Ganesh Consumer Products Limited is coming up with its Initial Public Offering (IPO), opening on September 22, 2025 and closing on September 24, 2025. The company operates in the FMCG space with a strong presence in packaged flour, spices, ethnic snacks, and other food staples. Investors are closely watching this IPO to evaluate whether it is worth subscribing to. In this detailed Ganesh Consumer Products IPO Review, we will cover IPO Date, IPO Price, IPO Size, Company Overview, Financials, Competitive Strengths, Objects of the IPO, P/E Ratio compared to peers, Grey Market Premium (GMP), reasons to invest, key risk factors, and finally conclude whether investors should Subscribe or Avoid.
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About Ganesh Consumer Products Ltd.
Incorporated in 2000 and headquartered in Kolkata, Ganesh Consumer Products Ltd. is a leading FMCG company in East India. The company is primarily known for its packaged wheat flour and value-added products like maida, sooji, besan, instant food mixes, and spices. Its flagship brand, “Ganesh”, is a household name in the region.
- Over 42 products across 232 SKUs.
- 77% of revenue comes from B2C operations.
- Strong distribution network: 28 C&F agents, 9 super stockists, and 972 distributors.
- Operations spread across multiple states with modern facilities in West Bengal, Uttar Pradesh, Telangana, and other locations.
Competitive Strengths
- Strong Brand Presence – Largest packaged flour brand in East India.
- Diverse Product Portfolio – From staples like atta and maida to ethnic snacks and spices.
- Robust Distribution Network – Presence across general trade, B2B, and HoReCa segments.
- Expanding Portfolio – 11 new products and 94 SKUs launched in the last 3 years.
- Strong Financial Performance – Consistent revenue growth with improving margins.
Ganesh Consumer Products IPO Issue Details
- IPO Date: September 22, 2025 to September 24, 2025
- Listing Date: September 29, 2025 (Tentative)
- Face Value: ₹10 per share
- Price Band: ₹306 to ₹322 per share
- Lot Size: 46 shares
- IPO Size: ₹408.80 Crores
- Fresh Issue: ₹130 Crores
- Offer for Sale (OFS): ₹278.80 Crores
- Employee Discount: ₹30 per share
- Listing At: NSE, BSE
- Book Running Lead Managers: DAM Capital Advisors, IIFL Capital, Motilal Oswal
- Registrar: MUFG Intime India Pvt Ltd
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Total Assets | ₹341.74 Cr | ₹308.64 Cr | ₹343.30 Cr |
| Revenue | ₹855.16 Cr | ₹765.26 Cr | ₹614.78 Cr |
| EBITDA | ₹73.24 Cr | ₹63.35 Cr | ₹56.14 Cr |
| Net Profit | ₹35.43 Cr | ₹26.99 Cr | ₹27.10 Cr |
| Net Worth | ₹224.13 Cr | ₹218.65 Cr | ₹201.62 Cr |
| Borrowings | ₹50.00 Cr | ₹38.29 Cr | ₹86.13 Cr |
- Revenue Growth (FY23-FY25): CAGR of ~18%
- PAT Growth (FY24-FY25): ~31%
- ROE: 15.81%
- ROCE: 19.81%
- Debt/Equity: 0.22 (Low debt)
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Objects of the IPO
- Repayment of Borrowings – ₹60 Crores
- Capex for New Units (Roasted Gram Flour, Gram Flour in West Bengal) – ₹45 Crores
- General Corporate Purposes
P/E Ratio and Peer Comparison
- EPS (Post-Issue): ₹8.77
- P/E at Upper Price Band (₹322): ~36.7x
Peer Comparison (Approximate P/E multiples):
- ITC Ltd – ~28x (Industry leader, diversified FMCG)
- Britannia – ~45x (Premium FMCG)
- Adani Wilmar – ~65x (Staple-focused FMCG)
- Industry Average – ~40x
Observation: Ganesh Consumer Products IPO is priced at 36.7x, which is slightly below industry average but higher than ITC.
Grey Market Premium (GMP)
As of September 17, 2025, Ganesh Consumer Products IPO GMP is around ₹35-40 per share. This indicates a listing gain expectation of 10-12% over the upper price band.
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Reasons to Invest in Ganesh Consumer Products IPO
- Strong brand recall in East India with potential to expand nationwide.
- Consistent financial growth with rising profit margins.
- Diversified product portfolio ensures stable revenues across categories.
- Low debt levels with IPO proceeds further reducing borrowings.
- Expanding manufacturing capacity with new units to meet growing demand.
Risk Factors of Ganesh Consumer Products IPO
- Regional Concentration Risk – Heavy reliance on Eastern India market.
- Thin Margins – PAT margin at ~4.2%, lower compared to larger FMCG peers.
- Competition – Faces tough competition from ITC, Adani Wilmar, Britannia, and local players.
- High Valuation – Though slightly below industry average, P/E of 36.7x is still expensive for a regional player.
- Raw Material Dependence – Wheat and other agri-commodities price fluctuations can impact margins.
How to Apply for Ganesh Consumer Products IPO?
You can apply through ASBA (via Net Banking) or UPI-based IPO apps like Zerodha, Groww, Upstox, Paytm Money, or through your bank’s net banking platform. Retail investors can bid at the cut-off price to increase chances of allotment.
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Conclusion – Ganesh Consumer Products IPO Review – Should you Invest?
Ganesh Consumer Products is a well-established FMCG brand with strong roots in Eastern India. The company has shown consistent growth in revenues and profits, and its balance sheet remains strong with low debt.
However, valuation is on the higher side, and the company’s business is still regionally concentrated. Large FMCG players with stronger national presence trade at similar or slightly higher multiples.
✅ Investors with a medium to long-term horizon may consider subscribing to this IPO given its growth potential.
⚠️ Short-term investors should be cautious as margins are low, and high valuations may cap listing gains.
Recommendation: May Subscribe for Long-Term, Cautious for Listing Gains.
FAQs – Ganesh Consumer Products IPO
1. What is the Ganesh Consumer Products IPO Date?
The IPO opens on September 22, 2025 and closes on September 24, 2025.
2. What is the IPO Price Band?
The IPO price band is fixed at ₹306 to ₹322 per share.
3. What is the Ganesh Consumer Products IPO Size?
The IPO size is ₹408.80 Crores, including fresh issue and OFS.
4. What is the Lot Size and Minimum Investment?
One lot consists of 46 shares, and minimum investment is ₹14,812 at upper price band.
5. What is the GMP of Ganesh Consumer Products IPO?
The Grey Market Premium (GMP) is around ₹35-40 per share.
6. Who are the promoters of Ganesh Consumer Products Ltd?
The promoters are Purushottam Das Mimani, Manish Mimani, Madhu Mimani, Manish Mimani (HUF), and Srivaru Agro Pvt Ltd.
7. Should I invest in Ganesh Consumer Products IPO?
If you are a long-term investor, you may consider subscribing. For short-term listing gains, the IPO looks fairly priced with limited upside.
Disclaimer: This article is for information purposes only and should not be considered as investment advice. Please consult with your financial advisor before making any investment decision.
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