Farm Peace
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 1.20×
- Retail individualRII · up to ₹2 lakh
- 0.41×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Sept 2026 | ₹59 | +100.00% | ₹89,700 | ₹118 | ₹1,18,000 |
| 07 Sept 2026 | ₹59 | +100.00% | ₹89,700 | ₹118 | ₹1,18,000 |
| 06 Sept 2026 | ₹50 | +84.75% | ₹76,000 | ₹109 | ₹1,00,000 |
| 05 Sept 2026 | ₹47 | +79.66% | ₹71,400 | ₹106 | ₹94,000 |
| 04 Sept 2026 | ₹20 | +33.90% | ₹30,400 | ₹79 | ₹40,000 |
| 03 Sept 2026 | ₹12 | +20.34% | ₹18,200 | ₹71 | ₹24,000 |
| 02 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹0 |
| 01 Sept 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹0 |
| 31 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹0 |
| 30 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹0 |
| 29 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹0 |
| 28 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹0 |
| 27 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹59 | ₹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
- 01 Sept 2026 – 03 Sept 2026
- Listing date
- 08 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹59
- Lot size
- 2,000 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹32 Cr
- Fresh issue
- ₹30.4 Cr 51,52,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹121 Cr
- Promoter holding
- 73.96% → 54.46% pre-issue → post-issue
- ISIN
- INE0W2E01010
- CIN
- U01100GJ2021PLC126500
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 12, Manu Panchal Industrial Estate, Nr. Indira Nagar, Amraiwadi Road, Ahmedabad – 380 026, 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 | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 25,76,000 | 50.00% | 47.49% |
| bNII > ₹10L · within NII | 25,76,000 | — | 47.49% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 25,76,000 | 50.00% | 47.49% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,72,000 | — | 5.01% |
| Total issue | 54,24,000 | — | 100.00% |
Net offer to the public of 51,52,000 shares, out of a total issue of 54,24,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 2,000 shares per lot, in multiples, at ₹59
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,18,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,36,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,44,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,62,000 |
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
₹59 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.97 | 3.66 |
| P/E (×) | 11.87 | 16.12 |
| Price to book (×) | 2.06 | — |
| Market cap | — | ₹121 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 17.32%
- ROCE
- 27.00%
- Debt / equity
- 0.26
- PAT margin
- 8.41%
- EBITDA margin
- 13.74%
- NAV per share
- ₹28.69
- Price to book
- 2.06
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 | 90.84 | 79.98 | 62.75 |
| Revenue from operations | 90.83 | 79.24 | 62.55 |
| Other income | 0.01 | 0.73 | 0.2 |
| Total expenses | 80 | 70.32 | 53.54 |
| Operating profit | 10.84 | 9.66 | 9.21 |
| Operating margin | 11.93% | 12.08% | 14.68% |
| Profit before tax | 10.84 | 9.65 | 9.21 |
| Profit after tax | 7.53 | 6.66 | 6.16 |
| PAT margin | 8.29% | 8.33% | 9.82% |
| Balance sheet | |||
| Total assets | 99.84 | 69.32 | 31.76 |
| Current assets | 98.51 | 67.93 | 28.03 |
| Current liabilities | 53.2 | 33.17 | 22.29 |
| Total liabilities | 56.37 | 33.37 | 22.72 |
| Net worth | 43.48 | 35.95 | 9.04 |
| Current ratio | 1.85× | 2.05× | 1.26× |
| Return on equity | 17.32% | 18.53% | 68.14% |
| Cash flow | |||
| Operating cash flow | -7.17 | -17.57 | -1.54 |
| Investing cash flow | -0.02 | 2.3 | -3.64 |
| Financing cash flow | 7.25 | 15.3 | 4.87 |
| Net cash flow | 0.05 | 0.03 | -0.31 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding incremental working capital requirements ₹23 Cr
The company proposes to utilize the Net Proceeds to fund incremental working capital requirements due to business expansion, including seed procurement, farmer support, cold storage utilization, increased receivables from institutional buyers with extended credit terms, and operational costs for expanded farming operations.
2 General corporate purposes ₹4.8 Cr
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including meeting ongoing general corporate expenses, exigencies and contingencies, and costs/expenses towards meeting certain business requirements.
About Farm Peace
The company is an integrated contract farming company specializing in processed-grade potato varieties like Santana, Frysona, Innovators, Lady Rosetta, and Chipsona, supplying processing companies for manufacturing French fries, chips, and other potato-based products. The company offers comprehensive support to farmers, including seed selection, soil preparation, irrigation, pest management, and harvesting guidance through a 100% buy-back model. The company operates primarily in Gujarat, India, under the 'Farm Peace' brand, cultivating over 5,660 acres and producing 61,680 metric tonnes of potatoes annually, supported by a proprietary Farm Peace mobile application.
