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Patel Retail IPO
95.15xsubscribed

Patel Retail IPO

Retailing
listed
₹13,746Min. investment

Patel Retail Limited IPO Details

SectorRetailing
Price range₹237 – ₹255
IPO type
Regular
Lot size58 shares
Issue size₹242Cr
Red Herring Prospectus
Read
Market cap
₹851.71CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹820.69CrLower than sector avg
Growth rate3Y CAGR
6.90%Higher than sector avg

Patel Retail IPO Subscription Status

Date
QIB
NII
Retail
Total
19-Aug-25
9.92 times (X)
7.31 times (X)
5.0 times (X)
6.41 times (X)
20-Aug-25
17.5X
25.67X
16.71X
19.5X
21-Aug-25
160.87X
106.07X
41.97X
95.15X

As on 19-Aug-25, 5:30 PM

Patel Retail IPO Timeline

  1. Pre-apply
    14 Aug 2025
  2. Bid start
    19 Aug 2025
  3. Bid end
    21 Aug 2025
  4. Allotment
    22 Aug 2025
  5. Release of funds
    25 Aug 2025
  6. Demat transfer
    25 Aug 2025
  7. Listing
    26 Aug 2025

About Patel Retail Limited

Patel Retail Limited is an integrated retail, manufacturing, trading, and export company with a strong presence in the grocery-led supermarket space. Incorporated in 2008, the company has grown from a single store to 43 operational outlets as of May 31, 2025, all located in the Thane and Raigad districts of Maharashtra. The company operate and manages all its stores on a lease model with an average lease period of around 5 years.
These stores follow a cluster-based expansion model, enabling cost-efficient operations, supply chain optimisation. The company primarily focus on growing its stores in tier-III cities and the suburban areas, targeting densely populated residential areas with a majority of lower-middle class, middle-class class and aspiring upper-middle-class customers with an average store size of around 4000 sq. ft. Each store carries an extensive product mix of over 10,000 SKUs, covering categories such as food staples, FMCG, personal care, apparel, and home essentials.
Patel Retail operates three strategically located facilities - one in Ambernath (Maharashtra) and two in Dudhai (Kutch, Gujarat). These plants are equipped with advanced automation, including cryogenic spice grinding to preserve aroma and colour, stoneless high-fibre atta milling, peanut blanching, sesame seed processing, and packaging lines.
In FY25, Patel Retail derived 54.14% of its revenue from non-retail operations, led by manufacturing & processing (44.01%) and trading (10.13%), while retail contributed 44.95%, with food products forming the largest share at 32.83%. On the domestic front, beyond its retail chain, Patel Retail supplies products to 500+ wholesalers and retailers, creating a diversified sales base across both B2B and B2C channels. The company is also engaged in the bulk trading of agro commodities and third-party FMCG goods, further expanding its revenue streams.
On the wholesale side, the company has built a strong network of 234 wholesalers and 72 retail outlets across nine states, with a major presence in Maharashtra and Gujarat. This channel generated ₹147.75 crore in FY25, contributing 18% of operational revenue, up from ₹80.56 crores in FY24, reflecting steady and significant B2B growth. The company sources its raw materials primarily from Agricultural Produce Market Committees (APMCs) and multiple suppliers across India. In FY25, the top 10 suppliers accounted for 15.38% of revenue from operations.
The company owns four brands: Indian Chaska, Patel Fresh, Patel Essentials, and Blue Nation, representing 17.05% of retail revenue and 7.66% of overall revenue from operations, demonstrating their growing significance in the company’s sales mix. These products span staples, spices, processed foods, and household essentials. Patel Retail operates a central distribution centre in Ambernath and a fleet of 18 in-house trucks, supplemented by third-party logistics partners. Technology also plays a critical role, with ERP-driven procurement, inventory tracking, and sales analytics enabling data-led decision-making and tighter cost control.
India’s retail sector is poised for strong growth, driven by pro-investment policies (100% FDI in food retail), a rising number of organised retailers, and expanding supermarket presence in tier II and III cities. With organised retail still under 15% of the market and sector CAGR projected at 5.27% (CY2024–33), Patel Retail’s cluster-based strategy, operating 43 stores across 17 Maharashtra cities including high-density suburban areas and key markets like Thane, Raigad, Pune, and Mumbai’s western suburbs, positions it to effectively capture growing consumer demand. India’s spice industry has also grown steadily, with production rising from 10.1 million tons in FY19 to 12 million tons in FY25 (5% CAGR). Whole spices, contributing 8.86% of the company’s FY25 revenue, highlight its market dominance and growing demand.
Now, Patel Retail Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹215.91 crore and an offer for sale of ₹25.55 crore. The total issue size of the IPO is ₹242.76 crore. Its shares will be listed on the NSE and BSE.

