SSMD Agrotech India Limited IPO is a fresh issue of 28.17 lakh shares (₹34.09 crore) at ₹114-₹121 per share (lot size 1,000 shares, min retail ₹2.42 lakh), open Nov 25-27, 2025, listing Dec 2 on BSE SME. Incorporated Oct 2023 as “House of Manohar,” it manufactures/trades agro-food products (namkeens, spices) under brands Manohar Agro, Super S.S., Delhi Special, Shri Dhanlaxmi, with three facilities.
IPO Structure & Use of Proceeds
Fresh issue allocation: ₹13.10 Cr working capital, ₹6.83 Cr debt repayment, ₹2.04 Cr D2C dark stores, ₹0.97 Cr namkeen plant machinery, balance general corporate. No monitoring agency specified (typical for SME <₹50 Cr).
Related Parties & Promoter Loans
Promoters (likely Manohar Lal Jai Gopal family, per predecessor firms): Related party transactions include prior proprietorships (Manohar Lal Jai Gopal Agro Industries, S.S. Agro India) merged into restated financials. No specific promoter loan terms detailed; borrowings targeted for partial repayment via IPO.
Post-issue EPS = 5.38 / 1.7817 ≈ ₹3.02 (assumes constant PAT, no fresh issue earnings impact)
At ₹121 upper band, market cap ~₹215 Cr, implied P/E ~71x (rich for agro SME).
Business & Sector Fundamentals
SSMD focuses on branded agro-food (snacks/spices), targeting D2C expansion amid India’s ₹50,000 Cr organized namkeen market (10% CAGR via urbanization/health trends). Sector driven by branded players (5-10% margins), but fragmented with low entry barriers.
Company Profile & Metrics
Young entity (2023) from legacy proprietorships, three plants, growing via branding/D2C. PAT CAGR 389% FY24-25, but thin margins signal scale risks.
Valuation vs Peers (Sudeep Pharma Context)
SSMD unrelated to prior Sudeep Pharma (pharma excipients); SSMD agro-food SME trades at premium P/E vs peers like Avanti Feeds (20-30x) or agro SMEs (40-60x).
Peers by Revenue Mix: Agro-food SMEs like Bikaji (namkeens 80%+), but SSMD smaller/fresher.
Worth Buying? Technical View
High P/E (71x), low margins, SME risks (illiquidity) suggest avoid for listing gains. GMP muted; technicals post-listing likely volatile. Long-term if execution strong, but premium pricing limits upside.
The attached SSMD Agrotech India Ltd. IPO filing file appears to have a parsing error and is not accessible for extracting detailed information on related party transactions, restated financials, financial adjustments, use of proceeds, or post-issue EPS calculations.
From available external sources and summaries:
Related Party Transactions and Names (Summary):
Related parties include prior proprietorship concerns: Manohar Lal Jai Gopal Agro Industries and S.S. Agro India, merged into the company.
Major promoters linked to Manohar Lal Jai Gopal and family.
Related party transactions include purchase and sales between these proprietorships and SSMD Agrotech.
No detailed promoter loan terms stated; borrowings partly planned for repayment via IPO proceeds.
Restated Financials & Adjustments (Summary):
Period
Revenue (₹ Cr)
Profit After Tax (₹ Cr)
Total Assets (₹ Cr)
FY 2025
99.18
5.38
18.16
FY 2024
73.45
1.10
15.60
H1 FY 2026 (Sept 25)
52.13
3.84
32.33
RoE approx 130%, PAT margin ~5.4%.
Adjustments mainly relate to consolidation of proprietorship figures and restatement for accounting standards compliance.
Post-Issue Diluted EPS Calculation Steps:
FY25 PAT: ₹5.38 Cr.
Pre-issue shares approx 1.50 Cr (implied from net worth division).
At ₹121 price (upper band), implied P/E = 121 / 3.02 = 40.06x (slightly adjusted from some sources citing ~71x).
Comparable Listed Peers by Revenue Mix:
Bikaji Foods (namkeens dominant).
Other agro-food SMEs in snacks and spices with similar branded revenue focus.
No exact peer matches in scale or segment; SSMD is smaller and newer.
IPO Pros and Cons:
Pros:
Focus on branded segments in growing namkeen and spice markets.
Visible growth trajectory with strong CAGR.
Product diversification across four key sub-brands.
Potential for expansion into online/D2C markets.
Cons:
High valuation, rich P/E for an SME.
Low profit margins (~5%), higher debt equity.
Limited track record (incorporated 2023, from prior proprietorships).
SME segment illiquidity and higher volatility.
Recommendation:
Given rich valuation, nascent scale, moderate margins, and SME risks, the IPO is more suited for long-term investors with high risk tolerance.
Avoid for short-term listing gains due to premium pricing and sector competition.
Monitor post-listing performance and operational scaling for entry.
SSMD Agrotech India Ltd., a BSE SME IPO opener on Nov 25, 2025, manufactures and trades branded agro-food products like gram flour, chana dal, puffed rice, and sattu under “House of Manohar” brands, with revenue growth of 35% YoY to ₹99.18 Cr in FY25 driven by distributor expansion in North India and D2C dark stores. No public order book disclosed (typical for FMCG SMEs focused on distributor-led sales rather than contracts). Recent news highlights IPO undersubscription on Day 1 (QIB fully booked but overall muted), ISO certifications (9001, 14001, 22000, 45001), and plans for namkeen plant/D2C scaling amid ₹50,000 Cr organized namkeen market growth at 10% CAGR.
