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Mrs Bectors Food Specialities Ltd

BECTORFOOD

NSE

₹203.67-3.24%19 Oct 2026 at 3:31 PM

Reports

FMCG Foods

Mrs Bectors Food Specialities Ltd

BECTORFOOD

NSE

₹203.67

-3.24%

19 Oct 2026 at 3:31 PM

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FMCG Foods

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Mrs. Bectors Food Specialities is a branded packaged-foods company built on a single, repeatable skill - industrial-scale baking - that it applies across biscuits, breads, and buns for both retail shoppers and the world’s largest quick-service restaurant (QSR) chains. It began in 1978 as a backyard bakery in Ludhiana with an investment of ₹300, and the pivotal moment came around 1995 when McDonald’s signed the company to bake its burger buns, creating the institutional bakery business that still anchors the company today. The recurring approach is to use deep, long-standing relationships with demanding QSR customers to enforce world-class manufacturing standards, and then carry that same quality into branded retail products sold under the ‘Cremica’ and ‘English Oven’ names.

Business segments

Two engines that share the same ovens - a biscuit business built on the ‘Cremica’ brand and export contracts, and a bakery business that supplies both the nation’s burger chains and the premium bread aisle.

1. Biscuits: the branded and contract-manufactured engine

A portfolio of cookies, crackers and creams sold under the ‘Cremica’ brand across India and exported to 75 countries, plus a contract-manufacturing stream for global names like Mondelez.

A brand born from cream - the name ‘Cremica’ comes from “cream-ka,” a nod to the founder’s use of cream in her original recipes, and the brand now spans 384 SKUs from coconut cookies and ajwain crackers to millet-based and chocolate-sandwich variants.
Dominant in its home territory - the company ranks among the top two in the premium and mid-premium biscuit segment across Punjab, Himachal Pradesh, Ladakh, and Jammu & Kashmir, and held a 4.5% share of that market in North India.
India’s biscuit exporter - it is one of the largest biscuit exporters from the country, with roughly a 12% share of total Indian biscuit exports, split almost evenly between its own brands and private-label manufacturing for international retail chains.
Baking for the biggest names - the company is a contract manufacturer of select biscuits, including Oreo and Chocobakes, for Mondelez, which means its production lines are audited to the standards of a global snacking giant.
A network reaching half a million shops - distribution runs through more than 400 super-stockists and around 900 distributors to over 550,000 retail outlets, with a sales-automation tool that tracks coverage and stock visibility in real time, plus a loyalty programme covering 5,000-plus preferred outlets.

2. Bakery: the QSR supplier that became a premium retail brand

Fresh and ambient breads, buns, cakes and frozen dough sold under the ‘English Oven’ brand, built on exclusive, decades-long supply relationships with McDonald’s, KFC, Burger King and others.

The bun that built the business - the company is one of only two key vendors in India supplying processed and semi-processed dough-based products to institutions, and it has been the sole supplier of buns to a leading burger chain in North and East India for over 25 years.
A factory for every region - bakery plants in Greater Noida, Khopoli (near Mumbai), Bengaluru, Bhiwadi, and a newly commissioned Kolkata facility give it the ability to serve fresh bread and buns daily across the country, with each plant designed to eventually produce burger buns, breads, and value-added frozen dough under one roof.
The largest premium bread in India’s biggest cities - ‘English Oven’ is the largest premium-selling bread brand in Delhi NCR, Mumbai, and Bengaluru, moving an average of more than 275,000 packs of branded bread every day and 11 million loaves a month.
Quick-commerce leadership - the brand has emerged as a leader on quick-commerce platforms, where its impulse-friendly products and city-level inventory planning have made it a growth catalyst, with frozen burger buns and gourmet ranges already available on Blinkit in Delhi NCR.
Protein bread and sourdough as the next frontier - under the ‘NaturBaked’ clean-label sub-brand, the company launched what it calls India’s first PDCAAS-verified protein bread, containing 56 grams of protein per loaf with no palm oil, no artificial preservatives, and zero maida, and it has just expanded sourdough capacity at its North Indian plant.

Group structure and partners

A single listed entity with three subsidiaries and a brand-separation agreement that keeps ‘Cremica’ for biscuits and ‘English Oven’ for bakery.

The company has three subsidiaries: Bakebest Foods Private Limited (the material subsidiary), Mrs Bector’s English Oven Limited, and Mrs. Bectors Food International (FZE), the last incorporated in the UAE to trade bakery and confectionery products into the MENA and African markets.
A Brand Separation Agreement ensures the ‘Mrs. Bector’s Cremica’ brand is exclusive to the company for biscuits, and ‘English Oven’ is exclusive for branded breads and bakery products.
The company is part of Walmart’s commitment to source $10 billion in goods from India, and its association with both McDonald’s and Walmart is described as a testament to its quality standards.
Credit ratings stand at AA-/Stable from CRISIL and AA-/Positive from ICRA for long-term borrowings, with A1+ for short-term borrowings from both agencies.

