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Adon Agro Commodities Ltd IPO
Status: Closed
Overview
IPO date
29 Jun 2026 to 01 Jul 2026
Face value
₹ 10 per share
Price
₹ 66 to ₹70 per share
Issue Size
6,290,000 shares
(aggregating up to ₹ 44.03 Cr)
(aggregating up to ₹ 44.03 Cr)
Allotment Date
02 Jul 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Trading
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T&C*
Strengths vs Risks of Adon Agro Commodities Ltd
Know the pros & cons
Strengths
- Diversified product portfolio.
- Extensive distribution network, arrangement with reputed chain stores and growing e-commerce channel.
- Experienced promoters and management team.
- Wide spread customer base across various segments.
- Established and strong sourcing base.
- Using dry fruits broken and shells and skins of the raw material to derive maximum value realisation.
- In house processing capabilities.
- Quality Service.
Risks
- Substantial portion of the company revenues has been dependent upon few customers, with which its does not has any firm commitments. The loss of any one or more of the company major customers would has a material adverse effect on its business, cash flows, results of operations and financial condition.
- The company has competition from various organized and unorganized local suppliers which could results in the loss of market share and impact on its net revenue and profitability.
- The procurement and storage of the company products, spoilage and damage to such products or any contamination in its products are subject to regulatory action and damage the company reputation and has adverse effect on its business results in operations and financial conditions.
- The Company is involved in a pending writ petition before the Hon'ble Bombay High Court regarding the alleged undervaluation of imported goods, which may result in a significant financial liability of up to Rs. 444.45 lakhs including potential differential duty, penalty and redemption fines.
- The company is exposed to various costs, including shipping charges, transportation fees and warehouse expenses, which can impact its overall operational expenses and profitability.
- Substantial portion of the company revenue is generated from trading activities, which depends on third parties for sourcing the products.
- Increases in customs duties and import tariffs on raw dry fruits pose a financial risk, as unexpected rises in these levies could negatively impact the company profitability and cash flow.
- The company is exposed to counterparty credit risk, and any delays or non-receipt of payments could negatively affect its operational results and financial performance.
- The company's business is dependent on certain suppliers and the loss of one or more of them would has a material adverse effect on the business. Also, the company does not has any long term agreement with its suppliers.
- The company lack backward integration in its dry fruits trading and processing business, which exposes the company to supply chain risks, and its inability to meet evolving traceability and food safety standards could adversely affect the company operations.
- The Company experienced negative cash flow from operations for the period ended January 31, 2026 and FY 2023-24, which may indicate underlying operational inefficiencies and could adversely affect its quidity and financial condition.
- The company operating results could be materially harmed if its is unable to accurately forecast consumer demand for the company products or manage its inventory.
- The company insurance coverage may not fully protect its against all operational risks, which could negatively impact the results of the company business.
- The company is subject to foreign exchange control regulations, which may expose its to the risk of currency fluctuations.
- The company has significant working capital needs. If its is unable to secure or maintain adequate cash flow, credit facilities, or other funding sources in a timely manner to meet the company working capital requirements or repay its debts, it could negatively impact the company operations and financial stability.
- The company has recently commenced its processing/manufacturing activities, and the company limited experience in this segment may adversely affect its business, financial condition, and results of operations.
- The company business is operating under various laws which requires its to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company business, prospects.
- The company Processing unit and warehouse unit premises is not owned by its and the company has only lease rights over such premises. In the event the company lose such rights or are required to negotiate it, its cash flows, business, financial conditions and results of operations could be adversely affected.
- The company business may be adversely affected by geopolitical instability, armed conflicts or trade disruptions in the United States and the Middle East region.
- The company business heavily depends on trust-based relationships with its selling and distribution network, which includes wholesalers, distributors. Any disruptions to these relationships, changes in their business practices, or failures to adhere to agreed-upon payment schedules could negatively impact the company operations, cash flow, and overall financial performance.
- If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of the company financing agreements, it may adversely affect its business, prospects, results of operations and financial condition.
- The company is subject to strict quality requirements and any failures by its to comply with quality standards may lead to cancellation of existing and future orders.
- The company mainly operates in Northern part and Western part of India and failures to expand its operations into the Southern regions and markets may restrict the company growth and adversely affect its business.
- The company has recently entered the retail segment, and its lack of experience in this business vertical may adversely affect the company business, financial condition, and results of operations.
- The company ability to pay dividends in the future will be determined by factors such as its future earnings, financial health, cash flow, working capital needs, capital expenditures, and any restrictive covenants in the company financing agreements if any.
