Amir Chand Jagdish Kumar (Exports) Limited is processor and exporter of basmati rice and other FMCG products in India. They are one of the few Indian companies with fully integrated operations with a presence across the basmati rice value chain, with operations that include procurement, storage, processing, marketing and sales. In addition, they have also diversified into FMCG products, offering staples and essential kitchen supplies such as aata, maida, sooji, besan, salt and sugar. They market the products under the flagship registered and trademarked brand 'AEROPLANE', with more than 40 different sub-brands for various products, including without limitation, 'Aeroplane La-Taste', 'Aeroplane Classic', 'Ali baba', 'World Cup' and 'Jet'. As on date of this RHP, they have registered a total of 100 trademarks, including 70 trademarks in India and 30 trademarks across 26 countries primarily in Europe, Asia and Africa, and 22 copyrights in India. They provide the customers with a diverse range of brands across multiple price segments catering to various demographics. The products are broadly categorized into two (2) segments: (i) rice and (ii) FMCG. The products in the rice segment comprise of basmati rice and other specialty rice, such as kolam rice, sona masuri, idli rice and ponni rice. They derive a majority of the revenue from the basmati rice products. Leveraging the existing market presence, distribution networks, quality control expertise, procurement efficiencies and brand recognition, company has recently expanded into FMCG products. They sell the rice products both in the domestic as well as the international markets whereas the FMCG products are sold in the domestic market only. The products are sold through the distributors to the end customers and also directly to institutional consumers, retail chains and through the Company’s website, other e-commerce sites and quick commerce channels. They have also established a strong sales and distribution network in the international markets and in India. They typically store the basmati paddy and rice in open and covered warehousing facilities (including silos). They procure basmati paddy primarily from the basmati producing states in northern India, through the own procurement team as well as the extensive and entrenched procurement network consisting of registered procurement agents across various agricultural produce markets known as 'mandis'. As of February 28, 2026, company operated three (3) manufacturing, processing and packaging facilities in India strategically located in the states of Punjab, Haryana and New Delhi. The strategic location of the manufacturing and processing facilities close to rice-producing regions enable to effectively participate in the basmati paddy procurement process across the various mandis, and can minimize transportation costs and ensure a steady supply of raw material for procurement. As per financial performance, Amir Chand Jagdish Kumar (Exports) Limited has posted total income / net profits of Rs 1,317.86 Cr / Rs 17.49 Cr (FY23), Rs 1,551.42 Cr / Rs 30.40 Cr (FY24), Rs 2,004.02 Cr / 60.82 Cr (FY25) and Rs 1,024.29 Cr / 48.65 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net profit surprising. Company has an average EPS of 5.34 and average RoNW of 13.30% for last three fiscals. Issue is priced at a P/BV of 3.95 as per NAV of Rs 53.68/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 72.20, 36.09 and 22.56 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Emkay Global Financial Services Limited, Keynote Financial Services Limited are associated with this IPO, and has handled 5 IPOs in last three fiscal years. ( As on 19.03.26 ) As per financials, Amir Chand Jagdish Kumar (Exports) Limited has shown good growth, RoNW is 17.61% and P/E is 72.20, 36.09 and 22.56 respectively as per FY24, FY25, and annualised FY26 earnings. So issue looks aggressively priced when compared with peers, also sudden rise in net-profit and higher inventory level raises concerns. Company is processor and exporter of basmati rice and other FMCG products in India, which is very competitive business segment. So, we give AVOID rating for this IPO in current market scenario. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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