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Dhanwel Hybrid Seeds
· NSE listed
Price Band
—
Issue Size
—
1 lot at upper band
—
Lot Size
1,200
Open
24 Jun 2026
Close
29 Jun 2026
Allotment
—
Listing
02 Jul 2026
Scheduled dates
- Open24 Jun 2026
- Close29 Jun 2026
- Refund25 Aug 2026
- Demat credit25 Aug 2026
- Listing02 Jul 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹0 6 sessions
Subscription (times)
Latest per-category subscription · as of 19 Aug, 05:08 pm IST.
QIB 0.00x
NII 0.02x
BHNI 0.00x
SHNI 0.06x
RII 0.16x
Total 0.09x
About Dhanwel Hybrid Seeds
The company operates in the agricultural seed business, procuring improved genetic seed material from recognized institutions and open market sources for seed production through contractual arrangements with seed-growing farmers. The company's operations involve systematic seed processing including cleaning, grading, treatment, and quality checks at their processing facility, followed by packing, labeling, and storage before market distribution. The company offers a diverse product portfolio including oil seeds (56.67% of revenue), pulses (20.91%), spices (12.09%), and various vegetable seeds, with revenue growing from ₹35.49 crores in FY2024 to ₹74.59 crores in FY2026.
www.dhanwelseeds.com ↗Strengths
- Integrated Seed Production and Supply CapabilitiesThe company is supported by an integrated process covering genetic material sourcing, seed production, processing, quality control, packaging, and supply of field crop and vegetable seeds.
- Modern Seed Processing InfrastructureThe company operates a modern seed processing facility at Jashapar, Kalavad, Jamnagar, spread across over 10,218 square feet and equipped for cleaning, grading, treatment, and packaging.
- Diversified Seed Sourcing ModelSeed availability is supported through contract-growing farmers as well as direct procurement from farmers and the open market, reducing exclusive dependence on contract farmers.
- Experienced Technical and Agronomy TeamThe company is supported by experienced agronomists, field staff, and technicians who oversee quality standards, productivity improvement, and sustainable agricultural practices.
- Strong Farmer Relationships and Quality FocusThe company has established working relationships with the farming community and applies field supervision, prescribed cultivation protocols, and quality controls throughout seed production.
- Established Brand and Quality CertificationSeeds are marketed under the 'Dhanwel Seeds' brand, while the company is ISO 9001:2015 certified, supporting its focus on consistent seed quality.
Risk Factors
- Seasonality and Climatic DependencyThe company's operations are closely aligned with agricultural cycles and seasonal patterns, with demand for seed products largely dependent on monsoon patterns, rainfall timing and quantity, and farmers' sowing decisions. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on the company's business, financial condition, and results of operations.
- Customer Concentration RiskThe company's top ten customers accounted for 64.27%, 22.23%, and 17.26% of revenue from operations for Fiscal 2026, 2025, and 2024 respectively. The company has not entered into long-term agreements with customers, making it significantly dependent on maintaining good relationships with major customers.
- Supplier Concentration RiskThe company's top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of total purchases for Fiscal 2026, 2025, and 2024 respectively. The company has not entered into long-term agreements with suppliers, creating dependency on maintaining good relationships for regular supply of raw materials.
- Negative Cash Flow from OperationsThe company experienced negative cash flows from operating activities of ₹248.64 lakhs and ₹606.45 lakhs in Fiscal 2026 and 2025 respectively. Sustained negative cash flows may restrict the company's ability to fund operations, meet working capital requirements, or pursue expansion plans without raising additional financing.
- High Working Capital RequirementsThe company's business is working capital intensive, with total working capital requirements of ₹2,240.03 lakhs, ₹1,607.71 lakhs, and ₹377.48 lakhs as of March 31, 2026, 2025, and 2024 respectively. Any inability to maintain adequate working capital may adversely affect business operations and growth prospects.
- Low Capacity UtilizationThe company's capacity utilization was 55.77% in Fiscal 2026 and 38.00% in Fiscal 2025, compared to 68.75% in Fiscal 2024. Prolonged periods of low capacity utilization may result in higher per-unit operating costs and reduced operating leverage, adversely impacting profitability.
- Product Concentration in Oil SeedsOil seeds contributed 56.67%, 55.41%, and 65.39% to the company's revenue from operations in Fiscal 2026, 2025, and 2024 respectively. This high product concentration exposes the company to risks related to performance of a single product category and market demand fluctuations.
- Cash Transaction ExposureA major portion of the company's sales transactions are conducted in cash, particularly with farmers and dealers. Cash-based transactions involve risks including limited traceability, handling risks, and increased scrutiny from regulatory and tax authorities.
- Regulatory Compliance DelaysThe company has experienced delays in statutory filings under the Companies Act, 2013, with some delays extending up to 608 days. These delays may attract penalties and regulatory action, potentially affecting the company's reputation and financial condition.
- Dependence on Farmer ArrangementsThe company's seed production activities rely on arrangements with farmers without long-term agreements. Any discontinuation or reduction in farmer participation could disrupt seed production schedules and affect inventory availability, impacting revenues and operations.
Objects of the Issue
- Repayment or prepayment of borrowingsThe company proposes to utilize net proceeds towards full or partial repayment or prepayment of borrowings availed from banks and financial institutions to reduce outstanding indebtedness and debt servicing costs.7.60 crores
- Funding working capital requirementsThe company operates in a working capital intensive industry and proposes to fund working capital requirements including inventories, trade receivables, and other current assets to support business operations.11.60 crores
- General Corporate PurposesThe company proposes to utilize proceeds for general corporate purposes in accordance with regulatory requirements, not exceeding fifteen percent of the amount being raised or specified limits.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 74.59 | +69.0% | 6.12 | +183.3% | 36.99 | 19.66 | -2.49 |
| 31/03/2025 | 44.13 | +24.3% | 2.16 | +13.1% | 21.07 | 13.27 | -6.06 |
| 31/03/2024 | 35.49 | — | 1.91 | — | 7.89 | 3.65 | 0.00 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- 10.37
- ROCE
- 49.36%
- Shares / Lot
- 1,200
- Minimum Bid
- 2,400 shares
- Refund
- 25 Aug 2026
- Credit to Demat
- 25 Aug 2026
- ISIN
- INE0VWO01011
- CIN
- U46101GJ2024PLC148851
- Registrar
- Cameo Corporate Services Ltd.
- Lead Managers
- Wealth Mine Networks Ltd.
- Registered Office
- Survey No. 289/1, Opp. Saffron School, Rajkot- Kalawad Highway, At- Jashapar, Kalavad-361160, Jamnagar, Gujarat, India
Management
Mr. Kishankumar Gordhanbhai MeghaniMD
Mr. Vimal Mansukhbhai VekariyaCEO
Mr. Sudhir Mohanbhai PipaliyaCOO
Ms. Nikunj Mansukhlal SuvagiyaDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.