A North India-focused bakery and snacks company plans to raise Rs 29.89 crore via the BSE SME platform
Crazy Snacks Ltd., a manufacturer and distributor of bakery products and packaged snacks operating primarily in Uttar Pradesh and Bihar, opens for subscription on June 25 with the issue closing on June 30. The company is listing on the BSE SME platform.
What the Company Does
Incorporated in 1995 with nearly three decades of operating history, Crazy Snacks operates two manufacturing facilities and markets its products under three brands — “Crazy”, “Bity”, and “Baked Gold”. Its core product portfolio includes bread, buns, cakes, and rusks under the parent company, while its subsidiary Crazy Bakery Udyog adds namkeen, chips, popcorn, and potato sticks. Over 150 SKUs are offered across a price range of Rs 2 to Rs 170. The company has built a distribution network of 2,045 distributors supported by 35 dedicated delivery vehicles, with 347 employees as of January 2026.
Approximately 99% of revenues are derived from UP and Bihar — the company is entirely a North India regional player. The RHP for this issue was dated June 19, 2026 but was not uploaded to the exchange platform until June 23 — a compliance lapse that the analyst specifically flags.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 25, 2026 |
| Issue Closes | June 30, 2026 |
| Listing | BSE SME (July 3, 2026) |
| Price Band | Rs 39 – Rs 42 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 29.89 crore |
| Fresh Issue | Rs 23.61 crore |
| OFS | Rs 6.28 crore |
| Lot Size | 3,000 shares (min 2 lots = 6,000 shares) |
| Min. Retail Investment | Rs 2,52,000 |
| BRLM | Inventure Merchant Banker Services Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Alacrity Securities Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | 89.12 | 127.59 | ~112 (declined) | — |
| PAT | 3.54 | 5.31 | 6.33 | 6.00 |
| PAT Margin | 3.97% | 4.17% | 5.69% | 6.85% |
| RoCE | 11.00% | 14.45% | 12.37% | 10.08% |
Revenue jumped 43% from FY23 to FY24, but then declined in FY25 — a flagged inconsistency. Despite the revenue decline in FY25, PAT and PAT margins actually improved — a divergence the analyst specifically notes as raising concern.
Profits in 9M FY26 of Rs 6.00 crore already nearly match the full FY25 PAT of Rs 6.33 crore, but the pace of this improvement arriving just before the IPO. Debt-to-equity stands at approximately 1.63 — elevated for a small FMCG business. Listed peers — operating at P/E of 9.40x and 48.5x — are not meaningfully comparable.
BRLM Track Record: This is the 11th mandate from Inventure Merchant Banker. Of the last 10 listings, 2 opened at a discount, 1 at par, and 7 with premiums ranging from 0.37% to 90%.
Risks to Consider
Revenue inconsistency is an important red flag — the top line fell in FY25 even as profits grew, implying either product mix shifts, cost reductions of questionable durability, or accounting adjustments. Geographic concentration with 99% of revenue from UP and Bihar is the most severe in this entire batch of SME reviews — any regional disruption, competition, or distribution challenges in these states could have outsized impact. The compliance lapse with delayed RHP upload is a procedural concern. D/E of 1.63 is high for a business generating 5–7% PAT margins.
Analyst View
Analysts note that the company marked inconsistency in its top lines for the reported periods while posting growth in bottom lines. The issue appears aggressively priced, as per analysts.