Peshwa Wheat IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Peshwa Wheat

Price band

₹95 – ₹101

Lot size

1200 shares

Min investment

₹1,21,200

Issue size

₹53.52 Cr

About the company

Peshwa Wheat Ltd was started in 2023. It processes wheat into flour and related products. Its range covers atta, which is wheat flour, sortex wheat, meaning wheat cleaned by optical sorting, broken wheat, and other flours including gram flour, known as besan, and maize flour. The products are supplied mainly in 50 kg and 30 kg packs, which means it sells in bulk to the trade rather than in small retail packs to households. During milling the process leaves by-products, chiefly wheat bran. The company sells this as cattle feed rather than discarding it, which is how it describes its operation as zero waste and zero discharge. It reaches the market in two ways, through super stockists who distribute onward, and by selling directly to customers.

Peshwa Wheat Ltd processes wheat into atta, sortex wheat, broken wheat, gram flour and maize flour, sold mainly in 50 kg and 30 kg packs through super stockists and directly. Wheat bran left over from milling is sold as cattle feed, giving a zero-waste operation.

IPO details

Issue price: ₹101
Price band: ₹95 – ₹101
Face value: ₹10
Lot size: 1200
Min investment: ₹1,21,200
Issue size: ₹53.52 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8000
NSE symbol: PESHWA.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,21,200
Retail (Max)	1	1,200	₹1,21,200
HNI (Min)	2	2,400	₹2,42,400

Investor reservation

CATEGORY	RESERVED
QIB	49,200 shares (0.98% of the Offer)
NII	24,51,600 shares (48.99% of the Offer)
Retail	25,03,200 shares (50.02% of the Offer)

Objects of the issue

1Funding Capital Expenditure towards Purchase of Plant and Machineries6.69

2Funding Capital Expenditure towards Civil Construction5.01

3Funding working capital requirements of the Company26.50

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	80.60	65.95	31.17
Total Income	215.96	171.55	43.81
Profit After Tax	15.81	11.84	5.21
EBITDA	22.73	18.05	6.91
NET Worth	43.06	27.26	15.42
Reserves and Surplus	29.34	13.53	8.56
Total Borrowing	23.74	22.60	7.93

Key performance indicators

P/E Ratio

12.15

EPS (₹)

8.31

RoE

44.96%

RoCE

33.44%

RoNW

36.71%

PAT Margin

7.32%

EBITDA Margin

10.53%

Debt / Equity

0.55

NAV (₹)

31.37

✓ Strengths

• Sales have grown about five times in two years, from Rs 43.81 crore in FY2024 to Rs 171.55 crore in FY2025 and Rs 215.96 crore in FY2026.

• Profit has tripled over the same period, from Rs 5.21 crore to Rs 15.81 crore.

• EBITDA has more than tripled, from Rs 6.91 crore in FY2024 to Rs 22.73 crore in FY2026.

• Return ratios are strong, with RoCE of 33.44% and RoNW of 36.71%.

• The issue is priced at about 12.15 times earnings on an EPS of Rs 8.31.

• Debt is moderate at Rs 23.74 crore against a net worth of Rs 43.06 crore, a debt to equity ratio of 0.55.

• Selling the wheat bran as cattle feed turns a milling by-product into revenue rather than waste.

• The product range covers several flours, including gram and maize flour alongside wheat, so it is not tied to one grain.

⚠ Risks

• The company was started only in 2023, so it has around three years of operating history and has not been tested through a poor wheat crop.

• The growth is from a very small base. Sales went up about five times in two years, and that pace cannot be assumed to continue.

• The profit margin is thin at 7.32%. Flour milling is a commodity trade where buyers move on price.

• Wheat prices are shaped by the crop, by minimum support price decisions and by government stock and export policy, none of which the company controls.

• Selling in 50 kg and 30 kg packs means supplying the trade rather than branded retail, so there is little pricing power or brand value.

• Borrowing tripled between FY2024 and FY2025, from Rs 7.93 crore to Rs 22.60 crore.

• Promoter holding falls from 72.61% to 52.39% after the issue, leaving the promoters close to a half share.

• This is an SME issue. One lot is 1,200 shares, which is about Rs 1.21 lakh at the upper band of Rs 101, and SME shares usually trade in low volume after listing.

Promoters & holding

Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo.Jed and Riyazuddin Qureshi

Pre-issue promoter holding

72.61%

Post-issue promoter holding

52.39%

Promoters hold 72.61% before the issue and will hold 52.39% after it.

Data refreshed 07 Nov 2026, 04:52 pm IST. GMP is unofficial market sentiment, not investment advice.