Anmol Industries Limited IPO

01At a glance

What the company does: makes and sells packaged biscuits and cookies, with cakes, rusk, wafers and Indian sweets beside them, under the umbrella brand Anmol and 70 product brands such as Dream Lite, Butter Bake, Marie Plus, 2 in 1, Yummy and Mazaa, from seven factories in Uttar Pradesh, Bihar, West Bengal and Odisha (DRHP p.182, DRHP p.183, AP p.5).

Who pays it: 1,005 distributors it serves directly and 444 super stockists, who supply 3,533 sub-distributors and about 2.10 million shops (DRHP p.186). General trade, the neighbourhood shop channel, brought 95.16% of FY26 sales of products (DRHP p.196). No customer reaches 10% of revenue; the largest distributor or super stockist was 1.87% of FY26 sales of products (DRHP p.339, DRHP p.32).

Why it is raising money: the company is not raising money. The whole offer is a sale of existing shares worth up to ₹1,800.0 crore by the promoter Baijnath Choudhary & Family Trust, and the company receives none of it (DRHP p.67, DRHP p.111).

How fast it has grown: revenue from operations from ₹1,422.9 crore in FY24 to ₹2,101.8 crore in FY26, about 21.5% a year, and profit after tax from ₹126.2 crore to ₹191.0 crore, about 23.0% a year, after a fall to ₹38.1 crore in FY25 (our arithmetic, DRHP p.72).

The one thing to understand: in the two years before filing, cash went from the company to the selling promoter trust in large amounts. The company paid the trust ₹238.0 crore in January 2026 to redeem preference shares issued in a 2025 merger, owed it a further ₹154.6 crore for the rest at March 31, 2026 (since paid), and repurchased the trust's shares for ₹119.1 crore in March 2024 (DRHP p.77, DRHP p.333, DRHP p.78). The trust now offers up to ₹1,800.0 crore of shares whose average cost to it is ₹0.03 a share (DRHP p.67, DRHP p.56).

02The business, in plain words

What Anmol Industries does

The business traces back to a factory started in 1994 at Dankuni, West Bengal, by Anmol Biscuits Limited, the company's former holding company, which was merged into it in 2017 (DRHP p.182, DRHP p.239). The company was incorporated as Bansal Biscuits Private Limited on November 19, 2009, took the name Anmol Industries Private Limited in 2016 and became a public company, Anmol Industries Limited, with a fresh certificate dated March 30, 2017 (DRHP p.239).

Two holding companies, Anmol Projects Private Limited and Monarch Shelter Private Limited, were merged into it under a scheme sanctioned on November 7, 2025, effective from April 1, 2025 (DRHP p.239, DRHP p.243). The registered office is at Crescent Tower, A.J.C. Bose Road, Kolkata (AP p.1).

The chain, as the document describes it (DRHP p.195, DRHP p.216, DRHP p.217, DRHP p.218):

• Buying inputs: wheat flour, sugar, palm oil and other oils, milk products and laminated packaging film, bought on purchase orders with no long-term contracts (DRHP p.217).
• Making: dough is mixed, shaped, baked in tunnel ovens and packed on automated lines in seven factories; Indian sweets, cream rolls and croissants are made by contract manufacturers (DRHP p.200, DRHP p.214).
• Storing and moving: goods go from the factories, or through nine depots, by hired transporters (DRHP p.218).
• Selling: to distributors and super stockists on sales orders, with no long-term contracts, most sales against advance payment and credit of 15 to 30 days where given (DRHP p.33, DRHP p.339).

A shopkeeper in Bihar or Odisha orders from a local distributor or sub-distributor → the company bakes and packs the biscuits in a nearby factory → it delivers to the distributor or super stockist, usually paid in advance → it earns the trade price, after discounts and schemes (DRHP p.186, DRHP p.339, DRHP p.338).

Most packets are small: value packs with a printed price of up to ₹10 were 72.49% of FY26 sales of products and family packs above ₹10 were 23.85% (DRHP p.194). Shelf life runs from 4 to 18 months (DRHP p.218). As of March 31, 2026 the range had 188 SKUs, 159 of them biscuits and cookies (DRHP p.183). The company had 2,428 permanent employees, 713 of them in sales, and 3,544 contract workers at that date (DRHP p.224). Research and development spending was ₹1.8 crore in FY26, 0.08% of revenue (DRHP p.184).

Earnings equation: Revenue = tonnes sold × realisation per kilogram. The document gives both: 1,87,342 tonnes sold in FY26 and a realisation of ₹105.49 a kilogram for biscuits and cookies and ₹206.86 for cakes (DRHP p.193, DRHP p.191). Section 04 uses them.

03Where the money comes from

By product, share of sales of products (DRHP p.184):

Biscuits and cookies together were 94.24%, 94.82% and 93.74% of sales of products in FY24 to FY26 (DRHP p.25). Cakes grew from ₹59.1 crore to ₹116.5 crore (DRHP p.184).

By brand, the six largest were 67.07% of FY26 sales of products (DRHP p.193). Dream Lite, a cracker biscuit, alone brought ₹614.8 crore, 30.20%, up from 26.21% in FY24; Butter Bake brought 10.15%, Marie Plus 8.33%, 2 in 1 7.94%, Yummy 5.74% and Mazaa 4.70% (DRHP p.193).

By market, share of sales of products (DRHP p.190):

By channel in FY26: general trade 95.16%, modern trade, e-commerce and quick commerce 1.07%, private label 1.34% and exports 2.43% of sales of products (DRHP p.196). Exports went to 31 countries in three years, including the United Arab Emirates and Canada (DRHP p.195).