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Balance Sheet

Cash Flow

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Mkt Cap

Market Capitalization

₹6,246Cr

Close Price

₹203.45

Industry

FMCG Foods

Price To Earnings

42.04

Price To Sales

2.95

Revenue

₹2,119Cr

Rev Gr TTM

Revenue Growth TTM

11.11%

PAT Gr TTM

PAT Growth TTM

7.27%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	415	429	406	439	496	492	446	473	551	533	486	549
Growth YoY Revenue Growth YoY%	19.3	16.6	17.4	17.4	19.7	14.8	9.8	7.6	11.1	8.4	8.9	16.0
Expenses ExpensesCr	350	368	348	375	426	431	391	415	482	465	424	477
Operating Profit Operating ProfitCr	65	61	59	64	70	61	56	58	69	68	62	72
OPM OPM%	15.6	14.3	14.4	14.6	14.2	12.5	12.4	12.3	12.6	12.8	12.7	13.1
Other Income Other IncomeCr	3	5	7	5	6	7	11	7	7	7	10	9
Interest Expense Interest ExpenseCr	3	3	4	4	4	3	2	3	3	2	3	3
Depreciation DepreciationCr	15	16	16	17	19	19	20	21	24	23	22	26
PBT PBTCr	50	46	45	48	53	46	45	41	49	51	47	52
Tax TaxCr	13	12	12	12	14	12	11	10	12	12	11	13
PAT PATCr	37	35	34	35	39	35	34	31	37	38	35	39
Growth YoY PAT Growth YoY%	70.2	24.6	21.6	1.7	4.5	-0.1	2.0	-12.8	-6.2	10.1	3.3	25.5
NPM NPM%	9.0	8.1	8.3	8.1	7.8	7.0	7.7	6.5	6.6	7.1	7.3	7.1
EPS EPS₹	1.3	1.2	1.1	1.2	1.3	1.1	1.1	1.0	1.2	1.2	1.1	1.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	415	429	406	439	496	492	446	473	551	533	486	549
Growth YoY Revenue Growth YoY%	19.3	16.6	17.4	17.4	19.7	14.8	9.8	7.6	11.1	8.4	8.9	16.0
Expenses ExpensesCr	350	368	348	375	426	431	391	415	482	465	424	477
Operating Profit Operating ProfitCr	65	61	59	64	70	61	56	58	69	68	62	72
OPM OPM%	15.6	14.3	14.4	14.6	14.2	12.5	12.4	12.3	12.6	12.8	12.7	13.1
Other Income Other IncomeCr	3	5	7	5	6	7	11	7	7	7	10	9
Interest Expense Interest ExpenseCr	3	3	4	4	4	3	2	3	3	2	3	3
Depreciation DepreciationCr	15	16	16	17	19	19	20	21	24	23	22	26
PBT PBTCr	50	46	45	48	53	46	45	41	49	51	47	52
Tax TaxCr	13	12	12	12	14	12	11	10	12	12	11	13
PAT PATCr	37	35	34	35	39	35	34	31	37	38	35	39
Growth YoY PAT Growth YoY%	70.2	24.6	21.6	1.7	4.5	-0.1	2.0	-12.8	-6.2	10.1	3.3	25.5
NPM NPM%	9.0	8.1	8.3	8.1	7.8	7.0	7.7	6.5	6.6	7.1	7.3	7.1
EPS EPS₹	1.3	1.2	1.1	1.2	1.3	1.1	1.1	1.0	1.2	1.2	1.1	1.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	691	784	762	881	988	1,362	1,624	1,874	2,044	2,119
Growth Revenue Growth%		13.5	-2.8	15.6	12.2	37.8	19.2	15.4	9.1	11.1
Expenses ExpensesCr	605	688	669	740	866	1,187	1,382	1,622	1,786	1,848
Operating Profit Operating ProfitCr	85	96	93	141	122	175	242	251	258	272
OPM OPM%	12.4	12.3	12.2	16.0	12.4	12.9	14.9	13.4	12.6	12.8
Other Income Other IncomeCr	2	2	3	10	6	12	19	29	31	32
Interest Expense Interest ExpenseCr	6	13	15	10	7	13	12	13	12	11
Depreciation DepreciationCr	28	35	42	45	46	53	61	76	90	94
PBT PBTCr	53	51	39	97	76	121	188	192	187	198
Tax TaxCr	17	18	9	25	19	31	48	49	47	49
PAT PATCr	36	33	30	72	57	90	140	143	141	149
Growth PAT Growth%		-7.6	-8.6	138.4	-20.9	57.6	55.8	2.0	-1.6	7.3
NPM NPM%	5.2	4.2	4.0	8.2	5.8	6.6	8.6	7.6	6.9	7.0
EPS EPS₹	6.3	5.8	5.3	2.5	1.9	3.1	4.8	4.8	4.6	4.8

