Ganesh Consumer Products Limited IPO

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Ganesh Consumer Products Limited is a leading FMCG company headquartered in Kolkata, West Bengal. The Company has a strong market presence in East India and is known for its packaged food products, particularly flour and wheat-based derivatives. With a legacy dating back to 1936, the brand “Ganesh” has grown from a small retail outlet in Burrabazar, Kolkata, to one of the largest packaged consumer goods companies in the region.

Business Segments

1. B2C (Business-to-Consumer) – Contributes ~77% of FY2025 revenue. Includes packaged flour, value-added products, spices, instant mixes, and snacks.

2. B2B (Business-to-Business) – Supply of products through brokers to FMCG companies, HoReCa businesses, and small retailers.

3. By-products – Sale of wheat bran, chana chunni, etc., primarily used as cattle feed.

Market Position

Ganesh Consumer Products is a market leader in East India’s packaged flour segment. In FY2025, it ranked as the 3rd largest brand in packaged atta and the largest in wheat-based derivatives such as maida, sooji, and dalia. The company also holds a strong position in gram-based flours with a ~43.4% share in sattu and ~4.9% in besan. In West Bengal, it commands a dominant ~40.5% market share in wheat-based products, highlighting its strong regional leadership.

Product Portfolio

Core Products: Whole wheat flour (atta) and Wheat & gram-based derivatives: maida, sooji, dalia, besan, sattu.

Emerging Products: Instant food mixes (khaman dhokla, bela kachori), Spices (whole, powdered & blended), Ethnic snacks (bhujia, chanachur) and Ethnic flours (singhara flour, bajra flour).

Product Breadth: 42 products with 232 SKUs (as of March 31, 2025).

Distribution Network

Company has an extensive distribution network across West Bengal, Bihar, Jharkhand, Odisha, and Assam. Its general trade channel operates through 28 C&F agents, 9 super stockists, and 972 distributors, reaching over 70,000 retail outlets, with 95% of sales on a cash-and-carry basis, ensuring strong working capital discipline. In addition, the company has a strong presence in 204+ modern trade stores across East India and is active on e-commerce and quick-commerce platforms, along with its own website.

Marketing & Branding

Ganesh Consumer Products has focused strongly on brand-building through print, outdoor, digital, and social media campaigns, supported by a strategic partnership with Group M Media India (Mindshare Neo, Kolkata). Its advertising spend rose to ₹113.72 million in FY2025, reflecting consistent investment in visibility and market presence. The company has also expanded its portfolio, launching 11 new products and 94 SKUs over the past three years to meet evolving consumer demand.

Objects of the Ganesh Consumer Products Limited IPO:

Company proposes to utilise the Net Proceeds towards funding the following objects: 1. Prepayment and/or repayment of certain outstanding borrowings (₹60 cr) 2. Capital expenditure for the setting up manufacturing unit in West Bengal (₹45 cr) 3. General corporate purposes
DRHP of Ganesh Consumer Products Limited IPO
RHP of Ganesh Consumer Products Limited IPO

Ganesh Consumer Products Limited IPO Details:

Open Date: Sep 22 2025
Close Date: Sep 24 2025
Total Shares: 1,26,95,600
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 408.80 Cr.
Lot Size: 46 Shares
Issue Price: ₹ 306-322 Per Equity Share
Listing At: NSE,BSE
Listing Date: Sep 29 2025

Promoters And Management:

1. Manish Mimani serves as the Chairperson and Managing Director of the Company. He began his professional career in 1994 with M/s Ganesh Flour Mills, a proprietary concern. With a vision to scale operations and capture emerging opportunities, he corporatised the business by incorporating the Company in 2000. Since then, he has been instrumental in driving growth and strengthening the Company’s market presence. 2. Madhu Mimani is a Non-Executive Director with over 24 years of professional association with the Company. She was first appointed as a Director in 2000, contributed significantly until her resignation in 2011, and continued to advise on treasury functions. She was reappointed to the Board in 2016, where she continues to contribute to the Company’s strategic direction. 3. Rohit Brijmohan Mantri is a Nominee Director on the Board. He holds a bachelor’s degree in commerce from P.M.B. Gujarati Commerce College, Devi Ahilya Vishwavidyalaya (University of Indore) and is an associate member of the Institute of Chartered Accountants of India. With substantial experience in private equity, he is currently the Co-Head of Private Equity at Motilal Oswal Alternate Investment Advisors Private Limited, where he oversees fund administration, institutional fundraising, and investment strategies. He has also worked in investment banking with KPMG India.

Financials of Ganesh Consumer Products Limited IPO:

Particulars FY2024-2025 FY 2023-2024 FY 2022-2023
Revenue from Operations 850.40 759.00 610.70
EBITDA 73.2 63.3 56.1
EBITDA Margins 8.61% 8.35% 9.19%
PAT 35.4 26.9 27.1
PAT Margins 4.17% 3.56% 4.44%
ROCE 23.49% 21.19% 17.24%
Debt to Equity Ratio(In Times) 0.22 0.17 0.42
Operating Cash Flows 46 88.4 -13.1

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Ganesh Consumer Products Limited 850.40 8.61% 4.17% 23.49% 0.22 1301.21 36.76
Patanjali Foods Limited 31157 6% 4.17% 15.60% 0.07 65,509 53.7
AWL Agri Business Limited 63672 4% 1.92% 20.90% 0.21 33720 29.3

Lead Manager of Ganesh Consumer Products Limited IPO:

  1. DAM Capital Advisors Ltd (Formerly IDFC Securities Ltd)
  2. IIFL Securities Ltd
  3. Motilal Oswal Investments Advisors Private Limited

Registrar of Ganesh Consumer Products Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Ganesh Consumer Products Limited IPO:

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