FMCG VALUATION

Base Valuation as on 28 Apr 2017

Dabur 2014 2015 2016 2017E 2018E 2019E
Sales Growth 0% 0% 0% 10% 10% 10%
EBITDA Margin 0% 0% 0% 17% 17% 17%
D&A as % asset 0% 0% 0% 1% 1% 1%
Asset Growth 0% 0% 0% 16% 16% 16%
Capex/asset 0% 0% 0% 5% 5% 5%

Repayment 10yr
LTGR 10%
Hurdle Rate 12%
Discount Rate - Equity 13%

Historical Valuation as on 31 Dec 2007

Dabur 2005 2006 2007 2008E 2009E 2010E
Sales Growth 15% 24% 18% 20% 22% 20%
EBITDA Margin 14% 16% 17% 17% 16% 16%
D&A as % asset 3% 3% 2% 3% 3% 3%
Asset Growth 25% 15% 80% 12% 12% 12%
Capex/asset 14% 10% 2% 6% 6% 6%

Repayment 10yr
LTGR 11%
Hurdle Rate 12%
Discount Rate - Equity 13%

PATANJALI VALUATION
Case 1 - Company diversifies, leaves swadesi rhetoric
2014 2015 2016 2017E 2018E 2019E
Sales Growth 58% 91% 119% 100% 70% 45%
EBITDA Margin 20% 23% 20% 20% 19% 19%
Revenue/Capex 9 9 10 20

D&A/Capex 41%
Hurdle Rate - Low Case 12%
Equity Discount rate - Low case 16%
LTGR 10%
Repayment 10yr
Interest Rate 12%

Case 3 - Continues within Ayurveda market

2014 2015 2016 2017E 2018E 2019E
Sales (in Rs. Crs) 1191 2014 5000 10000 10000 10000

D&A/Capex 41%
Hurdle Rate - Low Case 12%
Equity Discount rate - Low case 16%
LTGR 10%
Repayment 10yr
Interest Rate 12%
2020E 2021E Britannia 2014 2015 2016
10% 10% Sales Growth 0% 0% 0%
17% 17% EBITDA Margin 0% 0% 0%
1% 1% D&A as % asset 0% 0% 0%
16% 16% Asset Growth 0% 0% 0%
5% 5% Capex/asset 0% 0% 0%

Repayment 10yr
LTGR 10%
Hurdle Rate 12%
Discount Rate - Equity 13%

2011E 2012E Britannia 2005 2006 2007

17% 13% Sales Growth 6% 9% 29%
16% 15% EBITDA Margin 17% 13% 7%
3% 3% D&A as % asset 4% 4% 4%
12% 12% Asset Growth -8% 24% 11%
6% 6% Capex/asset -1% 7% 14%

Repayment 10yr
LTGR 11%
Hurdle Rate 13%
Discount Rate - Equity 14%

Case 2 - Company continues with swadesi rhetoric, but competes in F

2020E 2021E 2022E 2014 2015 2016
20% 15% 10% Sales Growth 58% 91% 119%
18% 18% 17% EBITDA Margin 20% 23% 20%
30 35 39 Revenue/Capex 9

D&A/Capex 41%
Hurdle Rate - High Case 15%
Equity Discount rate - Low case 17%
LTGR 10%
Repayment 10yr
Interest Rate 12%

2020E 2021E 2022E

10000 10000 10000
 2017E 2018E 2019E 2020E 2021E
10% 10% 10% 10% 10%
15% 15% 15% 15% 15%
3% 3% 3% 3% 3%
11% 11% 11% 11% 11%
6% 6% 6% 6% 6%

2008E 2009E 2010E 2011E 2012E

24% 22% 20% 17% 14%
9% 10% 11% 12% 13%
4% 4% 4% 4% 4%
11% 11% 11% 11% 11%
11% 11% 11% 11% 11%

ic, but competes in FMCG space

2017E 2018E 2019E 2020E 2021E 2022E
100% 70% 45% 20% 15% 10%
20% 19% 19% 18% 18% 17%
9 10 20 30 35 39
PATANJALI VALUATION
Case 3 Project DCF
Based on FV/EBITDA
Continues within Ayurveda market Equity DCF
Based on EV/EBITDA
FV/EBITDA DCF
P/E DCF

