Consumer Food · Founded 2013 · www.nakodas.com · BSE 541418 · NSE NGIL · ISIN INE236Y01012
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1. Business Overview
Nakoda Group Of Industries Ltd. (NGIL) is an Indian company primarily engaged in the manufacturing and trading of a diverse range of consumer food products. Their core business model involves producing and distributing items such as wafers, chocolate balls, candies, namkeen (savory Indian snacks), corn puffs, and other confectionery and snack items. The company makes money by selling these packaged food products through various distribution channels to consumers across India.
2. Key Segments / Revenue Mix
While specific revenue breakdown by product category is often not publicly detailed for companies of this size, NGIL's primary business segments revolve around:
Snacks: Including namkeen, corn puffs, and other savory snacks.
Confectionery: Encompassing chocolate balls, candies, and similar sweet treats.
Wafers: A specific product line within the snacks/bakery segment.
The company essentially operates as an integrated food manufacturer and trader, with its revenue derived from the sale of these consumer packaged goods.
3. Industry & Positioning
NGIL operates within the highly competitive Indian Consumer Food sector. The industry is characterized by a mix of large multinational corporations (e.g., Nestlé, Unilever, Mondelez), established domestic giants (e.g., ITC, Britannia, Parle Agro, Haldiram's), and numerous regional and local players. The market is driven by increasing disposable incomes, urbanization, demand for convenience foods, and a young demographic. NGIL appears to be a smaller to mid-sized regional player, likely competing on price point, specific regional tastes, and distribution within its operational footprint rather than aiming for pan-India dominance against larger, well-entrenched brands with extensive marketing budgets and distribution networks.
4. Competitive Advantage (Moat)
For a company like NGIL, a strong competitive moat can be challenging to establish against larger players. Potential advantages, if present, might include:
Regional Brand Recognition: Strong brand loyalty in specific geographic pockets where they have been operating for a significant period.
Cost Efficiency: Ability to produce goods at a lower cost, allowing for competitive pricing.
Distribution Network: A well-developed distribution network in their target regions, reaching a broad customer base.
Product Niche: Focus on certain product categories or flavor profiles that cater specifically to regional preferences.
However, without detailed information, a durable, wide moat based on scale, switching costs, or proprietary technology is less evident compared to industry leaders.
5. Growth Drivers
Key factors that can drive NGIL's growth over the next 3-5 years include:
Rising Disposable Incomes: Increasing purchasing power in India, especially in Tier 2 and Tier 3 cities, drives demand for packaged food products.
Urbanization & Changing Lifestyles: Growth in urban populations and busier lifestyles lead to higher consumption of convenient, ready-to-eat snacks and confectionery.
Expansion of Distribution: Expanding their reach into new geographies within India or strengthening existing channels.
Product Portfolio Expansion: Introducing new product categories, flavors, or packaging innovations to capture new market segments.
Increased Per Capita Consumption: The relatively low per capita consumption of processed foods in India compared to developed nations offers significant headroom for growth.
6. Risks
Intense Competition: The presence of numerous large domestic and international players creates pricing pressure and limits market share growth.
Raw Material Price Volatility: Fluctuations in prices of key ingredients (e.g., sugar, edible oils, flour, cocoa) can impact manufacturing costs and profit margins.
Distribution & Logistics Challenges: Managing a vast and complex supply chain across India, particularly for perishable items, can be challenging and costly.
Regulatory Changes: Strict food safety standards, labeling requirements, and taxation policies by the government can increase compliance costs and operational complexities.
Brand Loyalty & Marketing: Building and maintaining strong brand loyalty requires significant marketing investment, which can be difficult for smaller players.
Economic Slowdown: A general economic downturn can reduce discretionary spending on snack and confectionery items.
7. Management & Ownership
Nakoda Group Of Industries Ltd. is a promoter-driven company. The promoter group typically holds a significant stake, which aligns their interests with the company's long-term performance. Information regarding the specific track record or reputation of the management team beyond standard corporate disclosures would require in-depth analysis of their past performance and governance practices. As of recent public filings, the promoter holding is a substantial portion of the company's equity.
8. Outlook
Nakoda Group Of Industries operates in a high-growth sector buoyed by India's demographic tailwinds and increasing consumer spending on packaged foods. The company has an opportunity to grow by leveraging its existing manufacturing and distribution capabilities in its chosen markets. However, its relatively smaller scale compared to industry behemoths means it faces formidable competition and must navigate intense pricing pressures. Growth will likely depend on its ability to effectively expand its regional footprint, innovate its product offerings to cater to evolving consumer tastes, and manage input costs efficiently. Maintaining profitability amidst stiff competition and raw material volatility will be a key challenge.
