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Rukmani Devi Garg Agro IPO
Rukmani Devi Garg Agro Impex Ltd
₹1,11,600 /1200 sharesMinimum Investment
Rukmani Devi Garg Agro IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 26 Sep ‘25 - 30 Sep ‘25 | ₹2,23,200 | 1,200 | ₹93 - ₹99 |
| Issue Size | IPO Doc |
|---|---|
| 23.52Cr | RHP PDF |
Subscription rate
As of 30 Sep'25, 02:02 PM
| Qualified Institutional Buyers | 7.12x |
| Non-Institutional Investor | 24.22x |
| Retail Individual Investor | 14.66x |
| Total | 12.92x |
About Rukmani Devi Garg Agro
Founded in
1998
Managing director
Mr. Vishal Garg
Parent organisation
Rukmani Devi Garg Agro Impex Ltd
Strengths & Financials of Rukmani Devi Garg Agro
Strengths
Risks
Rukmani Devi Garg Agro claims to operate a wide procurement network spread across Rajasthan and Madhya Pradesh, engaging with over 500 kaccha agents and limiting reliance on a small set of suppliers.
The company claims to possess substantial warehousing capabilities, with three owned warehouses of an aggregate storage capacity of 16,500 metric tonnes (MT) and an additional 3,500 MT capacity at their processing unit.
The company claims that its processing units are located within 200 metres of Bhamashah mandi in Kota (one of India’s largest agricultural mandis by trade volume), which helps in sourcing quality produce efficiently and reducing logistics costs.
The company claims that its close proximity to key cultivation zones and direct control over procurement allow for end-to-end traceability, from raw materials to the final packaged product.
The company is ISO 9001:2015 certified for its quality management systems, ISO 22000:2018 certified for its food safety management systems, and ISO 45001:2018 certified for its occupational health and safety standards.
The company has reported a consistent increase in profit after tax (PAT). It increased from Rs 0.47 crore in FY23 to Rs 5.02 crore in FY24 and Rs 7.57 crore in FY25.
The company relies heavily on a few agricultural commodities, especially wheat. Wheat alone accounted for Rs 114.49 crore (35.01 percent) of the company’s revenue in FY25, Rs 79.91 crore (32.70 percent) in FY24, and Rs 100.92 crore (40.68 percent) in FY23. Any adverse movements in wheat procurement or pricing regulations could severely impact revenue and profitability.
Prices of core commodities like wheat, mustard, and soybean are influenced by factors beyond the company’s control, such as weather, government policies, and international trade dynamics. This volatility makes long-term financial planning and margin stability difficult.
The company recorded negative cash flows from operating activities amounting to Rs 19.64 crore in FY25, Rs 6.85 crore in FY24, and Rs 1.86 crore in FY23. It also recorded negative cash flows from investing activities amounting to Rs 0.36 crore in FY25. Furthermore, negative cash flows from financing activities amounted to Rs 0.02 crore in FY24. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The top customer accounted for Rs 70.13 crore (21.45 percent) of the company’s revenue in FY25, Rs 61.02 crore (24.97 percent) in FY24, and Rs 42.27 crore (17.04 percent) in FY23. Any failure to retain this key customer, expand the customer base, or loss of business from this client could adversely affect the company’s business and financial standing.
A significant portion of the company’s revenue comes from Rajasthan. It accounted for Rs 260.72 crore (79.73 percent) of the company’s revenue in FY25, Rs 141.18 crore (57.77 percent) in FY24, and Rs 88.42 crore (35.65 percent) in FY23. This heavy regional dependency increases the company’s exposure to local economic downturns, regulatory changes, or logistics disruptions in this market.
The company’s business model demands a substantial and rising working capital base, with requirements growing from Rs 31.80 crore in FY23 to Rs 45.43 crore in FY24 and Rs 75.23 crore in FY25. Any inability to secure timely and cost-effective working capital may hurt the business.
The company, its promoters, directors, and group companies are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of August 31, 2025, Rukmani Devi Garg had an outstanding financial indebtedness of Rs 32.13 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Rukmani Devi Garg Agro Financials
*All values are in Rs. Cr
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Application Details of Rukmani Devi Garg Agro IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Individual investor | ₹93 - 99 | ₹2 - 5 Lakh |
For Rukmani Devi Garg Agro IPO, eligible investors can apply as Individual investor.