Sawaliya Food Products
SMENSE₹34.83 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹34.83 Cr
1 lot at cut-off
₹1,44,000
Lot size
1,200shares
Open
07 Aug 2025
Close
11 Aug 2025
Allotment
12 Aug 2025
Listing
14 Aug 2025
Listing performance
Issue price
₹120
Listed at
₹228
Listing-day close
₹239.40
Latest price
₹181.80
Close on 23 Oct 2026
Listing gain
+90.00%
Return since issue
+51.50%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 07 Aug 2025 – 11 Aug 2025
- Listing date
- 14 Aug 2025
- Face value
- ₹10 per share
- Issue price
- ₹120 per share
- Lot size
- 1,200 shares
- Listing at
- NSE
- Total issue size
- ₹34.83 Cr
- Market cap at offer price
- ₹119 Cr
- Promoter holding
- 96.00% → 67.78% pre-issue → post-issue
- ISIN
- INE10VS01016
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Survey No.9/2/1/2, Gavla, Tehsil Pithampur, Madhya Pradesh
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 | 8,19,600 | — | — |
| Market maker | 1,46,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹120
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,44,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,88,000 |
| S-HNI (max) | 6 | 7,200 | ₹8,64,000 |
| B-HNI (min) | 7 | 8,400 | ₹10,08,000 |
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.
Shares allocated
8,19,600
Anchor portion
₹9.84 Cr
at ₹120 per share
Valuation and performance
Valuation at offer price
₹120 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.49 | 7.00 |
| P/E (×) | 12.64 | 17.14 |
| Price to book (×) | 6.94 | — |
| Market cap | — | ₹119 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 54.91%
- ROCE
- 48.96%
- Debt / equity
- 1.78
- PAT margin
- 20.32%
- EBITDA margin
- 35.74%
- NAV per share
- ₹17.29
- Price to book
- 6.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sawaliya Food Products
Founded in 2014 and incorporated as a public limited company in 2024, Sawaliya Food Products Limited manufactures and processes dehydrated vegetables including dehydrated carrot, dehydrated cabbage, and dehydrated ring beans. The company serves leading institutional manufacturers in the branded packaged food industry, traders, and international importers. Products are used as raw materials in FMCG applications such as cup noodles, ready-to-eat noodles, pasta, and soup. The company sources raw materials directly from farmers located near its manufacturing unit in Madhya Pradesh, maintaining cost competitiveness and low logistical costs. Revenue in FY 2025 was ₹3,418.42 lakhs with net profit of ₹694.57 lakhs.
Company Analysis
from RHPSawaliya Food Products Limited is a manufacturer and processor of dehydrated vegetables serving the FMCG industry across multiple product categories.
Founded in 2014 and incorporated as a public limited company in 2024, Sawaliya Food Products Limited manufactures and processes dehydrated vegetables including dehydrated carrot, dehydrated cabbage, and dehydrated ring beans. The company serves leading institutional manufacturers in the branded packaged food industry, traders, and international importers. Products are used as raw materials in FMCG applications such as cup noodles, ready-to-eat noodles, pasta, and soup. The company sources raw materials directly from farmers located near its manufacturing unit in Madhya Pradesh, maintaining cost competitiveness and low logistical costs. Revenue in FY 2025 was ₹3,418.42 lakhs with net profit of ₹694.57 lakhs.
