Buy KRBL @ 260, Target 350. KRBL is the largest rice Miller & Basmati rice Exporter under the Brand Name “India Gate” with global retail distribution chain presence in 73 countries. KRBL enjoys a leading position in Saudi Arabia’s market. KRBL enjoys 25% share of Branded Basmati Rice sell in International and more than 30% in the domestic market. KRBL right share price entry and exit can be obtained from https://www.dynamiclevels.com/en/krbl-share-price-forecast

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Report By: Arnab Dasgupta – arnab@dynamiclevels.com

2. Page 2 Source: Company, www.dynamiclevels.com
KRBL Ltd- Rice Bowl of India
Company Overview and Stock Price 3
Famous brands of KRBL 4
Company Financials 5
Peer Comparison 9
Shareholding Pattern 10
Industry Overview 11
Company future Outlook 13
Strengths of KRBL 14
Investment Rationale 15

3. Page 3 Source: Company, www.dynamiclevels.com
Company’s Overview and Stock Price
KRBL is the leading Indian rice Company exporting product throughout
the world. When we think about Basmati, we think about KRBL. It is
India’s first integrated rice company with a comprehensive product
chain.
The company always educates its farmers with modern technology and
skills of farming and getting results for that. Their flagship brand India
Gate Basmati rice is a renowned brand in the world market. KRBL
today is the largest rice miller. It has a strong brand presence through
collaborations with global retails chains. The company has a wide
market share in the Middle East countries, especially Saudi Arabia.
KRBL exports basmati rice to 73 countries in the world. It is the largest
manufacturer of Basmati Rice Seed in the world. The company has a
capacity of producing 195 MT per hour. The export price per MT
commands a premium of more than 30% over the industry average. It
has a wide marketing and selling network with presence at 6, 90,000
retail outlets in the country. 35% of basmati seeds in India are provided
by KRBL.
Famous Brands of KRBL
COMPANY PROFILE OF JUBILANT
Date of Incorporation 30-Mar-1993
Date of Listing 24-Jan-2002
Management
Name Designation
Anil Kumar Mittal Chairman & Managing
Director
Ashwani Dua Ind. Non-ED
Devendra Agarwal Ind. Non-ED
Shyam Arora Ind. Non-ED
Vinod Ahuja Ind. Non-Executive
Director
Anoop Kumar Gupta Joint Managing
Director
Arun Kumar Gupta Joint Managing
Director
Ashok Chand Whole Time Director
Priyanka Mittal Whole Time Director
Registered Office Address
5190, Lahori Gate,110006,New Delhi, India
Website
http://www.krblrice.com
KRBL Share Price Performance
EXCHANGE SYMBOL KRBL
Current Price * (Rs.) 288.30
Face Value (Rs.) 1
52 Week High (Rs.) 290 (13-06-16)
52 Week Low (Rs.) 139.5 (07-9-15)
Life Time high (Rs.) 290 (13-06-16)
Life Time low (Rs.) 1.02(29-1-02)
Average Daily Movement 9.53
Average Volume 183763
1 Month Return (%) 4.52
P/E Ratio (x) 20.01
Book Value 70.60
Market Cap 6738.04 (Cr)
% of Promoter holding
pledged
NIL
Chart Hypothesis: The chart shows that the stock is in complete
breakout and making new high

4. Page 4 Source: Company, www.dynamiclevels.com
Famous Brands of KRBL
India Gate
The flagship brand of KRBL, India Gate is recognized both in India and
abroad with strong presence and impressive market share. It has
earned respect and patronage amongst consumers and retailers over
the years and today it’s a matter of pride to be the proffered brand
amongst global households. It is termed as “Heart of India. Made in
India”.
Doon
Doon Basmati rice can be uniquely identified by its fragrance and
length of grains. Since it is one of KRBL’s prestigious Basmati rice
brands, it comes in diverse brands and packages. They are - Basmati
rice Premium, Basmati rice dubar, Basmati rice Tibar, mini dubar,
Mogra, mini Mogra.
Nur Jahan
Nur Jahan is one of KRBL’s prized brands and keeps the flavor, aroma
and the looks of Basmati rice intact. It is marketed and packaged for
both domestic and international purposes. The domestic market enjoys
all three variants namely, Basmati rice, Sella golden and Sella white
available in 1kg, 5kg and 25kg packs. Its Basmati rice variant is
exported to Canada, Kuwait, UAE, Singapore and Australia.
Indian Farm
Just like Basmati rice is noted for its fragrance and delicate flavour,
Badshah Basmati rice maintains the reputation and also lives up to its
name. It is one of the leading Basmati rice brands in India in terms of
consumption and sale.
Bemisal
Bemisal rice grains are longer and characteristically free flowing rather
than being sticky when cooked. This exceptional quality Basmati rice is
marketed, sold and packaged solely for Indian market. Sold in 1, 5 and
25 kg packs, it comes in two variants – Bemisal Basmati Rice and Sella
Golden.
India’s first fully
integrated & scalable
Rice Company
World’s largest Rice
Millers & Basmati Rice
Exporters
World’s largest
producer of Basmati
Rice Seeds

