# FMCG - Rice — company-by-company sector analysis

> FMCG - Rice: L T Foods Ltd owns the largest revenue base; GRM Overseas Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

FMCG - Rice has underperformed NIFTY 500 by 15.4% over 52 weeks and 14.6% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. L T Foods Ltd leads with revenue of ₹10,946 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the FMCG - Rice sector outperforming NIFTY 500?

FMCG - Rice has underperformed NIFTY 500 by 15.4% over 52 weeks and 14.6% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which FMCG - Rice company is largest by revenue?

L T Foods Ltd leads with revenue of ₹10,946 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which FMCG - Rice company is growing fastest?

GRM Overseas Ltd has the fastest current revenue growth at 31.3%, across 4 of 4 comparable companies.

### Which FMCG - Rice company has the strongest 4-Factor Sector Score?

Chamanlal Setia Exports Ltd ranks first at 62.3/100 with 84% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which FMCG - Rice company has the least gross debt?

Chamanlal Setia Exports Ltd has the lowest comparable gross debt at ₹83 crore. L T Foods Ltd has the highest at ₹1,610 crore.

### Which FMCG - Rice company has the lowest comparable PEG?

KRBL Ltd has the lowest comparable Guarded PEG at 0.21, among 2 of 4 companies that pass the metric’s comparability rules.

### How much history does this FMCG - Rice comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

FMCG - Rice has underperformed NIFTY 500 by 15.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 14.6%. 1 of 4 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Chamanlal Setia Exports Ltd is the strongest against the sector itself at +14.6%.

13-week sector return versus NIFTY 500: -15%
52-week sector return versus NIFTY 500: -15%
Stocks leading NIFTY: 1/4
Stocks leading sector: 2/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹24.3K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Chamanlal Setia Exports Ltd (CLSEL): 62/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 16.1/35 | Capital efficiency 18.0/25 | Valuation 8.8/20 | Relative strength 19.4/20
   - Exact sum: 16.1 + 18 + 8.8 + 19.4 = 62.3
   - Decision use: Price leads the evidence: RS versus the benchmark is 3.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. KRBL Ltd (KRBL): 60/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 23.2/35 | Capital efficiency 18.8/25 | Valuation 15.2/20 | Relative strength 3.0/20
   - Exact sum: 23.2 + 18.8 + 15.2 + 3 = 60.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -11.4% and the one-year return is -13.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. L T Foods Ltd (LTFOODS): 50/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 13.2/35 | Capital efficiency 17.4/25 | Valuation 5.8/20 | Relative strength 13.3/20
   - Exact sum: 13.2 + 17.4 + 5.8 + 13.3 = 49.7
   - Decision use: Price leads the evidence: RS versus the benchmark is -6.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. GRM Overseas Ltd (GRMOVER): 38/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 16.9/35 | Capital efficiency 12.6/25 | Valuation 8.5/20 | Relative strength 0.0/20
   - Exact sum: 16.9 + 12.6 + 8.5 + 0 = 38
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: L T Foods Ltd is the scale leader at ₹10,946 crore, 79.5% ahead of KRBL Ltd. GRM Overseas Ltd's growth is 31.3% from a ₹1,769 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: L T Foods Ltd is the scale benchmark; GRM Overseas Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: L T Foods Ltd's growth falls below GRM Overseas Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: L T Foods Ltd · ₹10,946 crore | 79.5% versus #2 · KRBL Ltd | 8/8 recent comparable periods | 4/4 companies · 68 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. L T Foods Ltd (LTFOODS): ₹10.9K Cr
2. KRBL Ltd (KRBL): ₹6.1K Cr
3. GRM Overseas Ltd (GRMOVER): ₹1.8K Cr
4. Chamanlal Setia Exports Ltd (CLSEL): ₹1.4K Cr

### Revenue growth — fastest growers
1. GRM Overseas Ltd (GRMOVER): 31%
2. L T Foods Ltd (LTFOODS): 26%
3. KRBL Ltd (KRBL): 9.0%
4. Chamanlal Setia Exports Ltd (CLSEL): -3.8%

### 20-quarter Revenue history
- LTFOODS: Jun 2021 ₹1.2K Cr | Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.9K Cr
- KRBL: Jun 2021 ₹1.0K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹987 Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr
- GRMOVER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹357 Cr | Mar 2023 ₹434 Cr | Jun 2023 ₹320 Cr | Sep 2023 ₹204 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹406 Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹315 Cr | Dec 2024 ₹371 Cr | Mar 2025 ₹291 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹362 Cr | Dec 2025 ₹483 Cr | Mar 2026 ₹597 Cr
- CLSEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹354 Cr | Mar 2023 ₹357 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹309 Cr | Dec 2023 ₹400 Cr | Mar 2024 ₹384 Cr | Jun 2024 ₹363 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹395 Cr | Mar 2025 ₹368 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹273 Cr | Dec 2025 ₹431 Cr | Mar 2026 ₹428 Cr

