Minerva Capital Research Solutions

Q&T Foods

ListedListed 19 Aug 2026BSE SMENSE: QTFOODSCheck allotment
Current price₹ 30.75−73.26% since issue
Listing day0%
Issue price
₹ 115
Issue size
₹ 26.25 Cr.
Min. investment
₹ 1,38,000
Listing price
₹ 115
Subscribed
1.4x
Lot size
1,200 shares
P/E
15.65
RoNW
38.86%
RoCE
60.69%
PAT margin
5.84%
EPS
₹ 7.35
Promoter stake
61.85%

About

Q&T Foods Limited was started in August 2018. The company makes bakery products such as bread, buns, pizza bases, kulcha and pav, and sells them under its brand American Bakers. Its product range includes milk bread, white bread, brown bread, multigrain bread, burger buns, pav, kulcha and pizza bases. The company works mainly in Uttar Pradesh and the areas around it, and sells through a network of more than 50 dealers to local shops and retail outlets. All products are made at the company's own factory in Ghaziabad, Uttar Pradesh, spread over 10,750 square feet with a capacity of 9,472 tonnes per year. The factory holds ISO 22000:2018 and HACCP certification for food safety. Raw materials such as flour, sugar, yeast and oils are bought from suppliers within Uttar Pradesh. As on 30 June 2026 the company had 37 people working in production, sales, quality control and administration.

Timeline

  1. Opens
    12 Aug
    done
  2. Closes
    14 Aug
    done
  3. Allotment
    17 Aug
    done
  4. Refunds
    18 Aug
    done
  5. Demat credit
    18 Aug
    done
  6. Listing
    19 Aug
    done

Grey market premium (GMP)

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.

Highest
₹ 15 on 10 Aug 2026
Lowest
₹ 1 on 14 Aug 2026
First quoted
₹ 6 on 8 Aug 2026

Subscription

How many times each investor group bid for its share, as of 26 Aug 2026, 08:33 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₹ 1,38,000
Retail (Max)11,200₹ 1,38,000
HNI (Min)22,400₹ 2,76,000

Company overview

Financials

Financials by year
Assets26.5719.6814.34
Total Income54.7846.8340.22
Profit After Tax5.22.741.96
EBITDA8.374.823.77
NET Worth12.247.042.44
Reserves and Surplus7.442.242.34
Total Borrowing11.0510.119.84

Strengths

  • Sales have grown steadily for three years, from Rs 40.22 crore in FY2024 to Rs 46.83 crore in FY2025 and Rs 54.78 crore in FY2026.
  • Profit after tax grew 90% in the last year, from Rs 2.74 crore to Rs 5.20 crore, and has almost tripled since FY2024.
  • EBITDA improved from Rs 3.77 crore in FY2024 to Rs 8.37 crore in FY2026, so the margin is getting better as the company grows.
  • Bread and buns are daily use items. Demand is regular through the year and does not depend on festivals or seasons.
  • The company sells under its own brand American Bakers rather than only supplying unbranded product.
  • The factory holds ISO 22000:2018 and HACCP certification, which matters when supplying to organised retail and food chains.
  • It has a dealer network of more than 50 dealers already in place.
  • Rs 6.75 crore of the issue money will repay borrowings, which will bring down interest cost.

Risks

  • Borrowing is high compared to own funds. Total borrowing was Rs 11.05 crore as on 31 March 2026 against a net worth of only Rs 12.24 crore.
  • The business is concentrated in Uttar Pradesh and nearby areas, so it depends on one region.
  • This is a very small company with only 37 employees and a single 10,750 square feet factory in Ghaziabad.
  • Bread has a very short shelf life of a few days. Unsold stock becomes a direct loss and delivery has to be quick and daily.
  • Bakery is a low margin business with heavy competition from large national brands as well as local bakeries in every town.
  • Flour, sugar, yeast and edible oil prices keep changing, and bread prices cannot be raised easily because customers are price sensitive.
  • This is a fixed price issue at Rs 115 per share, so there is no price discovery through bidding.
  • This is an SME issue. One lot is 1,200 shares, which is Rs 1.38 lakh at the issue price, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
To finance the Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility4.42
To part finance the requirement of Working Capital7.5
Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company6.75
To meet General corporate purposes3.92

Promoters

  • Nishant Raj Gupta
  • Khushbu Varshney
  • Usha Gupta
  • Rakesh Gupta
Promoter holding91.28%→61.85%before → after the issue · down 29.43 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Skyline Financial Services Private Limited
Lead managers
Corporate Makers Capital Ltd.
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.