GC
Ganesh Consumer Products
Book Building issueMainboard₹409 Cr issue
-8.39%
Listing gain over issue price
Issue size
₹409 Cr
1 lot at cut-off
₹14,812
Lot size
46shares
Open
22 Sept 2025
Close
24 Sept 2025
Allotment
25 Sept 2025
Listing
29 Sept 2025
Listing performance
Issue price
₹322
Listed at
₹295
Listing-day close
₹294.3
Latest price
₹197.72
Listing gain
-8.39%
Return since listing
-38.60%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
-₹9
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 Sept 2025 | -₹9 | -2.80% | ₹0 | ₹313 | -₹414 |
| 28 Sept 2025 | -₹9 | -2.80% | ₹0 | ₹313 | -₹414 |
| 27 Sept 2025 | -₹5 | -1.55% | ₹0 | ₹317 | -₹230 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 22 Sept 2025 – 24 Sept 2025
- Listing date
- 29 Sept 2025
- Face value
- ₹10 per share
- Issue price
- ₹322 per share
- Lot size
- 46 shares
- Issue type
- Book Building issue
- Total issue size
- ₹409 Cr
- Market cap at offer price
- ₹1,301 Cr
- Promoter holding
- 75.30% → 64.07% pre-issue → post-issue
- ISIN
- INE652V01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- 88, Burtolla Street, West Bengal
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 37,99,362 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 46 shares per lot, in multiples, at ₹322
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 46 | ₹14,812 |
| Retail (max) | 13 | 598 | ₹1,92,556 |
| S-HNI (min) | 14 | 644 | ₹2,07,368 |
| S-HNI (max) | 67 | 3,082 | ₹9,92,404 |
| B-HNI (min) | 68 | 3,128 | ₹10,07,216 |
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.
Shares allocated
37,99,362
Anchor portion
₹122 Cr
at ₹322 per share
Valuation and performance
Valuation at offer price
₹322 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.74 | 8.77 |
| P/E (×) | 33.06 | 36.72 |
| Price to book (×) | 5.23 | — |
| Market cap | — | ₹1,301 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 15.81%
- ROCE
- 19.81%
- Debt / equity
- 0.22
- PAT margin
- 4.17%
- EBITDA margin
- 8.61%
- NAV per share
- ₹61.62
- Price to book
- 5.23
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ganesh Consumer Products
Ganesh Consumer Products Limited (formerly Ganesh Grains Limited) was originally incorporated as Ganesh Wheat Products Private Limited in March 2000 and acquired the business of M/s Ganesh Flour Mills. The company was converted to public limited status in February 2011 and renamed to Ganesh Consumer Products Limited in August 2024 to reflect its broader business scope. Headquartered in Kolkata, West Bengal, the company is the third largest brand of packaged whole wheat flour (atta) and the largest brand in wheat-based derivatives (maida, sooji, dalia) in East India as of Fiscal 2025. The company earns revenue primarily through B2C operations (76.98% of FY2025 revenue) selling consumer staples under its flagship 'Ganesh' brand, with B2B operations accounting for the remainder. The company operates seven manufacturing facilities across West Bengal, Uttar Pradesh, and Telangana and distributes products through a network of C&F agents, super stockists, and distributors serving over 70,000 retail outlets.
Company Analysis
from RHPGanesh Consumer Products Limited is an FMCG company that manufactures and sells packaged consumer staples including whole wheat flour (atta), wheat and gram-based value-added flour products, and emerging food products across East India.
