Q&T Foods
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.12×
- Retail individualRII · up to ₹2 lakh
- 2.50×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 18 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 17 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 16 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 15 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 14 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 13 Aug 2026 | ₹3 | +2.61% | ₹2,700 | ₹118 | ₹3,600 |
| 12 Aug 2026 | ₹10 | +8.70% | ₹9,100 | ₹125 | ₹12,000 |
| 11 Aug 2026 | ₹21 | +18.26% | ₹19,200 | ₹136 | ₹25,200 |
| 10 Aug 2026 | ₹15 | +13.04% | ₹13,700 | ₹130 | ₹18,000 |
| 09 Aug 2026 | ₹6 | +5.22% | ₹5,500 | ₹121 | ₹7,200 |
| 08 Aug 2026 | ₹6 | +5.22% | ₹5,500 | ₹121 | ₹7,200 |
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.
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 | 10,83,600 | 2,14,800 | ₹2.47 Cr | 0.20× |
| Retail individual | 10,83,600 | 28,56,000 | ₹32.84 Cr | 2.64× |
| Total | 21,67,200 | 30,70,800 | ₹35.31 Cr | 1.42× |
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 14 Aug, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 12 Aug 2026 – 14 Aug 2026
- Listing date
- 19 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹115
- Issue price
- ₹115 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹26.25 Cr
- Fresh issue
- ₹24.91 Cr 21,66,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹81.40 Cr
- Promoter holding
- 91.28% → 61.86% pre-issue → post-issue
- ISIN
- INE13G401012
- CIN
- U55101UP2018PLC107257
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- 1/361 SF, Vaishali, Ghaziabad, Uttar Pradesh – 201010
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) | 10,83,600 | 50.00% | 47.48% |
| bNII > ₹10L · within NII | 10,83,600 | — | 47.48% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 10,83,600 | 50.00% | 47.48% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,15,200 | — | 5.05% |
| Total issue | 22,82,400 | — | 100.00% |
Net offer to the public of 21,67,200 shares, out of a total issue of 22,82,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹115
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,76,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,66,000 |
| B-HNI (min) | 8 | 9,600 | ₹11,04,000 |
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
₹115 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.84 | 7.35 |
| P/E (×) | 10.61 | 15.65 |
| Price to book (×) | 7.66 | — |
| Market cap | — | ₹81.40 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 38.86%
- ROCE
- 46.00%
- PAT margin
- 5.84%
- EBITDA margin
- 10.29%
- NAV per share
- ₹15.01
- Price to book
- 7.66
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 | 54.78 | 46.83 | 40.22 |
| Revenue from operations | 54.78 | 46.83 | 40.22 |
| Other income | 0 | 0 | 0 |
| Total expenses | 47.83 | 43.14 | 37.57 |
| Operating profit | 6.95 | 3.69 | 2.65 |
| Operating margin | 12.69% | 7.88% | 6.59% |
| Profit before tax | 6.95 | 3.69 | 2.65 |
| Profit after tax | 5.2 | 2.74 | 1.96 |
| PAT margin | 9.49% | 5.85% | 4.87% |
| Balance sheet | |||
| Total assets | 26.57 | 19.68 | 14.34 |
| Current assets | 16.83 | 13.08 | 10.4 |
| Current liabilities | 13.9 | 9.96 | 8.98 |
| Total liabilities | 14.34 | 12.64 | 11.9 |
| Net worth | 12.24 | 7.04 | 2.44 |
| Current ratio | 1.21× | 1.31× | 1.16× |
| Return on equity | 42.48% | 38.92% | 80.33% |
| Cash flow | |||
| Operating cash flow | 3.99 | 1.89 | -0.17 |
| Investing cash flow | -3.75 | -3.07 | -1.48 |
| Financing cash flow | 0.02 | 1.22 | 1.76 |
| Net cash flow | 0.26 | 0.05 | 0.11 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility ₹4.42 Cr
The company proposes to utilize funds towards the purchase and installation of additional bakery processing machinery and equipment at its existing manufacturing facility to strengthen manufacturing capabilities and support future business growth.
2 Part finance the requirement of Working Capital ₹7.50 Cr
The company intends to utilize funds for investment in trade receivables, inventories and payment to trade payables to support expansion of business operations by increasing manufacturing capacities and operations.
3 Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company ₹6.75 Cr
The company proposes to utilize funds to repay certain borrowings to help reduce outstanding indebtedness, debt servicing costs and maintain a favourable debt-to-equity ratio.
4 General corporate purposes ₹3.92 Cr
The company intends to deploy funds towards strategic initiatives, brand building activities, strengthening infrastructure and systems, repayment of loans, provision for contingencies and ongoing corporate purposes as approved by the Board.
