SSMD Agrotech India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹121 | ₹0 |
| 01 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹121 | ₹0 |
| 30 Nov 2025 | ₹0 | 0.00% | ₹0 | ₹121 | ₹0 |
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
- 25 Nov 2025 – 27 Nov 2025
- Listing date
- 02 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹121 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹34.09 Cr
- Market cap at offer price
- ₹105 Cr
- Promoter holding
- 100.00% → 67.49% pre-issue → post-issue
- ISIN
- INE1U2R01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- 3Dimension Capital Services Ltd.
- Registered office
- Khasra No.640/641, Libaspur Road, Village Siraspur, Siraspur, New Delhi
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 | 0 | — | — |
| Market maker | 1,56,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹121
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,21,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,42,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,68,000 |
| B-HNI (min) | 9 | 9,000 | ₹10,89,000 |
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
₹121 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.19 | 8.85 |
| P/E (×) | 13.17 | 13.67 |
| Price to book (×) | 9.65 | — |
| Market cap | — | ₹105 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 78.00%
- ROCE
- 100.85%
- Debt / equity
- 0.88
- PAT margin
- 5.42%
- EBITDA margin
- 8.54%
- NAV per share
- ₹12.54
- Price to book
- 9.65
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About SSMD Agrotech India
SSMD Agrotech India Limited, formerly Shree Dhanlaxmi Flour Mills Private Limited, was incorporated on October 10, 2023 and converted to a public company on February 24, 2025. The company operates under the brand 'House of Manohar' and acquired the entire business of M/s Manohar Lal Jaigopal Agro Industries and M/s S.S Agro India effective April 1, 2024. The company manufactures and trades various FMCG agro food products including gram flour (Besan), chana dal, matar flour, puffed rice, ramdana, atta, mustard oil and spices under brands including Manohar Agro, Super S.S., Delhi Special and Shree Dhanlaxmi. The business model combines traditional B2B distribution through an extensive network of distributors across Delhi/NCR, Haryana, Uttar Pradesh, Punjab and Uttarakhand with a newer Direct-to-Consumer (D2C) model through dark store factories designed to deliver fresh products within 10 minutes.
Company Analysis
from RHPSSMD Agrotech India Limited, operating as House of Manohar, manufactures and trades FMCG agro food products including gram flour, chana dal, atta, oils and spices across India through B2B distribution and D2C dark stores.
SSMD Agrotech India Limited, formerly Shree Dhanlaxmi Flour Mills Private Limited, was incorporated on October 10, 2023 and converted to a public company on February 24, 2025. The company operates under the brand 'House of Manohar' and acquired the entire business of M/s Manohar Lal Jaigopal Agro Industries and M/s S.S Agro India effective April 1, 2024. The company manufactures and trades various FMCG agro food products including gram flour (Besan), chana dal, matar flour, puffed rice, ramdana, atta, mustard oil and spices under brands including Manohar Agro, Super S.S., Delhi Special and Shree Dhanlaxmi. The business model combines traditional B2B distribution through an extensive network of distributors across Delhi/NCR, Haryana, Uttar Pradesh, Punjab and Uttarakhand with a newer Direct-to-Consumer (D2C) model through dark store factories designed to deliver fresh products within 10 minutes.
Objects of the Issue
- Funding of Working capital Requirement of the Company ₹1,310.00 lakhs p.29
- Repayment of portion of certain Borrowings availed by the Company ₹683.33 lakhs p.29
- Capital Expenditure to be incurred by the Company for Setting up of D2C Dark Store Factories ₹203.36 lakhs p.29
- Capital Expenditure incurred by the Company for Purchase of Machinery for Namkeen Manufacturing Plant ₹96.75 lakhs p.29
- General Corporate Purpose p.30
- Funding of Working Capital Requirement of the Company ₹1,310.00 lakhs p.96
- Repayment of portion of certain borrowings availed by our Company ₹683.33 lakhs p.96
- Capital Expenditure to be incurred by the Company for setting up of new D2C dark Store factories ₹203.36 lakhs p.96
- Capital Expenditure to be incurred by the Company for Purchase of Machinery for Namkeen Plant ₹96.75 lakhs p.96
- General Corporate Purpose p.96
- Funding capex for manufacturing equipment for namkeen (snacks) production line ₹9,675,000 (₹96.75 Lakhs approximately) p.125
- General corporate purposes Balance of Fresh Issue proceeds (15% limit per regulations) p.126
- Objects of the Issue not explicitly detailed in this part of the document p.333
Issue Structure
- Total Issue
- 28,17,000 Equity Shares aggregating to ₹[●] lakhs
- Fresh Issue
- 28,17,000 Equity Shares aggregating to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- To be decided by the Company in consultation with the BRLM and advertised in Financial Express (English) and Jansatta (Hindi) at least 2 working days prior to Bid/Issue opening date
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10.00 each
Business Model
The company operates a hybrid business model combining traditional B2B distribution through an extensive distributor network across Delhi/NCR, Haryana, Uttar Pradesh, Punjab and Uttarakhand, with a modern Direct-to-Consumer (D2C) model utilizing dark store factories. The D2C model focuses on delivering fresh and quality products such as atta, oil and spices directly to customers within 10 minutes to improve convenience, maintain product quality and strengthen customer trust.