- The company lenders has charge over its immovable and movable properties in respect of the finance availed by the company.
- The company future success is closely tied to its ability to build and promote the company brand while safeguarding its reputation. Failures to establish a strong brand presence or any damage to its reputation could hinder the company growth and progress.
- If its fail to successfully expand the company product portfolio or fail to develop and commercialize new products that are well received by consumers in a timely manner, its operating results may be materially and adversely affected.
- Increased losses resulting from fraud, employee negligence, theft, or similar incidents could negatively affect the company business.
- The Company has recently incorporated a wholly owned subsidiary in Dubai, and any inability to successfully establish, operates, or sustain its overseas operations could adversely affect the company business, financial condition, and results of operations.
- As the company continue to grow, its may not be able to effectively manage the company growth and the increased complexity of its business, which could negatively impact the company brand and financial performance.
- Inability to maintain adequate internal controls may affect the company ability to effectively manage its operations, resulting in errors or information lapses.
- There has been instances in the past where certain forms, required to be filed with the RoC under the reporting requirements of the Companies Act, 2013 were delayed in submission.
- The company business is seasonal in nature, and reduced demand during off-season periods may adversely affect its business, financial condition, and results of operations.
- Pricing pressure from the company competitors may affect its ability to maintain or increase the company product prices and, in turn, its revenue from product sales, gross margin and profitability may decline, which may materially and adversely affect the company business, cash flows, financial condition and results of operations.
- If the company fail to acquire new consumers or fail to does so in a cost-effective manner, its may not be able to increase revenue or maintain profitability.
- There are outstanding legal proceedings involving the Company. Any adverse outcome in such proceedings may has an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
- The company may faces challenges in adequately protecting or maintaining the use of its intellectual property.
- The company is dependent on its promoters and other key personnel, and the loss of, or the company inability to attract or retain, such persons could affect its business, results of operations, financial condition and cash flows.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company business is dependent on its manufacturing/processing unit and the company is subject to certain risks in its manufacturing process. Obsolescence, destruction, theft, breakdowns of the company major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
- Under-utilization of the company manufacturing capacities could has an adverse effect on its business, future prospects and future financial performance.
- The markets in which the company compete is characterized by consumers and their rapidly changing tastes and preferences and therefore as a result the Company may be affected by any disruptions in the industry.
- The orders placed by customers may be delayed, modified or cancelled, which may has an adverse effect on the company business, financial condition and results of operations.
- Past delays in statutory filings, including EPF and ESI may subject the company to regulatory scrutiny and could adversely affect its operations and reputation.
- The company is dependent on third-party transportation providers for the supply of raw materials and delivery of its finished products and traded products.
- Recent Changes in Statutory Auditors May Impact Perception of Financial Reporting Consistency.
- The company manufacturing/processing activities requires deployment of labour and depends on availability of labour. In case of unavailability of such labour, its business operations could be affected.
- The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers if the independent contractors through whom such workers are hired default on their obligations, and such obligations could has an adverse effect on its cash flows and results of operations.
- The company has to improve information technology and advancements in technology to enhance operational efficiency, streamline processes, and better meet the evolving demands of its customers.
- The Company has experienced exceptionally high year-on-year growth in Revenue from Operations and Profit After Tax in recent periods, which is primarily due to a small operational base and a significant transition in its business model; such growth rates may not be sustainable or indicative of the company future financial performance.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The company promoter and the promoter group will jointly continue to retain majority shareholding in its Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The Objects of the Issue for which funds are being raised, are based on the company management estimates and the same has not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Any future issuance of the company Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
- Industry information included in this Red Herring Prospectus has been derived from industry report.
- Any increase in interest rates would has an adverse effect on the company results of operations and will expose its Company to interest rate risks.
- Information relating to the company installed capacities and the historical capacity utilization of its manufacturing facility included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- The Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- Investors other than retail (including non-institutional investors, QIBs and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an application.
- Non-compliance with increasingly health, environmental and labour laws and other applicable regulations, may adversely affect the company business, results of operations, cash flows and financial condition.
- The company operates in an environmentally sensitive industry and are subject to disruptions due to unpredictable or unseasonal weather impacting the geographies from where its procure the company raw material. Consequently, extreme climatic changes or natural calamities impacting such geographies, may has an adverse effect on its business, results of operations, cash flows and financial condition.
