Sheetal Cool Products Limited is a prominent Indian food processing company with a **38-year legacy**. Headquartered in **Amreli, Gujarat**, the company has evolved from a local retail operation into a diversified, multi-national player listed on the Main Board of both the **BSE** and **NSE** (since **November 22, 2022**). SCPL specializes in the production of milk-based ice creams, dairy products, and savory snacks, maintaining a commitment to **100% pure milk** formulations rather than vegetable-oil-based frozen desserts. --- ### **Integrated Manufacturing & Sustainable Infrastructure** The company operates a centralized, highly automated manufacturing hub in **Amreli**, characterized by deep vertical integration and a focus on self-sufficiency. * **Vertical Integration:** To ensure quality control and margin protection, SCPL manufactures its own **corrugated boxes**, **biscuit cones**, and **chocolate syrup** in-house. * **Supply Chain & Quality:** Raw materials are sourced directly from local farmers. All inputs undergo clinical testing at the company’s dedicated **Quality Test Laboratory**. * **Renewable Energy Transition:** A core strategic pillar is the reduction of high electricity costs associated with cold storage through captive power: * **Current Capacity:** **1.26 MW** Solar plant (Amreli) and **2.75 MW** Wind Energy (Kutch). * **Expansion:** A new **4.9 MW solar project** near Amreli is scheduled for commissioning in **FY 2025-26**. * **Logistics:** The company manages a specialized fleet of over **95 vehicles**, including refrigerated trucks, to maintain the integrity of the cold chain. --- ### **Diversified Product Portfolio & Brand Architecture** SCPL manages a wide array of SKUs across two primary reporting segments under **Ind AS 108**: **Milk and Milk Products** and **Namkeen Products**. | Business Vertical | Key Brands | Portfolio Depth | Notable Innovations | | :--- | :--- | :--- | :--- | | **Ice Cream** | **Sheetal, J'Adore, Rich Cream** | **170+ SKUs**; **73+ Flavors** | **Sugar-Free** variants, **Gloria**, **Unicone**, **Supreme Kulfi** | | **Milk & Dairy** | **Sheetal Gold, Silver, Taza** | **25+ Pure Milk SKUs** | **Tea Special**, **Anytime Tea**, Ghee, Paneer, Curd | | **Namkeen** | **Sheetal** | **88+ Varieties** | Wafers, Fryums, traditional Indian savories | | **Frozen Foods** | **Sheetal** | Ready-to-Eat (RTE) | **Tandoori Paneer Pizza**, Parathas, Vada Pav, Samosas | | **Bakery/Sweets** | **Sheetal** | Fresh & Packaged | Cookies, Rusk, **Mango Ras**, **Basundi**, **Shrikhand** | --- ### **Market Reach & Strategic Expansion** SCPL has transitioned from a regional entity to a global exporter, supported by a network of **40+ Super Stockists**. * **Domestic Footprint:** Presence in **10+ major states**, including Gujarat, Maharashtra, Rajasthan, Punjab, and J&K. * **International Presence:** Exports to **18+ countries**, including the **USA, Canada, Japan, Australia, Singapore, UAE, and Saudi Arabia**. * **Retail Innovation:** The company is moving toward premium retail experiences, exemplified by the **Sheetal Ice Cream Café** model. A flagship outlet opened in **Ahmedabad** in **March 2026**. * **Strategic Alliances:** SCPL has secured a supply agreement with **Neopolitan Pizza and Foods Limited** and an **MOU with the Adani Group** to broaden its institutional reach. --- ### **Financial Performance & Capital Structure** While the company faced a slight contraction in revenue and PAT in the most recent fiscal year due to environmental factors, its balance sheet remains resilient with improving leverage ratios. **Key Financial Metrics (Consolidated):** | Particulars (₹ in Lacs) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **32,130.58** | **35,270.82** | **34,026.42** | | **Profit After Tax (PAT)** | **1,656.88** | **2,084.08** | **2,045.42** | | **Total Borrowings** | **7,520.04** | **8,356.86** | **8,577.66** | | **Debt-to-Equity Ratio** | **0.69** (FY24) | **0.89** (FY23) | - | **Capital Raising for Growth:** In **February 2026**, the company allotted **8,40,000 Fully Convertible Warrants** at **₹317.65** per warrant, aggregating to **₹26.68 Crore**. This capital is earmarked for brand strengthening and general business expansion. --- ### **Governance & Compliance Standards** The company is led by Managing Director **Bhupatbhai D. Bhuva** (30+ years experience), with the core leadership team re-appointed through **September 2030**. * **Certifications:** SCPL adheres to global standards including **BRCGS**, **FSMA**, **ISO 22000:2018**, and **FSSAI**. * **Listing Status:** **99.99%** of equity shares are dematerialized. The company is shifting its **Registered Office** to **Ahmedabad** in **2026** to align with its corporate scaling. * **Credit Rating:** Maintained at **CRISIL BBB/Stable**. --- ### **Risk Matrix & Mitigation Strategies** SCPL’s management actively monitors several external and internal risk factors: * **Climatic Volatility:** Unseasonal rainfall in **Q4 (March)** can significantly impact ice cream sales. The company mitigates this by diversifying into **Namkeen** and **Bakery** products which have less seasonal variance. * **Commodity Price Risk:** Fluctuations in **Skimmed Milk Powder (SMP)** and milk prices are managed through direct farmer sourcing and proactive procurement. * **Interest Rate Sensitivity:** **100%** of the company’s debt is currently at **variable rates**, exposing it to cash flow interest rate risk. * **Competitive Landscape:** SCPL competes with national giants like **Amul** and **Vadilal**. Its strategy relies on "pure milk" branding, regional taste customization, and expanding its **Cool Parlour** retail network. * **Regulatory Environment:** The company is currently evaluating the potential financial impact of the **Code on Social Security, 2020**, pending final notification of rules.