Swasth Foodtech India
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 20 Feb 2025 – 24 Feb 2025
- Listing date
- 28 Feb 2025
- Face value
- ₹1 per share
- Issue price
- ₹94 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹14.92 Cr
- Market cap at offer price
- ₹55.06 Cr
- Promoter holding
- 100.00% → 72.90% pre-issue → post-issue
- ISIN
- INE0TIR01017
- Registrar
- MAS Services Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Baro Chowmata Belari, Guskara, Purba Burdwan, Purba Burdwan, 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 | 0 | — | — |
| Market maker | 80,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹94
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,12,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,25,600 |
| S-HNI (max) | 8 | 9,600 | ₹9,02,400 |
| B-HNI (min) | 9 | 10,800 | ₹10,15,200 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.53 | 6.25 |
| P/E (×) | 20.75 | 15.04 |
| Price to book (×) | 6.43 | — |
| Market cap | — | ₹55.06 Cr |
Key performance indicators
- Return on net worth
- 30.97%
- ROCE
- 13.48%
- Debt / equity
- 3.75
- PAT margin
- 1.44%
- NAV per share
- ₹14.62
- Price to book
- 6.43
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Swasth Foodtech India
Swasth Foodtech India Limited, incorporated as a private limited company on February 2, 2021, and converted to public limited company on May 20, 2024, is engaged in processing crude rice bran oil into refined edible rice bran oil for sale to edible oil manufacturers and packers. The company manufactures various grades and colors of rice bran oil based on customer specifications and markets finished products alongside by-products (fatty acid, gums, spent earth, wax) generated during processing. Rice bran oil is marketed as a healthier option due to its balance of polyunsaturated and monounsaturated fats in approximately 1:1 ratio, richness in Vitamin E and Oryzanol, high smoke point suitable for high-heat cooking, and neutral flavor. The company commenced business operations in June 2022 from its manufacturing unit in Burdwan, West Bengal.
Company Analysis
from RHPSwasth Foodtech India Limited processes edible rice bran oil from crude oil for sale to oil manufacturers and packers, operating in the edible oils and fats industry.
Swasth Foodtech India Limited, incorporated as a private limited company on February 2, 2021, and converted to public limited company on May 20, 2024, is engaged in processing crude rice bran oil into refined edible rice bran oil for sale to edible oil manufacturers and packers. The company manufactures various grades and colors of rice bran oil based on customer specifications and markets finished products alongside by-products (fatty acid, gums, spent earth, wax) generated during processing. Rice bran oil is marketed as a healthier option due to its balance of polyunsaturated and monounsaturated fats in approximately 1:1 ratio, richness in Vitamin E and Oryzanol, high smoke point suitable for high-heat cooking, and neutral flavor. The company commenced business operations in June 2022 from its manufacturing unit in Burdwan, West Bengal.
Objects of the Issue
- Setting up of a packing line at our existing manufacturing unit ₹329.87 lakhs p.22
- Funding of working capital requirements of our Company ₹750.00 lakhs p.22
- General corporate purposes ₹220.00 lakhs p.22
- Setting up of a packing line at our existing manufacturing unit ₹329.87 lakhs p.80
- Funding of working capital requirements of our Company ₹750.00 lakhs p.80
- General corporate purposes ₹220.00 lakhs p.80
- Setting up of a packaging unit at the existing manufacturing unit to package, brand and sell products under the company's own brands in smaller quantities to retailers and wholesalers, and for third party packaging ₹329.87 lakhs p.122
- —
Issue Structure
- Total Issue
- ₹1,492.34 lakhs (15,87,600 Equity Shares of ₹10 face value each at ₹94 per share)
- Fresh Issue
- ₹1,492.34 lakhs (15,87,600 Equity Shares of ₹10 face value each at ₹94 per share)
- Offer for Sale
- Nil
- Price Band
- ₹94 per Equity Share (fixed price)
- Lot Size
- 1,200 Equity Shares (market lot and trading lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company manufactures edible rice bran oil from crude oil procured from domestic solvent plants and traders, selling refined oil in bulk to oil manufacturers and packers. It also generates and sells by-products (fatty acid, gums, spent earth, wax) as residue from the processing. Revenue is generated primarily from bulk sales to institutional customers without advance payments; the business model emphasizes manufacturing efficiency and customer-specific product variants.
