INE921D01013
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1. Business Overview
Bambino Agro Industries Ltd. is an Indian food processing company primarily engaged in the manufacturing and marketing of a range of food products. Its core business revolves around staple convenience foods, with a significant presence in vermicelli and pasta. The company also produces a variety of other consumer food items including instant mixes, snacks, and ready-to-eat products. It operates manufacturing facilities in India, sourcing raw materials (primarily wheat/semolina) and processing them into finished goods. The business model involves distributing these packaged food products through a widespread network of wholesalers, retailers, and increasingly, modern trade channels across India to reach end consumers. It generates revenue from the sale of these consumer food products.
2. Key Segments / Revenue Mix
Bambino Agro Industries' revenue primarily stems from its diversified product portfolio within the consumer food sector. While specific revenue breakdowns are not always publicly detailed, its main product categories include:
Vermicelli: This is a flagship product and a significant contributor to its revenue, available in various forms (roasted, plain).
Pasta: A growing segment, offering different shapes and types of pasta.
Snacks & Convenience Foods: This includes a range of extruded snacks, instant mixes, and other ready-to-cook/eat items, diversifying its offering beyond traditional staples.
The company essentially operates as a single segment within the broader consumer food industry, with a focus on these product lines.
3. Industry & Positioning
The Indian consumer food market is vast, dynamic, and characterized by strong growth drivers like increasing disposable incomes, urbanization, and changing food habits. It is also highly competitive, with a mix of large multinational corporations (e.g., Nestlé, ITC Foods, HUL), established national players, and numerous regional brands.
Bambino Agro Industries holds a notable position, particularly in the vermicelli segment where it is a well-recognized brand. In the broader pasta and snack categories, it competes with major players like ITC (Sunfeast Pasta), Nestlé (Maggi Pasta), and other snack food companies. Its positioning is often that of an established Indian brand with a strong distribution presence, particularly in traditional retail channels and semi-urban markets, leveraging its brand heritage to compete against more aggressively marketed national brands.
4. Competitive Advantage (Moat)
Brand Recognition: "Bambino" is an established and recognized brand, especially within the vermicelli category, built over several decades. This provides a degree of consumer trust and recall.
Distribution Network: The company has cultivated an extensive distribution network across various states in India, which is crucial for reaching a wide consumer base in the fragmented Indian retail landscape. This network allows for deeper penetration into Tier 2, Tier 3 cities, and rural markets.
Cost Efficiency: As a long-standing player, it likely benefits from economies of scale in raw material procurement (e.g., wheat, semolina) and optimized manufacturing processes for its core products.
Product Portfolio: A diversified portfolio across vermicelli, pasta, and snacks helps mitigate reliance on a single product and caters to varied consumer preferences.
5. Growth Drivers
Changing Food Habits & Urbanization: Increasing preference for convenience foods, western-style snacks, and ready-to-cook options among Indian consumers due to busier lifestyles and urbanization.
Rising Disposable Incomes: Growth in per capita income allows consumers to spend more on branded, packaged food products.
Expansion of Organized Retail: The proliferation of supermarkets, hypermarkets, and e-commerce platforms provides new avenues for product visibility and sales.
New Product Development & Category Expansion: Introduction of innovative products, flavors, and entering adjacent food categories can drive incremental growth.
Geographical Expansion: Deeper penetration into existing markets and expanding into new regions, particularly in underserved rural and semi-urban areas.
6. Risks
Intense Competition: The consumer food sector in India is highly competitive, with strong players possessing significant marketing budgets, R&D capabilities, and distribution networks.
Raw Material Price Volatility: Fluctuations in the prices of key agricultural commodities like wheat/semolina can directly impact the company's cost of goods sold and profit margins.
Changing Consumer Preferences: Rapid shifts in consumer tastes, growing health consciousness, and demand for healthier alternatives could impact sales of traditional products.
Regulatory Risks: Strict food safety standards, labeling requirements, and other governmental regulations in the food industry can pose compliance challenges and increase operational costs.
Supply Chain Disruptions: Disruptions due to natural calamities, geopolitical events, or logistics issues can impact manufacturing and distribution.