Public FMCG Companies

As on 28 A
Firm Value
Firm Value (DCF) Equity Value (DCF)
(Mkt)
Dabur 972 50969 820
Britannia 581 43559 559

Share price Share price Share price DCF - Ad cap

As on 28-04-2017 DCF
Dabur 287 5 13
Britannia 3627 47 538
Nestle 6702
HUL 935
P&G 7368
Industry Average

Share price
As on 31-12-2007 Share price Revenue LTGR
DCF
Dabur 114 218 12%
Britannia 1475 4497 15%
Nestle 1500 11%
HUL 214 4%
P&G 784 3%
Industry Average 11%

Dabur - True Dabur - To match mkt val

Discount Rate 12% Discount Rate
Terminal growth rate 11% Terminal growth rate
Years FCF Years
2007 307 2007
2008 339 2008
2009 392 2009
2010 476 2010
2011 561 2011
2012 589 2012
Terminal value 37098 Terminal value
Fair Value 39049 Fair Value
Mkt Cap 31/12/07 10029 Mkt Cap 31/12/07
Fair Value / share 449 Fair Value / share
Stock price 31/12/07 114 Stock price 31/12/07
Fair P/E Multiple 64 Fair P/E Multiple
Mkt P/E 39 Mkt P/E
DABUR
2007 2008 2009
Total Income 2,259 2,361 2,805
EBITDA 375 404 466
PBT 319 384 445
PAT 282 333 391
ROA 25% 22% 21%
Close price 95 108 95
No. of shares 86 86 87
Market Cap 8194 9301 8209
EPS 4 5
P/E 39 28 21

Britannia
2007 2008 2009
Total Income 2,231 2,621 3,146
EBITDA 160 268 297
PBT 116 218 196
PAT 105.13 177.44 151.48
ROA 17% 14% 12%
Close price 1251 1300 1390
No. of shares 2 2 2
Market Cap 2989 3102 3316
EPS 71 57
P/E 33 18 25
 30650 2016 2017E 2018E

35883 Revenue 5000 10000 10000

8265 Revenue Growth 100% 0%
35848 EBITDA 1000 2000 2000
31 x FCFF 336 466
16 x Terminal Value 28064

As on 28 Apr 2017
Equity Mkt P/E (ad P/E DCF (ad
P/E DCF WACC
Value (Mkt) capitalized) capitalized
50377 1x 25 x 1x 17%
43517 1x 35 x 5x 12%

Revenue Tot. Price return - FV/EBITDA DCF FV/EBITDA Equity Val / P/BV DCF
LTGR 10 yr EBITDA
#DIV/0! 10% 1x 34 x 33 x 0x
#DIV/0! 8% 0x 35 x 35 x 0x
#DIV/0! 17% 32 x 33 x
#DIV/0! 15% 42 x 42 x
#DIV/0! 24% 38 x 40 x
#DIV/0! 15% 1x 35 x 35 x

Tot. Price Equity Val /

FV/EBITDA DCF FV/EBITDA P/BV DCF P/E DCF
return- 5yr EBITDA
51% 104 x 27 x 26 x 40 x 64 x
23% 107 x 23 x 22 x 17 x 105 x
22 x 22 x
3% 16 x 16 x
15% 16 x 17 x
19% 22 x 22 x

tch mkt val Britannia - 10 years back Britannia - to match mkt val
13% Discount Rate 13% Discount Rate
10% Terminal growth rate 11% Terminal growt
FCF Years FCF Years
307 2007 62 2007
297 2008 155 2008
301 2009 228 2009
320 2010 317 2010
331 2011 420 2011
305 2012 530 2012
8160 Terminal value 15972 Terminal value
10029 Fair Value 17114 Fair Value
10029 Mkt Cap 31/12/07 3659 Mkt Cap 31/12
114 Fair Value / share 7164 Fair Value / sh
114 Stock price 31/12/07 1475 Stock price 31
39 Fair P/E Multiple 105 Fair P/E Multip
39 Mkt P/E 33 Mkt P/E
 2010 2011 2012 2013 2014 2015
3,390 4,078 5,305 6,169 7,075 7,827
623 774 890 983 1159 1316
601 708 791 953 1136 1319
501 569 645 763 914 1066
24% 14% 14% 15% 15% 16%
160 96 106 137 179 266
87 174 174 174 174 176
13921 16635 18535 23888 31183 46736
6 3 4 4 5 6
28 29 29 31 34 44

