Agri-processing company Peshwa Wheat Ltd is scheduled to launch its Rs 53.52-crore initial public offering on September 24, seeking to raise funds for its working capital requirements and production facility upgrades. The bidding window for market participants will remain open through September 28, paving the way for the company to enter the public markets via the small and medium enterprises platform.
Price Band, Lot Size, and Investment Thresholds
The company has established a price band ranging between Rs 95 and Rs 101 per equity share for the issue. Its equity shares are slated for quotation on the BSE SME platform, with listing expected to take place on October 1. Because SME offerings follow distinct market mechanisms compared to standard mainboard listings, prospective participants face a considerably higher capital commitment.
The issue specifies a market lot size of 1,200 shares. Individual retail applicants are mandated to apply for a minimum of two lots, establishing an entry threshold of 2,400 shares per retail bid. Calculated at the ceiling valuation of Rs 101 per share, meeting this minimum two-lot obligation requires an outlay of Rs 2,42,400. For non-institutional bidders, the entry hurdle is set even higher at 3,600 shares, translating into a financial commitment of Rs 3,63,600 at the upper end of the stated price band.
Issue Structure and Intermediaries
The total offering encompasses 52.99 lakh equity shares. This transaction is structured entirely around fresh capital formation, comprising 50.04 lakh shares issued directly by the company, alongside an allotment of 2.95 lakh shares earmarked specifically for market-making obligations.
Within the fresh offering, the retail category has been allocated 25.03 lakh shares, representing 50.02% of the net public issuance. Management of the transaction is being handled by Finaax Capital Advisors, which serves as the sole book-running lead manager. Registry and allocation processing duties have been entrusted to Maashitla Securities, while Bhansali Value Creations has been engaged to act as the issue's designated market maker.
Allocation of Proceeds and Operational Focus
Management plans to channel the lion's share of the net capital raised toward stabilizing and expanding day-to-day operations. Out of the total fresh proceeds, Rs 26.50 crore has been specifically earmarked to satisfy working capital demands. In the agricultural processing sector, regular cash liquidity is essential for purchasing bulk raw wheat, maintaining inventory, and handling processing lead times before receivable realization.
In addition to balance sheet liquidity, capital expenditure has been scheduled to enhance production capacity and civil infrastructure. Peshwa Wheat has allocated Rs 6.69 crore toward procuring and installing plant and machinery, while Rs 5.01 crore is budgeted for civil construction activities. Any financial balance remaining after funding these core requirements will be deployed toward general corporate activities to support long-term corporate initiatives.
Financial Performance and Operational Metrics
Audited figures demonstrate rapid revenue and profit expansion across recent fiscal periods. For FY26, Peshwa Wheat booked total income of Rs 215.96 crore, marking notable top-line expansion against the Rs 171.55 crore recorded in FY25.
Operational profitability kept pace with revenue gains. Earnings before interest, taxes, depreciation, and amortization (EBITDA) expanded to Rs 22.73 crore in FY26 from Rs 18.05 crore in the prior fiscal period. Net profit after tax (PAT) moved higher as well, advancing from Rs 11.84 crore in FY25 to Rs 15.81 crore in FY26.
These operational results translated into an EBITDA margin of 10.53% and a net PAT margin of 7.32% for FY26. Return ratios remained elevated; by March 2026, the company posted a return on equity (ROE) of 44.96% alongside a return on capital employed (ROCE) of 33.44%. Its balance sheet reflected a debt-to-equity ratio of 0.55, illustrating a manageable leverage profile where operational expansion is financed via a blend of debt facilities and accumulated net worth.
Business Profile and Commercial Prospects
Established in 2023, Peshwa Wheat operates in the core agricultural milling and processed food sector. The enterprise functions from an industrial manufacturing site located in Indore, which maintains an annual installed processing capacity of 56,100 metric tonnes. Operating within Madhya Pradesh places the business in direct proximity to prominent wheat-growing belts and grain trading markets.
In contrast to consumer-packaged food producers that rely heavily on branded supermarket retail channels, Peshwa Wheat directs its output predominantly through wholesale B2B pipelines. The firm supplies bulk processed flour and grain derivatives to commercial enterprises, bakeries, and wholesale distributors spanning four Indian states.
Following its market debut, the company's long-term commercial trajectory will depend heavily on its ability to effectively scale capacity utilization at its Indore facility, shield margins from open-market grain price volatility, and maintain strict working capital discipline across its distribution network.