- The company may incur additional cost on marketing and advertising campaigns for increasing the brand awareness of its products and such marketing and advertising campaigns may not be effective compared to the company competitors' advertising and promotional programs which could adversely affect its competitive position.
- The company inability or failures to recognise, respond to and effectively manage the accelerated impact of social media could materially adversely affect its business.
- The emergence of modern trade channels like hypermarkets and supermarkets may adversely affect the company pricing ability, and result in temporary loss of retail shelf space and disrupt sales of food products, which may has an adverse effect on the company results of operations and financial condition.
Adon Agro Commodities Ltd Peer Comparison
Understand the company’s industry standing
Adon Agro Commodities Limited
Proventus Agrocom Limited
Krishival Foods Limited
Face Value
10
10
10
Standalone / Consolidated
Standalone
Consolidated
Consolidated
Total Income Rs. Cr.
---
---
---
EPS-Basis
5.37
10.5
6.07
EPS-Diluted
---
---
---
NAV Per Share
40.57
377.12
63.55
P/E-Basic EPS
---
114.29
50.74
P/E-Diluted EPS
---
---
---
RONW(%)
84.36
5.89
4.08
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 29 Jun 2026 & closes on 01 Jul 2026.
Adon Agro Commodities Limited was originally incorporated on January 24, 2022 as 'Adon Agro Commodities Private Limited' with the Registrar of Companies, Central Registration Center. The name of the Company was changed to Public Limited Company as 'Adon Agro Commodities Limited' via fresh Certificate of Incorporation dated January 20, 2025 issued by the Central Processing Centre.
Company, functions in the agro-commodity trading industry which includes sourcing, importing and distributing high-quality dry fruits, like almonds, walnuts, apricots etc. It is currently promoted by Mr. Narayanswamy Venkitkrishnan, who have been the guiding force behind the growth of the Company and possesses years of experience in trading and retailing. Company is engaged in trading/ processing and marketing of wide range of dry fruits, Dried Fruits and seeds.
Earlier, it engaged in wholesale trading of premium quality dry fruits and recently has entered the retail segment under the brand name, Hunger Nuts in FY 2025. The new product line, Hunger Nuts include roasted almonds, cashews and pistachios, etc offered as healthy, high quality products.
Company is planning a fresh issue equity shares of 23,22,000 having the face value of Rs 10 each by way of IPO.
Adon Agro Commodities Ltd IPO will close on 01 Jul 2026.
- Diversified product portfolio.
- Extensive distribution network, arrangement with reputed chain stores and growing e-commerce channel.
- Experienced promoters and management team.
- Wide spread customer base across various segments.
- Established and strong sourcing base.
- Using dry fruits broken and shells and skins of the raw material to derive maximum value realisation.
- In house processing capabilities.
- Quality Service.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Narayanswamy Venkitkrishnan | 7264333 | 43.43 | 7264333 | 31.56 |
| 2 | Jigisha Narayanswamy | 266666 | 1.59 | 266666 | 1.16 |
| 3 | Shubham Ratan Sharma | 7264333 | 43.43 | 7264333 | 31.56 |
| 4 | Sakhi Shubham Sharma | 266666 | 1.59 | 266666 | 1.16 |
- Substantial portion of the company revenues has been dependent upon few customers, with which its does not has any firm commitments. The loss of any one or more of the company major customers would has a material adverse effect on its business, cash flows, results of operations and financial condition.
- The company has competition from various organized and unorganized local suppliers which could results in the loss of market share and impact on its net revenue and profitability.
- The procurement and storage of the company products, spoilage and damage to such products or any contamination in its products are subject to regulatory action and damage the company reputation and has adverse effect on its business results in operations and financial conditions.
- The Company is involved in a pending writ petition before the Hon'ble Bombay High Court regarding the alleged undervaluation of imported goods, which may result in a significant financial liability of up to Rs. 444.45 lakhs including potential differential duty, penalty and redemption fines.
- The company is exposed to various costs, including shipping charges, transportation fees and warehouse expenses, which can impact its overall operational expenses and profitability.
- Substantial portion of the company revenue is generated from trading activities, which depends on third parties for sourcing the products.
- Increases in customs duties and import tariffs on raw dry fruits pose a financial risk, as unexpected rises in these levies could negatively impact the company profitability and cash flow.
- The company is exposed to counterparty credit risk, and any delays or non-receipt of payments could negatively affect its operational results and financial performance.
- The company's business is dependent on certain suppliers and the loss of one or more of them would has a material adverse effect on the business. Also, the company does not has any long term agreement with its suppliers.
