Farm Peace
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 1.20×
- Retail individualRII · up to ₹2 lakh
- 0.59×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 25,76,000 | 44,44,000 | ₹26.22 Cr | 1.73× |
| Retail individual | 25,76,000 | 15,16,000 | ₹8.94 Cr | 0.59× |
| Total | 51,52,000 | 59,60,000 | ₹35.16 Cr | 1.16× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 03 Sept, 06:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 01 Sep 2026 – 03 Sep 2026
- Listing date
- 08 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹59
- Issue price
- ₹59 per share
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹32 Cr
- Fresh issue
- ₹30.40 Cr 51,52,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹121 Cr
- Promoter holding
- 73.96% → 54.46% pre-issue → post-issue
- ISIN
- INE0W2E01010
- CIN
- U01100GJ2021PLC126500
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 12, Manu Panchal Industrial Estate, Nr. Indira Nagar, Amraiwadi Road, Ahmedabad – 380 026, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 25,76,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 25,76,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 25,76,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,72,000 | — | 5.01% |
| Total issue | 54,24,000 | — | 100.00% |
Net offer to the public of 51,52,000 shares, out of a total issue of 54,24,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹59
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,62,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹59 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.97 | 3.66 |
| P/E (×) | 11.87 | 16.12 |
| Price to book (×) | 2.06 | — |
| Market cap | — | ₹121 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 17.32%
- ROCE
- 27.00%
- Debt / equity
- 0.26
- PAT margin
- 8.41%
- EBITDA margin
- 13.74%
- NAV per share
- ₹28.69
- Price to book
- 2.06
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 90.84 | 79.98 | 62.75 |
| Revenue from operations | 90.83 | 79.24 | 62.55 |
| Other income | 0.01 | 0.73 | 0.2 |
| Total expenses | 80 | 70.32 | 53.54 |
| Operating profit | 10.84 | 9.66 | 9.21 |
| Operating margin | 11.93% | 12.08% | 14.68% |
| Profit before tax | 10.84 | 9.65 | 9.21 |
| Profit after tax | 7.53 | 6.66 | 6.16 |
| PAT margin | 8.29% | 8.33% | 9.82% |
| Balance sheet | |||
| Total assets | 99.84 | 69.32 | 31.76 |
| Current assets | 98.51 | 67.93 | 28.03 |
| Current liabilities | 53.2 | 33.17 | 22.29 |
| Total liabilities | 56.37 | 33.37 | 22.72 |
| Net worth | 43.48 | 35.95 | 9.04 |
| Current ratio | 1.85× | 2.05× | 1.26× |
| Return on equity | 17.32% | 18.53% | 68.14% |
| Cash flow | |||
| Operating cash flow | -7.17 | -17.57 | -1.54 |
| Investing cash flow | -0.02 | 2.3 | -3.64 |
| Financing cash flow | 7.25 | 15.3 | 4.87 |
| Net cash flow | 0.05 | 0.03 | -0.31 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding incremental working capital requirements ₹23 Cr
The company proposes to utilize the Net Proceeds to fund incremental working capital requirements due to business expansion, including seed procurement, farmer support, cold storage utilization, increased receivables from institutional buyers with extended credit terms, and operational costs for expanded farming operations.
2 General corporate purposes ₹4.80 Cr
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including meeting ongoing general corporate expenses, exigencies and contingencies, and costs/expenses towards meeting certain business requirements.
About Farm Peace
Farm Peace Limited, incorporated on October 20, 2021, and converted to a public company on October 14, 2024, operates an integrated contract farming model focused on processing-grade potatoes such as Santana, Frysona, Innovator, Lady Rosetta, and Chipsona varieties. The company distributes high-quality seeds to farmers, provides technical guidance through field officers, procures harvested potatoes, and supplies them to institutional buyers including frozen potato manufacturers and snack companies. Operations are concentrated in Gujarat, leveraging the state's favorable agro-climatic conditions and loamy soil. The company also trades in seeds and generates revenue from both seed sales and potato procurement and sales.
