IPO Launch and Issue Structure

Peshwa Wheat Limited, an integrated grain‑processing company based in Indore, announced that its Initial Public Offering will open on Thursday, 24 September 2026 and close on Monday, 28 September 2026. The company is issuing 5,299,200 equity shares at a face value of ₹10 each, aiming to raise a total of ₹53.52 crore. The price band is set between ₹95 and ₹101 per share, with a minimum bid lot of 2,400 shares and subsequent bids in multiples of 1,200 shares. The issue will be listed on the BSE SME platform.

The fresh issue will constitute 27.85% of the post‑issue paid‑up equity share capital, which will rise to 1,90,28,196 shares from 1,37,28,996 shares pre‑issue. The net issue represents 26.30% of the post‑issue capital. Allocation is earmarked as follows: Market Maker reservation of 295,200 shares; Qualified Institutional Buyers (QIBs) not more than 49,200 shares; Non‑Institutional Investors not less than 2,451,600 shares; Individual Investors not less than 2,503,200 shares. There is no anchor investor portion; the entire issue is a fresh equity issue with no offer‑for‑sale component.

The Book Running Lead Manager is Finaax Capital Advisors Private Limited, the Registrar is Maashitla Securities Private Limited, and the Market Maker is Bhansali Value Creations Private Limited.

Use of Proceeds

The net proceeds are earmarked for capital expenditure and working capital. Specifically, ₹669.09 lakh will be used for purchase of plant and machinery, ₹501.20 lakh for civil construction, and ₹2,650 lakh for working capital requirements. Remaining funds will support general corporate purposes.

Operational and Financial Highlights

Peshwa Wheat operates a single integrated processing unit at Village Bijepur, Tehsil Depalpur, Indore, with an installed capacity of 56,100 MTPA, of which 50,546 MT was produced in FY 2026 at a capacity utilisation of 90.10%. Over the last three fiscal years, utilisation rose from 58.73% to 90.10% by fully utilizing existing plant capacity. The company procures all wheat within Madhya Pradesh directly from farmers and sells its six products—Atta, Sortex Wheat, Broken Wheat, Wheat Bran, Maize Flour, and Gram Flour (Besan)—in 30 kg and 50 kg packs. In FY 2026, B2B super‑stockists contributed ₹11,530.95 lakh (53.40% of revenue) and direct bulk customers contributed ₹10,062.57 lakh (46.60%). The firm follows a zero‑waste, zero‑discharge model, converting broken wheat and wheat bran into cattle and poultry feed.

Financial performance for FY 2026 shows revenue from operations of ₹21,593.52 lakh, EBITDA of ₹2,273.34 lakh, and PAT of ₹1,580.82 lakh. FY 2025 revenue was ₹17,153.50 lakh, EBITDA ₹1,804.59 lakh, and PAT ₹1,183.61 lakh. Return on equity stood at 44.96% and return on capital employed at 33.44% in FY 2026. The debt‑to‑equity ratio was 0.55 times and net asset value per equity share ₹31.37 as of 31 March 2026.

Management Commentary

Promoter, Chairman & Managing Director Rahat Ali Saiyed stated that the IPO marks a milestone, noting the rise in capacity utilisation to 90.10% and the intention to expand installed capacity from 56,100 MTPA to 1,02,600 MTPA through a highly automated roller flour mill and a chakki whole‑wheat atta mill at the same site. He emphasized that the proceeds will fund this expansion and working capital, and reiterated the company’s zero‑waste processing model.

Ikshit Shah, Director of Finaax Capital Advisors, highlighted that revenue grew from ₹8,812.98 lakh in FY 2024 to ₹21,593.52 lakh in FY 2026, achieved with only one capacity expansion during the period. He linked the use of proceeds to capacity expansion at the existing Indore site and working capital, citing a favourable demand environment where processed‑food share of India’s agri‑food exports rose from 14.9% in FY 2018 to 23.4% in FY 2024.

Corporate Background

Peshwa Wheat Limited originated as a partnership firm (M/s. Peshwa Wheat) on 13 September 2017 and was converted into a public limited company on 26 December 2023. The promoters are Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo. Jed, and Riyazuddin Qureshi. The company holds ISO 22000:2018 food safety certification and FSSAI licences, employing a two‑stage inbound testing, in‑process control, and batch‑level finished‑goods checks.

---