Annual Performance Overview
FY 2024–25 vs FY 2025–26 · All key financial indicators
Net Revenue
₹116.9 Cr
↑ 3.5% vs ₹112.9 Cr FY25
Gross Profit
₹21.33 Cr
GP% 18.25% vs 18.0% FY25 · ↑23 bps
Net Profit
₹1.26 Cr
NP% 1.08% · FY25: 2.27%
Closing Stock
₹8.3 Cr
↓ 44.8% from ₹15.1 Cr · 0.86 months
Total Purchases
₹79.7 Cr
↓ 4.9% from ₹83.8 Cr FY25
Sundry Debtors
₹18.2 Cr
~57 days · 11× net profit
Staff Cost
₹9.07 Cr
7.76% of sales · vs 7.93% FY25
Admin & Selling
₹19.29 Cr
16.51% of sales · vs 17.4% FY25
Bank Interest
₹35.4 L
↓ 14.8% from ₹41.6L · OCC reducing
Active States
18
TN 79.5% · KL 6.0% · MH 3.8%
P&L year-on-year — key lines (₹ Crores) FY25 vs FY26
FY25
FY26
Margin trend — FY23 to FY27 target
GP% FY26
18.25%
vs 18.0% FY25
NP% FY26
1.08%
vs 2.27% FY25
Cost structure — % of sales FY25 vs FY26
FY25
FY26
Working capital health
Debtor Days (~57 days)Target: 30 days
Stock Level (0.86 months)Target: <1 month ✓
Creditor/Debtor ratio (0.26×)Target: >0.5×
Bank Interest (₹35.4L)↓ from ₹41.6L FY25
Net Profit Margin (1.08%)Target: 3.0%+
FY26 in one sentence
A year of operational discipline — purchases ↓₹4Cr, inventory halved, bank interest down. But higher staff (+₹90L) and admin (+₹40L) costs compressed NP to 1.08% — these are now fully embedded in the P&L. FY27 must be the margin recovery year.
Profit & Loss — Deep Dive
Schedule-wise breakdown · FY24-25 vs FY25-26
Income Statement (₹ Lakhs) Full schedule detail
| Particulars | FY 2024–25 | FY 2025–26 | Change ₹L | Change % |
|---|
| Sales (A01) | 11,292.8 | 11,685.9 | +393.1 | +3.5% |
| Less: Opening Stock | (1,492.4) | (1,509.6) | — | |
| Add: Closing Stock | 1,509.6 | 833.9 | ↓675.7 | ↓44.8% |
| Less: Purchases (C01) | (8,378.9) | (7,969.9) | +409.0 | ↓4.9% |
| Less: Staff Expenses (C05) | (895.9) | (907.0) | −11.1 | ↑1.24% |
| Gross Profit | 2,035.1 | 2,133.1 | +98.0 | +4.8% |
| GP % | 18.0% | 18.25% | | +23 bps |
|
| Other Income (A02) | 17.5 | 9.8 | −7.7 | −44.1% |
| Less: Interest & Bank (C06) | (41.6) | (35.4) | +6.2 | ↓14.8% |
| Less: Admin & Selling (C07) | (1,962.7) | (1,929.4) | | +33.3 | ↓1.7% |
| Less: Partners Salary (C09) | (9.0) | (16.3) | −7.3 | ↑81.5% |
| Less: Depreciation (C13) | (34.3) | (35.0) | −0.7 | ↑2.2% |
| Less: Audit Fees (C14) | (8.5) | (8.5) | — | 0% |
| Net Profit | 256.4 | 125.9 | −130.5 | −50.9% |
| NP % | 2.27% | 1.08% | | −119 bps |
Top C07 cost lines — Admin & Selling (₹ Lakhs) Optimisation targets
| Expense | FY26 ₹L | % Sales | FY27 Action |
|---|
| Labour Contract | 450.6 | 0.39% | Renegotiate −15% |
| Special Discount | 293.7 | 0.25% | Convert to scheme |
| Sales Promotion | 280.9 | 0.24% | Track ROI −20% |
| Travelling | 151.3 | 0.13% | Digital-first −15% |
| Advertisement | 139.8 | 0.12% | Increase to 0.15% |