Management
Sandipkumar Narsinhbhai Patel
MD
Sudhir Haribhai Patel
CEO
Girishbhai Faljibhai Patel
Director
Maulik Raghuvir Ajara
Director
Neha Agarwal
Director
Kulin Kiran Patel
CFO
Dharaben Chirag Patel
Director of Operations
Strengths
As stated in the offer document
Contract Farming Model with 100% Buy-Back Assurance
The company implements a 100% buyback model ensuring guaranteed market for farmers' produce, eliminating uncertainty from fluctuating market conditions and providing predictable income through fixed pricing arrangements.
Agro-Climatic Advantage of Gujarat for Processing-Grade Potato Cultivation
The company operates in Gujarat districts with loamy soil and cool, dry Rabi season conditions. Gujarat contributes 4.52 million tonnes annually (7.52% of India's total potato output) with ideal agro-climatic zones.
Strong and Expanding Farmer Network
The company has grown from 1,400 acres with 23,000 metric tonnes in FY 2023 to 5,660 acres with 61,680 metric tonnes in FY 2026, engaging over 800 farmers through structured buy-back arrangements.
End-to-End Farming Support covering planning to post-harvest
The company provides comprehensive support from land preparation, hybrid seed supply, training programs, regular monitoring by field officers, to post-harvest handling including temperature-controlled storage and transportation.
Experienced Promoters and Management Team
The company is led by promoters with strong expertise: Sandipkumar Patel (15 years agri-processing experience), Sudhir Patel (30 years trading experience), Girishbhai Patel (35 years accounting/pharma experience), and Kulin Patel (finance background).
Risk factors
As stated in the offer document
Absence of formal contracts with farmers and reliance on informal arrangements
The company operates through verbal arrangements with farmers without formal contracts, which may result in non-performance, disputes, or supply shortfalls. If market prices exceed pre-agreed prices, farmers may sell to third parties instead of the company, affecting supply commitments to customers.
Dependence on seasonal and climatic conditions for processed-grade potato cultivation
The company's business depends substantially on specific agro-climatic conditions for potato cultivation. Adverse weather events such as droughts, floods, or extreme temperatures may impact both quantity and quality of production, potentially disrupting supply chains.
Geographic concentration of operations in Gujarat
The company's contract farming operations, procurement, cultivation activities, and cold storage facilities are primarily concentrated in Gujarat. This geographic concentration exposes the company to region-specific risks including climatic conditions, regulatory changes, or infrastructure disruptions.
Dependence on third-party suppliers for seeds
The company's operations depend on procuring seeds from third-party suppliers, with formal agreements with only one supplier. The absence of written contracts with majority suppliers exposes the company to risks of supply disruptions, quality issues, or unfavorable commercial terms.
Dependence on frozen potato manufacturers and snack producers
A significant portion of the company's processed-grade potato sales is made to processing companies. Loss of key customers or changes in their procurement policies could materially impact revenue, with top 10 customers representing 80.68% of potato sales in Fiscal 2026.
Exposure to price fluctuations in procurement and sales
The company is exposed to price volatility in both seed procurement and processed-grade potato sales. Price mismatches between procurement costs and selling prices could result in margin compression or losses, particularly given the seasonal nature of cultivation.
Negative cash flows from operating activities
The company experienced negative cash flows from operating activities of ₹717.29 lakhs, ₹1,757.16 lakhs, and ₹154.20 lakhs for Fiscals 2026, 2025, and 2024 respectively. Continued negative cash flows could impact the company's ability to operate and implement growth plans.
Working capital intensive business model
The company's business requires significant upfront investments for seed procurement, farmer payments, and storage, with working capital requirements of ₹5,333.47 lakhs as of March 31, 2026. Failure to maintain adequate working capital financing could disrupt operations.
High inventory holding periods and working capital requirements
The company maintains significant inventories in cold storage for extended periods, with inventory representing 19.75% of current assets as of March 31, 2026. Extended holding periods tie up substantial working capital and expose the company to spoilage risks.
Significant indebtedness and restrictive covenants
As of March 31, 2026, the company had total outstanding indebtedness of ₹1,127.70 lakhs with debt-equity ratio of 0.26 times. The financing agreements contain restrictive covenants that limit the company's operational flexibility and require lender approvals for certain activities.