### 20-quarter Revenue growth history
- LTFOODS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 35% | Sep 2022 31% | Dec 2022 30% | Mar 2023 19% | Jun 2023 10% | Sep 2023 14% | Dec 2023 9.2% | Mar 2024 14% | Jun 2024 16% | Sep 2024 6.6% | Dec 2024 17% | Mar 2025 7.4% | Jun 2025 19% | Sep 2025 31% | Dec 2025 23% | Mar 2026 30%
- KRBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 25% | Dec 2022 33% | Mar 2023 30% | Jun 2023 15% | Sep 2023 -8.0% | Dec 2023 -6.4% | Mar 2024 3.0% | Jun 2024 -15% | Sep 2024 4.6% | Dec 2024 17% | Mar 2025 9.4% | Jun 2025 32% | Sep 2025 19% | Dec 2025 -12% | Mar 2026 5.8%
- GRMOVER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.0% | Mar 2024 -6.5% | Jun 2024 16% | Sep 2024 54% | Dec 2024 -2.9% | Mar 2025 -28% | Jun 2025 -12% | Sep 2025 15% | Dec 2025 30% | Mar 2026 105%
- CLSEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 7.6% | Jun 2024 38% | Sep 2024 19% | Dec 2024 -1.3% | Mar 2025 -4.2% | Jun 2025 -15% | Sep 2025 -26% | Dec 2025 9.1% | Mar 2026 16%

## Operating Economics & Margin Trend

What the numbers say: KRBL Ltd leads opm at 15%; Chamanlal Setia Exports Ltd leads margin change at +3 percentage points.

Investor read: KRBL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: KRBL Ltd · 15% | 25% versus #2 · Chamanlal Setia Exports Ltd | 4/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. KRBL Ltd (KRBL): 15%
2. Chamanlal Setia Exports Ltd (CLSEL): 12%
3. L T Foods Ltd (LTFOODS): 9.0%
4. GRM Overseas Ltd (GRMOVER): 5.0%

### Margin change — fastest expanders
1. Chamanlal Setia Exports Ltd (CLSEL): +3.0 pp
2. KRBL Ltd (KRBL): −1.0 pp
3. L T Foods Ltd (LTFOODS): −3.0 pp
4. GRM Overseas Ltd (GRMOVER): −6.0 pp

### 20-quarter OPM history
- LTFOODS: Jun 2021 11% | Sep 2021 12% | Dec 2021 11% | Mar 2022 9.9% | Jun 2022 10% | Sep 2022 10.0% | Dec 2022 9.0% | Mar 2023 11% | Jun 2023 12% | Sep 2023 12% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 11% | Mar 2026 9.0%
- KRBL: Jun 2021 19% | Sep 2021 19% | Dec 2021 9.4% | Mar 2022 16% | Jun 2022 19% | Sep 2022 22% | Dec 2022 18% | Mar 2023 11% | Jun 2023 18% | Sep 2023 16% | Dec 2023 12% | Mar 2024 14% | Jun 2024 10% | Sep 2024 10% | Dec 2024 12% | Mar 2025 16% | Jun 2025 12% | Sep 2025 15% | Dec 2025 15% | Mar 2026 15%
- GRMOVER: Jun 2021 12% | Sep 2021 12% | Dec 2021 7.8% | Mar 2022 2.9% | Jun 2022 9.6% | Sep 2022 8.2% | Dec 2022 7.0% | Mar 2023 5.0% | Jun 2023 8.0% | Sep 2023 4.0% | Dec 2023 5.0% | Mar 2024 5.0% | Jun 2024 6.0% | Sep 2024 4.0% | Dec 2024 3.0% | Mar 2025 11% | Jun 2025 7.0% | Sep 2025 4.0% | Dec 2025 4.0% | Mar 2026 5.0%
- CLSEL: Jun 2021 10% | Sep 2021 8.3% | Dec 2021 10% | Mar 2022 11% | Jun 2022 8.0% | Sep 2022 9.8% | Dec 2022 15% | Mar 2023 14% | Jun 2023 15% | Sep 2023 12% | Dec 2023 13% | Mar 2024 9.0% | Jun 2024 9.0% | Sep 2024 10% | Dec 2024 10% | Mar 2025 9.0% | Jun 2025 10% | Sep 2025 9.0% | Dec 2025 12% | Mar 2026 12%

