Dhanwel Hybrid Seeds
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.00×
- Big non-institutionalbNII · above ₹10 lakh
- 0.21×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.57×
- Retail individualRII · up to ₹2 lakh
- 2.86×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 26 Aug 2026 | ₹1 | +1.01% | ₹900 | ₹100 | ₹1,200 |
| 25 Aug 2026 | ₹1 | +1.01% | ₹900 | ₹100 | ₹1,200 |
| 24 Aug 2026 | ₹1 | +1.01% | ₹900 | ₹100 | ₹1,200 |
| 23 Aug 2026 | ₹1 | +1.01% | ₹900 | ₹100 | ₹1,200 |
| 22 Aug 2026 | ₹1 | +1.01% | ₹900 | ₹100 | ₹1,200 |
| 21 Aug 2026 | ₹1 | +1.01% | ₹900 | ₹100 | ₹1,200 |
| 20 Aug 2026 | ₹5 | +5.05% | ₹4,600 | ₹104 | ₹6,000 |
| 19 Aug 2026 | ₹12 | +12.12% | ₹10,900 | ₹111 | ₹14,400 |
| 18 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 17 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 16 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 15 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
| 14 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹99 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Jun 2026 – 29 Jun 2026
- Listing date
- 02 Jul 2026
- Face value
- ₹10 per share
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Fresh issue
- ₹25.38 Cr 25,63,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹90.12 Cr
- Promoter holding
- 49.94% → 35.12% pre-issue → post-issue
- ISIN
- INE0VWO01011
- CIN
- U46101GJ2024PLC148851
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Wealth Mine Networks Ltd.
- Registered office
- Survey No. 289/1, Opp. Saffron School, Rajkot- Kalawad Highway, At- Jashapar, Kalavad-361160, Jamnagar, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 28,800 | 1.12% | 1.07% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 12,67,200 | 49.44% | 46.93% |
| bNII > ₹10L · within NII | 8,44,800 | — | 31.29% |
| sNII < ₹10L · within NII | 4,22,400 | — | 15.64% |
| Retail (RII) | 12,67,200 | 49.44% | 46.93% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,36,800 | — | 5.07% |
| Total issue | 27,00,000 | — | 100.00% |
Net offer to the public of 25,63,200 shares, out of a total issue of 27,00,000. Indented rows sit inside the category above them and are not added to it.
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
Offer price not yet announced
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.55 | 6.72 |
| Price to book (×) | 3.22 | — |
| Market cap | — | ₹90.12 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 31.11%
- ROCE
- 49.36%
- Debt / equity
- 0.39
- PAT margin
- 8.20%
- EBITDA margin
- 12.38%
- NAV per share
- ₹30.7
- Price to book
- 3.22
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 74.59 | 44.13 | 35.49 |
| Revenue from operations | 74.59 | 44.13 | 35.49 |
| Other income | 0 | 0.01 | 0 |
| Total expenses | 66.26 | 40.78 | 32.86 |
| Operating profit | 8.33 | 3.35 | 2.63 |
| Operating margin | 11.17% | 7.59% | 7.41% |
| Profit before tax | 8.33 | 3.35 | 2.63 |
| Profit after tax | 6.12 | 2.16 | 1.91 |
| PAT margin | 8.20% | 4.89% | 5.38% |
| Balance sheet | |||
| Total assets | 36.99 | 21.07 | 7.89 |
| Current assets | 32 | 17.87 | 6.07 |
| Current liabilities | 15.84 | 6.91 | 4.23 |
| Total liabilities | 17.33 | 7.8 | 4.24 |
| Net worth | 19.66 | 13.27 | 3.65 |
| Current ratio | 2.02× | 2.59× | 1.43× |
| Return on equity | 31.13% | 16.28% | 52.33% |
| Cash flow | |||
| Operating cash flow | -2.49 | -6.06 | 0 |
| Investing cash flow | -2.14 | -1.55 | -1.79 |
| Financing cash flow | 1.43 | 11.28 | 1.47 |
| Net cash flow | -3.19 | 3.66 | -0.32 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment or prepayment of borrowings ₹7.6 Cr
The company proposes to utilize net proceeds towards full or partial repayment or prepayment of borrowings availed from banks and financial institutions to reduce outstanding indebtedness and debt servicing costs.
2 Funding working capital requirements ₹11.6 Cr
The company operates in a working capital intensive industry and proposes to fund working capital requirements including inventories, trade receivables, and other current assets to support business operations.
3 General Corporate Purposes —
The company proposes to utilize proceeds for general corporate purposes in accordance with regulatory requirements, not exceeding fifteen percent of the amount being raised or specified limits.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Dhanwel Hybrid Seeds
The company operates in the agricultural seed business, procuring improved genetic seed material from recognized institutions and open market sources for seed production through contractual arrangements with seed-growing farmers. The company's operations involve systematic seed processing including cleaning, grading, treatment, and quality checks at their processing facility, followed by packing, labeling, and storage before market distribution. The company offers a diverse product portfolio including oil seeds (56.67% of revenue), pulses (20.91%), spices (12.09%), and various vegetable seeds, with revenue growing from ₹35.49 crores in FY2024 to ₹74.59 crores in FY2026.
