Business: Packaged Foods | Namkeen | Snacks | Sweets | Ready-to-Eat | Dairy | Beverages
Status: Unlisted Private Company
CIN: U15400HR2022PTC108327
Incorporated: 12 December 2022
Registered Office: Haldiram – Village Kherki Daula, Delhi–Jaipur Highway, Gurugram, Haryana – 122001
Paid-up Capital: ~₹1,500 crore
Authorised Capital: ~₹1,500 crore
FY2025 Revenue: ~₹12,977 crore
FY2025 PAT: ~₹1,195 crore
FY2025 PAT Margin: ~9.2%
FY2025 Operating Margin: ~18–19%
Rating: CRISIL AAA / Stable and A1+
Listing Status: Unlisted
Industry: FMCG / Packaged Foods
Executive Summary
Haldiram Snacks Food Private Limited is one of India’s most prominent unlisted consumer businesses and the FMCG entity created by combining the packaged-food operations of the Delhi and Nagpur factions of the Haldiram group.
The company brings together two large businesses that historically operated separately:
- Haldiram Snacks Private Limited — Delhi business
- Haldiram Foods International Private Limited — Nagpur business
The merger became effective from 1 April 2024, with the combined entity beginning operations in FY2025. The Delhi and Nagpur shareholders received approximately 56% and 44%, respectively, in the combined company.
The combination has created a much larger packaged-food platform with approximately ₹12,977 crore of FY2025 revenue and ₹1,195 crore of PAT, according to CRISIL Ratings. The company has also received a CRISIL AAA/Stable/A1+ rating for its bank facilities, reflecting its strong business position, liquidity and financial profile.
The investment story became particularly interesting during 2025 when global investors entered the company.
Temasek acquired a minority stake, followed by Alpha Wave Global and International Holding Company (IHC). Industry estimates valued the business at around $10 billion / ₹85,000–₹90,000+ crore at the time.
In December 2025, L Catterton also announced a strategic investment in Haldiram’s, making it the fourth major external investor to enter the business. The transaction value was not publicly disclosed.
The latest development is important: in February 2026, the Competition Commission of India approved L Catterton’s proposed acquisition of a minority shareholding in Haldiram Snacks Food.
This makes Haldiram Snacks Food one of India’s most closely watched unlisted consumer companies.
Company Overview
Company Name: Haldiram Snacks Food Private Limited
CIN: U15400HR2022PTC108327
Incorporation: 12 December 2022
ROC: Haryana
Company Type: Private Limited Company
Status: Active and Unlisted
Authorised Capital: ~₹1,500 crore
Paid-up Capital: ~₹1,500 crore
The company was incorporated in 2022 specifically to consolidate the FMCG businesses of the Delhi and Nagpur Haldiram groups.
Public corporate records identify Haldiram Snacks Food as an active unlisted private company engaged in food-product manufacturing.
The company’s official website identifies Haldiram Snacks Food Pvt Ltd as its corporate entity and describes the business as a global Indian food brand with products ranging from namkeen and sweets to ready-to-eat meals, frozen foods, bakery and beverages.
Haldiram’s Journey
The Haldiram story dates back to 1937 in Bikaner.
What started as a small namkeen business developed into one of India’s strongest ethnic-food brands.
According to the company’s official history:
1937: Haldiram’s journey begins in Bikaner
1983: Expansion to Delhi and Nagpur with packaged-food manufacturing
1993: Exports begin
2018: First overseas factory in London
2025: International store expansion and global scale-up
Haldiram’s – About Us & Company History
The company’s growth has been built around a combination of:
- Strong Indian taste preferences
- Brand recognition
- Product innovation
- Large distribution network
- Manufacturing scale
- International expansion
- Deep presence in ethnic snacks
The Big Merger
The most important corporate development in Haldiram’s recent history was the merger of the FMCG businesses of the Delhi and Nagpur factions.
Before the transaction, the two businesses operated separately.