About Q&T Foods
Q&T Foods Limited, formerly Q&T Foods Private Limited, was incorporated on August 29, 2018 and converted to a public limited company on August 8, 2024. The company is engaged in the manufacture and sale of bakery products, primarily breads (including Milk Bread, White Bread, Multigrain Bread, Brown Bread) and other bakery items (Kulcha, Pav, Burger Bun, Pizza Base, etc.). For FY 2026, bread represented 99.91% of revenue from operations. The company operates a manufacturing facility in Uttar Pradesh and distributes products through a network of retail dealers. Revenue from operations for FY 2026 was Rs. 5,477.63 lakhs. The company's business is working capital intensive, with significant inventory and trade receivables forming major portions of current assets.
Management
Nishant Raj Gupta
MD
Khushbu Varshney
CEO
Usha Gupta
Director
Strengths
As stated in the offer document
Leveraging the experience of Promoter and employees
The company's promoters have proven background and experience in the bakery industry, providing key competitive advantage and enabling business expansion while exploring new growth avenues.
In-house manufacturing facility supported by technology driven process
The company operates a 10,750 sq. feet manufacturing facility with 9,472 TPA installed capacity, accredited with ISO 22000:2018 and HACCP certifications for quality management systems.
Extensive and well-developed sales and distribution network
The company has developed a dealer network of more than 50 dealers with periodic training programmes and sales incentives to encourage greater sales and increase brand visibility.
Long-standing relationship with dealers
The company has developed long-standing relationships with dealers without long-term agreements, ensuring uninterrupted supplies and retaining dealers on a pan India basis through strong relationships and product quality.
Focus on Quality and Timely Delivery
The company maintains ISO 22000:2018 certification and HACCP standards, focusing on manufacturing wide variety of bakery products while ensuring quality assurance and timely delivery to sustain business model.
Risk factors
As stated in the offer document
Outstanding Litigation Proceedings
The company faces pending litigation involving Rs. 51.11 lakhs against the company and Rs. 36.01 lakhs against promoters. Any adverse outcome may impact the company's reputation, business, financial condition, results of operations and cash flows.
Delays in Payment of Statutory Dues
The company has experienced significant delays in payment of statutory dues including Employee Provident Fund (delays up to 2,435 days) and Employee State Insurance (delays up to 915 days). Such delays may attract financial penalties from government authorities, adversely impacting financial condition and cash flows.
Manufacturing Facility on Leased Premises
The company's manufacturing facility operates on leased premises with rent of Rs. 45,000 per month. If the company is unable to renew lease agreements or relocate on commercially suitable terms, it may have a material adverse effect on business operations and financial condition.
Revenue Concentration on Few Customers
The company's top 10 customers contributed 25.01%, 24.85% and 31.56% of revenue from operations for fiscal years 2026, 2025 and 2024 respectively. Loss of key customers or reduction in business volumes could materially adversely affect results of operations and financial condition.
Increasing Inventory Levels
The company's inventory increased from Rs. 250.07 lakhs (March 2024) to Rs. 536.95 lakhs (March 2026). The company's inability to accurately forecast demand and manage inventory may adversely affect business, cash flows, and results of operations due to working capital requirements and spoilage risks.
Trademark Opposition Proceedings
The company's trademark application for "AMERICAN BAKERS" has been opposed by a third party under Sections 9, 11 and 18 of the Trade Marks Act, 1999. Any adverse outcome may require additional costs for rebranding, affecting brand recognition and business operations.
Company Analysis
from PROSPECTUSQ&T Foods Limited manufactures and sells breads and bakery products, primarily through a distribution network in Uttar Pradesh and Haryana.
Q&T Foods Limited, formerly Q&T Foods Private Limited, was incorporated on August 29, 2018 and converted to a public limited company on August 8, 2024. The company is engaged in the manufacture and sale of bakery products, primarily breads (including Milk Bread, White Bread, Multigrain Bread, Brown Bread) and other bakery items (Kulcha, Pav, Burger Bun, Pizza Base, etc.). For FY 2026, bread represented 99.91% of revenue from operations. The company operates a manufacturing facility in Uttar Pradesh and distributes products through a network of retail dealers. Revenue from operations for FY 2026 was Rs. 5,477.63 lakhs. The company's business is working capital intensive, with significant inventory and trade receivables forming major portions of current assets.
