Farm Peace IPO

Farm Peace Limitedfarmpeace.in

ListedSMEConsumer StaplesBSE SME

Price band: ₹59
Issue size: ₹32.00 Cr
Lot size: 2000 sh
Bidding: 1 – 3 Sep
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

Farm Peace Limited, incorporated on 20 October 2021 and based in Ahmedabad, describes itself as running a contract-farming operation in north Gujarat that supplies seed and agronomy guidance to enrolled farmers, buys back the harvest at a pre-agreed price and resells processing-grade potatoes to processors and seed potatoes to other growers. Revenue rose in each of the three years on record, from Rs 62.55 Cr in FY24 to Rs 79.24 Cr in FY25 and Rs 90.83 Cr in FY26, with profit after tax of Rs 6.16 Cr, Rs 6.66 Cr and Rs 7.53 Cr over the same years. The Rs 32 Cr issue was entirely fresh, with no offer-for-sale component, at a fixed price of Rs 59, and the record's single subscription reading — the closing day, 3 September 2026 — shows 1.16 times overall. It listed on BSE SME on 8 September 2026 at Rs 112.10 and last traded at Rs 40.33 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.

65Balanced

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for Farm Peace, 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

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 2021 · Ahmedabad, Gujarat, India · 14 employees

Farm Peace Limited runs a contract farming operation in north Gujarat built around processing-grade potato varieties — Santana, Frysona, Innovator, Lady Rosetta and Chipsona — the types that French-fry, chip and dehydrated-flake plants buy. It enrolls farmers in the Sabarkantha, Aravalli, Mehsana and Banaskantha districts, supplies certified seed and agronomy guidance, sends field officers to the plots, and commits to buy back the entire harvest at a pre-agreed price and quality standard. It then resells the potatoes to processors, and separately sells seed potatoes to other growers. In FY26 it worked with 853 farmers across 5,660 acres and sold 61,680 metric tonnes, against 498 farmers and 32,500 tonnes in FY24. It had 13,000 tonnes of cold storage capacity and 14 employees as of 31 July 2026.

Two revenue lines: potatoes bought back from contract farmers and resold to processors, and seed potatoes sold to growers. It is a trading-margin business rather than a manufacturing one — of ₹90.83 crore revenue from operations in FY26, ₹65.24 crore was purchases of stock-in-trade, while employee cost was ₹0.57 crore across 14 staff. FY26 EBITDA was ₹12.48 crore (13.74% margin) and PAT ₹7.53 crore. The structural constraint is working capital: trade receivable days stretched from 99 in FY25 to 172 in FY26, the working-capital cycle from 85 to 139 days, and total borrowings rose from ₹2.46 crore to ₹11.28 crore. ₹23.00 crore of the ₹27.80 crore net proceeds was earmarked for incremental working capital.

The company on paper

Legal name: Farm Peace Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 20 Oct 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U01100GJ2021PLC126500
Sector: Consumer Staples · Contract farming and trading of processing-grade potatoes and seed potatoes
Employees: 14
Registered office: Ahmedabad, Gujarat, India
Promoters: Sandipkumar Narsinhbhai Patel, Sudhir Haribhai Patel, Girishbhai Faljibhai Patel, Kulin Kiran Patel
Promoter holding, pre-issue: 74.0%
Promoter holding, post-issue: 54.5%
Website: farmpeace.in

The numbers

Financial performance

Revenue has compounded at 20.5% 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: ₹32.00 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹32.00 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: 2,72,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 19.5% 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 subscription1.16×

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: ₹59.00
Listed at: ₹112.10
Listing gain: up 90.0%
Since listing: down 66.0%
Against the issue price: down 35.3%

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: 4,000
At cut-off price: ₹59.00
Amount blocked: ₹2,36,000

One lot is 2000 shares at ₹1,18,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,36,000. 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: 0.59×
Applicants per share available: 0.6× 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.

