M R Maniveni Foods Ltd IPO
FMCG
Price Band
₹51 – ₹52
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹208000
Issue Size
₹27.04Cr
Opens
2026-05-22
Closes
2026-05-26
Listing
01-06-2026
Subscription Status
Qualified Institutional Buyers
1 x
Non-Institutional Investor
1.65 x
Retail Individual Investor
2.07 x
Total
1.67 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE0YD301010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
M R Maniveni Foods Limited is engaged in the milling, processing, and supply of pulses, primarily urad dal and toor dal. The company also trades in products such as moong dal, kabuli channa, green gram dal, coriander seeds, rice, and chillies. Its business mainly operates on a business-to-business (B2B) model, supplying processed pulses to retailers, wholesalers, and e-commerce platforms. The company started operations in 2010 with manual urad dal milling and later introduced automated machinery for urad dal processing in 2022. In 2023, it expanded into toor dal milling through a semi-manual process. At present, the company operates two milling facilities, including an automated unit for urad dal and a semi-manual unit for toor dal. It primarily generates revenue from the sale of urad dal and has a presence in Tamil Nadu, Karnataka, Kerala, Maharashtra, Telangana, and Madhya Pradesh.
Pros
- • M R Maniveni Foods has been engaged in the pulses industry for more than 15 years, with operations focused on the milling, processing, and supply of urad dal and toor dal. Over the years, the company has expanded from manual processing operations to automated and semi-manual milling facilities.
- • The company claims to have an automated urad dal milling facility and a semi-manual toor dal processing unit. This combination allows it to balance large-scale production efficiency with operational flexibility based on raw material availability and demand conditions.
- • The company primarily operates on a business-to-business (B2B) model, supplying products to supermarkets, wholesalers, and e-commerce platforms. In FY25, around 58% of its revenue was generated through supermarket sales, indicating established relationships with institutional buyers.
Cons
- • The top 10 customers of the company contributed Rs 153.32 crore (75.34%), Rs 104.88 crore (67.68%), and Rs 71.84 crore (59.91%) to the total revenue in FY25, FY24, and FY23, respectively. Any failure to retain these key customers, reduction in order volumes, delayed payments, or loss of business from these clients can negatively impact the company’s business and financial condition.
- • The company’s milling operations are entirely concentrated at its Thiruvallur facility in Tamil Nadu, where both its urad dal and toor dal processing units are located. Any adverse operational, environmental, regulatory, political, or social developments in this region could disrupt production, negatively impacting the company’s business and financial performance. The company’s toor dal facility has witnessed fluctuating capacity utilisation levels of 4.51%, 26.77%, 81.75%, and 48.23% in FY23, FY24, FY25, and the period ending December 31, 2025, respectively. Continued under-utilisation of manufacturing capacity may impact operational efficiency and profitability.
- • The company is significantly dependent on the sale of urad dal and toor dal. Revenue from these two products contributed around 98.88%, 99.91%, 97.41%, and 97.56% of total revenue in the period ended December 31, 2025, FY25, FY24, and FY23, respectively. Any decline in demand for these products, changes in consumer preferences, pricing pressure, or disruptions in the supply chain could hurt the company’s business, profitability, and cash flows.
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