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Peshwa Wheat Limited IPO
Peshwa Wheat Limited
₹2,28,000 /2400 sharesMinimum investment
IPO listing details
Listed on
1 Oct '26
Issue price
₹101.00
Listing price
₹100.05
Listing gains
-₹0.95 (0.94%)
Exchange
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IPO details
Minimum investment
₹2,28,000
Price range
₹95 - ₹101
Lot size
1,200
Issue size
53.52 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers177.12x
Non-Institutional Investor0.42x
Retail Individual Investor1.68x
Total2.65x
As of 28 Sep'26, 04:55 PM
Schedule
24 Sep 2026
IPO open date
28 Sep 2026
IPO close date
29 Sep 2026
Allotment date
29 Sep 2026
Funds unblock or debit
1 Oct 2026
Tentative listing date
About
Founded in
2017
MD/CEO
Mr Rahat Ali Saiyed
Parent organisation
Peshwa Wheat Limited
Peshwa Wheat Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have integrated operations covering procurement, cleaning, grading, milling, quality testing, packaging, storage and dispatch. This reduces its dependence on third-party processors and gives it greater control over different stages of production.
Peshwa Wheat claims to have established procurement relationships with farmers, local aggregators, mandis and regional procurement partners across major wheat-growing regions. Direct sourcing from primary growing centres and mandis can also reduce intermediary margins and provide greater control over parameters such as moisture levels, grain size and impurities.
The company claims to have infrastructure for testing raw materials and finished products against client specifications and requirements prescribed by the Food Safety and Standards Authority of India (FSSAI). It also states that its quality framework is supported by equipment, trained personnel and monitoring protocols.
By consolidating procurement, processing, quality testing and packaging within its operations, the company claims to reduce logistics costs and third-party processing margins while improving energy utilisation.
The company has a high customer concentration. Its top five customers accounted for Rs 138.49 crore (64.14%), Rs 118.49 crore (69.08%), and Rs 13.45 crore (15.27%) of revenue from operations in FY26, FY25, and FY24, respectively. Its top 10 customers accounted for Rs 153.58 crore (71.14%), Rs 121.75 crore (70.98%) and Rs 22.65 crore (25.72%), respectively. The loss of one or more major customers or a reduction in business from them could adversely affect the company’s revenue and profitability.
The company depends on a limited number of suppliers for its procurement. Its top five suppliers accounted for Rs 101.63 crore (51.62%), Rs 112.82 crore (72.65%), and Rs 15.94 crore (17.18%) of total purchases in FY26, FY25, and FY24, respectively, while its largest supplier accounted for Rs 75.75 crore (38.48%), Rs 84.70 crore (54.54%), and Rs 13.20 crore (14.23%), respectively. The loss of a key supplier or reduction in the quantity or quality of supplies could disrupt procurement and business operations.
The company has reported negative cash flows in previous periods. It reported negative cash flow from operating activities of Rs 13.10 crore in FY25, Rs 2.02 crore for the period ended March 31, 2024, and Rs 4.31 crore for the period ended December 31, 2023. The negative operating cash flows were mainly due to increases in inventories and trade receivables, along with movements in short-term loans and advances, trade payables, and other current liabilities. The company also reported negative cash flow from investing activities of Rs 0.29 crore in FY25 and Rs 1.68 crore for the period ended March 31, 2024, mainly due to additions to property, plant and equipment. Sustained negative cash flows could affect the company’s growth and business, while future capital expenditure or repayment of existing borrowings could further impact its cash flows.
The company procures 100% of its raw materials, including wheat, chana dal, and maize kernels, from Madhya Pradesh and does not currently have established alternative sourcing arrangements outside the state. Any crop failure, natural calamity, supply disruption, policy change, or increase in commodity prices in Madhya Pradesh could result in higher costs, production delays, or an inability to meet customer demand.
The company is geographically concentrated in terms of revenue, with Madhya Pradesh contributing 97.21%, 93.32%, and 89.73% of revenue from operations in FY26, FY25, and FY24, respectively. The concentration has increased over the years, which is a concern. Adverse economic, regulatory, or market developments in the state could significantly affect the company’s revenue and financial performance.
The company procures a significant portion of its raw materials from related party Peshwa Nutrition Private Limited. Purchases from the related party accounted for 38.49%, 54.54%, and 14.23% of total raw material purchases in FY26, FY25, and FY24, respectively. This dependence can create conflicts of interest and may limit the company’s bargaining power and supplier diversification, while any disruption in the relationship or change in commercial terms could affect its operations and cash flows.
The company has received an Income Tax demand notice and a notice regarding discrepancies in its GST returns. As of the date of the RHP, two tax proceedings against the company involved an aggregate amount of Rs 4.75 crore, while one tax proceeding against its promoters involved approximately Rs 0.01 crore. Any adverse outcome could result in additional tax, interest, or penalties and affect the company’s liquidity and cash flows.
The company has had delays in statutory filings with the RoC, including delays ranging up to 398 days for certain filings. It has also reported delays in GST filings and payment of TDS and TCS dues. Recurrence of such delays could result in penalties, interest costs, regulatory scrutiny, and additional compliance expenses.
The company’s employee attrition rate stood at 72.73%, 20.51%, and 7.69% in FY26, FY25, and FY24, respectively. This has also been rising over the years and could become a concern. A continued high level of attrition or loss of key managerial personnel could affect day-to-day operations and the company’s ability to execute its growth plans.
As of March 31, 2026, the company had outstanding financial indebtedness of Rs 23.74 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Peshwa Wheat IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹95 - ₹101 | ₹2 - ₹5 Lakhs | 1200 |
About
Objective of Peshwa Wheat IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding Capital Expenditure towards Purchase of Plant and Machineries |
6.69 |
|
Funding Capital Expenditure towards Civil Construction |
5.01 |
|
Funding Working Capital Requirements |
26.50 |
|
General corporate purposes. |
[.] |
|
Total |
[.] |
Book Running Lead Managers & Registrar of Peshwa Wheat IPO
|
Book Running Lead Managers |
Finaax Capital Advisors Private Limited |
|
Registrar to the Issue |
Maashitla Securities Private Limited |
|
Market Maker to the Issue |
Bhansali Value Creations Private Limited |
Key Performance Indicators (KPIs) of Peshwa Wheat Ltd.
|
KPI |
Value (for the year ended March 31, 2026) |
|
ROE (%) |
44.96 |
|
ROCE (%) |
33.44 |
|
EBITDA Margin (%) |
10.53 |
|
PAT Margin (%) |
7.32 |
|
Debt-to-equity Ratio |
0.55 |
|
Return on Net Worth (RoNW) (%) |
36.71 |
|
Price to Book Value |
3.22 |
|
Net Asset Value (NAV) per Equity Share (₹) |
31.37 |
|
EPS (Pre IPO) (₹) |
11.51 |
Peshwa Wheat IPO Contact Details
|
Company Name |
Peshwa Wheat Limited |
|
Registered Office |
308 The One, A Block RNT Marg, Near Silver Mall, Tukoganj, Indore- 452001, Madhya Pradesh. |
|
Phone |
+91 88788 76796 |
|
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|
Website |
Peshwa Wheat IPO Registrar Contact Details
|
Company Name |
Maashitla Securities Private Limited |
|
Phone |
+91 11 47581432 |
|
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Website |