Management
Sandipkumar Narsinhbhai Patel
MD
Sudhir Haribhai Patel
CEO
Girishbhai Faljibhai Patel
Director
Maulik Raghuvir Ajara
Director
Neha Agarwal
Director
Kulin Kiran Patel
CFO
Dharaben Chirag Patel
Director of Operations
Strengths
As stated in the offer document
Contract Farming Model with 100% Buy-Back Assurance
The company implements a 100% buyback model ensuring guaranteed market for farmers' produce, eliminating uncertainty from fluctuating market conditions and providing predictable income through fixed pricing arrangements.
Agro-Climatic Advantage of Gujarat for Processing-Grade Potato Cultivation
The company operates in Gujarat districts with loamy soil and cool, dry Rabi season conditions. Gujarat contributes 4.52 million tonnes annually (7.52% of India's total potato output) with ideal agro-climatic zones.
Strong and Expanding Farmer Network
The company has grown from 1,400 acres with 23,000 metric tonnes in FY 2023 to 5,660 acres with 61,680 metric tonnes in FY 2026, engaging over 800 farmers through structured buy-back arrangements.
End-to-End Farming Support covering planning to post-harvest
The company provides comprehensive support from land preparation, hybrid seed supply, training programs, regular monitoring by field officers, to post-harvest handling including temperature-controlled storage and transportation.
Experienced Promoters and Management Team
The company is led by promoters with strong expertise: Sandipkumar Patel (15 years agri-processing experience), Sudhir Patel (30 years trading experience), Girishbhai Patel (35 years accounting/pharma experience), and Kulin Patel (finance background).
Risk factors
As stated in the offer document
Absence of formal contracts with farmers and reliance on informal arrangements
The company operates through verbal arrangements with farmers without formal contracts, which may result in non-performance, disputes, or supply shortfalls. If market prices exceed pre-agreed prices, farmers may sell to third parties instead of the company, affecting supply commitments to customers.
Dependence on seasonal and climatic conditions for processed-grade potato cultivation
The company's business depends substantially on specific agro-climatic conditions for potato cultivation. Adverse weather events such as droughts, floods, or extreme temperatures may impact both quantity and quality of production, potentially disrupting supply chains.
Geographic concentration of operations in Gujarat
The company's contract farming operations, procurement, cultivation activities, and cold storage facilities are primarily concentrated in Gujarat. This geographic concentration exposes the company to region-specific risks including climatic conditions, regulatory changes, or infrastructure disruptions.
Dependence on third-party suppliers for seeds
The company's operations depend on procuring seeds from third-party suppliers, with formal agreements with only one supplier. The absence of written contracts with majority suppliers exposes the company to risks of supply disruptions, quality issues, or unfavorable commercial terms.
Dependence on frozen potato manufacturers and snack producers
A significant portion of the company's processed-grade potato sales is made to processing companies. Loss of key customers or changes in their procurement policies could materially impact revenue, with top 10 customers representing 80.68% of potato sales in Fiscal 2026.
Exposure to price fluctuations in procurement and sales
The company is exposed to price volatility in both seed procurement and processed-grade potato sales. Price mismatches between procurement costs and selling prices could result in margin compression or losses, particularly given the seasonal nature of cultivation.
Negative cash flows from operating activities
The company experienced negative cash flows from operating activities of ₹717.29 lakhs, ₹1,757.16 lakhs, and ₹154.20 lakhs for Fiscals 2026, 2025, and 2024 respectively. Continued negative cash flows could impact the company's ability to operate and implement growth plans.
Working capital intensive business model
The company's business requires significant upfront investments for seed procurement, farmer payments, and storage, with working capital requirements of ₹5,333.47 lakhs as of March 31, 2026. Failure to maintain adequate working capital financing could disrupt operations.
High inventory holding periods and working capital requirements
The company maintains significant inventories in cold storage for extended periods, with inventory representing 19.75% of current assets as of March 31, 2026. Extended holding periods tie up substantial working capital and expose the company to spoilage risks.
