My gut feel is Annapurna Swadisht is a bogus company as is Madhur Confectioners (or Srivari Spices at the risk of digressing). Reminds me of Manpasand Beverages tbh. These are some of the reasons:
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I have not found any offline presence of either Annapurna or Madhur’s products or listing of their products on trade channels.
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Cash acquisition at 30x PE Multiple is highly suspect. Especially when Madhur had a networth of 9 cr as on FY23 (as per ROC) giving 20X P/B. For context, Annapurna’s fixed assets are 60 cr. Don’t understand any reason why an FMCG company wouldn’t invest in capex and use cash to acquire a 4-year old business at such high multiples except of course to siphon cash.
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I have seen their factory videos and Google maps photos of their plants and all look like an elaborate staging.
There is zero information available on the Internet in this company regarding its products except for its website. They have even misspelled a product on their website and social media as “Crispy Diet Chidwa” haha. Just to be clear this analysis is based on my limited research. Happy to get insights from someone who has done on ground diligence such as channel checks, factory visits etc.
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