5. Page 5 Source: Company, www.dynamiclevels.com
Company Financials
Income Statement (In Cr) Mar-16 Mar-15 Mar-14
Annual Annual Annual
Net Sales/Income from operations 3,373.76 3,159.69 2,910.46
Other Operating Income 54.37 -- --
Total Income From Operations 3,428.13 3,159.69 2,910.46
Increase/Decrease in Stocks -155.97 -103.19 69.57
Consumption of Raw Materials 2,721.52 2,443.09 2,096.94
Purchase of Traded Goods 25.57 61.19 95.66
Employees Cost 63.63 54.39 45.65
Depreciation 50.06 52.68 57.66
Other Expenses 240.29 215.97 162.09
Total Expenditure 2,945.10 2,724.13 2,527.57
Operating Profit 483.03 435.56 382.89
Other Income 7.51 43.62 14.54
P/L Before Int., Excpt. Items & Tax 490.54 479.18 397.43
Interest 63.41 80.89 76.02
P/L Before Exceptional Items & Tax 427.13 398.29 321.41
Exceptional Item 2.55 -4.19 5.02
P/L Before Tax 429.68 394.10 326.43
Tax 92.62 72.37 71.32
P/L After Tax from Ordinary Activities 337.06 321.73 255.11
PAT 337.06 321.73 255.11
Net Profit/(Loss) For the Period 337.06 321.73 255.11
Equity Share Capital 23.54 23.54 23.58
Reserves 1,593.40 1,301.23 1,008.96
Equity Dividend Rate (%) -- -- --
EPS (Rs.) [Before Extraordinary items] 14.32 13.67 10.84
EPS (Rs.) [After Extraordinary items] 14.32 13.67 10.84
Profitability Highlights:
 The Company achieved highest ever total revenue of Rs. 3428.13 crores during the year as compared to Rs.3159.69
crores in the previous year. An increase of 8.5% yearly.
 Company has been able to achieved volume growth 25% during the year and sold total rice of 5,91,742 MT as
compared to 4,73,441 MT during last year.
 Company achieved highest ever Operating Profit of Rs. 483.03 crores as compared to Rs. 435.56 crores same
period last year.
 Company achieved highest ever Profit After Tax (PAT) of Rs. 337.06 crores as compared to Rs. 321.73 crores last
year.
 Earnings per Share (EPS) increased by 4.82% from 13.67 per share last year to Rs. 14.32 per share this year.