2010 2011 2012 2013 2014 2015

3,404 4,272 5,033 5,671 6,342 7,264
166 280 338 427 631 859
109 187 267 358 569 950
103.18 134.35 199.55 259.5 395.35 688.64
8% 9% 12% 15% 21% 28%
1576 364 593 524 828 2162
2 12 12 12 12 12
3760 4354 7080 6267 9940 25948
39 10 15 20 31 54
40 36 39 26 27 40
 2019E 2020E 2021E 2022E

10000 10000 10000 10000

0% 0% 0% 0%
2000 2000 2000 2000
898 1042 1083 1108

As on 31 Dec 2007
Firm Value Firm Value
Equity Value (DCF) Equity Value (Mkt) P/E DCF
(DCF) (Mkt)
39049 10029 18943 9930 64 x
17114 3659 10742 3525 105 x

P/E DCF Mkt P/BV Mkt P/E Mkt P/E (ad capitalized) Price /
Sales
1x 18 x 39.6 x 25.2 x 6.0 x
1x 26 x 51.4 x 35.2 x 5.4 x
21 x 64.4 x 53.8 x 7.0 x
55 x 45.1 x 32.1 x 6.5 x
16 x 51.6 x 48.9 x 9.6 x
21 x 51.4 x 35.2 x 6.5 x

Mkt P/BV Mkt P/E ROCE WACC DDM

21 x 39 x 56% 7% 4%
6x 33 x 54% 8% 12%
35 x 35 x -129% 14%
33 x 24 x -82% 8% 16%
9x 28 x 120% 8% 11%
21 x 33 x 54% 8% 12%

itannia - to match mkt val

19%
10%
FCF
62
131
161
188
209
222
2688
3659
3659
1475
1475
33
33
 2016
8,454
1520
1557
1253
18%
247
176
43386
7
35

2016
8,046
1230
1198
806.11
23%
2636
12
31627
63
42
ROCE WACC DDM Beta Hurdle (WC-Cash) /
Rate CL
33% 16.6% 15% 1.20 12% 24%
81% 12.2% 25% 0.66 12% 0%
38% 6.7% 2% -0.03 47%
95% 3.9% 35% -0.39 -26%
40% 4.5% 8% -0.31 60%
40% 7% 15% -0.03 12% 24%

EBITDA Firm Value

Beta Hurdle Rate (WC-Cash) / CL Cash Ratio
margin (DCF)
-0.1 12% 28% 13% 17% 39049
0.0 13% 1% 6% 7% 17114
-37% 4% 19%
-39% 4% 20%
79% 18% 28%
13% 1% 6% 19%
Cash Ratio EBITDA margin OCF / EV Firm Value Firm Value Equity Value Equity Value
(DCF) (Mkt) (DCF) (Mkt)
4.9% 18% 2% 972 50969 820 50377
6.5% 15% 2% 581 43559 559 43517
53.9% 21% 2%
29.2% 15% 2%
165.4% 24% 1%
29% 18% 2%

Firm Value Equity Value Equity Value

Tax rate Ad spend Ad as % rev
(Mkt) (DCF) (Mkt)
10029 18943 9930 12% 256 11%
3659 10742 3525 10% 138 6%
34% 172 5%
34% 1454 10%
39% 58 10%
34% 10%
Tax Rate Ad spend Ad as %
rev
23% 1242 15%
34% 737 9%
45% 567 6%
30% 4595 15%
34% 182.55 7%
34% 9%
Some Indian FMCG Co.s have delivered above Sensex returns, even when measured from h

