Margins r high due to inventory gains, premierization of product portfolio, operating leverage and product positioning/marketing (the brand is using palovian to operand conditioning.. No one else is moving in that direction, as no money/vision in industry + this is cumulative affect of last 2 decades of advertising spend). And they can charge higher due to trust built up with consumer in last 2 decades, when other compititors played for short term gains by mixing inferior product with basmati.
Basmati is indo gangetic story with GI, so can't be replicated anywhere.
The supply chain is impossible to replicate. HUL, marico, adani, Cargill etc failed to establish the supply chain in this biz. Its simple but not easy.
They can do 15% cagr in volumes and 10% cagr in prices IMO. U can check historical information and do the maths, considering that it's almost monopoly situation now.
Moreover, they r sweeting their brands by riding other expensive products like quinoa, Chia etc, sourced cheaply from India and selling abroad.. Again, no compitition in this supply chain (India to mid east) . India itself is emerging as premium marketplace for expensive foods. . This business may equate core biz profits easily in next 5y IMO.
Hope it helps