| Van Maintenance | 91.3 | 0.08% | Review fleet |
| Lorry Freight | 93.4 | 0.08% | Bulk negotiate |
| Royalty | 37.7 | 0.03% | Review terms |
| Rent (incl. RCM) | 30.7 | 0.03% | Fixed |
| Total C07 | 1,939.1 | 16.51% | Target: 15.0% |
Cost waterfall — full spend composition (₹ Crores)
Purchases (C01)
₹79.70 Cr
69.2%
Admin & Selling (C07)
₹19.29 Cr
16.51%
Depreciation (C13)
₹35L
0.30%
Partners + Audit
₹25L
0.21%
Balance sheet health indicators
| Item | Value | Signal |
|---|
| Sundry Debtors | ₹18.2 Cr | ~57 days · HIGH RISK |
| Secured Loans (OCC+Car) | ₹4.41 Cr | ↓ Improving leverage |
| Fixed Assets (net) | ₹2.52 Cr | Asset-light model |
| Sundry Creditors | ₹4.76 Cr | Low vs debtors |
| Cash & Bank | ₹38.5 L | Thin cash buffer |
| GST Net Payable | ₹94.2 L | J08+J09 combined |
Products & Sales Channels
Category performance · Channel mix · Online strategy · Top accounts
Top Category — Grinder
₹19.0 Cr
16.3% of revenue · stable +3%
Fastest Growth — Nutri Blender
+250%
₹77L → ₹372L · Rocket product
Declining — Kitchen Machine
−16.51%
₹10.4Cr → ₹8.6Cr · Needs strategy
Online Channel (Dreamour)
~8%
₹9.3 Cr · Target ₹20 Cr FY27
Product category revenue — FY26 (₹ Crores) A01 Schedule
Product strategic classification
| Product | FY26 ₹Cr | vs FY25 | Class |
|---|
| Grinder (GR) | 19.0 | +3.0% | ⭐ Cash Cow |
| ALU PC (PC) | 17.2 | +5.7% | ⭐ Cash Cow |
| SS PC (SPC) | 13.5 | +18.7% | 📈 Star |
| Non-stick (NS) | 12.8 | −3.7% | ⚠ Mature |
| LPG Stove (LPG) | 9.5 | +17.0% | 📈 Star |
| Kitchen Machine (KM) | 8.6 | −16.51% | ⬇ Declining |
| Nutri Blender (NB) | 3.7 | +250% | 🚀 Rocket |
| Triply PC (TPC) | 2.7 | +124% | 🚀 Rocket |
| Electric Kettle (KET) | 2.4 | +31% | 📈 Star |
| Induction (IC) | 1.9 | +85% | 🚀 Rocket |
| HAC Cooker (HAC) | 2.2 | −13.2% | ⬇ Declining |
| ALU Utensils (PAL) | 0.6 | −25.8% | ⬇ Declining |
Channel mix — FY26 Estimated split
Trade/Retail ~68%
Govt Canteen ~17%
Online ~8%
Related ~7%
Top debtors — FY26
| Customer | Balance | Channel |
|---|
| Vasanth & Co | ₹1.98 Cr | Trade |
| AL Shah Enterprises | ₹1.43 Cr | Trade |
| Dreamour (online) | ₹1.50 Cr | Online |
| S.Sivanesan & Co | ₹1.13 Cr | Related |
| AGS Rathna Stores | ₹0.76 Cr | Trade |
| Sathya Agencies | ₹0.93 Cr | Trade |
Product growth — FY25 to FY26 % change Sorted by growth
Institutional & Government Channel — detail ~17% of revenue · ₹19.8 Cr
TN Police Master Canteen
60+ branch accounts. Largest institutional buyer group in Tamil Nadu.
KPKB & Kerala Subsidiaries
Kendriya Police Kalyan Bhandar — Kerala. Steady repeat orders.
CRPF / CPC Canteens
Central paramilitary canteens — pan-India. Growing order volumes.
GEM Portal — Untapped
Not yet registered. Empanelment can unlock ₹5–10 Cr direct procurement at better margins.
