Amir Chand Jagdish Kumar IPO

Amir Chand Jagdish Kumar (Exports) Limitedaeroplanerice.com

ListedMainboardConsumer StaplesNSE · BSE

Price band: ₹201 – ₹212
Issue size: ₹440 Cr
Lot size: 70 sh
Bidding: 24 – 27 Mar
Grey market: —

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

Amir Chand Jagdish Kumar (Exports) mills, ages and packs basmati rice under the Aeroplane brand, and the record puts rice at Rs 1,965.11 Cr of FY25's Rs 2,001.65 Cr of revenue from operations, or 98.17%. Revenue rose from Rs 1,315.85 Cr in FY23 to Rs 1,549.52 Cr in FY24 and Rs 2,001.65 Cr in FY25, while profit after tax went from Rs 17.50 Cr to Rs 30.40 Cr to Rs 60.82 Cr. Borrowings across the same three years stood at Rs 667.53 Cr, Rs 777.62 Cr and Rs 784.06 Cr, and FY25 finance charges of Rs 78.78 Cr took 48.14% of the Rs 163.65 Cr of FY25 EBITDA. The Rs 440 Cr issue was priced at Rs 201-212, closed 3.23 times subscribed, listed at Rs 200 on 2 April 2026 and last traded at Rs 200.38 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.

58Balanced

IPOVista score

Balance sheet is the open question

63% of the scoring model was backed by disclosed data for Amir Chand Jagdish Kumar, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below 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

Leveraged balance sheet
Debt-to-equity of 2.1× leaves limited headroom if demand softens or rates rise.

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 2003 · 2735, Shop No. 9, Mohan Lal Palace, Naya Bazar, New Delhi 110006 · 225 employees

Amir Chand Jagdish Kumar (Exports) Limited mills, ages, packs and sells basmati rice under the Aeroplane brand, which the promoter family launched more than 40 years ago. The company was incorporated in 2003 and took over a proprietorship that had traded basmati rice since 1982. It runs rice mills at Amritsar (Punjab) and Jind (Haryana) and a packing plant at Alipur, Delhi, with installed capacity of 550,800 MTPA. Rice is sold in premium, medium, value and HORECA grades across more than 40 sub-brands, including Ali Baba, World Cup and Jet. It also packs kitchen staples — atta, maida, besan, sooji, salt and sugar. Goods reach buyers through 431 Indian and 53 overseas distributors, with exports to 38 countries as of 28 February 2026.

Nearly all revenue is rice: ₹1,965.11 crore of FY25's ₹2,001.65 crore of revenue from operations, with FMCG staples just ₹4.31 crore. Paddy dominates the cost base — cost of materials consumed was ₹1,731.35 crore in FY25, leaving a 15.23% gross margin and an 8.18% EBITDA margin. The structural constraint is working capital: paddy is bought in one September-January harvest and premium rice must age three to 24 months, so inventory ran 157 days and ₹927.95 crore at 31 March 2025, funded by ₹784.06 crore of debt that cost ₹78.78 crore in finance charges. The issue earmarked ₹400 crore of the ₹440 crore for working capital. Export share fell from 69.33% of revenue in FY23 to 38.27% in FY25.

The company on paper

Legal name: Amir Chand Jagdish Kumar (Exports) Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 29 Aug 2003
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U15312DL2003PLC121979
Sector: Consumer Staples · Basmati rice milling and branded packaged rice, with a small line of kitchen staples
Employees: 225
Registered office: 2735, Shop No. 9, Mohan Lal Palace, Naya Bazar, New Delhi 110006
Promoters: Jagdish Kumar Suri, Rahul Suri, Ramnika Suri
Promoter holding, pre-issue: 98.5%
Promoter holding, post-issue: 78.8%
Website: aeroplanerice.com

The numbers

Financial performance

Revenue has compounded at 23.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. 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: ₹440 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹440 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.8% 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.