- The company lack backward integration in its dry fruits trading and processing business, which exposes the company to supply chain risks, and its inability to meet evolving traceability and food safety standards could adversely affect the company operations.
- The Company experienced negative cash flow from operations for the period ended January 31, 2026 and FY 2023-24, which may indicate underlying operational inefficiencies and could adversely affect its quidity and financial condition.
- The company operating results could be materially harmed if its is unable to accurately forecast consumer demand for the company products or manage its inventory.
- The company insurance coverage may not fully protect its against all operational risks, which could negatively impact the results of the company business.
- The company is subject to foreign exchange control regulations, which may expose its to the risk of currency fluctuations.
- The company has significant working capital needs. If its is unable to secure or maintain adequate cash flow, credit facilities, or other funding sources in a timely manner to meet the company working capital requirements or repay its debts, it could negatively impact the company operations and financial stability.
- The company has recently commenced its processing/manufacturing activities, and the company limited experience in this segment may adversely affect its business, financial condition, and results of operations.
- The company business is operating under various laws which requires its to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and the company inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect the company business, prospects.
- The company Processing unit and warehouse unit premises is not owned by its and the company has only lease rights over such premises. In the event the company lose such rights or are required to negotiate it, its cash flows, business, financial conditions and results of operations could be adversely affected.
- The company business may be adversely affected by geopolitical instability, armed conflicts or trade disruptions in the United States and the Middle East region.
- The company business heavily depends on trust-based relationships with its selling and distribution network, which includes wholesalers, distributors. Any disruptions to these relationships, changes in their business practices, or failures to adhere to agreed-upon payment schedules could negatively impact the company operations, cash flow, and overall financial performance.
- If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of the company financing agreements, it may adversely affect its business, prospects, results of operations and financial condition.
- The company is subject to strict quality requirements and any failures by its to comply with quality standards may lead to cancellation of existing and future orders.
- The company mainly operates in Northern part and Western part of India and failures to expand its operations into the Southern regions and markets may restrict the company growth and adversely affect its business.
- The company has recently entered the retail segment, and its lack of experience in this business vertical may adversely affect the company business, financial condition, and results of operations.
- The company ability to pay dividends in the future will be determined by factors such as its future earnings, financial health, cash flow, working capital needs, capital expenditures, and any restrictive covenants in the company financing agreements if any.
- The company lenders has charge over its immovable and movable properties in respect of the finance availed by the company.
- The company future success is closely tied to its ability to build and promote the company brand while safeguarding its reputation. Failures to establish a strong brand presence or any damage to its reputation could hinder the company growth and progress.
- If its fail to successfully expand the company product portfolio or fail to develop and commercialize new products that are well received by consumers in a timely manner, its operating results may be materially and adversely affected.
- Increased losses resulting from fraud, employee negligence, theft, or similar incidents could negatively affect the company business.
- The Company has recently incorporated a wholly owned subsidiary in Dubai, and any inability to successfully establish, operates, or sustain its overseas operations could adversely affect the company business, financial condition, and results of operations.
- As the company continue to grow, its may not be able to effectively manage the company growth and the increased complexity of its business, which could negatively impact the company brand and financial performance.
- Inability to maintain adequate internal controls may affect the company ability to effectively manage its operations, resulting in errors or information lapses.
- There has been instances in the past where certain forms, required to be filed with the RoC under the reporting requirements of the Companies Act, 2013 were delayed in submission.
- The company business is seasonal in nature, and reduced demand during off-season periods may adversely affect its business, financial condition, and results of operations.
- Pricing pressure from the company competitors may affect its ability to maintain or increase the company product prices and, in turn, its revenue from product sales, gross margin and profitability may decline, which may materially and adversely affect the company business, cash flows, financial condition and results of operations.
- If the company fail to acquire new consumers or fail to does so in a cost-effective manner, its may not be able to increase revenue or maintain profitability.
- There are outstanding legal proceedings involving the Company. Any adverse outcome in such proceedings may has an adverse impact on its reputation, business, financial condition, results of operations and cash flows.
- The company may faces challenges in adequately protecting or maintaining the use of its intellectual property.
- The company is dependent on its promoters and other key personnel, and the loss of, or the company inability to attract or retain, such persons could affect its business, results of operations, financial condition and cash flows.
- The company has in the past entered into related party transactions and may continue to does so in the future.
