You scroll past a headline calling Haldiram's an ₹85,000 crore company, valued right up there with India's biggest listed FMCG (Fast-Moving Consumer Goods) names. A minute later, you open your broker app to buy a share of it, and you find nothing. It isn't listed on the NSE (National Stock Exchange) or the BSE (Bombay Stock Exchange) at all.
If that gap between a huge valuation and an actual "buy" button has left you scratching your head, I would call you a Wanderer. You are not confused because the numbers don't add up. You are confused because nobody has explained how a company gets a price tag before it ever appears on the stock market.
So, dear Wanderer, here at The Bazaar Guru, let's untangle it together: how Haldiram's, India's biggest snack brand, got valued at $10 billion, and what still has to happen before you can actually own a piece of it.
In This Post:
The Bhujia Shop That Became a Giant
How Do You Value a Company Nobody Can Buy Shares In?
A Worked Example: What $1 Billion for 10% Actually Means
Is the $10 Billion Price Backed by Real Numbers?
Haldiram's vs. Bikaji Foods: What's the Difference?
Will Haldiram's Actually List on the Stock Market?
Common Mistakes Beginners Make With Stories Like This
FAQ
Key Takeaways
Go Deeper
Disclaimer
The Bhujia Shop That Became a Giant
In 1937, a man named Ganga Bishan Agarwal started selling bhujia, a crunchy, spicy snack made from gram flour, from a small shop in Bikaner, Rajasthan. It was crispier and tastier than what people were used to, and word spread fast.
Over the decades, his sons and grandsons carried the brand to different parts of India. One branch went to Nagpur and expanded across the west and south. Another went to Delhi and covered the north. For years, these ran almost like separate family businesses, each using the same beloved name under a shared trademark.
In 2023, the Delhi and Nagpur branches merged into one company, Haldiram Snacks Food Pvt Ltd. This mattered a lot. It turned Haldiram's into a single, cleaner business that big investors could actually put money into, instead of a patchwork of family-run units.
Today, Haldiram's sells over 400 products: namkeen, sweets, frozen food, and ready-to-eat meals. It holds close to 40% of India's organised snacks market and exports to more than 100 countries.
How Do You Value a Company Nobody Can Buy Shares In?
When a company is private, meaning it isn't listed on the stock market, there's no daily share price you can look up.
Instead, its value gets set the moment a big investor agrees to buy a small piece of it. Whatever price they pay for that slice tells you what they believe the whole company is worth.
That's what happened here. In 2025, two large foreign investors, the kind of big global funds usually called Foreign Institutional Investors (FIIs), bought small stakes in Haldiram's:
- Temasek, Singapore's government investment fund, bought about 10% of the company for roughly $1 billion.
- IHC (International Holding Company), based in Abu Dhabi, along with a fund called Alpha Wave Global, bought about 9% for roughly $500 million.
Together, that's about $1.5 billion of fresh money from two of the world's most experienced investors. When investors this large agree on a number, it becomes the benchmark everyone else uses too.
A Worked Example: What $1 Billion for 10% Actually Means
Let's do the actual math, since this is the part that trips up most beginners.
If someone pays $1 billion for 10% of a company, they're implying the whole company (100%) is worth 10 times that amount: $10 billion. It works the same way as a ₹10 lakh house. If a buyer offers ₹1 lakh for a 10% share in it, they're valuing the full house at ₹10 lakh.
This is exactly how Temasek's deal set the "$10 billion valuation" you keep seeing in headlines. It isn't a random guess. It's simple math applied to a real transaction.
Is the $10 Billion Price Backed by Real Numbers?
A $10 billion tag sounds huge. Is it backed by a real business, or just hype? Here's what the numbers show.
- Revenue: Around ₹14,000 crore a year, the total money the company brings in from selling its products.
- EBITDA margin: Around 20%. In simple terms, EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) measures how much of a company's sales turns into core operating profit, before things like tax and loan interest are subtracted. A 20% margin means for every ₹100 of snacks sold, about ₹20 is core profit, a strong number for a food company.
- Growth: Revenue has been growing at roughly 16 to 17% a year.
So the valuation isn't just excitement. It's backed by a large, genuinely profitable business. That said, a $10 to $12 billion price on ₹14,000 crore of revenue is still rich, and rich valuations only keep making sense if the growth continues.
You may also want to read: What Does Promoter Holding Really Tell You About a Stock?