Food processingFMCGAgricultural products exportDehydrated vegetables manufacturing
Objects of the Issue
- Funding capital expenditure requirements towards purchase of new machinery and upgradation of existing machinery installed and setting up of on-grid rooftop solar PV system Up to 748.66 lakhs p.23
- Funding of working capital requirements Up to 1,000.00 lakhs p.23
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company Up to 461.15 lakhs p.23
- General corporate purposes p.23
- Funding capital expenditure requirements towards (i) purchase of new machinery and upgradation of existing machinery installed; and (ii) setting up of on-grid rooftop solar PV system of a capacity of 149.04KWp at our existing manufacturing unit Up to ₹748.66 lakhs p.96
- Funding of working capital requirements Up to ₹1,000.00 lakhs p.96
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company Up to ₹461.15 lakhs p.96
- General corporate purposes p.96
- Purchase and installation of new machinery and equipment for manufacturing unit to increase production capacity and enhance product quality ₹687.94 lakhs p.96
- Setting up of on-grid rooftop solar PV system to reduce electricity costs and dependency on third-party power sources ₹60.72 lakhs p.102
- Funding of working capital requirements for Financial Years 2025 and 2026 ₹1,000 lakhs p.104
- Full or partial repayment or pre-payment of outstanding term loans ₹461.15 lakhs p.106
- General corporate purposes including operating expenses, development costs for projects, and strengthening business development and marketing capabilities p.108
- Installing additional machinery in both production lines to enhance existing manufacturing process and increase manufacturing capacity ₹646.27 lakhs p.228
Issue Structure
- Total Issue
- 29,02,800 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- 26,02,800 Equity Shares of face value of ₹10 each aggregating to ₹[●] lakhs
- Offer for Sale
- 3,00,000 Equity Shares of face value of ₹10 each (1,50,000 by Raghav Somani and 1,50,000 by Priya Somani) aggregating to ₹[●] lakhs
- Price Band
- Floor Price: ₹[●]; Cap Price: ₹[●]
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures dehydrated vegetables sold as raw materials to FMCG manufacturers, branded packaged food companies, traders, and international importers. Revenue is generated through direct sales to customers, with the majority coming from institutional buyers in the FMCG sector. The company procures raw materials directly from farmers in proximity to its manufacturing unit to maintain cost efficiency.
Business Segments
Dehydrated carrot product for FMCG applications
Dehydrated cabbage product for FMCG applications
Dehydrated ring beans product for FMCG applications
Produces dehydrated carrot A grade with installed capacity
Produces dehydrated carrot B grade with installed capacity
Produces dehydrated ring beans with installed capacity
Produces dehydrated cabbage with installed capacity
Produces other dehydrated vegetable products
B2B sales of dehydrated products to renowned FMCG companies and food processing companies as per their specifications for manufacturing ready to eat noodles, pastas and soups
Sale to local and foreign traders who further sell to domestic institutional manufacturers or export to different geographies
Direct export of finished products to intermediaries in USA and sub-standard products exported for pet food manufacturing
Manufacturing and sale of dehydrated vegetables including carrot flakes, cabbage flakes, bean flakes and other value-added food products
Trading of food and food-related products
Supply of dehydrated products to renowned FMCG companies and food processing companies as per their specifications under a B2B model
Sale of products to local and foreign traders who further distribute to domestic manufacturers or export internationally
Direct export of finished products to intermediaries in the United States and other countries, including sale of sub-standard products for pet food manufacturing
SWOT Analysis
Strengths
- • Direct farmer sourcing with low-cost procurement model(p.22)
- • Integrated business model with raw material leverage(p.22)
- • Established customer relationships in branded FMCG sector(p.22)
- • Successful track record of product diversification(p.32)
- • Growing revenue with consistent profitability improvement(p.24)
