Aveer Foods is an Indian kitchen-staple company built on a single, enduring idea - that every meal needs a companion, and that companion should carry the trust of a brand born in 1962. The business was carved out of Chordia Food Products Limited through a court-approved demerger in 2022, emerging as an independent listed entity managed by the third generation of the Chordia family. Its recurring approach is to take traditional Indian meal accompaniments - pickles, chutneys, papads - and manufacture them at scale with modern quality systems, then push them through one of the widest distributor networks in the category to reach the everyday thali across India. # Business segments A single engine at national scale - traditional and non-traditional meal accompaniments manufactured under one quality framework and pushed through a shared distributor network of over 1,500 touchpoints, recently deepened by acquiring a southern manufacturing base. ## 1. Indian meal accompaniments: the original kitchen companion **Pickles, chutneys, thecha and papads sold under the PRAVIN, NAVIN, TOOFAN and SUHANA-PRAVIN brands - products that sit on the Indian thali at every meal, built on a sixty-year legacy.** - **The pickle anchors the portfolio** - it is the company's largest category, though growth here was in low single digits in FY25, while healthier volume growth came from thecha and papad in recent years. - **Seasonal raw materials, processed immediately** - the company buys raw mangoes, lemons, tomatoes and spices at harvest, which must be processed within a day or two of procurement and then preserved for year-round sale without losing taste or quality. - **A distributor network that reaches the neighbourhood store** - products move through more than 1,500 distributors across all key Indian states, described as among the widest networks in the meal-accompaniment segment, with efforts underway to deepen coverage to more than three lakh outlets. - **Maharashtra shows what full coverage looks like** - the company's products are already in 60% of outlets in the state, and the stated goal is to push that to 80%; for papad, expanding distribution from 18% to 40% of outlets drove strong category growth. - **Regional tastes as a growth lever** - the company intends to introduce flavours from different regions to reach untouched markets in various states, and also plans to enter export markets to establish the brand overseas. ## 2. Non-Indian meal accompaniments: capturing the Chinese-kitchen moment **Schezwan chutney and Chinese sauces that ride the same factory lines and distributor trucks as the traditional range, aimed at the second-most-consumed cuisine in India.** - **Built on a universal taste** - after an overwhelming response to its thecha, the company introduced Schezwan chutney, a product it describes as universally appealing across age groups. - **Same backbone, different cuisine** - these products are manufactured under the same ISO 22000 and FSSC 22000 certified facilities and quality-assurance framework, and reach the market through the same network of over 1,500 distributors. - **R&D drives the pipeline** - the company's in-house research centre, supported by skilled chefs and food specialists, develops products in this category to keep pace with evolving consumer preferences. ## 3. The Kamal Industries base: a southern manufacturing anchor, bought from within the family **A related-party pickle-manufacturing business in Dharwad acquired on a slump-sale basis in April 2025, consolidating a long-time supplier and customer into the company's own operations.** - **Bought, not just built** - Kamal Industries was a partnership firm making pickles under the PRAVIN, TOOFAN and NAVIN brands, and had been a prominent customer and supplier of Aveer Foods since the company began; the acquisition eliminates inter-party transactions and brings the southern manufacturing footprint in-house. - **A lump-sum deal with deferred payment** - the business undertaking was acquired for a total cash consideration of twenty-five crore rupees, with 25% paid on the effective date of 30 April 2025 and the remaining 75% payable within eighteen months from the date of execution of the agreement. - **What came with the purchase** - the acquired undertaking includes manufacturing facilities, processes, recipes, technical know-how, customer data, all assets and liabilities tied to the business, and the employees on payroll and contract. - **A family transaction with no control change** - the partners of Kamal Industries were Mr. Anand Chordia (Managing Director of Aveer Foods) and his mother Mrs. Madhubala Chordia; the acquisition did not alter management or control of the listed entity. # Manufacturing, quality and R&D: the shared production backbone **Two owned factories - one in Satara, one in Dharwad - run on a single quality playbook of global food-safety certifications, in-house R&D, and low-energy processing that underpins every product the company sells.** - **Quality checked at the gate and at the dispatch dock** - a dedicated on-site laboratory and quality team follows a Goods-In-Goods-Out protocol, verifying every incoming raw material and ensuring finished products meet FSSAI, EU or USFDA standards as the customer requires. - **R&D that works on cost and product together** - the in-house research centre focuses simultaneously on new product development, cost reduction, energy conservation and process productivity, supported by collaboration with chefs and food specialists, while the company uses no external technology collaborations - all methods are developed internally. - **Low-energy processing with biomass fuel** - the Shirwal unit runs its boiler entirely on biomass briquettes, and overall operations involve very low energy consumption; a structured waste centre segregates output, with organic waste composted locally, plastic sold to certified recyclers, and used cooking oil sent to the RUCO project for biodiesel conversion. - **Technology that connects the shop floor to the distributor** - the company runs SAP ERP for raw-material acquisition, finished-product payments and receivables management, and has implemented Sales Force Automation and Distributor Management Service applications to tighten the link between factory and market. # Group structure and partners **A listed company born from a demerger, controlled by one branch of the Chordia family with a 67% stake, and operating within a dense ecosystem of related-party firms that supply materials, buy products and hold the brand intellectual property.** - **Created by court-approved split** - Aveer Foods was incorporated in April 2019 as a wholly-owned subsidiary of Chordia Food Products Limited; the food division of CFPL was demerged into Aveer under an NCLT-approved scheme effective July 2022, with shares issued 1:1 to CFPL shareholders and the original subsidiary shares cancelled. - **Two families, two listed companies** - the Chordia family operates CFPL (managed by the PHC Group) and Aveer Foods (managed by the RHC Group); post-demerger, the RHC Group became the promoter with a 67% holding, while the PHC Group's stake was brought down to 5% and later reclassified to the public category in October 2024. - **Promoter warrants deepen the holding** - in March 2025, the company allotted 4.52 lakh convertible warrants to two RHC Group promoters at ₹575 per warrant; on full conversion, promoter diluted holding will stand at 57.43%. - **Pravin Masalewale is the closest operational partner** - this related partnership firm manufactures spices, instant mixes and processed foods with a strong domestic and international brand presence; both Managing Directors of Aveer Foods hold senior roles there, and significant volumes of raw material, semi-finished and finished goods flow between the two entities. - **Royalty and services flow within the group** - the company pays an annual royalty of 18.90 lakh rupees to Raja Flavours & Foods LLP, an entity where its directors are designated partners, and avails services from Chordia Industrial Park LLP and Chordia Food Products Limited, both connected through relatives of the directors.