Price goes above X
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PE goes above X
PE falls below X
| #(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 | 14 | 11 | 9 | 9 | 14 | 14 | 7 | 15 | 11 | 11 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 14 | 11 | 9 | 9 | 14 | 14 | 7 | 15 | 11 | 11 |
| Total Expenditure | 14 | 11 | 9 | 10 | 14 | 16 | 6 | 14 | 10 | 9 |
| Operating Profit | 0 | -1 | -0 | -0 | 1 | -2 | 1 | 1 | 1 | 2 |
| Interest | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | -2 | -1 | -1 | 0 | -3 | 0 | 0 | 0 | 1 |
| Provision for Tax | -0 | -0 | -0 | -0 | 0 | -1 | 0 | 0 | 0 | 0 |
| Profit After Tax | -1 | -1 | -1 | -1 | 0 | -2 | 0 | 0 | 0 | 1 |
| Adjustments | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -1 | -1 | -1 | -1 | 0 | -2 | 0 | 0 | 0 | 1 |
| Adjusted Earnings Per Share | -0.4 | -0.8 | -0.4 | -0.5 | 0 | -1.6 | 0.1 | 0.1 | 0.2 | 0.4 |
| #(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 | 0 | 0 | 24 | 49 | 52 | 25 | 31 | 60 | 55 | 47 | 46 | 44 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 24 | 49 | 52 | 26 | 31 | 60 | 55 | 47 | 46 | 44 |
| Total Expenditure | 0 | 0 | 22 | 45 | 48 | 22 | 26 | 55 | 50 | 47 | 48 | 39 |
| Operating Profit | -0 | 0 | 2 | 4 | 4 | 4 | 5 | 5 | 4 | 0 | -2 | 5 |
| Interest | 0 | 0 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 0 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 0 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | -3 | -5 | 1 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | 0 |
| Profit After Tax | -0 | 0 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | -2 | -4 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | 0 | 1 | 1 | 1 | 0 | 1 | 2 | 1 | -2 | -4 | 1 |
| Adjusted Earnings Per Share | -0.6 | 0 | 0.5 | 1 | 0.7 | 0 | 1 | 1.3 | 0.7 | -1.4 | -2.3 | 0.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | -8% | 13% | 0% |
| Operating Profit CAGR | 0% | NAN% | NAN% | 0% |
| PAT CAGR | 0% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 25% | -7% | 10% | NA% |
| ROE Average | -17% | -8% | -1% | 0% |
| ROCE Average | -8% | -0% | 4% | 4% |
| #(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 | 0 | 0 | 6 | 7 | 14 | 14 | 14 | 15 | 16 | 19 | 28 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 6 | 12 | 7 | 9 | 11 | 9 | 6 | 3 | 1 |
| Other Non-Current Liabilities | -0 | -0 | 0 | 1 | 1 | 1 | 0 | 2 | 2 | 1 | -0 |
| Total Current Liabilities | 0 | 0 | 16 | 15 | 16 | 15 | 14 | 16 | 18 | 17 | 13 |
| Total Liabilities | 0 | 1 | 28 | 34 | 38 | 38 | 40 | 42 | 41 | 41 | 42 |
| Fixed Assets | 0 | 0 | 7 | 13 | 13 | 14 | 13 | 13 | 12 | 12 | 13 |
| Other Non-Current Assets | 0 | 0 | 2 | 0 | 0 | 1 | 0 | 0 | 2 | 1 | 0 |
| Total Current Assets | 0 | 0 | 19 | 20 | 24 | 23 | 27 | 29 | 28 | 28 | 28 |
| Total Assets | 0 | 1 | 28 | 34 | 38 | 38 | 40 | 42 | 41 | 41 | 42 |
| #(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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Cash Flow from Operating Activities | -0 | -0 | -10 | -1 | 1 | 3 | -0 | 5 | 4 | 0 | -1 |
| Cash Flow from Investing Activities | 0 | -0 | -9 | -5 | -1 | -3 | -0 | -0 | -1 | -1 | -2 |
| Cash Flow from Financing Activities | 0 | 1 | 19 | 6 | 0 | -1 | 0 | -4 | -4 | 0 | 3 |
| Net Cash Inflow / Outflow | -0 | 0 | 0 | -0 | 0 | 0 | -0 | 1 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| # | 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) | -0.61 | 0 | 0.52 | 1.03 | 0.65 | 0.02 | 0.98 | 1.27 | 0.68 | -1.42 | -2.32 |
| CEPS(Rs) | -0.61 | 0 | 0.64 | 1.66 | 1.3 | 0.75 | 1.77 | 1.99 | 1.42 | -0.69 | -1.57 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | 0.12 | 0.12 | 0 | 0 |
| Book NAV/Share(Rs) | 1.64 | 1.64 | 5.54 | 6.56 | 9.98 | 10.37 | 10.82 | 11.16 | 11.73 | 12.94 | 14.51 |
| Core EBITDA Margin(%) | 0 | 0 | 8.09 | 8 | 7.63 | 11.96 | 14.67 | 7.5 | 7.7 | 0.81 | -4.31 |