- • Established manufacturing facility with track record of capacity expansion(p.100)
- • Significant revenue growth over past three years(p.98)
- • Growing customer base with 91 customers in FY2025(p.98)
- • Cold storage facility enhancing product shelf-life and inventory management(p.100)
- • Premier customer base with major FMCG manufacturer(p.143)
- • Diversified product portfolio with flexible manufacturing(p.143)
- • Sustainable business model with direct farmer relationships(p.103)
- • Strong quality assurance and international certifications(p.140)
- • Cost advantage through strategic location and raw material sourcing(p.148)
- • Experienced management team with proven track record(p.140)
- • High capacity utilization and automated manufacturing(p.147)
- • FDA approval and export capability(p.170)
- • Modern facility with sustainable energy(p.170)
- • Automated production with quality control(p.170)
- • Consistent business growth trajectory(p.199)
- • Diversified product portfolio(p.170)
- • Strong profitability improvement(p.199)
- • Direct farmer procurement with low-cost logistics advantage(p.227)
- • Unique pricing model and cost competitive positioning(p.227)
- • Zero-wastage policy and commercialization of waste materials(p.228)
- • US FDA approval for products(p.228)
- • Strong experienced management team with domain expertise(p.228)
- • Diversified customer portfolio reducing dependence(p.227)
- • Successful track record with effective business model(p.228)
Weaknesses
- • Heavy concentration on single customer(p.30)
- • Limited long-term contractual commitments with customers(p.30)
- • High dependence on repeat orders from key customers(p.33)
- • Geographic concentration of operations in Madhya Pradesh(p.35)
- • History of delays in statutory filings and compliance(p.38)
- • Product portfolio concentrated in three main products(p.32)
- • Significant decline in capacity utilization of key products(p.47)
- • Dependence on third-party transportation with no formal long-term agreements(p.48)
- • Lack of trademark and intellectual property protection(p.48)
- • High dependence on promoter-backed personal guarantees and collateral for borrowings(p.49)
- • Negative operating cash flow in FY2025 due to working capital requirements(p.55)
- • Newly formed management team with unproven ability to execute strategy(p.58)
- • Outstanding direct tax contingent liabilities and compliance issues(p.55)
- • High dependency on institutional customers for majority revenue(p.143)
- • Limited geographic diversification of customer base(p.139)
- • High debt-to-equity ratio(p.141)
- • Limited product portfolio focus on vegetables only(p.139)
- • High reliance on seasonal raw material availability(p.105)
- • Significant working capital requirements from trader expansion(p.105)
- • High financial leverage(p.217)
- • Loan repayment delays(p.171)
- • High dependence on related party financing(p.221)
- • Low cash reserves(p.198)
- • Negative operating cash flow(p.200)
- • High inventory levels(p.198)
- • Significant dependence on top customers(p.235)
- • High financial leverage with increased borrowings(p.223)
- • Rising finance costs impacting profitability(p.231)
- • Contingent tax liability pending resolution(p.224)
- • Significant working capital requirements(p.233)
Opportunities
- • Expansion of food processing sector and cold chain infrastructure(p.22)
- • Growing FMCG sector demand for processed food ingredients(p.33)
- • Product diversification into new dehydrated categories(p.42)
- • Capacity expansion and production capability enhancement(p.31)
- • Geographic expansion beyond Madhya Pradesh(p.36)
- • Sustainability initiatives with renewable energy(p.37)
- • Expansion of market reach into untapped domestic geographic regions and segments(p.47)
- • Long-term international market expansion for dehydrated vegetables(p.47)
- • Installation of solar PV system for cost reduction and sustainability(p.99)
- • Introduction of new products through additional machinery(p.100)
- • Capacity expansion and operational efficiency improvements through machinery upgrades(p.100)
- • Rapid growth in Indian food processing sector(p.131)
- • Expansion into new product categories(p.149)
- • Geographic expansion and international market penetration(p.149)
- • Government support through multiple schemes(p.131)
