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Jhandewalas Foods Ltd

JFL
BSE
28.81
4.92%
Last Updated:
30 Apr '26, 4:00 PM
Company Overview
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Jhandewalas Foods Ltd

JFL
BSE
28.81
4.92%
30 Apr '26, 4:00 PM
Company Overview
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6M
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Quick Ratios

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Mkt Cap
Market Capitalization
44Cr
Close
Close Price
28.81
Industry
Industry
Food & Dairy Products
PE
Price To Earnings
5.75
PS
Price To Sales
0.34
Revenue
Revenue
130Cr
Rev Gr TTM
Revenue Growth TTM
180.31%
PAT Gr TTM
PAT Growth TTM
-73.56%
Peer Comparison
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Quarterly Results

Standalone
Numbers
Percentage
QuarterMar 2020Sep 2020Mar 2021Sep 2021Mar 2022Sep 2022Mar 2023Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025
Revenue
RevenueCr
488201418581016305575
Growth YoY
Revenue Growth YoY%
-40.9-61.0-58.069.2-11.0-63.6-56.0105.4105.6193.0241.7147.6
Expenses
ExpensesCr
70143216229101219275172
Operating Profit
Operating ProfitCr
-22-5-12-2-4-4-2-2-3343
OPM
OPM%
-46.6-66.0-60.6-12.4-21.7-87.7-22.0-14.5-16.79.76.93.5
Other Income
Other IncomeCr
0000216127011
Interest Expense
Interest ExpenseCr
300000000111
Depreciation
DepreciationCr
100000000000
PBT
PBTCr
-23-6-12-2-2-44024344
Tax
TaxCr
000000000000
PAT
PATCr
-24-6-13-2-2-44023243
Growth YoY
PAT Growth YoY%
-41.4-6.046.967.882.7-112.5283.092.7467.9930.0-84.525.7
NPM
NPM%
-49.8-73.0-62.9-13.9-12.2-81.150.8-2.9140.48.26.44.2
EPS
EPS
-23.1-5.8-12.3-1.9-2.1-4.00.00.022.11.92.62.4

Profit & Loss

Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue
RevenueCr
149178155482832132685130
Growth
Revenue Growth%
19.7-12.9-69.2-40.912.3-59.3105.6222.752.3
Expenses
ExpensesCr
140168161704637163079124
Operating Profit
Operating ProfitCr
910-6-22-18-6-3-376
OPM
OPM%
5.95.6-3.6-46.6-62.2-17.7-24.6-11.57.94.9
Other Income
Other IncomeCr
0002004912
Interest Expense
Interest ExpenseCr
5563100111
Depreciation
DepreciationCr
0011100011
PBT
PBTCr
45-18-24-19-402367
Tax
TaxCr
12-20000-100
PAT
PATCr
23-16-24-19-402467
Growth
PAT Growth%
40.2-601.0-49.521.878.097.826,595.8-75.210.6
NPM
NPM%
1.51.8-10.3-49.8-65.8-12.9-0.791.57.05.1
EPS
EPS
7.23.1-15.5-23.1-18.1-4.0-0.123.64.75.0

Balance Sheet

Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital
Equity CapitalCr
31010101010101013
Reserves
ReservesCr
10226-17-36-40-40-169
Current Liabilities
Current LiabilitiesCr
414760615655462432
Non Current Liabilities
Non Current LiabilitiesCr
6119552233
Total Liabilities
Total LiabilitiesCr
619086583527182261
Current Assets
Current AssetsCr
57868143181181130
Non Current Assets
Non Current AssetsCr
445161616101031
Total Assets
Total AssetsCr
619086583527182261

Cash Flow

Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating Cash Flow
Operating Cash FlowCr
5-2002514223-39
Investing Cash Flow
Investing Cash FlowCr
-3-2-1-11-1-160-1
Financing Cash Flow
Financing Cash FlowCr
-3231-15-1-3-8-2239
Net Cash Flow
Net Cash FlowCr
-110-100010
Free Cash Flow
Free Cash FlowCr
5-20-11314724-39
CFO To PAT
CFO To PAT%
217.6-633.1-1.3-105.3-7.6-102.2-1,976.993.5-645.8
CFO To EBITDA
CFO To EBITDA%
55.8-200.2-3.7-112.5-8.1-74.6-57.0-745.3-575.9

Ratios

Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
0402669808061
Price To Earnings
Price To Earnings
0.012.70.00.00.00.00.03.310.2
Price To Sales
Price To Sales
0.00.20.20.10.30.30.03.00.7
Price To Book
Price To Book
0.01.21.5-0.8-0.3-0.30.0-14.92.8
EV To EBITDA
EV To EBITDA
3.88.3-13.4-2.0-3.1-9.0-11.2-30.813.2
Profitability Ratios
Profitability Ratios
GPM
GPM%
8.78.7-0.2-23.4-6.5-4.40.33.614.8
OPM
OPM%
5.95.6-3.6-46.6-62.2-17.7-24.6-11.57.9
NPM
NPM%
1.51.8-10.3-49.8-65.8-12.9-0.791.57.0
ROCE
ROCE%
17.812.5-18.1-63.2-85.8-29.31.9257.414.4
ROE
ROE%
16.99.7-95.2336.372.513.80.3-451.827.5
ROA
ROA%
3.73.5-18.5-40.6-53.5-15.0-0.5110.99.8
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**