Beside product sales, revenue from operations includes other operating revenue of ₹66.2 crore in FY26, of which ₹50.0 crore was subsidy from government, against ₹8.8 crore of subsidy in FY25 (DRHP p.338, DRHP p.339).

Anmol Industries customers: how concentrated the revenue is

Source: DRHP p.32, DRHP p.33. The customers are distributors and super stockists, not named, and not the same ones every year (DRHP p.33). Read from the filing: revenue does not depend on a few customers, in numbers: the ten largest bought about an eighth of sales in each year, and the notes say no single customer reaches 10% of revenue (DRHP p.339). The concentration sits elsewhere: in one category, four states and one brand (DRHP p.25, DRHP p.190, DRHP p.193).

On the supply side, the largest supplier was 5.72% of FY26 purchases, the top five 22.12% and the top ten 33.88%, against 35.77% for the top ten in FY24 (DRHP p.30).

04The growth record

Anmol Industries financials: revenue, profit and margins

Source: DRHP p.72, DRHP p.73, DRHP p.115, DRHP p.401, DRHP p.402, AP p.10, converted from ₹ million. Revenue from operations went from ₹1,422.9 crore in FY24 to ₹2,101.8 crore in FY26 (DRHP p.72). Profit after tax went from ₹126.2 crore to ₹191.0 crore, so ₹126.2 crore → ₹191.0 crore (DRHP p.72). The company's EBITDA adds finance cost and depreciation to profit before tax and takes out other income (DRHP p.401).

Our arithmetic over FY24 to FY26: revenue grew about 21.5% a year (our arithmetic, DRHP p.72), which is also the company's own figure of 21.54% (DRHP p.32); profit after tax grew about 23.0% a year (our arithmetic, DRHP p.72); EBITDA grew about 29.9% a year (our arithmetic, DRHP p.72). EBITDA margin moved from 11.97% to 13.67%, up 170 basis points, so 12.0% → 13.7% rounded (DRHP p.115). Year by year, revenue fell 11.32% in FY24, then rose 15.32% in FY25 and 28.09% in FY26 (DRHP p.115).

Two notes on the table. First, net worth here is the SEBI definition the company uses for its ratios, which leaves out a negative capital reserve of ₹396.0 crore created on the merger; total equity in the balance sheet was ₹222.5 crore, ₹260.5 crore and ₹452.8 crore (DRHP p.326, DRHP p.70).

Second, total debt as the company counts it includes preference shares issued in the 2025 merger and lease liabilities; borrowings from banks and financial institutions were ₹151.0 crore, ₹146.7 crore and ₹103.4 crore (DRHP p.402, AP p.10). The FY24 figures were restated to include the merged companies (DRHP p.280). The auditor, Lodha & Co LLP, reports no qualification for the three years (AP p.14).

What sits around the record:

• Cash: operating cash flow was ₹254.0 crore in FY26, ₹41.8 crore in FY25 and ₹135.8 crore in FY24 (DRHP p.73). Over the three years profit after tax added to ₹355.3 crore and operating cash flow to ₹431.7 crore (our arithmetic, DRHP p.72, DRHP p.73).
• Subsidies: subsidy from government was ₹50.0 crore in FY26, from a production-linked incentive of the Ministry of Food Processing Industries and GST subsidies from Bihar and Odisha, against ₹8.8 crore in FY25 and ₹8.4 crore in FY24 (DRHP p.339, DRHP p.414). The FY26 subsidy was about 17.4% of FY26 EBITDA (our arithmetic, DRHP p.339, DRHP p.72).
• Other income was ₹47.2 crore in FY26, about 18.3% of profit before tax, and included ₹27.0 crore in each year from "amortisation of deferred financial instrument", which the cash flow statement takes back out as non-cash (our arithmetic, DRHP p.72, DRHP p.340, DRHP p.73).
• Money owed by customers: receivable days were 4.84 in FY24 and 2.97 in FY26, so 4.8 → 3.0 (DRHP p.188). Net working capital was 11.36 days of sales in FY26, so 11 (DRHP p.188).
• Debt: total debt as the company defines it was ₹273.0 crore at March 31, 2026 and debt to equity 0.60 times, so 0.6× (DRHP p.402). Net of ₹3.1 crore of cash and bank balances, that debt was about 0.9× FY26 EBITDA (our arithmetic, DRHP p.402, DRHP p.70). Borrowings stood at ₹107.6 crore at August 31, 2026 (DRHP p.424). Return on capital employed was 21.81% in FY26, so 21.8% rounded (DRHP p.115).
• Customers and suppliers: the largest distributor or super stockist was 1.87% of FY26 sales of products, so 1.9%; the top five 7.25%, so 7.3%; the top ten 11.59%, so 11.6% (DRHP p.32, DRHP p.33). The top ten suppliers were 33.88% of FY26 purchases, so 33.9% (DRHP p.30). Core markets were 67.70% of FY26 sales of products, so 67.7% (DRHP p.25). Dream Lite was 30.20% of FY26 sales of products, so 30.2% (DRHP p.193).
• Capacity: biscuit and cookie lines ran at 57.63% of available capacity in FY26, so 57.6% (DRHP p.215).
• Payments to the promoter trust: the company paid ₹238.0 crore to Baijnath Choudhary & Family Trust in FY26 to redeem preference shares (DRHP p.77).
• Contingent liabilities: ₹7.5 crore at March 31, 2026, mostly a service tax demand of ₹6.5 crore that a tribunal set aside on August 21, 2026 (DRHP p.75).
• Cases: the summary table shows 1 tax matter and 4 actions by statutory or regulatory authorities against the promoters, ₹0.73 crore in all (AP p.14).
• Industry: packaged biscuits, cookies and cakes, food and beverages in the fixed list (DRHP p.182).