Ganesh Consumer Products Limited (formerly Ganesh Grains Limited) was originally incorporated as Ganesh Wheat Products Private Limited in March 2000 and acquired the business of M/s Ganesh Flour Mills. The company was converted to public limited status in February 2011 and renamed to Ganesh Consumer Products Limited in August 2024 to reflect its broader business scope. Headquartered in Kolkata, West Bengal, the company is the third largest brand of packaged whole wheat flour (atta) and the largest brand in wheat-based derivatives (maida, sooji, dalia) in East India as of Fiscal 2025. The company earns revenue primarily through B2C operations (76.98% of FY2025 revenue) selling consumer staples under its flagship 'Ganesh' brand, with B2B operations accounting for the remainder. The company operates seven manufacturing facilities across West Bengal, Uttar Pradesh, and Telangana and distributes products through a network of C&F agents, super stockists, and distributors serving over 70,000 retail outlets.
FMCGPackaged foodPackaged staplesPackaged flour and flour derivatives
Objects of the Issue
- Prepayment and/or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹600.00 million p.27
- Funding capital expenditure for the setting up of a roasted gram flour and gram flour manufacturing unit in Darjeeling, West Bengal ₹450.00 million p.27
- General corporate purposes p.27
- Prepayment and/or repayment of all or a portion of certain outstanding borrowings p.67
- Funding capital expenditure for the setting up of a roasted gram flour and gram flour manufacturing unit at Food Park Bypass, Ghoshpukur, PO - Lusipukari, Phansidewa, Darjeeling, West Bengal p.67
- General corporate purposes p.67
- Prepayment and/or repayment of all or a portion of certain outstanding borrowings availed by our Company ₹600.00 million p.128
- Funding capital expenditure for the setting up of a roasted gram flour and gram flour manufacturing unit in Darjeeling, West Bengal ₹450.00 million p.125
- General corporate purposes p.125
- To be disclosed in the prospectus - fund utilization details not specified in this extract
- Repayment of all or a portion of external borrowings p.372
- Capital expenditure for setting up of a roasted gram flour manufacturing unit p.372
- General corporate purposes p.372
- Fresh Issue for general corporate purposes ₹1,300.00 million p.465
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹1,300.00 million
- Offer for Sale
- Up to 8,658,333 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Price Band
- [●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares of ₹10 each and in multiples of [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
B2C sales of packaged consumer staple products (whole wheat flour, wheat and gram-based value-added flour products, spices, and ethnic snacks) through a general trade distribution network, complemented by modern trade and e-commerce channels, and B2B sales to institutional customers.
Business Segments
Direct sales of packaged consumer staple products including whole wheat flour (atta), wheat and gram-based value-added flour products, spices, and ethnic snacks to retail consumers through general trade, modern trade, and e-commerce channels
Sales of products to institutional customers and food service providers
Direct sales to consumers through modern trade and e-commerce channels
Supply to institutional buyers and general trade channel
Roasted gram flour product contributing significantly to revenue
Gram flour product contributing to revenue
Diversified flour products including maida, sooji, dalia and other value-added products
Packaged instant food mixes, spices, and ethnic snacks
Whole wheat flour products sold under the Ganesh brand
Refined wheat flour (maida), semolina flour (sooji), roasted gram flour (sattu), gram flour (besan), cracked wheat (dalia) amongst others
Packaged instant food mixes (khaman dhokla and bela kachori), spices (whole, CTC powder and blended), ethnic snacks (bhujia and chanachur) and ethnic flours (singhara flour, pearl millet flour)
Supply of certain products sold through brokers to other FMCG companies, HoReCa businesses and small retailers