₹112.10

listed at, 90.0% against the issue price

Issue price: ₹59.00
Premium said: —
If allotted 2000 shares: ₹1,06,200

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 each of the three years the record carries: Rs 62.55 Cr in FY24, Rs 79.24 Cr in FY25 (26.68% higher) and Rs 90.83 Cr in FY26 (14.63% higher).
Profit after tax also rose in each year — Rs 6.16 Cr in FY24, Rs 6.66 Cr in FY25 (up 8.12%) and Rs 7.53 Cr in FY26 (up 13.06%). FY26 EBITDA of Rs 12.48 Cr on revenue of Rs 90.83 Cr was a 13.74% margin, against Rs 9.26 Cr on Rs 79.24 Cr in FY25, an 11.69% margin.
Net worth rose in each year on record, from Rs 9.04 Cr in FY24 to Rs 35.95 Cr in FY25 and Rs 43.48 Cr in FY26. FY26 total borrowings of Rs 11.28 Cr were 0.26 times that Rs 43.48 Cr net worth.
The company states it worked with 853 farmers across 5,660 acres and sold 61,680 metric tonnes in FY26, against 498 farmers and 32,500 tonnes in FY24 — a volume 89.78% higher, over which revenue rose 45.21% from Rs 62.55 Cr to Rs 90.83 Cr. The whole Rs 32 Cr issue was fresh capital, with the offer-for-sale component at nil.

What to weigh against it

The record's business-model summary states trade receivable days stretched from 99 in FY25 to 172 in FY26 and the working-capital cycle from 85 to 139 days. Over those same two years total borrowings went from Rs 2.46 Cr to Rs 11.28 Cr, and Rs 23.00 Cr of the Rs 27.80 Cr net proceeds — 82.73% — was earmarked for incremental working capital.
The record describes the company as a trading-margin business rather than a manufacturing one: of Rs 90.83 Cr revenue from operations in FY26, Rs 65.24 Cr, or 71.83%, was purchases of stock-in-trade, while employee cost was Rs 0.57 Cr across 14 staff.
Profit-after-tax margin was lower in each successive year on record: 9.85% in FY24 (Rs 6.16 Cr on Rs 62.55 Cr), 8.40% in FY25 (Rs 6.66 Cr on Rs 79.24 Cr) and 8.29% in FY26 (Rs 7.53 Cr on Rs 90.83 Cr). EBITDA did not move in one direction over the same span — Rs 9.30 Cr in FY24, Rs 9.26 Cr in FY25 (down 0.43%) and Rs 12.48 Cr in FY26 (up 34.77%) — nor did borrowings, at Rs 7.12 Cr, Rs 2.46 Cr and Rs 11.28 Cr.
On the closing day, 3 September 2026, the retail portion stood at 0.59 times, the non-institutional portion at 1.73 times and the issue at 1.16 times overall. That single day is the only subscription reading the record holds, and it carries no qualified-institutional figure.

Easy to miss in the prospectus

The issue price was a fixed Rs 59. It listed at Rs 112.10 on 8 September 2026, a 90% listing gain, and was at Rs 40.33 on 23 October 2026 — 31.64% below the issue price, and 64.02% below the Rs 112.10 listing price.
Promoter holding is recorded at 73.96% before the issue and 54.46% after, a fall of 19.50 percentage points.
The record carries no valuation, peer, allocation, anchor, grey-market or offer-objects data, no listed documents, and no total-assets or cash-flow-from-operations figure for any of FY24, FY25 or FY26, so borrowings, net worth and the receivable-day figures quoted in the business-model summary are the only leverage and working-capital measures available in it.

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: Socradamus Capital Private Limited
RegistrarAllotment status is checked on the registrar's own site: Bigshare Services Private Limited

How these figures were checked

Built from 9 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: SME platform
Opens: 1 Sep 2026
Closes: 3 Sep 2026
Allotment: 4 Sep 2026
Lists: 8 Sep 2026
Revenue (FY26): ₹90.83 Cr
Profit (FY26): ₹7.53 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.