1. CHEFFIN' India B2C launch - The CHEFFIN' range of five ready-to-cook meal kits launched on Amazon in August 2025 and on Zepto in March 2026, with early outcomes described as highly encouraging. This opens a direct-to-consumer revenue stream in India's top four metros, targeting urban working women with a brand management calls one of its two biggest bets for growth.
2. Tasty Bite Xclusive B2B scale-up - The food-service business grew 18% in FY2025-26, its tenth successive quarter of growth, reaching 29% of total revenue with 50-60% SKU presence at major QSR partners. Management names this the second of the two biggest growth bets, with cash reserves earmarked to expand the HORECA distribution channel.
3. Mars US affiliate ramp-up - Mars Affiliates business recorded 148% growth in FY2025-26, supported by new product launches, offsetting a 40% decline in the legacy PBI business. The shift diversifies US export revenue toward a higher-growth channel within the Mars group, reducing dependence on a single legacy buyer.
4. Margin expansion from operating leverage - EBITDA margin improved to 15% in the nine months to December 2025, up 250 basis points year-on-year, driven by operational efficiencies and strict fixed-cost control. With capex consciously reduced and existing capacity still absorbing volume, incremental revenue drops through at a higher rate.
5. Debt-free balance sheet - The company fully repaid all borrowings and is debt-free as of FY2025-26, with cash nearly doubling year-on-year. Zero debt and rising cash remove interest cost from the P&L and fund the CHEFFIN' and Xclusive scale-up without dilution or external financing.
6. R&D pipeline velocity - A new R&D facility with integrated pilot and test kitchens became operational, developing 49 new products in FY25 and shortening export development cycles. Faster product development feeds both the Mars affiliate pipeline and the domestic B2C and B2B launches with a 300+ SKU capability base.