India, Sept. 20 -- The Indian packaged bakery market is highly competitive. Britannia, Parle and ITC's Sunfeast have much larger national distribution networks and significantly deeper brand recognition. Britannia itself has highlighted intensified competition and growing traction from regional and local players in biscuits and bakery.

That makes Mrs. Bectors' strategy interesting because it is not trying to compete with the largest players everywhere at once. It is starting with markets where its brands already have recognition and then gradually expanding production and distribution into new regions.

Mrs. Bectors Food Specialities was trading at around Rs224, with a market capitalization of roughly Rs6,874 crore. The stock's trailing...