6. Page 6 Source: Company, www.dynamiclevels.com
Balance Sheet (in Cr) Mar-13 Mar-14 Mar-15 Mar-16
ASSETS
Cash And Equivalents 10.69 65.76 23.96 28.30
Short Term Investments 8.47 6.30 6.59 7.31
Total Cash & ST Investments 19.16 72.06 30.55 35.61
Accounts & Notes Receivable 194.72 287.26 339.98 253.60
Total Receivables 194.72 287.26 339.98 253.60
Inventories 1260.29 1690.02 1859.67 1744.24
Prepaid Exp. 4.25 7.27 7.58 0.00
Restricted Cash 0.35 0.43 0.38 0.00
Other Current Assets 43.36 34.55 48.81 65.10
Total Current Assets 1522.13 2091.59 2286.98 2098.55
Net Property, Plant & Equipment 456.28 575.73 751.71 875.14
Long-term Investments 0.00 0.00 0.00 49.55
Deferred Charges, LT 0.00 0.00 0.00 0.00
Other Long-Term Assets 31.60 47.40 27.37 3.89
Total Assets 2010.02 2714.72 3066.06 3027.13
LIABILITIES
Accrued Exp. 0.00 0.00 0.00 0.00
Short-term Borrowings 792.89 1171.19 1114.75 891.39
Accounts Payable 79.94 149.58 155.07 142.17
Curr. Income Taxes Payable 1.04 3.00 0.50 0.00
Other Current Liabilities 211.21 120.42 218.65 145.34
Total Current Liabilities 1085.08 1444.18 1488.97 1178.90
Long-Term Debt 77.45 208.32 236.29 200.63
Unearned Revenue, Non-Current 0.00 0.00 0.00 0.00
Other Non-Current Liabilities 17.13 17.36 15.15 23.00
Total Liabilities 1179.66 1669.86 1740.41 1402.53
Pref. Stock, Non-Redeem. 0.00 0.00 0.00 0.00
Total Pref. Equity 0.00 0.00 0.00 0.00
Minority Interest 0.88 0.88 0.88 0.88
Additional Paid In Capital 136.02 120.13 120.09 23.54
Retained Earnings 0.00 0.00 0.00 0.00
Treasury Stock 0.00 0.00 0.00 0.00
Comprehensive Inc. and Other 693.45 923.84 1204.68 1600.18
Total Common Equity 830.35 1044.86 1325.65 1624.60
Total Equity 830.35 1044.86 1325.65 1624.60
Total Liabilities And Equity 2010.02 2714.72 3066.06 3027.13
 The asset value of the company is increasing every year except in last year.
 The company is able to reduce its short term borrowings by 21% in FY 16 from last financial year.
 The long term debt of the company has also reduced by 15% last year.
 The company is able to reduce its total debt by 21% in FY 16 compared to those of FY 15.


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Cash Flow (in Cr) Mar – 13 Mar – 14 Mar - 15
Net Income 129.86 255.11 321.72
Depreciation & Amort., Total 50.56 57.66 52.69
Other Non-Cash Adj -5.01 -0.56 0.11
Changes in Non-Cash Capital -53.64 -537.26 -114.21
Cash from Ops. 121.77 -225.04 260.31
Capital Expenditure -82.92 -177.16 -232.05
Sale of Property, Plant, and Equipment 0.94 0.27 0.27
Cash Acquisitions 0.00 0.00 0.00
Proceeds from Investment 0.07 0.30 0.06
Divestitures 0.00 0.00 0.00
Invest. in Marketable & Equity Securt. 0.00 0.00 0.00
Other Investing Activities 0.00 0.00 0.00
Cash from Investing -81.91 -176.59 -231.72
Net Short Term Debt Issued/Repaid -10.83 353.05 -66.00
Long-Term Debt Issued 0.00 130.87 27.97
Long-Term Debt Repaid -28.95 0.00 0.00
Total Debt Issued/Repaid -39.77 483.92 -38.03
Pref. Dividends Paid -8.48 -18.96 -28.17
Total Dividends Paid -8.48 -18.96 -28.17
Increase in CapItal Stocks 0.00 0.00 0.00
Decrease in Capital Stocks -2.93 -15.36 0.00
Special Dividend Paid 0.00 0.00 0.00
Incr(Decr) in Deposits 0.00 0.00 0.00
Incr(Decr) Insurance Reserves 0.00 0.00 0.00
Other Financing Activities 8.13 4.97 -4.24
Cash from Financing -43.06 454.57 -70.44
0.00
Net Change in Cash -3.20 52.94 -41.85
Supplemental Items
Cash Interest Paid 77.52 76.02 80.89
Cash Taxes Paid 56.04 69.32 77.13
Free Cash Flow 38.85 -402.20 28.26
Change in Net Working Capital 0.00 0.00 0.00
 The net income and cash from operation of the company is increasing every year.

