DSM Fresh Foods Zappfresh Shares

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Presentation Summary

DSM Fresh Foods Ltd. Overview and Key Details

DSM Fresh Foods Limited, operating as Zappfresh, is an online platform focused on fresh meat and ready-to-cook/eat non-vegetarian products, established in 2015 and headquartered in New Delhi. The company ensures hygienic, preservative-free products delivered directly from farms to consumers.

Investment Rationale:

The company exhibits a robust growth trajectory, reporting revenue of ₹90.44 Cr in FY24, a significant increase from ₹56.1 Cr in FY23. Zappfresh has established a strong brand presence in the online meat delivery segment with high repeat order rates. It utilizes a unique end-to-end cold chain supply, ensuring product freshness and quality. DSM Fresh Foods adheres to FSSAI guidelines and holds certifications, including ISO 9001:2008 and Halal. The company filed a Draft Red Herring Prospectus (DRHP) in August 2024, indicating its intent for a public listing.

Key Risks:

Operational challenges involving perishable inventory necessitate efficient logistics and supply chain management. Market competition is increasing in the online meat delivery segment. Regulatory changes in food safety can impact operations and compliance costs. Dependence on technology can affect customer experience and sales.

IPO Timeline & Exit Options:

The DRHP was filed in August 2024 for an IPO of up to 59,06,400 equity shares. The listing platform is proposed on the BSE SME platform. Pre-IPO share trading is available on platforms like UnlistedZone.

Financials (in Cr):

In FY23, revenue was 56.12, EBITDA was 2.91, PAT was 11.17, and EPS was 1317.22. In FY24, revenue was 90.44, EBITDA was 10.89, PAT was 7.88, and EPS was 881.43.

Valuation Metrics:

The last deal price was ₹128/share as of May 1, 2025. Implied market cap is ₹209 Cr. P/E ratio (FY24) is ~26.56x. Book value is 23.93, and P/B ratio is ~5.35x.

Shareholding Pattern:

Deepanshu Manchanda holds 56.99%. Others hold 31.79%. Bhanu Singhal holds 6.38%. A.R Chadha & Co India Pvt. Ltd. holds 4.84%.

UnlistedZone View:

UnlistedZone rates the company on "watchlist" and recommends considering accumulation for a 3-5 year investment horizon. The target IPO valuation is ₹200-₹225 Cr.

Disclosures & Data Sources:

The document's sources include Company DRHP, Tracxn, and UnlistedZone.

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