Delhi Business
Haldiram Snacks Private Limited was the larger Delhi-based packaged-snacks business.
Its revenue increased from approximately ₹3,100 crore in FY2019 to approximately ₹6,802 crore in FY2024, according to Motilal Oswal’s industry research.
Nagpur Business
Haldiram Foods International represented the Nagpur business.
Its net sales increased from approximately ₹1,419 crore in FY2015 to approximately ₹4,551 crore in FY2024.
Combined Entity
The FMCG operations were brought together into Haldiram Snacks Food.
The merger effectively created a national-scale packaged-food platform rather than two geographically separate Haldiram businesses.
This is strategically important because it allows the combined company to:
- Consolidate manufacturing
- Improve distribution
- Increase purchasing power
- Build a unified national brand
- Expand internationally
- Launch products across a larger distribution network
- Create greater scale in modern trade and general trade
Business Model
Haldiram Snacks Food operates across multiple packaged-food categories.
1. Namkeen
Namkeen remains the company’s core category.
Products include:
- Bhujia
- Sev
- Mixtures
- Aloo Bhujia
- Moong Dal
- Peanuts
- Traditional savoury snacks
Namkeen accounts for more than half of the company’s sales according to CRISIL.
This is one of the company’s strongest competitive positions because Haldiram is deeply associated with the Indian namkeen category.
2. Western Snacks
The company has expanded beyond traditional Indian snacks into:
- Chips
- Extruded snacks
- Western-style packaged snacks
- Other convenience foods
This gives Haldiram exposure to a much larger addressable snack market.
3. Sweets
Haldiram has a strong traditional sweets portfolio.
The category benefits from:
- Festivals
- Weddings
- Gifting
- Religious occasions
- Everyday consumption
4. Ready-to-Eat Foods
The company sells a wide range of ready-to-eat and convenience products.
This category benefits from increasing consumer demand for convenient Indian meals.
5. Frozen Foods
Frozen products provide another growth opportunity and allow the brand to expand into newer consumption occasions.
6. Dairy
Haldiram has expanded into value-added dairy products.
Its subsidiary Vevek Ethnic Foods reported FY2025 revenue of approximately ₹448 crore and PAT of ₹17 crore. It manufactures products including paneer, ghee, milk products, dahi, shrikhand, cheese spreads and beverages.
7. Beverages
The company also operates in non-carbonated ready-to-drink beverages.
8. Bakery and Other Categories
The portfolio is increasingly diversified beyond traditional namkeen and sweets.
Product Portfolio
Motilal Oswal’s industry research estimates Haldiram Snacks Food has more than 410 SKUs.
Approximate category mix:
| Category | Approx. Mix |
|---|---|
| Ethnic Snacks | ~64% |
| Western Snacks | ~14% |
| Sweets | ~8% |
| Ready-to-Eat | ~4% |
| Beverages & Others | ~11% |
The exact mix can change as the company expands newer categories.
The strategic importance of this diversification is that Haldiram is moving from being primarily a namkeen company toward becoming a broader Indian packaged-food company.
Distribution Strength
Distribution is one of Haldiram’s biggest competitive advantages.
The brand has a wide presence across:
- General trade
- Modern trade
- Supermarkets
- Convenience stores
- E-commerce
- Haldiram outlets
- International distributors
- Airport and travel channels
Motilal Oswal estimates Haldiram has approximately 46% retail reach in India.
This distribution footprint creates a significant entry barrier for smaller competitors.
A new snack brand may be able to manufacture a product relatively easily.
The difficult part is getting that product onto millions of shelves and convincing consumers to buy it repeatedly.
International Presence
Haldiram has transformed from an Indian ethnic-snacks brand into a global Indian food brand.
The official website states that Haldiram’s products are exported to 80+ countries across North America, Europe, the Middle East, Asia-Pacific and other markets.
The export portfolio includes:
- Namkeen
- Snacks
- Sweets
- Ready meals
- Frozen products
- Other packaged foods
Haldiram’s International Business
International revenue currently remains relatively modest compared with the overall business. CRISIL estimates exports contribute approximately 8% of overall sales.