| EBIT Margin(%) | 0 | 0 | 7.63 | 6.75 | 5.98 | 10.1 | 11.42 | 6.48 | 6.02 | -1.43 | -6.82 |
| Pre Tax Margin(%) | 0 | 0 | 3.04 | 2.9 | 1.86 | 0.45 | 4.44 | 3.02 | 2.15 | -5.99 | -10.48 |
| PAT Margin (%) | 0 | 0 | 2.13 | 2.06 | 1.68 | 0.1 | 4.28 | 2.84 | 1.66 | -4.43 | -7.85 |
| Cash Profit Margin (%) | 0 | 0 | 2.61 | 3.32 | 3.36 | 4 | 7.67 | 4.46 | 3.45 | -2.17 | -5.31 |
| ROA(%) | -7.38 | 0 | 3.57 | 3.25 | 2.44 | 0.07 | 3.35 | 4.14 | 2.2 | -5.16 | -8.84 |
| ROE(%) | -38.71 | 0 | 18.75 | 16.94 | 8.86 | 0.18 | 9.29 | 11.54 | 5.95 | -12.07 | -17.27 |
| ROCE(%) | -15.84 | 0 | 16.25 | 12.38 | 9.51 | 7.28 | 9.44 | 10.11 | 8.77 | -1.82 | -8.12 |
| Receivable days | 0 | 0 | 36.1 | 18.46 | 24.07 | 71.68 | 76.19 | 40.63 | 35.99 | 48.39 | 51.52 |
| Inventory Days | 0 | 0 | 212.55 | 96.51 | 97.34 | 205.51 | 166.7 | 101.18 | 118.28 | 135.14 | 117.75 |
| Payable days | 0 | 0 | 43.68 | 27.08 | 13.12 | 30.46 | 15.38 | 7.68 | 11.53 | 12.05 | 10.12 |
| PER(x) | 0 | 0 | 0 | 0 | 28.55 | 599.46 | 23.98 | 140.58 | 55.53 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.87 | 1.09 | 2.18 | 15.98 | 3.22 | 3.31 | 2.44 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0.35 | 0.07 | 0.33 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0 | 0.89 | 0.61 | 0.87 | 1.45 | 1.81 | 4.38 | 1.32 | 1.74 | 1.46 |
| EV/Core EBITDA(x) | -4.44 | 0 | 10.98 | 7.63 | 11.4 | 10.38 | 12.25 | 53.85 | 16.82 | 205.73 | -34.06 |
| Net Sales Growth(%) | 0 | 0 | 0 | 104.86 | 6.71 | -51.75 | 22.91 | 93.35 | -8.42 | -13.7 | -1.85 |
| EBIT Growth(%) | 0 | 100 | 0 | 81.08 | -5.51 | -18.51 | 38.91 | 10.12 | -14.62 | -120.66 | -362.39 |
| PAT Growth(%) | 0 | 100 | 0 | 97.31 | -12.56 | -97.13 | 5137.2 | 28.76 | -46.32 | -332.22 | -71.98 |
| EPS Growth(%) | 0 | 100 | 0 | 97.31 | -36.19 | -97.13 | 5144.28 | 28.76 | -46.32 | -307.84 | -63.67 |
| Debt/Equity(x) | 2.19 | 175.94 | 3.03 | 3.89 | 1.55 | 1.57 | 1.69 | 1.53 | 1.4 | 0.94 | 0.54 |
| Current Ratio(x) | 49.5 | 23.58 | 1.2 | 1.37 | 1.53 | 1.59 | 1.87 | 1.8 | 1.57 | 1.63 | 2.2 |
| Quick Ratio(x) | 49.5 | 23.58 | 0.32 | 0.56 | 0.53 | 0.75 | 0.77 | 0.72 | 0.53 | 0.62 | 1.2 |
| Interest Cover(x) | -8 | 0 | 1.66 | 1.75 | 1.45 | 1.05 | 1.64 | 1.87 | 1.56 | -0.31 | -1.86 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.83 | 1.44 | 0.77 | 0.1 | 0.43 | 0.29 | 0.2 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.35 | 60.35 | 56.72 | 56.4 | 56.4 | 56.4 | 56.4 | 56.4 | 56.4 | 57.29 |
| FII | 0 | 0 | 0.03 | 0 | 0 | 0 | 0 | 0.05 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 39.65 | 39.65 | 43.25 | 43.6 | 43.6 | 43.6 | 43.6 | 43.55 | 43.6 | 42.71 |
| 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 | 0.77 | 0.77 | 0.72 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.5 | 0.5 | 0.55 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.27 | 1.27 | 1.27 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.75 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 60.35 | 60.35 | 56.72 | 56.4 | 56.4 | 56.4 | 56.4 | 56.4 | 56.4 | 57.29 |
| FII | 0 | 0 | 0.03 | 0 | 0 | 0 | 0 | 0.05 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 39.65 | 39.65 | 43.28 | 43.6 | 43.6 | 43.6 | 43.6 | 43.6 | 43.6 | 42.71 |
| 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 | 0.77 | 0.77 | 0.72 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.5 | 0.5 | 0.55 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.27 | 1.27 | 1.27 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.78 | 1.75 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | -8% | +13% | — |
| Operating Profit CAGR | — | 0% | 0% | — |
| PAT CAGR | — | 0% | — | — |
| Share Price CAGR | +25% | -7% | +10% | — |
| ROE Average | -17% | -8% | -1% | 0% |
| ROCE Average | -8% | 0% | +4% | +4% |
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