Peshwa Wheat IPO
Peshwa Wheat IPO is an SME IPO raising ₹54 Cr at ₹95 – ₹101 a share. It listed on 1 Oct 2026 at ₹100, −0.9% against its issue price of ₹101, and trades at ₹37 today (−63.4% since issue). It was subscribed 2.67× in total.
2.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Peshwa Wheat Limited is a wheat and grain processing company based in Indore, Madhya Pradesh. It mills wheat into products like Atta-wheat flour, Sortex Wheat (optically sorted wheat), Broken Wheat (for poultry feed) and Wheat Bran, and also produces Maize Flour and Gram Flour (Besan). It also trades vegetables sourced from local farmers in Madhya Pradesh. It procures raw material directly from farmers in Madhya Pradesh and sells through Super Stockists as well as directly to bulk buyers such as households, restaurants, bakeries and wholesalers.
How it earns
Revenue is earned by milling wheat and other grains into flour-based products and selling them through two verticals — Super Stockists (53.40% of FY26 revenue) and Direct Sale to bulk buyers (46.60%) — plus trading vegetables purchased from farmers and sold B2B.
Who buys
Customer names not disclosed for confidentiality. High concentration: top 1 customer = 18.89% of FY26 revenue (₹40.79 cr); top 5 = 64.14% (₹138.49 cr); top 10 = 71.14% (₹153.58 cr). Top 3 customers are all 'Sale through Super Stockiest' vertical, contributing 53.40% combined.
Scale
1 processing unit at Plot No.5, Industrial Area, Apparel Cluster, Bijepur, Indore, MP; 1 warehouse at Jayshree Balaji Warehouse, Betma, Dhar Road, Indore; installed capacity 56,100 MTPA (FY26); FY26 revenue from operations ₹215.94 cr (₹21,593.52 lakhs).
What it says sets it apart
- Fully integrated operations from farmer procurement to finished product dispatch under a single automated manufacturing ecosystem
- Direct procurement from farmers — 100% of raw material (wheat, chana dal, maize) sourced from Madhya Pradesh in FY26, eliminating intermediaries
- Fully automated cleaning and flour milling process with no human intervention, using sieving, destoning, magnetic separation, dampening, brushing and air-draft cleaning
- High capacity utilisation at 90.10% in FY26 against installed capacity of 56,100 MTPA
- FSSAI compliance and multi-stage quality testing for both raw materials and finished products
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs101 / stated EPS Rs11.51 (FY ending March 31, 2026, basic & diluted EPS (post bonus), restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated standalone). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| Year Ended 31st March 2026 | ₹216 Cr | ₹16 Cr | 7.3% | ₹43 Cr | ₹24 Cr |
| Year Ended 31st March 2025 | ₹172 Cr | ₹12 Cr | 6.9% | ₹27 Cr | ₹23 Cr |
| Period Ended 31st March 2024 | ₹44 Cr | ₹5 Cr | 11.9% | ₹15 Cr | ₹8 Cr |
| Period Ended 25th Dec 2023 | ₹44 Cr | ₹1 Cr | 1.2% | ₹7 Cr | ₹6 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
QIB: 177× their allocation. Non-institutional: 0.42×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 9 Nov 2026.
What to watch
- Priced at 8.8× earnings — 67% below the median of the peers the issuer itself names.
- The register's top risk: 100% raw material dependence on Madhya Pradesh (prospectus page 22).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track Peshwa Wheat Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.