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₹322 - 322
Ganesh Consumer Products Ltd
FMCGIPO
₹322 - 322
We are a FMCG company headquartered in Kolkata, West Bengal and in terms of value sold in Fiscal 2025 we are the third largest brand of packaged whole wheat flour (atta) and largest brand in wheat-based derivatives (maida, sooji, dalia) in East India. In East India, in terms of value for Fiscal 2025, our Company is also one of the top two players for packaged sattu and besan (which are gram-based flour products) with a share ~43.4% (sattu) and ~4.9% (besan) in East India market for respective products, with a growing presence in various consumer staple categories such as spices and ethnic snacks. We offer a range of consumer staples comprising of (i) whole wheat flour (atta), (ii) wheat and gram-based value-added flour products, and (iii) other emerging food products. Our products are sold under our flagship brand "Ganesh", which serves as our primary identity in the market.
Lot46Min Invest₹14,812Face Value₹10Issue Size₹409 CrFresh Issue₹130 CrOffer for Sale₹279 CrListing Price₹295CMP₹156
Timeline
22 Sept
Bidding opens
24 Sept
Bidding closes
25 Sept
Allotment
26 Sept
Refund & demat credit
29 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹409 Cr1.27 Cr shares
Fresh Issue₹130 Cr
Offer for Sale₹279 Cr
Face Value₹10
Lot Size46 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,8121-13 lots
sNII₹2,07,368from 14 lots
bNII₹10,07,216from 68 lots
Managers & Registrar
Lead ManagerDAM Capital Advisors Ltd
Co-ManagerIIFL Capital Services Ltd, Motilal Oswal Investment Advisors Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrManish MimaniPRMTR13,41,13243.18Madhu MimaniPRMTR1,45,4944.68India Business Excellence Fund IIOTH12,38,06139.87India Business Excellence Fund IIAOTH59,33,646191.06Total86,58,333278.80
Shareholding
CategoryPre IPOPost IPOPromoter Group75.3%63.88%Public24.7%36.12%
Objects of the Issue
- prepayment and or/ repayment of all or a portion of certain outstanding borrowings availed by the company
- Funding capital expenditure for the setting up of a roasted gram flour and gram flour mfg unit in
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 611 | 759 | 850 | 871 | 857 |
| Operating ProfitCr | 56 | 63 | 73 | 86 | 85 |
| OPM% | 9.2 | 8.3 | 8.6 | 9.8 | 9.9 |
| PBTCr | 36 | 36 | 48 | 57 | 61 |
| PATCr | 27 | 27 | 35 | 42 | 45 |
| EPS | 7 | 7 | 10 | 11 | 12 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 36 | 36 | 36 | 40 | - |
| ReservesCr | 168 | 185 | 190 | 331 | - |
| BorrowingsCr | 105 | 52 | 72 | 27 | - |
| Fixed AssetsCr | - | - | 169 | 188 | - |
| Total AssetsCr | 343 | 309 | 342 | 451 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -13 | 88 | 46 | 80 | - |
| Investing Cash FlowCr | -20 | -22 | -17 | -53 | - |
| Financing Cash FlowCr | 34 | -67 | -28 | 44 | - |
| Net Cash FlowCr | 1 | -1 | 1 | 72 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Largest brand of packaged flour in East India.
- Diversified and continuously expanding product portfolio.
- Well-established and widespread multichannel distributor network and customer reach.
- Strategically located advanced manufacturing facilities with stringent quality standards.
Strategies · as stated in the DRHP
- Grow our distribution network and our business-to-consumer (B2C) operations to deepen and expand our geographical presence.
- Enhancement of the existing product portfolio and its diversification.
- Enhance brand awareness.
- Continue to undertake initiatives to optimize company operations.
Risks · as stated in the DRHP
- Our operations are dependent on the supply of raw materials. Inadequate or interrupted supply and price fluctuation of our raw materials and packaging materials could adversely affect our business, results of operations, cash flows, profitability and financial condition. Any increase in the cost of, or a shortfall in the availability of, such raw materials could have an adverse effect on our business and results of operations, and seasonable variations could also result in fluctuations in our results of operations.
- Any change in guidelines by Government of India or any other governmental nodal agencies for procurement or stocking of wheat and gram, can also impact prices of raw materials. Our Company procures the raw materials at spot price which is linked to the price set pursuant to guidelines of the government. Any increase in the cost of, or a shortfall in the availability of, raw materials due to such change in guidelines could have an adverse effect on our business and results of operations.
- We derive a substantial portion of our B2C revenue from a) whole wheat flour (atta); and b) wheat and gram-based value-added flour products and any reduction in demand or in the production of such products could have an adverse effect on our business, results of operations and financial condition.
- The sale of our products is concentrated in our core market of East India, specifically in West Bengal. Any adverse developments affecting our operations in such region, could have an adverse impact on our business, financial condition, results of operations and cash flows.
- Any slowdown or interruption to our manufacturing operations or under-utilization of our existing or future manufacturing facilities may have an adverse impact on our business and financial performance.
- Our business has grown consistently including our revenue from operations, and we may fail to manage our growth effectively.