Brand Dilution: Aggressive pricing strategies by competitors or quality concerns could erode brand equity and market share.
7. Management & Ownership
Bambino Agro Industries Ltd. is promoted by the Bhiwaniwala family, who have a long history and experience in the Indian food processing industry. Mr. P.D. Bhiwaniwala serves as a key promoter and Managing Director, providing leadership and strategic direction. Like many Indian family-promoted companies, the ownership structure typically involves a significant holding by the promoter group, ensuring continuity in management and strategic vision, but also concentrating control. The company is publicly listed, with the remaining shares held by public shareholders and institutional investors.
8. Outlook
Bambino Agro Industries is well-positioned to leverage the burgeoning Indian consumer food market, which is characterized by strong underlying growth trends driven by demographic shifts, evolving lifestyles, and increasing demand for convenience foods. Its established brand equity, particularly in vermicelli, and an entrenched distribution network provide a solid foundation. The company's diversified product portfolio helps in catering to a broader consumer base and mitigating risks associated with reliance on a single product.
However, the company operates in a fiercely competitive environment with the constant threat of larger, well-resourced players. Sustaining growth will necessitate continuous product innovation, effective marketing to maintain brand visibility, and efficient cost management to counter raw material price volatility. The ability to expand its modern trade presence and penetrate new geographies while adapting to changing consumer health and taste preferences will be crucial for its future performance.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 75 | 76 | 81 | 108 | 86 | 92 | 88 | 113 | 93 | 99 |
| Other Income | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 75 | 76 | 81 | 109 | 86 | 92 | 88 | 113 | 94 | 99 |
| Total Expenditure | 70 | 71 | 73 | 99 | 81 | 87 | 79 | 103 | 88 | 93 |
| Operating Profit | 5 | 5 | 8 | 10 | 5 | 5 | 9 | 11 | 5 | 6 |
| Interest | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 3 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 2 | 5 | 6 | 2 | 1 | 5 | 7 | 2 | 1 |
| Provision for Tax | 1 | 0 | 1 | 3 | 0 | 0 | 1 | 2 | 0 | 1 |
| Profit After Tax | 1 | 2 | 3 | 4 | 1 | 1 | 4 | 5 | 1 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 1 | 2 | 3 | 4 | 1 | 1 | 4 | 5 | 1 | 0 |
| Adjusted Earnings Per Share | 1.5 | 2.2 | 4.3 | 4.5 | 1.4 | 1.3 | 4.5 | 6.1 | 1.4 | 0.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 126 | 270 | 208 | 168 | 249 | 248 | 279 | 257 | 303 | 332 | 368 | 393 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 4 | 3 | 0 | 2 | 0 | 1 | 0 |
| Total Income | 126 | 270 | 208 | 169 | 250 | 252 | 282 | 258 | 305 | 333 | 368 | 394 |