State Sales Intelligence
4-year data · 25 states · Click a state for product drill-down
Tamil Nadu FY26
₹92.9 Cr
+5.5% · 79.5% of total
Kerala — Biggest Risk
↓23.8%
₹9.2Cr → ₹7.0Cr · Investigate
Maharashtra Growing
+16.51%
₹3.75Cr → ₹4.38Cr · Scale up
Telangana Accelerating
+33.3%
₹1.76Cr → ₹2.17Cr · Invest
Assam — New Market
₹62 L
₹0 → ₹62L · FY26 debut
State revenue — FY23 to FY26 (₹ Crores) Top 8
FY23
FY24
FY25
FY26
State trend lines (₹ Crores)
| State | FY25 | FY26 | Change |
|---|
| Pondicherry | ₹1,414L | ₹2,119L | ↑49.9% |
| Karnataka | ₹2,360L | ₹2,829L | ↑19.9% |
| Kerala | ₹9,238L | ₹7,035L | ↓23.8% |
| Andhra Pradesh | ₹3,661L | ₹3,031L | ↓17.2% |
| Puducherry | ₹541L | ₹246L | ↓54.5% |
State product breakdown
FY23
FY24
FY25
FY26
State × Product heatmap — FY26 (₹ Lakhs) Darker = higher revenue · — = zero
Risk Register & Watch List
Identified risks requiring management attention before and during FY27
High Priority Risks
Debtor overexposure — ₹18.2 Cr at ~57 days
Net profit is only ₹1.26 Cr. Top 5 debtors account for ₹7–8 Cr. A single default from Vasanth & Co, AL Shah, or related-party accounts could eliminate the entire year's profitability. Credit policy reform is non-negotiable in Q1 FY27.
Kerala revenue collapse — ₹9.2 Cr → ₹7.0 Cr (−23.8%)
Second-largest state dropped sharply. KM −44%, KET −47%, LPG −50%, NCP −75%. Likely distributor/pricing breakdown, not market saturation. Every ₹1 Cr recovered from Kerala goes directly to bottom line.
Net profit margin at 1.08% — paper-thin buffer
Any cost overrun, bad debt, or revenue shortfall could push FY27 into a loss year. Structural margin improvement through mix, pricing, and cost recovery is the core management objective.
Product concentration — Pressure Cooker ≈ 30% of revenue
Any supply disruption, GST rate revision, or intensified competition from Hawkins/Prestige directly threatens ₹34+ Cr. Diversification into Wet Grinder, Nutri Blender, and electrical is urgent.
Medium Priority Risks
Labour Contract — ₹4.51 Cr, largest single C07 line
Contract details and vendor breakdown need review. A 10% renegotiation saves ₹45L directly to bottom line. Compliance documentation essential for audit readiness.
Special discounts ₹2.94 Cr — unstructured margin erosion
Converting to performance-linked trade schemes tied to volume and payment discipline will protect margin while sustaining dealer loyalty. Potential saving: ₹100–120L.
Related-party exposure — ₹3.6 Cr (Dreamour, Ketana, Sivanesan)
Pricing, settlement terms, and documentation should be formalised for GST and Income Tax readiness. Settlement within agreed credit timelines is critical for working capital.
Watch List
Kitchen Machine category declining — ₹10.4Cr → ₹8.6Cr (−16.51%)
Largest revenue decline in absolute terms. Consistent across TN (−16.51%), Kerala (−44%), and other states. Need to assess if it's a product lifecycle issue or a competitive pricing gap.
Partners salary jump — ₹9L → ₹16.3L (+81%)
Rate of increase should be benchmarked against profitability and formalised in the partnership deed to ensure Income Tax compliance.
Other income dropped ₹17.5L → ₹9.8L (−44%)
Service charges, courier income, and rental income all declined. Recovering ₹5–7L in FY27 directly improves the bottom line without operational effort.
IT advance + appeal deposit — ₹27.7L locked
₹19L advance tax + ₹8.7L IT appeal (AY 2014–15). Resolution timeline should be tracked as a contingent liability in management accounts.
Depreciation — ₹34.3L → ₹35.0L (+₹0.7L)
Marginal increase of ₹0.7L. Fixed asset register should be reviewed and depreciation schedule validated for FY27 projections.
