Cremica Food Industries Ltd
Punjab-based maker of the Cremica range of ketchups, sauces, mayonnaise, dips and dressings — a long-time supplier to McDonald's and other quick-service chains — with about ₹450 Cr of revenue and a ₹600–700 Cr IPO under preparation.
Market cap
₹1,011 Cr
5.90 Cr shares
P/E ratio
3.83
Sector average 45
Book value
₹326.15
P/B 0.53
1-year return
-1.70%
52w ₹148 – ₹175
Currently 87% of the way through its 52-week range.
Indicative price history
1Y change
-1.70% ₹174 → ₹171
52-week band in this window: ₹147.14 – ₹181.59. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Cremica-brand ketchups, sauces, mayonnaise, dips and dressings; supplier to McDonald's India and other QSR chains for about 30 years; exports to ~30 countries.
- Revenue about ₹450 Cr with EBITDA ₹65–70 Cr (press, 2025); Infomerics rating upgrade May 2025; ₹600–700 Cr IPO planned.
- 5,89,79,936 shares of ₹10 after a 7:1 bonus on 4 April 2026; UnlistedZone ₹148 (2 Aug 2026, 52-week ₹148–₹175) implies ~₹873 Cr market cap; wwipl ₹180.
- Led by Akshay Bector, son of founder Rajni Bector; separate from the listed Mrs. Bectors biscuit business.
About Cremica
Cremica Food Industries Limited manufactures and markets condiments and food-service ingredients under the Cremica brand: tomato ketchup and sauces, mayonnaise and eggless mayonnaise, dips, salad dressings, sandwich and bread spreads, chutneys, syrups and toppings, bakery mixes and liquid seasonings. It sells through three channels — institutional supply to quick-service restaurant chains, hotels and caterers (McDonald's India has been a customer since the 1990s, alongside other QSR, pizza and café chains), branded retail through modern trade, general trade and e-commerce, and exports to around 30 countries. Manufacturing is at Phillaur in Punjab's Doaba belt, with a food park housing sauce, mayonnaise and dressing lines, and the company has added capacity in western India to serve food-service customers closer to demand.
The business descends from the Cremica group founded by Rajni Bector in Ludhiana in 1978, which started with ice cream and bakery products and grew into biscuits, bread and sauces. When the family divided the group in the late 2000s, the biscuit and bread business became Mrs. Bectors Food Specialities (listed in 2020), while the sauces, condiments and food-service ingredients business was housed in Cremica Food Industries under Akshay Bector, who is chairman and managing director. The company is a public limited company whose shares are held in demat (ISIN INE404T01016, face value ₹10); it had 5,89,79,936 shares after a 7:1 bonus issue recorded on 4 April 2026, implying about 73.7 lakh shares before the bonus.
Press reports around the company's IPO preparations in 2025 put revenue at about ₹450 Cr for the latest financial year with EBITDA of ₹65–70 Cr, a margin of roughly 15%. Infomerics upgraded its ratings on the company's bank facilities in May 2025, citing steady growth in operations and profitability, year-on-year revenue growth and a comfortable EBITDA margin. Profit after tax has not been published in the sources found; the profile's FY25 PAT of about ₹33 Cr, the FY24 figures and all balance-sheet lines are estimates derived from the reported revenue and EBITDA and should be treated as indicative until the DRHP or audited accounts are available.
In 2025 the company said it was planning an IPO of ₹600–700 Cr to fund retail expansion, new plants and entry into new export markets, to be filed once it completes investor and banker appointments; no DRHP had been filed with SEBI as of this writing. The 7:1 bonus in April 2026, which raised the share count eightfold, is the kind of pre-IPO housekeeping that typically precedes a filing. UnlistedZone's indicative price is ₹148 a share (as of 2 August 2026; 52-week range ₹148–₹175), implying a market capitalisation of about ₹873 Cr; wwipl's last traded price is higher at ₹180 (10 September 2026), which would imply about ₹1,062 Cr. At ₹148 the stock trades at roughly 1.9 times sales and, on the estimated FY25 profit, around 26 times earnings.
