Crazy Snacks Limited is a fast-moving consumer goods (FMCG) company that offers a diverse range of bakery products tailored to the daily consumption needs of Indian households. The company's comprehensive portfolio features over 150 products, primarily bread, buns, cakes, and rusks, strategically priced between 2 and 170. Furthermore, its wholly-owned subsidiary, Crazy Bakery Udyog Private Limited, expands the portfolio by manufacturing an additional 147 snack varieties, including namkeen, chips, popcorn, and potato sticks. The company implements a well-structured business model, marketing its products under three distinct brands: Crazy, Bity, and Baked Gold. The 'Crazy' brand targets the economy segment with affordable daily snacks, while 'Bity' focuses on premium breads and cakes. 'Baked Gold' caters to the premium segment, specializing in high-quality rusks and cookies. To maintain quality and operational efficiency, Crazy Snacks relies on an in-house packaging model equipped with automated machinery. Laminates and LDPE bags are used to preserve freshness and extend product shelf life up to six months. Crazy Snacks primarily operates on a Business-to-Business (B2B) distribution model, selling its finished products directly to a vast network of 2,045 distributors. The company's footprint is heavily concentrated in North India, with the states of Uttar Pradesh and Bihar contributing over 97% to 99% of its total consolidated revenues. To facilitate rapid and reliable delivery of its short-shelf-life products like bread and buns, the company manages its own dedicated fleet of 35 goods carriers and transportation vehicles. The manufacturing operations are carried out across two strategically positioned facilities in GIDA, Gorakhpur, Uttar Pradesh. These facilities collectively had an installed capacity of 25,860 metric tons as of Fiscal 2025. Demonstrating strong market demand and operational scale, the company reported a capacity utilization rate of 67.12% in FY25, 77.58% in FY24, and 58.02% in FY23. As per financial performance, Crazy Snacks Limited has posted total income / net profits of Rs 89.17 / 3.54 Cr (FY23), Rs 129.08 / Rs 5.32 Cr (FY24), Rs 111.63 Cr / 6.33 Cr (FY25) and Rs 87.56 Cr / 6 Cr (Upto Q3 FY26). So as per previous financials data, company has shown good growth, also trade receivables and debt are under control. Company has an average EPS of Rs 3.08 and average RoNW of 16.57% for last three fiscals. Issue is priced at a P/BV of 1.78 as per NAV of Rs 23.59/- as on 31.12.25 If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 18.91, 15.88 and 12.57 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Inventure Merchant Banker Services Private Limited is associated with this IPOs, and has handled 16 IPOs in last three fiscal years. From last 10 IPOs, two opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from last 10 IPOs, Seven are trading below issue price and remaining all are trading above issue price or at par. (as on 24.06.26) As per financials, Jivial Industries Limited shown good growth, RoNW is 41.09% and P/E is 37.93, 30.80 and 23.29 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks fully priced. Trade receivables and debt are under control. The company specializes in the production and fabrication of hardware structures and accessories, which is highly competitive business segment. Performance of BRLM is poor. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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