Business Segments
SWOT Analysis
- • Established market presence with multiple owned brands(p.29)
- • Diversified business model combining traditional B2B and modern D2C channels(p.29)
- • Experienced promoter team with significant industry background(p.30)
- • Strong revenue growth trajectory(p.31)
- • Experienced promoter-led management with established business operations(p.56)
- • Established agro-food processing business with existing manufacturing units generating revenue(p.70)
- • Strong revenue growth trajectory with FY 2025 revenues of ₹9,917.95 lakhs(p.65)
- • Profitable operations with PAT of ₹537.79 lakhs in FY 2025(p.66)
- • Positive operating cash generation capability with ₹245.79 lakhs from operations(p.68)
- • Diversified product portfolio across multiple categories and brands(p.175)
- • Efficient by-product monetization reducing waste(p.175)
- • Strong experienced management and promoter leadership(p.175)
- • Multiple manufacturing facilities with modern equipment(p.175)
- • ISO certifications and food safety compliance(p.178)
- • 45 years of founder experience in food industry with established brand recognition(p.212)
- • Young, qualified management team driving business expansion(p.209)
- • No labour disputes or unionization, strong employee relations(p.195)
- • No history of project cost/time overruns or injunctions(p.195)
- • No defaults or rescheduling of borrowings with financial institutions(p.195)
- • Strong governance with independent directors and audit committee(p.203)
- • ISO certified operations across multiple management systems(p.295)
- • Strong revenue growth and profitability trajectory(p.302)
- • Significant improvement in EBITDA margins(p.303)
- • Established brand portfolio across four sub-brands(p.295)
- • Improved debt-equity ratio indicating strengthened financial position(p.290)
- • Substantial improvement in debt service coverage capability(p.291)
- • High concentration of revenue from limited number of customers(p.39)
- • High dependency on limited number of suppliers(p.46)
- • Unregistered trademarks and intellectual property vulnerabilities(p.41)
- • Unrecorded educational qualifications of director(p.47)
- • Rented manufacturing and office premises with no long-term ownership(p.46)
- • History of delayed statutory and regulatory filings(p.41)
- • Persistent delays in tax and statutory dues payments(p.42)
- • Heavy dependence on key promoters for business management and strategic direction(p.56)
- • Significant outstanding borrowings of ₹687.55 lakhs as of September 30, 2025(p.106)
- • Technology infrastructure risks and potential obsolescence of current equipment(p.57)
- • No dividend payment history limiting shareholder returns(p.57)
- • Limited experience as a listed company with increased compliance burden(p.59)
- • High dependence on top customers (69.91% from top 10 in 6-month period)(p.171)
- • Concentration of business in Delhi/NCR region (83.87% for stub period)(p.171)
- • Limited operational scale with only 49 permanent employees(p.178)
- • Low capacity utilization in some manufacturing units(p.169)
- • Significant concentration of shareholding with managing director at 99.06%(p.252)
- • High dependence on overdraft facility from ICICI Bank(p.256)
- • Recent business consolidation creates integration execution risk(p.233)
- • Company is very young, incorporated only in October 2023(p.236)
- • Losses in prior period (FY 2022-23)(p.231)
- • High leverage with debt-to-equity ratio of 0.64 as at 30.09.2025(p.282)
- • Dependence on third-party manufacturers for product supply(p.297)
- • High leverage in predecessor proprietorship entities(p.290)
- • Prior legal disputes between promoter and employees(p.312)
- • GST compliance issues and pending notices(p.310)
- • Tax demand against group entity related to company(p.317)
- • Expansion of D2C model to capture direct consumer market(p.29)
- • Growth in FMCG sector with increasing consumer spending(p.28)
- • Planned capacity expansion in namkeen manufacturing(p.49)
- • Geographic expansion beyond current high-concentration markets(p.50)
- • Expansion into diversified FMCG segments including edible oils and namkeen products(p.102)
- • D2C (Direct-to-Consumer) dark store factory model with rapid growth potential(p.109)