Management
Mr. Kishankumar Gordhanbhai Meghani
MD
Mr. Vimal Mansukhbhai Vekariya
CEO
Mr. Sudhir Mohanbhai Pipaliya
COO
Ms. Nikunj Mansukhlal Suvagiya
Director
Strengths
As stated in the offer document
Integrated Seed Production and Supply Capabilities
The company is supported by an integrated process covering genetic material sourcing, seed production, processing, quality control, packaging, and supply of field crop and vegetable seeds.
Modern Seed Processing Infrastructure
The company operates a modern seed processing facility at Jashapar, Kalavad, Jamnagar, spread across over 10,218 square feet and equipped for cleaning, grading, treatment, and packaging.
Diversified Seed Sourcing Model
Seed availability is supported through contract-growing farmers as well as direct procurement from farmers and the open market, reducing exclusive dependence on contract farmers.
Experienced Technical and Agronomy Team
The company is supported by experienced agronomists, field staff, and technicians who oversee quality standards, productivity improvement, and sustainable agricultural practices.
Strong Farmer Relationships and Quality Focus
The company has established working relationships with the farming community and applies field supervision, prescribed cultivation protocols, and quality controls throughout seed production.
Established Brand and Quality Certification
Seeds are marketed under the 'Dhanwel Seeds' brand, while the company is ISO 9001:2015 certified, supporting its focus on consistent seed quality.
Risk factors
As stated in the offer document
Seasonality and Climatic Dependency
The company's operations are closely aligned with agricultural cycles and seasonal patterns, with demand for seed products largely dependent on monsoon patterns, rainfall timing and quantity, and farmers' sowing decisions. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on the company's business, financial condition, and results of operations.
Customer Concentration Risk
The company's top ten customers accounted for 64.27%, 22.23%, and 17.26% of revenue from operations for Fiscal 2026, 2025, and 2024 respectively. The company has not entered into long-term agreements with customers, making it significantly dependent on maintaining good relationships with major customers.
Supplier Concentration Risk
The company's top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of total purchases for Fiscal 2026, 2025, and 2024 respectively. The company has not entered into long-term agreements with suppliers, creating dependency on maintaining good relationships for regular supply of raw materials.
Negative Cash Flow from Operations
The company experienced negative cash flows from operating activities of ₹248.64 lakhs and ₹606.45 lakhs in Fiscal 2026 and 2025 respectively. Sustained negative cash flows may restrict the company's ability to fund operations, meet working capital requirements, or pursue expansion plans without raising additional financing.
High Working Capital Requirements
The company's business is working capital intensive, with total working capital requirements of ₹2,240.03 lakhs, ₹1,607.71 lakhs, and ₹377.48 lakhs as of March 31, 2026, 2025, and 2024 respectively. Any inability to maintain adequate working capital may adversely affect business operations and growth prospects.
Low Capacity Utilization
The company's capacity utilization was 55.77% in Fiscal 2026 and 38.00% in Fiscal 2025, compared to 68.75% in Fiscal 2024. Prolonged periods of low capacity utilization may result in higher per-unit operating costs and reduced operating leverage, adversely impacting profitability.
Product Concentration in Oil Seeds
Oil seeds contributed 56.67%, 55.41%, and 65.39% to the company's revenue from operations in Fiscal 2026, 2025, and 2024 respectively. This high product concentration exposes the company to risks related to performance of a single product category and market demand fluctuations.
Cash Transaction Exposure
A major portion of the company's sales transactions are conducted in cash, particularly with farmers and dealers. Cash-based transactions involve risks including limited traceability, handling risks, and increased scrutiny from regulatory and tax authorities.
Regulatory Compliance Delays
The company has experienced delays in statutory filings under the Companies Act, 2013, with some delays extending up to 608 days. These delays may attract penalties and regulatory action, potentially affecting the company's reputation and financial condition.
Dependence on Farmer Arrangements
The company's seed production activities rely on arrangements with farmers without long-term agreements. Any discontinuation or reduction in farmer participation could disrupt seed production schedules and affect inventory availability, impacting revenues and operations.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2025
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Dhanwel Hybrid Seeds Ltd. THIS ISSUE | 9.56 | 30.70 | — | 3.22, computed at the offer price | 31.11% |
| 2.54 | 12.49 | 39.09 | 7.33 | 20.35% | |
| 7.43 | 61.47 | 14.00 | 1.48 | 12.06% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/BV here is computed at the offer price, on the post-issue share count, and is comparable to a listed peer's.