M R Maniveni Foods Limited

M R Maniveni Foods Limited has an established track record of over 15 years in the food industry, specializing in the milling, processing, and supply of pulses, primarily Urad Dal and Toor Dal. Originally incorporated in 2010 as a private limited company, it was converted into a public limited entity in February 2025. The company focuses on delivering high-quality, contamination-free pulses and adheres to stringent food safety standards including ISO 22000 and FSSAI certifications. The company follows a predominantly Business-to-Business (B2B) model, supplying processed pulses to large-format retailers, wholesalers, and e-commerce platforms. This model enables consistent demand visibility and long-term institutional relationships. Key clients include major retailers like Avenue Supermarts Limited (D-Mart) and institutional buyers such as Aachi Masala Foods Private Limited and Papas Trading Pvt Ltd. Manufacturing operations are conducted at an automated pulse milling plant located in Madhavaram, Chennai, Tamil Nadu. The facility is strategically situated near major consumption markets and port facilities, providing logistical cost efficiencies. It is equipped with advanced cleaning, grading, polishing, and packaging machinery for both bulk and retail units. The company is also proposing a new fully automated Toor Dal manufacturing plant with a 4 TPH capacity to meet rising demand. In terms of capacity utilization, the company has seen significant improvement as it scales its operations. For the total capacity (Both Urad and Toor Dal), the utilization level stood at 59.53% for the period ended December 31, 2025, compared to 65.55% in Fiscal 2025 and 51.53% in Fiscal 2024. Specifically, for its Urad Dal plant, utilization was 70.83% for the nine months ended December 2025. The Toor Dal facility utilization significantly rose from just 4.51% in FY 2023 to 81.75% in FY 2025, prompting the current expansion plans. As per financial performance, M R Maniveni Foods Limited has posted total income / net profits of Rs 119.60 / 1.55 Cr (FY23), Rs 154.99 / Rs 2.18 Cr (FY24), Rs 203.52 Cr / 4.12 Cr (FY25) and Rs 116.19 Cr / 3.33 Cr (Upto Q3 FY26). So as per previous financials data, company has shown good growth, but margins are low. Company has an average EPS of Rs 2.19 and average RoNW of 23.49% for last three fiscals. Issue is priced at a P/BV of 3.49 as per NAV of Rs 14.89/- as on 31.12.25 If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 46.68, 24.66 and 22.87 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, CapitalSquare Advisors Private Limited is associated with this IPOs, and has handled 3 IPOs in last three fiscal years. From last 3 IPOs, all opened below issue price or at par, on the day of listing. As of now, from last 3 IPOs, two are trading below issue price and remaining all are trading above issue price or at par.  (As on 18.05.26) As per financials, M R Maniveni Foods Limited has shown good growth, RoNW is 27.61% and P/E is 46.68, 24.66 and 22.87 respectively as per FY24, FY25 and annualised FY26 earnings. So, issue looks aggressively priced and margins are low. Company is engaged in the milling, processing, and supply of pulses, primarily Urad Dal and Toor Dal, which is highly competitive business segment. Performance of BRLM is poor post listing. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mr. K.R. Manikandan
• 2 Mrs. M. Chandra
• 3 Mr. K. Selvam