IPO Overview
Adon Agro Commodities Limited is a Navi Mumbai-based integrated agro-commodity company primarily engaged in the sourcing, importing, processing, packing, and distribution of dry fruits, nuts, seeds, and berries — including almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots, and figs. The company sources its products both domestically and internationally from countries including the UAE, Afghanistan, Chile, the United States, and Sri Lanka, and sells them in bulk to B2B customers as well as under its proprietary brand, “Hunger Nuts,” across wholesale, retail, and direct-to-consumer (D2C) channels. Its in-house processing facility is located at MIDC Mahape, Navi Mumbai, equipped for mechanical cracking of almonds, manual cracking and grading of walnuts, cleaning, sorting, roasting, flavouring, and packaging operations. The company commenced dry fruit processing operations in FY 2025-26, with an installed capacity of 4,800 tonnes per annum for almonds and 2,000 tonnes per annum for walnuts.
The company is now launching its SME IPO on the BSE SME platform. The IPO is a book-build issue of ₹44.03 crore, entirely a fresh issue of 0.63 crore shares — meaning the company will receive the entire issue proceeds. The price band is set at ₹66–₹70 per share, with a lot size of 2,000 shares. The IPO opens on 29 June 2026 and closes on 1 July 2026, with listing expected on 6 July 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 29 June 2026 |
| IPO Close Date | 1 July 2026 |
| Allotment Date | 2 July 2026 (Expected) |
| Refund Initiation | 3 July 2026 |
| Credit to Demat | 3 July 2026 |
| Listing Date | 6 July 2026 (Tentative) |
| Price Band | ₹66 – ₹70 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 shares |
| Minimum Investment (Retail) | ₹2,80,000 (2 lots = 4,000 shares) |
| Minimum Investment (HNI / S-HNI) | ₹4,20,000 (3 lots = 6,000 shares) |
| Issue Size | ₹44.03 crore |
| Total Shares Offered | 62,90,000 shares |
| Fresh Issue | 62,90,000 shares (entire issue) |
| Offer For Sale (OFS) | Nil |
| Market Cap (Pre-IPO) | ₹161.12 crore |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Shares Offered | % of Net Issue |
| Qualified Institutional Buyers (QIB) | 64,000 | 1.07% |
| Non-Institutional Investors (NII/HNI) | 29,50,000 | 49.38% |
| bNII (>₹10L) | 19,66,000 | — |
| sNII (<₹10L) | 9,84,000 | — |
| Retail Individual Investors (RII) | 29,60,000 | 49.55% |
| Market Maker (Firm Reservation) | 3,16,000 | — |
Market Maker: Shreni Shares Ltd.
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a fresh issue, and the company will receive all the proceeds.
Objects of the Issue (Fund Utilization)
| Issue Objects | Est. Amount (₹ Cr) |
| Funding incremental working capital requirements | 32.00 |
| General corporate purposes | Remaining |
| Total | 32.00 |
Lead Managers & Registrar
- Book Running Lead Manager: Galactico Corporate Services Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
- Market Maker: Shreni Shares Ltd.
Promoters & Management
The promoters of the company are Mr. Narayanswamy Venkitkrishnan, Mrs. Jigisha Narayanswamy, and Mr. Shubham Ratan Sharma (Executive Director).
| Pre-IPO | Post-IPO | |
| Promoter Holding | 90.04% | 65.44% |
Company Details
The company’s product portfolio includes almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots, figs, and assorted dry fruit mixes, offered across multiple grades, forms, and pack sizes. Products are sold in bulk unprocessed form as well as in processed and packaged formats under the company’s proprietary retail brand, Hunger Nuts, which offers variants in pack sizes ranging from 250 grams to 30 kilograms. The company also undertakes corporate and festive gifting through curated dry fruit hampers and customised assortments.
Sectors Served:
- Bulk B2B (Containerised)
- Wholesale & Corporate Gifting
- Modern Trade / Organised Retail
- Exports
- Direct-to-Consumer (D2C / E-commerce)
Key Capabilities / Competitive Strengths:
- Integrated Operating Model
- Diversified Product Portfolio
- In-house Processing Capabilities
- Multiple Distribution Channels
- International Sourcing Network (UAE, Afghanistan, USA, Chile, Sri Lanka)
- Dubai-based subsidiary (Adon Agro Trading L.L.C.) supporting international market expansion
Customer & Scale Metrics:
The company served 871 customers as of January 31, 2026, compared to 101 customers in FY 2024-25. As of January 31, 2026, the company had 62 employees.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY23 | ₹22.33 | ₹0.09 | ₹0.47 |
| FY24 | ₹72.92 | ₹1.79 | ₹2.84 |
| FY25 | ₹103.04 | ₹7.22 | ₹10.45 |
| 10M FY26 (Jan 2026) | ₹287.33 | ₹21.55 | ₹31.28 |
Key Financial Metrics
- ROE: 88.16% (10M FY26) | 84.36% (FY25)
- ROCE: 68.79% (10M FY26) | 60.65% (FY25)
- PAT Margin: 7.50% (10M FY26) | 7.01% (FY25)
- EBITDA Margin: 10.89% (10M FY26) | 10.14% (FY25)
- Debt/Equity: 0.28 (10M FY26) | 0.39 (FY25)
- EPS: ₹4.32 (Pre-IPO) → ₹10.91 (Post-IPO)
- P/E Ratio: 16.22x (Pre-IPO) → 6.42x (Post-IPO)
- Price to Book Value: 1.20 (10M FY26)
- Revenue grew 13x in 3 years (FY23 to 10M FY26)
Company Strengths
- Strong and rapid revenue growth — from ₹22.33 crore (FY23) to ₹287.33 crore in just 10 months of FY26
- Diversified product portfolio across multiple dry fruit and nut categories
- Integrated business model — sourcing, processing, packaging, and distribution under one roof
- Multiple revenue channels reducing dependency on any single sales mode (B2B, retail, exports, D2C, gifting)
- International sourcing network across UAE, Afghanistan, USA, Chile, and Sri Lanka
- Growing retail brand presence through “Hunger Nuts,” supported by a Dubai-based subsidiary for export market expansion
- High return ratios — ROE and ROCE both above 60%
Key Risks & Challenges
- Extreme customer concentration risk noted by analysts, despite recent growth in customer base
- Working capital gap has expanded significantly — from ₹723.58 lakh in FY2024-25 to ₹2,955.37 lakh as of 31 January 2026 — driving the need for fresh capital.
- Despite reported profits, the company has experienced negative operating cash flows in two of the last four periods, including -₹1.78 crore for the 10 months ended January 2026 and -₹1.56 crore in FY2023-24.
- A pending DRI (Directorate of Revenue Intelligence) legal case flagged as a key risk for the company.
- Heavy dependence on imports exposes the company to foreign exchange and geopolitical risks.
- Commodity price fluctuations can directly impact margins and profitability.
- Very young operating history — large-scale processing operations only commenced in FY 2025-26.
- Seasonal demand patterns and competition from organized and unorganized dry fruit brands.
- SME IPO liquidity risk — limited secondary market trading volumes on BSE SME platform.
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