DABUR P/E >30x

Stock return Sensex return Ann. Return Ann. Return
Date P/E Till date Till Date On the stock On the index
6/30/2011 34 x 151% 59% 17% 8%
6/30/2010 39 x 37% 69% 5% 8%
12/31/2007 30 x 151% 47% 10% 4%
6/28/2007 35 x 176% 106% 11% 8%
3/29/2007 40 x 217% 131% 12% 9%
12/29/2006 71 x 193% 117% 11% 8%

Indian subsidiaries of global FMCG Co.s have delivered better returns

Global Co. India sub. P/E 10yr ago
$ ann 10yr $ ann 10yr retGlobal P/E Local P/E
Nestle* 4% 16% 17 x 35 x
Unilever 5% 12% 18 x 24 x
Colgate 8% 14% 11 x 15 x
P&G 3% 20% 21 x 28 x

* From Swiss exchange. Currency actually appreciated, $ return accounts for that
when measured from high P/Es
4/28/2017
Britannia P/E >30x 30-Apr-07
Stock return Sensex return Ann. Return Ann. Return
Date P/E Till date Till Date On the stock On the index
3/29/2012 37 x 540% 75% 43% 12%
9/30/2011 31 x 673% 82% 44% 11%
6/30/2011 31 x 660% 59% 41% 8%
3/31/2011 36 x 879% 54% 45% 7%
12/31/2010 40 x 785% 46% 40% 6%
9/30/2010 43 x 736% 49% 37% 6%
Nestle Unilever Colgate P&G USD/INR USD/CHR
6702 935 1034 7368 0.02 1.01
1008 199 172 774 0.02 0.83
 Date 28-Apr-17
DABUR INDIA
In Crs
2007 2008 2009 2010 2011
Revenue 2,259 2,361 2,805 3,390 4,078
Growth
EBITDA 375 404 466 623 774
EBITDA Margin
D&A <c> 22 26 27 32 68
D&A as % asset
EBIT
EBIT*(1-tax) <a>
EBT
EBT*(1-tax) <d>
Capex <b> 27 125 166 160 931
Asset 1122 1481 1889 2076 3944
Asset growth
Capex/asset

Debt opening
12% Interest
Repayment <e>
New debt issue <f>
Debt Closing

FCF to company (a+b-c)

FCF to equity (d-b-e+c+f)

Dividend per share

Dividend

Overwrite (1,-1) Yes 12%

Discount Rate 12% 16%
Discount Rate - Equity 13% 17%
Discount Factor
Discount Factor - Equity
LTGR 10%
Discounted Cash Flows - to Company
Terminal Value - Company
Discounted Cash Flows - to Equity
Terminal Value - Equity Share priceNo. of shares
Firm Value - DCF 972 6
Equity Value - DCF 820 5
Firm Value - Mkt 50969 290
Equity Value- Mkt 50377 287 176

Debt 790
Cash -220
Minority 22
Equity Value- Book 2872
Asset 4455
P/BV - DCF 0
P/BV - Mkt 18
 BRITANNIA
In Crs
2007 2008 2009 2010 2011
Revenue 2,231 2,621 3,146 3,404 4,272
Growth
EBITDA 160 268 297 166 280
EBITDA Margin
D&A <c> 25 29 34 38 45
D&A as % asset
EBIT
34% EBIT*(1-tax) <a>
EBT
EBT*(1-tax) <d>
Capex <b> 66 43 82 68
Asset 620 1232 1287 1352 1505
Asset growth
Capex/asset

Debt opening
12% Interest
Repayment <e>
New debt issue <f>
Debt Closing

FCF to company (a+b-c)

FCF to equity (d-b-e+c+f)

Dividend per share

Dividend

Overwrite (1,-1) Yes 12%

Discount Rate 12% 12%
Discount Rate - Equity 12%
Discount Factor
Discount Factor - Equity
LTGR 10%
Discounted Cash Flows - to Company
Terminal Value - Company
Discounted Cash Flows - to Equity
Terminal Value - Equity Share priceNo. of shares
Firm Value - DCF 581 48
Equity Value - DCF 559 47
Firm Value - Mkt 43559 3631
Equity Value- Mkt 43517 3627 12

Equity Value- Mkt 43517

Debt 127
Cash -87
Minority 2
Equity Value- Book 1700
Asset 3067
P/BV - DCF 0
P/BV - Mkt 26

