Q&T Foods Ltd.
Q&TFOODSSME
Ask Iris
Overview
Q&T Foods Limited manufactures and sells bakery products under the “American Bakers” brand, focused mainly on savoury items such as breads, buns, pizza bases and kulcha. The company operates a single ISO 22000:2018 and HACCP-accredited in-house facility in Ghaziabad, Uttar Pradesh with installed capacity of 9,472 TPA, sourcing key inputs (flour, sugar, salt, fats/oils, yeast and additives) from local suppliers and distributing primarily through a dealer network of 50+ dealers, with sales concentrated largely in Uttar Pradesh.
Opening Date
Aug 12, 2026
Closing Date
Aug 14, 2026
Listing Date
Aug 19, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
26.25 Cr
Fresh Issue
26.25 Cr
Offer for Sale
0 Cr
Price Band
₹115 - ₹115
Lot Size
1200
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
10.61
EPS
10.84
ROE
53.95%
ROCE
70.88%
RONW
42.49%
Debt to Equity Ratio
0.9
PAT Margin
9.49%
EBITDA Margin
15.27%
P/B
4.51
Bull vs Bear
Bull case
- •
A single in-house facility with ISO 22000:2018 and HACCP can build distributor trust, because consistent food safety is hard to prove and copy at scale.
- •
Rising capacity utilisation to 91.33% suggests the existing plant is being used efficiently, which matters because fixed costs can be spread across more output.
- •
The IPO’s planned automation aims to lift capacity from 9,472 to 15,128 TPA, which matters because better throughput and consistency can strengthen dealer relationships.
Bear case
- •
Many pending cases involve promoters and the company (criminal and tax), which matters because management time and reputation risk can distract from running and expanding operations.
- •
Repeated delays in PF/ESI/GST filings signal weak compliance systems, which matters because penalties, scrutiny, and cash outflows can hit margins and working capital.
- •
The manufacturing facility is on a lease until December 31, 2028, which matters because non-renewal could force costly relocation and disrupt production and deliveries.
Net takeaway
This is a focused regional bakery business built around one in-house plant and a dealer-led model, with plans to add automation and capacity that could improve consistency and scale. For long-term investors, the business needs to keep selling enough to utilise the higher capacity and keep operations running smoothly. The big risks sit in compliance and concentration: legal and filing issues, and dependence on a leased facility. The one thing to monitor is whether compliance and filings stay timely as the company expands.
