Peshwa Wheat Limited's Top 10 Customers Delivered 71% of FY26 Revenue

Peshwa Wheat Limited’s 10 largest customers generated Rs 153.58 crore, or 71.14% of revenue from operations, in the financial year ended March 31, 2026. Peshwa Wheat’s top-10 share rose from 25.72% in FY24, while its three largest FY26 customers, all classified as super-stockist sales, contributed 53.40%.

How concentrated was Peshwa Wheat’s FY26 customer revenue?

Peshwa Wheat’s FY26 revenue was concentrated among its 10 largest customers because they contributed Rs 153.58 crore, or 71.14% of revenue from operations, for the year ended March 31, 2026. The largest customer accounted for Rs 40.79 crore, or 18.89%, while the five largest customers accounted for Rs 138.49 crore, or 64.14%.

The filing classifies the first three FY26 customers as sales through super stockists. Peshwa Wheat’s product descriptions state that its products are distributed through super stockists to wholesalers and retailers. Customer 1 generated Rs 40.79 crore, Customer 2 generated Rs 39.44 crore and Customer 3 generated Rs 35.07 crore, producing combined revenue of Rs 115.30 crore, or 53.40% of FY26 revenue from operations.

The other seven accounts in Peshwa Wheat’s FY26 top-10 list were classified as direct sales to customers. Together, those seven direct-sale customers contributed Rs 38.27 crore, or 17.74% of revenue from operations. The fourth-largest customer generated Rs 13.21 crore, or 6.12%, while the tenth-largest customer generated Rs 83.48 lakh, or 0.39%.

How did Peshwa Wheat’s customer concentration change from FY24?

Peshwa Wheat’s top-10 customer share increased by 45.42 percentage points from FY24 to FY26, moving from 25.72% to 71.14%. Revenue from those customers increased from Rs 22.65 crore in FY24 to Rs 153.58 crore in FY26. The shift had largely occurred by FY25, when the top 10 generated Rs 121.75 crore and represented 70.98% of revenue from operations.

The five largest customers accounted for much of the change. Peshwa Wheat reported Rs 13.45 crore from its top five customers in FY24, equal to 15.27% of revenue from operations. That amount rose to Rs 118.49 crore, or 69.08%, in FY25 and then to Rs 138.49 crore, or 64.14%, in FY26. The FY26 share was 4.94 percentage points below FY25, but the reported FY26 amount was Rs 20.00 crore higher.

The largest individual customer followed a different pattern. Its contribution rose from Rs 3.83 crore, or 4.35%, in FY24 to Rs 37.02 crore, or 21.58%, in FY25, before reaching Rs 40.79 crore, or 18.89%, in FY26. The lower FY26 percentage despite higher revenue shows that the concentration among Peshwa Wheat’s largest accounts was not limited to one customer.

Peshwa Wheat presents FY24 as a full-year comparative period. The filing states that the business operated as a partnership firm until December 25, 2023, and was subsequently converted into a public limited company. Its customer figures were rounded off and certified by statutory and peer-review auditor Bakliwal & Co., Chartered Accountants, through a certificate dated August 4, 2026.

Which sales channels drove Peshwa Wheat’s FY26 concentration?

Peshwa Wheat’s FY26 concentration was principally linked to its three super-stockist customers, whose combined Rs 115.30 crore represented 53.40% of revenue from operations. Each of the three accounts contributed more than 16% of FY26 revenue: 18.89% for Customer 1, 18.27% for Customer 2 and 16.24% for Customer 3.

The first three customers listed for FY25 also consisted of super-stockist sales. They generated a combined Rs 95.02 crore, or 55.39% of FY25 revenue from operations, comprising Rs 37.02 crore from Customer 1, Rs 36.19 crore from Customer 2 and Rs 21.80 crore from Customer 3. In FY26, their combined revenue increased by Rs 20.29 crore, although their combined percentage share declined by 1.99 percentage points.

FY24 had only two super-stockist accounts among the 10 largest customers. Those accounts generated Rs 3.83 crore and Rs 3.78 crore, together representing 8.64% of FY24 revenue from operations. The remaining eight FY24 top-10 accounts were classified as direct sales, with each contributing between 2.04% and 2.24%, compared with the three super-stockist accounts each exceeding 16% in FY26.

Peshwa Wheat’s direct-sale component also had concentration within it in FY26. Customers 4, 5 and 6 generated Rs 13.21 crore, Rs 9.97 crore and Rs 9.58 crore respectively, together accounting for 15.18% of revenue from operations. Customers 7 through 10 together represented 2.56%, illustrating that most of the direct-sale contribution in the top-10 list came from three accounts.

What does Peshwa Wheat’s customer concentration mean for reported revenue?

Peshwa Wheat’s reported revenue from operations depends substantially on continued sales to a small group of customers, particularly the three super-stockist accounts that represented 53.40% of FY26 revenue. Any change in purchases by those accounts would affect a larger share of reported revenue than a change involving the seven smaller direct-sale customers in the FY26 top-10 list, which together represented 17.74%.

The customer tables establish the reported scale of dependency but do not identify the counterparties. Peshwa Wheat states that it has not separately disclosed customer names to preserve confidentiality. The tables label accounts as Customer 1 through Customer 10 for each of FY24, FY25 and FY26, so they do not establish whether a customer carrying the same numerical label is the same counterparty across periods.

The filing also shows that the company’s rising top-10 concentration coincided with a much larger reported revenue contribution from the top group. The top 10 produced Rs 130.93 crore more in FY26 than in FY24, while their revenue share increased by 45.42 percentage points. For this concentration pattern to persist, the super-stockist and direct-sale accounts reported in FY26 would need to continue generating a similarly large share of revenue from operations.

Conclusion

Peshwa Wheat’s FY26 customer profile was materially more concentrated than its FY24 profile. Its top 10 customers generated 71.14% of FY26 revenue from operations, compared with 25.72% two years earlier, and the first three super-stockist customers alone delivered 53.40%. The FY26 result combined higher revenue from the top group with a sales mix increasingly led by a small number of distribution accounts.

The next customer-revenue disclosure will show whether Peshwa Wheat broadens its revenue base or continues to derive a comparable share from its largest accounts. The filing does not name customers, and its tables do not disclose whether numbered customer entries refer to the same counterparties from FY24 through FY26, leaving customer continuity unresolved.