Significant indebtedness and restrictive covenants
As of March 31, 2026, the company had total outstanding indebtedness of ₹1,127.70 lakhs with debt-equity ratio of 0.26 times. The financing agreements contain restrictive covenants that limit the company's operational flexibility and require lender approvals for certain activities.
Company Analysis
from PROSPECTUSFarm Peace Limited is an integrated contract farming company specializing in processing-grade potato cultivation, seed distribution, and supply to food processing and snack manufacturing industries in Gujarat.
Farm Peace Limited, incorporated on October 20, 2021, and converted to a public company on October 14, 2024, operates an integrated contract farming model focused on processing-grade potatoes such as Santana, Frysona, Innovator, Lady Rosetta, and Chipsona varieties. The company distributes high-quality seeds to farmers, provides technical guidance through field officers, procures harvested potatoes, and supplies them to institutional buyers including frozen potato manufacturers and snack companies. Operations are concentrated in Gujarat, leveraging the state's favorable agro-climatic conditions and loamy soil. The company also trades in seeds and generates revenue from both seed sales and potato procurement and sales.
Objects of the Issue
- Funding incremental working capital requirements ₹2,300.00 lakhs p.42
- General corporate purposes Balance of Net Proceeds p.45
- Funding incremental working capital requirements ₹2,300.00 lakhs p.46
- Issue expenses ₹420.16 lakhs p.46
- Funding our incremental working capital requirements ₹2,300.00 Lakhs p.96
- General corporate purposes ₹480.00 Lakhs p.96
- Funding for purchase of seeds, agricultural inputs, and operational working capital to support contract farming operations
- Not disclosed in this part of the document
- —
Issue Structure
- Total Issue
- 54,24,000 Equity Shares aggregating to ₹3,200.16 Lakhs
- Fresh Issue
- 54,24,000 Equity Shares aggregating to ₹3,200.16 Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹59/- per Equity Share (including premium of ₹49/-)
- Lot Size
- Application Lot of 4,000 Equity Shares and in multiples of 2,000 Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company operates through seasonal contract farming arrangements (informal/verbal) where it supplies seeds to farmers, provides agronomic guidance via field officers, procures harvested processing-grade potatoes at pre-agreed prices, stores produce in leased cold storage facilities, and sells to processing companies manufacturing frozen products, chips, and other potato-based items. Revenue is generated from seed sales to farmers and customers, and from procurement and distribution of processed-grade potatoes.
Business Segments
SWOT Analysis
- • Established market presence with significant farmer base for contract farming model(p.46)
- • Strong leadership with decades of combined expertise in agriculture, pharmaceuticals, steel and finance(p.54)
- • Revenue growth trajectory demonstrating operational improvement(p.60)
- • Integrated contract farming model with 100% buy-back assurance(p.97)
- • Comprehensive farmer support ecosystem reducing post-harvest losses(p.97)
- • Strong order book of ₹3,590 lakhs with established customers(p.103)
- • Significant expansion of farmer network and cultivated acreage(p.103)
- • Growing operational scale with improved financial metrics(p.109)
- • 100% buy-back contract farming model with guaranteed market and fixed pricing(p.194)
- • Comprehensive end-to-end farmer support including seeds, inputs, training, and technical guidance(p.181)
- • Proprietary Farm Peace mobile application for transparency and real-time crop monitoring(p.180)
- • Rapid production scale-up from 1,890 MT (March 2022) to 61,680 MT (March 2026)(p.182)
- • Strong profitability with PAT margin of 8.29% and ROE of 18.96% as of March 2026(p.183)
- • Confirmed order book of ₹3,590 crores for supply contracts with major food processors(p.185)
- • Focus on high-value processed-grade potato varieties meeting stringent industrial specifications(p.187)
- • FSSAI registration and ISO 9001:2015 certification for quality management(p.194)