- • Growing demand for processed vegetables in FMCG products(p.143)
- • Opportunity to leverage sustainability trends for market entry(p.103)
- • Strong infrastructure investment and cold chain development(p.132)
- • Capacity expansion through new production line(p.170)
- • Export market development(p.170)
- • Vertical integration through in-house cold storage(p.170)
- • Growth in dehydrated vegetables market(p.200)
- • Product portfolio diversification(p.170)
- • Expansion of manufacturing capacity through IPO proceeds(p.228)
- • Growth in institutional customer segment(p.230)
- • Expansion of customer base and market reach(p.231)
- • Growing demand in FMCG and packaged food industry(p.227)
- • International market expansion opportunity(p.227)
- • Introduction of new products for revenue growth(p.232)
Threats
- • Heavy dependence on FMCG industry cyclicality(p.31)
- • Seasonal variations and agricultural dependency(p.33)
- • Raw material supply concentration on small farmer base(p.33)
- • Intense competitive pressure from larger players(p.44)
- • Risk of customer backward integration(p.31)
- • Food safety and quality control regulatory risks(p.44)
- • Technological disruption in dehydration processes(p.44)
- • Natural calamities and regional disruptions(p.36)
- • Reduction in availability of fresh vegetables affecting raw material supply(p.47)
- • Regulatory and licensing risks affecting business continuity(p.47)
- • Significant electricity cost exposure and tariff volatility(p.49)
- • Foreign exchange fluctuations affecting export revenue realization(p.56)
- • Dependence on growth of downstream food manufacturing industries(p.56)
- • Vulnerability to natural calamities and disruptions affecting operations(p.62)
- • Competition from established FMCG companies in new markets(p.47)
- • Restrictive covenants in debt agreements limiting business flexibility(p.51)
- • Shortage or non-availability of electrical power(p.103)
- • High competitive and fragmented industry(p.156)
- • Competitors with greater financial and marketing resources(p.156)
- • Dependence on seasonal harvest and raw material price fluctuations(p.105)
- • Regulatory compliance in multiple jurisdictions(p.157)
- • Risk of delays in raw material supply from farmers(p.103)
- • Fluctuations in input costs and foreign exchange(p.101)
- • Regulatory compliance requirements for food safety(p.161)
- • Mandatory packaging and labelling compliance(p.161)
- • HACCP compliance requirements(p.163)
- • Quality control and certification burden(p.162)
- • Reliance on raw material sourcing(p.213)
- • High interest rate burden on unsecured borrowings(p.221)
- • Seasonal variations and raw material availability(p.229)
- • Increased competition from new entrants(p.229)
- • General economic and regulatory uncertainty(p.229)
- • Market fragmentation affecting business(p.229)
- • Fluctuations in raw material prices and foreign exchange(p.224)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Raghav Somani | Promoter | 30,72,476 shares (42.00%) | — |
| Priya Somani | Promoter | 30,72,462 shares (42.00%) | — |
| Raghav Somani | Promoter | 42.00% | — |
| Priya Somani | Promoter | 42.00% | — |
| Madhav Somani | Promoter Group | 4.00% | — |
| Krishna Kant Somani | Promoter Group | 4.00% | — |
| Hansa Somani | Promoter Group | 4.00% | — |
| Vranda Baheti | Promoter Group | 4.00% | — |
| Raghav Somani | Promoter | — | — |
| Priya Somani | Promoter | — | — |
| Raghav Somani | Promoter | 42.00% | — |
| Priya Somani | Promoter | 42.00% | — |
| Raghav Somani | Promoter | 42.00% | — |
| Priya Somani | Promoter | 42.00% | — |
| Raghav Somani | Selling Shareholder | — | — |
| Priya Somani | Selling Shareholder | — | — |
Leadership
Raghav Somani · Chairman and Managing Director
Priya Somani · Whole-time Director
Pankaj Neema · Chief Financial Officer
Namita Singh Rathour · Company Secretary and Compliance 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.
Sawaliya Food Products IPO FAQs
What is the lot size of Sawaliya Food Products IPO?
The minimum lot size of Sawaliya Food Products IPO is 1,200 shares. One lot costs ₹1,44,000 at the cut-off price.
When does Sawaliya Food Products IPO open and close?
Sawaliya Food Products IPO opened for subscription on 07 Aug 2025 and closed on 11 Aug 2025.
What is the listing date of Sawaliya Food Products IPO?
Sawaliya Food Products IPO listed on 14 Aug 2025.