Q&T Foods IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Q&T Foods

Price band

₹115

Lot size

1200 shares

Min investment

₹1,38,000

Issue size

₹26.25 Cr

About the company

Q&T Foods Limited was started in August 2018. The company makes bakery products such as bread, buns, pizza bases, kulcha and pav, and sells them under its brand American Bakers. Its product range includes milk bread, white bread, brown bread, multigrain bread, burger buns, pav, kulcha and pizza bases. The company works mainly in Uttar Pradesh and the areas around it, and sells through a network of more than 50 dealers to local shops and retail outlets. All products are made at the company's own factory in Ghaziabad, Uttar Pradesh, spread over 10,750 square feet with a capacity of 9,472 tonnes per year. The factory holds ISO 22000:2018 and HACCP certification for food safety. Raw materials such as flour, sugar, yeast and oils are bought from suppliers within Uttar Pradesh. As on 30 June 2026 the company had 37 people working in production, sales, quality control and administration.

Q&T Foods Limited is a bakery products maker selling bread, buns, pizza bases, kulcha and pav under its American Bakers brand. It works mainly in Uttar Pradesh and nearby areas through a network of more than 50 dealers, from its ISO 22000 certified Ghaziabad factory.

IPO details

Issue price: ₹115
Price band: ₹115
Face value: ₹10
Lot size: 1200
Min investment: ₹1,38,000
Issue size: ₹26.25 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 7883
NSE symbol: QTFOODS.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,38,000
Retail (Max)	1	1,200	₹1,38,000
HNI (Min)	2	2,400	₹2,76,000

Investor reservation

CATEGORY	RESERVED
NII	10,83,600 shares (50.00% of the Offer)
Retail	10,83,600 shares (50.00% of the Offer)

Objects of the issue

1To finance the Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility4.42

2To part finance the requirement of Working Capital7.50

3Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company6.75

4To meet General corporate purposes3.92

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	26.57	19.68	14.34
Total Income	54.78	46.83	40.22
Profit After Tax	5.20	2.74	1.96
EBITDA	8.37	4.82	3.77
NET Worth	12.24	7.04	2.44
Reserves and Surplus	7.44	2.24	2.34
Total Borrowing	11.05	10.11	9.84

Key performance indicators

P/E Ratio

15.65

EPS (₹)

7.35

RoCE

60.69%

RoNW

38.86%

PAT Margin

5.84%

✓ Strengths

• Sales have grown steadily for three years, from Rs 40.22 crore in FY2024 to Rs 46.83 crore in FY2025 and Rs 54.78 crore in FY2026.

• Profit after tax grew 90% in the last year, from Rs 2.74 crore to Rs 5.20 crore, and has almost tripled since FY2024.

• EBITDA improved from Rs 3.77 crore in FY2024 to Rs 8.37 crore in FY2026, so the margin is getting better as the company grows.

• Bread and buns are daily use items. Demand is regular through the year and does not depend on festivals or seasons.

• The company sells under its own brand American Bakers rather than only supplying unbranded product.

• The factory holds ISO 22000:2018 and HACCP certification, which matters when supplying to organised retail and food chains.

• It has a dealer network of more than 50 dealers already in place.

• Rs 6.75 crore of the issue money will repay borrowings, which will bring down interest cost.

⚠ Risks

• Borrowing is high compared to own funds. Total borrowing was Rs 11.05 crore as on 31 March 2026 against a net worth of only Rs 12.24 crore.

• The business is concentrated in Uttar Pradesh and nearby areas, so it depends on one region.

• This is a very small company with only 37 employees and a single 10,750 square feet factory in Ghaziabad.

• Bread has a very short shelf life of a few days. Unsold stock becomes a direct loss and delivery has to be quick and daily.

• Bakery is a low margin business with heavy competition from large national brands as well as local bakeries in every town.

• Flour, sugar, yeast and edible oil prices keep changing, and bread prices cannot be raised easily because customers are price sensitive.

• This is a fixed price issue at Rs 115 per share, so there is no price discovery through bidding.

• This is an SME issue. One lot is 1,200 shares, which is Rs 1.38 lakh at the issue price, and SME shares usually trade in low volume after listing.

Promoters & holding

Nishant Raj Gupta, Khushbu Varshney, Usha Gupta and Rakesh Gupta

Pre-issue promoter holding

91.28%

Post-issue promoter holding

61.85%

Data refreshed 07 Nov 2026, 05:06 pm IST. GMP is unofficial market sentiment, not investment advice.