8. Page 8 Source: Company, www.dynamiclevels.com
Ratios
Profitability Ratios Mar’13 Mar’14 Mar’15 Mar’16
EBITDA Margin 14.23 15.09 15.45 15.80
Operating Margin 11.80 13.11 13.78 14.32
Profit Margin 6.24 8.77 10.18 9.99
Return on Assets 6.46 10.80 11.13 11.06
Return on Equity 16.79 27.23 27.16 22.86
Leverage and
Coverage Ratios
Mar’13 Mar’14 Mar’15 Mar’16
Current Ratio 1.40 1.45 1.54 1.78
Quick Ratio 0.20 0.25 0.25 0.25
EBIT/Interest 3.26 5.25 5.66 7.62
Tot Debt/Capital 0.51 0.57 0.50 0.40
Tot Debt/Equity 1.05 1.32 1.02 0.67
Eff Tax Rate % 29.50 21.85 18.36 21.56
One can see that the operating margin
ratio of KRBL is increasing in every year.
The increasing profit margin indicates a
steady performance of the company
The current ratio of the company is
increasing every year which indicates a
good liquidity.
The debt equity ratio of the company is in a
decreasing mode every year.

9. Page 9 Source: Company, www.dynamiclevels.com
Peer Comparison
Company Name: KRBL LTD LT FOODS LTD
Latest Fiscal Year: Mar - 16 Mar - 16
52-Week High 301.00 314.00
52-Week High Date 17th
Jun16 24th Nov15
52-Week Low 139.50 140.95
52-Week Low Date 7th
Sep15 25th
Aug15
Daily Volume 144828 1808
Current Price: 299.40 230.80
52-Week High % Change -0.05 -0.27
52-Week Low % Change 1.05 0.62
Total Common Shares (M) 235.40 26.66
Market Capitalization 7047.57(CR) 615.39(CR)
Total Debt 10920.20 15578.34
Preferred Stock 0.00 0.00
Minority Interest 8.80 342.85
- Cash and Equivalents 356.10 323.22
Current Enterprise Value 77929.72 21691.84
Company Name: KRBL LTD LT FOODS LTD
Leverage/Coverage Ratios
Total Debt / Equity % 0.67 2.90
Total Debt / Capital % 0.40 0.73
Total Debt / EBITDA 2.05 4.30
Net Debt / EBITDA 1.98 4.21
EBITDA / Int. Expense 8.41 2.45
The data can show that KRBL has given
much higher return to its investor in
comparison to its Peer Company.
The debt equity of KRBL is less in
comparison to its Peer Company.
The debt/capital ratio is also much solvent
than its Peer Company.

10. Page 10 Source: Company, www.dynamiclevels.com
Share Holding Pattern of KRBL
Shareholding Pattern Mar-16 Dec-15 Sep-15 Jun-15 Mar-15
Promoter and Promoter Group (%) 58.81 58.81 58.81 58.81 58.81
Indian 58.81 58.81 58.81 58.81 58.81
Foreign NIL NIL NIL NIL NIL
Institutions (%) 6.52 5.28 5.20 6.03 6.05
FII 5.20 2.03 5.17 5.50 6.03
DII 1.32 3.25 0.03 0.53 0.02
Non Institutions (%) 34.66 35.91 35.99 35.16 35.13
Bodies Corporate NIL NIL 2.04 1.90 1.85
Others 34.66 35.91 33.94 33.26 33.29
Custodians NIL NIL NIL NIL NIL
Total no. of shares (cr.) 23.54 23.54 23.54 23.54 23.54
Persons holding securities more than
1% of total number of shares under
category Public Shareholding.
Category Mar-16 Dec-15 Sep-15 Jun-15 Mar-15
RADHA RAJ ISPAT PRIVATE LIMITED Promoters 11.86 11.86 11.86 11.86 11.86
RELIANCE COMMODITIES DMCC Non Promoters 9.73 9.73 9.73 9.73 9.73
ARUN KUMAR GUPTA Promoters 8.41 8.14 8.14 8.14 8.14
ANOOP KUMAR GUPTA Promoters 8.3 8.03 8.03 8.03 8.03
ANIL KUMAR MITTAL Promoters 8.12 7.86 7.86 7.86 7.86
ANIL KUMAR GOEL Non Promoters 3.76 3.67 3.59 3.26 3.19
ABDULLA ALI OBEID BALSHARAF Non Promoters 3.19 3.19 3.19 3.19 3.19
OMAR ALI OBEID BALSHARAF Non Promoters 3.19 3.19 3.19 3.19 3.19
ANOOP KUMAR GUPTA, KARTA OF
ANOOP KUMAR GUPTA HUF
Promoters 3.1 3.1 3.1 3.1 3.1
ANIL KUMAR MITTAL, KARTA OF
BHAGIRATH LAL HUF
Promoters 3.02 3.02 NIL 3.02 NIL
PREETI MITTAL Promoters 2.93 2.93 2.93 2.93 2.93
BINITA GUPTA Promoters 2.85 2.85 2.85 2.85 2.85
ANULIKA GUPTA Promoters 2.36 2.36 2.36 2.36 2.36
ARUN KUMAR GUPTA, KARTA OF ARUN
KUMAR GUPTA HUF
Promoters 2.06 2.06 2.06 2.06 2.06
ASHISH MITTAL Promoters 1.95 1.95 1.95 1.95 1.95
KOTAK MAHINDRA (INTERNATIONAL)
LIMIED
Non Promoters 1.92 NIL NIL NIL NIL
KUNAL GUPTA Promoters 1.74 1.74 1.74 1.74 1.74
SOM NATH AGGARWAL Non Promoters 1.59 1.58 1.58 1.58 1.58

