Adon Agro Commodities IPO – Company Analysis
Adon Agro Commodities IPO is an SME Book-Build Issue worth ₹44.03 crore, launched by Adon Agro Commodities Limited. The company is engaged in the procurement, import, processing, packaging, and distribution of premium-quality dry fruits, nuts, and berries across India.
Adon Agro Commodities Limited offers a diversified product portfolio that includes almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots, figs, and assorted dry fruit mixes. These products are available in multiple grades, packaging formats, and sizes to cater to wholesalers, retailers, institutional buyers, and end consumers.
The company markets its products under its flagship retail brand, Hunger Nuts, offering pack sizes ranging from 250 grams to 30 kilograms. Along with supplying bulk raw dry fruits, the company also provides value-added processed and packaged products, enabling it to serve a wide customer base while maintaining quality and food safety standards.
With increasing consumer preference for healthy snacking and premium food products, Adon Agro Commodities aims to strengthen its market presence through brand expansion, product diversification, and an efficient distribution network.
Adon Agro Commodities IPO Details
The Adon Agro Commodities IPO will open for subscription on 29 June 2026 and close on 1 July 2026. The basis of allotment is expected to be finalized on 2 July 2026, while refunds and credit of shares are scheduled for 3 July 2026.
The IPO is a ₹44.03 crore SME issue, consisting entirely of a fresh issue of approximately 0.63 crore equity shares.
The shares are proposed to be listed on the BSE SME platform, with the tentative listing date set for 6 July 2026.
The Adon Agro Commodities IPO price band has been fixed at ₹66 to ₹70 per equity share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | Jun 29, 2026 |
IPO Closing Date | Jul 01, 2026 |
IPO Allotment Date | Jul 02, 2026 |
Refund Initiation | Jul 03, 2026 |
IPO Listing Date | Jul 06, 2026 |
Company Financials
(Amount in Cr)
Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Assets | 39.11 | 20.22 | 3.65 |
Total Income | 103.04 | 72.92 | 22.33 |
Profit After Tax | 7.22 | 1.79 | 0.09 |
EBITDA | 10.45 | 2.84 | 0.47 |
Net Worth | 12.17 | 4.95 | 0.26 |
Reserves and Surplus | 9.17 | 1.95 | 0.16 |
Total Borrowing | 4.74 | 6.96 | — |
Cash Flows
(Amount in lac)
Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
Net Cash Flow Operating Activities | 457.89 | (156.15) | 152.43 |
Net Cash Flow Investing Activities | (891.18) | 22.86 | (35.23) |
Net Cash Flow Financing Activities | (234.28) | 982.13 | (96.26) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objectives of the Adon Agro Commodities IPO
Adon Agro Commodities Limited intends to utilize the net proceeds from the IPO for the following purposes:
Funding Incremental Working Capital Requirements: Approximately ₹32 crore will be used to meet the company's growing working capital needs, supporting business expansion and day-to-day operations.
General Corporate Purposes: The remaining funds will be utilized for general corporate requirements, including business growth initiatives and other strategic objectives.
Listed Peers of Adon Agro Commodities Ltd.
Name of Company | Face Value (Rs. ) | Basic EPS (₹) | PE Ratio (x) |
Leo Dry Fruits & Spices Trading Limited | 10 | 5.75 | 9.57 |
Proventus Agrocom Limited | 10 | 10.50 | 114.29 |
Krishival Food Limited (Formerly Known as Empyrean Cashews Limited) | 10 | 6.07 | 50.74 |
Valuation
KPI | Value (Mar 31, 2025) |
RoE | 84.36% |
ROCE | 60.65% |
Debt/Equity | 0.39 |
RoNW | 84.36% |
PAT Margin | 7.01% |
EBITDA Margin | 10.14% |
P.B Value | 1.73 |
Adon Agro Commodities IPO Valuation (P/E Ratio)
Based on the company's FY2025 financial performance, Adon Agro Commodities Limited reported an Earnings Per Share (EPS) of ₹5.37. At the upper price band of ₹70 per equity share, the IPO is valued at a Price-to-Earnings (P/E) ratio of 13.03x.
The valuation appears reasonable considering the company's presence in the growing dry fruits and nuts market, expanding branded product portfolio under Hunger Nuts, and focus on increasing its distribution network. However, investors should compare the IPO valuation with listed industry peers and evaluate the company's financial performance, growth prospects, and risk factors before making an investment decision.
