Peshwa Wheat Limited

Incorporated as a public limited company in December 2023 following the conversion of its predecessor partnership firm "M/s. Peshwa Wheat" (established in September 2017), Peshwa Wheat Limited is an Indore, Madhya Pradesh-based food processing enterprise. The company is engaged in the integrated manufacturing, processing, grading, sorting, and packaging of wheat and other food grain flour products. Its core product portfolio comprises Atta (whole wheat flour), Sortex Wheat, Broken Wheat, Wheat Bran, Gram Flour (Besan), and Maize Flour, marketed primarily in 30 kg and 50 kg commercial packing segments under proprietary brand names including "Shahi Peshwa" and "Peshwa Maharaj". Operating under a zero-waste and zero-discharge business model, the company processes raw agricultural commodities into human consumption products while fully utilizing processing by-products, such as wheat bran, for cattle feed.

The company's commercial distribution operates under a B2B wholesale and institutional model. Products are supplied primarily to super stockists, who distribute them to wholesale networks, retailers, and bulk buyers across domestic markets. Geographically, revenue generation is highly concentrated in Madhya Pradesh, which contributed 97.21% (₹209.92 Cr) of FY26 revenue from operations, with additional sales across Maharashtra, Karnataka, and Gujarat. On the supply side, the company procures 100% of its primary raw materials—wheat, chana dal, and maize kernels—directly from local farmers, mandis, and aggregators within Madhya Pradesh. The customer base exhibits notable concentration, with the top 10 buyers accounting for 71.14% of total revenue from operations in FY26.

Processing operations are conducted at a single integrated manufacturing unit located at the Industrial Growth Centre Apparel Cluster, Village Bijapur, Tehsil Depalpur, District Indore, Madhya Pradesh. The facility occupies 990 square meters of land leased from the Madhya Pradesh Industrial Development Corporation (MPIDC) for a 99-year term. Over the last three fiscal years, the installed processing capacity and actual utilization levels certified by independent chartered engineers were as follows:

FY24: Installed capacity of 49,500 Metric Tonnes Per Annum (MTPA); utilized 29,075 MTPA (58.73% capacity utilization).

FY25: Installed capacity of 56,100 MTPA; utilized 41,839 MTPA (74.58% capacity utilization).

FY26: Installed capacity of 56,100 MTPA; utilized 50,546 MTPA (90.10% capacity utilization).

To support high operational standards and food safety, the processing facility incorporates multi-stage cleaning, stone removal, tempering, roller milling, and color sorting equipment. The company holds an FSSAI Central License, FSSAI State License, ISO 22000:2018 certification for Food Safety Management Systems, and a Consent to Operate from the MP Pollution Control Board under the Green Category. To meet growing market demand, the company proposes to utilize fresh issue proceeds to execute a vertical expansion of its Indore facility by constructing a first and second floor (adding 1,040.84 square meters of built-up area) and installing additional milling machinery. This expansion will add 46,500 MTPA of new processing capacity, raising the total installed capacity to 1,02,600 MTPA.

Based on its historical financial data, Peshwa Wheat Limited posted total income and net profits of ₹43.81 Cr / ₹5.21 Cr in FY24, ₹171.55 Cr / ₹11.84 Cr in FY25, and ₹215.96 Cr / ₹15.81 Cr in FY26. The company has shown robust top-line and bottom-line growth, with total income expanding at a CAGR of 122.02% and net profit growing at a CAGR of 74.18% over the last three fiscals. Its Debt-to-Equity ratio also improved from 1.12x in FY24 to 0.66x in FY26. The company boasts an average EPS of ₹9.39 and an average RoNW of 39.04% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.22 against a NAV of ₹31.37 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.99. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 36.88x (FY24), 16.24x (FY25), and 12.16x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Finaax Capital Advisors Private Limited, which has handled 3 public issues to date. Out of its last 3 managed IPOs, all 3 listed at or above their issue price. As of September 21, 2026, one of these recent issues is currently trading below its issue price, while the remaining two are trading at or above it.

• 1 Rahat Ali Saiyed
• 2 Sadaf Saiyed
• 3 Shehnaj
• 4 Mo. Jed
• 5 Riyazuddin Qureshi