Sale of by-products from manufacturing process such as wheat bran and chana chunni, used as cattle feed
Manufacturing and selling of whole wheat flour products in various package sizes from 1 kg to 10 kg for B2C and B2B operations
Manufacturing and selling refined wheat flour (maida), semolina (sooji), roasted gram flour (sattu), gram flour (besan), cracked wheat (dalia) in various package sizes
Manufacturing and selling spices (turmeric powder, chilli powder, coriander, cumin), instant mixes (khaman dhokla, bela kachori), ethnic flours (buckwheat atta, various regional flours), and ethnic snacks
Job work, wheat trading, and sale of wastages generated during manufacturing
Manufacturing and selling of wheat-based products including atta and maida
Manufacturing and selling of cereal powders including sattu and sooji
Manufacturing and selling of spices products
Sale of by-products from manufacturing operations
Direct sale of manufactured goods to consumers through general trade, modern trade and e-commerce channels
Supply of products to other FMCG companies, HoReCa businesses and small retailers
Sale of by-products from manufacturing process such as wheat bran and chana chunni for cattle feed
Manufacturing and sale of packaged whole wheat flour
Manufacturing and sale of refined wheat flour (maida), semolina flour (sooji), roasted gram flour (sattu), gram flour (besan), cracked wheat (dalia) and other value-added products
Manufacturing and sale of whole, powder and blended spices including turmeric, chilli, cumin, and coriander
Manufacturing and sale of ethnic snacks including bhujia and chanachur
Manufactures wheat flour, besan, maida, semolina, and other food products
SWOT Analysis
Strengths
- • Third largest brand in packaged whole wheat flour (atta) in East India with strong position in wheat-based derivatives(p.26)
- • Top two player for packaged sattu and besan (gram-based flour products) in East India with significant market share(p.26)
- • Consistent revenue growth over multiple fiscal years(p.41)
- • Strong return on capital employed and profitability metrics(p.41)
- • Third largest packaged whole wheat flour brand and largest in wheat derivatives in East India(p.236)
- • Strong market position in gram-based products with ~43.4% sattu and ~4.9% besan share in East India(p.236)
- • Dominant position in West Bengal with 40.5% share of wheat-based products market(p.236)
- • Extensive distribution network with 972 distributors across 70,000+ retail outlets(p.237)
- • One of the largest distribution networks in East India(p.237)
- • Strong cash-based sales model with 95% of general trade sales on cash-and-carry basis(p.237)
- • High ROCE of 19.81% and ROE of 15.81% in FY2025, highest among peer companies(p.231)
- • 89-year brand heritage established since 1936(p.237)
- • Largest brand of packaged wheat and gram-based products in East India with 12.6% market share(p.242)
- • Third largest packaged wheat flour brand in East India with 8% market share(p.242)
- • Dominant market position in sooji, dalia, and maida with 31.2%, 16.4% share respectively(p.242)
- • Extensive multi-channel distribution network with 28 C&F agents, 9 super stockists and 972 distributors serving 70,000 retail outlets(p.245)
- • Strong advance payment-based sales indicating brand strength, with 95% of general trade sales on advance basis(p.245)
- • Strategically located manufacturing facilities in key raw material regions optimizing procurement and logistics(p.246)
- • Advanced quality control with accreditations (ISO 14001:2015, FSSC 22000, ISO 45001:2018) and automated grain scanning machinery(p.247)
- • Consistent revenue growth of 18% CAGR from ₹6,107.51 million in FY2023 to ₹8,504.62 million in FY2025(p.248)
- • Improved financial metrics with ROCE increasing from 14.96% to 19.81% and Adjusted ROCE from 17.24% to 23.48%(p.249)
- • Established manufacturing operations across multiple states with diversified product portfolio(p.325)
- • Strong revenue growth trajectory with consistent profitability(p.320)
- • Improved profitability with profit for the year reaching ₹354.32 million in FY2025(p.320)
- • Capable of job work operations enabling service revenue diversification(p.325)