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	691	784	762	881	988	1,362	1,624	1,874	2,044	2,119
Growth Revenue Growth%		13.5	-2.8	15.6	12.2	37.8	19.2	15.4	9.1	11.1
Expenses ExpensesCr	605	688	669	740	866	1,187	1,382	1,622	1,786	1,848
Operating Profit Operating ProfitCr	85	96	93	141	122	175	242	251	258	272
OPM OPM%	12.4	12.3	12.2	16.0	12.4	12.9	14.9	13.4	12.6	12.8
Other Income Other IncomeCr	2	2	3	10	6	12	19	29	31	32
Interest Expense Interest ExpenseCr	6	13	15	10	7	13	12	13	12	11
Depreciation DepreciationCr	28	35	42	45	46	53	61	76	90	94
PBT PBTCr	53	51	39	97	76	121	188	192	187	198
Tax TaxCr	17	18	9	25	19	31	48	49	47	49
PAT PATCr	36	33	30	72	57	90	140	143	141	149
Growth PAT Growth%		-7.6	-8.6	138.4	-20.9	57.6	55.8	2.0	-1.6	7.3
NPM NPM%	5.2	4.2	4.0	8.2	5.8	6.6	8.6	7.6	6.9	7.0
EPS EPS₹	6.3	5.8	5.3	2.5	1.9	3.1	4.8	4.8	4.6	4.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	57	57	57	59	59	59	59	61	61
Reserves ReservesCr	209	237	262	373	410	486	604	1,104	1,210
Current Liabilities Current LiabilitiesCr	122	141	132	107	134	165	245	269	258
Non Current Liabilities Non Current LiabilitiesCr	122	141	114	143	119	122	193	131	158
Total Liabilities Total LiabilitiesCr	511	577	566	681	722	831	1,100	1,566	1,687
Current Assets Current AssetsCr	140	183	176	254	276	294	409	619	589
Non Current Assets Non Current AssetsCr	371	394	390	427	446	537	691	947	1,098
Total Assets Total AssetsCr	511	577	566	681	722	831	1,100	1,566	1,687

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	57	57	57	59	59	59	59	61	61
Reserves ReservesCr	209	237	262	373	410	486	604	1,104	1,210
Current Liabilities Current LiabilitiesCr	122	141	132	107	134	165	245	269	258
Non Current Liabilities Non Current LiabilitiesCr	122	141	114	143	119	122	193	131	158
Total Liabilities Total LiabilitiesCr	511	577	566	681	722	831	1,100	1,566	1,687
Current Assets Current AssetsCr	140	183	176	254	276	294	409	619	589
Non Current Assets Non Current AssetsCr	371	394	390	427	446	537	691	947	1,098
Total Assets Total AssetsCr	511	577	566	681	722	831	1,100	1,566	1,687

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	47	54	109	110	84	164	153	161	218
Investing Cash Flow Investing Cash FlowCr	-112	-61	-43	-125	-57	-151	-224	-331	-213
Financing Cash Flow Financing Cash FlowCr	58	7	-51	28	-30	-37	69	248	-54
Net Cash Flow Net Cash FlowCr	-8	0	15	14	-2	-23	-1	79	-49
Free Cash Flow Free Cash FlowCr	-71	-7	68	30	25	56	-61	-97	5
CFO To PAT CFO To PAT%	129.6	162.8	361.2	152.6	147.4	182.1	109.3	112.7	154.6
CFO To EBITDA CFO To EBITDA%	54.4	56.2	118.0	78.2	68.8	93.6	63.3	64.2	84.5

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	47	54	109	110	84	164	153	161	218
Investing Cash Flow Investing Cash FlowCr	-112	-61	-43	-125	-57	-151	-224	-331	-213
Financing Cash Flow Financing Cash FlowCr	58	7	-51	28	-30	-37	69	248	-54
Net Cash Flow Net Cash FlowCr	-8	0	15	14	-2	-23	-1	79	-49
Free Cash Flow Free Cash FlowCr	-71	-7	68	30	25	56	-61	-97	5
CFO To PAT CFO To PAT%	129.6	162.8	361.2	152.6	147.4	182.1	109.3	112.7	154.6
CFO To EBITDA CFO To EBITDA%	54.4	56.2	118.0	78.2	68.8	93.6	63.3	64.2	84.5