05What the growth is made of

Sales of products rose ₹632.8 crore from FY24 to FY26 (our arithmetic, DRHP p.338). The document gives tonnes, packets and realisation, so the increase can be split:

• Volume: tonnes sold rose from 1,41,823 in FY24 to 1,68,207 in FY25 and 1,87,342 in FY26, up 32.1% over the two years (our arithmetic, DRHP p.193). Packets sold rose from 3,053.95 million to 4,243.31 million (DRHP p.193).
• Realisation: sales of products per kilogram were about ₹98.9 in FY24 and ₹108.7 in FY26 (our arithmetic, DRHP p.193, DRHP p.338); the company gives ₹95.70 and ₹105.49 for biscuits and cookies and ₹188.39 and ₹206.86 for cakes (DRHP p.191).
• Split: at the FY24 realisation, the extra 45,519 tonnes account for about ₹450.2 crore; the higher price per kilogram and the mix account for the remaining ₹182.6 crore (our arithmetic, DRHP p.193, DRHP p.338).

Read from the filing: about seven tenths of the rise in product sales came from volume. The document says realisation rose as premium and value-added products grew in the mix (DRHP p.191); it does not separate price increases from mix.

By product and place: cracker biscuits added ₹393.5 crore and cakes ₹57.4 crore from FY24 to FY26 (our arithmetic, DRHP p.184). Core markets added ₹453.1 crore and focus markets ₹162.9 crore (our arithmetic, DRHP p.190). Products launched within the previous three years brought ₹129.9 crore in FY26 against ₹26.3 crore in FY24 (DRHP p.194).

Subsidy: other operating revenue rose from ₹20.1 crore in FY24 to ₹66.2 crore in FY26, mostly from government subsidy (DRHP p.338, DRHP p.339). That part of revenue growth does not come from selling biscuits.

Margins: gross margin was 38.60%, 29.20% and 35.52% in FY24, FY25 and FY26 (DRHP p.188). The company puts the FY25 fall down mainly to palm oil prices, with input costs up 12.12% that year (DRHP p.32, DRHP p.417). There was no acquisition in the period beyond the merger of the two holding companies (DRHP p.116, DRHP p.243).

06Earnings quality

The item that needs explaining is the FY26 profit. Of FY26 EBITDA of ₹287.4 crore, ₹50.0 crore was government subsidy recorded in revenue (DRHP p.72, DRHP p.339). Of FY26 profit before tax of ₹258.3 crore, ₹47.2 crore was other income, including ₹27.0 crore of amortisation of a deferred financial instrument that appears every year and is reversed in the cash flow statement, and ₹6.6 crore of interest on loans given (DRHP p.72, DRHP p.340, DRHP p.73). The industry chapter describes the food processing incentive scheme as running from 2021 to 2027 (DRHP p.137).

In FY25 other income of ₹44.4 crore was larger than profit before tax of ₹42.1 crore (DRHP p.72). Input costs, which the document calls cost of materials consumed, were 61.40%, 70.80% and 64.48% of revenue (DRHP p.27).

The quarterly bank statements did not match the books at some year ends: at March 31, 2026 inventory reported to banks was ₹4.9 crore lower than the books, explained as goods in transit after a sales reversal (DRHP p.333).

07The balance sheet

At March 31, 2026 total assets were ₹891.0 crore: property, plant and equipment ₹526.8 crore, capital work in progress ₹12.4 crore, inventories ₹99.3 crore, current investments ₹45.6 crore, loans ₹17.2 crore, other financial assets ₹80.2 crore, trade receivables ₹12.2 crore, cash ₹3.1 crore and an asset held for sale of ₹55.7 crore (DRHP p.70). Against them: borrowings ₹258.0 crore, lease liabilities ₹15.0 crore, trade payables ₹44.1 crore, other liabilities, and total equity of ₹452.8 crore (DRHP p.70, DRHP p.71).

Source: DRHP p.332, DRHP p.333, DRHP p.396, DRHP p.424, DRHP p.70. Interest rates on the bank facilities ran from 6.27% to 8.39% a year (DRHP p.424). The lenders' consent is needed for a change in control, shareholding, management or business; the company says all consents for the offer were obtained (DRHP p.425). The capitalisation statement leaves the after-offer column blank, and since the offer is a sale of existing shares the company's cash and debt do not change with it (DRHP p.396, DRHP p.111). The company's credit rating from ICRA is AA- (Stable) for long-term facilities, reaffirmed April 8, 2026 (DRHP p.54).

The asset held for sale is the leasehold right to a plot at Taratala, Kolkata, carried at ₹55.4 crore, for which the company applied on May 16, 2025 to transfer to Kiasma Business Park, a related party; the note names transfer fees payable to the port by Kiasma and does not state an amount payable to the company (DRHP p.301, DRHP p.322). The company had earlier paid an upfront lease premium of ₹39.0 crore for that plot and is disputing ₹7.0 crore of GST on it (DRHP p.434).

Contingent liabilities were ₹7.5 crore and capital commitments ₹3.0 crore at March 31, 2026 (DRHP p.75, DRHP p.421). The company has one wholly owned subsidiary, AIL Enterprises Private Limited, which makes cake trays (DRHP p.245, DRHP p.246).

08What the money is for

Anmol Industries IPO objects: what the money is for

Source: DRHP p.111. The stated objects are to get the benefits of listing and to carry out the offer for sale; the company expects listing to raise its visibility and brand image and give a public market for the shares (DRHP p.111). Offer expenses, other than listing fees and some audit and advertising costs, are borne by the selling trust (DRHP p.111). No monitoring agency or appraising entity is appointed because the company receives no proceeds (DRHP p.86).

