Peshwa Wheat IPO DRHP: FY26 revenue at ₹215.94 crore; ₹38.20 crore for expansion
- Revenue from operations rose to ₹215.94 crore in FY2026 from ₹43.79 crore in FY2024
- Net profit increased to ₹15.81 crore in FY2026, up from ₹5.21 crore in FY2024
- IPO proceeds allocated for plant machinery, civil construction, and working capital
- Top 10 customers contributed 71.14% of FY2026 revenue, indicating concentration risk
- Issue opens on September 24, 2026, with listing scheduled for October 1, 2026
*this image is generated using AI for illustrative purposes only.
Peshwa Wheat Limited, an Indore-based manufacturer of wheat-based and other flour products, has filed its DRHP for an SME IPO. The company reported revenue from operations of ₹215.94 crore in FY2026, marking a substantial increase from ₹43.79 crore in FY2024.
About the Company
Peshwa Wheat Limited operates a fully automated, integrated processing unit in Madhya Pradesh with an installed capacity of 56,100 MTPA. The company manufactures wheat-based products such as Atta, Sortex Wheat, Broken Wheat, and Wheat Bran, alongside other flour products like Gram Flour and Maize Flour. It also engages in the trading of vegetables. The facility achieved a capacity utilization of 90.10% in FY2026. The company holds FSSAI State and Centre Licenses and is ISO 22000:2018 certified. Originally incorporated as a partnership firm in 2017, it converted to a public limited company in December 2023. Its primary sales channels include Super Stockists and direct sales, serving B2B customers across Madhya Pradesh, Maharashtra, Karnataka, and Gujarat.
Financial Performance
The company has demonstrated rapid growth in top-line and bottom-line metrics over the last two fiscal years. Revenue from operations grew from ₹43.79 crore in FY2024 to ₹171.53 crore in FY2025, and further to ₹215.94 crore in FY2026. Profit After Tax (PAT) increased from ₹5.21 crore in FY2024 to ₹15.81 crore in FY2026. Total assets expanded significantly from ₹31.17 crore in FY2024 to ₹80.60 crore in FY2026. Equity grew from ₹15.42 crore to ₹43.06 crore during the same period. Operating cash flows turned positive in FY2026 at ₹15.64 crore, contrasting with negative flows in previous years.
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 43.79 | 171.53 | 215.94 |
| PAT (₹ Cr) | 5.21 | 11.84 | 15.81 |
| Total Assets (₹ Cr) | 31.17 | 65.95 | 80.60 |
| Total Equity (₹ Cr) | 15.42 | 27.26 | 43.06 |
Why the Company Is Raising Funds
The company intends to utilize the net proceeds from the fresh issue for specific capital expenditure and working capital needs. A sum of ₹6.69 crore is allocated for the purchase of plant and machinery to increase production capacity. Additionally, ₹5.01 crore is designated for civil construction, specifically vertical expansion of the existing manufacturing facility. The largest portion, ₹26.50 crore, will be used to meet incremental working capital requirements for FY2026-27 and FY2027-28. The remaining amount will be utilized for general corporate purposes.
Business Strengths
The company benefits from an integrated value chain that covers raw material procurement, processing, packaging, and dispatch, which helps reduce logistics costs and third-party margins. Promoters possess over seven years of experience in the agriculture and food industry. The company maintains strong procurement relationships with farmers, local aggregators, and mandis, ensuring traceability and optimized pricing. High capacity utilization of 90.10% indicates robust demand for its products.
Key Risks
A significant risk involves customer concentration, with the top 10 customers accounting for 71.14% of revenue in FY2026. Geographical concentration is also prominent, as 97.21% of FY2026 revenue was derived from Madhya Pradesh alone. The company faces supplier concentration risks, with approximately 38.49% of raw materials procured from a related party, Peshwa Nutrition Private Limited. Furthermore, unauthorized related party transactions have been disclosed, leading to adjudication applications under the Companies Act, 2013. Outstanding tax proceedings totaling ₹475.58 lakhs and delayed TDS/TCS payments pose regulatory compliance risks. The brand name and logo are not yet registered as trademarks, with existing applications facing objections.
Important IPO Dates
The IPO is scheduled to open on September 24, 2026, and close on September 28, 2026. Allotment is expected on September 29, 2026, with listing anticipated on October 1, 2026.
Bottom Line
Peshwa Wheat Limited presents a high-growth profile with revenue expanding nearly five-fold between FY2024 and FY2026. The fresh issue aims to support this growth through capacity expansion and working capital infusion. However, significant concentration risks regarding customers, geography, and related-party suppliers, along with corporate governance concerns regarding unauthorized transactions, remain critical factors outlined in the DRHP.
How will Peshwa Wheat mitigate the high customer and geographical concentration risks post-listing to ensure sustainable revenue diversification?
What specific governance reforms will be implemented to resolve pending adjudication applications regarding unauthorized related-party transactions?
Given the 90% capacity utilization, how will the planned vertical expansion impact operating margins once the new capacity comes online?
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