Crazy SnacksIPO Review — Financials, Valuation & Peers
A data-only look at the Crazy Snacks IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|
| FY 2023 | 89.17 | 3.54 | 26.43 | 88.61 | 48.01 | — |
| FY 2024 | 129.08 | 5.32 | 31.25 | 85.9 | 45.22 | — |
| FY 2025 | 111.63 | 6.33 | 36.82 | 109.82 | 63.26 | — |
| Dec 2025 (interim) | 87.56 | 6 | 42.82 | 121.61 | 69.91 | 3.53 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 11.9x
- P/E (post-issue)
- 12.57x
- RoNW
- 14.01%
- RoE
- 15%
- RoCE
- 10.04%
- Debt / Equity
- 1.63
- EPS (pre-issue)
- ₹3.53
- EPS (post-issue)
- ₹3.34
- P/BV
- 2.05x
- NAV / share
- ₹0.02
- Market Cap
- ₹100.54 Cr
As of 31 Dec 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Crazy Snacks | 2.96 | 17.35 | — | 17.08% | — | — |
| Anjani Foods Ltd | 0.48 | 5.15 | 67.9x | 8.53% | 5.8x | Consolidated |
| Annapurna Swadisht Limited | 7.63 | 61.48 | 48.86x | 11.46% | — | Consolidated |
Peer group as disclosed in the offer document, figures as of 28 Mar 2024. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Navin Kumar Agarwal and Upma Agrawal
- Holding (pre-issue)
- 76.14%
- Holding (post-issue)
- 50.85%
- Dilution
- 25.29%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Capital efficiency reads at a return on capital employed (RoCE) of 10.04% and a return on equity (RoE) of 15%. At the upper band, the post-issue market capitalisation works out to about ₹100.54 crore. These are offer-document figures for the latest reported period (as of 31 Dec 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding capital expenditure requirements towards purchase of machinery, equipments and infrastructure enhancement in the existing manufacturing facility (₹9.92 crore), alongside general corporate purposes (₹6.27 crore). In all, 4 objects are disclosed.
Financials
In FY2025, Crazy Snacks reported revenue of ₹87.56 crore and a net profit of ₹6 crore. Revenue declined from ₹89.17 crore in FY2023 to ₹87.56 crore in FY2025 (-2.0%). Net worth stood at ₹42.82 crore at the end of FY2025. At the upper band, that puts the issue at roughly 11.9× FY2025 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 12.57× post-issue earnings and 2.05× book value, against a return on net worth of 14.01% and a debt-to-equity ratio of 1.63. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Anjani Foods Ltd and Annapurna Swadisht Limited, with a median peer P/E of about 58.4×. The issue's own post-issue P/E works out to 12.57×.
Promoters
The promoters of the company are Navin Kumar Agarwal and Upma Agrawal. Promoter holding stands at 76.14% before the issue and comes down to 50.85% after listing.
Frequently asked questions
- What is the reservation split in the Crazy Snacks IPO?
- Of the total shares offered, retail investors get 49.66%, QIBs 1.01%, non-institutional investors 49.33%.
- Who are the promoters of Crazy Snacks and what is their holding?
- The promoters are Navin Kumar Agarwal and Upma Agrawal. Promoter holding is 76.14% before the issue and 50.85% after listing.
- What is the P/E ratio of the Crazy Snacks IPO?
- At the upper price band, the Crazy Snacks IPO is valued at 11.9× pre-issue earnings and 12.57× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Crazy Snacks IPO?
- The net proceeds go primarily toward funding capital expenditure requirements towards purchase of machinery, equipments and infrastructure enhancement in the existing manufacturing facility, among 4 disclosed objects.