Summary
Peshwa Wheat is an Indore-based wheat flour processing company launching its ₹53.52 crore SME IPO from 24th to 28th September 2026.
The IPO is entirely a fresh issue, with no offer for sale, and the shares are proposed to list on BSE SME on 1st October 2026.
The price band is ₹95–101 per share, with a lot size of 1,200 shares and a minimum investment of ₹2,42,400.
Peshwa Wheat IPO comprises a ₹53.52 crore SME book-building issue with a face value of ₹10 per share. The bidding period will run from 24 September to 28 September 2026, with the issue priced between ₹95 and ₹101 per share. There is no offer for sale, as the entire issue consists of fresh shares. Each lot comprises 1,200 shares.
For individual investors, the minimum application is two lots, or 2,400 shares, which requires ₹2,42,400 at the upper end of the price band. S-HNI investors can apply for at least 3 lots, or 3,600 shares, involving ₹3,63,600, while B-HNI investors have a minimum requirement of 9 lots, or 10,800 shares, amounting to ₹10,90,800. Allotment is expected on 29 September 2026, followed by the tentative BSE SME listing on 1 October 2026.
Peshwa Wheat IPO Key Details
The table below covers the main issue details, including the price band, lot size, listing platform and minimum investment.
| IPO Open Date | 24 September 2026 |
| Close Date | 28 September 2026 |
| Face value | ₹10 per share |
| Price Band | ₹95 to ₹101 |
| IPO Lot Size | 1,200 Shares |
| Fresh issue | ₹53.52 crore approx |
| Offer for Sale | Not Applicable |
| Type of issue | Book-building (SME) |
| Listing at | BSE SME |
| Total Issue Size (₹ Crore) | ₹53.52 cr approx |
| Minimum Investment | Bhansali Value Creations Pvt. Ltd. |
| IPO Open Date | ₹2,42,400 (2 lots / 2,400 shares) |
Peshwa Wheat IPO Timeline
The IPO moves through the following stages, starting with the opening of bids and ending with the proposed market listing.
| Bid Opening | 24 September 2026 |
| Bid Closing | 28 September 2026 |
| Tentative Allotment | 29 September 2026 |
| Initiation of Refunds | 30 September 2026 |
| Credit of Shares to Demat | 30 September 2026 |
| Tentative Listing Date | 1 October 2026 |
| UPI Mandate Closing Date | 28 September 2026 |
Key Performance Indicators of Peshwa Wheat Limited
The following ratios provide a view of the company’s returns, capital efficiency and margins across the three fiscal years.
| 31-03-2026 | 31-03-2025 | 31-03-2024 | |
| ROE (% before exceptional item) | 44.96 | 55.47 | 45.90 |
| ROCE (%) | 33.44 | 34.44 | 29.24 |
| Debt Equity (in times) | 0.55 | 0.83 | 0.51 |
| RoNW (%) | 36.71 | 43.43 | 37.25 |
| PAT Margin (% before exceptional item) | 7.32 | 6.90 | 11.90 |
| EBITDA margin (%) | 10.53 | 10.52 | 15.77 |
Note: FY24 was a transition year because Peshwa Wheat Ltd. changed from a partnership to a company during the year. As a result, the RoNW figure uses the RHP’s full-year reconstruction, whereas the remaining ratios are based on the shorter post-conversion period.
Peshwa Wheat Limited Financial Details
The table gives a three-year view of revenue, total assets and profit.
| FY 2025-2026 | FY 2024-2025 | FY 2023-2024 | |
| Revenue | 215.96 | 171.55 | 88.14 |
| Total Asset | 80.60 | 65.95 | 31.17 |
| Profit | 15.81 | 11.84 | 5.74 |
(Amount in ₹ Crores)
Note: For FY24, the figures reflect the RHP’s full-year comparable numbers after the company’s conversion from a partnership in December 2023.
Peshwa Wheat IPO Subscription Status
Subscription data has not been released yet.
Bids can be placed between 10:00 AM and 5:00 PM on the days the public issue remains open.
Peshwa Wheat IPO Grey Market Premium (GMP)
The Peshwa Wheat IPO GMP is currently ₹0 as of 21 September 2026. Grey-market activity for the SME IPO has only recently started, with limited historical data available so far. The price band is set at ₹95–₹101 per share, and the current GMP of ₹0 indicates no premium over the upper price band.
Since GMP tracking has just begun, there is not enough data to identify a clear trend yet. The figure may change during the days leading up to the IPO opening on 24 September 2026.
| GMP Date | IPO Price | GMP | Est. Listing Price | Est. Gain | Last updated |
| 21-09-2026 | ₹95-101 | ₹0 | ₹101 | 0.00% | 21-09-2026, 18:08 |
**GMP represents the premium at which IPO shares are reportedly traded in the unofficial grey market before their stock market listing.
