- **lead** - … The business grew out of the “Manohar” brand, a trade name in use since 1980, and was formally assembled in its current shape when the company acquired the operations of two promoter-run proprietor firms, settling the deal with shares issued to Managing Director Ishu Munjal against the Business Purchase Agreement. # Business segments A single kitchen-staples engine that mills, trades and delivers - built on besan, extended across the Indian pantry, and now reaching consumers through three distinct routes: branded retail, B2B bulk, and a direct-to-consumer dark factory. ## 1. Kitchen staples manufacturing: the mill that built the house **The company grinds, presses and packs the everyday Indian kitchen - from atta to mustard oil - across four Delhi factories, with besan as the category where it first earned its reputation.** - **Besan is the foundation** - gram flour was the company’s first manufactured product, launched in 2017, and it now sells four distinct professional grades (Mota, Barik, Gargara and Motichoor) in 35 kg sacks aimed squarely at mithai shops, halwais and food manufacturers. - **The portfolio covers the full pantry** - the manufacturing range spans atta (whole-wheat flour), chana dal and pulses, cold-pressed mustard oil (black and yellow variants), rice flour, poha, sattu, murmura, ramdana, spices, rice, sooji, idli rava, dalia and ghee, offered across more than 45 SKUs from 500g consumer packs to 35 kg trade sacks. - **Raw material is pulled by orders, not pushed by forecasts** - the business cycle begins with procurement of raw grains and oilseeds only after customer orders are received, which keeps inventory tied to real demand. - **Four factories, one city** - all four ISO-certified manufacturing facilities are located in Delhi, meaning production is concentrated in a single geography even as distribution reaches across North India. ## 2. Branded go-to-market: five labels, three routes to the customer **One manufacturing base feeds five brands that reach consumers through retail shelves, wholesale sacks and a micro-factory inside a residential society - all running on the same North Indian distribution network.** - **The flagship is a full-kitchen brand** - Manohar Agro carries the entire portfolio in premium consumer packs, positioned as the household face of the company. - **A B2B specialist hides in plain sight** - the Delhi Special brand carries decades of recognition among Delhi NCR’s mithai and snack manufacturers, sustained almost entirely by distributor word-of-mouth rather than advertising. - **Puffed grains get their own label** - Super SS covers murmura, produced at the Mundka facility and sold into both wholesale and consumer channels. - **A home-care brand rides the same trucks** - Ultra Dhulai, a detergent and cleaning-products label, uses the existing North India distribution network to reach the same kirana stores that already stock Manohar Agro flour and pulses. - **Revenue is booked only when control passes** - the company recognises sales at dispatch, delivery or formal customer acceptance, after stripping out trade discounts, volume rebates and taxes collected for the government. ## 3. Direct-to-consumer dark factory: the mill that comes to your building **A micro-manufacturing unit embedded inside a residential society mills atta, grinds spices and presses oil to order - and delivers within minutes.** - **Production moves to the point of consumption** - the dark factory is a small, tech-enabled production centre placed directly inside a housing complex, acting as both a fresh-processing unit and a last-mile fulfilment hub stocked with daily essentials. - **Freshness is compressed to minutes** - by milling, grinding and pressing on site only when an order is placed, the model shrinks the gap between production and consumption to a window that a central factory cannot match. - **The first unit is already live** - the company launched what it calls “India’s first mini dark factory” inside a residential society in Ghaziabad, establishing a proof point for the concept. ## 4. Snack foods: from raw staples to ready-to-eat **The company is building a namkeen and roasted-snack operation that takes the same grains it already mills and turns them into packaged, ready-to-eat products.** - **The namkeen plant is running** - the first phase of the Namkeen Manufacturing Plant, funded from IPO proceeds, has been completed and operations have commenced. - **Roasted chana adds a second snack category** - production of roasted chana has also begun, extending the portfolio beyond raw pulses into processed, packaged snacking. - **An automated line is next** - the company plans to install an Automated Namkeen Manufacturing Line at Manufacturing Unit-2, with machinery covering the full continuous cycle from dough preparation and frying through to seasoning, mixing and final packaging, targeting products like bhujia, sev and mixture. ## 5. Agricultural commodity trading: maize opens an import window **The company has begun importing agricultural commodities, starting with maize, and selling them domestically under its own brand - a trading leg that sits alongside the manufacturing core.** - **Maize is the inaugural commodity** - the first import shipment of maize has been completed, marking the company’s entry into international sourcing of agricultural commodities. - **Imported grain gets a consumer brand** - the maize is marketed and distributed domestically under the brand “Manohar Agro Popcorn,” extending the House of Manohar umbrella into a traded product. # Group structure and partners **The company stands alone - no subsidiaries, no joint ventures - but its origin is inseparable from two promoter-run proprietor firms whose business it acquired.** - **No corporate siblings** - SSMD Agrotech has no subsidiaries, associates or joint ventures, making it a single-entity operation with 41 permanent employees as of March 2026. - **The promoter firms are the root** - the business was purchased via a Business Transfer Agreement from M/s Manohar Lal Jai Gopal Agro Industries and M/s SS Agro India, both proprietor concerns of Managing Director Ishu Munjal, settled by issuing shares at a premium to the promoter. - **Ownership is concentrated** - Ishu Munjal held 67.49% of the equity share capital as of March 2026, having added 56,000 shares through a market purchase that month. - **The board is a family-and-professionals mix** - key management includes Jai Gopal Munjal as a director, Vandana Munjal (appointed Executive Director in April 2026, replacing Surbhi Munjal who resigned as Whole-time Director), and professional officers Rajesh Thakur (Company Secretary) and Rajmani Thakur (Internal Auditor).