Dhanwel Hybrid Seeds IPO
Dhanwel Hybrid Seeds Limiteddhanwelseeds.com
- Price band
- ₹95 – ₹99
- Issue size
- ₹26.73 Cr
- Lot size
- 1200 sh
- Bidding
- 19 – 21 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 26 Aug 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
Dhanwel Hybrid Seeds raised Rs 26.73 Cr, all of it a fresh issue with the offer-for-sale component at nil, in a Rs 95-99 band that opened on 19 August 2026 and closed on 21 August 2026, listing on BSE SME on 26 August 2026. Revenue was Rs 35.49 Cr in FY24, Rs 44.13 Cr in FY25 and Rs 74.59 Cr in FY26, with profit after tax of Rs 1.91 Cr, Rs 2.16 Cr and Rs 6.12 Cr across the same three years. The book closed at 1.71 times overall, made up of QIB 1.00 times, NII 0.35 times and retail 3.08 times. The share listed at Rs 99, level with the top of the band, closed its first day at Rs 94.05 and last traded at Rs 42 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 Dhanwel Hybrid Seeds, 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 2018 · Jashapar, Kalavad, Jamnagar district, Gujarat · 18 employees
Dhanwel Hybrid Seeds produces and sells crop seed for sowing from a single plant at Jashapar, in Kalavad taluka of Gujarat's Jamnagar district. It buys breeder and other genetic seed material from agricultural institutions, government-supported research organisations and the open market, then multiplies it on land belonging to contracted farmers, who sow and tend the crop under the company's protocols while its agronomists and field staff supervise. Harvested seed returns to the plant, spread over more than 10,218 square feet, for mechanical cleaning, grading, treatment and packing, and is sold under the "Dhanwel Seeds" brand. Oil seeds were 56.67% of FY26 revenue, pulses 20.91% and spices 12.09%; small volumes of fertiliser and pesticide are also sold. The company is ISO 9001:2015 certified and had 18 employees on 30 April 2026.
Revenue is the sale of processed seed by volume, so the economics are a procurement spread. Cost of goods sold was Rs 6,093.36 lakh in FY26 — 81.69% of total income, against 94.57% in FY25 — and that one line governs the margin; EBITD was Rs 923.65 lakh on Rs 7,458.69 lakh of revenue. Two things bind it. Cash: trade receivables went from Rs 35.46 lakh at March 2025 to Rs 845.91 lakh at March 2026, and operating cash flow was negative Rs 248.64 lakh in FY26 despite Rs 611.54 lakh of profit. Concentration: the largest customer took 27.70% of FY26 revenue, up from 13.71%, and the top ten took 64.27%.
The company on paper
- Legal name
- Dhanwel Hybrid Seeds Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 20 Feb 2024trading as Dhanwel Hybrid Seeds since 2018
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U46101GJ2024PLC148851
- Sector
- Consumer Staples · Field-crop and vegetable seed multiplication, processing and supply
- Employees
- 18
- Registered office
- Jashapar, Kalavad, Jamnagar district, Gujarat
- Promoters
- Kishankumar Gordhanbhai Meghani, Vimal Mansukhbhai Vekariya, Sudhir Mohanbhai Pipaliya, Nikul Mansukhbhai Vekariya
- Promoter holding, pre-issue
- 49.9%
- Promoter holding, post-issue
- 35.1%
- Website
- dhanwelseeds.com
The numbers
Financial performance
Revenue has compounded at 45.0% 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
- ₹26.73 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹26.73 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
- 1,36,800
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 14.8% 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.
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
- ₹99.00
- Listed at
- ₹99.00
- Listing gain
- unchanged 0.0%
- Since listing
- down 61.5%
- Against the issue price
- down 61.5%
Trading at ₹38.09 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
- 2,400
- At cut-off price
- ₹99.00
- Amount blocked
- ₹2,37,600
One lot is 1200 shares at ₹1,18,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,37,600. 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.