Into the business nothing: there is no fresh issue (DRHP p.67). To selling shareholders up to ₹1,800.0 crore, to Baijnath Choudhary & Family Trust; the number of shares depends on a price not yet set (DRHP p.67).

09Who is selling

Anmol Industries IPO offer for sale: who is selling

Source: DRHP p.67, DRHP p.98. The trust's average cost of acquisition is ₹0.03 a share, as certified by the statutory auditor (DRHP p.56, DRHP p.106). Most of its shares came from a gift of 10,226,517 shares by Durga Devi Choudhary in March 2017 and from bonus issues in 2018 and 2026 (DRHP p.98, DRHP p.99). The trust gave consent on September 21 and 24, 2026 (DRHP p.67). Promoters and the promoter group take no part in the offer except through this sale (DRHP p.108).

10Promoters

The promoters are Baijnath Choudhary & Family Trust, Biswanath Choudhary, Dilip Kumar Choudhary, Gobind Ram Choudhary, Bimal Kumar Choudhary, Vikash Choudhary, Deepak Choudhary, Sunil Choudhary, Ankit Choudhary, Ashish Choudhary, Aman Choudhary and Keshav Choudhary, so identified by a board resolution of July 11, 2026 (DRHP p.266, DRHP p.270).

The document states that Biswanath Choudhary, Dilip Kumar Choudhary, Gobind Ram Choudhary and Bimal Kumar Choudhary are brothers; that Vikash, Sunil and Deepak Choudhary are sons of Biswanath Choudhary; Ankit and Ashish Choudhary sons of Dilip Kumar Choudhary; Aman Choudhary a son of Gobind Ram Choudhary; and Keshav Choudhary a son of Bimal Kumar Choudhary (DRHP p.271, DRHP p.272, DRHP p.273). The company was founded by the late Baijnath Choudhary (DRHP p.187).

• Baijnath Choudhary & Family Trust: an irrevocable trust settled on September 8, 2016 by the late Durga Devi Choudhary, with a restated deed of April 8, 2025; trustees Biswanath, Dilip Kumar, Gobind Ram and Bimal Kumar Choudhary; beneficiaries the four family trusts named after them (DRHP p.269). It holds 84.44% before the offer (DRHP p.98).
• Biswanath Choudhary, 67, Chairman and Non-Executive Director, about 29 years in procurement, finance and investment (DRHP p.266, AP p.6).
• Dilip Kumar Choudhary, 64, Vice-Chairman and Non-Executive Director, about 29 years in factory operations (DRHP p.266, AP p.6).
• Bimal Kumar Choudhary, 59, Managing Director since May 19, 2017 (DRHP p.267, AP p.7).
• Gobind Ram Choudhary, 60, Whole-time Director since April 1, 2023 (DRHP p.266, AP p.7).
• Vikash, Deepak, Sunil, Ankit, Ashish, Aman and Keshav Choudhary: executive directors in operations, strategy, procurement, finance, treasury, marketing and sales, employed as senior management, not board members (DRHP p.263, DRHP p.264, AP p.7, AP p.8).

Pay: remuneration to the eleven individual promoters was ₹11.7 crore in FY24 and ₹10.9 crore in FY26; in FY26 Bimal Kumar Choudhary received ₹1.8 crore and Vikash, Sunil, Ankit, Aman and Keshav Choudhary ₹1.4 crore each, while Biswanath and Dilip Kumar Choudhary were paid only in FY24 (our arithmetic, DRHP p.76). The non-executive directors receive no fees (DRHP p.255).

Cash to the trust: the company repurchased 1,789,334 shares from the trust at ₹666 each on March 11, 2024, ₹119.1 crore, and redeemed 2,738,921 preference shares at ₹869 each on January 23, 2026 and 1,778,759 more on May 8, 2026 (DRHP p.91, DRHP p.78, DRHP p.101). The January redemption paid the trust ₹238.0 crore and the May one ₹154.6 crore (DRHP p.77, DRHP p.333). The preference shares were issued in the 2025 merger for the shares of the holding companies, valued off a fair value of ₹869 a share of face value ₹10 in a report dated March 13, 2025 (DRHP p.118, DRHP p.243).

Other businesses: the promoter group lists 141 entities, many of them property companies and partnerships (DRHP p.274, DRHP p.275, DRHP p.276). Five promoter-group property partnerships were licensed on September 23, 2026 to use the Anmol name for real estate projects for ₹0.02 million each (DRHP p.244, DRHP p.245). Promoter-group firms Aarav Casings, Vanaspati Fats & Oil and Baijnath Choudhary Charitable Trust have received payments for raw materials, packaging and other expenses in the last two years (DRHP p.270). The company says the promoters have no interest in a competing venture (DRHP p.271).

Promoter group matters: Sanjay Agarwal was a co-borrower with a firm found in default; SEBI fined Kanchan Agarwal ₹0.69 million and Vikas Goyal ₹1.20 million in past matters, since paid; and New Hind Silk House Private Limited, a promoter-group company, was ordered into liquidation on June 13, 2024 (DRHP p.35, DRHP p.36).

Pledges: the shareholding pattern shows no promoter shares pledged or encumbered (DRHP p.97).

Promoter economics: the four individual promoters who hold shares received them by conversion of merger preference shares in May 2026, the August 2026 bonus and gifts from the family trusts in September 2026, at nil cost (DRHP p.104, DRHP p.106). The weighted average cost of all shares acquired in the last one year, 18 months and three years is ₹144.82 a share, after the split and bonus, based on the ₹869 merger valuation (DRHP p.106, DRHP p.118).

