Haldiram Foods International Private Limited

Sector: FMCG, Snacks and Sweets  |  HQ: Nagpur, Maharashtra  |  Founded: 1937  |  Employees: ~7,000

Listed as: Privately held; reportedly evaluating IPO in 2026-27  |  ,  |  Website →

Key people

• Manoharlal Agarwal (Chairman)

Company overview

Haldiram Foods International Private Limited is one of India's most-loved snacks and sweets brands, with a heritage tracing back to 1937 in Bikaner, Rajasthan. Today the Haldiram brand operates across three separately incorporated entities: Haldiram Snacks Food Private Limited (Delhi, formerly the Manoharlal Agarwal family business), Haldiram Foods International Private Limited (Nagpur, formerly the Shiv Kishan Agarwal family business), and Haldiram's Bhujiawala (Bikaner, the original family business). The Delhi and Nagpur entities have been in discussions through 2024-25 with global PE investors (Blackstone, Bain Capital, Singapore's GIC and Temasek) on a consolidation transaction at an enterprise valuation of USD 8-10 billion that would be among the largest food-sector deals in Indian history.

Business model

Haldiram operates across packaged snacks (namkeen, bhujia, chips, mathri), sweets (gulab jamun, rasgulla, halwa, soan papdi, kaju katli), instant foods (frozen and ready-to-eat dishes), and restaurant operations (Haldiram restaurants in Delhi, Nagpur, and Tier-1 cities). The packaged snacks business is the dominant revenue and EBITDA contributor with strong export distribution to USA, UK, UAE, and Australia where the Indian diaspora is large.

Operating segments

Recent developments

April 2025

Haldiram Foods International has entered a significant consolidation phase, merging its Delhi and Nagpur manufacturing units into a single entity—Haldiram Snacks Food Private Limited. The company's CEO described the move as the start of a 'new chapter,' signalling a unified FMCG structure. This follows the Competition Commission of India's (CCI) April 2023 approval of the demerger of the FMCG business, which paved the way for operational realignment. The company has also attracted major institutional capital, notably concluding a $1 billion investment deal with Singapore state investor Temasek in March 2025, with co-investment from Alpha Wave Ventures and Abu Dhabi-based IHC [1,2,3,5,6,9].

Concurrently, Haldiram's valuation has drawn market attention, with analysts questioning whether the $10 billion enterprise value reflects intrinsic worth or reflects growth expectations in India's expanding snack market. Prior to the Temasek deal, a consortium led by Blackstone—including Singapore's GIC and Abu Dhabi's ADIA—submitted an acquisition bid for the Haldiram Snacks Food platform in December 2024, underscoring intense private equity interest in the category [7,10].

Sources (8)

1. 'New chapter begins': Haldiram CEO announces merger of Snacks and Food businesses - Storyboard18 · Storyboard18 · Mon, 07 Apr 2025
2. CCI approves demerger of FMCG biz of Haldiram Snacks and Haldiram Foods - Business Standard · Business Standard · Mon, 03 Apr 2023
3. Haldiram's Merges Delhi and Nagpur Units To Form Single FMCG Giant Haldiram Snacks Food Private Ltd - Goodreturns · Goodreturns · Tue, 08 Apr 2025
4. 'New Chapter Begins': Haldiram's CEO Announces Merger Of Delhi, Nagpur Units - NDTV Profit · NDTV Profit · Mon, 07 Apr 2025
5. Temasek’s billion-dollar bite: Haldiram’s seals $1 bn deal with Singapore giant - Fortune India · Fortune India · Wed, 12 Mar 2025
6. Haldiram’s $10 Billion Valuation: What It Reveals About India’s Snack Market? - outlookbusiness.com · outlookbusiness.com · Mon, 17 Mar 2025
7. Billion Dollar Bhujia - Khaitan & Co, JSA in Haldiram's stake sale to Temasek, Alpha Wave Ventures and IHC - Bar and Bench · Bar and Bench · Wed, 02 Apr 2025
8. Blackstone, Abu Dhabi Investment Authority (ADIA) and Singapore's GIC submit bid to acquire Haldiram Snacks Food: Report - Indiablooms · Indiablooms · Sun, 08 Dec 2024

Financial performance and recent trajectory

Haldiram entities are privately held; aggregate revenue across the three is estimated at ₹14,000 to ₹16,000 crore in FY25. Reported EBITDA margins are in the high teens, reflecting the strong brand premium and the dominant share in packaged namkeen. The potential consolidation transaction with Blackstone or other PE investors at USD 8-10 billion implies a premium multiple reflecting both the franchise quality and the option value of IPO in 2026-27.

Stock performance and shareholder context

Haldiram is not currently listed. Reported IPO preparation is underway for either the consolidated entity (post Blackstone or similar transaction) or one of the family entities. An IPO would likely be among the largest in the Indian consumer goods space.

Competitive position

Haldiram is the dominant Indian branded namkeen and traditional-sweets player. Principal competitors include Bikaji Foods International (listed on NSE), Balaji Wafers (private, Gujarat-based), Bikanervala (private), Prataap Snacks (Yellow Diamond, listed), and Lays / Kurkure (PepsiCo). In sweets, the principal competitors are regional players and the organised modern-trade brands.

Key risks

Consolidation transaction execution risk; family-business succession dynamics; raw material inflation (besan, edible oils); private-label competition from modern trade; export market regulatory changes.

Outlook

Strong outlook on the consolidation transaction, the eventual IPO, and the secular growth of branded packaged Indian snacks. New entrants in namkeen and traditional sweets must contemplate the Haldiram brand depth and the post-consolidation institutional capital that the merged entity will deploy on capacity, marketing, and distribution.

KAMRIT point of view

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Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.