Q&T Foods
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.12×
- Retail individualRII · up to ₹2 lakh
- 2.50×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 18 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 17 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 16 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 15 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 14 Aug 2026 | ₹1 | +0.87% | ₹900 | ₹116 | ₹1,200 |
| 13 Aug 2026 | ₹3 | +2.61% | ₹2,700 | ₹118 | ₹3,600 |
| 12 Aug 2026 | ₹10 | +8.70% | ₹9,100 | ₹125 | ₹12,000 |
| 11 Aug 2026 | ₹21 | +18.26% | ₹19,200 | ₹136 | ₹25,200 |
| 10 Aug 2026 | ₹15 | +13.04% | ₹13,700 | ₹130 | ₹18,000 |
| 09 Aug 2026 | ₹6 | +5.22% | ₹5,500 | ₹121 | ₹7,200 |
| 08 Aug 2026 | ₹6 | +5.22% | ₹5,500 | ₹121 | ₹7,200 |
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
- 12 Aug 2026 – 14 Aug 2026
- Listing date
- 19 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹115
- Lot size
- 1,200 shares
- Sale type
- Fresh capital
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹26.25 Cr
- Fresh issue
- ₹24.91 Cr 21,66,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹81.4 Cr
- Promoter holding
- 91.28% → 61.86% pre-issue → post-issue
- ISIN
- INE13G401012
- CIN
- U55101UP2018PLC107257
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- 1/361 SF, Vaishali, Ghaziabad, Uttar Pradesh – 201010
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) | 10,83,600 | 50.00% | 47.48% |
| bNII > ₹10L · within NII | 10,83,600 | — | 47.48% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 10,83,600 | 50.00% | 47.48% |
| Employee | 0 | — | 0.00% |
| Market maker | 1,15,200 | — | 5.05% |
| Total issue | 22,82,400 | — | 100.00% |
Net offer to the public of 21,67,200 shares, out of a total issue of 22,82,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹115
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,38,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,76,000 |
| S-HNI (max) | 7 | 8,400 | ₹9,66,000 |
| B-HNI (min) | 8 | 9,600 | ₹11,04,000 |
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
₹115 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.84 | 7.35 |
| P/E (×) | 10.61 | 15.65 |
| Price to book (×) | 7.66 | — |
| Market cap | — | ₹81.4 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 38.86%
- ROCE
- 46.00%
- PAT margin
- 5.84%
- EBITDA margin
- 10.29%
- NAV per share
- ₹15.01
- Price to book
- 7.66
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 | 54.78 | 46.83 | 40.22 |
| Revenue from operations | 54.78 | 46.83 | 40.22 |
| Other income | 0 | 0 | 0 |
| Total expenses | 47.83 | 43.14 | 37.57 |
| Operating profit | 6.95 | 3.69 | 2.65 |
| Operating margin | 12.69% | 7.88% | 6.59% |
| Profit before tax | 6.95 | 3.69 | 2.65 |
| Profit after tax | 5.2 | 2.74 | 1.96 |
| PAT margin | 9.49% | 5.85% | 4.87% |
| Balance sheet | |||
| Total assets | 26.57 | 19.68 | 14.34 |
| Current assets | 16.83 | 13.08 | 10.4 |
| Current liabilities | 13.9 | 9.96 | 8.98 |
| Total liabilities | 14.34 | 12.64 | 11.9 |
| Net worth | 12.24 | 7.04 | 2.44 |
| Current ratio | 1.21× | 1.31× | 1.16× |
| Return on equity | 42.48% | 38.92% | 80.33% |
| Cash flow | |||
| Operating cash flow | 3.99 | 1.89 | -0.17 |
| Investing cash flow | -3.75 | -3.07 | -1.48 |
| Financing cash flow | 0.02 | 1.22 | 1.76 |
| Net cash flow | 0.26 | 0.05 | 0.11 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility ₹4.42 Cr
The company proposes to utilize funds towards the purchase and installation of additional bakery processing machinery and equipment at its existing manufacturing facility to strengthen manufacturing capabilities and support future business growth.
2 Part finance the requirement of Working Capital ₹7.5 Cr
The company intends to utilize funds for investment in trade receivables, inventories and payment to trade payables to support expansion of business operations by increasing manufacturing capacities and operations.