11Who already owns it

Anmol Industries promoter holding before and after the IPO

Source: DRHP p.98, DRHP p.101, DRHP p.102, DRHP p.107; the second and fourth rows are our arithmetic. Promoters hold 297,411,606 shares, 90.44%, so 90.4%, and promoters and promoter group together 100.00% of 328,831,572 shares (DRHP p.98, DRHP p.97). There are 13 shareholders (DRHP p.108). Because the offer is a sale of existing shares, the share count stays 328,831,572 after the offer, apart from any employee options exercised (DRHP p.67, DRHP p.108). The after-offer holdings are left blank until the price is set (DRHP p.107).

Urban Nirman LLP, Anumati Consultancy & Services Private Limited, Radhey Realtors LLP, Bimal Kumar Choudhary and Dilip Kumar Choudhary came in on May 8, 2026 by converting merger preference shares one for one, with no cash paid (DRHP p.92, DRHP p.93). The last purchase for cash by a promoter-group member was 1,850 shares at ₹600 each, face value ₹10, on March 23, 2026 (DRHP p.94).

Under the employee option plan up to 6,576,631 options may be granted; 186,636 have been granted at an exercise price of ₹1.67 and none have vested (DRHP p.109).

Lock-in: promoters' shares equal to 20% of the post-offer capital are locked in for 18 months, the rest of the pre-offer capital for six months (DRHP p.102, DRHP p.103).

12What changed just before the IPO

• Revenue and profit: revenue from operations went from ₹1,422.9 crore in FY24 to ₹2,101.8 crore in FY26 and profit after tax from ₹126.2 crore to ₹191.0 crore (DRHP p.72).
• Receivables: 4.84 days in FY24 and 2.97 days in FY26 (DRHP p.188).
• Promoter pay: ₹11.7 crore in FY24 and ₹10.9 crore in FY26 (our arithmetic, DRHP p.76).
• Share repurchase: 1,789,334 shares from the promoter trust at ₹666 on March 11, 2024, and ₹27.5 crore of tax paid on it (DRHP p.91, DRHP p.74).
• Merger: Anmol Projects Private Limited and Monarch Shelter Private Limited merged in with effect from April 1, 2025, sanctioned November 7, 2025; their 8,390,660 shares in the company were cancelled and 9,858,459 preference shares issued instead (DRHP p.91, DRHP p.93, DRHP p.243).
• Preference shares: redeemed from the promoter trust on January 23, 2026 and May 8, 2026; the rest converted to equity on May 8, 2026 (DRHP p.93).
• Share split: ₹10 to ₹5 a share, record date August 11, 2026 (DRHP p.92).
• Bonus issue: 2:1, 219,221,048 shares allotted on August 21, 2026 (DRHP p.92).
• Pre-IPO placement: the document names none.
• Last allotment before the IPO: the bonus shares at nil price in August 2026; before that, equity on conversion of preference shares in May 2026 (DRHP p.92).
• Gifts: on September 8 and 9, 2026 the promoter trust passed 4,550,474 shares to each of four family trusts, which passed them on to Biswanath, Dilip Kumar, Gobind Ram and Bimal Kumar Choudhary between September 11 and 15, 2026 (DRHP p.99, DRHP p.105).
• Auditor: no change of statutory auditor in the three years before filing (DRHP p.84).
• Subsidy: government subsidy rose from ₹8.8 crore in FY25 to ₹50.0 crore in FY26 (DRHP p.339).
• Debt: total debt as the company counts it fell from ₹504.2 crore at March 2024 to ₹273.0 crore at March 2026 (DRHP p.402).
• Capacity: the Thakurganj, Bihar factory began in 2024; capital spending was ₹307.7 crore in FY24 and ₹38.7 crore in FY26 (DRHP p.214, DRHP p.421).
• Leasehold transfer: the Taratala plot is being transferred to Kiasma Business Park, a related party (DRHP p.301).
• Company secretary: changed in May 2024, October 2024 and May 2026 (DRHP p.265).
• GST rate: the industry report records a cut in GST on biscuits from 18% to 5% (DRHP p.153).
• Dividend: none in FY24 to FY26 or since (DRHP p.277).
• Became a public company: March 30, 2017 (DRHP p.239).

13Capacity and expansion

Source: DRHP p.215, DRHP p.32. Utilisation of biscuit and cookie capacity rose from 47.81% in FY24 to 54.76% in FY25 and 57.63% in FY26; cakes from 18.93% to 26.59% and 34.44% (DRHP p.215). Capacity assumes 300 working days and is certified by an independent chartered engineer (DRHP p.215). The document gives capacity by product, not by plant.

The seven factories began operating at Dankuni in 1994, Greater Noida in 2001, Begampur in 2004, Ghaziabad in 2008, Hajipur in 2011, Bhubaneswar in 2017 and Thakurganj in 2024 (DRHP p.213, DRHP p.214). Dankuni, Begampur and Thakurganj are owned; Greater Noida, Bhubaneswar and Hajipur are on long industrial leases; Ghaziabad is licensed for three months from July 15, 2026 (DRHP p.226). Two facilities were folded into Dankuni after March 2024, taking the count from nine to seven (DRHP p.188).

The company intends a brownfield plant at Thakurganj on about 3.95 acres for biscuits and cakes; the document gives no capacity, cost or date for it, and none of the offer money pays for it (DRHP p.32, DRHP p.111). Past plants at Bhubaneswar, Hajipur, Dankuni and Thakurganj ran late or over cost (DRHP p.42).