| Total Expenditure | 114 | 246 | 191 | 154 | 234 | 232 | 258 | 233 | 282 | 305 | 340 | 363 |
| Operating Profit | 12 | 24 | 17 | 15 | 16 | 21 | 24 | 24 | 23 | 28 | 28 | 31 |
| Interest | 7 | 12 | 9 | 6 | 5 | 7 | 8 | 8 | 6 | 8 | 9 | 10 |
| Depreciation | 1 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 5 | 5 | 5 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | 9 | 5 | 6 | 8 | 11 | 12 | 13 | 13 | 15 | 14 | 15 |
| Provision for Tax | 3 | 3 | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 4 |
| Profit After Tax | 2 | 6 | 4 | 4 | 5 | 8 | 9 | 9 | 9 | 11 | 9 | 10 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 6 | 4 | 4 | 5 | 8 | 9 | 9 | 9 | 11 | 9 | 10 |
| Adjusted Earnings Per Share | 2.1 | 7.9 | 4.6 | 4.7 | 6.1 | 10.3 | 10.7 | 10.9 | 11.4 | 13.5 | 11.4 | 12.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 11% | 13% | 8% | 11% |
| Operating Profit CAGR | 0% | 5% | 6% | 9% |
| PAT CAGR | -18% | 0% | 2% | 16% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -34% | -13% | 1% | 6% |
| ROE Average | 9% | 11% | 12% | 11% |
| ROCE Average | 12% | 12% | 13% | 12% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 40 | 45 | 47 | 51 | 54 | 61 | 68 | 76 | 84 | 93 | 101 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 20 | 21 | 35 | 51 | 46 | 58 | 61 | 59 | 43 | 30 | 23 |
| Other Non-Current Liabilities | 7 | 7 | 6 | 7 | 6 | 6 | 6 | 6 | 8 | 8 | 9 |
| Total Current Liabilities | 89 | 84 | 63 | 47 | 48 | 43 | 43 | 51 | 67 | 75 | 90 |
| Total Liabilities | 156 | 157 | 151 | 155 | 155 | 168 | 178 | 192 | 202 | 206 | 223 |
| Fixed Assets | 46 | 47 | 47 | 46 | 46 | 48 | 46 | 55 | 81 | 84 | 99 |
| Other Non-Current Assets | 2 | 3 | 2 | 2 | 2 | 4 | 32 | 38 | 14 | 16 | 3 |
| Total Current Assets | 108 | 107 | 102 | 107 | 106 | 116 | 100 | 99 | 106 | 107 | 121 |
| Total Assets | 156 | 157 | 151 | 155 | 155 | 168 | 178 | 192 | 202 | 206 | 223 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 6 | 5 | 3 | 3 | 2 | 2 | 4 | 3 | 5 | 4 | 1 |
| Cash Flow from Operating Activities | 16 | 22 | 21 | -14 | 15 | 17 | 32 | 30 | -1 | 26 | -4 |
| Cash Flow from Investing Activities | -1 | -4 | -2 | -2 | -3 | -2 | -26 | -18 | -4 | -9 | -7 |
| Cash Flow from Financing Activities | -17 | -20 | -19 | 15 | -12 | -12 | -7 | -11 | 5 | -20 | 11 |
| Net Cash Inflow / Outflow | -1 | -2 | -0 | -1 | 0 | 2 | -1 | 2 | -1 | -3 | 0 |
| Closing Cash & Cash Equivalent | 5 | 3 | 3 | 2 | 2 | 4 | 3 | 5 | 4 | 1 | 2 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.06 | 7.93 | 4.6 | 4.74 | 6.12 | 10.28 | 10.65 | 10.94 | 11.39 | 13.51 | 11.39 |
| CEPS(Rs) | 3.62 | 11.14 | 8 | 8.25 | 9.56 | 13.81 | 14.28 | 14.62 | 15.94 | 19.6 | 18 |
| DPS(Rs) | 0.75 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 | 1.6 |
| Book NAV/Share(Rs) | 49.69 | 55.72 | 58 | 62.62 | 66.81 | 75.19 | 84.26 | 93.62 | 103.42 | 115.35 | 125.15 |
| Core EBITDA Margin(%) | 9.58 | 8.71 | 8.04 | 8.65 | 6.26 | 6.59 | 7.29 | 9.32 | 6.95 | 8.19 | 7.42 |