- • Strong capital structure with improving gearing ratio(p.373)
- • Efficient working capital management with high cash conversion(p.403)
- • Minimal credit risk on receivables through cash-based sales model(p.375)
- • Strong operational efficiency with debt service coverage ratio of 6.52x(p.378)
- • Improving profitability with PAT margin expansion(p.378)
- • Extensive regulatory compliance and licensing infrastructure across multiple states and operational domains(p.433)
- • Substantial portfolio of intellectual property across multiple jurisdictions(p.435)
- • Strong capital base and financial metrics meeting IPO eligibility criteria(p.441)
Weaknesses
- • High dependence on raw material cost and supply, with materials consuming 77.77% of revenue(p.37)
- • Significant revenue concentration from top SKUs, with top 3 SKUs representing 37.70% of B2C revenue(p.39)
- • Heavy geographic concentration in West Bengal, with 71.33% of B2C revenue from this region(p.39)
- • Manufacturing facilities are currently underutilized(p.40)
- • Outstanding borrowings of ₹500 million with debt covenants and restrictive conditions(p.45)
- • Missing and discrepant corporate records with RoC, including unfiled regulatory forms(p.48)
- • Geographic concentration primarily in East India, limiting pan-India presence(p.237)
- • Relatively small revenue scale of ₹8,504.62 million compared to major national competitors(p.240)
- • Limited product portfolio of 42 products with 232 SKUs versus diversified competitors(p.237)
- • B2B operations represent only 12.54% of revenue, indicating low institutional/bulk sales(p.238)
- • Declining EBITDA margin from 9.19% in FY2023 to 8.61% in FY2025(p.240)
- • Heavy regional concentration with West Bengal accounting for 92.66% of B2C revenue and only 7.34% from outside West Bengal(p.249)
- • Declining EBITDA margin from 9.19% in FY2023 to 8.61% in FY2025(p.248)
- • Capacity underutilization at several manufacturing units including Jalan Complex Unit-II with only 27% utilization for turmeric and 2% for seed spices whole(p.261)
- • Material conflict of interest with related party suppliers including Rajesh Kumar Mimani (brother of MD) through Mimani Agro Products and Ganpati Tasty Foods(p.289)
- • High dependence on related party transactions for raw material sourcing(p.310)
- • Significant working capital borrowings with fluctuating debt levels(p.355)
- • Concentration of promotional shareholding with single holding company post-NCLT scheme(p.307)
- • Audit trail deficiencies in accounting software systems(p.316)
- • High working capital dependency with seasonal inventory fluctuations(p.410)
- • Elevated current borrowings requiring continuous management(p.411)
- • Multiple FSSA compliance issues at manufacturing facilities(p.422)
- • Operational disruption risk from litigation and regulatory notices(p.422)
- • Multiple ongoing food safety violations and compliance failures at manufacturing facilities(p.430)
- • Litigation involving key managerial personnel regarding non-payment of dues and product non-delivery(p.430)
- • Outstanding dues to creditors, including material creditors(p.431)
- • Recurring food safety complaints involving substandard wheat, maida, semolina and refined flour samples across multiple facilities(p.430)
- • Dependence on key personnel with litigation exposure(p.430)
Opportunities
- • Packaged flour market growing at 15.3% CAGR, expected to reach ₹86,962 crore by FY 2030(p.26)
- • Indian packaged food market projected to grow from ₹1,117,457 crore (FY 2025) to ₹1,877,251 crore (FY 2030) at 10.9% CAGR(p.26)
- • Growing consumer preference for packaged food and modern retail expansion(p.26)
- • Expansion of distribution network and emerging e-commerce channel opportunities(p.43)
- • Plans to establish new roasted gram flour and gram flour manufacturing unit in Darjeeling with ₹450 million capital investment(p.42)
- • East India packaged staples market growing at 11.1% CAGR, fastest among regions(p.206)
- • Packaged staples market in East India projected to grow from ₹75,653 crore (FY2025) to ₹1,28,068 crore (FY2030)(p.208)
