Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹44Cr
Rev Gr TTM
Revenue Growth TTM
180.31%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

JFL
VS
| Quarter | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -40.9 | -61.0 | -58.0 | 69.2 | -11.0 | -63.6 | -56.0 | 105.4 | 105.6 | 193.0 | 241.7 | 147.6 |
| 70 | 14 | 32 | 16 | 22 | 9 | 10 | 12 | 19 | 27 | 51 | 72 |
Operating Profit Operating ProfitCr |
| -46.6 | -66.0 | -60.6 | -12.4 | -21.7 | -87.7 | -22.0 | -14.5 | -16.7 | 9.7 | 6.9 | 3.5 |
Other Income Other IncomeCr | 0 | 0 | 0 | 0 | 2 | 1 | 6 | 1 | 27 | 0 | 1 | 1 |
Interest Expense Interest ExpenseCr | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
Depreciation DepreciationCr | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -23 | -6 | -12 | -2 | -2 | -4 | 4 | 0 | 24 | 3 | 4 | 4 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | -41.4 | -6.0 | 46.9 | 67.8 | 82.7 | -112.5 | 283.0 | 92.7 | 467.9 | 930.0 | -84.5 | 25.7 |
| -49.8 | -73.0 | -62.9 | -13.9 | -12.2 | -81.1 | 50.8 | -2.9 | 140.4 | 8.2 | 6.4 | 4.2 |
| -23.1 | -5.8 | -12.3 | -1.9 | -2.1 | -4.0 | 0.0 | 0.0 | 22.1 | 1.9 | 2.6 | 2.4 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 19.7 | -12.9 | -69.2 | -40.9 | 12.3 | -59.3 | 105.6 | 222.7 | 52.3 |
| 140 | 168 | 161 | 70 | 46 | 37 | 16 | 30 | 79 | 124 |
Operating Profit Operating ProfitCr |
| 5.9 | 5.6 | -3.6 | -46.6 | -62.2 | -17.7 | -24.6 | -11.5 | 7.9 | 4.9 |
Other Income Other IncomeCr | 0 | 0 | 0 | 2 | 0 | 0 | 4 | 9 | 1 | 2 |
Interest Expense Interest ExpenseCr | 5 | 5 | 6 | 3 | 1 | 0 | 0 | 1 | 1 | 1 |
Depreciation DepreciationCr | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 |
| 4 | 5 | -18 | -24 | -19 | -4 | 0 | 23 | 6 | 7 |
| 1 | 2 | -2 | 0 | 0 | 0 | 0 | -1 | 0 | 0 |
|
| | 40.2 | -601.0 | -49.5 | 21.8 | 78.0 | 97.8 | 26,595.8 | -75.2 | 10.6 |
| 1.5 | 1.8 | -10.3 | -49.8 | -65.8 | -12.9 | -0.7 | 91.5 | 7.0 | 5.1 |
| 7.2 | 3.1 | -15.5 | -23.1 | -18.1 | -4.0 | -0.1 | 23.6 | 4.7 | 5.0 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Equity Capital Equity CapitalCr | 3 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 13 |
| 10 | 22 | 6 | -17 | -36 | -40 | -40 | -16 | 9 |
Current Liabilities Current LiabilitiesCr | 41 | 47 | 60 | 61 | 56 | 55 | 46 | 24 | 32 |
Non Current Liabilities Non Current LiabilitiesCr | 6 | 11 | 9 | 5 | 5 | 2 | 2 | 3 | 3 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 57 | 86 | 81 | 43 | 18 | 11 | 8 | 11 | 30 |
Non Current Assets Non Current AssetsCr | 4 | 4 | 5 | 16 | 16 | 16 | 10 | 10 | 31 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 5 | -20 | 0 | 25 | 1 | 4 | 2 | 23 | -39 |
Investing Cash Flow Investing Cash FlowCr | -3 | -2 | -1 | -11 | -1 | -1 | 6 | 0 | -1 |
Financing Cash Flow Financing Cash FlowCr | -3 | 23 | 1 | -15 | -1 | -3 | -8 | -22 | 39 |
|
Free Cash Flow Free Cash FlowCr | 5 | -20 | -1 | 13 | 1 | 4 | 7 | 24 | -39 |
| 217.6 | -633.1 | -1.3 | -105.3 | -7.6 | -102.2 | -1,976.9 | 93.5 | -645.8 |
CFO To EBITDA CFO To EBITDA% | 55.8 | -200.2 | -3.7 | -112.5 | -8.1 | -74.6 | -57.0 | -745.3 | -575.9 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 40 | 26 | 6 | 9 | 8 | 0 | 80 | 61 |
Price To Earnings Price To Earnings | 0.0 | 12.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.3 | 10.2 |