14Market size and industry structure

Anmol Industries industry: market size and growth

As claimed: the chapter is taken from the "Independent Market Report on Indian Biscuits, Bakery and Sweets Market" dated September 2026 by Frost & Sullivan, commissioned and paid for by the company for the offer (DRHP p.182). The commissioned report puts the Indian biscuits and cookies market at about ₹51,000 crore in FY2021 and ₹76,500 crore in FY2026, growing about 8.5% a year (DRHP p.138). It puts India's whole packaged food market at ₹3,85,200 crore in FY2021 and ₹5,43,000 crore in FY2026, about 7.1% a year (DRHP p.132).

The part that is addressable: the company sells biscuits and cookies, which were 93.74% of its FY26 sales of products, mostly in ₹5 and ₹10 packs in the east and north (DRHP p.25, DRHP p.194). The report sizes the organised part of the biscuit market at about ₹56,600 crore in FY2026, up from about 68% to about 74% of the total since FY2021 (DRHP p.141). It sizes the market at 35.29 lakh tonnes in FY2026, up from 27.70 lakh tonnes in FY2021, about 5.0% a year (DRHP p.139).

What the company is today: FY26 biscuit and cookie sales of ₹1,908.2 crore are about 2.5% of the report's ₹76,500 crore market and about 3.4% of the organised part (our arithmetic, DRHP p.184, DRHP p.138, DRHP p.141). By weight, its 1,80,897 tonnes of biscuits and cookies are about 5.1% of the market's 35.29 lakh tonnes (our arithmetic, DRHP p.193, DRHP p.139). The report ranks Anmol the fourth largest biscuit brand in India by sales value in FY2026 and the largest regional brand (DRHP p.147).

Size over time: the report projects the biscuits and cookies market at ₹1,21,000 crore by FY2031, about 9.6% a year, and 45.68 lakh tonnes, about 5.3% a year (DRHP p.139). It projects the organised part at ₹95,600 crore by FY2031, about 11.0% a year (DRHP p.141), and the packaged food market at ₹9,32,900 crore by FY2031 (DRHP p.132). These projections are the report's own. For cakes and bakery products it gives 40.30 lakh tonnes in FY2021 and 55.71 lakh tonnes in FY2026, and projects 78.18 lakh tonnes by FY2031 (DRHP p.155).

Segments: the report divides biscuits by type (cookies, cream, crackers, glucose, marie, digestive, others) and by price: mass below ₹140 a kilogram, aspirational ₹140 to ₹200 and premium above ₹200 (DRHP p.140, DRHP p.142). It gives growth of about 5.4% a year for mass, 14.5% for aspirational and 19.5% for premium over FY2021 to FY2026 (DRHP p.143). It places Anmol's Milk Made and Marie Plus in mass, Dream Lite and Butter Bake in aspirational and its chocolate chip cookies in premium (DRHP p.142). Average selling prices run about ₹130 to ₹140 a kilogram in rural markets and ₹170 to ₹195 in urban (DRHP p.146).

What drives demand: the report names rising incomes, with per capita income from ₹1,27,065 in FY2021 to ₹2,07,598 in FY2026; organised and digital retail; urbanisation; exports; gifting; the move to packaged food; and health-focused products (DRHP p.136, DRHP p.137). It notes India's per capita biscuit consumption of about 2 to 2.8 kilograms a year against about 13 to 14 in the United Kingdom (DRHP p.143). By channel, it puts online growth at about 35.1% a year against 6.0% for general trade over FY2021 to FY2026, and trade margins at 15% to 25% of selling price in general trade and 25% to 35% online (DRHP p.145).

Structure: the report calls the market highly consolidated, with the top five players over 80%; Britannia at 32% to 34% and Parle at 27% to 29% in FY2026; and ITC Sunfeast, Anmol, Saj Food Products (Bisk Farm), Surya Foods (Priyagold), Mondelez, Patanjali Foods, Mrs. Bector's, Sona Biscuits and Unibic as other key players (DRHP p.147).

By state it places Anmol second in Bihar with 18% to 20% and in Odisha with 13% to 15%, third in Jharkhand with 6% to 8%, fifth in West Bengal with 6% to 8% and fifth in Uttar Pradesh with 2% to 4%, and third in the east as a whole with 11% to 14% (DRHP p.151, DRHP p.152, DRHP p.150, DRHP p.149, DRHP p.148).

Inputs and trade: the report names wheat, sugar, palm oil, skimmed milk powder and cocoa as the inputs whose prices matter, with sugar rising from about ₹38 a kilogram in FY2021-22 to about ₹43 in FY2025-26, and India's imports of palm oil under the ASEAN trade agreement as a cost to watch (DRHP p.154). India exported about 3.44 lakh tonnes of sweet biscuits in FY2025-26 (DRHP p.137). The company's own exports were 2.35% of FY26 revenue (DRHP p.46).

Rules: the report lists the production-linked incentive scheme for food processing of ₹10,900 crore over 2021 to 2027 and a cut in GST on biscuits from 18% to 5% (DRHP p.137, DRHP p.153). It notes the regulator's proposed front-of-pack nutrition rating, with red coding for foods high in fat, sugar or salt (DRHP p.154). The company needs food safety licences for each factory, factory, pollution and fire approvals, and plastic packaging obligations; some approvals are in former company names, expired or pending, including the Dankuni fire licence (DRHP p.34).

What the chapter says can go wrong: low margins because buyers are price-sensitive, short shelf life, competition from local brands and private labels, rising costs that cannot be passed on, stricter labelling and food safety rules, and trade disruption (DRHP p.137, DRHP p.138). For biscuits it adds input cost swings, a shift to healthier food, sugar and fat regulation and fragile supply chains (DRHP p.154). The chapter does not size the cracker segment, where the company earns almost half its product sales, or the four eastern states in rupees in the passages read for this study.

