Peshwa Wheat Limited: Sortex wheat became FY26 leader

Peshwa Wheat Limited made Sortex wheat its largest revenue product in FY26, generating Rs 91.6315 crore, or 42.43% of Rs 215.9352 crore in revenue from operations. Atta-wheat flour, the leading product in FY25, generated Rs 82.5858 crore and represented 38.25%, as the company’s product mix shifted within its wheat-processing business.

How did Sortex wheat become Peshwa Wheat’s largest FY26 product?

Peshwa Wheat made Sortex wheat its leading FY26 product because its revenue increased by Rs 57.4918 crore from FY25, while atta revenue declined. Sortex wheat generated Rs 91.6315 crore in the year ended March 31, 2026, compared with Rs 34.1397 crore in FY25 and Rs 33.1211 crore in FY24. Its share of revenue from operations rose from 19.90% in FY25 to 42.43% in FY26, an increase of 22.53 percentage points.

Sortex wheat is wheat cleaned through optical sorting, a process in which sensors and cameras assess grain colour, shape and size before defective grains, stones and other unwanted materials are removed. Peshwa Wheat sells the product in a 30-kilogram stock-keeping unit, or SKU, with a stated maximum retail price of Rs 1,020. The FY26 shift therefore reflects higher sales of cleaned and sorted wheat rather than only milled flour.

The three-year comparison shows that Sortex wheat was not a new FY26 category. It represented 37.58% of product-bifurcation revenue in FY24, fell to 19.90% in FY25, and rose to 42.43% in FY26. The FY26 result arose from a sharp increase in Sortex wheat revenue, which exceeded atta revenue by Rs 9.0457 crore.

What changed for atta-wheat flour in FY26?

Peshwa Wheat’s atta-wheat flour revenue declined in FY26 despite a rise in total revenue from operations. Atta generated Rs 82.5858 crore in FY26, down Rs 21.6808 crore from Rs 104.2666 crore in FY25. Its share of operations revenue fell from 60.78% to 38.25%, matching the 22.53-percentage-point rise in Sortex wheat’s share.

Atta remained a material part of Peshwa Wheat’s wheat-processing operations, which produced Rs 185.2577 crore of FY26 revenue, or 85.79% of the total. The company describes atta as whole-wheat flour retaining bran, germ and endosperm, and offers 50-kilogram and 30-kilogram SKUs with stated maximum retail prices of Rs 1,600 and Rs 960, respectively. The movement was therefore a change within a wheat-led portfolio rather than an exit from wheat flour.

Sortex wheat’s position as the largest product would depend on its revenue remaining above atta revenue in later periods. Atta had been the largest product in FY25, with revenue Rs 70.1269 crore above Sortex wheat. The reversal in FY26 was driven by both a Rs 57.4918 crore increase in Sortex wheat revenue and a Rs 21.6808 crore fall in atta revenue.

How did maize flour and vegetable trading change the mix?

Peshwa Wheat expanded maize flour while reducing vegetable trading in FY26. Maize flour revenue rose to Rs 22.9396 crore from Rs 9.2462 crore in FY25, lifting its share of operations revenue to 10.62% from 5.39%. Other flours generated Rs 22.9396 crore in FY26, as the company disclosed no gram flour, or besan, revenue after Rs 0.3317 crore in FY25.

Vegetable trading fell to Rs 7.7379 crore, or 3.59% of FY26 operations revenue, from Rs 23.5508 crore and 13.73% in FY25. Peshwa Wheat trades potatoes and tomatoes sourced from suppliers and distributed within Madhya Pradesh. This activity is separate from the processing of wheat, chana dal and maize grains into flour products.

Newly disclosed FY26 wheat-product lines also added Rs 11.0404 crore to revenue. Broken wheat contributed Rs 7.6759 crore, or 3.55%, while wheat bran contributed Rs 3.3645 crore, or 1.56%. Peshwa Wheat describes broken wheat as an ingredient for poultry feed and wheat bran as a milling by-product used in cattle-feed formulations.

How concentrated was Peshwa Wheat’s FY26 revenue?

Peshwa Wheat’s FY26 revenue was concentrated in wheat-related products and in Madhya Pradesh. Wheat products, comprising atta, Sortex wheat, broken wheat and wheat bran, accounted for 85.79% of Rs 215.9352 crore in operations revenue. Adding maize flour took flour and wheat-product revenue to 96.41%, leaving vegetable trading at 3.59%.

Madhya Pradesh generated Rs 209.9161 crore, or 97.21%, of FY26 domestic revenue, compared with 93.32% in FY25. Maharashtra supplied Rs 6.0191 crore, or 2.79%, down from Rs 11.1399 crore in FY25. Karnataka and Gujarat, which together contributed Rs 0.3264 crore in FY25, had no disclosed FY26 revenue.

Peshwa Wheat sells through super stockists and directly to customers requiring bulk quantities. Super-stockist sales were Rs 115.3095 crore, or 53.40% of FY26 operations revenue, compared with 55.39% in FY25. Direct sales increased to Rs 100.6257 crore from Rs 76.5184 crore, although their revenue share was 46.60% in FY26 versus 44.61% in FY25.

What do the reported figures show about FY26 growth?

Peshwa Wheat reported FY26 revenue from operations of Rs 215.9352 crore, up from Rs 171.5350 crore in FY25. Profit after tax rose to Rs 15.8082 crore from Rs 11.8361 crore, while earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 22.7334 crore from Rs 18.0459 crore. EBITDA margin was 10.53% in FY26 and 10.52% in FY25.

The FY24 figures require care because the disclosure contains two totals. The key-performance-indicators table reports FY24 revenue from operations of Rs 43.7930 crore, while the product-bifurcation table reports Rs 88.1298 crore. Peshwa Wheat states that full FY24 figures were considered because it operated as a partnership firm until December 25, 2023, but the supplied disclosure does not reconcile the two reported FY24 totals.

Conclusion

Peshwa Wheat’s FY26 growth changed both scale and composition. Sortex wheat rose from 19.90% of operations revenue in FY25 to 42.43% in FY26 and overtook atta, while maize flour increased to 10.62% and vegetable trading declined to 3.59%. Wheat products nevertheless remained the largest activity group at 85.79% of FY26 operations revenue.

The next update should show whether Sortex wheat maintains its Rs 9.0457 crore FY26 lead over atta and whether maize flour continues to contribute above its FY25 level. Readers should also watch for a reconciliation of the Rs 43.7930 crore and Rs 88.1298 crore FY24 revenue figures, an unresolved difference in the supplied disclosure.