Q&T Foods IPO Day 2 Live: Retail jumps 4.3%, Total at 0.86x - Check analysts view and more
Q&T Foods IPO is in its second day with a total subscription of 0.86x. Retail investors drove the activity, increasing their subscription by 4.3% to 1.71x. QIB and NII categories remained flat at 0.00x and 0.01x respectively. The company, known for its 'American Bakers' brand, reported revenue growth from ₹40.22 crore in FY24 to ₹54.78 crore in FY26. Key risks include litigation and delayed statutory dues.
*this image is generated using AI for illustrative purposes only.
Q&T Foods Limited’s IPO is in its second day of subscription, ticking up to a total of 0.86x so far. The retail segment continued to lead the charge, picking up pace after market open and jumping 4.3% from 1.64x to 1.71x within the first hour of trading on August 13, 2026. Institutional interest remains muted, with Qualified Institutional Buyers (QIB) and Non-Institutional Investors (NII) registering negligible or zero bids. The bakery products manufacturer has priced its issue at ₹115 per share, with the book remaining open until August 14, 2026.
Subscription Status
The IPO saw steady participation from retail investors on Day 2 (August 13, 2026), while QIB and NII categories did not register any significant bids. The total subscription stands at 0.86x.
| Category | Day 1 | Day 2 | Total |
|---|---|---|---|
| QIB | 0.00x | 0.00x | 0.00x |
| NII (bHNI) | 0.00x | 0.00x | 0.00x |
| NII (sHNI) | 0.01x | 0.00x | 0.01x |
| Retail | 1.71x | 1.71x | 1.71x |
| Total | 0.86x | 0.86x | 0.86x |
Intra-day timeline on 13-08-2026
| Time (IST) | QIB | NII (bHNI) | Retail | Total |
|---|---|---|---|---|
| 09:45 | 0.00x | 0.00x | 1.64x | 0.82x |
| 10:45 | 0.00x | 0.00x | 1.71x | 0.86x |
Momentum highlights
- Retail: 1.64x → 1.71x (Δ +0.07x (+4.3%))
- Total: 0.82x → 0.86x (Δ +0.04x (+4.9%))
- QIB: 0.00x → 0.00x (Δ +0.00x)
- NII (bHNI): 0.00x → 0.00x (Δ +0.00x)
About the Company
Q&T Foods Limited, founded in 2018, is engaged in the manufacturing, distribution, and marketing of savoury bakery products under the brand 'American Bakers'. Headquartered in Ghaziabad, Uttar Pradesh, the company operates an ISO 22000:2018 and HACCP-certified facility with an installed capacity of 9,472 TPA. Promoted by Nishant Raj Gupta (MD) and Khushbu Varshney (CEO), the company distributes breads, buns, pizza bases, and kulchas across Uttar Pradesh through a network of over 50 dealers.
Financial Highlights
The company has demonstrated consistent revenue growth over the last three years, scaling from ₹40.22 crore in FY24 to ₹54.78 crore in FY26. Profits have also expanded, with PAT rising from ₹1.96 crore to ₹5.20 crore in the same period.
| Particulars | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|
| Revenue from Operations (₹ cr) | 40.22 | 46.83 | 54.78 |
| Profit After Tax (₹ cr) | 1.96 | 2.74 | 5.20 |
| Total Equity (₹ cr) | 2.44 | 7.04 | 12.24 |
Objects of the Issue
The company intends to utilize the proceeds from the IPO for the following purposes:
- Capital expenditure for additional machinery: ₹4.42 crores
- Working capital requirements: ₹7.50 crores
- Repayment of borrowings: ₹6.75 crores
- General corporate purposes: ₹3.92 crores
Risk Factors
- Outstanding litigation proceedings involving ₹51.11 lakhs against the company.
- Significant delays in payment of statutory dues like EPF and ESI.
- Revenue concentration risk with top 10 customers contributing over 25% of revenue.
Key Dates
- Issue Open Date: 2026-08-12
- Issue Close Date: 2026-08-14
- Allotment Date: TBA
- Listing Date: TBA
Will the complete lack of interest from QIBs and NIIs on Day 2 deter institutional participation in the final hours of subscription, potentially leading to a price band revision?
How might the significant delays in statutory dues (EPF/ESI) and outstanding litigation impact the company's post-IPO governance credibility and regulatory compliance?
Given the heavy reliance on debt repayment (₹6.75 cr) as a use of proceeds, will the IPO effectively de-leverage the balance sheet or merely refinance existing liabilities without improving operational efficiency?
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