Peshwa Wheat IPO Reservation
The net issue is divided among QIB, NII and retail investors, with a separate portion reserved for the market maker.
| Investor Category | Offered No. of Shares |
| QIBs | 0.98% of the Net Issue |
| NIIs | 48.99% of the Net Issue |
| Retails | 50.02% of the Net Issue |
| Market Marker | — |
| Total | 100% of the Net Issue |
Peshwa Wheat IPO Prospectus
The following prospectus documents provide information relating to the Peshwa Wheat IPO.
About Peshwa Wheat Limited
The organisation started as a partnership in 2017 before becoming a company in December 2023. Its products include Atta, Sortex Wheat, Broken Wheat, Besan and Maize Flour. The company uses bran from its wheat-processing operations as cattle feed as part of its zero-waste model. Its Indore facility is FSSAI licensed and ISO 22000-certified, with a capacity of 56,100 MTPA. Peshwa Wheat supplies B2B customers in Madhya Pradesh, Maharashtra, Karnataka and Gujarat through super-stockists and bulk buyers. It also trades potatoes and tomatoes within Madhya Pradesh.
Promoters:
- Rahat Ali Saiyed
- Sadaf Saiyed
- Shehnaj
- Mo. Jed
- Riyazuddin Qureshi
| Book Runner | Finaax Capital Advisors Private Limited |
| Issue Registrar | Maashitla Securities Private Limited |
Purpose of Peshwa Wheat IPO
The company intends to use the net proceeds for the following purposes.
| Particulars | Estimated Amount in ₹ Crores |
| Funding capital expenditure towards purchase of plant and machinery | 6.69 |
| Funding capital expenditure towards civil construction | 5.01 |
| Funding working capital requirements | 26.50 |
| General Corporate Purposes | — |
| Total | 38.20 |
Peshwa Wheat Limited- Strengths and benefits
- Experienced, hands-on promoters: Four of the five promoters have seven years of experience each in the agriculture and food industry. Managing Director Rahat Ali Saiyed has been with the business since its partnership days.
- Fully integrated operations: Peshwa Wheat manages procurement, cleaning, milling, packaging and dispatch at the same facility. This limits the need for third-party processing and gives the company greater control over production and quality.
- Established procurement network: The company has built long-term relationships with farmers, mandis and regional aggregators across Madhya Pradesh’s wheat-producing areas, helping it source raw materials.
- Food-safety credentials: Peshwa Wheat holds both state and central FSSAI licences and has an ISO 22000:2018 certification for food safety management.
Peshwa Wheat Limited – Risks and limitations
- Customer concentration: The top five customers accounted for 64.14% of FY26 revenue, while the top ten contributed 71.14%. Both shares were higher than the already significant levels seen in FY25.
- Single-state raw material dependence: Peshwa Wheat sources 100% of its wheat, chana dal and maize from Madhya Pradesh and does not currently have an established sourcing base in other states.
- Single manufacturing facility: All processing takes place at the company’s Indore facility. Any major equipment failure or disruption at the unit could therefore affect production.
- Related-party compliance lapse: The company entered into related-party transactions with promoter Riyazuddin Qureshi that were outside the ordinary course of business without the required board or audit-committee approval. It has since filed adjudication applications under Sections 177 and 188 of the Companies Act concerning the matter.
Peshwa Wheat IPO Review
Peshwa Wheat reported revenue of ₹215.96 crore and profit of ₹15.81 crore in FY26, compared with ₹171.55 crore and ₹11.84 crore, respectively, in FY25. Its FY26 RoNW was 36.71%. The IPO is entirely a ₹53.52 crore fresh issue. However, the high customer concentration, reliance on a single facility and Madhya Pradesh for raw materials, and a related-party compliance matter are points to consider. With the GMP at ₹0 as of 21 September 2026, investors can also watch subscription levels, GMP movement and the company’s financial performance as the issue moves ahead.
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Peshwa Wheat IPO FAQs
Peshwa Wheat is launching an SME book-building IPO worth ₹53.52 crore. The issue comprises only fresh shares, with no offer for sale, and is proposed to list on BSE SME.
Applications can be made through a stockbroker or an IPO-enabled platform connected to the investor’s demat account. UPI and ASBA are available for payment, while the minimum application is two lots.
The IPO has several documented factors to consider, including experienced promoters, integrated operations, strong margins and return ratios. It also has customer concentration, dependence on one facility and one sourcing state, along with a related-party compliance matter involving a promoter.
The bidding window for the IPO will be open from 24 September 2026 to 28 September 2026.
One lot consists of 1,200 shares. Since investors need to apply for at least 2 lots, the minimum bid is 2,400 shares, requiring ₹2,42,400 at the upper end of the price band.
The allotment is expected on 29 September 2026. Refunds and credit of shares to demat accounts are scheduled for 30 September 2026.
The shares are proposed to list on BSE SME on 1 October 2026.