3 Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company ₹6.75 Cr
The company proposes to utilize funds to repay certain borrowings to help reduce outstanding indebtedness, debt servicing costs and maintain a favourable debt-to-equity ratio.
4 General corporate purposes ₹3.92 Cr
The company intends to deploy funds towards strategic initiatives, brand building activities, strengthening infrastructure and systems, repayment of loans, provision for contingencies and ongoing corporate purposes as approved by the Board.
About Q&T Foods
Q&T Foods Limited is primarily engaged in manufacturing, distribution, marketing and selling of bakery products in savoury category including breads, buns, pizza bases, and Kulcha under the brand 'American Bakers' targeted at local consumers. The company operates through an in-house manufacturing facility with ISO 22000:2018 and HACCP certifications, situated at 10,750 sq. feet in Ghaziabad, Uttar Pradesh with 9,472 TPA installed capacity. The company offers diversified product portfolio including Milk Bread, White Bread, Multigrain Bread, Brown Bread, Kulcha, Pav, Burger Bun, and Pizza Base primarily in Uttar Pradesh. The company has developed a dealer network of more than 50 dealers and has shown consistent growth with operational revenue scaling from Rs. 4,021.53 lakhs in FY 2023-24 to Rs. 5,477.63 lakhs in FY 2025-26.
Management
Nishant Raj Gupta
MD
Khushbu Varshney
CEO
Usha Gupta
Director
Strengths
As stated in the offer document
Leveraging the experience of Promoter and employees
The company's promoters have proven background and experience in the bakery industry, providing key competitive advantage and enabling business expansion while exploring new growth avenues.
In-house manufacturing facility supported by technology driven process
The company operates a 10,750 sq. feet manufacturing facility with 9,472 TPA installed capacity, accredited with ISO 22000:2018 and HACCP certifications for quality management systems.
Extensive and well-developed sales and distribution network
The company has developed a dealer network of more than 50 dealers with periodic training programmes and sales incentives to encourage greater sales and increase brand visibility.
Long-standing relationship with dealers
The company has developed long-standing relationships with dealers without long-term agreements, ensuring uninterrupted supplies and retaining dealers on a pan India basis through strong relationships and product quality.
Focus on Quality and Timely Delivery
The company maintains ISO 22000:2018 certification and HACCP standards, focusing on manufacturing wide variety of bakery products while ensuring quality assurance and timely delivery to sustain business model.
Risk factors
As stated in the offer document
Outstanding Litigation Proceedings
The company faces pending litigation involving Rs. 51.11 lakhs against the company and Rs. 36.01 lakhs against promoters. Any adverse outcome may impact the company's reputation, business, financial condition, results of operations and cash flows.
Delays in Payment of Statutory Dues
The company has experienced significant delays in payment of statutory dues including Employee Provident Fund (delays up to 2,435 days) and Employee State Insurance (delays up to 915 days). Such delays may attract financial penalties from government authorities, adversely impacting financial condition and cash flows.
Manufacturing Facility on Leased Premises
The company's manufacturing facility operates on leased premises with rent of Rs. 45,000 per month. If the company is unable to renew lease agreements or relocate on commercially suitable terms, it may have a material adverse effect on business operations and financial condition.
Revenue Concentration on Few Customers
The company's top 10 customers contributed 25.01%, 24.85% and 31.56% of revenue from operations for fiscal years 2026, 2025 and 2024 respectively. Loss of key customers or reduction in business volumes could materially adversely affect results of operations and financial condition.
Increasing Inventory Levels
The company's inventory increased from Rs. 250.07 lakhs (March 2024) to Rs. 536.95 lakhs (March 2026). The company's inability to accurately forecast demand and manage inventory may adversely affect business, cash flows, and results of operations due to working capital requirements and spoilage risks.
Trademark Opposition Proceedings
The company's trademark application for "AMERICAN BAKERS" has been opposed by a third party under Sections 9, 11 and 18 of the Trade Marks Act, 1999. Any adverse outcome may require additional costs for rebranding, affecting brand recognition and business operations.
Offer documents
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Q&T Foods Ltd. THIS ISSUE | 10.83 | 25.51 | 15.65, computed at the offer price | 7.66, computed at the offer price | 42.49% |
Mrs.Bectors Foods Specialties Ltd. | 3.87 | 38.29 | 54.37 | 5.53 | 10.11% |
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/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.