For investors, it can be quite challenging to decide if the Ganesh Consumer IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, donāt worry. In this article, we present the top key factors and a detailed review of the Ganesh Consumer IPO. This will help you analyze the strengths, risks, and financial details of the Ganesh Consumer IPO, making your investment decision better.
About CompanyĀ
Ganesh Consumer is one of the leading FMCG companies in India, and the third largest brand in packaged whole wheat flour (atta), other flours like maida, sooji, and besan, ready-to-cook food mixes, spices, traditional snacks, and special flours like singhara and bajri in East India. Under the brand name Ganesh, the company has expanded various products in order to meet the customers’ requirements.
In the past 3 years, the company has launched 11 products, including spices, ethnic snacks, and sattu variants, along with 94 SKUs across categories. Founded in 1936 with a retail outlet in Burrabazar, Kolkata, the company continued to grow further with the guidance of the Promoter and Managing Director, Manish Mimani. As of now, the company comprises 7 manufacturing facilities spread across the states of West Bengal, Uttar Pradesh, and Telangana.
Strengths
- Ganesh Consumer is one of the largest packaged flour brands in East India.
- The company comes with a wide range of diversified and expanding product portfolios.
- The company has a Strong and extensive multichannel distribution network with a wide customer reach.
- They run 7 manufacturing facilities in various locations that follow the strict quality standard.
Weaknesses
- The companyās business depends on the supply of raw materials. If any interruption or insufficient supply of materials, price fluctuation, or increase in the cost of materials takes place, it can negatively impact the business, cash flow, and financial performance.
- The companyās B2C revenue comes from Whole wheat flour- and gram-based value-added flour products. In case a drop happens in the demand for these products, it can adversely affect the business.
- Any interruption or slowdown in the manufacturing facilities can badly affect the business and financial performance.Ā
- The revenue and business have been growing consistently over the years, if this trend does not continue, it could negatively affect the financial performance and future growth prospects.
Ganesh Consumer IPO ReviewĀ
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Canara Bank | |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Swastika Investmart | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Ganesh Consumer IPO Details
| IPO Open Date: | September 22, 2025 |
| IPO Close Date: | September 24, 2025 |
| Face Value: | ā¹10 Per Equity Share |
| IPO Price Band: | ā¹306 to ā¹322 Per Share |
| Issue Size: | ā¹408.8 Crores |
| Fresh Issue | ā¹130 Crores |
| Offer-for-Sale | Up to 86,58,333 equity shares |
| Registrar | MUFG Intime India Pvt.Ltd.. |
| IPO Lead Managers | Dam Capital Advisors Ltd.IIFL Capital Services Ltd.Motilal Oswal Investment Advisors Ltd. |
| Basis of Allotment | September 25, 2025 |
| IPO Listing Date: | September 29, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend DetailsĀ
| Particulars | For the year ended March 31, 2025 | For the year ended March 31, 2024 | For the year ended March 31, 2023 |
| Revenue from Operations | ā¹855.16 Cr | ā¹765.26 Cr | ā¹614.78 Cr |
| EBITDA | ā¹73.24 Cr | ā¹63.35 Cr | ā¹56.14 Cr |
| EBITDA Margin (%) | 8.61% | 8.35% | 9.19% |
| Profit after Tax (PAT) | ā¹35.43 Cr | ā¹26.99 Cr | ā¹27.10 Cr |
| Net Worth | ā¹224.13 Cr | ā¹218.65 Cr | ā¹201.62 Cr |
| ROE | 15.81% | 12.68% | 14.21 |
| Total Borrowings | ā¹50.00 Cr | ā¹38.29 Cr | ā¹86.13 Cr |
Peer Comparison with the Company
| Name of the Company | Face Value per Equity Share (ā¹) | P/E | EPS (Basic) (ā¹) | RoNW (%) | NAV per Equity Share (ā¹) |
| Ganesh Consumer Limited | ā¹10 | [ā] | ā¹9.74 | 15.81% | ā¹61.62 |
| Patanjali Foods Limited | ā¹2 | 50.15x | ā¹35.94 | 11.96% | ā¹300.36 |
| AWL Agri Business Limited | ā¹1 | 27.15x | ā¹9.44 | 13.12% | ā¹71.91 |
Promoters & Track Records, if any
- Purushottam Das Mimani, aged 78 years, is one of the Promoters. He holds 9,550 Equity Shares, representing 0.03% of the issued.
- Manish Mimani, aged 51 years, is one of the Promoters and holds 3,366,575 Equity Shares, representing 9.26% of the issued.
- Madhu Mimani, aged 46 years, is one of the Promoters and is also a Director on our Board. She holds 194,614 Equity Shares, representing 0.54% of the issued.
- Manish Mimani (HUF) holds 21,010 Equity Shares, representing 0.06% of the issued.
- Srivaru Agro Private Limited holds 23,790,540 Equity Shares, representing 65.41% of the issued.
Information on Industryās P/E RatioĀ
The company Ganesh Consumer IPO did not show the P/E ratio in the RHP. However, letās check out the Fast-Moving Consumer Goods (FMCG) sector’s P/E ratio to understand it more.
In the industry, the P/E ratio ranges from a high of 50.15 to a low of 27.15, with an average of 38.65.
Object of the IPO
- The proceeds raised from the fresh issue will be utilized for the prepayment and repayment of certain borrowings taken by the company.Ā
- Some funds will be utilized towards the setup of a roasted gram flour and gram flour manufacturing unit in Darjeeling, West Bengal.
- Lastly, the remaining funds will be used for the companyās general corporate purposes.
Ganesh Consumer IPO – Should You Apply or Not?
Ganesh Consumer is one of the well-known and largest FMCG brands of wheat-based and gram-based derivatives in East India, with a diversified product portfolio, consistent revenue growth, and a healthy balance sheet with no debt, making it well-positioned in the regional FMCG market.
However, dependence on raw material, Competition from large FMCG players, regionally concentrated business, and a relatively high IPO pricing compared to peers could pose risks for investors.
The positive GMP and attractive financial performance make this IPO a good choice for investors for long-term listing gains. Cautious Investors may choose to apply for this IPO for short-term listing gains after evaluating the Grey Market Premium trends (GMP) and market sentiment and demand.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the companyās RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