Total subscription3.23×

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: ₹212.00
Listed at: ₹200.00
Listing gain: down 5.7%
Since listing: up 8.9%
Against the issue price: up 2.8%

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.

Lots

Shares applied for: 70
At cut-off price: ₹212.00
Amount blocked: ₹14,840

One lot is 70 shares at ₹14,840. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

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.

~74%

chance of one lot, per application

Retail subscription: 1.36×
Applicants per share available: 1.4× 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.

₹200.00

listed at, −5.7% against the issue price

Issue price: ₹212.00
Premium said: —
If allotted 70 shares: −₹840

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 in both transitions the record carries: Rs 1,315.85 Cr in FY23 to Rs 1,549.52 Cr in FY24, a rise of 17.76%, then to Rs 2,001.65 Cr in FY25, a further 29.18%.
Margins were higher at each successive year on both measures the record carries. EBITDA was 6.06% of revenue in FY23 (Rs 79.69 Cr on Rs 1,315.85 Cr), 7.08% in FY24 (Rs 109.66 Cr on Rs 1,549.52 Cr) and 8.18% in FY25 (Rs 163.65 Cr on Rs 2,001.65 Cr); profit after tax was 1.33%, 1.96% and 3.04% of the same revenue figures. Profit after tax rose 73.71% from FY23 to FY24 and 100.07% from FY24 to FY25.
Net worth rose from Rs 280.84 Cr in FY23 to Rs 311.48 Cr in FY24, up 10.91%, and to Rs 379.18 Cr in FY25, up 21.73%.
The issue was entirely fresh capital: Rs 440 Cr of fresh issue against an offer for sale of nil, in a Rs 440 Cr total. The record states that Rs 400 Cr of the Rs 440 Cr, or 90.91%, was earmarked for working capital.

What to weigh against it

FY25 finance charges of Rs 78.78 Cr were 1.30 times the Rs 60.82 Cr of FY25 profit after tax, and took 48.14% of the Rs 163.65 Cr of FY25 EBITDA.
Borrowings were Rs 667.53 Cr in FY23, Rs 777.62 Cr in FY24 and Rs 784.06 Cr in FY25. Against net worth, that is 2.38 times in FY23 (Rs 667.53 Cr on Rs 280.84 Cr), 2.50 times in FY24 (Rs 777.62 Cr on Rs 311.48 Cr) and 2.07 times in FY25 (Rs 784.06 Cr on Rs 379.18 Cr).
The record puts inventory at Rs 927.95 Cr and 157 days at 31 March 2025. That is 46.36% of FY25 revenue of Rs 2,001.65 Cr and 2.45 times FY25 net worth of Rs 379.18 Cr. The record states that paddy is bought in a single September-January harvest and that premium rice must age three to 24 months.
The record states that export share of revenue fell from 69.33% in FY23 to 38.27% in FY25. It carries no FY24 export figure, so the path between the two years cannot be checked here. Rice was Rs 1,965.11 Cr of FY25's Rs 2,001.65 Cr of revenue from operations, or 98.17%, with FMCG staples at Rs 4.31 Cr.

Easy to miss in the prospectus

The book closed 3.23 times subscribed overall, with QIB at 1.11 times, NII at 12.71 times and retail at 1.36 times. The record carries subscription for day 3 only, so the build across days 1 and 2 is not on file.
The shares listed at Rs 200 against a price band of Rs 201-212, which the record registers as a 5.66% listing loss. They closed day one at Rs 180, 10.00% below the Rs 200 listing price, and last traded at Rs 200.38 on 23 October 2026, which the record registers as a 5.48% loss and which is 11.32% above the Rs 180 day-one close.
Promoter holding goes from 98.53% before the issue to 78.78% after it, leaving 21.22% outside promoter hands.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Emkay Global Financial Services Limited, Keynote Financial Services Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 15 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 24 Mar 2026
Closes: 27 Mar 2026
Allotment: 30 Mar 2026
Lists: 2 Apr 2026
Revenue (FY25): ₹2,002 Cr
Profit (FY25): ₹60.82 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.