amit@unlistedkraft.in
+91-9599071664
+91-9599071664
Empire Spices and Foods Limited Unlisted Shares
DRHP Status : Not Filed
570
Fundamentals About Empire Spices and Foods Limited
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Key Financials of Empire Spices and Foods Limited
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 247 | 297 | 295 | 313 |
| Cost of Material Consumed | 140 | 187 | 169 | 177 |
| Change in Inventory | 0 | -14 | 7 | -0.7 |
| Gross Margins | 43.32 | 37.04 | 42.71 | 43.67 |
| Employee Benefit Expenses | 21 | 25 | 26 | 30 |
| Other Expenses | 65 | 73 | 66 | 74 |
| EBITDA | 21 | 26 | 27 | 32.7 |
| OPM | 8.5 | 8.75 | 9.15 | 10.45 |
| Other Income | 0 | 0.24 | 0.4 | 0.6 |
| Finance Cost | 2 | 3.15 | 5 | 4.6 |
| D&A | 4 | 4.64 | 5 | 7 |
| EBIT | 17 | 21.36 | 22 | 25.7 |
| EBIT Margins | 6.88 | 7.19 | 7.46 | 8.21 |
| PBT | 19 | 17.41 | 17 | 21.3 |
| PBT Margins | 7.69 | 5.86 | 5.76 | 6.81 |
| Tax | 5 | 3.73 | 4 | 5.7 |
| PAT | 14 | 13.68 | 13 | 15.6 |
| NPM | 5.67 | 4.61 | 4.41 | 4.98 |
| EPS | 29.17 | 28.5 | 27.08 | 32.23 |
Financial Ratios |
2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 8.5 | 8.75 | 9.15 | 10.45 |
| Net Profit Margin | 5.67 | 4.61 | 4.41 | 4.98 |
| Earning Per Share (Diluted) | 29.17 | 28.5 | 27.08 | 32.23 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 77 | 76 | 119 | 128 |
| CWIP | 0 | 15 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 5 | 7.78 | 10 | 4.4 |
| Inventory | 35 | 49.15 | 41 | 38.4 |
| Other Assets | 8 | 20.07 | 10 | 10.2 |
| Total Assets | 125 | 168 | 180 | 181 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 4.8 | 4.8 | 4.8 | 4.84 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 65 | 77.55 | 90 | 105 |
| Borrowings | 29 | 45 | 49 | 37 |
| Trade Payables | 14 | 26 | 22 | 15 |
| Other Liabilities | 12.2 | 14.65 | 14.2 | 19.16 |
| Total Liabilities | 125 | 168 | 180 | 181 |
About Company
Empire Spices and Foods Ltd (ESFL), established in 1994 and based in Nashik, Maharashtra, is a prominent unlisted public company specializing in spices, pickles, and snacks, known for the "Ram Bandhu" brand. With a paid-up capital of ~₹4.84 crore and strong promoter holding, it has a significant presence in India with over 500,000 retail outlets and international exports.
The following table shows a 10-point analysis of Empire Spices and Foods Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | Incorporated 1994 | Established FMCG player in spices and packaged foods with a strong legacy brand presence in India. |
| Industry | FMCG · Packaged Foods · Spices | Operates in a high-volume, competitive segment driven by household consumption and brand recall. |
| Core Products | Spices · pickles · snacks | Diversified product range helps capture multiple consumption categories and repeat demand. |
| Brand Presence | “Ram Bandhu” brand | Strong regional brand recognition with deep penetration in retail markets. |
| Distribution | 5,00,000+ outlets | Wide distribution network supports scale and consistent revenue generation. |
| Revenue | ₹313 Cr (FY25) | Steady growth over years indicates strong demand and consistent market presence. |
| Profitability | ₹15.6 Cr PAT (FY25) | Stable profitability with controlled margins typical of FMCG food businesses. |
| EBITDA | ₹32.7 Cr (FY25) | Improving operating performance with gradual margin expansion. |
| Balance Sheet | Assets ₹181 Cr (FY25) | Strengthening asset base reflects business expansion and capacity building. |
| Debt Position | Moderate (₹37 Cr borrowings) | Controlled leverage indicates balanced capital structure with manageable financial risk. |
Company Overview
(i) Empire Spices and Foods Limited is an FMCG company engaged in manufacturing spices, pickles, and food products, catering to both domestic and export markets.
(ii) Incorporated in 1994 and based in Maharashtra, the company operates under the well-known “Ram Bandhu” brand, which has strong recognition in regional markets.
(iii) The company has built a large distribution network spanning over 5 lakh retail outlets, enabling wide product reach and consistent sales volumes.
(iv) Its business model is driven by high-volume FMCG sales, with a focus on affordability, brand loyalty, and repeat consumption.
(v) With growing demand for packaged foods and spices, the company benefits from increasing urbanization and rising consumption trends in India’s FMCG sector.
Challenges in Empire Spices and Foods Limited’s Business
- Raw material price volatility: Fluctuations in spice prices directly impact margins and profitability.
- Highly competitive industry: Faces strong competition from established FMCG players and regional brands.
- Low to moderate margins: FMCG food segment typically operates on tight margins despite high volumes.
- Working capital intensive operations: Distribution-heavy model requires efficient inventory and receivables management.
Financial Review of Empire Spices and Foods Limited
Here are some highlights of the financial performance of Empire Spices and Foods Limited over the past few years.
FY25 Performance
• Revenue from operations stood at ₹313 crore
• Profit before tax stood at ₹21.3 crore
• Profit after tax reported at ₹15.6 crore
• EBITDA stood at ₹32.7 crore with margin improvement
FY24 Performance
• Revenue from operations stood at ₹295 crore
• Profit before tax stood at ₹17 crore
• Profit after tax reported at ₹13 crore
• Stable operating performance
FY23 Performance
• Revenue from operations stood at ₹297 crore
• Profit before tax stood at ₹17.41 crore
• Profit after tax reported at ₹13.68 crore
• Margins slightly impacted due to cost pressures
Quick Summary
Empire Spices and Foods Limited is a well-established FMCG company with strong brand presence and a wide distribution network. The company has demonstrated steady revenue growth and stable profitability, supported by consistent demand, though margin pressure and competitive intensity remain key risks.
Click here to visit the official website of Empire Spices and Foods Limited.
Promoters of Empire Spices and Foods Limited
The following are the active promoters associated with the company:
| Name | Designation |
|---|---|
| Promoter Group | Promoters (75.71% holding) |
Shareholding Pattern of Empire Spices and Foods Limited
| Name | Holding |
|---|---|
| Promoters | 75.71% |
| Others | 24.29% |
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Frequently Asked Questions
Empire Spices and Foods Limited unlisted shares are equity shares of the company that are not listed on NSE or BSE and are traded privately.
Yes, these shares can be purchased through private market platforms, subject to availability.
Yes, a demat account is required to hold these unlisted shares.
The company operates in a stable FMCG segment with consistent demand, but faces margin pressure and competition, making it a moderate-risk investment.
Yes, these shares can be sold in the secondary market depending on buyer availability.
Yes, as per SEBI regulations, pre-IPO investors are subject to a six-month lock-in period after listing.
If held for more than two years, gains are taxed at 20% with indexation; otherwise taxed as per income slab.
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