Peshwa Wheat IPO Details, GMP, Price Band & Dates

1. Company Overview

Business Profile: Incorporated in December 2023, Peshwa Wheat Limited is an Indore-based integrated grain processing company. The company specializes in processing wheat and other food grains into products such as Atta (wheat flour), Sortex Wheat, Broken Wheat, Wheat Bran, Gram Flour (Besan), and Maize Flour. It also trades in agricultural commodities, mainly potatoes and tomatoes, in Madhya Pradesh.
Processing Infrastructure: Operates an integrated flour-processing facility located in Indore, Madhya Pradesh, with an installed capacity of 56,100 MTPA. The plant features automated cleaning, milling, and quality-control systems.
Distribution & Channels: Operates primarily via B2B trade, selling products in 30 kg and 50 kg bulk packaging across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat. Sales channels include super-stockists as well as direct sales to institutional buyers, wholesalers, bakeries, and restaurants.
Certifications & Promoters: Promoted and led by Rahat Ali Saiyed (Chairman and Managing Director). The company holds FSSAI licenses and ISO 22000:2018 food safety certification.

Capacity Utilisation: Installed capacity utilisation has increased steadily over recent years, moving from 58.73% in FY24 to 74.58% in FY25, and reaching 90.10% in FY26.
Competitive Strengths:
- End-to-end integrated processing model covering grain procurement, processing, quality assurance, and dispatch.
- Direct procurement linkages with local farmers and grain suppliers across Madhya Pradesh.
- Diversified product range spanning wheat flour, specialty flours, and cattle feed inputs (wheat bran).
Key Operating Risks:
- Customer Concentration: The top 10 customers contributed 71.14% of revenue in FY26, while the top 5 accounted for 64.14%.
- Geographic & Supplier Risk: 100% of raw grain inputs and ~97.21% of revenue were concentrated in Madhya Pradesh during FY26. Top 10 suppliers accounted for 52.16% of total purchases.
- Working Capital Intensity: Operations require high levels of working capital for inventory procurement.

Issue Type & Platform: Book Built SME IPO listing on the BSE SME platform.
Key Bidding Dates:
- IPO Open Date: September 24, 2026
- IPO Close Date: September 28, 2026
- Allotment Finalisation: September 29, 2026
- Tentative Listing Date: October 1, 2026
Pricing & Lot Structure:
- Price Band: ₹95 to ₹101 per equity share (Face Value: ₹10).
- Total Issue Size: ₹53.52 Crores (52,99,200 equity shares, 100% Fresh Issue).
- Lot Size: 1,200 shares per lot.
- Minimum Retail Application: 2 lots (2,400 shares) amounting to ₹2,42,400 at the upper price band.
Objects of the Issue:
1. Purchase of plant and machinery to expand processing capacity by ~46,500 MTPA (~₹6.69 Cr).
2. Civil construction work (~₹5.01 Cr).
3. Meeting working capital requirements (~₹26.50 Cr).
4. General corporate purposes.
Intermediaries:
- Book Running Lead Manager: Finaax Capital Advisors Pvt. Ltd.
- Registrar: Maashitla Securities Pvt. Ltd.
- Market Maker: Bhansali Value Creations Pvt. Ltd.

(Figures in ₹ Crores, unless stated otherwise)

Return Ratios (FY26):
- Return on Equity (ROE): 45.0%
- Return on Capital Employed (ROCE): 38.3%