IPO's Strengths
Integrated Operating Model
Diversified Product Portfolio
In-house Processing Capabilities.
IPO's Weaknesses
Relatively Limited Operating History
Dependence on Imports
Working Capital Intensity.
Adon Agro Commodities IPO GMP Today
As of 27 June 2026, the Adon Agro Commodities IPO GMP (Grey Market Premium) is ₹0.
Based on the current GMP, the estimated listing price is around ₹70 per share, which is equal to the upper price band. This indicates no expected listing premium at the moment. However, Grey Market Premium is unofficial and can change daily depending on market sentiment and investor demand.
Investors should not rely solely on GMP while making an investment decision. It is advisable to evaluate the company's financial performance, business model, valuation, industry outlook, and risk factors before applying for the IPO.
Adon Agro Commodities IPO Summary
IPO Opening & Closing Date | 29 Jun, 2026 to 01 Jul, 2026 |
Face Value | Rs. 10 per Share |
Issue Price | Rs. 66 to Rs. 70 per Share. |
Lot Size | 2000 Shares |
Issue Size | 62,90,000 Shares (Rs. 44 Cr) |
Offer for Sale | - |
Fresh Issue | 59,74,000 Shares (Rs. 42 Cr) |
Listing at | BSE, SME |
Issue Type | Book build Issue |
Registrar | Kfin Technologies Ltd. |
Adon Agro Commodities IPO Lot Size
The Adon Agro Commodities IPO has been structured with different investment limits for retail and HNI investors.
Investor Category | Minimum Lots | Shares | Investment Amount |
Retail Investor | 2 Lots | 4,000 Shares | ₹2,80,000 |
Retail (Maximum) | 2 Lots | 4,000 Shares | ₹2,80,000 |
HNI / NII | 3 Lots | 6,000 Shares | ₹4,20,000 |
Retail investors can apply for a minimum and maximum of 2 lots (4,000 equity shares), requiring an investment of ₹2,80,000. Non-Institutional Investors (HNIs/NIIs) must apply for a minimum of 3 lots (6,000 equity shares), amounting to ₹4,20,000, and can apply in multiples thereafter.
Adon Agro Commodities IPO Allotment Status
Investors can check the Adon Agro Commodities IPO Allotment Status once the allotment process is completed. The basis of allotment is expected to be finalized on 2 July 2026.
You can verify your IPO allotment status through the following official platforms:
BSE IPO Allotment Portal – Select Adon Agro Commodities IPO from the list of issues and enter the required details to view your allotment status.
The official link to the BSE IPO Allotment portal are provided below for easy access.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Adon Agro Commodities Ltd.
Mr. Narayanswamy Venkitkrishnan
Mrs. Jigisha Narayanswamy
Mr. Shubham Ratan Sharma.
Pre-Issue Promoter Shareholding | 90.04% |
Post-Issue Promoter Shareholding | 65.44% |
IPO Lead Managers
Galactico Corporate Services Ltd.
Adon Agro Commodities IPO Dividend Policy
Adon Agro Commodities Limited does not have a formal dividend policy. The company currently intends to retain its earnings to support business expansion, strengthen working capital, enhance operational capabilities, and pursue future growth opportunities. As a result, investors should not expect regular dividend payouts in the near term.
Conclusion
The Adon Agro Commodities IPO provides investors with an opportunity to participate in a growing company operating in the dry fruits, nuts, and packaged food segment. Supported by its integrated business model, diversified product portfolio, and well-established Hunger Nuts brand, the company is well-positioned to benefit from the increasing demand for healthy and premium food products in India.
With an IPO price band of ₹66–₹70 per share, investors should evaluate the company's financial performance, valuation, industry outlook, competitive position, and associated risks before making an investment decision. Reviewing the company's DRHP, Grey Market Premium (GMP), and peer comparison can help investors make a well-informed decision.
To understand the company's business model, financial statements, objectives of the issue, and risk factors in detail, investors are encouraged to read the Draft Red Herring Prospectus (DRHP) before applying for the IPO.
Disclaimer
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The information provided in this article is for educational and informational purposes only and should not be considered as investment advice, financial advice, or a recommendation to buy, sell, or subscribe to any IPO or securities. IPO Grey Market Premium (GMP) is unofficial and is subject to change based on market sentiment. Investors should carefully read the company's DRHP/RHP and consult a SEBI-registered financial advisor before making any investment decisions. Investments in the securities market are subject to market risks. Please read all related documents carefully before investing.
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