IPO Overview
Q&T Foods Limited is a Ghaziabad-based manufacturer and distributor of savoury bakery products, engaged in manufacturing, distributing, marketing and selling breads, buns, pizza bases, kulcha and other bakery products under its flagship ‘American Bakers’ brand. Incorporated in 2018, the company operates an ISO 22000:2018 and HACCP-certified manufacturing facility in Dasna, Ghaziabad, and markets its products through a dealer-led network of over 50 dealers. The company operates a modern manufacturing facility spread over approximately 10,750 sq. ft. with an installed production capacity of 9,472 tonnes per annum (TPA), strategically located near key markets to reduce delivery timelines and logistics costs.
The company is now launching its SME IPO on the BSE SME platform. The IPO comprises a fresh issue of 22,82,400 equity shares of face value ₹10 each, with the issue price fixed at ₹115 per share and a total issue size of up to ₹26.24 crore. The IPO opens on 12 August 2026 and closes on 14 August 2026, with listing expected on 19 August 2026 on the BSE SME platform.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Fixed Price Issue – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 12 August 2026 |
| IPO Close Date | 14 August 2026 |
| Allotment Date | 17 August 2026 (Expected) |
| Credit to Demat | 18 August 2026 |
| Listing Date | 19 August 2026 (Tentative) |
| Issue Price | ₹115 per share (Fixed Price) |
| Face Value | ₹10 per share |
| Lot Size | 2,400 shares |
| Minimum Investment (Retail) | ₹2,76,000 |
| Issue Size | ₹26.24 crore |
| Fresh Issue | 22,82,400 shares (₹26.24 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds go directly to the company.
Issue Break-up
| Category | Allocation |
| Market Maker Reservation | 1,15,200 equity shares |
| Net Issue to the Public | 21,67,200 equity shares |
| Non-Institutional Investors (NII) | ~50% of Net Issue |
| Retail Individual Investors (RII) | ~50% of Net Issue |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The IPO consists entirely of a fresh issue of 22.82 lakh equity shares, meaning all proceeds will flow directly into the company.
Objects of the Issue (Fund Utilization)
The proceeds will be used as follows: ₹442.21 lakh (16.85%) towards installation of machinery at the existing plant; ₹750.00 lakh (28.57%) towards meeting working capital requirements; ₹675.00 lakh (25.72%) towards repayment of loan; ₹391.94 lakh (14.93%) towards general corporate purposes; and ₹365.62 lakh (13.93%) towards issue-related expenses.
- Installation of machinery at existing plant — ₹442.21 lakh
- Working capital requirements — ₹750.00 lakh
- Repayment of existing loan — ₹675.00 lakh
- General corporate purposes — ₹391.94 lakh
- Issue-related expenses — ₹365.62 lakh
Lead Managers & Registrar
- Book Running Lead Manager: Corporate Makers Capital Limited, New Delhi
- Registrar to the Issue: Skyline Financial Services Pvt. Ltd., New Delhi
- Market Maker: To be updated
Promoters & Management
The promoters of Q&T Foods Limited are Mr. Nishant Raj Gupta, Ms. Khushbu Varshney, and others from the promoter group.
- Chairperson & Managing Director: Mr. Nishant Raj Gupta
Company Details
Q&T Foods is a bakery products manufacturer engaged in the production, marketing, and distribution of packaged bakery items under its flagship “American Bakers” brand. The company primarily serves consumers across Uttar Pradesh through an established dealer-led distribution network of more than 50 dealers, offering a broad portfolio that includes milk bread, white bread, brown bread, multigrain bread, burger buns, pav, kulcha, and pizza bases.
Sectors Served:
- Packaged Bakery & Convenience Foods
- Retail / General Trade (UP & NCR region)
Key Products Manufactured:
- Milk Bread, White Bread, Brown Bread, Multigrain Bread
- Burger Buns, Pav
- Pizza Bases
- Kulcha
Key Capabilities:
- Manufacturing facility in Dasna, Ghaziabad, spread over approximately 10,750 sq. ft. with an installed production capacity of 9,472 tonnes per annum (TPA), with strategic location near key markets to reduce delivery timelines and logistics costs.
- Dealer-led distribution network of over 50 dealers across UP
Certifications:
- ISO 22000:2018 (Food Safety Management System)
- HACCP (Hazard Analysis and Critical Control Points)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | PAT Margin |
| FY25 | ₹46.83 | ₹2.73 | ₹4.82 | 5.84% |
| FY26 | ₹54.78 | ₹5.20 | ₹8.37 | 9.49% |
Key Financial Metrics
- Total income increased by 17% to ₹54.78 crore in FY26, while PAT surged by 90% to ₹5.20 crore. EBITDA increased from ₹4.82 crore to ₹8.37 crore, reflecting improved operating efficiency. ROE of 53.95% and ROCE of 70.88% indicate exceptional capital efficiency.
- The post-issue P/E valuation of 11.73x appears attractive compared with the company’s recent earnings growth.
- However, borrowings of ₹11.05 crore remain relatively high compared with net worth of ₹12.24 crore.
Company Strengths
- Established regional brand ‘American Bakers’ with everyday-consumption products and improving profitability, supported by an attractive post-issue valuation.
- Certified manufacturing facility under ISO 22000:2018 and HACCP, enabling stringent food safety and quality standards while ensuring operational efficiency.
- Strong PAT growth of ~90% YoY in FY26, along with significant improvement in EBITDA margin from 10.29% to 15.27%
- Dealer-led distribution network of over 50 dealers across Uttar Pradesh providing established last-mile reach
- Entire IPO is a fresh issue — all proceeds go directly to the company for capacity expansion and debt reduction
- India’s packaged bakery market is growing rapidly, driven by urbanization, convenience food trends, and rising disposable incomes
Key Risks & Challenges
- Geographic concentration in Uttar Pradesh limits diversification — the business is heavily dependent on a single state for its revenues.
- Borrowings of ₹11.05 crore remain relatively high compared with net worth of ₹12.24 crore, indicating a leveraged balance sheet pre-IPO.
- Bakery products are perishable in nature — any disruption in supply chain, logistics, or storage can result in product wastage and revenue loss
- Small scale of operations (₹54.78 crore revenue) limits pricing power and ability to compete against large national bakery brands
- Very young company — incorporated only in 2018, with a limited operating track record of ~8 years
- 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.