15Competitive position

Anmol Industries competitors

Source: DRHP p.117, DRHP p.180, converted from ₹ million. Our arithmetic: Britannia's revenue is about nine times the company's and Mrs. Bectors' about the same (our arithmetic, DRHP p.117). The commissioned report also benchmarks unlisted rivals for FY2025: Parle Products ₹17,577.1 crore of revenue, Saj Food Products ₹1,666.5 crore, Surya Food & Agro ₹1,956.2 crore, Sona Biscuits ₹1,289.4 crore and Raja Udyog ₹527.4 crore (DRHP p.179). The business chapter names Britannia, Parle, ITC, Unibic, Sona Biscuits, Surya Foods & Agro, Mrs. Bector's, SAJ Food Products, Mondelez India and Raja Udyog as peers (DRHP p.225).

What the company puts forward: a fourth-ranked national brand and second place in Bihar and Odisha, a wide range at low price points, a large distribution network, factories close to markets and raw materials, and the fastest revenue growth among the listed peers in FY24 to FY26 (DRHP p.189, DRHP p.185, DRHP p.191). It says it competes on taste, brand recall, price and pack size, reach and freshness (DRHP p.225).

Against that, as the document itself states: biscuits and cookies are almost all of sales, four eastern states are two thirds, no long-term contracts with distributors or suppliers, 77 trademark registrations past validity and the logo unregistered and opposed, and an injunction stopping sales of its Petit Beurre biscuits (DRHP p.25, DRHP p.41, DRHP p.428). Sales promotion and advertising was 1.97% of FY26 revenue (DRHP p.26).

16Peers the company named

Peers named in the offer document: Britannia Industries Limited, Mrs. Bectors Food Specialities Limited and ITC Limited (DRHP p.115).

Britannia and ITC are many times the company's size: ₹19,151.6 crore and ₹89,913.3 crore of FY26 revenue against ₹2,101.8 crore (DRHP p.115). The document notes that the peers' figures may not relate only to the products the company makes (DRHP p.117). Mrs. Bectors is close in size, with ₹2,043.6 crore (DRHP p.115). The document gives their P/E at September 24, 2026 prices as 46.87 for Britannia, 47.02 for Mrs.

Bectors and 16.22 for ITC, an average of 36.70 (DRHP p.114, DRHP p.115). The company's FY26 EPS is ₹6.43 basic and ₹5.81 diluted on shares of ₹5 after the split and bonus (DRHP p.115). With no price band, no P/E for the company can be stated.

17Risks, in plain words

Anmol Industries IPO risks

Issue-specific: all to the seller: the offer is a sale by one promoter trust (DRHP p.67) → no money reaches the company, and the trust's cost is ₹0.03 a share (DRHP p.56) → up to ₹1,800.0 crore goes to the trust (DRHP p.67).

Promoters: cash paid out before listing: the company redeemed preference shares from the promoter trust in January and May 2026 and repurchased its shares in March 2024 (DRHP p.101, DRHP p.91) → cash left the company to the controlling shareholder before outside shareholders arrive → ₹238.0 crore, ₹154.6 crore and ₹119.1 crore (DRHP p.77, DRHP p.333, DRHP p.78).

Financial: incentives in profit: subsidy from government rose to ₹50.0 crore in FY26 from ₹8.8 crore (DRHP p.339) → the company says such incentives may be reduced, withdrawn or delayed (DRHP p.39) → the FY26 subsidy was about 17.4% of FY26 EBITDA (our arithmetic, DRHP p.339, DRHP p.72).

Business: one category and one brand: biscuits and cookies were 93.74% of FY26 sales of products (DRHP p.25) → a shift in tastes or a health-driven move away from biscuits would hit most sales (DRHP p.49) → Dream Lite alone was 30.20% (DRHP p.193).

Customers: four states: core markets were 67.70% of FY26 sales of products (DRHP p.25) → floods, local rules or a strong rival in the east would weigh on sales (DRHP p.26) → Bihar and Odisha are the company's two strongest states (DRHP p.189).

Suppliers: input prices: input costs were 64.48% of FY26 revenue (DRHP p.27) → when palm oil rose in FY25 profit fell from ₹126.2 crore to ₹38.1 crore (DRHP p.32) → the top ten suppliers were 33.88% of FY26 purchases (DRHP p.30).

Business: unused capacity and new plant: biscuit lines ran at 57.63% and cake lines at 34.44% (DRHP p.215) → fixed costs weigh on margins if volumes do not fill the plants, and a new brownfield plant is planned (DRHP p.32) → four past plants ran late or over cost (DRHP p.42).

Regulation: licences, trademarks and records: some licences are expired, pending or in former names, and some plants lack a consent to establish (DRHP p.34) → operations could be interrupted or penalised → 77 trademark registrations are past validity, the logo is unregistered and opposed, and statutory registers have gaps that could not be verified (DRHP p.41, DRHP p.51).

Legal: food safety cases: food safety complaints are pending in Indore, Sitapur and Hooghly, the last against the company and four promoter directors (DRHP p.427, DRHP p.428) → adverse findings may bring fines, recalls or loss of licences (DRHP p.29) → in the Sitapur case the company's representative pleaded guilty and was fined ₹5,000 on August 13, 2026 (DRHP p.428).

Legal: trademark injunction: SAJ Food Products obtained an injunction on September 21, 2023 stopping sales of the company's Petit Beurre biscuits (DRHP p.428) → the suit continues and the company says it is settling → the suit is valued at ₹10.0 crore (DRHP p.428, DRHP p.35).

