Published: 23 June 2026 | 8.00 AM
Last Updated: 23 June 2026 | 3.00 PM
IPO Snapshot
| Particulars | Details |
|---|---|
| Chanakya View | Positive |
| GMP Today | Rs. XX |
| Subject to Sauda | Rs. XX |
| Issue Size | Rs. 44.03 Crore |
| Price Band | Rs. 66 to Rs. 70 |
| Lot Size | 2,000 Shares |
| Retail Investment | Rs. 2,80,000 |
| Listing Exchange | BSE SME |
| Market Cap | Rs. 161.12 Crore |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Live Subscription Tracker (Only After IPO Opens)
| Category | Subscription |
| QIB | XXx |
| NII | XXx |
| Retail | XXx |
| Total | XXx |
Subscription Signal
| Subscription Level | Interpretation |
| Below 1x | Weak |
| 1x–5x | Average |
| 5x–20x | Good |
| 20x–50x | Strong |
| Above 50x | Very Strong |
What Does the Company Do?
Adon Agro Commodities Ltd. is engaged in sourcing, processing, packaging and distribution of dry fruits and agro commodities. Its portfolio includes almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots and dry fruit mixes marketed under the “Hunger Nuts” brand. The company operates across B2B, wholesale, gifting, retail, exports and direct-to-consumer channels.
IPO Schedule
| Event | Date |
| IPO Opens | 29 June 2026 |
| IPO Closes | 1 July 2026 |
| Allotment | 2 July 2026 |
| Listing | 6 July 2026 |
Quick Positives
✅ Strong revenue growth from Rs. 72.92 crore (FY2024) to Rs. 220.76 crore (Nov 2025 period).
✅ Healthy profitability with ROE above 75% and ROCE above 60%.
✅ Low debt-equity ratio of 0.23.
✅ Diversified business model across B2B, exports, gifting and online sales.
✅ Attractive valuation with post-IPO P/E of only 6.42x.
Key Risks
âš High retail application size of Rs. 2.80 lakh limits participation.
âš Business depends on imported dry fruits and commodity price fluctuations.
âš Recently listed food and agro SME IPOs have delivered mixed listing performance.
Who Should Apply?
| Investor Type | Suitability |
| Listing Gain Investors | ★★★★☆ |
| Long-Term Investors | ★★★★☆ |
| Conservative Investors | ★★☆☆☆ |
| High-Risk Investors | ★★★★★ |
Chanakya View
Positive
Adon Agro Commodities combines strong revenue growth, high return ratios, low leverage and attractive valuation. The company is rapidly expanding its processing and distribution footprint while building its Hunger Nuts brand.
Investors with a higher risk appetite may consider applying, especially if GMP and subscription demand remain supportive.
IPO Details at a Glance
| Particulars | Details |
| IPO Date | 29 June 2026 to 1 July 2026 |
| Listing Date | 6 July 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 66 to Rs. 70 Per Share |
| Lot Size | 2,000 Shares |
| Issue Type | Book Building SME IPO |
| Listing At | BSE SME |
| Total Issue Size | 62,90,000 Shares |
| Issue Size | Rs. 44.03 Crore |
| Fresh Issue | 59,74,000 Shares |
| Offer For Sale | Nil |
| Reserved For Market Maker | 3,16,000 Shares |
| Net Offered To Public | 59,74,000 Shares |
| Shareholding Pre Issue | 1,67,27,270 Shares |
| Shareholding Post Issue | 2,30,17,270 Shares |
| Market Cap | Rs. 161.12 Crore |
Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 64,000 | 1.07% | 1.02% |
| NII Shares Offered | 29,60,000 | 49.55% | 47.06% |
| Retail Shares Offered | 29,50,000 | 49.38% | 46.90% |
| Market Maker Shares Offered | 3,16,000 | – | 5.02% |
| Total Shares Offered | 62,90,000 | 100.00% | 100.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 2 | 4,000 | Rs. 2,80,000 |
| Retail Maximum | 2 | 4,000 | Rs. 2,80,000 |
| S-HNI Minimum | 3 | 6,000 | Rs. 4,20,000 |
| S-HNI Maximum | 7 | 14,000 | Rs. 9,80,000 |
| B-HNI Minimum | 8 | 16,000 | Rs. 11,20,000 |
Company Details
Adon Agro Commodities Ltd. is engaged in processing, packaging and distribution of dry fruits and agro commodities. Its portfolio includes almonds, walnuts, pistachios, raisins, dried dates, apricots and dry fruit mixes.
The company markets products under its proprietary retail brand “Hunger Nuts” and also serves corporate gifting clients through customised dry fruit hampers.
The company sources products from India as well as UAE, Afghanistan, USA, Chile and Sri Lanka.
