As Yogesh has pointed out, the rice companies used to quote at cheap valuations of 10-15 PE and that too on the higher side in the immediate period prior to Jan 2016. Post that most of these stocks had a superb run more due to re rating associated with higher profit growth than actual topline growth. The real strength of a brand is in its pull which drives its topline even though it may be at a lower rate.
In case of KRBL as figures reveal, in March 2014 topline was 2910 crores and in subsequent years the figure is 3200, 3300, 3150, 3250 crores. This is hardly encouraging growth. So profitability probably has increased because of higher realisation of inventory or somehow drastically improved margins.
I had studied this sector in some details when I had bought LT foods as a techno funda bet and the first impression I got was that this was a good business though not a great business with enduring moats. I couldnt figure out paying valuations higher than 20 PE esp for LT foods which appeared to be slightly inferior business as compared to KRBL.
Brands are of no use if they dont contribute to sales and profits. e.g Hawkins. In all such cases stock prices dont go anywhere barring few periods of swings according to changing market fancy.
I liked whatever I read about KRBL as a business (barring the current fiasco) but in the current market scenario with everything correcting one can be spoiled for choices about what to buy. With the kind of drubbing KRBL has received it might very well give a tradeable bounce but it should not be confused with resumption of uptrend in the stock price. If one were to see vakrangee charts also, it nearly doubled from 145 odd levels to 290 plus in March 2018 before finally resuming its downtrend and went down as low as 32-33 and now 60 plus. These can be roller coaster rides and suitable only for people with strong stomachs.