Mother Nutri Foods Limited is a B2B peanut butter manufacturing Company offering 10 flavours and 12 ranges of peanut butter. They also offer the peanut butter under their brand 'Spread & Eat' in countries like Libya and Dubai. Further, they have recently started selling the peanut butter in Japan under their own brand. They also engage in private labelling, manufacturing peanut butter for domestic and international customers, including hypermarkets, supermarkets, and retail chains. The private label clients are based in countries such as the United Kingdom, Canada, South Africa, Mauritius, Russia, the British Virgin Islands, Spain, the United Arab Emirates, Saudi Arabia, Nepal, Bangladesh, the Philippines, Mexico, Kuwait, Israel, the United States, Oman, Kenya, Germany, and Portugal. The Company offers 10+ flavours like chocolate, honey, coconut, cinnamon, pineapple, strawberry and 5+ range includes natural, creamy, crunchy, less fat, whole nut, high protein and no added sugar & salt. They offer peanut butter in various packaging form to cater to diverse customer requirements, ranging from sachets (20 grams to100 grams), jars (100 grams to 1,000 grams) and bulk packaging (1 kilogram to 250 kilograms). The shelf life of peanut butter ranges 12 to 24 months. The manufacturing facility is situated in Survey No 276/1, opp. Petrol pump Mahuva-Bhavnagar Road, at Otha, Mahuva, Bhavnagar – 364295 Gujarat, India admeasuring 4,047 square meter with installed capacity of 8,000 MTPA. To support the operational expansion, they plan to establish a new manufacturing facility at Plot No. 01, S No.276/1p2/p1 at Village: Otha Taluka Mahuva – 364295 Gujarat, India. This facility will have an installed annual production capacity of manufacturing Peanut Butter of 7,200 MTPA, enabling them to cater to the increasing demand for the products in the market. As per financial performance, Mother Nutri Foods Limited has posted total income / net profits of Rs 76.25 Cr / 1.12 Cr (FY23), Rs 81.04 Cr / Rs 4.77 Cr (FY24), Rs 90.48 Cr / 6.46 Cr (FY25) and Rs 50.47 Cr / 5.31 (upto Q2 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit just before IPO raises doubts and trade receivables is around 34% of FY25 sales. Also inventory is very high. Company has an average EPS of Rs 5.61 and average RoNW of 31.76% for last three fiscals. Issue is priced at a P/BV of 3.79 as per NAV of Rs 30.91/- 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 30.73, 22.70 and 13.80 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Marwadi Chandarana Intermediaries Brokers Private Limited is associated with this SME IPO, and has handled 5 SME IPOs in last three fiscal years. From last 5 IPOs, all opened at par or above issue price on the day of listing. As of now, from last 5 IPOs, 3 are trading below issue price and remaining all are trading above issue price. ( As on 24.11.25 ) As per financials, Mother Nutri Foods Limited has shown good growth, RoNW is 26.07% and P/E is 30.73, 22.70 and 13.80 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net profit just before IPO raises doubts. Trade receivables is around 34% of FY25 sales, also inventory is very high, around 35% of FY25 total sales. Company is a B2B peanut butter manufacturing Company, which is highly competitive business segment. Performance of BRLM is average. 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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