Astron Multigrain Limited

Started in year 2018, Astron Multigrain Limited is into manufacturing of instant noodles. They manufacture noodles on contract manufacturing basis for Gokul Snacks Private Limited who sells the product under their trade name. They also manufacture noodles for their own brand which is sold under trade name 'Astron's Swagy Noodles'. The Company is also engaged in manufacturing of noodle bhujiya and papad.  Company currently operates through the Registered Office and manufacturing unit set up located at Plot No. 17 To 21, Near RamHotel Village: Chordi, Gondal, Rajkot, Gujarat - 360311, India with an installed capacity of 5,110 MTA, where the production of the products consisting of instant noodles, noodle bhujiya and papad are carried out. They market and sell the products in B2B segment majorly in the states of Gujarat, Madhya Pradesh, Maharashtra and Bihar. The products are sold to Super Stockiest who supplies to the wholesalers and further the same is distributed among retailers. As per financial performance, Astron Multigrain Limited has posted total income / net profits of Rs 19.50 Cr / 1.23 Cr (FY23), Rs 26.50 Cr / Rs 1.98 Cr (FY24), Rs 33.91 Cr / 2.30 Cr (FY25) and Rs 23.58 Cr / 2.11 (upto 31.10.25 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 3.32 and average RoNW of 24.45% for last three fiscals. Issue is priced at a P/BV of 1.98 as per NAV of Rs 31.82/- as on post issue. 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 27.31, 23.48 and 14.95 respectively. As per RHP, comparison between listed peers is shown in above table, but peers are very big and have brand value. So comparison is not realistic. On BRLM's front, Finaax Capital Advisors Private Limited is associated with this SME IPO, and has handled 1 SME IPOs in last one fiscal years. From last one IPO, that opened above issue price on the day of listing. As of now, from last one IPO, that is trading above issue price. ( As on 26.11.25 ) As per financials, Astron Multigrain Limited has shown good growth, RoNW is 21.95% and P/E is 27.31, 23.48 and 14.95 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is  into manufacturing of instant noodles on contract basis, which is highly competitive business segment. BRLM is vey new. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 MR. JENISH PARSHOTTAMBHAI KHUNT
• 2 MRS. POONAM JENISH KHOONT