### 20-quarter Margin change history
- LTFOODS: Jun 2021 −1.9 pp | Sep 2021 −0.6 pp | Dec 2021 −1.2 pp | Mar 2022 −0.6 pp | Jun 2022 −0.4 pp | Sep 2022 −1.6 pp | Dec 2022 −1.9 pp | Mar 2023 +1.1 pp | Jun 2023 +1.7 pp | Sep 2023 +2.1 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −3.0 pp
- KRBL: Jun 2021 −5.0 pp | Sep 2021 −0.7 pp | Dec 2021 −9.3 pp | Mar 2022 −5.0 pp | Jun 2022 −0.2 pp | Sep 2022 +2.8 pp | Dec 2022 +8.6 pp | Mar 2023 −5.5 pp | Jun 2023 −0.8 pp | Sep 2023 −5.6 pp | Dec 2023 −6.0 pp | Mar 2024 +3.0 pp | Jun 2024 −8.0 pp | Sep 2024 −6.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +5.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.0 pp
- GRMOVER: Jun 2021 +2.3 pp | Sep 2021 −0.6 pp | Dec 2021 +2.4 pp | Mar 2022 −4.2 pp | Jun 2022 −2.8 pp | Sep 2022 −4.2 pp | Dec 2022 −0.8 pp | Mar 2023 +2.1 pp | Jun 2023 −1.6 pp | Sep 2023 −4.2 pp | Dec 2023 −2.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 +6.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 −6.0 pp
- CLSEL: Jun 2021 −4.3 pp | Sep 2021 −4.3 pp | Dec 2021 −3.9 pp | Mar 2022 −2.6 pp | Jun 2022 −2.4 pp | Sep 2022 +1.5 pp | Dec 2022 +4.8 pp | Mar 2023 +2.9 pp | Jun 2023 +7.0 pp | Sep 2023 +2.2 pp | Dec 2023 −2.0 pp | Mar 2024 −5.0 pp | Jun 2024 −6.0 pp | Sep 2024 −2.0 pp | Dec 2024 −3.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +3.0 pp

## Profit Scale & Acceleration

What the numbers say: KRBL Ltd leads with ₹648 crore of TTM profit, 3.7% above L T Foods Ltd. KRBL Ltd shows 35.9% growth from a ₹648 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: KRBL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: KRBL Ltd · ₹648 crore | 3.7% versus #2 · L T Foods Ltd | 5/8 recent comparable periods | 4/4 companies · 68 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. KRBL Ltd (KRBL): ₹648 Cr
2. L T Foods Ltd (LTFOODS): ₹625 Cr
3. Chamanlal Setia Exports Ltd (CLSEL): ₹115 Cr
4. GRM Overseas Ltd (GRMOVER): ₹75 Cr

### Profit growth — fastest growers
1. KRBL Ltd (KRBL): 36%
2. GRM Overseas Ltd (GRMOVER): 23%
3. Chamanlal Setia Exports Ltd (CLSEL): 11%
4. L T Foods Ltd (LTFOODS): 2.1%

### 20-quarter Net profit history
- LTFOODS: Jun 2021 ₹73 Cr | Sep 2021 ₹77 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹90 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹100 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹153 Cr | Mar 2024 ₹150 Cr | Jun 2024 ₹155 Cr | Sep 2024 ₹151 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹168 Cr | Sep 2025 ₹164 Cr | Dec 2025 ₹157 Cr | Mar 2026 ₹136 Cr
- KRBL: Jun 2021 ₹141 Cr | Sep 2021 ₹136 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹109 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹213 Cr | Dec 2022 ₹205 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹195 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹134 Cr | Mar 2024 ₹114 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹103 Cr | Dec 2024 ₹133 Cr | Mar 2025 ₹154 Cr | Jun 2025 ₹151 Cr | Sep 2025 ₹172 Cr | Dec 2025 ₹170 Cr | Mar 2026 ₹155 Cr
- GRMOVER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹20 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹22 Cr
- CLSEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹37 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹38 Cr