Business Segments
SWOT Analysis
- • Modern, strategically located manufacturing facility with easy crude oil availability(p.93)
- • Established relationships with institutional oil manufacturers for supply arrangements(p.93)
- • Quality assurance and control of products(p.93)
- • Experienced management team with proven project management and implementation skills(p.93)
- • Modern, automated manufacturing facility with high-grade equipment and advanced technology(p.121)
- • Strategic location near West Bengal ports enabling cost-effective raw material procurement(p.121)
- • Abundant and competitive availability of crude rice bran oil as primary raw material(p.121)
- • Established relationships with institutional oil manufacturers for repeat business(p.122)
- • Rigorous quality control and laboratory testing infrastructure at manufacturing facility(p.121)
- • Experienced management team with 25+ years in edible oil industry(p.122)
- • Established manufacturing operations with 125 MT per day processing capacity(p.206)
- • Integrated refining capability with both primary and by-product sales(p.206)
- • Strong revenue growth trajectory demonstrating operational scaling(p.213)
- • Significant profitability improvement showing operational efficiency(p.214)
- • Strategic West Bengal location in rice-growing region(p.206)
- • Product quality and health attributes competitive positioning(p.206)
- • Strong capacity utilization growth indicating market traction(p.213)
- • Positive net worth trajectory with consistent growth(p.235)
- • Operating profitability demonstrated over required period(p.235)
- • 3+ year operating track record as IPO-eligible company(p.235)
- • Clean regulatory and governance record(p.235)
- • High dependence on small number of customers creating concentration risk(p.98)
- • High leverage with significant short-term borrowings relative to equity(p.55)
- • No proven track record in packaged/branded segment; company is new entrant into packing/branding(p.82)
- • Insufficient working capital; required additional working capital funding for growth(p.88)
- • Heavy dependence on a small number of customers for majority of revenue(p.118)
- • Low capacity utilization rate despite expanded capacity(p.126)
- • Currently generating products only in bulk form for third-party brands with no own branded presence(p.116)
- • Thin profit margins despite revenue growth(p.116)
- • High financial leverage with debt-to-equity ratio of 2.92(p.116)
- • Severe dependence on limited customer base for majority of revenue(p.207)
- • Revenue concentration with top 10 customers accounting for 61% of sales(p.210)
- • Lack of long-term supply contracts with key customers(p.207)
- • Dependence on few suppliers without long-term agreements(p.207)
- • Limited experience in retail packaging and direct consumer distribution(p.207)
- • Negative working capital position indicating tight liquidity(p.203)
- • High debt-to-equity ratio indicating significant financial leverage(p.200)
- • Elevated leverage ratio constrains financial flexibility(p.235)
- • Small paid-up capital base limits scale(p.235)
- • EBITDA declined significantly in recent half-year(p.235)
- • Setting up packing line to enter branded, packaged products segment in smaller quantities(p.88)
- • Expansion into new healthier oil products (sunflower, mustard, soya, palm oil)(p.89)
- • Global expansion through exports of by-products to Japan, Europe, and America(p.89)
- • Growing Indian edible oil consumption as per capita consumption increases(p.109)
- • Strengthening marketing and distribution network to increase customer base(p.90)
- • Strong projected growth in ethanol capacity and grain-based distilleries creating new markets(p.114)
- • Rice bran oil rapidly growing as consumers shift from imported oils due to supply constraints(p.112)
- • Significant growth in rice production providing abundant raw material supply(p.111)
- • Planned packaging line to enable direct retail sales and own brand building(p.122)
