Minerva Capital Research Solutions

Peshwa Wheat

ListedListed 1 Oct 2026BSE SMENSE: PESHWACheck allotment
Current price₹ 33.8−66.53% since issue
Listing day−0.94%
Issue price
₹ 101
Issue size
₹ 53.52 Cr.
Min. investment
₹ 1,21,200
Listing price
₹ 100.05
Subscribed
2.68x
Lot size
1,200 shares
P/E
12.15
RoNW
36.71%
RoCE
33.44%
Debt / Equity
0.55
PAT margin
7.32%
EBITDA margin
10.53%
RoE
44.96%
EPS
₹ 8.31
NAV
₹ 31.37
Promoter stake
52.39%

About

Peshwa Wheat Ltd was started in 2023. It processes wheat into flour and related products. Its range covers atta, which is wheat flour, sortex wheat, meaning wheat cleaned by optical sorting, broken wheat, and other flours including gram flour, known as besan, and maize flour. The products are supplied mainly in 50 kg and 30 kg packs, which means it sells in bulk to the trade rather than in small retail packs to households. During milling the process leaves by-products, chiefly wheat bran. The company sells this as cattle feed rather than discarding it, which is how it describes its operation as zero waste and zero discharge. It reaches the market in two ways, through super stockists who distribute onward, and by selling directly to customers.

Timeline

  1. Opens
    24 Sep
    done
  2. Closes
    28 Sep
    done
  3. Allotment
    29 Sep
    done
  4. Refunds
    30 Sep
    done
  5. Demat credit
    30 Sep
    done
  6. Listing
    1 Oct
    done

Subscription

How many times each investor group bid for its share, as of 01 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)11,200₹ 1,21,200
Retail (Max)11,200₹ 1,21,200
HNI (Min)22,400₹ 2,42,400

Company overview

Financials

Financials by year
Assets80.665.9531.17
Total Income215.96171.5543.81
Profit After Tax15.8111.845.21
EBITDA22.7318.056.91
NET Worth43.0627.2615.42
Reserves and Surplus29.3413.538.56
Total Borrowing23.7422.67.93

Strengths

  • Sales have grown about five times in two years, from Rs 43.81 crore in FY2024 to Rs 171.55 crore in FY2025 and Rs 215.96 crore in FY2026.
  • Profit has tripled over the same period, from Rs 5.21 crore to Rs 15.81 crore.
  • EBITDA has more than tripled, from Rs 6.91 crore in FY2024 to Rs 22.73 crore in FY2026.
  • Return ratios are strong, with RoCE of 33.44% and RoNW of 36.71%.
  • The issue is priced at about 12.15 times earnings on an EPS of Rs 8.31.
  • Debt is moderate at Rs 23.74 crore against a net worth of Rs 43.06 crore, a debt to equity ratio of 0.55.
  • Selling the wheat bran as cattle feed turns a milling by-product into revenue rather than waste.
  • The product range covers several flours, including gram and maize flour alongside wheat, so it is not tied to one grain.

Risks

  • The company was started only in 2023, so it has around three years of operating history and has not been tested through a poor wheat crop.
  • The growth is from a very small base. Sales went up about five times in two years, and that pace cannot be assumed to continue.
  • The profit margin is thin at 7.32%. Flour milling is a commodity trade where buyers move on price.
  • Wheat prices are shaped by the crop, by minimum support price decisions and by government stock and export policy, none of which the company controls.
  • Selling in 50 kg and 30 kg packs means supplying the trade rather than branded retail, so there is little pricing power or brand value.
  • Borrowing tripled between FY2024 and FY2025, from Rs 7.93 crore to Rs 22.60 crore.
  • Promoter holding falls from 72.61% to 52.39% after the issue, leaving the promoters close to a half share.
  • This is an SME issue. One lot is 1,200 shares, which is about Rs 1.21 lakh at the upper band of Rs 101, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Funding Capital Expenditure towards Purchase of Plant and Machineries6.69
Funding Capital Expenditure towards Civil Construction5.01
Funding working capital requirements of the Company26.5
General Corporate Purposes—

Promoters

  • Rahat Ali Saiyed
  • Sadaf Saiyed
  • Shehnaj
  • Mo.Jed
  • Riyazuddin Qureshi
Promoter holding72.61%→52.39%before → after the issue · down 20.22 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.