Rukmani Devi Garg Agro Impex Ltd. IPO

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Rukmani Devi Garg Agro Impex Limited (formerly Rukmani Devi Garg Agro Impex Private Limited) is an agricultural produce aggregator and processor headquartered in Kota, Rajasthan. Incorporated in 1998, the company has over two decades of experience in the agriculture commodities industry. It transitioned into a public limited company in June 2024.

Business Operations

The company operates as an agricultural produce aggregator and processor. Its core activities include:

1. Aggregation: Procurement of wheat, mustard, coriander, maize, flax seeds, and soyabean from a network of small and fragmented farmers, mainly across Rajasthan and Madhya Pradesh.

2. Grading & Bulk Sales: Supplying graded raw produce to corporates, flour mills, oil mills/solvent-extraction plants, exporters, and agriculture processors.

3. Processing & Branding: Processing wheat at its automated facilities for cleaning, grading, sorting, and packaging. Brands are Sharbati, Happyfamily, and Taj Mahal. Distribution: 118+ distributors and dealers across Rajasthan, Uttar Pradesh, Maharashtra, Haryana, Punjab, Delhi, and Chandigarh

Products

1. Raw Agricultural Commodities: Wheat, mustard, coriander, maize, flax seeds, soyabean
2. Processed Wheat (Branded Sales): Sold under “Sharbati,” “Happyfamily,” and “Taj Mahal”
3. Agri-Trade Products: Mustard oil, soybean oil, mustard de-oiled cakes

Procurement Network

The company has built an extensive farmer network through over 500 kaccha aadtiya (agents), ensuring strong sourcing capabilities across Rajasthan and Madhya Pradesh. During harvest seasons, agricultural produce is aggregated and efficiently stored in a mix of owned and leased warehouses, supporting smooth supply and consistent availability.

Competitive Strengths

i) Diversified Customer Base – Corporates, flour mills, solvent/oil mills, exporters, processors
ii) Large-Scale Procurement & Storage – Direct farmer linkages via 500+ agents and significant warehousing capacity
iii) Strategically Located Units – Processing units located within 200 mtr of Bhamashah Mandi, Kota, a major agricultural hub.
iv) Automation & Quality Focus – Fully automated sorting and packaging system ensuring high-quality output
v) Strong Brand Presence – Branded processed wheat distributed through 118+ dealers across multiple states

Objects of the Rukmani Devi Garg Agro Impex Ltd. IPO:

Company proposes to utilize the Net Proceeds towards funding the following objects: 1. Funding working capital requirements (₹16.50 cr) 2. General Corporate Purpose

Rukmani Devi Garg Agro Impex Ltd. IPO Details:

Open Date: Sep 26 2025
Close Date: Sep 30 2025
Total Shares: 23,76,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 23.52 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 93-99 Per Equity Share
Listing At: BSE SME
Listing Date: Oct 06 2025

Promoters And Management:

1. Mr. Vishal Garg serves as the Promoter, Chairman, and Managing Director of the company. He holds a Bachelor of Commerce degree from the University of Maharshi Dayanand Saraswati, Ajmer, and has been associated with the company since its incorporation. With over 25 years of experience in the agriculture industry, he oversees the overall performance of the company and contributes to strategic planning and growth initiatives. 2. Mrs. Anju Garg is the Promoter and Whole-time Director of the company. She holds a Bachelor of Arts degree from the University of Maharshi Dayanand Saraswati, Ajmer, and has been with the company since December 2000. She manages operational functions including bookkeeping, payroll, and advertising, and is responsible for forecasting and controlling expenses. 3. Mr. Naresh Dutta Sharma is a Non-Executive Independent Director. He holds a Doctorate in Philosophy in Science from Rajasthan Vishwavidyalaya and has been associated with the company since March 2024. Prior to joining, he served as a director at Jammu Pigments Limited for 10 years.

Financials of Rukmani Devi Garg Agro Impex Ltd. IPO:

Particulars FY 2024-25 FY 2023-2024 ] FY 2022-2023 '
Revenue from Operations (Cr) 326.99 244.37 248.05
EBITDA (Cr) 12.63 8.17 3.08
EBITDA Margins 3.87% 3.34% 1.24%
PAT (Cr) 7.57 5.01 0.47
PAT Margins 2.32% 2.05% 0.19%
ROCE 15.61% 16.60% 7.11%
Debt to Equity Ratio(In Times) 1.52 1.08 1.27
Operating Cash Flows (Cr) -19.64 -6.85 -1.85

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Rukmani Devi Garg Agro Impex Limited 326.99 3.87% 2.32% 15.61% 1.52 87.87 11.61
NHC Foods Limited 341 4% 2.05% 16.20% 0.4 64 9.48
Neelkanth Limited 4.94 3% -0.61% 0.50% 0.04 22 -

Lead Manager of Rukmani Devi Garg Agro Impex Ltd. IPO:

  1. Fedex Securities Limited

Registrar of Rukmani Devi Garg Agro Impex Ltd. IPO:

  1. Bigshare Services Private Limited

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