DS Group hits ₹10,000 cr revenue mark, sets sights on ₹20,000 cr by 2029

Group to spend Rs 1000 crore in hospitality, to set up 10-12 luxury hotels in 3-4 years

Dharampal Satyapal Group (DS Group), the makers of Catch spices and Pass Pass mouth freshener, is now aiming to double its revenue to ₹20,000 crore by 2029, after hitting the ₹10,000 crore turnover mark in the financial year 2024-25 (FY25).

 

At present, the home-grown conglomerate ranks among the top 15 FMCG companies in India, but it aims to be among the top 10 by 2029 -- when it completes 100 years of operations.

 

“We have achieved ₹10,000 crore revenue milestone in FY25. Looking ahead, we aspire to achieve the ₹20,000 crore milestone by our centenary year in 2029,” Rajiv Kumar, Vice Chairman, DS Group, said.

 

In an interaction with Business Standard, Kumar said that while the group will continue to focus on the foods, beverages and mouth freshener side of the business, which currently accounts for near 80 per cent or bulk of the group’s revenues, it will increase its presence by 10-12 hotels in the next three to four years with an investment of ₹1000 crore in the hospitality segment, as it wants to tap into the growing market, which is seeing an industry level spike in growth.

 

The investment, which will be funded through a combination of internal accruals and debt, will also be strategic as the group intends to bring its own brand of hotels, Namah, to the market alongside continuing collaborations with established players such as Radisson and Marriott, that are already its partners across some of the six existing hotels in its portfolio.

 

The group is also discussing internally a public listing for one of its top-performing entities in the future, although a final decision on the timing and entity is yet to be made.

 

Kumar noted that one of its better performing companies in the food and beverages category would be the probable candidate. The group does not have a holding structure, which can enable listing of an individual foods or beverage business.

 

DS Group is also making a conscious effort towards corporate branding initiatives, as a strategic move to enhance its overall brand visibility.

 

It also plans to invest ₹300 crore in branding and marketing activities specifically for its FMCG and mouth freshener verticals within this financial year.

 

With its manufacturing and supplies concentrated in North India, the group doesn’t intend to venture into any other region. Kumar said that the slowdown in urban demand which was being seen in the first few months of the year, is also likely to improve in the coming quarters, but non-urban and rural demand will continue to outpace urban.

 

“This will keep the overall domestic demand quote robust,” he said.

 

While domestic growth remains a primary focus, DS Group is also actively pursuing global expansion.

 

The company has begun establishing offices and distribution infrastructure in key international markets, including the US, Malaysia, Indonesia, and the Middle East, to accelerate exports of its spices and other product categories. It has already made its foray into the Nepalese market with spices and confectionery products.

 

To support its various growth initiatives, the group is also looking to monetise some of its land parcels located in North India.

 

Kumar also said that the group was open to exploring inorganic growth opportunities through acquisitions, even D-2-C brands that could strategically fit into its existing portfolio. However, he pointed out that rising valuations in the market have made outright takeovers challenging.

 

As an alternative, Kumar indicated that DS Group is also open to picking up companies that may be undergoing insolvency proceedings, viewing it as a viable route for inorganic expansion. The FMCG segment has seen a slew of acquisitions including ITC’s acquisition of Sunrise masalas and 24/7 Mantra spices, and Hindustan Unilever’s (HUL) purchase of skincare brand Minimalist.