As 2025 draws to a close, India’s primary markets continue to see strong activity, with SME IPOs attracting investors looking for focused growth stories beyond the large-cap space. Within this backdrop, SSMD Agrotech India Limited is set to launch its IPO on November 25, 2025, offering investors a chance to participate in the growth of a branded agro-food products company with a rising presence in North India.
Here is a detailed look at SSMD Agrotech India Ltd., its IPO structure, financials, and business outlook.
About SSMD Agrotech India Ltd.
SSMD Agrotech India Ltd. traces its origins to two proprietorship firms—Manohar Lal Jaigopal Agro Industries and S.S. Agro India. These were later merged into Shree Dhanlaxmi Flour Mills Private Limited, which eventually became SSMD Agrotech India Private Limited, and is now listed as SSMD Agrotech India Ltd.
The company is involved in manufacturing, trading, and repacking a wide range of agro-food products, marketed under four brands:
- Manohar Agro
- Super S.S.
- Delhi Special
- Shri Dhanlaxmi
Its product portfolio includes:
- Puffed rice
- Ramdana (Cholai)
- Gram flour & matar flour
- Chana dal and its by-products like Chana Chilka, Chana Churi, Chana Khanda, Chana Sattu
- Idli rava, rice powder and other allied products
SSMD Agrotech India primarily sells through a distributor network across Delhi/NCR, Haryana, Uttar Pradesh, Punjab and Uttarakhand, and also reaches consumers directly via a D2C micro manufacturing unit and dark store model.
The company currently operates three manufacturing facilities and one D2C dark store, supported by an experienced management team and a focus on efficient utilisation of resources.
SSMD Agrotech India IPO Details
With this IPO, SSMD Agrotech India aims to raise up to ₹34.09 crore, entirely through a fresh issue of equity shares. The funds will be used mainly for working capital, debt repayment, and expansion of its D2C and namkeen segments.
IPO Timetable
| Event | Date |
| IPO Open Date | Tue, Nov 25, 2025 |
| IPO Close Date | Thu, Nov 27, 2025 |
| Basis of Allotment (Tentative) | Fri, Nov 28, 2025 |
| Initiation of Refunds | Mon, Dec 1, 2025 |
| Credit of Shares to Demat | Mon, Dec 1, 2025 |
| Listing Date (Tentative) | Tue, Dec 2, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on Thu, Nov 27, 2025 |
Key IPO Details
Here is the summary of the SSMD Agrotech India IPO Review:
| IPO Date | November 25, 2025, to November 27, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹114 to ₹121 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 28,17,000 shares (aggregating up to ₹34.09 Cr) |
| Reserved for Market Maker | 1,56,000 shares (aggregating up to ₹1.89 Cr)Nikunj Stock Brokers Ltd. |
| Net Offered to Public | 26,61,000 shares (aggregating up to ₹32.20 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 58,49,129 shares |
| Share Holding Post Issue | 86,66,129 shares |
| Lead Manager | 3Dimension Capital Services Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
SSMD Agrotech India IPO Reservation
SSMD Agrotech India IPO offers a total of 28,17,000 shares, allocated as follows:
- Market Maker: 1,56,000 shares (5.54%)
- QIB: 27,000 shares (0.96%)
- NII (HNI): 13,17,000 shares (46.75%)
- Retail (RII): 13,17,000 shares (46.75%)
Total: 28,17,000 shares (100%)
Lot Size of SSMD Agrotech India IPO
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereafter.
Here is the lot-size table:
| Application Category | Lots | Shares | Amount (at ₹121) |
| Individual Investors (Retail) – Min | 2 | 2,000 | ₹2,42,000 |
| Individual Investors (Retail) – Max | 2 | 2,000 | ₹2,42,000 |
| S-HNI – Min | 3 | 3,000 | ₹3,63,000 |
| S-HNI – Max | 8 | 8,000 | ₹9,68,000 |
| B-HNI – Min | 9 | 9,000 | ₹10,89,000 |
SSMD Agrotech India IPO Promoter Holding
The company’s promoters are Mr. Ishu Munjal, Mrs. Surbhi Munjal, and Mr. Jai Gopal Munjal.