### 20-quarter Profit growth history
- LTFOODS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 17% | Dec 2022 41% | Mar 2023 83% | Jun 2023 52% | Sep 2023 74% | Dec 2023 53% | Mar 2024 14% | Jun 2024 13% | Sep 2024 -3.8% | Dec 2024 -5.2% | Mar 2025 7.3% | Jun 2025 8.4% | Sep 2025 8.6% | Dec 2025 8.3% | Mar 2026 -16%
- KRBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 57% | Dec 2022 181% | Mar 2023 8.3% | Jun 2023 19% | Sep 2023 -28% | Dec 2023 -35% | Mar 2024 -3.4% | Jun 2024 -55% | Sep 2024 -33% | Dec 2024 -0.8% | Mar 2025 35% | Jun 2025 74% | Sep 2025 67% | Dec 2025 28% | Mar 2026 0.7%
- GRMOVER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 91% | Jun 2024 5.9% | Sep 2024 29% | Dec 2024 -6.7% | Mar 2025 -4.8% | Jun 2025 5.6% | Sep 2025 67% | Dec 2025 36% | Mar 2026 10%
- CLSEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 5.4% | Mar 2024 -39% | Jun 2024 -15% | Sep 2024 3.9% | Dec 2024 -26% | Mar 2025 8.7% | Jun 2025 -4.4% | Sep 2025 -30% | Dec 2025 24% | Mar 2026 52%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: KRBL Ltd has the clearest covered balance-sheet capacity with ₹812 crore net cash and gross debt of ₹170 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Chamanlal Setia Exports Ltd · ₹83 crore | 51.2% versus #2 · KRBL Ltd | 5/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Chamanlal Setia Exports Ltd (CLSEL): ₹83 Cr
2. KRBL Ltd (KRBL): ₹170 Cr
3. GRM Overseas Ltd (GRMOVER): ₹368 Cr
4. L T Foods Ltd (LTFOODS): ₹1.6K Cr

### Net debt — lowest net debt
1. KRBL Ltd (KRBL): ₹-812 Cr
2. Chamanlal Setia Exports Ltd (CLSEL): ₹-46 Cr
3. GRM Overseas Ltd (GRMOVER): ₹294 Cr
4. L T Foods Ltd (LTFOODS): ₹1.3K Cr

### 20-quarter Gross debt history
- LTFOODS: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹980 Cr | Dec 2023 ₹980 Cr | Mar 2024 ₹917 Cr | Jun 2024 ₹917 Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.6K Cr
- KRBL: Jun 2021 ₹356 Cr | Sep 2021 ₹158 Cr | Dec 2021 ₹158 Cr | Mar 2022 ₹145 Cr | Jun 2022 ₹145 Cr | Sep 2022 ₹128 Cr | Dec 2022 ₹128 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹250 Cr | Sep 2023 ₹87 Cr | Dec 2023 ₹87 Cr | Mar 2024 ₹545 Cr | Jun 2024 ₹545 Cr | Sep 2024 ₹241 Cr | Dec 2024 ₹241 Cr | Mar 2025 ₹407 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹170 Cr
- GRMOVER: Jun 2021 ₹187 Cr | Sep 2021 ₹180 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹338 Cr | Jun 2022 ₹338 Cr | Sep 2022 ₹262 Cr | Dec 2022 ₹262 Cr | Mar 2023 ₹413 Cr | Jun 2023 ₹413 Cr | Sep 2023 ₹189 Cr | Dec 2023 ₹189 Cr | Mar 2024 ₹393 Cr | Jun 2024 ₹393 Cr | Sep 2024 ₹213 Cr | Dec 2024 ₹213 Cr | Mar 2025 ₹364 Cr | Jun 2025 ₹364 Cr | Sep 2025 ₹211 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹368 Cr
- CLSEL: Jun 2021 ₹96 Cr | Sep 2021 ₹62 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹117 Cr | Sep 2022 ₹51 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹121 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹175 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹123 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹67 Cr | Mar 2026 ₹83 Cr

### 20-quarter Net debt history
- LTFOODS: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹834 Cr | Dec 2023 ₹834 Cr | Mar 2024 ₹867 Cr | Jun 2024 ₹867 Cr | Sep 2024 ₹935 Cr | Dec 2024 ₹935 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr
- KRBL: Jun 2021 ₹175 Cr | Sep 2021 ₹-776 Cr | Dec 2021 ₹-776 Cr | Mar 2022 ₹-253 Cr | Jun 2022 ₹-267 Cr | Sep 2022 ₹-1.5K Cr | Dec 2022 ₹-1.5K Cr | Mar 2023 ₹190 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹405 Cr | Jun 2024 ₹400 Cr | Sep 2024 ₹-1.1K Cr | Dec 2024 ₹-1.1K Cr | Mar 2025 ₹-98 Cr | Jun 2025 ₹-406 Cr | Sep 2025 ₹-2.2K Cr | Dec 2025 ₹-2.2K Cr | Mar 2026 ₹-812 Cr
- GRMOVER: Jun 2021 ₹182 Cr | Sep 2021 ₹171 Cr | Dec 2021 ₹171 Cr | Mar 2022 ₹330 Cr | Jun 2022 ₹330 Cr | Sep 2022 ₹236 Cr | Dec 2022 ₹236 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹409 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹182 Cr | Mar 2024 ₹383 Cr | Jun 2024 ₹383 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹316 Cr | Jun 2025 ₹311 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹189 Cr | Mar 2026 ₹294 Cr
- CLSEL: Jun 2021 ₹32 Cr | Sep 2021 ₹-178 Cr | Dec 2021 ₹-178 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹110 Cr | Sep 2022 ₹-207 Cr | Dec 2022 ₹-207 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹-196 Cr | Dec 2023 ₹-196 Cr | Mar 2024 ₹108 Cr | Jun 2024 ₹108 Cr | Sep 2024 ₹-153 Cr | Dec 2024 ₹-153 Cr | Mar 2025 ₹65 Cr | Jun 2025 ₹65 Cr | Sep 2025 ₹-261 Cr | Dec 2025 ₹-261 Cr | Mar 2026 ₹-46 Cr

