Consumer Food · Founded 1994 · www.superbread.com · BSE 530735 · · ISIN INE897A01011
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1. Business Overview
Super Bakers (India) Ltd. is a company operating in the Consumer Food sector, specifically focused on the bakery industry in India. Its core business involves the manufacturing, marketing, and distribution of various baked food products. This typically includes items like bread, biscuits, cakes, rusks, and other confectionery items. The company makes money by selling these packaged food products to consumers through a network of retail channels, which may include general trade stores, modern retail chains, and potentially direct-to-consumer sales.
2. Key Segments / Revenue Mix
While specific revenue breakdowns are not publicly available, Super Bakers' revenue is likely diversified across several product categories within the bakery segment. These may include:
Bread & Buns: Staple items for daily consumption.
Biscuits & Cookies: A broad category ranging from economical to premium offerings.
Cakes & Pastries: Including packaged cakes for wider distribution and fresh cakes for local markets.
Rusks: A popular tea-time snack in India.
Other Snacks & Confectionery: Potentially savory snacks or sweet treats.
The contribution from each segment would depend on the company's strategic focus and market penetration within these categories.
3. Industry & Positioning
The Indian bakery industry is a large and growing segment of the overall consumer food market, characterized by a mix of organized and unorganized players. It is highly competitive, with established national brands (e.g., Britannia, Parle, Modern Foods), strong regional players, and numerous small-scale local bakeries. Super Bakers would be positioned within this competitive landscape, likely aiming to carve out market share through product quality, pricing, distribution reach, or specific regional strength. Its positioning could range from a mass-market player focusing on affordability and widespread availability to a niche player targeting specific consumer segments with premium or specialized products.
4. Competitive Advantage (Moat)
For a consumer food company like Super Bakers, potential competitive advantages (moats) could include:
Brand Loyalty: A strong, trusted brand name that resonates with consumers can drive repeat purchases.
Distribution Network: An extensive and efficient supply chain to reach diverse geographic markets, especially in a vast country like India.
Scale Economies: Large-scale manufacturing can lead to lower per-unit costs, allowing for competitive pricing.
Taste & Local Adaptation: Developing products that specifically cater to local Indian tastes and preferences.
Cost Efficiency: Effective management of raw material sourcing and production processes to maintain competitive pricing.
The strength of these moats for Super Bakers would depend on its market presence and operational scale relative to its peers.
5. Growth Drivers
Key factors that can drive growth for Super Bakers over the next 3-5 years include:
Increasing Disposable Incomes: Leading to higher consumer spending on packaged and convenience foods.
Urbanization & Changing Lifestyles: Driving demand for ready-to-eat and processed food products.
Growing Population: A continually expanding consumer base in India.
Product Innovation: Introduction of new flavors, healthier options, or value-added products to attract new consumers and retain existing ones.
Distribution Expansion: Deepening penetration in existing markets and expanding into new geographies (tier-2/3 cities, rural areas).
Shift from Unorganized to Organized Sector: Consumers increasingly preferring branded and hygienically produced food items.
6. Risks
Raw Material Price Volatility: Fluctuations in prices of key ingredients like flour, sugar, edible oils, and dairy products can impact profit margins.
Intense Competition: The presence of numerous national and regional players makes it challenging to gain and retain market share.
Changing Consumer Preferences: Shifts towards healthier alternatives, organic products, or specific dietary trends could impact demand for traditional bakery items.
Supply Chain Disruptions: Issues with logistics, transportation, or labor can affect production and distribution.
Regulatory Risks: Changes in food safety standards, labeling requirements, or taxation policies (e.g., GST) could impact operations.
Brand Reputation: Product recalls, quality concerns, or negative publicity can significantly harm consumer trust and sales.
7. Management & Ownership
Typically, companies like Super Bakers often have their origins in entrepreneurial families, implying that the promoter group (founding family or core entrepreneurs) holds a significant ownership stake and plays a key role in strategic decision-making and day-to-day operations. The management quality would be crucial for navigating the competitive consumer food landscape, executing growth strategies, and maintaining operational efficiencies. The ownership structure would likely involve the promoter group, institutional investors (if publicly listed and followed), and public shareholders.