11. Page 11 Source: Company, www.dynamiclevels.com
Industry Overview
Agriculture is the backbone of Indian Economy. About 65% of Indian
population depends directly on agriculture and it accounts for around
22% of GDP. At 157.35 million hectares, India holds the second largest
agricultural land in the world. With 20 agri-climatic regions, all 15
major climates in the world exist in India. India is the second largest
producer of Rice. The Government of India has introduced several
projects to assist the agriculture sector. They are Pradhanmantri Gram
Sinchai Yojana: The scheme aims to irrigate the field of every farmer
and improving water use efficiency to achieve the motto `Per Drop
More Crop’. Overall the scheme ensures improved access to irrigation.
Paramparagat KrishiVikasYojana (PKVY): The scheme aims to motivate
groups of farmers to take up organic farming.
Government of India has released a new subsidy for the establishment
of 988 Farm Machinery Banks during 2014-15 under Sub–Mission on
Agricultural Mechanisation.
Rice is the most important cereal food crop of India which occupies
about 24% of the gross cropped area of the country. It contributes 43%
of total food grain production and 46% of total cereal production of the
country.
India is at present the biggest exporter of basmati rice in the world. It
produces nearly 7.5 million tons and exports approximately 2.5 million
tons. Majorly India exports Basmati rice in the Middle East which acts
as a potential client base. Iran is also amongst one of the major client
base of Indian Basmati rice.

12. Page 12 Source: Company, www.dynamiclevels.com
Advantageous Position of Basmati Rice Production & Export
Basmati Rice is just 2% of total Rice Production in the
World.
Basmati Rice is GI Product and Grown only in India (70%)
and Pakistan (30%).
Simple product – no hi‐tech processing required / no fad /
processed food.
Highest quality and high valued product, not commodity.
No China competition / other countries threat – Grown
only in India and Pakistan.
Govt regulations – no government / regulatory
interference.
Economy, war, global crop patterns etc – No major impact.
Pricing Premium over competition.
New entrants – require huge marketing budgets and
organizational management to manage entire supply
chain.