- • Modern trade in East India projected to grow from 20% to 22% of packaged staples market by FY2030(p.208)
- • E-commerce in packaged food growing from 7% in FY2025 to 10% by FY2030(p.192)
- • Rising consumer shift toward branded packaged staples from 92% to 95.4% by FY2030(p.203)
- • Expansion opportunity in packaged ethnic flour and millet-based products growing at 12.5% CAGR(p.215)
- • Ready-to-Cook and Ready-to-Eat category projected to grow at 12.2% CAGR(p.189)
- • Growing premiumization and health-focused products demand across staple categories(p.220)
- • Growing East Indian packaged staples market expanding at 11.1% CAGR, fastest among all regions, projected to reach ₹128,068 crore by FY2030(p.241)
- • Packaged wheat-based products market growing at 15.7% CAGR to reach ₹73,027 crore by FY2030(p.249)
- • Gram-based flour market growing at 15.4% CAGR to ₹18,051 crore by FY2030 with modern retail channels expected to grow from 35% to 38% share(p.242)
- • Spices market in East India growing at 13.5% CAGR with opportunity to expand product portfolio(p.242)
- • Modern trade channels expanding with organized retail expected to increase from 22.1% to 25.2% market share by FY2030(p.241)
- • Strong e-commerce growth opportunity with company's e-commerce revenue increasing from ₹268.64 million (5.56%) in FY2023 to ₹681.86 million (10.41%) in FY2025(p.246)
- • East Indian packaged snacks market growing at 13% CAGR projected to reach ₹47,136 crore by FY2030(p.242)
- • Opportunity to expand SKU portfolio from 232 as of March 31, 2025, with tailored product offerings across price segments and health-conscious consumers(p.244)
- • Planned fresh equity issuance enabling capital expansion and debt reduction(p.372)
- • Strategic capacity expansion with roasted gram flour manufacturing unit(p.372)
- • Diversified product portfolio expansion including spices products(p.360)
- • Organic working capital management improvement reflected in reduced inventory levels(p.347)
- • Portfolio diversification into spices and ethnic snacks categories(p.389)
- • Expansion of digital and e-commerce presence(p.390)
- • Geographic expansion through new manufacturing facility(p.416)
- • Strong B2C revenue growth momentum with 16.84% increase(p.408)
- • Geographic expansion through new manufacturing capacity in underserved regions(p.435)
- • Portfolio diversification into new product categories including snacks and papad(p.438)
- • Planned capacity expansion in new regions(p.447)
Threats
- • Inadequate or interrupted raw material supply and price fluctuation in wheat and gram(p.37)
- • Unfavorable weather patterns and climate change impacting raw material availability(p.37)
- • Government policy changes affecting raw material procurement and pricing(p.24)
- • Risk of product contamination, recalls, and regulatory action(p.42)
- • Disruption to manufacturing operations from power shortages, labor disputes, and natural disasters(p.40)
- • Competition from larger competitors with better-funded distribution networks(p.44)
- • Risk from increasing modern retail and e-commerce channel negotiating power(p.48)
- • Potential social, political, economic disruption or natural calamities in East India core market(p.40)
- • Rising competition from regional and national packaged staples players(p.189)
- • Preference for loose/unpackaged staples particularly in rural and semi-urban areas(p.221)
- • Volatility in raw material prices driven by weather, crop yields, and global market fluctuations(p.192)
- • Private label competition from retail giants offering lower-priced alternatives(p.192)
- • Competition from niche and specialized diet brands (organic, gluten-free, vegan)(p.192)
- • Risk of supply disruption due to fluctuations in agricultural production from climate and monsoon variations(p.221)
- • Increasing costs for R&D, sustainable packaging, and technological innovations(p.192)
- • Intense competition from major FMCG players including Adani Wilmar, ITC, Patanjali Foods, and private labels from retail chains and e-commerce platforms(p.268)
- • Dependence on advance payments from distributors; loss of advance payments if distributor defaults during supply delays or demand changes(p.245)
