Adon Agro Commodities Ltd. is primarily engaged in the sourcing, importing, processing, packing and distribution of dry fruits, nuts, seeds and berries.
The company’s product portfolio includes almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots, figs, and assorted dry fruit mixes, offered across multiple grades, forms, and pack sizes. Products are sold in bulk unprocessed form as well as in processed and packaged formats under the Company’s proprietary retail brand, Hunger Nuts, which offers variants in pack sizes ranging from 250 grams to 30 kilograms.
The Company also undertakes corporate and festive gifting through curated dry fruit hampers and customised assortments.
The Company sources raw materials from domestic markets as well as internationally from the UAE, Afghanistan, USA, Chile, and Sri Lanka.
Its in-house processing facility, located at MIDC Mahape, Navi Mumbai, is equipped for mechanical cracking of almonds, manual cracking and grading of walnuts, cleaning, sorting, roasting, flavouring, and packaging operations.
The Company commenced dry fruits processing operations in FY 2025-26, with an installed capacity of 4,800 tonnes per annum for almonds and 2,000 tonnes per annum for walnuts.
Revenue is generated across five business verticals comprising containerised bulk B2B sales, wholesale and corporate gifting sales, modern trade supply to organised retail chains, export sales, and direct-to-consumer sales through its own website and third-party e-commerce platforms.
The company served 871customers as of Jan 31, 2026, compared to 101 customers in FY 2024-25. As of Jan 31, 2026, the Company had 62 employees.
Competitive Strengths
| Period Ended | 31 Jan 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 86.43 | 39.11 | 20.22 | 3.65 |
| Total Income | 287.33 | 103.04 | 72.92 | 22.33 |
| Profit After Tax | 21.55 | 7.22 | 1.79 | 0.09 |
| EBITDA | 31.28 | 10.45 | 2.84 | 0.47 |
| NET Worth | 36.72 | 12.17 | 4.95 | 0.26 |
| Reserves and Surplus | 30.45 | 9.17 | 1.95 | 0.16 |
| Total Borrowing | 10.19 | 4.74 | 6.96 | |
| Amount in ₹ Crore | ||||
| Company | Issue Type | Issue Size | Issue Price | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|
| M R Maniveni Foods Ltd. | SME | ₹27.04 Cr | ₹52 | ₹41.13 | -20.90% | ₹36.48 (-2.62%) |
| NFP Sampoorna Foods Ltd. | SME | ₹24.53 Cr | ₹55 | ₹51.80 | -5.82% | ₹23.70 (+3.49%) |
| Stanbik Agro Ltd. | SME | ₹12.28 Cr | ₹30 | ₹33.33 | +11.10% | ₹33.80 (+5.62%) |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding incremental working capital requirements | 32.00 |
| 2 | General Corporate Purpose | |
| Total | 32.00 |
| KPI | Jan 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 88.16% | 84.36% |
| ROCE | 68.79% | 60.65% |
| Debt/Equity | 0.28 | 0.39 |
| RoNW | 88.16% | 84.36% |
| PAT Margin | 7.50% | 7.01% |
| EBITDA Margin | 10.89% | 10.14% |
| Price to Book Value | 1.20 | 1.73 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.32 | 10.91 |
| P/E (x) | 16.22 | 6.42 |
| IPO Date | 29 Jun to 1 Jul, 2026 |
| Listing Date | Mon, Jul 6, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹66 to ₹70 |
| Lot Size | 2,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 62,90,000 shares (agg. up to ₹44 Cr) |
| Reserved for Market Maker |
3,16,000 shares
(agg. up to ₹2 Cr) |
| Fresh Issue (Ex Market Maker) | 59,74,000 shares (agg. up to ₹42 Cr) |
| Net Offered to Public | 59,74,000 shares (agg. up to ₹42 Cr) |
| Share Holding Pre Issue | 1,67,27,270 shares |
| Share Holding Post Issue | 2,30,17,270 shares |
The promoters of the company are Mr. Narayanswamy Venkitkrishnan, Mrs. Jigisha Narayanswamy and Mr. Shubham Ratan Sharma.
| Share Holding Pre Issue | 90.04% |
| Share Holding Post Issue | 65.44% |
As per our analysis and Based on the information we have, this is the output.
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