Peshwa Wheat Ltd. IPO: dates, ₹53 crore fresh issue, business profile, use of proceeds and financials

Peshwa Wheat Ltd. IPO is an SME initial public offering scheduled to open on 24 September 2026 and close on 28 September 2026, with listing planned for 1 October 2026. The issue is disclosed as a ₹53.00 crore fresh issue with no offer for sale (OFS), so the proceeds are intended to go to the company rather than to selling shareholders. As of the latest snapshot, the price band and lot size are not populated in market feeds.

What Peshwa Wheat Limited does

Peshwa Wheat Limited processes agricultural grains into wheat-based and other flour products from an integrated manufacturing facility in Indore, Madhya Pradesh. Its product portfolio includes atta (wheat flour), sortex wheat, broken wheat, wheat bran, gram flour (besan) and maize flour. The business model also includes monetising by-products such as wheat bran, which is typically sold for cattle feed.

Sales are primarily business-to-business (B2B), executed through super stockists and direct bulk buyers. The company reports distribution across states including Madhya Pradesh and Maharashtra.

In addition to manufacturing, Peshwa Wheat undertakes limited trading of vegetables within Madhya Pradesh, generally aligned to confirmed demand. This activity is described as limited, while grain processing and flour manufacturing remain the core focus.

Corporate background and milestones

The operating business began in 2017 as a registered partnership firm under the name M/s. Peshwa Wheat. In 2023, it converted from a partnership firm into a public limited company, incorporated as Peshwa Wheat Limited (certificate of incorporation dated 26 December 2023).

The IPO is positioned as a step to access public markets for funding growth initiatives in grain processing and flour manufacturing, including development of the existing manufacturing unit and expansion of market reach.

IPO structure, reservations and timeline

The issue is classified as an SME IPO and is marked as upcoming at the snapshot date. With no OFS component disclosed, the entire issue size (₹53.00 crore) is structured as a fresh issue.

Key dates disclosed in the timeline are:

• Issue opening date: 24 September 2026
• Issue closing date: 28 September 2026
• Basis of allotment date: 29 September 2026
• Refund initiation date: 30 September 2026
• Listing date: 1 October 2026

Reservation data indicates the allocation split as 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs) and 35% for Retail Individual Investors (RIIs). The disclosures also include an anchor allocation framework, where up to 60% of the QIB portion can be allocated to anchor investors, along with a domestic mutual fund reservation within the anchor book.

Grey market premium (GMP) observations available in the snapshot show ₹0 on 20 September 2026 and ₹0 on 21 September 2026 (with a referenced issue price of ₹101 in the latter observation). GMP is an unofficial indicator and can change.

Subscription data shown as of 21 September 2026 should be read as pre-opening because the issue has not yet opened for bidding.

Proposed use of proceeds and expansion plan

Because the IPO is a fresh issue, the proposed uses relate to the company’s planned investment and operating requirements. The stated objects of the issue include capital expenditure towards purchase of plant and machinery, capital expenditure towards civil construction, funding working capital requirements and general corporate purposes.

Within the disclosed breakup of proposed utilisation, the company earmarks ₹6.69 crore for plant and machinery and ₹5.01 crore for civil construction, alongside ₹26.50 crore for working capital requirements (general corporate purposes are stated but not quantified in the disclosed breakup). These are proposed uses rather than completed spending.

In the IPO description, Peshwa Wheat links the fundraise to expanding its grain processing and flour manufacturing business. The stated plan includes setting up a highly automated roller flour mill and a chakki whole wheat atta mill in Indore, as well as development of the existing manufacturing unit and expanding market reach.

From an operational standpoint, the disclosures also indicate that the plant runs at 90.10% utilisation. While utilisation is a point-in-time metric, it frames why capacity and efficiency initiatives are part of the stated plan.

Financial trajectory and operating margins

The company reports growth in total revenue and profit after tax (PAT) across FY2024 to FY2026, alongside an increase in total assets over the same period. In margin terms, the reported PAT margin is 7.32% in FY2026, and the KPI set reports an EBITDA margin of 10.53%.

The year-wise financials are captured in the table below.

Beyond profitability, the disclosures also flag working-capital intensity as an inherent feature of the business model, given inventory requirements for raw materials and finished goods and receivable cycles typical in B2B distribution. The company notes that operating cash flows have been negative in some periods, mainly due to growth in inventory and receivables.

Key ratios, certifications, risks and monitoring points

KPI disclosures include return ratios such as return on equity (ROE) at 44.96%, return on capital employed (ROCE) at 33.44% and return on net worth (RoNW) at 36.71%, alongside a debt-to-equity ratio of 0.55. Pre-IPO valuation metrics such as P/E and price-to-book are not populated in the snapshot.

On operational controls and customer acceptance, the company highlights a food-safety and quality focus supported by certifications and licences, including ISO 22000:2018 and Food Safety and Standards Authority of India (FSSAI) state and central licences.

The risk disclosures emphasise concentration and operating dependencies that can be relevant for an SME manufacturing-and-distribution business:

• Customer concentration: the top five customers account for 64.14% of revenue, which increases exposure to changes in demand, credit terms or relationship continuity with a limited set of counterparties.
• Supplier concentration: the top supplier accounts for 38.48% of purchases, creating exposure to procurement disruption or pricing changes.
• Working-capital and cash-flow sensitivity: operating cash flows have been negative in some periods due to inventory and receivables growth, which can increase reliance on borrowing and affect liquidity.
• Competitive and commodity exposure: the company flags competition and price sensitivity, volatility in grain prices (including factors such as climate and policy dynamics), and potential impacts from changes in food safety, storage or trade regulations.
• Operational risks: storage and pest-control risks inherent in grain handling and warehousing; the need for ongoing capex to keep pace with milling technology changes; and by-product or waste handling that may require additional investment and controls.

Monitoring points based on the stated disclosures and IPO objectives:

• Track whether revenue remains concentrated among a small set of customers as scale increases, and whether the customer mix diversifies over time.
• Track continuity of procurement and any shifts in supplier concentration, given reliance on a top supplier for a significant share of purchases.
• Track inventory and receivable movement as sales grow, particularly because a large portion of the fresh issue is proposed for working capital.
• Track execution progress on the Indore expansion plan, including the stated automated roller flour mill and chakki whole wheat atta mill, and related capex timelines.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (21 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.