## Return On Capital Employed

What the numbers say: Chamanlal Setia Exports Ltd leads ROCE at 18.3%, 0.6 percentage points above L T Foods Ltd. KRBL Ltd has the strongest latest improvement at +2.2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Chamanlal Setia Exports Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Chamanlal Setia Exports Ltd · 18.3% | 3.4% versus #2 · L T Foods Ltd | 0/8 recent comparable periods | 4/4 companies · 60 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Chamanlal Setia Exports Ltd (CLSEL): 18%
2. L T Foods Ltd (LTFOODS): 18%
3. KRBL Ltd (KRBL): 15%
4. GRM Overseas Ltd (GRMOVER): 14%

### ROCE change — fastest improvers
1. KRBL Ltd (KRBL): +2.2 pp
2. Chamanlal Setia Exports Ltd (CLSEL): −0.8 pp
3. L T Foods Ltd (LTFOODS): −1.0 pp
4. GRM Overseas Ltd (GRMOVER): −3.5 pp

### 20-quarter ROCE history
- LTFOODS: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 21% | Dec 2023 27% | Mar 2024 21% | Jun 2024 25% | Sep 2024 20% | Dec 2024 24% | Mar 2025 19% | Jun 2025 22% | Sep 2025 19% | Dec 2025 22% | Mar 2026 18%
- KRBL: Jun 2021 — | Sep 2021 18% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 17% | Dec 2023 18% | Mar 2024 14% | Jun 2024 14% | Sep 2024 10% | Dec 2024 12% | Mar 2025 11% | Jun 2025 14% | Sep 2025 14% | Dec 2025 16% | Mar 2026 13%
- GRMOVER: Jun 2021 — | Sep 2021 50% | Dec 2021 — | Mar 2022 43% | Jun 2022 — | Sep 2022 35% | Dec 2022 — | Mar 2023 34% | Jun 2023 — | Sep 2023 24% | Dec 2023 34% | Mar 2024 20% | Jun 2024 33% | Sep 2024 18% | Dec 2024 28% | Mar 2025 18% | Jun 2025 27% | Sep 2025 17% | Dec 2025 28% | Mar 2026 14%
- CLSEL: Jun 2021 — | Sep 2021 21% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 23% | Dec 2023 30% | Mar 2024 20% | Jun 2024 22% | Sep 2024 21% | Dec 2024 20% | Mar 2025 17% | Jun 2025 19% | Sep 2025 16% | Dec 2025 20% | Mar 2026 17%

### 20-quarter ROCE change history
- LTFOODS: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 — | Mar 2023 −0.9 pp | Jun 2023 — | Sep 2023 +2.5 pp | Dec 2023 — | Mar 2024 +3.1 pp | Jun 2024 — | Sep 2024 −0.9 pp | Dec 2024 −3.6 pp | Mar 2025 −1.8 pp | Jun 2025 −2.6 pp | Sep 2025 −1.4 pp | Dec 2025 −1.7 pp | Mar 2026 −1.0 pp
- KRBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 — | Mar 2023 +4.1 pp | Jun 2023 — | Sep 2023 +1.1 pp | Dec 2023 — | Mar 2024 −3.5 pp | Jun 2024 — | Sep 2024 −6.7 pp | Dec 2024 −5.3 pp | Mar 2025 −3.4 pp | Jun 2025 +0.4 pp | Sep 2025 +3.5 pp | Dec 2025 +4.1 pp | Mar 2026 +2.2 pp
- GRMOVER: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.4 pp | Dec 2022 — | Mar 2023 −9.0 pp | Jun 2023 — | Sep 2023 −10.3 pp | Dec 2023 — | Mar 2024 −13.6 pp | Jun 2024 — | Sep 2024 −6.4 pp | Dec 2024 −5.9 pp | Mar 2025 −2.7 pp | Jun 2025 −5.6 pp | Sep 2025 −1.3 pp | Dec 2025 −0.8 pp | Mar 2026 −3.5 pp
- CLSEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 — | Mar 2023 +3.9 pp | Jun 2023 — | Sep 2023 +1.3 pp | Dec 2023 — | Mar 2024 −3.1 pp | Jun 2024 — | Sep 2024 −2.7 pp | Dec 2024 −9.9 pp | Mar 2025 −2.7 pp | Jun 2025 −3.5 pp | Sep 2025 −4.4 pp | Dec 2025 −0.7 pp | Mar 2026 −0.8 pp

