Bagrrys India Ltd (Bagrry's)

Indicative price history

Key highlights

• Pioneer of muesli (1994) and white oats (1993) in India; second-largest breakfast-cereal maker after Kellogg's with about 18% category share (2018).
• Bagri family holds over 70% (Shyam Bagri 50.65%, Savita Bagri 20.16%); 7,69,609 shares of ₹10, ISIN INE229F01024; private limited since FY20.
• UnlistedZone rate ₹2,219 (Jan 2024) matched by Planify's ₹2,214 (Jul 2026); implied market cap about ₹171 Cr, roughly 1.9 times estimated book.
• Financials not publicly reported — profit estimates from dealer P/E ratios range from ₹5 Cr to ₹25 Cr; treat all figures as preliminary.

About Bagrry's

Bagrrys India is the company behind Bagrry's, the health-food brand that introduced muesli to India in 1994 and built the white-oats category under the Oatex label a year earlier. Founder Shyam Bagri came out of a family flour-milling business — he set up his own mill at 21 and the company was incorporated on 23 October 1986 — and moved from wheat bran and oat bran into muesli, cornflakes, oats, honey and, more recently, muesli bars and snacks. Wheat bran, white oats and oat bran are made in Delhi; muesli and bran-added cornflakes come from a plant at Baddi, Himachal Pradesh, where the registered office sits. The company also owns the Lawrence Mills brand, distributes through roughly 70,000–1,00,000 retail outlets and exports to the US, Canada, Nepal, Bhutan and other markets. Industry profiles rank it the second-largest breakfast-cereal player in India after Kellogg's, with about 18% share of the category in 2018.

Ownership is concentrated in the Bagri family: UnlistedZone's shareholding table shows Shyam Bagri with 50.65% and Savita Bagri with 20.16%, and Aditya Bagri (DIN 01240476), the next generation, is a director and the public face of the business; a professional MD and CEO, Jayant Kapre, was appointed to run operations. Other directors on the registry are Sushil Kumar Chetani, Laxmi Narayan Sain and Raj Kumar Sharma, with Ankit Bansal as company secretary. The company was an unlisted public company (Bagrrys India Limited) and converted to a private limited company in FY20 — the CIN is now U15497HP1986PTC006447, RoC Himachal Pradesh — which brings the 200-member cap and board-approval transfer restrictions of a private company.

Financial disclosure is thin. Registry aggregators show paid-up capital of ₹0.77 Cr (7,69,609 shares of ₹10 per Planify; 7,59,982 on UnlistedZone's older page), authorised capital ₹4 Cr, the balance sheet filed to 31 March 2025, the AGM held on 17 September 2025, revenue growth of 10.61% in the latest year, open bank charges of ₹66.60 Cr and ₹52.89 Cr of satisfied charges. The only absolute turnover figures in the press are old: ₹45 Cr in FY11, about ₹120 Cr in 2018, and a management target of ₹400 Cr within five years. Valuation ratios on the dealer platforms imply profits: Planify's market cap of ₹170 Cr at P/E 31.49 and P/B 1.91 implies FY25 PAT of about ₹5.4 Cr and net worth of about ₹89 Cr, whereas UnlistedZone's January 2024 page (P/E 6.75, P/B 1.86) implied PAT of about ₹25 Cr and net worth of about ₹91 Cr — the two cannot both be run-rate, so the profit figures in this profile are estimates and flagged as such.

Recent developments: the company has broadened the portfolio with The Mighty Muesli Bars, snack lines positioned against PepsiCo's Quaker, and premium muesli and granola variants; advertising spend rose five- to six-fold versus pre-pandemic levels (Aditya Bagri, March 2022); and a professional MD-CEO was brought in. No fundraising, IPO or stake sale has been reported — management has said there is no primary need for capital.

Rate used and valuation: UnlistedZone's page shows an indicative price of ₹2,219 dated 7 January 2024, and Planify's quote of ₹2,214 on 7 July 2026 (day range ₹1,921–2,220, lot 95) confirms the share still trades at that level, so the UnlistedZone rate is used without adjustment. At ₹2,219 the 7,69,609 shares are worth about ₹171 Cr — roughly 31 times the Planify-implied FY25 profit of ₹5.4 Cr and 1.9 times estimated book value of about ₹1,160 a share. Those multiples are modest for a branded-foods franchise if profits are indeed in the ₹5–6 Cr range, but the business is sub-scale next to listed cereal and snack peers and the private-company status limits exit routes.

Verification status (10 Oct 2026): CIN, incorporation date, RoC, registered-office district, authorised and paid-up capital, ISIN, face value, directors, the FY20 conversion and the latest AGM/balance-sheet dates are registry- or dealer-sourced (TheCompanyCheck, InstaFinancials, Planify, UnlistedZone). Shareholding percentages are from UnlistedZone's table. Revenue, profit, net worth, borrowings, asset breakdown, cash flows, headcount and segment shares are estimates derived from dealer valuation ratios and dated press figures — none is a reported number. No annual report could be downloaded; confirm the share count (7,69,609 vs 7,59,982), the lot (Planify 95; 100 assumed here) and current financials with the dealer.

Where the revenue comes from

• Muesli, cornflakes and granola45%

  Baddi-made muesli (Crunchy, Fruit & Nut, premium variants), bran-added cornflakes and granola (estimate)

• Oats and bran35%

  White oats, oat bran and wheat bran made in Delhi; the original Oatex/Bagrry's lines (estimate)

• Bars, snacks, honey and others20%

  Muesli bars, snacks, honey and Lawrence Mills flour products plus exports (estimate)

Products & services