Farm Peace Limited

Farm Peace Limited was originally incorporated in October 2021 as "Farm Peace Private Limited" and subsequently transitioned into a public limited company in October 2024, operating under the "Farm Peace" brand. Headquartered in Ahmedabad, the company has established itself as an integrated agritech and contract farming enterprise specializing in the structured cultivation and supply of premium, processing-grade potato varieties. Its core value proposition is to bridge the supply chain gap between grassroots agricultural producers and large-scale industrial food processors, reducing crop yield and market price uncertainty for growers while delivering specification-ready raw materials for institutional buyers. Since its inception, the company's agricultural footprint has expanded from a base of 240 acres of supervised land in March 2022 to more than 5,660 acres under active cultivation as of March 31, 2026.

The backbone of the company's operations is a structured 100% buy-back contract farming model. Under this framework, Farm Peace enters into seasonal verbal arrangements with small and medium-sized farmers, providing them with high-yielding certified hybrid seed potatoes (primarily of the G-3 and G-4 generations) and necessary agri-inputs such as customized fertilizers and crop protection products. In return, the company provides a guaranteed buy-back market, shielding farmers from open-market price volatility by promising to purchase their entire harvest at pre-determined, uniform seasonal prices. To manage agricultural risk and ensure compliance with strict processing standards, dedicated field officers are assigned to village clusters. These officers conduct scheduled visits every 10 to 15 days to guide farmers on agronomic best practices, pest control, and water management, logging field data and photographs directly into the proprietary "Farm Peace" mobile application launched in September 2023.

The company's product portfolio is highly specialized, focusing exclusively on processed potato varieties selected for optimal dry matter content, low reducing sugars, and uniform size and shape. These varieties include Santana (favored for its length and suitability in French fry manufacturing), Frysona (known for uniform tuber shape and frying stability), Innovator, Lady Rosetta (highly sought after for crisps and wafers), and Chipsona. Through an "intra-potato diversification" strategy, the company encourages farmers to cultivate multiple processing varieties. This balances soil nutrient depletion, spreads disease risk, and ensures a steady year-round supply. Driven by this structured approach, the company's annual agricultural output sold to buyers has surged from 32,500 metric tonnes in Fiscal 2024 to 61,680 metric tonnes in Fiscal 2026.

Farm Peace divides its customer base into two key segments: contracted or independent farmers who buy high-quality seed potatoes, and institutional food processors who procure the harvested, specification-compliant produce. The raw potatoes are supplied directly to frozen food manufacturers, snack and wafer producers, and starch and dehydrated flake processors. Geographically, the company's contract farming network and procurement hubs are concentrated in the prime potato-growing districts of North Gujarat, namely Sabarkantha, Aravalli, Mehsana, and Banaskantha. This specific region offers a critical agro-climatic advantage, featuring cool, dry winter Rabi seasons and well-drained sandy loam soils that prevent sugar accumulation in the tubers, ensuring high-quality industrial processing yields.

While physical "capacity and capacity utilization" figures are not applicable as the company operates as an agricultural aggregator and service provider rather than a processing factory, Farm Peace maintains a robust post-harvest infrastructure. Harvested potatoes are transported via company-coordinated logistics to leased cold storage facilities located in Himatnagar and Sabarkantha. These facilities feature modern temperature and humidity regulation systems to prevent sprouting and spoilage, boasting a total combined holding capacity of 13,000 metric tonnes as of March 31, 2026 (up from 5,600 metric tonnes in Fiscal 2024). The company operates on a strict First-In-First-Out (FIFO) inventory dispatch system and maintains FSSAI and ISO 9001:2015 quality management certifications. For research and development, Farm Peace collaborates with progressive seed multiplication growers in northern states such as Punjab, Haryana, and Uttar Pradesh, while aligning its cultivation guidelines with scientific advisories from the Central Potato Research Institute (CPRI) to ensure genetic purity and disease-free seed stocks.

As per financial performance, Farm Peace Limited has posted total income / net profits of Rs 62.75 Cr / Rs 6.16 Cr (FY24), Rs 79.98 Cr / Rs 6.66 Cr (FY25) and Rs 90.84 Cr / Rs 7.53 Cr (FY26). So as per previous financials data, the company has shown consistent top-line and bottom-line growth, with total income growing at a CAGR of 20.35% and net profits at a CAGR of 10.56% over the last three fiscals, although this scaling has been accompanied by a significant increase in leverage as total borrowings rose from Rs 7.12 Cr to Rs 11.28 Cr during this period. Company has an average EPS of Rs 5.05 and average RoNW of 26.20% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.06 as per NAV of Rs 28.69 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.70 on a net proceeds basis (and 1.61 on a gross proceeds basis). If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 19.70, 18.23, and 16.13 respectively. As per RHP, a comparison between listed peers shows that there are no directly comparable listed industry peers in India operating in the same line of business with a focus on the contract farming of processed varieties of potatoes.

On BRLM's front, Socradamus Capital Private Limited is associated with this IPO, and has handled 5 IPOs in the past. From last 5 IPOs, one opened below issue price and remaining all opened above issue price or at par, on the day of listing. As of now, from the last 5 IPOs, four are trading below the issue price and the remaining one are trading above the issue price or at par. (as on 26.08.26)

• 1 Sandipkumar Narsinhbhai Patel
• 2 Sudhir Haribhai Patel
• 3 Girishbhai Faljibhai Patel
• 4 Kulin Kiran Patel