Verification status (10 Oct 2026): the ISIN, face value, share count, bonus date, indicative price, 52-week range and market capitalisation are from UnlistedZone's page (search snippet); the ₹450 Cr revenue, ₹65–70 Cr EBITDA and IPO plan are from Entrepreneur India / Restaurant India press reports; the rating upgrade is from Infomerics' 16 May 2025 release (headline only). The CIN, incorporation date (year indicative), registered office, headcount, board beyond Akshay Bector, shareholding split, PAT and every balance-sheet and cash-flow line are unverified or estimated. Confirm with the dealer and the MCA record before trading.
Where the revenue comes from
- Food-service / institutional (QSR, HoReCa)55%
Bulk sauces, dressings, toppings and ingredients for restaurant chains and caterers (estimate)
- Branded retail35%
Cremica ketchup, sauces, mayonnaise, dips and spreads through general trade, modern trade and e-commerce (estimate)
- Exports10%
Sauces and condiments to about 30 countries (estimate)
Products & services
Ketchup & sauces
Tomato ketchup, chilli, soya, pizza-pasta and specialty sauces in retail packs, sachets and bulk food-service formats.
Mayonnaise, dips & dressings
Classic and eggless mayonnaise, flavoured dips, salad dressings and sandwich spreads for retail and QSR use.
Food-service ingredients
Custom sauces, toppings, syrups, chutneys, bakery premixes and liquid seasonings developed for restaurant chains, hotels and food processors.
What works
- • Entrenched food-service franchise: a supplier of sauces, dressings and toppings to McDonald's India and other QSR chains for about three decades, a position protected by audits, recipes and long approval cycles.
- • Strong brand in a growing category: Cremica is a top-three ketchup and mayonnaise brand in North India, and condiments are among the fastest-growing packaged-food categories as eating-out and home cooking westernise.
- • Healthy economics: revenue of about ₹450 Cr with EBITDA of ₹65–70 Cr (a roughly 15% margin), rating upgrade from Infomerics in May 2025 and plans for a ₹600–700 Cr IPO to fund expansion.
- • Pre-IPO positioning: the 7:1 bonus in April 2026 and public statements about a listing suggest a filing is being prepared, which would provide liquidity and price discovery for unlisted holders.
What to watch
- • Key customer concentration: a large share of institutional revenue comes from a few QSR chains; loss or re-sourcing of a McDonald's-type account would hit volumes and plant utilisation.
- • Thin disclosure: no audited profit, balance sheet, CIN or DRHP has been published in the sources found; PAT and balance-sheet figures here are estimates, and the Cremica name is shared with the separately listed Mrs. Bectors group, inviting confusion.
- • Rate uncertainty and dating: UnlistedZone's ₹148 (August 2026) sits below wwipl's ₹180 (September 2026) and below the ₹175 52-week high, a 20% spread on a thinly traded stock; the IPO price, when set, could be lower.
- • Input-cost and competitive pressure: tomato, edible oil and packaging prices are volatile, and the retail condiment market is contested by Kissan (HUL), Maggi (Nestlé), Veeba, Del Monte and Heinz with far larger marketing budgets.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| CremicaThis page | ₹171.36 | ₹1,011 Cr | 3.83 | 0.53 | +12.50% |
| Ram Bandhu | ₹550.00 | ₹266.2 Cr | 20.48 | 2.54 | +9.41% |
| TABP Snacks | ₹29,999.00 | ₹4,500 Cr | 2,999.90 | 108.43 | +42.09% |
| Bagrry's | ₹2,219.00 | ₹170.78 Cr | 31.62 | 1.91 | +10.02% |
Latest reported year: FY25 ending 31 Mar 2025.