Its processing facility at MIDC Mahape, Navi Mumbai handles cracking, grading, roasting, flavouring and packaging operations.
As of November 30, 2025, the company had a presence across 19 Indian states and had commenced export operations to UAE through its subsidiary Adon Agro Trading L.L.C.
The company served 794 customers as of November 2025 compared with 101 customers in FY2025.
Competitive Strengths
| Key Strengths |
| Strong growth in customer base |
| Diversified sales channels |
| Own retail brand “Hunger Nuts” |
| Modern processing facility |
| Export expansion strategy |
| Strong return ratios |
| Low leverage balance sheet |
IPO Objects
| Sr. No. | Objects of the Issue | Estimated Amount |
| 1 | Funding incremental working capital requirements | Rs. 32.00 Crore |
| 2 | General Corporate Purposes | Balance Amount |
| Total Utilisation | Rs. 32.00 Crore |
Company Address
| Particulars | Details |
| Registered Office | Office No. I-3029, 3rd Floor, Akshar Business Park, Sector 25, Plot No. 3, Janta Market Road, Vashi, Navi Mumbai, Maharashtra – 400703 |
| Phone | 022-6501 1773 |
| cs@adonagrocommodities.com |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | Galactico Corporate Services Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Registrar Phone | 04067162222 / 04079611000 |
| Registrar Email | aacl.ipo@kfintech.com |
| Market Maker | Spread X Securities Pvt. Ltd. |
Financials
| Particulars (Rs. Crore) | 30 Nov 2025 | FY2025 | FY2024 | FY2023 |
| Total Assets | 64.46 | 39.11 | 20.22 | 3.65 |
| Total Income | 220.76 | 103.04 | 72.92 | 22.33 |
| Profit After Tax | 16.74 | 7.22 | 1.79 | 0.09 |
| EBITDA | 31.91 | 10.45 | 2.84 | 0.47 |
| Net Worth | 25.63 | 12.17 | 4.95 | 0.26 |
| Reserves & Surplus | 25.63 | 9.17 | 1.95 | 0.16 |
| Total Borrowings | 7.27 | 4.74 | 6.96 | – |
Period ended 30 November 2025.
Valuation
Key Performance Indicators (KPI)
| KPI | Nov 2025 | FY2025 |
| ROE | 75.94% | 84.36% |
| ROCE | 60.09% | 60.65% |
| Debt / Equity | 0.23 | 0.39 |
| RoNW | 75.94% | 84.36% |
| PAT Margin | 7.60% | 7.01% |
| EBITDA Margin | 10.87% | 10.14% |
| Price To Book Value | – | 1.73 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 4.32 | 10.91 |
| P/E (x) | 16.22 | 6.42 |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 90.04% | 65.44% |
Promoters
Mr. Narayanswamy Venkitkrishnan, Mrs. Jigisha Narayanswamy and Mr. Shubham Ratan Sharma are the promoters of the company.
Recently Listed IPOs in Agricultural Food & Other Products
| Company | Issue Type | Issue Size | Issue Price | Listing Gain/Loss % |
| M R Maniveni Foods Ltd. | SME | Rs. 27.04 Cr | Rs. 52 | -20.90% |
| NFP Sampoorna Foods Ltd. | SME | Rs. 24.53 Cr | Rs. 55 | -5.82% |
| Stanbik Agro Ltd. | SME | Rs. 12.28 Cr | Rs. 30 | +11.10% |
Detailed Chanakya View
Adon Agro Commodities has emerged as one of the faster-growing SME companies in the dry fruit processing and distribution segment. The company has demonstrated exceptional growth in revenue, profitability, customer base and geographical reach.
Financially, the company appears strong with high ROE, ROCE, low debt and a scalable business model. The addition of processing infrastructure and export operations through Dubai can support future growth.
At the upper price band of Rs. 70, the IPO appears reasonably valued with a post-issue P/E of only 6.42x, which compares favourably with many SME listings.
The key risk remains commodity price fluctuations and the large retail investment requirement. However, the financial profile and valuation remain attractive.
Chanakya View: Positive. Investors looking for a growth-oriented SME IPO may consider this issue. GMP trend and subscription response should be monitored before final bidding.
FAQs
What is the Adon Agro Commodities IPO GMP today?
Refer IPO Snapshot above for the latest GMP and Subject to Sauda updates.
What is the Adon Agro Commodities IPO price band?
The IPO price band is Rs. 66 to Rs. 70 per share.
What is the Adon Agro Commodities IPO lot size?
The lot size is 2,000 shares. Retail investors must apply for a minimum of 4,000 shares.
When will Adon Agro Commodities IPO list?
The IPO is expected to list on BSE SME on 6 July 2026.
Who is the registrar of the IPO?
Kfin Technologies Ltd. is the registrar of the issue