IPO Overview
Peshwa Wheat Limited (PWL) is a relatively young but emerging player in India’s fast-growing organized wheat processing sector. The company evolved from a partnership firm established in 2017 and was converted into a public limited company in December 2023. The company processes agricultural grains into wheat-based and other flour products from an integrated manufacturing facility in Indore, Madhya Pradesh. Its product portfolio includes atta (wheat flour), sortex wheat, broken wheat, wheat bran, gram flour (besan), and maize flour. Peshwa Wheat also trades potatoes and tomatoes in Madhya Pradesh, and during wheat processing, the company uses wheat bran as cattle feed, supporting a zero-waste and zero-discharge model.
Its B2B customer base spans wholesalers, retailers, restaurants, bakeries, and institutional buyers across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat, served via super stockists and direct sales.
Peshwa Wheat is set to raise up to ₹53.52 crore through this IPO, with shares offered in a price band of ₹95–₹101 per share. The company is proposing to list on the BSE SME platform. The IPO will open for subscription on 24 September 2026 and close on 28 September 2026, with allotment expected to be finalised on 29 September, followed by refunds and demat credit on 30 September. The entire issue is a fresh issue with no OFS component, meaning all proceeds flow directly into the company.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 24 September 2026 |
| IPO Close Date | 28 September 2026 |
| Allotment Date | 29 September 2026 (Expected) |
| Refund Initiation | 30 September 2026 |
| Credit to Demat | 30 September 2026 |
| Listing Date | 1 October 2026 (Tentative) |
| Price Band | ₹95 – ₹101 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹2,42,400 (2 lots = 2,400 shares) |
| Issue Size | ₹53.52 crore |
| Fresh Issue | 52,99,200 shares (₹53.52 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 |
| Qualified Institutional Buyers (QIB) | 49,200 shares |
| Non-Institutional Investors (NII/HNI) | 24,51,600 shares |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue consists of fresh equity shares, and all IPO proceeds will be received directly by the company.
Objects of the Issue (Fund Utilization)
The company plans to use ₹6.69 crore towards plant and machinery, ₹5.01 crore for civil construction, and ₹26.50 crore for working capital. The remaining proceeds are proposed for general corporate purposes.
- Purchase of plant and machinery — ₹6.69 crore
- Civil construction — ₹5.01 crore
- Working capital requirements — ₹26.50 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: Finaax Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Maashitla Securities Pvt. Ltd.
- Market Maker: Bhansali Value Creations
Promoters & Management
The promoters of the company are Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo. Jed, and Riyazuddin Qureshi. Before the IPO, the promoters and promoter group hold 72.61%, while public shareholders hold 27.39%. Post-IPO, the promoter and promoter group holding is expected to reduce to 52.39%, while public shareholding will increase to 47.61%.
Company Details
Peshwa Wheat Limited operates an integrated grain processing plant in Indore, Madhya Pradesh, manufacturing wheat-based staple food products for a broad B2B customer base across multiple states in India.
Sectors Served:
- Wholesale & Retail Trade
- Restaurants & Bakeries
- Institutional Buyers
- Cattle Feed Industry (wheat bran by-product)
Key Products:
- Atta (Wheat Flour)
- Sortex Wheat
- Broken Wheat
- Wheat Bran (cattle feed)
- Gram Flour (Besan)
- Maize Flour
- Vegetable Trading (Potatoes & Tomatoes)
Key Capabilities:
- Integrated grain processing plant with zero-waste, zero-discharge model
- B2B distribution via super stockists and direct sales across MP, Maharashtra, Karnataka, and Gujarat
Manufacturing Facility:
- Indore, Madhya Pradesh
As of March 31, 2026, the company employed 24 permanent staff members.
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY25 | ₹171.55 | ₹11.84 | ₹18.05 |
| FY26 | ₹215.96 | ₹15.81 | ₹22.73 |
Revenue increased by 26% and PAT rose by 34% between FY25 and FY26.
Key Financial Metrics
- 2-Year Revenue CAGR: ~122% | PAT Margin (FY26): 7.32% | EBITDA Margin (FY26): 10.53% | Debt/Equity: 0.55x | Total Debt: ₹23.74 crore
- ROE: 44.96% | ROCE: 33.44% (as of March 2026)
- Post-issue market capitalization: ~₹192 crore at the upper end of the price band
Company Strengths
- Strong and consistent revenue and profit growth — revenue up 26% and PAT up 34% in FY26, with a 2-year revenue CAGR of ~122%
- High return ratios — ROE of 44.96% and ROCE of 33.44%, reflecting efficient use of capital
- Zero-waste manufacturing model — wheat bran by-product is monetised as cattle feed, improving overall unit economics
- Diversified B2B customer base across wholesalers, retailers, bakeries, restaurants, and institutional buyers in 4 states
- Integrated grain processing infrastructure in Indore — a major wheat-producing and trading hub in central India
- Entire IPO is a fresh issue — all funds go directly into business expansion and working capital; no promoter exit
Key Risks & Challenges
- Very young company: Converted into a public limited company only in December 2023, with a limited corporate track record
- Thin PAT margins: Despite strong revenue, PAT margin stands at just 7.32% in FY26 — common in commodity food processing but leaves little room for cost overruns
- High working capital allocation: ₹26.50 crore out of ₹53.52 crore raised is earmarked for working capital, reflecting the inherently capital-intensive and cash-cycle-heavy nature of the grain processing business
- Commodity price risk: Revenue and margins are directly exposed to fluctuations in wheat procurement prices and market demand
- Geographic concentration: Operations and manufacturing concentrated in Indore, MP — any disruption to local supply chains could impact production
- SME IPO liquidity risk: Limited secondary market trading volumes on BSE SME platform; exit options may be constrained post-listing
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.