## Valuation Against Growth & Quality

What the numbers say: KRBL Ltd has the lowest comparable Guarded PEG at 0.21×, 90% below L T Foods Ltd. Only 2 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: KRBL Ltd · 0.21× | 90% versus #2 · L T Foods Ltd | 0/8 recent comparable periods | 2/4 companies · 25 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. KRBL Ltd (KRBL): 0.2
2. L T Foods Ltd (LTFOODS): 2.1

### P/E — lowest P/E
1. Chamanlal Setia Exports Ltd (CLSEL): 12.1
2. KRBL Ltd (KRBL): 12.4
3. L T Foods Ltd (LTFOODS): 20.9
4. GRM Overseas Ltd (GRMOVER): 25.1

### 20-quarter Guarded PEG history
- LTFOODS: Jun 2021 0.2 | Sep 2021 0.4 | Dec 2021 1.1 | Mar 2022 0.3 | Jun 2022 1.2 | Sep 2022 0.7 | Dec 2022 0.3 | Mar 2023 0.4 | Jun 2023 0.3 | Sep 2023 — | Dec 2023 0.3 | Mar 2024 1.1 | Jun 2024 0.4 | Sep 2024 0.7 | Dec 2024 1.6 | Mar 2025 2.8 | Jun 2025 — | Sep 2025 — | Dec 2025 3.8 | Mar 2026 2.1
- KRBL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.7 | Sep 2022 0.3 | Dec 2022 — | Mar 2023 1.4 | Jun 2023 0.6 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.4 | Dec 2025 0.4 | Mar 2026 0.2

### 20-quarter P/E history
- LTFOODS: Jun 2021 8.7 | Sep 2021 8.6 | Dec 2021 8.8 | Mar 2022 8.8 | Jun 2022 8.1 | Sep 2022 12.0 | Dec 2022 11.5 | Mar 2023 8.9 | Jun 2023 10.7 | Sep 2023 12.4 | Dec 2023 13.4 | Mar 2024 11.4 | Jun 2024 15.0 | Sep 2024 22.5 | Dec 2024 23.2 | Mar 2025 22.3 | Jun 2025 27.8 | Sep 2025 23.2 | Dec 2025 21.9 | Mar 2026 19.9
- KRBL: Jun 2021 10.5 | Sep 2021 11.7 | Dec 2021 10.2 | Mar 2022 10.5 | Jun 2022 11.3 | Sep 2022 17.9 | Dec 2022 16.4 | Mar 2023 11.8 | Jun 2023 11.4 | Sep 2023 13.1 | Dec 2023 13.1 | Mar 2024 10.7 | Jun 2024 11.0 | Sep 2024 14.1 | Dec 2024 15.3 | Mar 2025 14.4 | Jun 2025 17.7 | Sep 2025 14.9 | Dec 2025 15.2 | Mar 2026 10.4
- GRMOVER: Jun 2021 20.1 | Sep 2021 21.2 | Dec 2021 56.3 | Mar 2022 39.0 | Jun 2022 21.8 | Sep 2022 28.1 | Dec 2022 35.3 | Mar 2023 16.5 | Jun 2023 16.3 | Sep 2023 19.4 | Dec 2023 20.7 | Mar 2024 14.0 | Jun 2024 18.0 | Sep 2024 24.3 | Dec 2024 17.4 | Mar 2025 25.5 | Jun 2025 35.6 | Sep 2025 35.7 | Dec 2025 49.8 | Mar 2026 45.4
- CLSEL: Jun 2021 8.2 | Sep 2021 8.9 | Dec 2021 7.5 | Mar 2022 8.3 | Jun 2022 7.6 | Sep 2022 7.8 | Dec 2022 8.4 | Mar 2023 8.7 | Jun 2023 7.6 | Sep 2023 9.9 | Dec 2023 9.9 | Mar 2024 8.1 | Jun 2024 9.2 | Sep 2024 13.7 | Dec 2024 19.1 | Mar 2025 15.5 | Jun 2025 17.9 | Sep 2025 13.0 | Dec 2025 13.6 | Mar 2026 10.7