Patel Retail Limited IPO Analysis

IPO REVIEW

Patel Retail IPO | Analysis Video

Should you apply?

Watch our analysts break down the Patel Retail Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
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Strength and Weakness

Scalable and cluster-based retail expansion

The company has expanded its retail footprint from 30 stores in FY23 to 43 stores as of May 2025, primarily in tier-III cities and suburban pockets within Maharashtra’s Thane and Raigad districts. Retail space also grew from 1.22 lakh sq. ft. in FY23 to 1.74 lakh sq. ft. in FY25, with consistently healthy sales per sq. ft. of ~₹21,000+.

Efficient inventory and IT-driven operations

Patel Retail's inventory turnover ratio, a key efficiency metric, stood at 5.18x in FY25, an improvement over 7.39x in FY23 due to optimisation in inventory levels. The company offers 10,000+ SKUs per store and leverages data analytics for procurement and pricing. Additionally, losses from pilferage were brought down drastically from ₹0.97 crores in FY21 to ₹0.08 lakhs in FY25, reflecting robust internal controls.

Large-scale procurement

With access to 1,500+ farmers and aggregators, Patel Retail ensures a stable supply of raw materials. Storage infrastructure includes dry storage capacity of 3,040 MT, cold storage capacity of 3,000 MT, and additional capacity of 8,500 MT at Facility 1 and 11,000 MT at Facility 2. The company has also leased 7.975 acres of land for future warehousing needs.

Strategically located manufacturing facilities

Patel Retail’s manufacturing units are strategically located near its retail network and sourcing regions. Its Ambernath facility in Maharashtra supports export and retail operations, while its Agri-cluster in Dudhai, Gujarat, houses multi-product units for spices, flour, pulses, and peanuts. Equipped with automated systems like cryogenic spice grinding and stoneless atta milling, these facilities ensure high-quality processing, scalability, and cost-effective production.

Diversified product portfolio

Patel Retail offers a wide range of products across food, FMCG, apparel, and home essentials through both third-party brands and its own labels like Indian Chaska and Patel Fresh. Its varied pack sizes and product categories cater to diverse consumer segments and evolving preferences.

Well-established logistics and distribution network

With a central distribution centre in Ambernath, 18 company-owned trucks, and third-party partners, the company ensures fast, cost-efficient delivery within a 60 km radius and to over 35 countries. In FY25, non-retail revenue reached ₹457.27 crore, including ₹183.76 crore domestic sales and ₹273.50 crore exports, supported by well-networked last-mile delivery and optimised stock replenishment.

Objectives of Patel Retail Limited IPO

Working capital requirements
53.00%
The company will utilise 115 crore to fund its working capital requirements.
Repayment of loans
27.30%
The company will utilise ₹59 crore towards repayment/prepayment of borrowings.
General corporate purposes
19.70%
Part of the IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹820.69Cr6.90%₹25.28Cr₹851.71Cr24.761.34
This sector (avg.)₹1,764.49Cr0.01%-₹66.27Cr₹11,364.76Cr36.950.83
₹59,358.05Cr---₹2,707.45Cr₹2,40,088Cr84.020.04
₹17,134.61Cr---₹1,534.41Cr₹1,34,569.8Cr82.960.41
₹10,716.35Cr---₹631.97Cr₹58,856.47Cr75.760.27

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Patel Retail IPO Contact Details

Company NamePatel Retail Limited

How to apply for Patel Retail IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Patel Retail Limited IPO FAQs

Investors can apply for the Patel Retail IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Patel Retail IPO is 242 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Patel Retail IPO will be open between 2025-08-19 and 2025-08-21.
Patel Retail IPO allotment date is 2025-08-25. For Patel Retail IPO allotment status check, you can visit the website of the registrar of the IPO.
For Patel Retail IPO, the IPO registrar is Bigshare Services Private Limited. You can check Patel Retail IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Patel Retail IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Patel Retail IPO lot size is 58 and minimum order quantity is 58.
Patel Retail IPO has set the price band for its IPO at 255 per equity share with a face value of 10.