- Promoter Holding Pre-Issue: 100%
- Promoter Holding Post-Issue: NA
SSMD Agrotech India Ltd. Financials
SSMD Agrotech India has reported strong growth in recent years. Between FY 2024 and FY 2025, revenue grew by 35%, while profit after tax (PAT) surged by 388%, reflecting operational leverage and improved profitability.
Key Company Financials (Restated, ₹ in Crore)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 32.33 | 18.16 | 15.60 |
| Total Income | 52.13 | 99.18 | 73.45 |
| Profit After Tax | 3.84 | 5.38 | 1.10 |
| EBITDA | 5.79 | 8.47 | 3.23 |
| Net Worth | 10.76 | 6.92 | 1.33 |
| Reserves & Surplus | 4.91 | 6.39 | 0.02 |
| Total Borrowing | 6.88 | 6.07 | 7.02 |
Key Performance Indicators (as of March 31, 2025)
| KPI | Values |
| ROE | 130.46% |
| ROCE | 100.85% |
| Debt/Equity | 0.88 |
| RoNW | 78% |
| PAT Margin | 5.42% |
| EBITDA Margin | 8.54% |
| Price to Book Value | 9.65 |
| Market Capitalisation | ₹104.86 Cr |
EPS & Valuation:
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 9.19 | 8.85 |
| P/E (x) | 13.16 | 13.67 |
Objects of the SSMD Agrotech India IPO
The company plans to utilise the net proceeds from the IPO for the following purposes:
| S. No. | Object | Amount (₹ Cr) |
| 1 | Funding working capital requirements | 13.10 |
| 2 | Repayment of a portion of borrowings | 6.83 |
| 3 | Capex for setting up new D2C dark store factories | 2.04 |
| 4 | Capex for purchase of machinery for Namkeen Plant | 0.97 |
| 5 | General corporate purposes | Balance |
SSMD Agrotech India Ltd.: Industry Outlook
- Packaged Food Demand: With rising urbanisation and changing consumption habits, the demand for packaged staples and ready-to-cook products is growing steadily in India.
- Regional Brand Strength: SSMD’s presence across Delhi/NCR and neighbouring states gives it a strong regional foothold in a competitive but expanding market.
- Brand & Distribution: Multiple in-house brands and a growing distributor network enable deeper market penetration, while the D2C and dark store strategy aligns with the shift towards convenience and quick commerce.
- Margin Expansion Potential: As scale improves and higher-value SKUs like namkeen and value-added products ramp up, there is potential for margin enhancement over the medium term.
SSMD Agrotech India IPO: Peer Comparison
SSMD Agrotech India IPO can be compared with peers like Anand Rathi Wealth Ltd, Prataap Snacks Ltd, DFM Foods Ltd, Hindustan Foods Ltd, andRajdhani Foods Ltd. Evaluating these companies helps investors understand SSMD Agrotech India’s positioning within the packaged food and agro-processing sector, offering deeper insights into market competitiveness, financial performance, and long-term growth potential.
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Conclusion
SSMD Agrotech India Ltd. offers investors exposure to the agro-food and packaged staples segment, backed by strong recent growth in revenue and profitability. Its integrated manufacturing setup, expanding distribution network, and D2C initiatives position it well to benefit from rising demand for branded agro products.
However, investors should also be mindful of:
- Execution risks in upcoming capex and D2C expansion,
- Competitive pressures from larger FMCG and regional brands,
- Working capital intensity typical of the agro and food processing sector.
For investors comfortable with SME IPO risk and looking for a growth-oriented play in the agro-food space, SSMD Agrotech India IPO may be worth a closer look after evaluating valuation and individual risk appetite.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
