- Price band
- ₹66 – ₹70
- Issue size
- ₹44.03 Cr
- Lot size
- 2000 sh
- Bidding
- 29 Jun – 1 Jul
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 6 Jul 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Adon Agro Commodities sources, imports, processes, packs and distributes dry fruits, nuts, seeds and berries, and was incorporated on 24 January 2022. Revenue on record runs Rs 22.33 crore in FY23, Rs 72.57 crore in FY24 and Rs 103.04 crore in FY25, with Rs 287.16 crore booked in the ten months to 31 January 2026; profit after tax at the same four points was Rs 0.09 crore, Rs 1.79 crore, Rs 7.22 crore and Rs 21.55 crore. The Rs 44.03 crore issue was entirely fresh, with no offer for sale, and was priced at Rs 66 to Rs 70 a share. It listed on BSE SME at Rs 78.25 on 6 July 2026 and last traded at Rs 92 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Adon Agro, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2022 · Vashi, Navi Mumbai, Maharashtra, India · 62 employees
Adon Agro Commodities sources, imports, processes, packs and distributes dry fruits, nuts, seeds and berries — almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots and figs — sold both in bulk unprocessed form and in retail packs under its own brand, Hunger Nuts, in sizes from 250 grams to 30 kilograms. It buys from Indian markets and from the UAE, Afghanistan, the USA, Chile and Sri Lanka, and sells through five channels: containerised bulk B2B, wholesale and corporate gifting, modern-trade supply to organised retail chains, exports, and direct-to-consumer through its own website and third-party marketplaces. Its plant at MIDC Mahape, Navi Mumbai cracks and grades almonds and walnuts, with installed capacity of 4,800 tonnes a year for almonds and 2,000 tonnes for walnuts. The company served 871 customers and had 62 employees as of 31 January 2026.
Revenue is the gross value of dry fruit sold, and the dominant cost is the goods themselves. In the ten months to 31 January 2026, revenue from operations was Rs 287.16 crore against cost of materials consumed of Rs 76.41 crore plus Rs 174.36 crore of stock-in-trade purchases, leaving EBITDA of Rs 31.28 crore — a 10.89% margin. Processing, begun only in that period, contributed Rs 150.14 crore or 53.06% of revenue; the balance is trading. The structural constraint is working capital: trade receivables stood at Rs 36.50 crore and inventory at Rs 8.20 crore, and Rs 32 crore of the Rs 44.03 crore raised was earmarked for incremental working capital.
The company on paper
- Legal name
- Adon Agro Commodities Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 24 Jan 2022
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U51390MH2022PLC375413
- Sector
- Consumer Staples · Sourcing, processing and packaging of dry fruits and nuts
- Employees
- 62
- Registered office
- Vashi, Navi Mumbai, Maharashtra, India
- Promoters
- Narayanswamy Venkitkrishnan, Shubham Ratan Sharma, Jigisha Narayanswamy
- Promoter holding, pre-issue
- 90.0%
- Promoter holding, post-issue
- 65.4%
- Website
- adonagrocommodities.com
The numbers
Financial performance
Revenue has compounded at 114.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹44.03 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹44.03 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 3,16,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 24.6% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹70.00
- Listed at
- ₹78.25
- Listing gain
- up 11.8%
- Since listing
- up 20.1%
- Against the issue price
- up 34.3%
Trading at ₹94.00 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 4,000
- At cut-off price
- ₹70.00
- Amount blocked
- ₹2,80,000
One lot is 2000 shares at ₹1,40,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,80,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~100%
chance of one lot, per application
- Retail subscription
- 0.84×
- Applicants per share available
- 0.8× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹78.25
listed at, 11.8% against the issue price
- Issue price
- ₹70.00
- Premium said
- —
- If allotted 2000 shares
- ₹16,500
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose at each annual period on record: Rs 22.33 crore in FY23, Rs 72.57 crore in FY24 (a rise of 224.99%) and Rs 103.04 crore in FY25 (a further 41.99%). The ten months to 31 January 2026 carried Rs 287.16 crore, 2.79 times the whole of FY25.
- EBITDA margin was higher at each successive period on record: Rs 0.47 crore on Rs 22.33 crore in FY23 (2.10%), Rs 2.84 crore on Rs 72.57 crore in FY24 (3.91%), Rs 10.45 crore on Rs 103.04 crore in FY25 (10.14%) and Rs 31.28 crore on Rs 287.16 crore in the ten-month FY26 stub (10.89%). Profit-after-tax margin at the same four points was 0.40%, 2.47%, 7.01% and 7.50%.
- Net worth was Rs 0.26 crore at FY23, Rs 4.95 crore at FY24, Rs 12.17 crore at FY25 and Rs 36.72 crore at 31 January 2026, an increase of Rs 24.55 crore over a ten-month period in which profit after tax was Rs 21.55 crore.
- The issue raised Rs 44.03 crore entirely as fresh equity, with the offer-for-sale component at Rs 0 crore. Promoter holding is recorded at 90.04% pre-issue and 65.44% post-issue, a reduction of 24.60 percentage points.
What to weigh against it
- Bought-in goods dominate the cost base. In the ten months to 31 January 2026, cost of materials consumed of Rs 76.41 crore plus Rs 174.36 crore of stock-in-trade purchases came to Rs 250.77 crore against revenue from operations of Rs 287.16 crore, or 87.33%.
- The record describes working capital as the structural constraint: trade receivables stood at Rs 36.50 crore (12.71% of the ten-month revenue of Rs 287.16 crore) and inventory at Rs 8.20 crore, and Rs 32 crore of the Rs 44.03 crore raised, or 72.68%, was earmarked for incremental working capital.
- The financial history on record begins at FY23, the company having been incorporated on 24 January 2022. The record states that processing began only in the ten months to 31 January 2026 and contributed Rs 150.14 crore, or 53.06% of revenue, in that period, the balance being trading.
- Retail bidding closed below full subscription. The record carries one subscription row, day three on 1 July 2026: 22.47 times in QIB, 1.41 times in NII, 0.84 times in retail and 1.35 times overall. No earlier day is on record.
Easy to miss in the prospectus
- Total borrowings were Rs 0 crore in FY23, Rs 6.96 crore in FY24, Rs 4.74 crore in FY25 and Rs 10.19 crore at 31 January 2026, not a one-way movement. The 31 January 2026 figure is 0.28 times the net worth of Rs 36.72 crore on the same date.
- The newest financial period on record is a ten-month interim to 31 January 2026, not a full year. Scaled to twelve months it would be Rs 344.59 crore of revenue (Rs 287.16 crore x 12/10), but that is an annualisation of the stub, not a figure the record reports.
- The record carries no valuation block, no peer set, no anchor book, no allocation split and no share count, so no earnings multiple or market capitalisation can be derived from it.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Galactico Corporate Services Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Adon Agro's own prospectus and to exchange disclosures, then cross-checked against 5 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Adon Agro Commodities Limited — Red Herring Prospectus, dated 20 June 2026 (442 pp, issuer's own site) · read 16 Oct 2026
- BSE Equity Bhavcopy, trade date 2026-07-06 (listing day) — scrip 544809 / ADON, series MT · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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