- • Commodity price fluctuations in wheat and gram procurement impacting raw material costs; company procures on spot price basis without hedging(p.265)
- • Regulatory compliance requirements under Food Safety and Standards Act, Environmental laws, Labour laws, and Legal Metrology regulations with penalties for non-compliance(p.269)
- • Dependence on leased properties for offices and some manufacturing facilities; risk if lease renewals cannot be secured on commercially reasonable terms(p.267)
- • Government actions under Essential Commodities Act could control production, supply, distribution, and pricing of packaged staples(p.270)
- • Exposure to income tax demands under appeal(p.365)
- • Contingent GST demand exposure under appeal(p.365)
- • Dependence on secured bank borrowings with personal guarantees from promoters(p.355)
- • Export obligations under EPCG scheme creating contingent liabilities(p.365)
- • Raw material price volatility and supply chain dependence(p.392)
- • Intense competitive pressure from larger multinational companies(p.394)
- • Regulatory compliance risks and food safety standard requirements(p.394)
- • Commodity price risks affecting cost structure(p.377)
- • Multiple ongoing tax demands and disputes(p.425)
- • Regulatory enforcement action by food safety authorities with potential for penalties and operational disruption(p.431)
- • Risk of loss of manufacturing licenses and food safety certifications due to compliance violations(p.434)
- • Potential for adverse court judgments in multiple jurisdictions affecting business operations(p.431)
- • Reputational and operational risks from multiple simultaneous food safety complaints(p.430)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Purushottam Das Mimani | Promoter | 0.03% | — |
| Manish Mimani | Promoter | 9.26% | — |
| Madhu Mimani | Promoter | 0.54% | — |
| Manish Mimani (HUF) | Promoter | 0.06% | — |
| Srivaru Agro Private Limited | Promoter/Corporate Promoter | 65.41% | — |
| Manish Mimani | Promoter | — | — |
| Madhu Mimani | Promoter | — | — |
| India Business Excellence Fund IIA | Selling Shareholder | — | — |
| India Business Excellence Fund II | Selling Shareholder | — | — |
| Manish Mimani | Promoter | 9.26% | — |
| Madhu Mimani | Promoter | 0.54% | — |
| Srivaru Agro Private Limited | Corporate Promoter | 65.41% | — |
| Purushottam Das Mimani | Promoter | 0.03% | — |
| Manish Mimani (HUF) | Promoter | 0.06% | — |
| Manish Mimani | Promoter and Managing Director | — | — |
| Purushottam Das Mimani | Promoter | 0.03% | — |
| Manish Mimani | Promoter | 9.26% | — |
| Madhu Mimani | Promoter | 0.54% | — |
| Manish Mimani (HUF) | Promoter Group | — | — |
| Srivaru Agro Private Limited | Promoter Group/Holding Company | — | — |
| Manish Mimani | Promoter | 8.27% | — |
| Madhu Mimani | Promoter | 0.54% | — |
| Purushottam Das Mimani | Promoter | 0.03% | — |
| Manish Mimani (HUF) | Promoter | 0.06% | — |
| Srivaru Agro Private Limited | Promoter/Promoter Group | 65.41% | — |
| Manish Mimani | Promoter/Managing Director | — | — |
| Madhu Mimani | Promoter/Director | — | — |
| India Business Excellence Fund II | Promoter Group | — | — |
| India Business Excellence Fund – IIA | Promoter Group | — | — |
| Manish Mimani | Selling Shareholder | — | — |
| Madhu Mimani | Selling Shareholder | — | — |
| India Business Excellence Fund II | Selling Shareholder | — | — |
| India Business Excellence Fund IIA | Selling Shareholder | — | — |
| Manish Mimani | Promoter | — | — |
| Mrs. Madhu Mimani | Promoter Group | — | — |
| Mr. Manish Kumar Mimani (HUF) | Promoter Group | — | — |
| Manoj Mercantile Credit Private Limited | Promoter Group | — | — |
| Backbone Sales Private Limited | Promoter Group | — | — |
| New Age Import Private Limited | Promoter Group | 82.62% | — |
| Manish Mimani | Chairperson and Managing Director | — | — |
| Madhu Mimani | Non-Executive Director | — | — |
Leadership
Manish Mimani · Executive Director/Managing Director
Narendra Mishra · Company Secretary and Compliance Officer
Amit Tapadia · Chief Financial Officer
Auto-extracted from the company's RHP 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 RHP before relying on it.