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About Ganesh Consumer Products Limited IPO
Ganesh Consumer Products Limited will soon launch its IPO, which will comprise a fresh issue and an offer for sale. While the fresh issue size is pegged at ₹130 crore, the offer for sale consists of up to 12,442,089 equity shares with a face value of ₹10 each.
Objectives of Ganesh Consumer Products Limited IPO
The Net Proceeds of the Fresh Issue are proposed to be utilised in the following manner:
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Prepayment and/or repayment of all or a portion of certain outstanding borrowings availed by the company.
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Funding capital expenditure for the setting up of a roasted gram flour and gram flour manufacturing unit in Darjeeling, West Bengal.
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General corporate purposes.
Ganesh Consumer Products Limited IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | ₹130 crore |
Offer for Sale | Up to 12,442,089 equity shares |
EPS (in ₹) for FY 24 | 7.42 |
Ganesh Consumer Products Limited IPO Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the Net Offer |
Non-institutional Investors (NIIs) | Not more than 15% of the net offer |
Retail-individual Investors (RIIs) | Not more than 35% of the net offer |
Industry Outlook
The packaged food industry in India is witnessing steady growth, driven by increasing consumer demand for branded and hygienically packaged staples. The market for packaged wheat and gram-based products is projected to grow at a CAGR of approximately 16% from Fiscal 2024 to 2029. East India, where Ganesh Consumer Products operates, is expected to see the fastest growth, with increasing urbanisation, digital empowerment, and improved logistics infrastructure contributing to higher penetration of packaged food products
Company Information
Ganesh Consumer Products Limited is a leading FMCG company headquartered in Kolkata, West Bengal. The company is the third-largest brand of packaged whole wheat flour (atta) and the largest brand of wheat-based derivatives (maida, sooji, dalia) in East India by value sold in Fiscal 2024.
They offer a range of consumer staples comprising whole wheat flour (atta), wheat and gram-based value-added flour products (including, refined wheat flour (maida), semolina flour (sooji), roasted gram flour (sattu), gramflour (besan), cracked wheat (dalia)amongst others). They also sell packaged instant food mixes such as khaman dhokla and bela kachori , spices (whole, CTC powder (chilli, turmeric and coriander)) and blended ethnic snacks including bhujia and chanachur and ethnic flours such as singhara flour, pearl millet (bajri) flour, etc.
Ganesh Consumer Products Limited IPO Strengths
Largest brand of packaged flour in East India
According to the Technopak Report, Ganesh Consumers Product Limited is East India’s largest brand of wheat-based and gram-based derivatives by value in Fiscal 2024, holding 12.6% of the region’s packaged wheat and gram-based market. It ranks as the third-largest packaged wheat flour brand in East India with an 8% market share by value. The company also leads the market for sooji, dalia, and maida with a 31% (sooji and dalia) and 16% (maida) share, and is among the top two players for sattu and besan, holding 42% and 5% shares, respectively. Its focus on quality, differentiated offerings, and affordability has led to strong brand recognition among consumers.
Diversified and continuously expanding product portfolio
The company’s product portfolio encompasses whole wheat flour (atta), wheat and gram-based value-added flour products (including maida, sooji, sattu, besan, and dalia), and emerging food products, such as instant mixes, spices, ethnic snacks, and speciality flours. Leveraging the ability to identify market trends and develop quality products, the company has driven significant business growth. As of September 30, 2024, it offered 42 products across 215 SKUs, an expansion from 138 SKUs as of March 31, 2022, and 190 SKUs as of June 30, 2024.
Well-established and widespread multichannel distributor network and customer reach
The company employs a combination of direct distribution and a carrying and forwarding (C&F) model, retaining inventory ownership under the C&F system for improved stock management and market oversight. The C&F agents receive inventory based on demand forecasts or past sales trends, then distribute it to distributors for onward sale. This approach facilitates broad market reach, ensuring product availability, and allows the company to expand its distribution base by adding more distributors and retailers—ultimately reducing overpricing and increasing competition. Where the C&F model is not feasible, Ganesh Consumers relies on super stockists for distribution.
Strategically located advanced manufacturing facilities with stringent quality standards
The company has strategically located manufacturing facilities that ensure optimised raw material sourcing and efficient logistics. For example, the Varanasi, Agra, and Hyderabad plants provide direct access to wheat, the primary raw material for atta, maida, sooji, and dalia. Additionally, the Kolkata facilities are positioned within the company’s core markets, helping reduce logistics costs.
Risks of Ganesh Consumer Products Limited IPO
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Ganesh consumers rely on a stable supply of raw materials, and any disruption, price fluctuation, or policy changes in wheat procurement could impact operations and profitability.
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A significant share of revenue comes from whole wheat flour and wheat/gram-based products, making the business vulnerable to demand fluctuations in these categories.
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With a strong dependence on East India, particularly West Bengal, any regional disruptions could adversely affect financial performance and market presence.
