Peshwa Wheat Limited is coming out with its IPO to raise funds for business expansion and other general corporate purposes. The total size of the Peshwa Wheat IPO amounts to Rs. 53.52 crores, with a total fresh issue of 52.99 lakh equity shares amounting to Rs. 53.52 crores.
The pricing range of the Peshwa Wheat IPO is fixed at Rs. 95 to Rs. 101 per share. The IPO will commence on September 24, 2026, and conclude on September 28, 2026. The listing of shares will take place on NSE SME on October 1, 2026. Here’s all you should know.
Overview of Peshwa Wheat Limited
Peshwa Wheat Ltd., incorporated in 2023, deals with manufacturing and distributing several varieties of wheat, including Atta, Sortex Wheat, Broken Wheat, Besan, and Maize Flour. The firm has constructed its flour manufacturing plant at Indore, Madhya Pradesh, having an installed capacity of 56,100 MTPA.
The company mainly operates in the B2B segment, serving customers across Madhya Pradesh, Maharashtra, Karnataka and Gujarat. Its products are sold through super stockists who supply to wholesalers and retailers, as well as directly to bulk customers such as restaurants, bakeries, wholesalers and other large buyers.
Peshwa Wheat also trades potatoes and tomatoes in Madhya Pradesh. During wheat processing, the company uses wheat bran as cattle feed, supporting a zero-waste and zero-discharge model. As of March 31, 2026, the company had 24 permanent employees.
What brings this SME IPO to the spotlight?
Peshwa Wheat is entering the SME IPO market with an issue size of Rs 53.52 crore, with the price band fixed at Rs 95 to Rs 101 per share. The IPO will open on September 24, 2026, and close on September 28, 2026, with the shares proposed to be listed on the BSE SME platform.
The company has also reported strong financial performance in FY26. Its total income increased to Rs 215.96 crore from Rs 171.55 crore in FY25, while profit after tax rose to Rs 15.81 crore from Rs 11.84 crore. EBITDA also increased to Rs 22.73 crore from Rs 18.05 crore during the same period.
Another factor drawing attention is the company’s planned use of IPO proceeds. Around Rs 26.50 crore will be used for working capital, while Rs 6.69 crore is earmarked for plant and machinery and Rs 5.01 crore for civil construction. The company has also reported an ROE of 44.96 percent and an ROCE of 33.44 percent as of March 2026.
Shareholding Structure
Before the IPO, Peshwa Wheat’s promoters and promoter group hold 72.61 percent, while public shareholders hold 27.39 percent. Post IPO, the promoter and promoter group holding is expected to reduce to 52.39 percent, while public shareholding will increase to 47.61 percent. The company’s promoters are Rahat Ali Saiyed, Sadaf Saiyed, Shehnaj, Mo. Jed, and Riyazuddin Qureshi.
IPO Objects of the Issue
Peshwa Wheat plans to use the IPO proceeds mainly to strengthen its manufacturing infrastructure and support its working capital needs. The company has earmarked Rs 6.69 crore for purchasing plant and machinery and another Rs 5.01 crore for civil construction.
The largest portion of the funds, Rs 26.50 crore, will be used to meet the company’s working capital requirements. The remaining proceeds will be used for general corporate purposes. The total estimated utilisation of the net proceeds across these objectives is Rs 38.20 crore.
Financial Analysis of Peshwa Wheat Limited
Peshwa Wheat reported strong financial growth over the last three financial years. Total income increased 26 percent from Rs 171.55 crore in FY25 to Rs 215.96 crore in FY26, while PAT rose 34 percent from Rs 11.84 crore to Rs 15.81 crore during the same period. From FY24 to FY26, total income grew nearly 393 percent.
EBITDA increased 26 percent from Rs 18.05 crore in FY25 to Rs 22.73 crore in FY26, compared with Rs 6.91 crore in FY24. Net worth also increased 58 percent from Rs 27.26 crore in FY25 to Rs 43.06 crore in FY26, while reserves and surplus rose 117 percent from Rs 13.53 crore to Rs 29.34 crore.
The company’s total borrowings increased 5 percent from Rs 22.60 crore in FY25 to Rs 23.74 crore in FY26, compared with Rs 7.93 crore in FY24. Meanwhile, assets grew 22 percent from Rs 65.95 crore in FY25 to Rs 80.60 crore in FY26, compared with Rs 31.17 crore in FY24.
As of March 31, 2026, Peshwa Wheat reported ROE of 44.96 percent and ROCE of 33.44 percent, indicating strong returns generated on shareholder equity and capital employed. The company’s RoNW stood at 36.71 percent, while its debt-to-equity ratio was 0.55, showing a moderate level of leverage.
The company reported a PAT margin of 7.32 percent and an EBITDA margin of 10.53 percent as of March 2026. Its NAV stood at Rs 31.37, while the price-to-book value was 3.22 times.
IPO Valuation
At the offer price, Peshwa Wheat’s post IPO EPS is Rs 8.31, down 27.8 percent from the pre IPO EPS of Rs 11.51. The P/E ratio rises 38.5 percent from 8.77 times pre IPO to 12.15 times post IPO. Meanwhile, market capitalisation increases 38.2 percent, from Rs 138.66 crore to Rs 192.18 crore.
Strengths of Peshwa Wheat
- Experienced management: The firm has backing from seasoned promoters and management having rich experience in the industry.
- Integrated processing facility: The firm of Peshwa wheat owns an integrated plant for flour processing using advanced cleaning and milling machinery.
- Established supply chain: The company has procurement relationships and a distribution network covering multiple states.
- Focus on quality: The company focuses on food safety, quality control and hygienic processing standards across its operations.
Risks of Peshwa Wheat
- Customer concentration: The company depends on a limited number of customers for a significant portion of its sales, which could affect revenue if key customers are lost.
- Supplier concentration: Dependence on a limited number of suppliers for procurement could create supply-related risks.
- Raw material concentration: The company depends on procurement of raw materials from a single state, which could expose operations to regional disruptions.
- Raw material price volatility: Changes in the prices of wheat and other raw materials can affect the company’s operating costs and profitability.
- Conclusion
Peshwa Wheat enters the IPO with strong FY26 financial performance, including 26 percent growth in total income and 34 percent growth in PAT. The company plans to use a significant portion of the proceeds for working capital, plant and machinery, and civil construction. However, investors should also consider customer and supplier concentration, raw material price volatility and the company’s post IPO valuation before making a decision.