Severeconcentrationpage 22
100% raw material dependence on Madhya Pradesh
Our Company procures 100% of its raw material requirements, such as wheat, chana dal, maize kernel from the state of Madhya Pradesh
ListedSMEConsumer FoodPESHWA
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.
₹101
Issue price
₹37
Price now
−63.4%
Since issue price
1 Oct 2026
Listed on
2.67×Subscribed (final) · all exchanges
2.7 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 380-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 53 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 30
Heavy reliance on related party Peshwa Nutrition for raw materials
Purchases from such related party accounted for approximately 38.49%, 54.54% and 14.23% of our total raw material purchases during Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively
Severelitigationpage 51
Income Tax demand of ₹474.76 lakhs as contingent liability
income Tax Demand 474.76 ... 475.58
Severeoperationalpage 31
Skill attrition rate of 72.73% includes KMP/SMP
% Attrition*# 72.73% ... # Kindly note that the percentage of attrition rate include the KMP as well as SMP of our Company.
Highconcentrationpage 20
Top 5 customers contribute 64.14% of revenue
Top Five (5) Customers 13849.32 64.14
Highregulatorypage 25
Related party transactions filed under adjudication
The Company has filed separate adjudication applications under Section 177 and Section 188 of the Companies Act, 2013
Highregulatorypage 30
ESIC contributions unpaid for prior years
the Company is yet to make payment towards ESIC contributions in previous years as required under applicable state law
Highfinancialpage 31
₹1,508.46 lakhs unsecured loans repayable on demand
Our Company has availed unsecured loans which may be recalled by lenders at any time with or without the existence of an event of default, on short or no notice. As of March 31, 2026, such loans amounted to ₹ 1,508.46 lakhs.
Highpromoterpage 32
Promoter group entity in similar line of business
Our Promoter group entity, namely Peshwa Nutrition Private Limited is engaged in the similar line of business as that of our Company and which may result in a potential conflict of interest.
Highpromoterpage 34
Promoter Rahat Ali Saiyed has negative cost of acquisition
Rahat Ali Saiyed ... 24,50,000 ... (13.57) ... Sadaf Saiyed ... 3.28 ... Shehnaj ... 2.40 ... Riyazuddin Qureshi ... 5.00 ... Mo Jed ... 5.00
Highfinancialpage 36
Promoters and directors gave personal guarantees for debt
We have secured outstanding debt of ₹ 865.14 lakhs as on March 31, 2026 and we have secured our lenders by creating charge over our movable and immovable properties and our promoters, directors and member of promoter group have provided their personal guarantee for such debt facility availed by us.
Highoperationalpage 33
Internal controls and compliance system still being set up
We are in the process of setting up internal controls and compliance system for our business. Accordingly, at this stage we cannot assure that there are no deficiencies in statutory and/or regulatory compliances.
Highfinancialpage 49
Persistent negative operating cash flows in prior periods
Net cash flow generated from/ (utilised in) operating activities (A) 1,564.45 (1,310.47) (202.41) (430.84)
Highfinancialpage 46
Explosive growth in trade receivables
Trade Receivables ... 2,807.05 ... 1,917.50 ... 527.39 ... 161.34
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹4.8 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 1 | 0 | ₹4.7 Cr |
| Promoters | 0 | 0 | 1 | ₹0.0 Cr |
| Group companies | 0 | 1 | 0 | ₹0.0 Cr |
case₹4.7 Crpage 280
Income Tax demand against the Company (Peshwa Wheat Limited) for A.Y. 2025-26 of Rs. 4,74,75,750 under section 143(1)(a), Demand ID 2025202537438488314C dated 30-Jan-2026 — pending payment
case₹0.0 Crpage 280
GST ASMT-10 scrutiny notice (filed under Promoters/Directors section, names Peshwa Wheat Limited) for FY Apr-24 to Mar-25, amount Rs. 82,033, by State Tax Office Madhya Pradesh — pending reply
case₹0.0 Crpage 281
Income Tax demand against Mr. Rahat Ali Saiyed (Group Company related party) for A.Y. 2025-26 of Rs. 51,430 + Rs. 4,112 interest under section 143(1)(b), Demand ID 2025202537430850181T dated 08-Jan-2026 — pending payment
Amounts converted from Rs to Rs crore (1 crore = 100 lakh = 10 million). Grand total = sum of all explicitly stated dispute amounts: Rs 4,74,75,750 (company direct tax) + Rs 82,033 (promoter/director GST notice) + Rs 51,430 + Rs 4,112 interest (group company direct tax) = Rs 4,76,13,325 = 4.7613325 crore. No criminal, regulatory-action, disciplinary, civil-litigation or material-fraud matters disclosed; all nil. Promoters, Directors, KMPs and SMPs are grouped together in the prospectus — no separate counts. No subsidiaries disclosed.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.