Anand Rathi's research report on Mrs Bectors Food Specialties
One of the leaders in premium and mid-premium biscuits (a 5% share in North India), and other bakery items mainly in north India, Mrs Bectors Food Specialties manufactures and markets biscuits under its flagship brand ‘Mrs Bector’s Cremica’ and bakery items under ‘English Oven’. Its diverse mix of biscuits (~61% of revenue), bakery (~35%), domestic (61%), exports (31%), B2B and B2C makes it a wholesome play. Its gradual expansion into the South and West presents attractive growth opportunities in the medium to long term.
Outlook
We initiate coverage on the stock with a Buy and a 12-mth TP of Rs1,875 (48x FY27e EPS), implying 26% potential.
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