Empire Spices & Foods - Unlisted Shares
Fundamentals
- Current Price
- ₹540
- Market Cap
- ₹261.39 Cr
- ISIN
- INE041101010
- Face Value
- ₹10
- P/E Ratio
- 19.10
- EPS
- ₹28.27
- P/B Ratio
- 3.17
- Book Value
- ₹170.21
- Debt / Equity Ratio
- 0.55
Key Financials
Profit & Loss
| Metric | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|
| Revenue from Operations | 297.59 | 247.55 | 239.60 | 182.27 | 173.00 |
| Growth % | 20.21% | 3.32% | 31.45% | 5.36% | 0 |
| Operating Expenses | 272.63 | 221.69 | 212.81 | 164.13 | 158.94 |
| Growth % | 22.98% | 4.17% | 29.66% | 3.27% | 0 |
| Operating Profit | 24.96 | 25.86 | 26.79 | 18.14 | 14.05 |
| Op. Profit Margin % | 8.39% | 10.45% | 11.18% | 9.95% | 8.12% |
| Other Income | 0.25 | 0.22 | 0.23 | 0.35 | 0.51 |
| Finance Costs | 3.16 | 2.18 | 2.88 | 4.26 | 2.00 |
| Depreciation | 4.63 | 4.38 | 4.19 | 3.47 | 2.42 |
| Exceptional Items | 0.00 | 0.00 | 0.00 | 0.48 | -0.77 |
| Profit Before Tax | 17.42 | 19.53 | 19.95 | 10.28 | 10.91 |
| Tax | 3.73 | 4.90 | 6.80 | 2.52 | 2.99 |
| Tax % | 1.25% | 1.98% | 2.84% | 1.38% | 1.73% |
| Profit After Tax | 13.69 | 14.63 | 13.14 | 7.76 | 7.92 |
| Growth % | -6.46% | 11.32% | 69.38% | -1.98% | 0 |
| PAT % | 4.60% | 5.91% | 5.49% | 4.26% | 4.58% |
| Diluted EPS | 28.27 | 30.22 | 27.15 | 16.03 | 17.43 |
Company Financials
| Metric | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|
| Equity Capital | 4.84 | 4.84 | 4.84 | 4.84 | 4.84 |
| Reserves | 77.55 | 64.59 | 50.69 | 38.27 | 31.39 |
| Total Equity | 82.39 | 69.43 | 55.53 | 43.11 | 36.23 |
| Borrowings | 21.81 | 8.84 | 14.63 | 20.29 | 18.61 |
| Provision | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.52 | 5.29 | 4.92 | 2.91 | 2.08 |
| Total Non current Liabilities | 26.33 | 14.13 | 19.55 | 23.20 | 20.69 |
| Borrowings | 24.06 | 20.74 | 11.78 | 13.18 | 4.88 |
| Other Current Liabilities | 35.61 | 21.19 | 24.44 | 29.89 | 24.44 |
| Total current Liabilities | 59.66 | 41.93 | 36.22 | 43.07 | 29.32 |
| Equity + Liabilities | 168.39 | 125.49 | 111.31 | 109.38 | 86.24 |
| Fixed Assets (incl. WIP) | 92.19 | 77.70 | 69.67 | 64.03 | 54.76 |
| Other Non Current Assets | 4.57 | 1.72 | 1.54 | 3.30 | 0.98 |
| Total Non Current Assets | 96.77 | 79.42 | 71.21 | 67.33 | 55.74 |
| Trade Receivables | 7.78 | 5.66 | 4.28 | 3.35 | 4.56 |
| Cash & Cash Equivalents | 4.81 | 0.69 | 3.76 | 0.64 | 0.44 |
| Other Current Assets | 59.03 | 39.72 | 32.05 | 38.06 | 25.50 |
| Total current Assets | 71.62 | 46.07 | 40.09 | 42.05 | 30.50 |
| Total Assets | 168.39 | 125.49 | 111.31 | 109.38 | 86.24 |
Shareholding Pattern
- Mr .Umesh Laxminarayan Rathi
- 9.7%
- Mr. Hemant Motilal Rathi
- 13.8%
- Mr . Anand Hemant Rathi
- 5.2%
- Mrs Aparna Umesh Rathi
- 14.2%
- Mrs Kanta Hemant Rathi
- 14.6%
- Mrs Pranjal Yash Rathi
- 6.2%
- Smt. Shanta Laxminarayan Rathi
- 5.7%
- Mrs Megha Anand Rathi
- 6.3%
- Others
- 24.3%
Strengths & Weaknesses
Strengths
- Extensive Promoter Experience: With over four decades of experience in the spices industry, the promoters have established strong brand recognition for Rambandhu and built enduring relationships with customers and suppliers. These strengths continue to support the company’s operations. ESFL has a robust presence in Maharashtra and is steadily expanding into neighboring states.
- Healthy Financial Risk Profile: The company maintains a solid financial position, reflected in a healthy gearing ratio of 0.56x and a moderate net worth of ₹81.65 crore as of March 31, 2023. Despite undertaking debt-funded capital expenditure, the gearing ratio is estimated to remain comfortable at 0.38x as of March 31, 2024, supported by consistent net worth growth. Debt protection metrics are strong, with an interest coverage ratio of 7.99x and a net cash accrual to total debt ratio of 0.38x in fiscal 2023. While these metrics saw slight moderation during the year, they remain at satisfactory levels.
- Growing Revenue: ESFL has demonstrated robust financial performance, achieving a 3-year CAGR of approximately 18% in revenue. Simultaneously, the company's PAT has kept pace, growing at an impressive 3-year CAGR of about 21%.
Weaknesses
- Exposure to Raw Material Price Volatility: The company relies on agricultural raw materials such as spices and mangoes, making it vulnerable to fluctuations in input costs due to inflation, monsoon variability, and government policies. In a competitive market, it is challenging to fully pass on increased costs to customers immediately, as seen in fiscal 2023, where inflation in agro-commodities impacted operating margins.
- Industry Competition and Revenue Stability Risks: Operating in a fragmented and competitive industry, the company faces pressure to sustain revenue growth and maintain stable operating margins through varying business cycles. These factors remain critical for long-term performance.
About Empire Spices & Foods
Incorporated in 1994 by the Rathi family from Nashik, Maharashtra, Empire Spices and Foods Limited (ESFL) operates as a closely held public limited company. The company produces a variety of unblended spices, including chili powder, turmeric powder, and coriander powder, along with blended spices such as garam masala, pav bhaji masala, biryani masala, and chhole masala.
Board of Directors
- Mr. Hemant M. Rathi - Chairman
- Mr. Umesh L. Rathi - Managing Director
- Mr. Sharad D. Bedmutha - Director
- Mr. Anand H. Rathi - Director
- Mr. Dnyaneshwar M. Bachhav - Director
- Mr. Avinash D. Joshi - Independent Director
- Mr. Vilas V. Shinde - Independent Director
Senior Management
- Mr. Umesh L. Rathi - Managing Director