NESTLE
In Crs
 2007 2008 2009 2010 2011
Revenue 3,504 4,324 5,129 6,255 7,491
Growth
EBITDA 687 830 992 1236 1554
EBITDA Margin 20% 19% 19% 20% 21%
Capex 255 446 1555
Asset
Asset growth
Capex/asset
EBITDA - Capex 687 830 737 790 -1

Overwrite 1 13%
Discount Rate 13% 7%
Discount Factor
Growth Rate
Discounted Cash Flows
Terminal Value
Firm Value - DCF
Firm Value - Mkt 63775

Share priceNo. of shares

Equity Value- Mkt 64622 6702 10
Debt 33
Cash -880
Minority
Equity Value- Book 3014
Asset 6806
P/BV 21

HUL
In Crs
2007 2008 2009 2010 2011
Revenue 14,757 14,757 20,239 17,523 19,735
Growth
EBITDA
EBITDA Margin
Capex
Asset
Asset growth
Capex/asset
EBITDA - Capex 0 0 0 0 0

Overwrite 1 13%
Discount Rate 13% 4%
Discount Factor
Growth Rate
Discounted Cash Flows
Terminal Value
Firm Value - DCF
Firm Value - Mkt 199478

Share priceNo. of shares

Equity Value- Mkt 202250 935 216
Debt 255
Cash -3027
Minority 0
 Equity Value- Book 3687
Asset 14167
P/BV 55

P&G
In Crs
2007 2008 2009 2010 2011
Revenue 538 642 772 902 1,002
Growth
EBITDA
EBITDA Margin
Capex
Asset
Asset growth
Capex/asset
EBITDA - Capex 0 0 0 0 0

Overwrite 1 13%
Discount Rate 13% 5%
Discount Factor
Growth Rate
Discounted Cash Flows
Terminal Value
Firm Value - DCF
Firm Value - Mkt 23166

Share priceNo. of shares

Equity Value- Mkt 23917 7368 3
Debt 324
Cash -1075
Minority 0
Equity Value- Book 1511
Asset 2165
P/BV 16
 0 1 2 3
2012 2013 2014 2015 2016 2017E 2018E 2019E
5,305 6,169 7,075 7,827 8,454 8,454 8,454 8,454

890 983 1159 1316 1520 0 0 0

66 73 54 66 73 0 0 0

1447 0 0 0
1116 0 0 0
1352 -85 -93 -102
1043 -66 -72 -79
233 241 215 267 217 0 0 0
4646 5254 5970 6872 7120 7120 7120 7120

790 711 777 849

95 85 93 102
79 71 78 85
0 137 150 163
711 777 849 927

972 0 0 0
820 0 0 0

2 3 3 3
396 454 520 597

1.0 0.9 0.8 0.7

1.0 0.9 0.8 0.7

972 0 0 0

820 0 0 0
 0 1 2 3
2012 2013 2014 2015 2016 2017E 2018E 2019E
5,033 5,671 6,342 7,264 8,046 8,046 8,046 8,046

338 427 631 859 1,230 0 0 0

47 57 63 117 87 0 0 0

1143 0 0 0
757 0 0 0
1128 -14 -15 -16
747 -9 -10 -11
171 225 110 118 263 0 0 0
1696 1707 1877 2483 3457 3457 3457 3457

