Peshwa Wheat IPO

Incorporated in 2023, Peshwa Wheat processes wheat products comprising Atta, Sortex Wheat, Broken Wheat and wheat bran, and other flour products comprising gram flour and maize flour.

The company also trades potatoes and tomatoes within Madhya Pradesh. The company operates an integrated processing unit at Bijepur, Indore, and sells predominantly on a B2B basis. The route to market combines sales through super stockists, who supply wholesalers and retailers, and direct sales to bulk customers such as restaurants, bakeries, wholesalers and community groups. In FY26, super stockists accounted for 53.4% of revenue and direct customers for 46.6%, compared with 8.7% and 91.3%, respectively, in FY24.

The company has no export exposure, with 100% of its revenue coming from the domestic market. Madhya Pradesh contributed 97.2% and Maharashtra 2.7%, while Karnataka and Gujarat contributed nil. The processing unit had an installed capacity of 56,100 MTPA in FY26, with actual production of 50,546 MTPA and 90.10% utilisation. This compares with 49,500 MTPA installed capacity, 29,075 MTPA production and 58.73% utilization in FY24.

Peshwa Wheat plans to add 46,500 MTPA through the issue-funded expansion, taking total installed capacity to 102,600 MTPA. Its processing chain covers procurement, cleaning, grading, milling, quality checks, packaging, storage and dispatch. Wheat bran arising from milling is sold for animal feed, while third-party vehicles are used for raw-material procurement and product delivery.

Atta contributed 38.2%, Sortex Wheat 42.4%, Broken Wheat 3.5% and wheat bran 1.5%, taking wheat products to 85.7% of revenue. Maize flour contributed 10.6% and vegetable trading 3.5%; gram flour had no revenue in FY26. Atta's share declined from 61.8% in FY24 while Sortex Wheat rose from 37.5%, and Broken Wheat, maize flour and vegetable trading were added to the revenue mix during FY25.