Adon Agro CommoditiesIPO Review — Financials, Valuation & Peers
A data-only look at the Adon Agro Commodities IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2023 | 22.33 | 0.09 | 0.47 | 0.26 | 3.65 | — | — |
| FY 2024 | 72.92 | 1.79 | 2.84 | 4.95 | 20.22 | 6.96 | — |
| FY 2025 | 103.04 | 7.22 | 10.45 | 12.17 | 39.11 | 4.74 | — |
| Jan 2026 (interim) | 287.33 | 21.55 | 31.28 | 36.72 | 86.43 | 10.19 | 4.32 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 16.22x
- P/E (post-issue)
- 6.42x
- RoNW
- 88.16%
- RoE
- 88.16%
- RoCE
- 68.79%
- Debt / Equity
- 0.28
- EPS (pre-issue)
- ₹4.32
- EPS (post-issue)
- ₹10.91
- EBITDA Margin
- 10.89%
- PAT Margin
- 7.5%
- P/BV
- 1.2x
- NAV / share
- ₹58.54
- Market Cap
- ₹161.12 Cr
As of 31 Jan 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Adon Agro Commodities | 5.37 | 40.57 | 2.91x | 84.36% | 1.75x | Restated |
| Krishival Foods Ltd. | 6.07 | 63.55 | 50.74x | 4.08% | 4.89x | Consolidated |
| Leo Dry Fruits & Spices Trading Ltd. | 5.75 | 35.59 | 9.57x | 16.68% | 1.57x | Consolidated |
| Proventus Agrocom Ltd. | 10.5 | 377.12 | 114.29x | 5.86% | 3.18x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Narayanswamy Venkitkrishnan, Jigisha Narayanswamy and Shubham Ratan Sharma
- Holding (pre-issue)
- 90.04%
- Holding (post-issue)
- 65.44%
- Dilution
- 24.6%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Adon Agro Commodities operates at an EBITDA margin of 10.89% and a net (PAT) margin of 7.5% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 68.79% and a return on equity (RoE) of 88.16%. At the upper band, the post-issue market capitalisation works out to about ₹161.12 crore. These are offer-document figures for the latest reported period (as of 31 Jan 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding incremental working capital requirements (₹32 crore), alongside general corporate purpose (₹6.44 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Adon Agro Commodities reported revenue of ₹287.33 crore and a net profit of ₹21.55 crore. Revenue grew from ₹22.33 crore in FY2023 to ₹287.33 crore in FY2026 (+1187.0%). Net worth stood at ₹36.72 crore at the end of FY2026. At the upper band, that puts the issue at roughly 16.2× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 6.42× post-issue earnings and 1.2× book value, against a return on net worth of 88.16% and a debt-to-equity ratio of 0.28. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Krishival Foods Ltd. and Leo Dry Fruits & Spices Trading Ltd., with a median peer P/E of about 50.7×. The issue's own post-issue P/E works out to 6.42×.
Promoters
The promoters of the company are Narayanswamy Venkitkrishnan, Jigisha Narayanswamy and Shubham Ratan Sharma. Promoter holding stands at 90.04% before the issue and comes down to 65.44% after listing.
Frequently asked questions
- What is the reservation split in the Adon Agro Commodities IPO?
- Of the total shares offered, retail investors get 49.55%, QIBs 1.07%, non-institutional investors 49.38%.
- Who are the promoters of Adon Agro Commodities and what is their holding?
- The promoters are Narayanswamy Venkitkrishnan, Jigisha Narayanswamy and Shubham Ratan Sharma. Promoter holding is 90.04% before the issue and 65.44% after listing.
- What is the P/E ratio of the Adon Agro Commodities IPO?
- At the upper price band, the Adon Agro Commodities IPO is valued at 16.22× pre-issue earnings and 6.42× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Adon Agro Commodities IPO?
- The net proceeds go primarily toward funding incremental working capital requirements, among 3 disclosed objects.