~32%
chance of one lot, per application
- Retail subscription
- 3.08×
- Applicants per share available
- 3.1× 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.
₹99.00
listed at, 0.0% against the issue price
- Issue price
- ₹99.00
- Premium said
- —
- If allotted 1200 shares
- ₹0
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 24.34% from Rs 35.49 Cr in FY24 to Rs 44.13 Cr in FY25, and a further 69.02% to Rs 74.59 Cr in FY26; profit after tax rose 13.09% from Rs 1.91 Cr to Rs 2.16 Cr over the first step and 183.33% to Rs 6.12 Cr over the second.
- EBITDA was Rs 2.79 Cr on Rs 35.49 Cr of revenue in FY24 (7.86%), Rs 3.66 Cr on Rs 44.13 Cr in FY25 (8.29%) and Rs 9.24 Cr on Rs 74.59 Cr in FY26 (12.39%), so the margin was wider at each of the two steps the record carries. Profit after tax was 5.38% of revenue in FY24, 4.89% in FY25 and 8.20% in FY26.
- The record puts cost of goods sold at Rs 6,093.36 lakh in FY26, or 81.69% of total income, against 94.57% of total income in FY25.
- The Rs 26.73 Cr issue was entirely fresh capital against a Rs 26.73 Cr total size, with no offer for sale; promoter holding was 49.93% before the issue and 35.12% after it.
What to weigh against it
- Operating cash flow was negative Rs 248.64 lakh in FY26 against profit of Rs 611.54 lakh for the same year, and trade receivables stood at Rs 845.91 lakh at 31 March 2026 against Rs 35.46 lakh at 31 March 2025. On FY26 revenue of Rs 7,458.69 lakh, the closing receivables figure is 11.34% of the year's sales.
- The largest customer took 27.70% of FY26 revenue against 13.71% a year earlier, and the top ten customers took 64.27% of FY26 revenue.
- Total borrowings were Rs 1.94 Cr in FY24, Rs 5.97 Cr in FY25 and Rs 7.68 Cr in FY26, so they rose at both steps the record carries. Net worth over the same three years was Rs 3.65 Cr, Rs 13.27 Cr and Rs 19.66 Cr, putting borrowings at 0.53, 0.45 and 0.39 times net worth.
- The company describes a single plant at Jashapar, in Kalavad taluka of Gujarat's Jamnagar district, spread over more than 10,218 square feet, and 18 employees on 30 April 2026. It puts oil seeds at 56.67% of FY26 revenue, pulses at 20.91% and spices at 12.09%.
Easy to miss in the prospectus
- Price: Rs 42 as of 23 October 2026, 57.58% below the Rs 99 listing price, after a first-day close of Rs 94.05 that was 5.00% below that same Rs 99.
- Subscription: the record holds one snapshot only, taken at the close of day three on 21 August 2026 - QIB 1.00 times, NII 0.35 times, retail 3.08 times, total 1.71 times. The source list cites a Chittorgarh subscription total of 1.59 times alongside that 1.71 times.
- The record carries no valuation block, no allocation split, no anchor book, no peer set, no offer objects and no document list, so no per-share earnings figure or earnings multiple is stated here.
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
- Wealth Mine Networks Limited
- RegistrarAllotment status is checked on the registrar's own site
- Cameo Corporate Services Limited
How these figures were checked
Built from 7 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.
- BSE cash-market bhavcopy 2026-08-26 (listing day) — ISIN, scrip 544884, series MT, open 99.00 / close 94.05, NewBrdLotQty 1200 · read 16 Oct 2026
- BSE cash-market bhavcopy 2026-08-27 (day 2, confirms prev close 94.05 and lot 1200) · read 16 Oct 2026
- BSE cash-market bhavcopy 2026-10-13 (ISIN INE0VWO01011 still live for scrip 544884, lot 1200) · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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