Dhanwel Hybrid Seeds IPO

Incorporated in 2024, Dhanwel Hybrid Seeds operates in the area of seed production. The company manufactures seeds for different types of crops, such as field crops and vegetables, and sells these products to farmers after being multiplied, processed, conditioned, and packaged. Dhanwel sources its seed supply from a variety of channels to ensure that there is a sufficient supply of seeds available to its customers. The company has a contract farming program through which farmers enter into agreements with it to grow and deliver its seed products. Additionally, it sources seeds from farmers directly and/or from markets as needed. Dhanwel's product mix includes oil seeds, pulses, spices, sesame seeds, green grams, black grams, and wheat seeds. In FY26 the company added flowers and fertilisers to its line-up to widen its product offerings. It has also launched its own wheat seed varieties under the Dhanwel-777 and LOK-1 brands as part of its continuing emphasis on developing products and adding value.

Oil seeds are the company's largest single source of revenue, accounting for 56.6% of the total revenue in FY26, 55.4% of FY25 revenue and 65.39% of FY24 revenue. By far the majority of revenue derived from oil seeds in FY26 was generated from groundnut seeds, whereas pulses (primarily soybean) accounted for 20.9% of total revenue in FY26.

The spices segment experienced the greatest growth of all Dhanwel's segments. The contribution of the spices segment to total revenue was 12.09% in FY26, compared to 3.53% in FY25. New flower and fertiliser products contributed 7.07% and 2.28% of FY26 revenue, respectively. The largest customer contributed 27.7% of total revenue in FY26, compared to 4.59% of total revenue in FY24. Similarly, three largest customers made up for 50.4% of total revenue in FY26, increasing from 10.4% of total revenue in FY24.