| EBIT Margin(%) | 8.64 | 7.8 | 6.76 | 7.11 | 5.3 | 7.25 | 7.43 | 8.28 | 6.37 | 6.8 | 6.16 |
| Pre Tax Margin(%) | 3.43 | 3.45 | 2.58 | 3.51 | 3.17 | 4.59 | 4.39 | 5.06 | 4.29 | 4.39 | 3.8 |
| PAT Margin (%) | 1.32 | 2.37 | 1.78 | 2.27 | 1.99 | 3.36 | 3.09 | 3.44 | 3.04 | 3.29 | 2.51 |
| Cash Profit Margin (%) | 2.32 | 3.32 | 3.1 | 3.96 | 3.1 | 4.51 | 4.15 | 4.6 | 4.25 | 4.77 | 3.96 |
| ROA(%) | 1.06 | 4.1 | 2.42 | 2.5 | 3.2 | 5.15 | 4.98 | 4.78 | 4.68 | 5.36 | 4.29 |
| ROE(%) | 4.2 | 15.05 | 8.1 | 7.86 | 9.46 | 14.48 | 13.36 | 12.3 | 11.56 | 12.35 | 9.47 |
| ROCE(%) | 8.95 | 17.86 | 12.18 | 9.88 | 10.22 | 13.59 | 14.34 | 13.55 | 11.27 | 12.58 | 11.94 |
| Receivable days | 21.95 | 6.3 | 5.73 | 8.02 | 12.18 | 17.93 | 13.07 | 13.74 | 14.65 | 14.49 | 14.71 |
| Inventory Days | 254.32 | 122.58 | 157.67 | 192.91 | 128.23 | 124.27 | 103.18 | 102.61 | 89.36 | 86.39 | 84.83 |
| Payable days | 122.46 | 54.28 | 65.78 | 66.85 | 26.52 | 32.47 | 25.14 | 24.97 | 16.66 | 13.1 | 10.84 |
| PER(x) | 48.61 | 13.39 | 51.05 | 44.73 | 32.09 | 9.72 | 15.95 | 29.92 | 26.07 | 24.75 | 27.98 |
| Price/Book(x) | 2.01 | 1.91 | 4.05 | 3.39 | 2.94 | 1.33 | 2.02 | 3.5 | 2.87 | 2.9 | 2.55 |
| Dividend Yield(%) | 0.75 | 1.51 | 0.68 | 0.75 | 0.81 | 1.6 | 0.94 | 0.49 | 0.54 | 0.48 | 0.5 |
| EV/Net Sales(x) | 1.22 | 0.58 | 1.22 | 1.48 | 0.93 | 0.61 | 0.79 | 1.34 | 1.1 | 1.07 | 0.97 |
| EV/Core EBITDA(x) | 12.56 | 6.64 | 15.02 | 16.82 | 14.51 | 7.3 | 9.29 | 14.24 | 14.53 | 12.87 | 12.73 |
| Net Sales Growth(%) | -51.71 | 114.32 | -22.93 | -18.95 | 48.03 | -0.59 | 12.38 | -7.64 | 17.83 | 9.65 | 10.57 |
| EBIT Growth(%) | -43.51 | 93.39 | -33.14 | -15.06 | 10.24 | 35.89 | 15.23 | 2.91 | -9.44 | 17.06 | 0.14 |
| PAT Growth(%) | -76.52 | 285.17 | -41.94 | 2.92 | 29.21 | 67.88 | 3.63 | 2.69 | 4.08 | 18.62 | -15.69 |
| EPS Growth(%) | -76.52 | 285.17 | -41.94 | 2.92 | 29.21 | 67.88 | 3.63 | 2.69 | 4.08 | 18.62 | -15.69 |
| Debt/Equity(x) | 1.92 | 1.65 | 1.4 | 1.57 | 1.39 | 1.24 | 1.25 | 1.13 | 1.17 | 0.91 | 0.99 |
| Current Ratio(x) | 1.21 | 1.28 | 1.61 | 2.29 | 2.2 | 2.67 | 2.3 | 1.92 | 1.58 | 1.42 | 1.35 |
| Quick Ratio(x) | 0.22 | 0.16 | 0.23 | 0.33 | 0.46 | 0.71 | 0.63 | 0.52 | 0.44 | 0.34 | 0.35 |
| Interest Cover(x) | 1.66 | 1.8 | 1.62 | 1.97 | 2.49 | 2.73 | 2.44 | 2.57 | 3.06 | 2.82 | 2.61 |
| Total Debt/Mcap(x) | 0.95 | 0.87 | 0.35 | 0.47 | 0.48 | 0.94 | 0.63 | 0.33 | 0.41 | 0.32 | 0.39 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 | 74.96 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 | 25.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +11% | +13% | +8% | +11% |
| Operating Profit CAGR | 0% | +5% | +6% | +9% |
| PAT CAGR | -18% | 0% | +2% | +16% |
| Share Price CAGR | -34% | -13% | +1% | +6% |
| ROE Average | +9% | +11% | +12% | +11% |
| ROCE Average | +12% | +12% | +13% | +12% |
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