Peshwa Wheat Limited IPO

FMCG

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Price Band

₹95 – ₹101

Lot Size

1200

Minimum Bid Quantity

2400

Minimum Investment

₹242400

Issue Size

₹53.52Cr

Opens

2026-09-24

Closes

2026-09-28

Listing

01-10-2026

Subscription Status

Qualified Institutional Buyers

177.12 x

Non-Institutional Investor

0.16 x

Retail Individual Investor

0.33 x

Total

1.89 x

IPO Details

Issue Type

EQUITY

Face Value

₹10

Tick Size

1

ISIN

INE0SR101016

Pre-Apply Available

No

Daily Bidding Time

10:00:00 - 17:00:00

About the Company

Peshwa Wheat Limited is engaged in processing wheat-based products and other flour products. Its product portfolio includes atta (wheat flour), Sortex wheat, broken wheat, wheat bran, gram flour (besan), and maize flour. The company also trades vegetables such as potatoes and tomatoes within Madhya Pradesh. It sells its flour products through super stockists, who supply wholesalers and retailers, as well as directly to customers purchasing in bulk. The company operates an integrated flour processing unit at the Apparel Cluster Industrial Area in Bijepur, Indore, Madhya Pradesh. The facility has an installed capacity of 56,100 MTPA and is used for processing its wheat and flour products. The company also uses wheat bran generated during the milling process for cattle and poultry feed. Its products are primarily sold in Madhya Pradesh, Maharashtra, Karnataka, and Gujarat.

Pros

  • • The company claims to have integrated operations covering procurement, cleaning, grading, milling, quality testing, packaging, storage and dispatch. This reduces its dependence on third-party processors and gives it greater control over different stages of production.
  • • Peshwa Wheat claims to have established procurement relationships with farmers, local aggregators, mandis and regional procurement partners across major wheat-growing regions. Direct sourcing from primary growing centres and mandis can also reduce intermediary margins and provide greater control over parameters such as moisture levels, grain size and impurities.
  • • The company claims to have infrastructure for testing raw materials and finished products against client specifications and requirements prescribed by the Food Safety and Standards Authority of India (FSSAI). It also states that its quality framework is supported by equipment, trained personnel and monitoring protocols.

Cons

  • • The company has a high customer concentration. Its top five customers accounted for Rs 138.49 crore (64.14%), Rs 118.49 crore (69.08%), and Rs 13.45 crore (15.27%) of revenue from operations in FY26, FY25, and FY24, respectively. Its top 10 customers accounted for Rs 153.58 crore (71.14%), Rs 121.75 crore (70.98%) and Rs 22.65 crore (25.72%), respectively. The loss of one or more major customers or a reduction in business from them could adversely affect the company’s revenue and profitability.
  • • The company depends on a limited number of suppliers for its procurement. Its top five suppliers accounted for Rs 101.63 crore (51.62%), Rs 112.82 crore (72.65%), and Rs 15.94 crore (17.18%) of total purchases in FY26, FY25, and FY24, respectively, while its largest supplier accounted for Rs 75.75 crore (38.48%), Rs 84.70 crore (54.54%), and Rs 13.20 crore (14.23%), respectively. The loss of a key supplier or reduction in the quantity or quality of supplies could disrupt procurement and business operations.
  • • The company has reported negative cash flows in previous periods. It reported negative cash flow from operating activities of Rs 13.10 crore in FY25, Rs 2.02 crore for the period ended March 31, 2024, and Rs 4.31 crore for the period ended December 31, 2023. The negative operating cash flows were mainly due to increases in inventories and trade receivables, along with movements in short-term loans and advances, trade payables, and other current liabilities. The company also reported negative cash flow from investing activities of Rs 0.29 crore in FY25 and Rs 1.68 crore for the period ended March 31, 2024, mainly due to additions to property, plant and equipment. Sustained negative cash flows could affect the company’s growth and business, while future capital expenditure or repayment of existing borrowings could further impact its cash flows.

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