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				1,974	1,649	3,149	6,554	8,951	5,497	6,246
Price To Earnings Price To Earnings				27.3	28.8	35.0	46.7	62.4	39.0	42.0
Price To Sales Price To Sales				2.2	1.7	2.3	4.0	4.8	2.7	3.0
Price To Book Price To Book				4.6	3.5	5.8	9.9	7.7	4.3	4.9
EV To EBITDA EV To EBITDA				14.3	13.9	18.3	27.5	35.2	21.2	23.6
Profitability Ratios Profitability Ratios
GPM GPM%	38.5	39.2	39.8	41.8	38.1	38.6	41.1	41.0	39.9	39.9
OPM OPM%	12.4	12.3	12.2	16.0	12.4	12.9	14.9	13.4	12.6	12.8
NPM NPM%	5.2	4.2	4.0	8.2	5.8	6.6	8.6	7.6	6.9	7.0
ROCE ROCE%	15.0	14.4	12.7	18.9	13.7	19.9	22.1	15.2	13.6	13.6
ROE ROE%	13.5	11.3	9.5	16.8	12.2	16.6	21.2	12.3	11.1	11.1
ROA ROA%	7.0	5.7	5.4	10.6	7.9	10.8	12.8	9.2	8.3	8.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				1,974	1,649	3,149	6,554	8,951	5,497	6,246
Price To Earnings Price To Earnings				27.3	28.8	35.0	46.7	62.4	39.0	42.0
Price To Sales Price To Sales				2.2	1.7	2.3	4.0	4.8	2.7	3.0
Price To Book Price To Book				4.6	3.5	5.8	9.9	7.7	4.3	4.9
EV To EBITDA EV To EBITDA				14.3	13.9	18.3	27.5	35.2	21.2	23.6
Profitability Ratios Profitability Ratios
GPM GPM%	38.5	39.2	39.8	41.8	38.1	38.6	41.1	41.0	39.9	39.9
OPM OPM%	12.4	12.3	12.2	16.0	12.4	12.9	14.9	13.4	12.6	12.8
NPM NPM%	5.2	4.2	4.0	8.2	5.8	6.6	8.6	7.6	6.9	7.0
ROCE ROCE%	15.0	14.4	12.7	18.9	13.7	19.9	22.1	15.2	13.6	13.6
ROE ROE%	13.5	11.3	9.5	16.8	12.2	16.6	21.2	12.3	11.1	11.1
ROA ROA%	7.0	5.7	5.4	10.6	7.9	10.8	12.8	9.2	8.3	8.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	BRITANNIA	TATACONSUM	PATANJALI	BBTC	BECTORFOOD	SUNDROP
Market CapitalizationMkt CapCr	1,13,329	95,654	39,694	8,513	6,246	2,307
Close PriceClose₹	4,705.00	966.50	364.80	1,220.10	203.45	611.95
IndustryIndustry	FMCG Foods	FMCG Foods	FMCG Foods	FMCG Foods	FMCG Foods	FMCG Foods
Price To EarningsPE	43.52	58.50	20.13	6.60	42.04	82.70
Price To SalesPS	5.80	4.59	0.93	0.43	2.95	1.44
RevenueRevenueCr	19,529	20,860	42,754	19,915	2,119	1,605
Revenue Growth TTMRev Gr TTM%	6.6%	15.6%	20.2%	6.6%	11.1%	47.2%
PAT Growth TTMPAT Gr TTM%	19.0%	22.9%	61.7%	16.1%	7.3%	126.4%

	BRITANNIA	TATACONSUM	PATANJALI	BBTC	BECTORFOOD	SUNDROP
Market CapitalizationMkt CapCr	1,13,329	95,654	39,694	8,513	6,246	2,307
Close PriceClose₹	4,705.00	966.50	364.80	1,220.10	203.45	611.95
IndustryIndustry	FMCG Foods	FMCG Foods	FMCG Foods	FMCG Foods	FMCG Foods	FMCG Foods
Price To EarningsPE	43.52	58.50	20.13	6.60	42.04	82.70
Price To SalesPS	5.80	4.59	0.93	0.43	2.95	1.44
RevenueRevenueCr	19,529	20,860	42,754	19,915	2,119	1,605
Revenue Growth TTMRev Gr TTM%	6.6%	15.6%	20.2%	6.6%	11.1%	47.2%
PAT Growth TTMPAT Gr TTM%	19.0%	22.9%	61.7%	16.1%	7.3%	126.4%

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