As 2025 draws to a close, SME IPOs continue to attract investors who are looking beyond traditional sectors. Astron Multigrain Limited, a player in the instant noodles space with both contract and own brand manufacturing, is set to open its IPO on December 1, 2025. Here is a detailed look at Astron Multigrain, its IPO, and the business outlook.
About Astron Multigrain Ltd.
Astron Multigrain Limited is engaged in the manufacturing of instant noodles, catering to both contract manufacturing and own-brand segments.
- The company manufactures noodles on a contract basis for Gokul Snacks Pvt. Ltd., which markets them under its own brand.
- It also sells under its own brand “Astron’s Swagy Noodles”, currently available in Mast Masala (Classic flavour).
- In addition to noodles, the company also produces noodle bhujiya and papad.
Manufacturing facility:
- Located at Gondal, Rajkot, Gujarat.
- Installed capacity of 5,110 MTPA.
- Licensed under FSSAI as per the Food Safety and Standards Act, 2006.
Business model:
- Contract Manufacturing: Astron handles procurement of ingredients, production, packaging and dispatch while the client sells under its brand.
- Own Brand Manufacturing: Astron manufactures and markets products under its own brand, primarily in the value segment.
Market presence:
- Products are sold in the B2B segment, largely in Gujarat, Madhya Pradesh, Maharashtra and Bihar.
- Distribution is routed via super stockists, then wholesalers and finally retailers.
In FY25, 79.82% of total revenue came from own-brand manufacturing, while 20.18% was contributed by contract manufacturing.
Promoters:
- Mr. Jenish Parshottambhai Khunt
- Ms. Poonam Jenish Khoont
Astron Multigrain IPO Details
Astron Multigrain IPO is a fixed price issue aggregating ₹18.40 crore, comprising a mix of fresh issue and offer for sale.
With the IPO, the company aims to fund capital expenditure for machinery, meet working capital requirements, and use the balance for general corporate purposes.
Important IPO Timeline
| Event | Date |
| IPO Open Date | December 1, 2025 (Mon) |
| IPO Close Date | December 3, 2025 (Wed) |
| Tentative Allotment | December 4, 2025 (Thu) |
| Initiation of Refunds | December 5, 2025 (Fri) |
| Credit of Shares to Demat | December 5, 2025 (Fri) |
| Tentative Listing Date | December 8, 2025 (Mon) |
| Cut-off time for UPI mandate confirmation | 5 PM on December 3, 2025 |
Key IPO Details
Here is the table on the Astron Multigrain IPO Review:
| IPO Date | December 1, 2025 to December 3, 2025 |
| Face Value | ₹10 per share |
| Issue Price Final | ₹63 per share |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 29,20,000 shares (aggregating up to ₹18.40 Cr) |
| Reserved for Market Maker | 1,48,000 shares (aggregating up to ₹0.9324 Cr) Prabhat Financial Services Ltd. |
| Fresh Issue (Ex Market Maker) |
21,92,000 shares (aggregating up to ₹13.81 Cr) |
| Offer for Sale | 5,80,000 shares of ₹10 (aggregating up to ₹3.65 Cr) |
| Net Offered to Public | 27,72,000 shares (aggregating up to ₹17.46 Cr) |
| Issue Type | Fixed Price IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 62,60,000 shares |
| Share Holding Post Issue | 86,00,000 shares |
| Book Running Lead Manager | Finaax Capital Advisors Private Limited |
| Registrar | Bigshare Services Pvt Ltd |
| Market Maker | Prabhat Financial Services Ltd |
Astron Multigrain IPO Reservation
Astron Multigrain IPO offers a total of 29,20,000 shares, allocated as below:
| Investor Category | Shares Offered | % of Issue |
| Market Maker | 1,48,000 | 5.07% |
| NII (HNI) | 13,84,000 | 47.40% |
| Retail (RII) | 13,88,000 | 47.53% |
| Total | 29,20,000 | 100.00% |
Lot Size of Astron Multigrain IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 4,000 | ₹2,52,000 |
| Individual investors (Retail) (Max) | 2 | 4,000 | ₹2,52,000 |
| HNI (Min) | 3 | 6,000 | ₹3,78,000 |
Astron Multigrain Ltd. Financials
Astron Multigrain has reported steady growth in revenue and profit over the last few years.
Key Company Financials (Restated Consolidated, ₹ Crore)
| Period Ended | 31 Oct 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 27.55 | 21.79 | 17.71 | 14.83 |
| Total Income | 23.58 | 33.92 | 26.51 | 19.50 |
| Profit After Tax | 2.11 | 2.31 | 1.98 | 1.24 |
| EBITDA | 3.35 | 4.06 | 3.11 | 2.61 |
| Net Worth | 12.62 | 10.51 | 8.20 | 3.82 |
| Reserves and Surplus | 6.36 | 4.25 | 1.94 | 1.17 |
| Total Borrowing | 3.42 | 4.28 | 5.02 | 6.70 |
Key Performance Indicators (KPI)
KPI as of March 31, 2025:
| KPI | Value |
| ROE | 24.66% |
| ROCE | 23.73% |
| Debt to Equity | 0.41 |
| RoNW | 21.95% |
| PAT Margin | 6.80% |
| EBITDA Margin | 11.98% |
| Price to Book Value | 3.75 |
| Market Capitalisation | ₹54.18 Cr |
Pre and Post IPO Metrics:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 3.69 | 4.21 |
| P E (x) | 17.09 | 14.95 |
Promoter Holding:
| Pre Issue | Post Issue | |
| Promoter Holding | 99.99% | 66.05% |
Promoters are Mr. Jenish Parshottambhai Khunt and Ms. Poonam Jenish Khoont.
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO for the following:
| S. No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Funding capital expenditure towards the purchase of machinery | 4.46 |
| 2 | Meeting working capital requirements | 5.65 |
| 3 | General corporate purposes | Balance |
Astron Multigrain Ltd.: Industry Outlook
- Packaged foods and instant noodles continue to see strong demand in India, especially in value and mass segments.
- Rising urbanisation, changing lifestyles and preference for quick and affordable meals support long-term noodles consumption trends.
- Contract manufacturing for established brands and building an own brand in regional markets provides a dual growth lever.
- Distribution through super stockists and wholesalers helps deepen penetration in focus states like Gujarat, Madhya Pradesh, Maharashtra and Bihar.
Astron Multigrain IPO: Peer Comparison
Astron Multigrain IPO can be compared with peers such as Anil Foods Ltd, Saiham Foods Ltd, Gokul Snacks Pvt. Ltd., Prabhat Speciality Foods, and Vadilal Industries Ltd. Reviewing these companies helps investors understand Astron Multigrain’s position within the packaged foods and instant noodles segment, enabling a clearer assessment of its growth potential and competitive standing.
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Conclusion
Astron Multigrain Ltd. presents an interesting SME IPO in the instant noodles and packaged foods space. The company operates with a mix of contract manufacturing and own brand sales, has reported steady growth in revenue and profits, and plans to invest further in machinery and working capital.
At the same time, investors should consider factors such as:
- Concentration in a few states and reliance on a limited B2B network
- Competition from large established players in the FMCG sector.
- SME listing characteristics and relatively smaller equity base
Well-informed investors with a higher risk appetite and a medium-term view may evaluate the Astron Multigrain IPO in line with their overall asset allocation and risk profile.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