Price To Sales Price To Sales | 0.0 | 0.2 | 0.2 | 0.1 | 0.3 | 0.3 | 0.0 | 3.0 | 0.7 |
Price To Book Price To Book | 0.0 | 1.2 | 1.5 | -0.8 | -0.3 | -0.3 | 0.0 | -14.9 | 2.8 |
| 3.8 | 8.3 | -13.4 | -2.0 | -3.1 | -9.0 | -11.2 | -30.8 | 13.2 |
Profitability Ratios Profitability Ratios |
| 8.7 | 8.7 | -0.2 | -23.4 | -6.5 | -4.4 | 0.3 | 3.6 | 14.8 |
| 5.9 | 5.6 | -3.6 | -46.6 | -62.2 | -17.7 | -24.6 | -11.5 | 7.9 |
| 1.5 | 1.8 | -10.3 | -49.8 | -65.8 | -12.9 | -0.7 | 91.5 | 7.0 |
| 17.8 | 12.5 | -18.1 | -63.2 | -85.8 | -29.3 | 1.9 | 257.4 | 14.4 |
| 16.9 | 9.7 | -95.2 | 336.3 | 72.5 | 13.8 | 0.3 | -451.8 | 27.5 |
| 3.7 | 3.5 | -18.5 | -40.6 | -53.5 | -15.0 | -0.5 | 110.9 | 9.8 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Jhandewalas Foods Limited, a prominent Indian food products company with a **125-year legacy** rooted in five generations of family leadership, has evolved from a single retail outlet in Johari Bazaar, Jaipur, to a leading national player in the branded packaged foods sector. With its flagship brand **Naman** and other key brands like **Godhenu**, **Nutri Flakes**, **Sweet Bites**, **Yumm Yoo**, and **Polki**, the company has strategically diversified beyond its traditional ghee business to become a full-fledged food conglomerate.
The company went public in January 2018 with an **oversubscribed IPO (278 times)** raising ₹4,231 crore, marking a key milestone in its growth journey. Under the leadership of Managing Director **Mr. Raakesh B. Kulwal**, Jhandewalas Foods is focused on **pan-India expansion**, product innovation, technological integration, and building consumer trust through quality and tradition.
---
### **Recent Developments (2024–2025)**
#### **October 2025 – E-Commerce & Festive Sales Surge**
- Demonstrated strong performance during the Diwali season, with **high demand for Naman-branded sweets and festive hampers** on e-commerce platforms such as **Flipkart and Amazon**.
- Consumer response was driven by **premium packaging, authentic taste, reduced sugar formulations, and preservative-free ingredients**, appealing to health-conscious gift buyers.
- This success underscores growing traction in the **festive gifting and online retail segment**, reinforcing e-commerce as a strategic growth channel.
#### **October 2025 – Regional Ghee Success**
- **Naman brand ghee** achieved significant sales of **₹2 crore within 4–5 months** in **DMart stores across Jaipur**, indicating strong regional brand acceptance.
- Positive consumer feedback is fueling expansion plans into **new regions and modern trade channels**, including other leading retail chains.
#### **August 2025 – Premium Sweets Line Launch**
- Launched a **premium sweets range under the 'Naman' brand**, featuring:
- Kaju Barfi, Gond Laddu, Panjiri Laddu, Motichoor Laddu, Peda, and Besan Laddu.
- Packaged in **180 gm consumer-ready packs**, made with **homemade mawa, pure desi ghee, no preservatives**, and reduced sugar.
- **Shelf life of 3–4 months**, available via **e-commerce (Amazon, Flipkart)**, select retailers, and **www.namans.co.in**.
- Aligns with rising demand for **traditional, hygienic, and health-conscious Indian sweets**.
#### **August 2025 – Product Portfolio & Branding**
- Offers a wide range of products across categories:
- **Ghee**: Buffalo, Cow, A2 Gir Cow, Premium Buffalo.
