Crazy Snacks Limited

Crazy Snacks Limited operates through two main product categories: bakery products including breads, buns, cakes and rusks under the Crazy, Bity and Baked Gold brands, and snack products including namkeen, chips, popcorn and potato sticks primarily through its subsidiary Crazy Bakery Udyog.

The company offers over 150 products priced between ₹2 and ₹170, operating two manufacturing facilities in Gorakhpur, Uttar Pradesh, with a combined installed capacity of approximately 20,280 metric tonnes. Its distribution network covers 2,045 distributors and 35 in-house transport vehicles across North India, with Uttar Pradesh and Bihar contributing 99.01% of FY25 revenue — a significant geographic concentration risk. As of January 31, 2026, the company employed 347 individuals. Promoters Navin Kumar Agarwal and Upma Agrawal hold 76.14% pre-IPO stake, reducing to 50.85% post-IPO — falling below majority threshold.

The issue comprises a fresh issue of ₹25.20 Cr and OFS of ₹6.28 Cr at a price band of ₹39 to ₹42 per share, implying a pre-issue market cap of ₹100.54 Cr, listing on BSE SME on July 3, 2026.

Proceeds will fund machinery and infrastructure capex (₹9.92 Cr) and partial debt repayment (₹5.71 Cr), with the balance for general corporate purposes. At the upper band, the post-issue P/E of 12.57x FY25 earnings appears modest, but revenue declined from ₹127.59 Cr in FY24 to ₹111.38 Cr in FY25 (-12.7%) raising concerns about top-line sustainability. Key strengths include an established 31-year brand presence, diversified product portfolio across all price segments, strong distributor network and improving PAT margins (3.97% to 6.85%); key risks include revenue decline in FY25, extreme geographic concentration (99% revenue from UP and Bihar), high Debt/Equity of 1.72, promoter holding falling below 51% post-IPO, and a deeply challenging food sector listing environment with all three recent comparable IPOs listing at losses (Astron Multigrain -24%, SSMD Agrotech -36.65%, Ganesh Consumer Products -8.60%).