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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE BB+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 2 Apr 2026
View Full ReportValuation
Financials (FY2025)
Source: CRISILInvestment Thesis
One of India's oldest flour mills (est. 1916, Roshanara Road, Delhi). Among the largest flour milling companies in India with ₹551 Cr FY2025 revenue. Products: atta, maida, rawa/sooji, bran under STAG brand (B2B) and KANAK (whole wheat atta, B2C). Jain family-promoted with 206 employees and CARE rating. Unlisted. Impressive revenue scale from a classic heritage Delhi grain business — low-margin but stable staple food processing.
Pros
Cons
Business Segments
Wheat flour milling — atta, maida, suji/rawa, bran (brands: STAG for B2B, KANAK for B2C whole wheat atta)
Snack food products manufacturing
Revenue Model
The company generates revenue through the sale of milled wheat flour and food processing products. As a traditional flour mill, revenue is driven by volume-based commodity sales to retailers, wholesalers, and food manufacturers.
Detailed Analysis
Growth Plans
Growing packaged food and branded flour market in India, driven by urbanisation and changing consumer preferences.
Potential for operational modernisation to improve efficiency and margins.
Industry Tailwinds
Growing packaged food and branded flour market in India, driven by urbanisation and changing consumer preferences.
Potential for operational modernisation to improve efficiency and margins.
Recent Developments
Comparable Companies
HINDUNILVR · ~500000 Cr
PE: ~55xx
Frequently Asked Questions
About Delhi Flour Mills
The Delhi Flour Mills Company Limited is one of India's oldest and largest flour milling companies, incorporated on 19 May 1916, with its registered office and manufacturing plant at Roshanara Road, Delhi. With over 108 years of continuous operations, the company stands as a heritage industrial enterprise in India's food processing landscape, having supplied wheat-based products to consumers and trade channels across North India for more than a century. The company's product portfolio encompasses a comprehensive range of wheat-derived staples: Atta (whole wheat flour), Maida (refined flour), Rawa, Sooji, Bran, and Whole Wheat Atta. Its branded products are marketed under two flagship brands — STAG brand for Maida, Sooji, and Atta, and KANAK brand for Whole Wheat Atta. These brands have established recognition in Delhi and surrounding markets over decades of consistent supply to retailers, distributors, and institutional buyers. The company operates a well-equipped modern flour milling plant at Roshanara Road, Delhi, leveraging location advantage for procurement of wheat from the Indo-Gangetic plains and distribution across the National Capital Region. Revenue for FY2024 is categorised as over ₹500 Crore, placing the company among the significant-scale unlisted food companies in northern India. The company has an authorized share capital of ₹2 Crore and paid-up capital of approximately ₹1.83 Crore, with 1,825,777 outstanding shares. Management is led by directors including Rajiv Bhambri, Ranjit Bhatia, Rohan Jain, Rashad Jain, and Mohit Jain, reflecting a mix of family and professional governance. While the company reported a net loss (EPS of ₹-30.89 in recent data), its revenue scale exceeding ₹500 Crore demonstrates the sustained demand for its commodity products. Despite profitability headwinds — common in capital-intensive, thin-margin flour milling — the company's century-long heritage, established brands, and large operational scale give it a defensible market position.
Key Milestones
1916 — Incorporated; one of India's first modern flour mills
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Industry Headwinds
Rising wheat procurement costs tied to MSP revisions.
Competition from large listed FMCG companies entering the branded flour segment.
Key Strengths
Established brand name with reputed and diversified customer base
Adequate raw material procurement and network of dedicated buying agents
Haryana, and Rajasthan and ~200 distributors in Delhi, Gujarat, Rajasthan, and UP.
Growing scale of operations
Moderate financial risk profile
Key Weaknesses
Moderate profitability margins
Working capital intensive business
Significant exposure towards group company
Execution plans for the real estate project under joint development model
Competitive and fragmented market
Downward Factors
Moderation in profitability margins continuing below 5% on a sustained basis, leading to consistently lower cash accruals
Use of surplus cash for future capex or expansion, which has an adverse impact on the company’s credit or liquidity profile
Elongation in inventory levels beyond 120 days impacting the operating cycle and financial risk profiles of the company
Debt ties up for development of proposed real estate project, adversely impacting the company’s financial risk profile
Reported negative EPS of ₹-30.89 and PAT of approximately ₹-5.64 Crore in recent financials, indicating profitability challenges despite ₹500+ Crore revenue
Source: Company Financial Filings
Company reported a net loss of ₹6.65 Cr (FY2025) — may signal structural profitability challenges
Source: Financial data
Interest coverage ratio of 1.86x (FY2025) — earnings provide limited headroom to service debt obligations
Source: Financial data
Wheat prices in India are subject to government MSP policies and seasonal availability, directly impacting input costs and margins for flour mills.
The Delhi NCR flour milling market has intense competition from large organised players and unorganised local mills, compressing pricing power.
Unlisted status limits exit options for investors; grey market trading volumes for such legacy companies tend to be low.
Established brands: STAG (maida/B2B) and KANAK (whole wheat atta/B2C)
Grew to ₹551 Cr revenue by FY2025
206 employees as of August 2025; CARE rating reaffirmed March 2024
Jain family (Rashad Jain, Mohit Jain)