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Advent scouts buyers for Crax-maker DFM Foods; ITC, Marico, Britannia among suitors
Our read
DFM's 27.5% sales growth to ₹705.8 crore and guided ~30% FY26 uplift show the Crax brand's distribution and product engine are firing—momentum a new owner can scale into the fast-expanding ₹50,590 crore snacks market.
Watch
Binding bid submissions and shortlist leaks
Ask next
The report,
Advent International seeks to exit Crax-maker DFM Foods, selling its 96.63% stake to strategics like ITC, Marico, Britannia or PE firms, targeting December close amid surging M&A in India's packaged snacks market.
Reported figures
From the report. Source details below
| snacks market ₹50,590 crore | 2025 |
|---|
Also in the report
- $118.8 million (2019 buy)
Other figures
- FY25 sales ₹705.8 crore
- +27.5% sales
- +30% FY26 growth
- 8.28% CAGR
Why it matters to operators
With ITC, Marico and Britannia all circling DFM's fast-growing branded portfolio, acquirers should move on due diligence and valuation discipline now, as competitive tension into the December close could inflate the premium on this ₹705.8 crore-revenue asset.
What to watch next
- Any regulatory/CCI filing signaling a strategic frontrunner
- Input cost (palm oil, wheat, packaging) moves affecting margin narrative
- Advent statement on timeline confirmation or extension
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- ITC/Britannia/Marico issue non-committal 'evaluate opportunities' statements while running diligence
- Advent's bankers circulate CIM and set binding-bid timeline targeting December
- Rival strategics accelerate own snacking M&A or capex to defend shelf space
- DFM management reiterates ~30% FY26 growth guidance to support asking price