8. Outlook
Super Bakers operates in a resilient and growing consumer food market in India, driven by favorable demographic trends and increasing disposable incomes. The company has potential for growth through product innovation, brand building, and expansion of its distribution network. However, it faces significant challenges from intense competition, volatile raw material costs, and evolving consumer preferences. Success will depend on its ability to maintain cost efficiencies, adapt to market trends, and effectively differentiate its products while managing supply chain complexities and potential regulatory hurdles.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | -0 | -0 | -0 | 0 | -0 | 0 | -0 | -0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0.3 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.3 | 0.4 | 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 | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Income | 14 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Total Expenditure | 14 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Provision for Tax | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | -0.7 | -0.5 | 0.6 | 0.5 | 0.8 | 0.7 | 0.8 | 0.9 | 0.9 | 1.2 | 1.4 | 1.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | -100% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 7% | 14% | 24% | 14% |
| ROE Average | 9% | 8% | 7% | 4% |
| ROCE Average | 10% | 10% | 10% | 7% |
| #(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 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 |
| Fixed Assets | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 |
| Other Non-Current Assets | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 2 | 2 | 1 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 5 |
| Total Assets | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 4 |
| Cash Flow from Operating Activities | 0 | 1 | -0 | -0 | -0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 1 | 0 | -1 | 0 | 0 | 0 | 0 |
| Cash Flow from Financing Activities | 0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Net Cash Inflow / Outflow | 0 | 1 | -1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 | 4 | 4 |
| # | 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) | -0.65 | -0.55 | 0.6 | 0.53 | 0.76 | 0.71 | 0.76 | 0.93 | 0.92 | 1.17 | 1.41 |
| CEPS(Rs) | -0.2 | -0.09 | 1.06 | 0.98 | 0.98 | 0.89 | 1.1 | 1.22 | 1.2 | 1.46 | 1.69 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 9.25 | 8.7 | 9.73 | 10.26 | 11.02 | 11.73 | 12.49 | 13.42 | 14.34 | 15.52 | 16.92 |
| Core EBITDA Margin(%) | 0.39 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | -0.45 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | -0.95 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | -1.41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | -0.43 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | -5.29 | -5.54 | 6.25 | 5.21 | 7.1 | 6.1 | 6.07 | 7.04 | 6.46 | 7.67 | 8.43 |
| ROE(%) | -6.44 | -6.11 | 6.55 | 5.32 | 7.17 | 6.23 | 6.25 | 7.22 | 6.62 | 7.87 | 8.69 |
| ROCE(%) | -1.88 | -4.58 | 6.22 | 6.58 | 10.9 | 8.46 | 8.71 | 9.53 | 8.97 | 10.8 | 10.37 |
| Receivable days | 28.49 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 26.79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 11.22 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 17.39 | 22.01 | 16.38 | 7.95 | 12.48 | 11.82 | 23.38 | 26.4 | 20.77 |
| Price/Book(x) | 0.79 | 0 | 1.08 | 1.14 | 1.13 | 0.48 | 0.76 | 0.82 | 1.5 | 2 | 1.73 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 28.15 | 649.64 | 7.88 | 7.46 | 4.69 | -1.84 | 0.31 | 0.63 | 6.68 | 9.6 | 8.06 |
| Net Sales Growth(%) | -9.27 | -100 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | -158.1 | -114.56 | 232.82 | 12.05 | 75.16 | -17.01 | 9.54 | 17.07 | 0.86 | 29.44 | 4.31 |
| PAT Growth(%) | -1784.24 | 16.05 | 209.96 | -11.95 | 43.6 | -7.21 | 6.92 | 23.47 | -1.66 | 27.72 | 19.98 |
| EPS Growth(%) | -1784.5 | 16.04 | 209.96 | -11.96 | 43.59 | -7.21 | 6.92 | 23.47 | -1.66 | 27.71 | 19.99 |
| Debt/Equity(x) | 0.11 | 0.05 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 32.86 | 27.85 | 5.79 | 7.38 | 21.77 | 13.06 | 13.99 | 15.63 | 17.34 | 17.99 | 15.53 |
| Quick Ratio(x) | 29.35 | 23.47 | 4.43 | 7.38 | 21.77 | 13.06 | 13.99 | 15.63 | 17.34 | 17.99 | 15.53 |
| Interest Cover(x) | -0.89 | -4.28 | 12.73 | 125.42 | 4680.47 | 4109.45 | 3187 | 1865.5 | 1254.33 | 2435.5 | 2540.5 |
| Total Debt/Mcap(x) | 0.14 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 |
| 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 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 | 22.31 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 | 77.69 |
| 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 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | -100% |
| Operating Profit CAGR | 0% | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +7% | +14% | +24% | +14% |
| ROE Average | +9% | +8% | +7% | +4% |
| ROCE Average | +10% | +10% | +10% | +7% |
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