SSMD Agrotech India Limited is operating under the Umbrella Brand name of 'House of Manohar'. The company is engaged in the manufacturing, trading, and repacking of a wide array of agro-food products. SSMD Agrotech operates under four primary sub-brands: Manohar Agro, Super S.S., Delhi Special, Shri Dhanlaxmi. Company's diverse product portfolio includes a wide variety of food products such as Puffed Rice, Ramdana (Cholai), Gram Flour, Matar Flour, Chana Dal, Idli Rava, Rice Powder, and several by-products of Chana Dal like Chana Chilka, Chana Churi, Chana Khanda, and Chana Sattu. In addition to this, they also engage in the repackaging of popular staples such as Suji, Maida, Dalia, Poha, Roasted Chana, Roasted Heeng Jeera, Roasted Seviyan, Rice, Pulses, and various other essential food items, catering to a wide range of consumer preferences and market segments. House of Manohar operates a comprehensive business model that combines traditional distribution networks with modern, consumer-focused innovations. HOM’s traditional model is built on a strong network of distributors that spans across Delhi/NCR, Haryana, Uttar Pradesh, Punjab, and Uttarakhand. This well-established network ensures efficient distribution, extensive market coverage, and enhanced product visibility. HOM’s D2C Strategy eliminates traditional distribution layers and directly engages with consumers through an innovative delivery model. At the core of the strategy lies the concept of 'Dark Unit Factories'. Dark Unit Factories are small, tech-enabled production and fulfilment centres. In the Context of HOM, these are the micro manufacturing unit that freshly process essentials like flour, spices, and oils on-site, ensuring high quality and freshness. They act as last mile fulfilment centres, stocked with essential items such as pulses, rice, besan, etc. ready to delivered within minutes. The Company has 3 Manufacturing Units and One D2C Dark Store Factory as on the Date of the Red Herring Prospectus. As per financial performance, SSMD Agrotech India Limited has posted total income / net profits of Rs 48.61 /(0.004) Cr (FY23), Rs 73.44 / Rs 1.10 Cr (FY24), Rs 99.18 Cr / 5.37 Cr (FY25) and Rs 52.13 Cr / 3.83 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but sudden rise in net-profit just before IPO raises doubts. Also trade receivable is around 27% of FY25 total revenue. Company has an average EPS of Rs 7.65 and average RoNW of 73.33% for last three fiscals. Issue is priced at a P/BV of 5.98 as per NAV of Rs 20.08/- 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 94.28, 19.34 and 13.55 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, 3Dimension Capital Services Limited is associated with this SME IPO, and has handled 2 SME IPOs in last three fiscal years. From last 2 IPOs, one opened above issue price and remaining all opened below issue price on the day of listing. As of now, one is trading above issue price and remaining all are trading below issue price. ( As on 20.11.25 ) As per financials, SSMD Agrotech India Limited has shown good growth, RoNW is 78% and P/E is 94.28, 19.34 and 13.55 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. Company is engaged in the manufacturing, trading, and repacking of a wide array of agro-food products, which is highly competitive business segment. BRLM is very new. 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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