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Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | Ganesh Consumer Products Limited | Patanjali Foods | Adani Wilmar Limited | Bikaji Foods International Limited | Gopal Snacks Limited | Prataap Snacks Limited |
|---|---|---|---|---|---|---|
Revenue for Fiscal 2024 (in ₹ crore) | 759.03 | 37121.35 | 51261.63 | 2329.33 | 1402.49 | 1697.93 |
P/E for FY 24 | NA | 86.87 | 268.07 | 75.87 | 48.39 | 44.74 |
Return on Net Worth for FY 24 in % | 12.25 | 7.63 | 1.78 | 21.66 | 25.51 | 7.29 |
EPS in ₹ for FY 24 | 7.42 | 21.14 | 1.14 | 10.63 | 7.99 | 22.26 |
Anchor Investor Bidding Date TBA
IPO Registrar and Book Running Lead Manager
Link Intime India Private Limited is the registrar of the Ganesh Consumers Product Limited IPO. The book running lead managers are:
- DAM Capital Advisors Limited
- IIFL Capital Services Limited
- Motilal Oswal Investment Advisors Limited
Business Model
Headquartered in Kolkata, Ganesh Consumers is the third-largest packaged atta brand and largest in wheat-based derivatives in East India (FY24). The portfolio includes 42 products with 215 SKUs across staples, spices, and ethnic snacks.
They derive their revenue from the sale of whole wheat flour (atta), wheat and gram-based value-added flour products (including, refined wheat flour (maida), semolina flour (sooji), roasted gram flour (sattu), gramflour (besan), cracked wheat (dalia) among others). They also sell packaged instant food mixes such as khaman dhokla and bela kachori , spices (whole, CTC powder (chilli, turmeric and coriander)) and blended ethnic snacks such as bhujia and chanachur and ethnic flours such as singhara flour, pearl millet (bajri) flour, etc.
Company Growth Trajectory
The company has shown steady growth with 42 products and 215 SKUs, holding a 41% market share in West Bengal for wheat-based products. They have also expanded into 70,000+ retail outlets and an omni-channel presence have strengthened its reach. Over the past three years, 11 new products and 94 SKUs have been introduced, reinforcing its FMCG leadership. Its revenue from operations, which stood at ₹455 crores in FY 22 grew to ₹759.073 crores in FY 24. Its’ EBITDA, which stood at ₹47.70 crores in FY22, increased to ₹63.35 crores in FY24.
Market Position
The company has shown steady growth with 42 products and 215 SKUs, holds a 41% market share in West Bengal for wheat-based products. Ganesh Consumers is the third-largest packaged atta brand and largest in wheat-based derivatives in East India (FY24). The company also leads the market for sooji, dalia, and maida with a 31% (sooji and dalia) and 16% (maida) share, and is among the top two players for sattu and besan, holding 42% and 5% shares, respectively.
Ganesh Consumer Products Limited Profit and Loss
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crore) | 765.26 | 614.77 | 460.43 |
EBITDA (in ₹ crore) | 63.35 | 56.14 | 47.70 |
Profit Before Tax(in ₹ crore) | 36.41 | 36.40 | 36.22 |
Profit After Tax (in ₹ crore) | 26.99 | 27.104 | 27.105 |
EPS (in ₹) | 7.42 | 7.45 | 7.45 |
Ganesh Consumer Products Limited Cash Flow
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Net Cash Used in Operating Activities (in ₹ crore) | 88.46 | (13.11) | 58.18 |
Net Cash Used in Investing Activities (in ₹ crore) | (22.16) | (19.88) | (51.00) |
Net Cash Generated from Financing Activities (in ₹ crore) | (67.01) | 33.53 | (16.42) |
Cash and Cash Equivalent at the End of the Year (in ₹ crore) | 0.19 | 0.89 | 0.36 |
How to Check the Allotment Status of Ganesh Consumer Products Limited IPO?
You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Ltd. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down. The issue name is the company’s name, which is Ganesh Consumers Product Limited
- Enter your application number or PAN number
- Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status
To check status on the website of Link Intime Private Ltd:
- Visit the website of Link Intime Private Ltd
- Choose ‘Public Issues’ from Investor Services dropdown
- Choose the name of the company from ‘Select Company’ dropdown
- Enter any of these - PAN Number, Application Number, DP/Client ID, Account Number / IFSC
- Click on Submit to check the status
How to Apply for Ganesh Consumer Products Limited IPO?
Here are the steps to apply for Ganesh Consumer Products Limited IPO:
- Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
- Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
- Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
- Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
- Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Ganesh Consumer Products Ltd IPO FAQs
What is the Ganesh Consumer Products Limited IPO
The Ganesh Consumer Products Limited IPO is a 100% book-built issue comprising a fresh offer and an offer-for-sale. The fresh issue size is pegged at ₹130 crores.
Is Ganesh Consumer Products Limited IPO coming?
Yes, Ganesh Consumer Products Limited is expected to come up with its IPO soon.
Who is the Managing Director of Ganesh Consumer Products Limited?
Manish Mimani is the Chairperson and Managing Director of Ganesh Consumer Products Limited
From where can I read more about the IPO of Ganesh Consumer Products Limited?
You may read more about Ganesh Consumers Product Limited and its IPO from the company’s draft red herring prospectus (DRHP) here.
