IPO Overview
Amir Chand Jagdish Kumar (Exports) Limited is a Delhi-based food-processing and export company primarily engaged in the manufacturing and exporting of basmati rice and other staple food products. Incorporated in 2003, the company processes, packages, and markets rice for both domestic and international markets.
Under its flagship “Aeroplane” brand, the company offers not only basmati rice but also everyday essentials such as wheat flour, maida, semolina, gram flour, salt, and sugar. A key strength of the company lies in its fully integrated value chain — from procurement and processing to marketing.
As of February 28, 2026, the company exported products to more than 38 countries across four continents and operated two manufacturing and processing facilities in India: Unit I in Amritsar (Punjab) and Unit II in Safidon (Haryana), along with one packaging facility in New Delhi (Unit III).
The IPO is a bookbuilding issue of ₹440 crore, consisting entirely of a fresh issue of 2.08 crore shares, with listing proposed on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| Anchor Investor Date | 23 March 2026 |
| IPO Open Date | 24 March 2026 |
| IPO Close Date | 27 March 2026 |
| Allotment Date | 30 March 2026 (Expected) |
| Credit to Demat | 01 April 2026 |
| Listing Date | 02 April 2026 (Tentative) |
| Price Band | ₹201 – ₹212 per share |
| Face Value | ₹10 per share |
| Lot Size | 70 shares |
| Minimum Investment (Retail) | ₹14,840 (approx) |
| Issue Size | ₹440 crore |
| Fresh Issue | ₹440 crore (2.08 crore shares) |
| Offer For Sale (OFS) | Nil |
Note: The IPO is entirely a fresh issue. The company will utilise the net proceeds towards working capital requirements and general corporate purposes.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) component in this IPO. The entire issue is a fresh issue of shares, meaning all funds raised will go directly to the company.
Objects of the Issue (Fund Utilization)
The company intends to allocate ₹400 crore from the net proceeds for working capital requirements, with the remaining amount earmarked for general corporate purposes.
- Working capital requirements — ₹400 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: Emkay Global Financial Services Limited & Keynote Financial Services Limited
- Registrar to the Issue: KFin Technologies Limited
- Website: https://ipostatus.kfintech.com/
Promoters & Management
The promoters of the company are Jagdish Kumar Suri, Rahul Suri, and Ramnika Suri.
The promoters bring over four and three decades of rice industry experience respectively, with the company receiving National Export Awards recognition in 1998–1999.
- Registered Office: 2735, Shop No. 9, Mohan Lal Palace, Naya Bazar, New Delhi – 110006
Company Details
Amir Chand Jagdish Kumar (Exports) Limited is engaged in the processing, marketing, and export of rice, primarily basmati rice. Its rice portfolio includes basmati rice and other specialty rice varieties such as brown rice, kolam rice, sona masuri, idli rice, and ponni rice, marketed under several in-house brands including the flagship “Aeroplane” brand and other sub-brands. In addition to rice, the company has expanded into FMCG products, offering kitchen staples such as wheat flour (atta), refined wheat flour (maida), gram flour (besan), semolina (sooji), salt, sugar, and similar food items.
Sectors / Markets:
- Basmati & specialty rice — domestic and international
- FMCG staples — domestic market
- Export markets across Europe, Middle East, Asia, and Africa
Key Brands: Products are marketed under the flagship registered and trademarked brand “AEROPLANE,” with more than 40 sub-brands including “Aeroplane La-Taste,” “Aeroplane Classic,” “Ali Baba,” “World Cup,” and “Jet.”
Trademarks & IP: As of March 12, 2026, the company has registered 100 trademarks — 70 in India and 30 across 26 countries — along with 22 copyrights in India.
Manufacturing Facilities:
- Unit I — Amritsar, Punjab (Processing)
- Unit II — Safidon, Haryana (Processing)
- Unit III — New Delhi (Packaging)
Permanent Employees: 225 (as of February 28, 2026)
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY23 | ₹1,317.86 | ₹17.50 |
| FY24 | ₹1,551.42 | ₹30.41 |
| FY25 | ₹2,001.64 | ₹60.80 |
| H1 FY26 | ₹1,021.20 | ₹48.65 |
Key Financial Metrics
- Revenue grew 29% YoY in FY25 from ₹1,549.52 crore to ₹2,001.64 crore; EBITDA surged 49% and PAT doubled year-on-year.
- P/E Ratio: 28.86x | Pre-IPO EPS: ₹22.56
- Domestic revenue CAGR of approximately 24.93% from FY2022 to FY2024
Company Strengths
- Leading basmati rice processor and exporter since 2003 with fully integrated operations — from procurement to sales
- Diversified product portfolio spanning basmati, kolam, and sona masuri rice varieties along with a growing FMCG segment under 100+ registered trademarks across India and 26 countries
- India is a leading producer and exporter of basmati rice, which holds a prestigious Geographical Indication (GI) tag — giving companies like ACJK a strong structural tailwind in global markets
- Strong international footprint — already deeply embedded in global markets across 38+ countries, not a startup attempting to enter exports
- Strategic shift toward FMCG branding under the “Aeroplane” umbrella could significantly improve profitability profile over time
- Strong financial trajectory — revenue nearly doubled in 3 years, PAT more than tripled from FY23 to FY25
Key Risks & Challenges
- Seasonal dependency on paddy availability and agricultural output, making revenue susceptible to crop yield fluctuations
- Vulnerability to changes in government policies regarding rice exports and Minimum Support Price (MSP)
- Commodity price volatility for rice and agri-inputs can affect margins in a competitive global scenario
- Significant forex risk due to heavy export exposure across Europe, Asia, and Africa
- Customer concentration risk — a significant portion of export revenue is derived from limited regions, particularly the Middle East
- Capital deployment concern: Almost the entire ₹440 crore fresh issue is earmarked for working capital — indicating the business is heavily capital-intensive with limited room for asset-light expansion in the near term.
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.
