- Price band
- ₹115
- Issue size
- ₹26.25 Cr
- Lot size
- 1200 sh
- Bidding
- 12 – 14 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 19 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
Q&T Foods raised Rs 26.25 Cr at a fixed price of Rs 115 per share — the price band's low and high are both Rs 115 — entirely as a fresh issue with nil offer for sale, and listed on BSE SME on 19 August 2026. Revenue from operations was Rs 40.22 Cr in FY24, Rs 46.83 Cr in FY25 and Rs 54.78 Cr in FY26, and profit after tax was Rs 1.96 Cr, Rs 2.74 Cr and Rs 5.20 Cr over the same three years. The one subscription snapshot the record carries, dated 14 August 2026, shows the issue subscribed 1.42 times overall, with retail at 2.64 times and the non-institutional category at 0.20 times. The share listed at Rs 115, exactly the issue price, closed day one at Rs 109.25 and last traded at Rs 33.25 on 23 October 2026, 71.09% below the issue price.
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
A trade-off in both directions
63% of the scoring model was backed by disclosed data for Q&T Foods, 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 · Vaishali, Ghaziabad, Uttar Pradesh · 37 employees
Q&T Foods Limited makes packaged bread and savoury bakery goods at a single plant in Ghaziabad, Uttar Pradesh, and sells them under the brand "American Bakers". The range covers milk, white, brown and multigrain bread, plus kulcha, pav, burger buns and pizza bases. The company keeps no retail stores of its own: output goes to a network of more than 50 dealers, who resell to multi-brand neighbourhood outlets. Bread was 99.91% of revenue from operations in FY26, and customers located in Uttar Pradesh were 99.25%. The 10,750 sq ft facility is accredited to ISO 22000:2018 and HACCP and carries 9,472 TPA of installed capacity. Manpower was 37 employees as of 30 June 2026.
Revenue is the wholesale sale of short-shelf-life bread to dealers, who take a margin before the product reaches retail shelves. Flour, sugar, oil, fats and yeast dominate the cost base: cost of materials consumed was Rs 4,043.15 lakhs in FY26, or 73.81% of revenue from operations, which caps gross margin and left EBITDA margin at 15.27%. Scale is bounded by the one plant — capacity utilisation ran 91.33% in FY26 against 9,472 TPA installed, up from 78.61% in FY24 — so further growth required new equipment. Of net proceeds of Rs 2,259.14 lakhs, Rs 442.21 lakhs was earmarked for machinery, Rs 750.00 lakhs for working capital and Rs 675.00 lakhs to repay borrowings.
The company on paper
- Legal name
- Q&T Foods Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 29 Aug 2018
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U55101UP2018PLC107257
- Sector
- Consumer Staples · Packaged bread and savoury bakery products sold through a dealer network
- Employees
- 37
- Registered office
- Vaishali, Ghaziabad, Uttar Pradesh
- Promoters
- Nishant Raj Gupta, Usha Gupta, Rakesh Gupta, Khushbu Varshney
- Promoter holding, pre-issue
- 91.3%
- Promoter holding, post-issue
- 61.9%
- Website
- qtfoods.in
The numbers
Financial performance
Revenue has compounded at 16.7% 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
- ₹26.25 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹26.25 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
- 1,15,200
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 29.4% 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
- ₹115.00
- Listed at
- ₹115.00
- Listing gain
- unchanged 0.0%
- Since listing
- down 73.5%
- Against the issue price
- down 73.5%
Trading at ₹30.50 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
- ₹115.00
- Amount blocked
- ₹2,76,000
One lot is 1200 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. 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.
~38%
chance of one lot, per application
- Retail subscription
- 2.64×
- Applicants per share available
- 2.6× 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.
₹115.00
listed at, 0.0% against the issue price
- Issue price
- ₹115.00
- 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 16.43% in FY25 (Rs 40.22 Cr to Rs 46.83 Cr) and 16.98% in FY26 (Rs 46.83 Cr to Rs 54.78 Cr). Profit after tax rose faster in both of those years: 39.80% in FY25 (Rs 1.96 Cr to Rs 2.74 Cr) and 89.78% in FY26 (Rs 2.74 Cr to Rs 5.20 Cr).
- EBITDA was Rs 3.77 Cr on revenue of Rs 40.22 Cr in FY24, a margin of 9.37%; Rs 4.82 Cr on Rs 46.83 Cr in FY25, a margin of 10.29%; and Rs 8.37 Cr on Rs 54.78 Cr in FY26, a margin of 15.28%. The margin is higher in each successive year of the three the record carries.
- Net worth was Rs 2.44 Cr in FY24, Rs 7.04 Cr in FY25 and Rs 12.24 Cr in FY26, against total borrowings of Rs 9.84 Cr, Rs 10.11 Cr and Rs 11.05 Cr. Borrowings as a multiple of net worth therefore fall across all three years, from 4.03x to 1.44x to 0.90x, with borrowings themselves higher in each year.
- The issue was Rs 26.25 Cr of fresh capital with an offer-for-sale component of Rs 0 Cr. Of net proceeds the record puts at Rs 2,259.14 lakhs, Rs 750.00 lakhs was earmarked for working capital, Rs 675.00 lakhs (Rs 6.75 Cr, against FY26 total borrowings of Rs 11.05 Cr) to repay borrowings and Rs 442.21 lakhs for machinery.
What to weigh against it
- Concentration on both the product and the geography is near total. The record states bread was 99.91% of revenue from operations in FY26 and customers located in Uttar Pradesh were 99.25%. The company keeps no retail stores of its own; output goes to a network of more than 50 dealers who resell to neighbourhood outlets.
- Production sits at a single 10,750 sq ft plant in Ghaziabad with 9,472 TPA of installed capacity, which the record puts at 91.33% utilisation in FY26 against 78.61% in FY24. Manpower was 37 employees as of 30 June 2026.
- The cost base is dominated by inputs: the record states cost of materials consumed was Rs 4,043.15 lakhs (Rs 40.43 Cr) in FY26, or 73.81% of revenue from operations of Rs 54.78 Cr.
- The share listed at Rs 115, the same as the issue price, for a listing gain of 0%. It closed day one at Rs 109.25, 5.00% below the listing price, and last traded at Rs 33.25 on 23 October 2026 — 71.09% below the issue price of Rs 115 and 69.57% below the day-one close.
Easy to miss in the prospectus
- The record's only subscription data point is day three (14 August 2026): non-institutional 0.20 times, retail 2.64 times, total 1.42 times. There is no QIB figure, no anchor book and no category-wise allocation, so the earlier days of the book cannot be checked from this record.
- Promoter holding is recorded at 91.28% before the issue and 61.85% after it. The record carries no lock-in dates.
- The record carries no valuation metrics, no peer set, and no total assets or operating cash flow for any of the three years. The margins and gearing above are computed only from the revenue, EBITDA, profit after tax, net worth and borrowings fields present.
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
- Corporate Makers Capital Limited
- RegistrarAllotment status is checked on the registrar's own site
- Skyline Financial Services Private Limited
How these figures were checked
Reconciled to Q&T Foods's own prospectus and to exchange disclosures, then cross-checked against 6 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.
- Q&T Foods Limited — Prospectus dated 06-Aug-2026 (company website, 342 pp) · read 16 Oct 2026
- BSE cash-market bhavcopy, 19-Aug-2026 (listing day) — row QTFOODS / 544872 / series MT: ISIN, open-high-low-close, NewBrdLotQty · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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