SSMD Agrotech India Ltd IPO
Retail
Price Band
₹114 – ₹121
Lot Size
1000
Minimum Bid Quantity
2000
Minimum Investment
₹242000
Issue Size
₹33.8Cr
Opens
2025-11-25
Closes
2025-11-27
Listing
02-12-2025
Subscription Status
Qualified Institutional Buyers
5.33 x
Non-Institutional Investor
0.67 x
Retail Individual Investor
2.66 x
Total
1.64 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE1U2R01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
SSMD Agrotech India Limited is involved in the manufacturing, trading, and repacking of agro-food products under the umbrella brand “House of Manohar.” The company was formed through the consolidation of earlier proprietorship firms, Manohar Lal Jaigopal Agro Industries and S.S. Agro India, engaged in producing and distributing staple food items. Its product range includes gram flour, chana dal, puffed rice, ramdana, matar flour, chana sattu, idli rava, rice powder, and other value-added food products. These items are marketed through four sub-brands: Manohar Agro, Super S.S., Delhi Special, and Shree Dhanlaxmi. The company operates multiple manufacturing units established between 2018 and 2023, with facilities dedicated to flour milling, dal processing, puffed rice production, and packaging. Operations were initially conducted in a small shop and later expanded into larger, modern facilities. The most recent unit was added after the incorporation of SSMD Agrotech India Private Limited in 2023, which was subsequently converted into a public limited company in 2025.
Pros
- • SSMD Agrotech India operates three manufacturing facilities along with one dark store factory. This network allows the company to distribute production across multiple locations and manage demand more efficiently. The facilities are equipped with updated machinery, which the company claims supports consistent output and adherence to industry standards.
- • The company offers a wide range of agro-food products across different categories. Its portfolio includes gram flour, rice, mustard oil, roasted chana, and other items, enabling it to serve multiple market segments. This variety enables the company to supply products used in various industries and cater to diverse consumer needs.
- • SSMD Agrotech India claims to utilise its manufacturing resources in a way that allows by-products to contribute to additional revenue. By-products from processes such as chana dal production and grading are stored, cleaned, packaged, and sold in the market. This approach reduces waste and creates an added income stream through the sale of items like chana chilka, chana churi, hari dal, and chani kant.
Cons
- • For the period ended September 30, 2025, the company recorded negative cash flow from operating activities amounting to Rs 0.78 crore and Rs 0.35 crore from investing activities. It also reported negative cash flow from financing activities amounting to Rs 0.74 crore in FY25. If negative cash flows continue in the future, the company may face challenges in meeting operational expenses, funding capital requirements, and supporting business expansion.
- • The top 10 customers accounted for 69.91 percent, 50.97 percent, and 67.92 percent of the company’s revenue for the period ended September 30, 2025, FY25, and FY24, respectively. Loss of one or more of these major customers, or a reduction or delay in their orders, could adversely affect the company’s revenues, cash flows, and overall financial condition.
- • As an agro-based business, the company’s sales are influenced by weather conditions, including irregular rainfall, drought, and natural events that may alter crop patterns and commodity availability. Any shift in seasonal trends or adverse climate conditions can lead to fluctuations in quarterly or annual revenue, delays in sales, and potential challenges in managing surplus inventory.
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