CKK Retail Mart Limited is engaged in the distribution of packaged products catering to both retail and wholesale businesses. The Company commenced its business operations in the Financial Year 2020–21 and since year 2023, the Company has focused on the distribution and trading of packaged agro-commodities such as sugar, pulses and ghee across regions including Maharashtra, Bihar, West Bengal, and the north-eastern states. In April 2025, the Company expanded the product portfolio with the launch of 'FruitzzzUp', a fruit pulp-based juice brand. At present, the business primarily involves the distribution of packaged agro-commodities such as sugar, rice, and pulses along with packaged products such as milk powder and soft drinks (carbonated as well as fruit based). In addition to our core business operation, they also occasionally undertakes consultancy assignments. Company is using two distinct distribution models.1. Three-Tier Distribution Model2. Direct-to-Distributor ModelMajority of company's revenue is generated using Three-Tier Distribution Model (around more than 90% in FY25 and upto Q2 FY26). As per financial performance, CKK Retail Mart Limited has posted total income / net profits of Rs 109.92 / 4.51 Cr (FY23), Rs 233.35 / Rs 12.67 Cr (FY24), Rs 301.84 Cr / 16.36 Cr (FY25) and Rs 159.92 Cr / 8.59 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 9.12 and average RoNW of 40.94% for last three fiscals. Issue is priced at a P/BV of 4.77 as per NAV of Rs 34.17/- 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 24.91, 19.30 and 18.38 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Oneview Corporate Advisors Private Limited is associated with this IPOs, and has handled 4 IPOs in last three fiscal years. From last 4 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 4 IPOs, one are trading below issue price and remaining all are trading above issue price or at par. (as on 24.01.26 ) As per financials, CKK Retail Mart Limited has shown good growth, RoNW is 38.47% and P/E is 24.91, 19.30 and 18.38 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but margins look unreal when compared with other industry players. Company is engaged in the distribution of packaged products catering to both retail and wholesale businesses, which is very competitive business segment. Performance of BRLM is good post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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