## Enterprise Value & Book Value

What the numbers say: Chamanlal Setia Exports Ltd leads ev/ebitda at 6.1×; KRBL Ltd leads p/bv at 1.38×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Chamanlal Setia Exports Ltd · 6.1× | 6.2% versus #2 · KRBL Ltd | 0/8 recent comparable periods | 4/4 companies · 80 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Chamanlal Setia Exports Ltd (CLSEL): 6.1
2. KRBL Ltd (KRBL): 6.5
3. L T Foods Ltd (LTFOODS): 11.4
4. GRM Overseas Ltd (GRMOVER): 31.8

### P/BV — lowest P/BV
1. KRBL Ltd (KRBL): 1.4
2. Chamanlal Setia Exports Ltd (CLSEL): 1.7
3. L T Foods Ltd (LTFOODS): 2.9
4. GRM Overseas Ltd (GRMOVER): 3.1

### 20-quarter EV/EBITDA history
- LTFOODS: Jun 2021 6.9 | Sep 2021 6.6 | Dec 2021 6.1 | Mar 2022 6.0 | Jun 2022 6.3 | Sep 2022 7.9 | Dec 2022 7.6 | Mar 2023 6.6 | Jun 2023 7.6 | Sep 2023 8.3 | Dec 2023 8.6 | Mar 2024 7.4 | Jun 2024 9.8 | Sep 2024 13.7 | Dec 2024 14.0 | Mar 2025 13.2 | Jun 2025 16.2 | Sep 2025 13.5 | Dec 2025 12.8 | Mar 2026 11.4
- KRBL: Jun 2021 7.5 | Sep 2021 8.1 | Dec 2021 6.9 | Mar 2022 7.0 | Jun 2022 7.7 | Sep 2022 10.5 | Dec 2022 9.9 | Mar 2023 7.8 | Jun 2023 7.5 | Sep 2023 8.9 | Dec 2023 8.3 | Mar 2024 6.7 | Jun 2024 7.5 | Sep 2024 9.7 | Dec 2024 9.7 | Mar 2025 9.1 | Jun 2025 12.1 | Sep 2025 9.7 | Dec 2025 9.6 | Mar 2026 6.5
- GRMOVER: Jun 2021 15.9 | Sep 2021 16.1 | Dec 2021 38.6 | Mar 2022 27.6 | Jun 2022 15.6 | Sep 2022 19.8 | Dec 2022 24.1 | Mar 2023 12.9 | Jun 2023 12.2 | Sep 2023 14.7 | Dec 2023 12.8 | Mar 2024 9.3 | Jun 2024 14.3 | Sep 2024 18.1 | Dec 2024 12.5 | Mar 2025 17.5 | Jun 2025 26.1 | Sep 2025 23.9 | Dec 2025 31.0 | Mar 2026 31.8
- CLSEL: Jun 2021 6.0 | Sep 2021 6.2 | Dec 2021 3.2 | Mar 2022 3.6 | Jun 2022 5.3 | Sep 2022 3.2 | Dec 2022 3.9 | Mar 2023 6.7 | Jun 2023 5.9 | Sep 2023 7.3 | Dec 2023 5.9 | Mar 2024 4.7 | Jun 2024 6.6 | Sep 2024 9.5 | Dec 2024 11.5 | Mar 2025 9.2 | Jun 2025 12.9 | Sep 2025 9.4 | Dec 2025 8.0 | Mar 2026 6.1