127 114 123 133

15 14 15 16
13 11 12 13
0 21 22 24
114 123 133 144

581 0 0 0
559 0 0 0

20 20 20 20
240 240 240 240

1.0 0.9 0.8 0.7

1.0 0.9 0.8 0.7

581 0 0 0

559 0 0 0

0 1 2 3
2012 2013 2014 2015 2016 2017E 2018E 2019E
8,335 9,101 9,855 8,175 9,224 9,224 9,224 9,224

1860 2012 2104 1743 1979 1,940 1,940 1,940

22% 22% 21% 21% 21% 21% 21% 21%
974 345 189 151 207 0 0 0
0 0 0

885 1667 1915 1592 1772 1940 1940 1940

1.0 0.9 0.8 0.7

1772 1732 1546 1381

0 1 2 3
2012 2013 2014 2015 2016 2017E 2018E 2019E
22,116 25,810 28,019 30,805 31,061 31,061 31,061 31,061

3,987 4,476 5,209 4,805 0 0 0

0 0 0
0 0 0

0 3987 4476 5209 4805 0 0 0

1.0 0.9 0.8 0.7

4805 0 0 0
 0 1 2 3
2012 2013 2014 2015 2016 2017E 2018E 2019E
1,297 1,686 2,050 2,333 2,484 2,484 2,484 2,484

251 419 484 605 0 0 0

0 0 0
0 0 0

0 251 419 484 605 0 0 0

1.0 0.9 0.8 0.7

605 0 0 0
4 5 50969
2020E 2021E Discount Rate
8,454 8,454 972 10% 11% 12% 13%
6%

Growth
0 0 8%
10% #DIV/0!
0 0 11% #DIV/0!
12% #DIV/0!
0 0
0 0
-111 -122
-86 -94
0 0
7120 7120

927 1013
111 122
93 101
179 195
1013 1107

0 0
0 0

4 4
685 786

0.6 0.6
0.6 0.5

0 0
0
0 0
0
 4 5 43559
2020E 2021E Discount Rate
8,046 8,046 581 10% 11% 12% 13%
6%

Growth
0 0 8%
10% #DIV/0!
0 0 11% #DIV/0!
12% #DIV/0!
0 0
0 0
-17 -19
-11 -12
0 0
3457 3457

144 155
17 19
14 16
26 28
155 167

0 0
0 0

20 20
240 240

0.6 0.6
0.6 0.5

0 0
0
0 0
0

4 5
2020E 2021E
9,224 9,224

1,940 1,940
21% 21%
0 0
0 0

1940 1940

0.6 0.6

1233 1101
14922

4 5
2020E 2021E
31,061 31,061

0 0

0 0
0 0

0 0

0.6 0.6

0 0
0
 4 5
2020E 2021E
2,484 2,484

0 0

0 0
0 0

0 0

0.6 0.6

0 0
0
14%
14%
 As of 19 Apr 2017
In Crs
Sector Companies P/E CAPEX Revenue
2016 2015 2016 2015
FMCG- India Dabur 40 217 267 8454 7827
FMCG- India Britannia 51 263 118 8046 7264
FMCG- India Nestle 64 207 151 9224 8175
FMCG- India HUL 45 824 606 31061 30805
FMCG- India P&G 52 53 138 2484 2334
FMCG Median 51 217 151 8454 7827

IT TCS 17
IT Infosys 15
IT Wipro 14
IT HCL 14
IT Tech Mahindra 13
IT Oracle 25
IT L&T Infotech 13
IT Median 14

Auto Tata Motors 18

Auto Ashok Leyland 21
Auto Maruti - Suzuki 28
Auto M&M 25
Auto Force Motors 30
25
Sector Companies P/E
FMCG-Global P&G Co. 16
FMCG-Global Mondelez 39
FMCG-Global Tyson Foods 13
FMCG-Global Danone 24
FMCG-Global Unilever 27
FMCG-Global Median 24
P/E P/E P/E
FMCG- India Dabur 40 TCS 17 Tata Motors 18
FMCG- India Britannia 51 Infosys 15 Ashok Leyland 21
FMCG- India Nestle 64 Wipro 14 Force Motors 30
FMCG- India HUL 45 HCL 14 Maruti - Suzuki 28
FMCG- India P&G 52 Tech Mahindra 13 M&M 25
FMCG- India FMCG Median 51 IT Median 14 Auto Median 25
CA/CL CA/CL CA/CL
HUL 0.9 TCS 2.7 Tata Motors 0.6
Dabur 1.2 Infosys 3.1 Ashok Leyland 0.9
Colgate 0.9 HCL 2.6 Force Motors 1.7
P&G 2.5 Wipro 2.8 Maruti - Suzuki 0.6
Britannia 0.8 Tech Mahindra 2.4 M&M 1.3
Median 0.9 IT Median 2.7 Auto Median 0.9
 Rev sens Inventory COGS Inv days AR AR ratio AP AP Ratio Asset Capex
/Asset
-13 1097 3873 103 810 10% 1330 34% 7120 3%
5 441 4999 32 171 2% 742 15% 3457 8%
19 821 3469 86 78 1% 744 21% 6081 3%
1 2752 15866 63 1269 4% 5728 36% 15165 5%
-2 127 914 51 150 6% 324 35% 2165 2%
1 821 3873 63 171 4% 34% 6081 0.0