This could become an important long-term growth opportunity.
Why the Industry is Attractive
India’s packaged-food industry is benefiting from multiple structural trends.
Rising Disposable Income
As household incomes increase, consumers are spending more on branded packaged foods.
Urbanisation
Urban consumers increasingly prefer convenient packaged and ready-to-eat products.
Premiumisation
Consumers are moving toward:
- Premium snacks
- Branded sweets
- Health-oriented snacks
- Imported flavours
- Convenience foods
Organised Retail
Modern trade and e-commerce provide greater distribution opportunities for national brands.
Food Delivery and Quick Commerce
The growth of quick commerce can increase product discovery and improve access to packaged food.
International Demand
Indian food is increasingly gaining popularity among the Indian diaspora and international consumers.
Haldiram’s brand gives it a natural advantage in this trend.
Financial Performance
The biggest attraction of Haldiram Snacks Food is the scale of the combined business.
CRISIL reports the following FY2025 financials:
| Particulars | FY2025 |
|---|---|
| Revenue | ₹12,977 Cr |
| PAT | ₹1,195 Cr |
| PAT Margin | 9.2% |
| Operating Margin | ~18–19% |
| Adjusted Debt/Net Worth | ~0.12x |
| Interest Coverage | ~63.9x |
The company therefore combines very large revenue with strong profitability and a relatively conservative financial profile.
Revenue Growth
The combined Haldiram Snacks Food business reported net sales of approximately:
FY2021: ₹7,946 crore
FY2022: ₹8,712 crore
FY2023: ₹10,277 crore
FY2024: ₹11,111 crore
FY2025: ₹12,470 crore
This represents a multi-year growth trajectory of approximately 12% CAGR.
CRISIL’s FY2025 revenue figure of ₹12,977 crore differs from the net-sales figure above because of reporting definitions.
For valuation and comparison, investors should therefore use the relevant audited/consolidated financial statement definition consistently.
Profitability
The company’s operating profitability is particularly impressive for a large FMCG business.
CRISIL estimates operating margins of approximately 18–19% in FY2025 and RoCE above 24%.
FY2025 PAT was approximately ₹1,195 crore.
This gives the business a PAT margin of approximately 9.2%.
For a packaged-food company operating at significant scale, this is an attractive profitability profile.
Balance Sheet
The company’s financial position is one of the major reasons for the CRISIL AAA rating.
CRISIL reported:
- Adjusted debt/net worth of approximately 0.12x
- Interest coverage of approximately 63.9x
- Strong cash accrual
- Minimal dependence on external debt
The company also had approximately ₹1,000 crore of cash and liquid investments as of 31 December 2025.
This provides significant financial flexibility.
Liquidity
CRISIL expects cash accruals of approximately ₹1,400–1,500 crore over the medium term.
The company has:
- Strong internal cash generation
- Unencumbered cash and investments
- Significant unused bank limits
- Relatively low debt
- Ability to fund capex internally
CRISIL expects annual capex requirements of approximately ₹500–600 crore.
This is a major positive compared with highly leveraged FMCG expansion models.
Credit Rating
In January 2026, CRISIL assigned:
CRISIL AAA / Stable — Long Term
CRISIL A1+ — Short Term
to Haldiram Snacks Food’s bank facilities.
The rating reflects:
- Leadership in traditional snacks
- Strong brand equity
- Dominant market position
- Geographic reach
- Strong operating efficiency
- Healthy cash generation
- Strong liquidity
An AAA rating is an important indicator of the company’s financial strength, although it does not by itself indicate that the unlisted equity is attractively valued.
Institutional Investors
The entry of major institutional investors is one of the most important developments in Haldiram’s history.
Temasek
In March 2025, Singapore-based Temasek entered into an agreement to acquire a minority stake.
Market reports estimated the transaction at approximately ₹8,000 crore for around 9%, implying a valuation close to ₹89,