- **Spices & Masalas**: Chai Masala, Poha Masala, Indian spices.
- **Ready-to-Cook/Eat**: Chilla pre-mix, rava idli mix, khichadi, upma, biryani, poha.
- **Staples & Snacks**: Saffron, poha, papad, mangodi, refined groundnut oil, pasta (including quinoa).
- Branded under **Naman, Godhenu, Nutri Flakes, Sweet Bites, Yumm Yoo, and Polki**.
- Also markets products in partnership with its sister concern, **Hari Narayan Gyarsi Lal**, leveraging shared heritage and supply infrastructure.
#### **August 2025 – Market Reach & Distribution**
- Has a **leading position in the branded ghee market in Rajasthan** and is expanding rapidly into **Delhi, Mumbai, Hyderabad, Bangalore, and 8 other states**, currently operating in **11 states**.
- Strong presence in **organized retail (DMart, Reliance, Walmart)** and e-commerce (**Amazon, Flipkart, BigBasket, Jiomart, Meesho, Paytm, Snapdeal**).
- Supplies to **key institutional clients** including:
- Haldiram’s, Bikano, Dabur, Baidyanath, Ghasitaram’s, and Sachkhand Temple (Darbar Sahib).
- Engaged in **private-label manufacturing**, reflecting production credibility and adherence to quality standards.
#### **June 2025 – Quality Assurance**
- Ensures **100% purity of Desi Ghee** through an **in-house laboratory equipped with Gas Chromatography (GC)** technology.
- GC enables detection of **trace-level adulterants**, providing scientific validation of product integrity and compliance with **FSSAI, ISO, APEDA, and Halal certifications**.
#### **May 2025 – Expansion Goals**
- Aims to scale retail outlet presence from **20,000 to 50,000 by end-2025**.
- Targeting growth in distributor network from **250 to 500**, enhancing urban and rural reach.
- Increasing partnerships with **quick commerce and modern trade platforms** to align with evolving consumer behavior.
- Plans multiple **new product launches in 2025**, focusing on **ready-to-eat, snacks, and health-oriented offerings**.
#### **November 2025 – Strategic B2B Partnership**
- Secured a **₹4.07 crore order** to supply **butter to Hocco**, a fast-growing Indian QSR and ice cream brand.
- Marks **empanelment as a new vendor**, validating **product quality, scalability, and reliability** in organized food service and retail supply chains.
- Hocco operates **150+ outlets, 15,000 retail touchpoints**, and is scaling toward **250 stores**, recently valued at **₹2,000 crore** post institutional funding.
#### **September 2024 – Major Client Orders**
- Received **orders worth ₹6 crore** from **Dabur** and **Sachkhand Temple (Darbar Sahib)**, expected to positively impact revenue and operations.
- Reinforces the company's **credibility in institutional and religious supply chains**.
---
### **Growth Strategy & Vision**
- **Geographic Expansion**: From Rajasthan to a national presence, targeting **15 states by 2025** and **pan-India coverage by 2030**, with ambitions for **international markets**.
- **Product Diversification**: Transitioned from a ghee-focused brand to a **multi-category FMCG player**, with investments in **ready-to-eat, snacks, spices, and health-centric lines**.
- **E-commerce & Omnichannel Push**: Aggressive expansion across **new-age digital platforms** (Meesho, Jiomart, Paytm) alongside modern retail and institutional sales.
- **Technology & Quality**: Uses **in-house R&D and GC testing** to ensure product purity and consistency, building consumer trust.
- **Sustainability & Legacy**: Balances **traditional recipes with modern hygiene and packaging**, promoting a **health-conscious, culturally rooted lifestyle**.
---
### **Distribution Network (As of 2025)**
- **Approx. 50,000 retailers**
- **550+ distributors** across India
- Presence in **online marketplaces, modern retail chains, institutional networks, and religious institutions**
---
### **Competitive Landscape**
- Faces competition from **large Indian and multinational FMCG players** with greater financial and marketing muscle.
- Competes with the **unorganized sector** offering loose, unbranded products.
- **Key differentiators**:
- **Strong brand equity and 125-year heritage**
- **Scientific quality assurance**
- **Robust distribution and institutional partnerships**
- **Focus on authentic taste and natural ingredients**