Objects of the Issue
- Funding capital expenditure for expansion of existing manufacturing facility p.42
- General corporate purposes
- To finance the Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility Rs. 442.21 lakhs p.84
- To part finance the requirement of Working Capital Rs. 750.00 lakhs p.84
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company Rs. 675.00 lakhs p.84
- General corporate purposes Upto Rs. 391.94 lakhs p.84
Issue Structure
- Total Issue
- Upto 22,82,400 Equity Shares at the Issue Price of Rs. 115 each aggregating Upto Rs. 2,624.76 Lakhs
- Fresh Issue
- Upto 22,82,400 Equity Shares of Face Value of Rs. 10/- each for cash at a price of Rs. 115/- per Equity Share including a Share Premium of Rs. 105/- per Equity Share aggregating to Rs. 2,624.76 Lakhs
- Offer for Sale
- Nil
- Price Band
- Rs. 115 per Equity Share (Fixed Price Issue)
- Lot Size
- Market lot and Trading lot: 1,200 Equity Shares and in multiples of 1,200 thereafter; subject to a minimum allotment of 2,400 Equity Shares
- Face Value
- Rs. 10/- per Equity Share
Business Model
The company manufactures breads and bakery products and sells them through a distribution network of retail dealers who resell to end consumers at multi-branded outlets. Revenue is generated from the sale of bakery products, with cost of materials consumed representing 73.81% of revenue from operations in FY 2026. The business requires inventory management of perishable products with limited shelf life and extends credit to dealers (typically 42-62 days).
Business Segments
SWOT Analysis
- • Strategic growth through expansion and continuous development(p.49)
- • Leveraging promoter experience and in-house manufacturing with technology(p.97)
- • Well-developed sales and distribution network with long-standing relationships(p.97)
- • Focus on quality and timely delivery(p.97)
- • Strong revenue growth trajectory(p.92)
- • Manufacturing facility with ISO and HACCP accreditation(p.86)
- • Experienced promoter with industry knowledge driving business growth(p.123)
- • ISO-certified in-house manufacturing facility with advanced technology(p.123)
- • Strong dealer network and long-standing customer relationships(p.123)
- • Strategic manufacturing location enabling efficient delivery and cost optimization(p.121)
- • Significant EBITDA margin expansion demonstrating operational efficiency(p.122)
- • Accredited manufacturing facility with quality certifications(p.211)
- • Strategic facility location enabling efficient customer service and lead times(p.211)
- • Growing profitability and strong EBITDA margin expansion(p.212)
- • Diversified product portfolio in bread and bakery category(p.211)
- • Strong revenue growth trajectory across fiscal years(p.212)
- • Outstanding litigation and legal proceedings involving the Company and Promoters(p.23)
- • Chronic delays in statutory dues payments affecting multiple compliance areas(p.24)
- • Manufacturing facility dependent on leased premises with renewal uncertainty(p.26)
- • Significant revenue concentration among top customers creating dependency risk(p.27)
- • Rising inventory levels with deteriorating turnover metrics(p.28)
- • Negative operating cash flows in prior periods signaling liquidity stress(p.28)
- • Trademark opposition proceedings threatening brand 'AMERICAN BAKERS'(p.28)
- • Geographic and product concentration with 99.25% revenue from Uttar Pradesh and 99.91% from Bread(p.29)
- • Pending material civil litigations with Rs. 34.52 Lakhs aggregate financial exposure(p.31)
- • Multiple delays in statutory filings with Registrar of Companies(p.34)
- • Promoter shareholding concentrated at 60.61% post-IPO reducing minority influence(p.44)
- • High secured debt with charge over movable properties creating default risk(p.44)
- • Unsecured demand loans of Rs. 15.13 Lakhs repayable on demand creating liquidity risk(p.44)
- • Absence of long-term supplier agreements exposing to raw material supply disruptions(p.32)
- • Missing UDIN in historical audit reports by erstwhile auditor(p.33)
- • Growth management challenges placing demands on resources(p.49)
- • High short-term borrowings relative to long-term debt(p.52)
- • Operating at high capacity utilization leaving limited expansion headroom(p.86)
- • Litigation matters pending in various courts(p.56)
- • High geographic concentration with 99.25% revenue from Uttar Pradesh(p.125)
- • Extreme customer concentration with top 10 customers representing 25% of revenue(p.132)
- • High supplier concentration with top 10 suppliers representing 36% of purchases(p.132)
- • Limited product portfolio with 99.91% revenue from bread category(p.129)
- • Trademark application opposed citing prior adopter concerns(p.136)
- • Significant customer concentration risk with top 5 customers representing 13.08% of revenue(p.221)
- • High supplier concentration with top 5 suppliers accounting for 22.39% of raw material costs(p.221)