### 20-quarter P/BV history
- LTFOODS: Jun 2021 1.6 | Sep 2021 1.3 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.3 | Sep 2022 1.7 | Dec 2022 1.7 | Mar 2023 1.6 | Jun 2023 2.1 | Sep 2023 2.1 | Dec 2023 2.3 | Mar 2024 2.1 | Jun 2024 3.2 | Sep 2024 4.1 | Dec 2024 3.8 | Mar 2025 3.6 | Jun 2025 5.0 | Sep 2025 4.3 | Dec 2025 3.3 | Mar 2026 3.1
- KRBL: Jun 2021 1.9 | Sep 2021 1.8 | Dec 2021 1.5 | Mar 2022 1.3 | Jun 2022 1.4 | Sep 2022 2.0 | Dec 2022 2.1 | Mar 2023 2.0 | Jun 2023 2.0 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 1.4 | Jun 2024 1.4 | Sep 2024 1.4 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.7 | Mar 2026 1.2
- GRMOVER: Jun 2021 9.9 | Sep 2021 9.2 | Dec 2021 21.9 | Mar 2022 19.7 | Jun 2022 12.7 | Sep 2022 10.2 | Dec 2022 11.1 | Mar 2023 5.3 | Jun 2023 5.0 | Sep 2023 4.4 | Dec 2023 3.8 | Mar 2024 2.4 | Jun 2024 4.0 | Sep 2024 4.5 | Dec 2024 2.8 | Mar 2025 4.0 | Jun 2025 6.7 | Sep 2025 5.1 | Dec 2025 6.5 | Mar 2026 5.9
- CLSEL: Jun 2021 2.5 | Sep 2021 1.9 | Dec 2021 1.3 | Mar 2022 1.4 | Jun 2022 1.4 | Sep 2022 1.2 | Dec 2022 1.5 | Mar 2023 2.2 | Jun 2023 2.2 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 1.6 | Jun 2024 1.8 | Sep 2024 2.1 | Dec 2024 3.0 | Mar 2025 2.3 | Jun 2025 2.7 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 1.4

## Market action

KRBL Ltd has the strongest one-year price move in FMCG - Rice at -13.8%. Chamanlal Setia Exports Ltd leads on Mansfield relative strength against NIFTY at +3.7%. 1 of 4 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. KRBL Ltd (KRBL): -14%
2. Chamanlal Setia Exports Ltd (CLSEL): -17%
3. L T Foods Ltd (LTFOODS): -26%
4. GRM Overseas Ltd (GRMOVER): -28%

### Strongest relative strength versus NIFTY 500
1. Chamanlal Setia Exports Ltd (CLSEL): 3.7%
2. KRBL Ltd (KRBL): -5.1%
3. L T Foods Ltd (LTFOODS): -6.7%
4. GRM Overseas Ltd (GRMOVER): -36%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 2 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- L T Foods Ltd (LTFOODS) — market value ₹13.0K Cr; latest fundamentals Mar 2026
- KRBL Ltd (KRBL) — market value ₹8.0K Cr; latest fundamentals Mar 2026
- GRM Overseas Ltd (GRMOVER) — market value ₹1.9K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Chamanlal Setia Exports Ltd (CLSEL) — market value ₹1.4K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 2. Unverified: 2. Withheld: 0. Graded companies: 4.

2 of 4 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | GRMOVER | GRM Overseas Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | CLSEL | Chamanlal Setia Exports Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty FMCG - Rice index?

The Nifty FMCG - Rice index tracks India's listed FMCG - Rice companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the FMCG - Rice sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best FMCG - Rice stocks in India?

Ranked by this page's four-factor score, Chamanlal Setia Exports Ltd places first among 4 listed FMCG - Rice companies, followed by KRBL Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many FMCG - Rice stocks are listed in India?

This comparison covers 4 listed FMCG - Rice companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which FMCG - Rice company is the biggest?

L T Foods Ltd is the largest, with trailing-twelve-month revenue of ₹10,946 crore, ahead of KRBL Ltd at ₹6,098 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which FMCG - Rice company is growing fastest?

GRM Overseas Ltd has the fastest revenue growth at 31.3% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which FMCG - Rice company has the best profit margins?

KRBL Ltd has the highest operating margin at 15%, from 4 of 4 comparable companies. Chamanlal Setia Exports Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which FMCG - Rice company makes the most profit?

KRBL Ltd earns the most, at ₹648 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. KRBL Ltd has the fastest profit growth at 35.9%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which FMCG - Rice company earns the highest return on capital?

Chamanlal Setia Exports Ltd leads on return on capital employed at 18.3%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which FMCG - Rice stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — KRBL Ltd screens cheapest at 0.21×. Only 2 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which FMCG - Rice company has the strongest balance sheet?

Chamanlal Setia Exports Ltd carries the lowest comparable gross debt at ₹83 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the FMCG - Rice sector beating the market?

FMCG - Rice has underperformed NIFTY 500 by 15.4% over the last 52 weeks and 14.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which FMCG - Rice stock has the strongest price momentum?

Chamanlal Setia Exports Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which FMCG - Rice company scores highest for research priority?

Chamanlal Setia Exports Ltd scores 62.3 out of 100 with 84% evidence confidence, from 16.1 points on growth and earnings, 18 on capital efficiency, 8.8 on valuation and 19.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many FMCG - Rice companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the FMCG - Rice sector?

The 4 FMCG - Rice companies on this page carry ₹24,331 crore of combined market value. L T Foods Ltd is the largest at ₹13,043 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the FMCG - Rice sector performing?

1 of the 4 covered FMCG - Rice companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 15.4% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fmcg-rice