- • Strong agro-climatic advantages for processing-grade potato cultivation in Gujarat(p.195)
- • Established and expanding farmer network with structured buy-back model(p.195)
- • Comprehensive end-to-end support model from planning to post-harvest(p.196)
- • Minimization of post-harvest losses through infrastructure and training(p.196)
- • Experienced promoter and management team with deep agricultural expertise(p.197)
- • Technology-enabled operations through Farm Peace mobile application(p.200)
- • Successful export integration and market expansion(p.198)
- • 100% buy-back model providing price certainty to farmers(p.197)
- • Integrated contract farming model with 100% buy-back assurance to farmers(p.279)
- • Significant scale with 5,660 acres under cultivation and 853 farmers engaged(p.280)
- • Proprietary Farm Peace mobile application enabling transparency and traceability(p.280)
- • Strong revenue growth of 14.62% YoY and consistent profitability(p.290)
- • Diversified customer base with top 10 customers representing 80.68% of potato sales(p.299)
- • Absence of formal contracts with farmers; reliance on verbal arrangements(p.26)
- • Significant dependence on third-party suppliers for seeds with only one formal written MOU(p.28)
- • Operations geographically concentrated entirely in Gujarat(p.28)
- • No insurance coverage for cold storage operations and produce(p.40)
- • Audit trail feature not implemented in the past(p.33)
- • Historical differences between lender submissions and book of accounts reconciliations(p.33)
- • High inventory holding periods straining liquidity and working capital(p.43)
- • Significant portion of current assets tied up in trade receivables(p.44)
- • Outstanding indebtedness of ₹1,127.70 lakhs with restrictive covenants(p.44)
- • Unsecured loans from Promoters and Directors totalling ₹278.73 lakhs repayable on demand(p.44)
- • Delays in filing forms with Registrar of Companies and GST/TDS returns(p.38)
- • Group Companies have incurred significant losses(p.41)
- • Trademark application objected and pending registration(p.37)
- • Heavy dependence on few major institutional buyers creating revenue concentration risk(p.46)
- • No ownership of critical cold storage infrastructure, creating operational dependency(p.50)
- • No insurance coverage for inventory stored in leased cold storage facilities(p.47)
- • Reliance on third-party logistics with limited control over service standards and costs(p.48)
- • Dependence on leased premises with short lease renewal term(p.51)
- • High and growing working capital cycle due to business seasonality(p.97)
- • Significantly extended trade receivable days increasing liquidity pressure(p.99)
- • Substantial inventory holding period tied to seasonal procurement(p.99)
- • Dependence on leased cold storage facilities with associated rental costs(p.99)
- • Limited working capital funding sources relying on borrowings and internal accruals(p.97)
- • Informal farmer contracting arrangements without formal written agreements(p.181)
- • Heavy reliance on leased cold storage capacity rather than owned infrastructure(p.190)
- • Significant increase in working capital cycle from 41 days (FY2024) to 139 days (FY2026)(p.183)
- • Rising trade receivables days from 78 days (FY2024) to 172 days (FY2026)(p.183)
- • Concentrated geographical operations limited to four districts in Gujarat(p.186)
- • Declining PAT margin from 9.85% (FY2024) to 8.29% (FY2026)(p.183)
- • Debt-equity ratio increased from 0.07 (FY2025) to 0.26 (FY2026)(p.183)
- • High dependence on limited customer base in contract farming segment(p.201)
- • Limited insurance coverage on production and business assets(p.203)
- • Small workforce relative to operational scale(p.202)
- • Concentration of operations and cold storage in limited geographies(p.201)
- • Significant dependence on top 10 customers for 80.68% of potato sales revenue(p.299)
- • Reliance on informal farmer agreements without formal written contracts(p.280)
- • High finance costs increased 457% due to increased working capital borrowings(p.291)
- • Negative operating cash flow of ₹717.29 lakhs in FY2026(p.295)
- • Significant working capital requirement with trade receivables increasing 133% to ₹5,995.22 lakhs(p.288)