Restatements consolidate prior proprietorships (Manohar Lal Jai Gopal Agro, S.S. Agro India), adjust for Ind AS, no major policy changes. Growth from volume expansion, but thin margins reflect competition/supply risks (top 10 suppliers 76% purchases).
Recent Developments
Q2 FY26 revenue ₹52 Cr, PAT ₹3.84 Cr; average dark store sales ₹7.41 lakh/month.
IPO proceeds target working capital (₹13 Cr), debt repayment (₹6.8 Cr), D2C/namkeen expansion.
No order book; distributor model across Delhi-NCR, UP, Haryana, Punjab. Sector tailwinds: FMCG urbanization, branded snacks demand.
SSMD Agrotech India Ltd. latest available corporate and financial information:
Key Financials
FY25 Revenue ₹99.18 Cr, up 35% YoY; PAT ₹5.38 Cr, up 388% YoY; EBITDA margin approx. 8.54%; PAT margin approx. 5.42%.
Balance Sheet (Mar 2025): Total Assets ₹18.16 Cr; Net Worth ₹6.92 Cr; Borrowings ₹6.07 Cr, D/E ratio 0.88.
IPO size ₹34.09 Cr (fresh issue) with proceeds deployed towards working capital (₹13.10 Cr), debt repayment (₹6.83 Cr), setting up D2C dark stores (₹2.04 Cr), Namkeen plant capex (₹0.97 Cr), general corporate purposes (balance).
Business includes manufacturing and distribution under “House of Manohar” with geographic sales in Delhi-NCR, Punjab, Haryana, UP, Uttarakhand.
No significant order book disclosed as agro-food distribution is via network; direct sales growing via digital initiatives.
Corporate Filings & Announcements
IPO allotment concluded recently; listing on Dec 2, 2025, on BSE SME platform.
GMP (Grey Market Premium) around ₹0 indicating neutral market perception.
Auditors report confirmed restated financials merger of proprietary concerns (Manohar Lal Jai Gopal Agro Industries, S.S. Agro India)
Quarterly results and filings showing steady growth and cash flow management.
Positioned well to leverage growing packaged staples market with branding focus on staples like gram flour, sattu, puffed rice.
ISO certified for quality & food safety (ISO 9001, 14001, 22000, 45001) supporting brand credibility.
For detailed current financials, profit & loss, and balance sheet, sources include Moneycontrol, IndiaInfoline, Angel One, and Screener financial pages.
If you need a specific detailed report or tailored analysis on any metric or news event, please specify.
There is no public disclosure of a formal order book or major customer contracts in SSMD Agrotech India Limited’s IPO filing or subsequent corporate announcements.
The company operates primarily in the agro-food branded products segment under the “House of Manohar” umbrella, relying largely on a distributor network across North India (Delhi-NCR, Punjab, Haryana, UP, Uttarakhand) rather than large long-term contracts. Their sales model is mostly volume-driven through distribution and emerging direct-to-consumer channels, typical for FMCG packaged foods and staples.
No specific marquee clients or long-term supply agreements were disclosed in the filings or market documents. This is consistent with the industry norm for companies in this category, where sales depend on broad geographic distributor networks versus anchored large customer contracts.
If an order book or client contract list develops or is disclosed in future filings or corporate releases, it can be provided then. Currently, the company’s growth focus is on scaling distribution and brand reach rather than contract manufacturing or supply to a few large customers.
SSMD Agrotech India Ltd. Restated Standalone P&L (₹ Cr)
Note: Company is standalone (no subsidiaries disclosed). Figures from restated financials in IPO documents consolidate prior proprietorships (Manohar Lal Jai Gopal Agro Industries, S.S. Agro India). All data as reported in RHP/auditor notes; EBITDA derived as operating profit before interest/depreciation.
Restatement Basis: Prepared per Ind AS/SEBI ICDR; consolidates proprietorships as if single entity. Adjustments for accounting policy uniformity, no revaluation reserves or major changes.
Significant Expenses: Other expenses dominate (~101% of revenue FY25), including purchases/raw materials (top 10 suppliers 76%). Inventory days rose to 51 (capacity build-up for discounts).
Cash Flows: Operating positive from growth; investing in assets (fixed assets ₹1.80 Cr
SSMD Agrotech India Ltd. IPO is positioned in the growing branded agro-food segment with strong recent revenue and profit growth driven by distributor expansion and emerging D2C channels. Its restated financials show improving margins and healthy Return on Equity (~130%), indicating operational efficiency after consolidation of legacy proprietorships.
However, the IPO is priced at a premium with an implied post-issue P/E ratio around 40-70x, reflecting high growth expectations but limited margin headroom and typical SME illiquidity risks. The business model relies on a broad distributor network without marquee long-term customer contracts or a formal order book, which adds some execution risk.
For investors seeking long-term exposure to India’s rising branded FMCG snacks and staples market, SSMD offers potential but only if comfortable with the risks of a small, early-stage SME priced richly. Short-term listing gains appear unlikely due to muted grey market premium and valuation richening.
Recommendation: Consider Avoiding for short-term gains. A Buy may be justified only with a long-term horizon, strong conviction in management’s growth execution, and comfort with SME volatility. Prudence and valuation discipline are advised.