- • Planned diversification into sunflower, mustard, soya and palm oils to broaden product portfolio(p.122)
- • Strategy to expand into global markets for oil and by-products(p.123)
- • Expansion into retail branded sales and direct consumer market(p.206)
- • Ability to add new products to portfolio through packaging capability(p.206)
- • Capacity utilization expansion from current 53.92% utilization levels(p.210)
- • Government subsidy support for manufacturing operations(p.183)
- • Potential migration to main board upon paid-up capital threshold(p.249)
- • Compulsory market making support for SME listing(p.249)
- • Domestic edible oil supply is insufficient, requiring 55% import reliance creating import dependency risk(p.109)
- • Oilseed production is stagnant and heavily dependent on rainfall and climatic conditions(p.109)
- • Regulatory and tax law changes including GST amendments and GAAR could adversely affect business(p.51)
- • Economic slowdown and political instability in India could harm business conditions(p.52)
- • Global economic, political and social conditions and market volatility beyond company's control(p.52)
- • Natural calamities including earthquakes, floods could negatively impact Indian economy and business(p.52)
- • India's high dependence on imports to meet 55% of edible oil demand creates forex and supply risk(p.110)
- • Palm oil constitutes 57% of imports and subject to supply disruptions from Indonesia and Malaysia(p.110)
- • Global supply shocks (Ukraine conflict) directly impact domestic edible oil prices and availability(p.111)
- • Intense price competition and limited pricing power due to commodity nature of products(p.112)
- • Rice bran availability limited by processing bottleneck—only 55% of bran currently processed(p.112)
- • Complex technical challenges in rice bran processing requiring rapid handling to prevent spoilage(p.113)
- • Commodity price volatility impacting profitability(p.207)
- • Risk of reduced by-product demand affecting overall revenues(p.207)
- • Intense fragmented industry competition(p.218)
- • Low entry barriers enabling increased competitive pressure(p.218)
- • Risk of raw material supply disruption and price volatility(p.207)
- • Concentrated geographic operations limiting revenue diversification(p.207)
- • Risk of delays in capital deployment affecting return targets(p.207)
- • Delay risks in plant and machinery procurement(p.207)
- • Operational performance volatility evident in recent trends(p.235)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dilip Chhajer | Promoter | 13.89% | 10.13% |
| Shrey Jain | Promoter | 14.70% | 10.71% |
| Lakshay Jain | Promoter | 28.78% | 20.98% |
| Vandana Chhajer | Promoter | 24.39% | 17.78% |
| Chhajer Agro Products Private Limited | Promoter | 13.58% | 9.90% |
| Dilip Chand Chhajer (HUF) | Promoter | 4.66% | 3.40% |
| Lakshay Jain | Promoter | 28.78% | 20.98% |
| Vandana Chhajer | Promoter | 24.39% | 17.78% |
| Shrey Jain | Promoter | 14.70% | 10.71% |
| Dilip Chhajer | Promoter | 13.89% | 10.13% |
| Chhajer Agro Products Private Limited | Promoter Group | 13.58% | 9.90% |
| Dilip Chand Chhajer (HUF) | Promoter Group | 4.66% | 3.40% |
| Abhishek Dugar | Promoter Group | Negligible | Negligible |
| Dilip Chhajer | Promoter and Managing Director | 13.89% | 10.13% |
| Shrey Jain | Promoter, Whole-time Director and Chief Financial Officer | 14.70% | 10.71% |
| Lakshay Jain | Promoter and Whole-time Director | 28.78% | 20.98% |
| Vandana Chhajer | Promoter and Non-Executive Director | 24.39% | 17.78% |
| Chhajer Agro Products Private Limited | Promoter Group | 13.58% | 9.90% |
| Dilip Chand Chhajer (HUF) | Promoter Group | 4.66% | 3.40% |
| Chhajer Agro Products Pvt. Ltd | Promoter Group | 13.58% | — |
| Dilip Chhajer | Promoter | 18.55% | — |
| Lakshay Jain | Promoter | 28.78% | — |
| Shrey Jain | Promoter | 14.70% | — |
| Vandana Chhajer | Promoter | 24.39% | — |
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.