Even after selling stakes to Temasek and IHC, the Agarwal family, the original founders, still run the company and hold the majority of it. That's worth noting. The people who built the brand still have the biggest reason to see it succeed.
Haldiram's vs. Bikaji Foods: What's the Difference?
Bikaji Foods is Haldiram's closest rival, run by another branch of the same Agarwal family, and it's already listed on the stock market. Comparing the two makes the "private vs. public" difference easy to see.
| Point | Haldiram's | Bikaji Foods |
|---|---|---|
| Listed on stock market? | No, still private | Yes, since November 2022 |
| Can you buy shares today? | No | Yes, via any demat account |
| Approx. revenue | ₹14,000 crore | ₹2,994 crore (FY26) |
| Market share (snacks) | ~40% | Smaller, regional strength |
Figures are approximate, based on recent company and media reports as of mid-2026.
Will Haldiram's Actually List on the Stock Market?
Not yet. A few things need to happen first, in order, before Haldiram's can hold an IPO (Initial Public Offering, the process of a private company selling shares to the public for the first time):
- File a DRHP. This stands for Draft Red Herring Prospectus, a detailed document a company must file with SEBI (the Securities and Exchange Board of India, the country's market regulator) before an IPO. Haldiram's has not filed this yet, as of mid-2026.
- Get SEBI's approval. The regulator reviews the document and can ask questions before clearing it.
- Announce a price band and dates. Only after this can ordinary investors actually apply for shares.
Board-level discussions on issue size and timing have reportedly been underway since late 2025, with talk of a public issue in the ₹4,000 to ₹5,000 crore range, at a target valuation of $10 to $12 billion. That would make it India's largest-ever FMCG IPO. Until the DRHP is actually filed, though, this remains a plan, not a confirmed event.
Common Mistakes Beginners Make With Stories Like This
- Thinking you can invest right now. A big valuation headline doesn't mean the company is on the stock market. Always check whether it's actually listed before looking for a "buy" button.
- Assuming a high valuation guarantees a winner later. A rich valuation today means the eventual IPO price may already reflect a lot of future growth, leaving less room for a "listing pop" for new investors.
- Ignoring who still owns the company. Watching how much promoters keep for themselves, like the Agarwal family here, is a genuinely useful habit for any company you research in future.
- Trusting a "grey market premium" number for an unlisted IPO. Grey market activity only begins once an issue is actually on the calendar. Any "Haldiram's GMP" figure floating around before a DRHP is filed is not real.
FAQ
Can I buy Haldiram's shares right now?
No. Haldiram's is a private company and isn't listed on the NSE or the BSE. You cannot buy or sell its shares through a regular demat account today.
Is Haldiram's definitely going to launch an IPO?
Not confirmed yet. As of mid-2026, Haldiram's hasn't filed its DRHP with SEBI. Media reports suggest a listing may happen within the next couple of years, but that's an estimate, not a certainty.
Why did Temasek and IHC invest if they can't sell their shares easily?
Large investors like these often invest years before a company lists, hoping to sell their stake for a profit once it eventually goes public. This is common for large, established private companies.
What does a $10 billion valuation actually mean?
It means that, based on recent deals, the whole company is estimated to be worth about $10 billion, roughly ₹85,000 crore. It's an estimate based on the price investors paid for a small slice of the company, not a confirmed market price.
How is Haldiram's different from Bikaji Foods for an investor?
Bikaji Foods is already listed, so you can research and buy its shares today. Haldiram's is bigger by revenue and market share, but you can't invest in it until it lists, if it does.
Key Takeaways
- Haldiram's started as a single bhujia shop in 1937 and now holds about 40% of India's organised snacks market.
- Its roughly $10 billion valuation comes from real deals. Temasek and IHC bought stakes in 2025 at that price, and the math simply scales their stake up to 100%.
- The valuation is backed by strong numbers: around ₹14,000 crore revenue and a 20% EBITDA margin.
- Haldiram's is still private. You cannot buy its shares yet, since it hasn't even filed its DRHP.
- Bikaji Foods is a smaller, already-listed rival you can study and compare it against today.
Go Deeper
- What Is the P/E Ratio? A Simple Guide for Indian Investors
- What Is the P/B Ratio? A Simple Guide for Indian Investors
- What Is the PEG Ratio? A Simple Guide for Indian Investors
Disclaimer: This content is for educational purposes only and should not be considered investment advice. Markets carry risk, and past patterns do not guarantee future performance. Please consult a SEBI-registered investment advisor before making any investment decisions.