- The company business is dependent on its manufacturing/processing unit and the company is subject to certain risks in its manufacturing process. Obsolescence, destruction, theft, breakdowns of the company major plants or machineries or failures to repair or maintain the same may affect its business, cash flows, financial condition and results of operations.
- Under-utilization of the company manufacturing capacities could has an adverse effect on its business, future prospects and future financial performance.
- The markets in which the company compete is characterized by consumers and their rapidly changing tastes and preferences and therefore as a result the Company may be affected by any disruptions in the industry.
- The orders placed by customers may be delayed, modified or cancelled, which may has an adverse effect on the company business, financial condition and results of operations.
- Past delays in statutory filings, including EPF and ESI may subject the company to regulatory scrutiny and could adversely affect its operations and reputation.
- The company is dependent on third-party transportation providers for the supply of raw materials and delivery of its finished products and traded products.
- Recent Changes in Statutory Auditors May Impact Perception of Financial Reporting Consistency.
- The company manufacturing/processing activities requires deployment of labour and depends on availability of labour. In case of unavailability of such labour, its business operations could be affected.
- The company appoint contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers if the independent contractors through whom such workers are hired default on their obligations, and such obligations could has an adverse effect on its cash flows and results of operations.
- The company has to improve information technology and advancements in technology to enhance operational efficiency, streamline processes, and better meet the evolving demands of its customers.
- The Company has experienced exceptionally high year-on-year growth in Revenue from Operations and Profit After Tax in recent periods, which is primarily due to a small operational base and a significant transition in its business model; such growth rates may not be sustainable or indicative of the company future financial performance.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- The company promoter and the promoter group will jointly continue to retain majority shareholding in its Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
- Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
- The Objects of the Issue for which funds are being raised, are based on the company management estimates and the same has not been appraised by any bank or financial institution or any independent agency. The deployment of funds in the project is entirely at its discretion, based on the parameters as mentioned in the chapter titles "Objects of the Issue".
- The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation schedule.
- Any future issuance of the company Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
- Industry information included in this Red Herring Prospectus has been derived from industry report.
- Any increase in interest rates would has an adverse effect on the company results of operations and will expose its Company to interest rate risks.
- Information relating to the company installed capacities and the historical capacity utilization of its manufacturing facility included in this Red Herring Prospectus is based on various assumptions and estimates and future production and capacity utilization may vary.
- The Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- Investors other than retail (including non-institutional investors, QIBs and Corporate Bodies) are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Amount) at any stage after submitting an application.
- Non-compliance with increasingly health, environmental and labour laws and other applicable regulations, may adversely affect the company business, results of operations, cash flows and financial condition.
- The company operates in an environmentally sensitive industry and are subject to disruptions due to unpredictable or unseasonal weather impacting the geographies from where its procure the company raw material. Consequently, extreme climatic changes or natural calamities impacting such geographies, may has an adverse effect on its business, results of operations, cash flows and financial condition.
- The company may incur additional cost on marketing and advertising campaigns for increasing the brand awareness of its products and such marketing and advertising campaigns may not be effective compared to the company competitors' advertising and promotional programs which could adversely affect its competitive position.
- The company inability or failures to recognise, respond to and effectively manage the accelerated impact of social media could materially adversely affect its business.
- The emergence of modern trade channels like hypermarkets and supermarkets may adversely affect the company pricing ability, and result in temporary loss of retail shelf space and disrupt sales of food products, which may has an adverse effect on the company results of operations and financial condition.
The Issue type of Adon Agro Commodities Ltd is Book Building - SME.
The minimum application for shares of Adon Agro Commodities Ltd is 4000.
The total shares issue of Adon Agro Commodities Ltd is 6290000.
Initial Public issue of 62,90,000 equity shares of Rs. 10/- each ("Equity Shares") of Adon Agro Commodities Limited ("AACL" or the "Company" ) for cash at a price of Rs. 70 per share (including a share premium of Rs. 60 per equity share) (the "Issue price") Aggregating to Rs. 44.03 ("the Issue"), of which 3,16,000 Crores equity shares of Rs. 10/- each will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less market maker reservation portion i.e., Issue of 59,74,000 Crores equity shares of 10/- each is herein after referred to as the "Net Issue". The issue and the net issue will constitute 27.33% and 25.95% respectively of the post issue paid up equity share capital of the company.
Price Band: Rs. 70/- per equity share of face value of Rs. 10 each.
The floor price is 7 times the face value of the equity shares.
Bids can be made for a minimum of 4000 equity shares and in multiples of 2000 equity shares thereafter.