- • New namkeen automated manufacturing plant to capture untapped market segment(p.116)
- • Opportunity for direct institutional engagement with organized retail chains(p.103)
- • Launch of daily essentials brand (Ultra Dhulai) for recurring revenue streams(p.102)
- • Geographic expansion of D2C model beyond Delhi/NCR(p.111)
- • D2C model expansion with dark store factories targeting rapid 10-minute delivery(p.176)
- • Product portfolio expansion into snacks/namkeen category(p.176)
- • Entry into household care market with detergent powder launch(p.176)
- • Growing FMCG sector with 7-9% projected growth in FY25(p.147)
- • Expansion beyond existing geographic footprint(p.171)
- • Expansion of agro-food product portfolio including protein foods and edible oils(p.195)
- • Introduction of new products under Super S.S. brand(p.199)
- • Establish brand presence in retail and institutional markets(p.199)
- • Expanded object clause enabling entry into multiple agro-food categories(p.195)
- • Acquisition of complementary agro businesses to consolidate market position(p.233)
- • Expansion through product portfolio diversification(p.295)
- • Growth potential in D2C dark store factory model(p.301)
- • Emerging FMCG market expansion potential(p.296)
- • Potential for corporate scaling and geographic expansion(p.295)
- • Seasonal volatility and weather-dependent demand(p.40)
- • Commodity price fluctuations beyond company control(p.54)
- • Geographic concentration creating regional market risk(p.51)
- • Regulatory changes and compliance uncertainties(p.53)
- • Product contamination and food safety risks(p.52)
- • Intense competition from existing and new market entrants(p.27)
- • Dependence on uncontracted raw material suppliers subject to supply disruption(p.50)
- • Inflation volatility in India increasing operational costs(p.58)
- • Global economic downturn and adverse market conditions affecting demand(p.58)
- • Slowdown in Indian economic growth directly impacting business performance(p.58)
- • Regional hostilities and terrorist threats affecting investor confidence and markets(p.59)
- • Regulatory changes and compliance requirements increasing capital expenditures(p.59)
- • Downgrading of India's sovereign debt rating affecting financing capability(p.59)
- • Risk of inability to comply with food safety and environmental regulations(p.56)
- • High exposure to agricultural commodity price volatility(p.165)
- • Intense competition in fragmented FMCG sector with low entry barriers(p.178)
- • Regulatory changes affecting food safety and labeling standards(p.186)
- • Economic slowdown reducing consumer discretionary spending(p.174)
- • Counterfeiting and brand imitation risks(p.174)
- • Food industry regulation and compliance requirements(p.214)
- • Dependence on agricultural commodities and input price volatility(p.195)
- • Intensive competition in FMCG food manufacturing sector(p.209)
- • Foreign currency fluctuations affecting import of commodities(p.238)
- • Monsoon and weather dependency for agricultural inputs(p.195)
- • General economic and macro-economic volatility(p.296)
- • Increasing competitive intensity in FMCG sector(p.296)
- • Risk of supply chain disruption(p.297)
- • Regulatory and policy changes affecting agro-food industry(p.297)
- • External economic shocks and global disruptions(p.297)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Ishu Munjal | Promoter | 57,94,129 shares (99.05%) | 57,94,129 shares (66.86%) |
| Mrs. Surbhi Munjal | Promoter | 54,450 shares (0.93%) | 54,450 shares (0.62%) |
| Mr. Jai Gopal Munjal | Promoter | 110 shares (Negligible) | 110 shares (Negligible) |
| Mr. Ishu Munjal | Promoter & Managing Director | 99.06% | [●] |
| Mrs. Surbhi Munjal | Promoter & Whole Time Director | 0.93% | [●] |
| Mr. Jai Gopal Munjal | Promoter & Chairman | Negligible | [●] |
| Ishu Munjal | Promoter | — | — |
| Surbhi Munjal | Promoter | — | — |
| Jaigopal Munjal | Promoter | — | — |
| Mr. Ishu Munjal | Individual Promoter | 99.05% | — |
| Mrs. Surbhi Munjal | Individual Promoter | 0.93% | — |
| Mr. Jai Gopal Munjal | Individual Promoter | 0.00% | — |
| Ishu Munjal | Promoter/Managing Director | — | — |
Leadership
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.