- • Multiple outstanding criminal litigation cases against company and promoters(p.223)
- • Contingent liabilities from pending litigation with counter-claims(p.205)
- • Significant reliance on working capital borrowings and bank overdraft facility(p.194)
- • Outstanding tax demands against promoters and company(p.225)
- • Capacity expansion planned using IPO proceeds for revenue growth(p.42)
- • Growing capacity utilization trend from 78.61% to 91.33% indicating market demand(p.40)
- • Geographic expansion beyond current Uttar Pradesh concentration(p.42)
- • Capacity expansion through planned machinery acquisition increasing production to 15,128 TPA(p.86)
- • Growing FMCG sector with rural demand acceleration(p.113)
- • Strong snack market growth projections(p.113)
- • Government support through PLI scheme for food processing(p.113)
- • Quick commerce expansion opportunity(p.113)
- • Indian bakery market projected to grow at 8.76% CAGR to USD 32.05 billion by 2034(p.115)
- • Government incentives including 100% income tax deduction for food processing(p.115)
- • Expansion of organized retail into tier-two and tier-three cities(p.118)
- • Rising rural consumption with increased demand for branded products(p.115)
- • Government strategy to expand geographic reach and capture market share(p.124)
- • Government support for cold chain infrastructure enabling wider distribution(p.119)
- • Geographic expansion strategy in Uttar Pradesh and beyond(p.211)
- • Potential for product portfolio upgrades and innovation(p.213)
- • Listing on SME Platform enabling capital access for growth(p.212)
- • Growing FMCG and bakery product consumer demand in India(p.221)
- • Perishable product nature with limited shelf life creating demand-supply mismatch risks(p.40)
- • Product contamination and food safety risks in bakery manufacturing(p.30)
- • Fragmented and competitive bakery industry with organized and unorganized players(p.39)
- • Raw material supply volatility and commodity price fluctuations(p.32)
- • Dependence on state power supply with limited backup capacity(p.34)
- • Regulatory compliance risks including food safety standards under FSS Act(p.31)
- • Top 10 raw material suppliers represent 36.07% of purchases creating procurement concentration(p.32)
- • Uncertainty regarding consumer preferences and demand changes for bread products(p.33)
- • Transportation and distribution disruptions affecting product freshness and delivery(p.40)
- • Incomplete MSME supplier registration information creating hidden interest liabilities(p.36)
- • Dependence on Indian economic growth for business performance(p.49)
- • Agricultural production impacts from monsoon failures(p.49)
- • Infrastructure quality and capacity constraints(p.49)
- • Global economic downturn and adverse market conditions(p.49)
- • Changing laws and regulatory uncertainties(p.50)
- • Terrorist attacks and civil unrest impacts on markets(p.50)
- • Health concerns limiting consumption of refined flour and sugar-based products(p.119)
- • Price sensitivity in mass market segments limiting premium product margins(p.119)
- • Commodity price volatility affecting input costs and compressing margins(p.119)
- • Intense competition from organized and unorganized bakery players(p.134)
- • Strong competition from traditional Indian snacks and regional specialties(p.119)
- • Intense competition from organized and unorganized bakery industry players(p.221)
- • Vulnerability to raw material price volatility and input cost inflation(p.220)
- • Dependence on stable general economic conditions and consumer demand(p.213)
- • Regulatory changes affecting taxation, pricing and licensing(p.213)
- • External disruptions from pandemic, natural disasters or geopolitical events(p.213)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nishant Raj Gupta | Promoter | — | — |
| Ms. Khushbu Varshney | Promoter | — | — |
| Ms. Usha Gupta | Promoter | — | — |
| Mr. Rakesh Gupta | Promoter | — | — |
| Nishant Raj Gupta | Promoter | 46.79% | 31.70% |
| Usha Gupta | Promoter | 22.48% | 15.23% |
| Khushbu Varshney | Promoter | 7.34% | 4.97% |
| Rakesh Gupta | Promoter | 12.84% | 8.70% |
| Roopali Gupta | Promoter Group | 1.83% | 1.24% |
| Nishant Raj Gupta | Promoter/Chairperson & Managing Director | 46.79% | — |
| Khushbu Varshney | Promoter/Executive Director | 7.34% | — |
| Usha Gupta | Promoter/Non-Executive Director | 22.48% | — |
| Rakesh Gupta | Promoter | 12.84% | — |
| Gashish Rai Gupta | Promoter | 46.75% | — |
| Usha Gupta | Promoter | 22.48% | — |
| Rajesh Gupta | Promoter | 21.84% | — |
| Dhanuka Varshney | Promoter | 7.35% | — |
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.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Q&T Foods Ltd. THIS ISSUE | 10.83 | 25.51 | 15.65, computed at the offer price | 7.66, computed at the offer price | 42.49% |
Mrs.Bectors Foods Specialties Ltd. | 3.87 | 38.29 | 54.37 | 5.53 | 10.11% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.