Andhra Pradesh declining — ₹3.66 Cr → ₹3.03 Cr (−17.2%)
Previously Premier's fastest-growing state, now declining. Grinder and Kitchen Machine both dropped sharply. Requires distributor-level review and product-specific recovery plan.
Management Summary
FY26 delivered strong operational discipline — purchases cut ₹4 Cr, inventory halved, bank interest reduced, gross margins improved. The business is lean and well-positioned. FY27 must convert this foundation into topline acceleration and margin recovery led by debtor collection, Kerala recovery, product mix improvement, and online channel scale.
FY 2026–27 Strategic Plan
Six pillars · Territory targets · Product roadmap · 12-month milestones
Revenue Target
₹135–140 Cr
↑15–20% from ₹116.9 Cr base
GP% Target
20.5–21%
+150–200 bps via mix & pricing
Net Profit Target
₹4–5 Cr
NP% 3.0–3.5% from 1.08% base
Rocket Products Target
₹12 Cr
NB+TPC+IC+KET combined (was ₹8.7Cr)
01
Debtor Discipline — Q1 Priority
Enforce 30-day credit for all new accounts from April 2026. Introduce 1–1.5% early-payment incentive. Assign a senior manager as collections owner. Target debtor book below ₹12 Cr by Q2 — freeing ₹6 Cr in working capital.
Q1 FY27₹12Cr target₹6Cr freed
02
Kerala Recovery Plan
Audit top 3 distributors on pricing and terms. Re-launch NCP (was ₹174L, now ₹28L). Push Nutri Blender which has growing early traction. SS Pressure Cooker grew +24.6% — double down. Target ₹8.5 Cr from Kerala in FY27.
₹8.5Cr targetNCP relaunchDistributor audit
03
Product Mix — Rocket Products
Nutri Blender +250% already — roll out to MH, KA, TS, WB, GJ via scheme + demo. Triply PC to AP, TS, KL. Induction Cooker to MH, KA. Electric Kettle to all states. Target ₹12 Cr combined from 4 rockets vs ₹8.7 Cr FY26.
NB ₹6CrTPC ₹3CrIC+KET ₹3Cr
04
Online Scale via Dreamour
Online at ~8% (₹9.3 Cr). Target ₹18–20 Cr by FY27 end. A+ content, sponsored ads, review management for top SKUs. Distinct online SKU architecture to protect trade pricing. Amazon first, Flipkart second, Meesho for value segment.
₹20Cr onlineAmazon firstSeparate SKUs
05
Geographic Expansion
Maharashtra and Karnataka are scale-up states. Telangana and Pondicherry are growing fast. New: appoint anchor stockist in Odisha, scale Assam. Delhi via GEM channel. Target 3 new productive states generating ₹3–4 Cr combined by FY27 year-end.
MH ₹5.5CrKA ₹3.8CrTS ₹3Cr
06
Cost Optimisation
Labour Contract −15% = ₹67L. Special Discount → scheme = ₹120L saved. Sales Promotion ROI-gated = ₹55L saved. Increase advertisement by ₹40L for growth. Net saving: ₹1 Cr+ to bottom line without touching revenue.
₹1Cr+ savingC07 target 15%Advert ↑
FY27 state revenue targets (₹ Lakhs) FY26 vs Target
12-Month priority roadmap
| Quarter | Key Actions | Target |
|---|
| Q1 Apr–Jun | Debtor drive · GEM registration · Kerala distributor audit · AP stockist review | Debtors below ₹14 Cr |
| Q2 Jul–Sep | Online SKU launch · Wet Grinder push · Assam/Odisha stockist · Rocket product roll-out to MH+KA | Online ₹4Cr/qtr run-rate |
| Q3 Oct–Dec | Festival season plan · Blender/IC campaign · Trade scheme launch · Kerala NCP recovery | ₹38–40 Cr revenue qtr |
| Q4 Jan–Mar | Year-end stock clearance · FY28 budget · New product evaluation · Cost renegotiations | Full-year NP% above 3% |
Next unlock: Monthly actual sales data by state and category will be added to model seasonality curves, identify early-warning signals, and build a territory-level target tracker for managing partner review.