- • Significant GST litigation across multiple group companies with cumulative demands exceeding ₹3,700+ lakhs, indicating potential compliance issues and operational risks(p.369)
- • Promoter faces multiple tax investigations and pending assessments involving alleged undisclosed income and accommodation entries(p.311)
- • Group companies face material income tax demands ranging from ₹176 lakhs to ₹220+ lakhs for alleged non-genuine transactions and fake supplier invoices(p.324)
- • Promoter has litigation pending before High Court regarding real estate fraud allegations involving substantial investment(p.312)
- • Recurring GST violations with multiple suppliers found to be non-existent or providing fake invoices, indicating supplier verification weaknesses(p.336)
- • Expansion beyond Gujarat to other suitable states(p.28)
- • Implementation of formal written agreements with farmers(p.27)
- • Growth in processed potato products market demand(p.33)
- • Expansion into new regions within India to diversify revenue and reduce regional risk(p.52)
- • Leveraging net proceeds to fund incremental working capital for business expansion(p.46)
- • Potential for establishing new processing and cold storage facilities to reduce dependency(p.52)
- • Significant market growth in Indian contract farming sector(p.112)
- • Rapid expansion of contract farming acreage in India(p.112)
- • Growing demand for processed potato products driven by urbanization(p.113)
- • Expansion into new geographies and crop diversification(p.102)
- • Strong potato export growth with rising international demand(p.113)
- • Entry into quick-commerce channels with shorter credit cycles(p.101)
- • Indian frozen potato products market projected to grow from USD 1.4B (2022) to USD 2.8B by 2028 at 12.25% CAGR(p.187)
- • India's processed potato exports reached 30,000 MT in CY 2023 with strong global demand(p.187)
- • India contract farming market expected to reach USD 9.7 billion by FY 2030 at 6.8% CAGR(p.180)
- • Rapid urbanization and changing consumer preferences driving demand for convenience foods(p.180)
- • India's area under contract farming projected to expand from 6.4 MH (CY 2025) to 7.8 MH (CY 2027)(p.180)
- • Expansion into new geographic regions beyond current four-district footprint in Gujarat(p.186)
- • Growing emphasis on sustainability and eco-friendly farming creating premium market opportunities(p.182)
- • Expansion into new crop categories beyond potatoes(p.198)
- • Diversification into warehousing and post-harvest infrastructure(p.198)
- • Entry into premium Indian snack market segment(p.198)
- • Expansion into seed multiplication and agri-input distribution business(p.199)
- • Growing global demand for high-quality agricultural produce(p.195)
- • Supply chain optimization through technology and logistics modernization(p.200)
- • Global contract farming market expected to grow at 3.5% CAGR from CY 2024 to CY 2030F reaching USD 75.6 billion(p.279)
- • Indian contract farming market projected to reach USD 9.7 billion by FY 2030F with 6.8% CAGR(p.279)
- • Area under contract farming in India projected to expand to 7.8 million hectares by CY 2027 at 10.40% CAGR(p.279)
- • Growing potato production and yields with India's volume expected to reach 64.8 million tonnes by FY 2027P(p.279)
- • Expanding processed potato market driven by urbanization and growing QSR presence(p.279)
- • Strong potato export growth with volumes reaching 706,391 metric tonnes by FY 2024(p.279)
- • Dependence on seasonal and climatic conditions for potato cultivation(p.27)
- • Fluctuations in demand, pricing, and export policies for processed potato products(p.33)
- • Farmer dissatisfaction and competing alternatives could reduce participation(p.41)
- • Revenue and profitability subject to agricultural cycles and seasonality(p.44)
- • Changes in applicable laws, rules and regulations(p.45)
- • Risk of losing required approvals, licenses, registrations and permits(p.46)
- • Extreme weather events and climate change adversely impacting potato yields and quality(p.49)
- • Post-harvest losses due to handling, logistics and storage deficiencies(p.47)
- • Power imbalance between farmers and corporations affecting supply chain stability(p.49)