P/E
Sun Pharma 17
Lupin 19
Aurobindo 17
Cadila 38
Dr. Reddy's 34
Pharma Median 19
CA/CL
Sun Pharma 3.9
Lupin 2.6
Aurobindo 2.6
Cadila 2.0
Dr. Reddy's 2.1
Pharma Median 2.6
 Rev/Capex (Rev-COGS(AR+AP)/APTax Rate
2016 2015 -AR+AP) / COGS
39.0 29.3 132% 39% 23%
30.6 61.7 72% 77% 34%
44.6 54.2 185% 89% 45%
37.7 50.8 124% 78% 30%
47.2 17.0 191% 54% 34%
39.0 50.8 77% 34%

23%
28%
22%
20%
21%
37%
20%
22%

26%
38%
30%
44%
28%
30%
Products
Growth Revenue
Name Content Current MRP Competitor Price Rate share
INR Price
Honey 250 gms 70 Dabur 120
Chyawanprash 1000 gms 250 Dabur 333
Zandu Sona Chandi 261
Toothpaste 100 gms 40
Shampoo 200 ml 75
Ghee 1000 gms 450 Amul 390 32.50%
Sagar 382
Govardhan 415
Edible Oil 1000 gms 142 Fortune 149
Sundrop 170
Dhara 153
Balm 1000 gms 1600 Amrutanjan 2667
Zandu 3200
Vicks 2400
Detergents
Bucket wash 1000 gms 45 Wheel 46
Rin 76
Machine wash 1000 gms 190 Henko 185
Surf Excel 215
Ariel Matic 227
http://www.indiainfoline.com/article/news-top-story/make-in-india-how-patanjali-is-brewing-a-storm-in-fmcg-sec
PAL maintains high profit margins on several of its products, thanks to the phenomenally low overheads compared to the compe
Neither does PAL hire management professionals with fat pay checks, nor did it spend much on distribution until recently, opera
through exclusive shops.
rewing-a-storm-in-fmcg-sector-116011300291_1.html
erheads compared to the competition.
distribution until recently, operating solely
 4-Oct-16 Patanjali Ayurved strikes maiden deal, acquires RH Agro's rice mill for Rs. 70Cr mn
22-Jun-16 Patanjali Ayurved is planning to raise Rs 1,000 crore in project loans
26-Apr-16 ShudhBuy.com joins hands with Patanjali
25-Feb-16 Maharashtra allots over 600 acres to Baba Ramdev’s Patanjali. It will invest over INR 2,000 crore for i
21-Mar-16 Patanjali plans to open 4-5 new food parks
21-Mar-16 assigned a BWR AA-/A1+ rating by ratings agency Brickwork Ratings on Monday for its bank loans of 
12-Feb-16 Nestle to add more Maggi brands to compete with Patanjali. Patanjali has infact endorsed Maggi be

1-Nov-15  Food Safety and Standards Authority of India (FSSAI) had issued a notice to Patanjali Ayurved and Ak
9-Oct-15 Future Group rallies on tie-up Patanjali Group

Tuhin Harit:
Though Patanjali paid 10 per cent margin against a rival brand’s 20 per cent, the modern retailer was able to sell Rs 3 lakh worth of Dant K
http://www.vccircle.com/
news/fmcg/2016/02/19/
role-small-stores-
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footprint
vest over INR 2,000 crore for its proposed ventures

Monday for its bank loans of Rs.320 crore

as infact endorsed Maggi be entering in it

e to Patanjali Ayurved and Akash Yog Health Products on noodles

sell Rs 3 lakh worth of Dant Kanti toothpastes against Rs 1 lakh worth of toothpastes of the latter, says Pittie.