He is best known for his yoga camps, controversial sound bites, runins with the tax department and proximity to some of the political parties. But, now Baba Ramdev has captured the imagination of stock market analysts, thanks to the meteoric rise of Patanjali Ayurved (PAL) — a closely-held entity spearheaded by the yoga guru and selling an amazing range of food and personal care items through thousands of outlets across India.According to 'Wish you were listed: Patanjali Ayurved' — a report by multinational brokerage CLSA — Patanjali is bigger than Emami and Jyothy Labs and is "perhaps the fastest growing fast moving consumer company in India with revenues in excess of Rs 2,500 crore for 2014-15. The dramatic growth has been achieved in less than a decade.Patanjali's revenues have more than quadrupled in the past three years. Despite undercutting competitors, PAL's operating margin is around 20% — higher than many of its peers which advertise aggressively.Instead of outsourcing like established, listed FMCG firms, Patanajli has flourished on a backward integration model, using large tracts of land to cultivate and run its factories.Listed FMCG firms are currently trading at an average earnings multiple of 46. With revenues of close to Rs 2,500 crore and an estimated after-tax profit of Rs 300 crore, a similar earnings multiple would give Patanjali a valuation of Rs 14,000 crore.Ramdev has banked on unconventional methods to popularise the products of PAL which makes soaps, shampoos, dental care, balms, skin care, biscuits, ghee, juices, honey, oil, masala and more. There are plans to come out with malted food drinks, and interestingly, instant noodles, where Nestle , is the market leader.Even though Patanjali has spent very little on branding and advertising, Ramdev's sermons and his mass following may have had a positive rub off on the products. In gatherings attended by thousands and interviews with news channels, he has been outspoken on the evils of MNCs, corruption in corporates, and high usage of chemicals in consumer products.Interestingly, Baba Ramdev has no stake in the company.