13. Page 13 Source: Company, www.dynamiclevels.com
Company Future Outlook
With a business model rooted in the heart of India and steered by the
flagship India Gate brand, KRBL continued to remain at the top of the
industry ranking in terms of Basmati production and trade, both within
and outside the country. With sustained quality focus, which enabled a
31% higher than industry export realisation and its flagship brand India
Gate realising 57% higher than industry export realisation, the
Company reported excellent numbers to post impressive performance
in terms of revenue and profitability.
The Company’s strengths in production capacity and brand superiority
have positioned it ideally to leverage the growing demand for basmati
within and outside India. KRBL registered a 13% value growth in the
Domestic basmati market during the fiscal under review – an indication
of its increasing presence in the domestic market.
The Company further expanded its exports to the Middle East,
particularly Saudi Arabia, UAE, Iran, Iraq, Kuwait and Qatar. The region
account for 80% of the Company’s branded basmati exports. KRBL is
the largest branded Basmati player in these countries, along with
Bahrain Oman & Lebanon, and also one of the most recognized brands
in Jordan and other Levant Countries.
KRBL’s expansion strategy during the year was further driven by
itswell-entrenched distribution networked, backed by strategic
marketing initiatives. The Company’s retail presence extends across
6,60,000 outletsin the country. It has strong tie-ups with several
domestic retail chains, including Food Bazaar, Spencer’s, D’Mart,
Reliance Retail, Vishal MegaMart, N’Mart, V.’Mart, Star Bazar, Spar,
Aditya Birla–More, Walmart,Reliance Cash & Carry, Metro Cash and
Carry, Sabka Bazaar, Big Apple,Hypercity, Easy Day and in E-Commerce
such as Big Basket, LocalBanya, Green Cart, Vege Cart etc.

14. Page 14 Source: Company, www.dynamiclevels.com
Strengths of KRBL
Strong Legacy and Brand equity: With over 120 years of
legacy, KRBL has built nucleus strengths to steer its exceptional
growth. KRBL’s brand reputation and recall have lent it global
leadership in basmati rice.
Management strength and Committed Team: KRBL is led by a
visionary and far sighted management, which thinks beyond
tomorrow.
Integrated Value Chain & R&D Capabilities: The Company has
a core of R&D capabilities that ensures the highest levels of
quality and excellence.
Strong Farmer Relations & Dealer Network: Closely – Knit
contact farming operations that help in maintaining consistent
supply of good quality paddy. The company has pan India retail
reach backed by a large distribution and marketing network.
State-of-the-art Plants & Storage Facilities: KRBL has the
world’s largest and most modern milling capacities. The
company has large, automated facilities for storage space and
warehousing.
Captive Power Generation & Focus on Green Manufacturing:
The company has its own power generation capacities to meet
its energy needs and for sale. KRBL is continuously expanding
its presence in eco friendly non-conventional power
generation.
Upcoming Opportunities
Evolving lifestyle and Consumer preferences: With changing in
lifestyles, consumer preferences are shifted from non branded
to branded rice and from traditional local markets to modern
retail formats.
Global Market Expansion and increased consumption: Global
rice consumption, particularly in the Middle East led by Iran, is
continuously increasing, enabling expansion of the rice,
especially Basmati rice market.
Great Access to World Market: With the rice becoming the
staple diet of more and more people across the world, Basmati
is becoming more accessible to world markets.

15. Page 15 Source: Company, www.dynamiclevels.com
Investment rationale:
 KRBL is the world’s largest rice Millers and Basmati rice Exporters.
 The company is India’s largest selling Branded Basmati Rice Company.
 It has a big global retail distribution chain with presence in 73 countries .The Company enjoys a leading
position in Saudi Arabia’s market which is the largest consumer of Basmati Rice in the world.
 The company is the largest manufacturer of Basmati Rice seed in the world. 35% of Basmati seeds in India
are provided by KRBL.
 “India Gate” the flagship brand of company, is the topmost selling rice in the Branded Rice segment, both
in India and Overseas market.
 KRBL has 25% share in the Branded Basmati Rice sell in exports market and more than 30% share in the
domestic market.
 KRBL has a manufacturing capacity of 195 MT per hour.
 The company has a good record of realizations in the market. Export rice pet MT commands a premium of
more than 30% over the industry average.
 The short term loan of the company rated [ICRA]A1+ by ICRA, indicating highest credit quality in the
industry.
 Long term loan of the company under (ICRA)AA- by ICRA, indicating high degree of safety.
 The total Net worth of the company increased from Rs. 1325 crores in FY 2015 to Rs. 1624 crores in FY
2016.
 Last 3 year – Net sales growth at CAGR of 18.11% and EBITDA growth at CAGR of 21.14%.
 Last 3 year – Average return on capital employed of 19.12%.
 Last 3 year – Average return on equity of 26.21%.
We initiate coverage on KRBL Ltd as a BUY @260 with a target of Rs 350 representing a potential upside of 35%
from the buy price. KRBL is trading at a PE of 20.8.

16. Page 16 Source: Company, www.dynamiclevels.com
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