Anand Rathi initiates coverage on the stock with a Buy and a 12-month target price of Rs 1,875 (48 times FY27e EPS), implying 26% potential.
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Anand Rathi Report
One of the leaders in premium and mid-premium biscuits (a 5% share in North India), and other bakery items mainly in north India, Mrs Bectors Food Specialties Ltd. manufactures and markets biscuits under its flagship brand ‘Mrs Bector's Cremica' and bakery items under ‘English Oven'.
Its diverse mix of biscuits (~61% of revenue), bakery (~35%), domestic (61%), exports (31%), B2B and B2C makes it a wholesome play.
Its gradual expansion into the South and West presents attractive growth opportunities in the medium to long term.
We initiate coverage on the stock with a Buy and a 12-month target price of Rs 1,875 (48 times FY27e EPS), implying 26% potential.
Key risks:
Failed launches, expensive bolt-on acquisitions, geopolitical turbulence constricting its international business and a sharp jump in its key input prices.
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