- • Farmer dissatisfaction and loss of participation impacting raw material sourcing(p.50)
- • Market price fluctuations and farmer market shift risk to spot sales(p.50)
- • India's macroeconomic volatility and regulatory uncertainty affecting operations(p.57)
- • Contract farming industry challenges including quality control issues and delayed payments(p.49)
- • Seasonal nature of business concentrating revenue and collections in Q3-Q4(p.97)
- • Delays in collections from major buyers affecting liquidity(p.97)
- • Vulnerability to climatic conditions delaying harvesting and procurement(p.99)
- • Exposure to volatile input costs including seeds, fertilizers, and storage(p.102)
- • Risk of farmer side-selling or contract non-compliance(p.130)
- • Market fluctuations and price volatility in agricultural commodities affecting farmer income stability(p.173)
- • Weather-related crop damage and late blight disease causing production disruptions(p.167)
- • Competition from established multinational agribusinesses with greater resources and market reach(p.175)
- • Intense competition in contract farming industry with increasing number of players and SMEs(p.174)
- • Regulatory and legal uncertainties surrounding contract farming agreements(p.173)
- • Monsoon dependency and climate variability affecting potato cultivation cycles(p.158)
- • Fluctuating global demand for processed potato products affecting export opportunities(p.187)
- • Competition from established large-scale potato processing companies(p.201)
- • Price volatility and market competition in agricultural commodity markets(p.196)
- • Dependence on consistent climatic conditions for crop production(p.195)
- • Agronomic and market risks affecting crop yields and farmer participation(p.200)
- • Regulatory requirements for food safety and environmental compliance(p.206)
- • Seasonality of business with revenue concentrated in Q3-Q4 following harvest cycle(p.282)
- • Weather risk affecting yields, dry matter content and sugar levels(p.282)
- • Dependence on cold storage availability and vulnerability to tariff increases(p.283)
- • Vulnerability to fuel and input price fluctuations affecting margins(p.283)
- • Regulatory compliance requirements and potential changes in agricultural policy(p.284)
- • Risk of concentration in supplier base with top 10 seed suppliers representing 100% of purchases(p.300)
- • Regulatory scrutiny on Input Tax Credit claims with Department investigations into supplier genuineness and fake invoicing networks(p.336)
- • Tax authorities targeting accommodation entries and bogus loan transactions through Aneri Fincap Limited and related entities across multiple years(p.315)
- • Extended GST assessment periods (up to 5 years) being invoked for alleged fraudulent ITC claims, exposing company to significant retroactive demands(p.333)
- • Multiple tax authorities conducting concurrent investigations into supply chain integrity and transaction genuineness across FY 2017-2024(p.320)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sandipkumar Narsinhbhai Patel | Promoter | — | — |
| Sudhir Haribhai Patel | Promoter | — | — |
| Girishbhai Faljibhai Patel | Promoter | — | — |
| Kulin Kiran Patel | Promoter | — | — |
| Sandipkumar Narsinhbhai Patel | Promoter | 11.09% | 8.16% |
| Sudhir Haribhai Patel | Promoter | 15.20% | 11.20% |
| Girishbhai Faljibhai Patel | Promoter | 12.91% | 9.50% |
| Kulin Kiran Patel | Promoter | 13.20% | 9.72% |
| Sandipkumar Narsinhbhai Patel | Promoter | — | — |
| Sudhir Haribhai Patel | Promoter | — | — |
| Girishbhai Faljibhai Patel | Promoter | — | — |
| Kulin Kiran Patel | Promoter | — | — |
| Sandipkumar Narsinhbhai Patel | Promoter and Managing Director | 11.09% | 8.16% |
| Sudhir Haribhai Patel | Promoter, Chairman and Non-Executive Director | 15.20% | 11.20% |
| Girishbhai Faljibhai Patel | Promoter and Non-Executive Director | 12.91% | 9.50% |
| Kulin Kiran Patel | Promoter and Chief Financial Officer | 13.20% | 9.72% |
| Sudhir Haribhai Patel | Promoter | 15.20% | — |
| Girishbhai Faljibhai Patel | Promoter | 12.91% | — |
| Kulin Kiran patel | Promoter | 13.20% | — |
| Sandipkumar Narsinhbhai Patel | Promoter | 11.09% | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.