Financial: tax demands: a GST intimation alleges excess input tax credit for FY2023-24 (DRHP p.434) → a show cause notice may follow → ₹13.9 crore, which the company disputes (DRHP p.434).

Promoters: control: promoters hold 90.44% and the group 100% before the offer (DRHP p.98, DRHP p.97) → the family will keep control after a partial sale (DRHP p.55) → the after-offer holding is not yet stated (DRHP p.107).

Business: workforce and plants: 3,544 contract workers, unions at Greater Noida and Dankuni, and the Ghaziabad plant on a three-month licence (DRHP p.52, DRHP p.51, DRHP p.226) → disputes or loss of a site would disrupt output → permanent staff attrition was 12.57% in FY26 (DRHP p.49).

18Litigation and regulatory matters

Cases against Anmol Industries and its promoters

Summary: against the company, 1 criminal case, 8 tax cases, 3 actions by authorities and 1 material civil case, ₹28.3 crore in all; against the promoters, 1 tax case and 4 actions by authorities, ₹0.73 crore (AP p.14). Tax: 13 indirect tax cases against the company for ₹34.5 crore, including a ₹7.0 crore GST refund claim on the Taratala lease premium (DRHP p.433).

The largest are a Supreme Court appeal by the merged Anmol Bakers over a Uttar Pradesh trade tax exemption, with ₹5.1 crore deposited under protest and a ₹3.8 crore interest demand stayed against a bank guarantee and the ₹13.9 crore GST credit intimation (DRHP p.433, DRHP p.434). By the company: suits against Parle Biscuits over Dream Lite and Yummy, where the parties have agreed settlement terms

and 39 cheque and payment recovery cases (DRHP p.428, DRHP p.429). SEBI: no disciplinary action against the promoters in five years (DRHP p.432). Creditors: 606 creditors were owed ₹44.1 crore at March 31, 2026, 142 of them small enterprises owed ₹7.8 crore (DRHP p.435). Other: a tax department notice to the chief financial officer, Anirban Moulik, concerns a former employer (DRHP p.433). Statutory dues:

provident fund contributions for employees whose account numbers were not linked remain unpaid from April 2022 (DRHP p.42, DRHP p.44).

19Related-party transactions

Source: DRHP p.76, DRHP p.77, DRHP p.78, DRHP p.79, DRHP p.374, DRHP p.378; remuneration is our arithmetic. The trust also lent the company ₹5.6 crore in FY26 and was repaid within the year (DRHP p.78). A ₹4.9 crore transaction with South City Anmol Infra Park LLP is recorded as relinquishment of an interest in land for a project (DRHP p.77). Purchases from Anmol Stainless were below ₹0.1 crore a year (DRHP p.76).

What appeared or changed in the two years before filing: the preference shares issued in the 2025 merger and their redemption; the sale of investments to family firms; the planned transfer of the Taratala lease to Kiasma Business Park; licences of the Anmol name to five family property firms on September 23, 2026; a capital amount receivable from Anant Udyog LLP on retirement; and the replacement of the merged Monarch Shelter by Anant Udyog LLP as partner in South City Anmol Infra Park LLP (DRHP p.77, DRHP p.301, DRHP p.244, DRHP p.78, DRHP p.305).

The company says its related-party transactions are at arm's length (DRHP p.53). The register of contracts with interested directors was not updated for FY25 and FY26, so those entries could not be verified (DRHP p.51).

20What the offer document does not say

The number of shares on offer, the price band and the after-offer shareholding are blank (DRHP p.67, DRHP p.107). The capacity and utilisation of each factory are not given, only totals by product (DRHP p.215). The size, cost and timing of the planned Thakurganj brownfield plant are not given (DRHP p.32). Margins by category, brand or pack size are not disclosed.

How much of the realisation gain came from price increases rather than mix is not split. The amount Kiasma Business Park will pay the company for the Taratala lease is not stated in the note read (DRHP p.301). The basis of the ₹869 merger valuation is not set out beyond the valuer's name and date (DRHP p.118).

Consents from the valuers of the 2017 merger were not obtained, so their report is not disclosed (DRHP p.51). How long the production-linked incentive will continue for the company is not stated. The names of distributors and suppliers are not given (DRHP p.33). Shareholders' agreements: the document says there are none (DRHP p.244).

Some inconsistencies are recorded as document matters, not business ones: net worth for ratios is ₹804.5 crore while total equity is ₹452.8 crore, the gap being the negative merger reserve the SEBI definition leaves out (DRHP p.402, DRHP p.70, DRHP p.326), so return on net worth is struck on the larger figure (DRHP p.401); and the 2026 bonus is described as two shares of ₹5 for every share of ₹5 in the share capital history but for every share of ₹10 in the promoters' build-up (DRHP p.92, DRHP p.99).

Seven of the eleven individual promoters hold no shares in their own names (DRHP p.101); the trust deed names them among the ultimate beneficiaries of the selling trust (DRHP p.269).

21Five questions for management

1. How much of the ₹50.0 crore of FY26 government subsidy is a one-time catch-up, and how much will recur, and until when?
2. What is the ₹27.0 crore yearly "amortisation of deferred financial instrument" in other income, and when does it stop?
3. Why was the merger valuation set at ₹869 a share of face value ₹10 in March 2025, and why did the promoter trust take cash for its preference shares while other holders converted to equity?
4. What price will Kiasma Business Park pay the company for the Taratala lease carried at ₹55.4 crore?
5. Of the rise in realisation per kilogram from FY24 to FY26, how much was price increases and how much richer pack and product mix?

2Sources and cited facts

This study was read from 2 documents the company filed. The 210 figures it cites are listed under the document each came from, with the page and the sentence as printed.