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Dhanwel Hybrid Seeds IPO
₹2,37,600/2 Lot (2400) shares
Minimum Investment
IPO Details
19 Aug 26
21 Aug 26
₹2,37,600
2 Lot (2400)
₹95 to ₹99
BSE
₹27 Cr
26 Aug 26
Open Free Demat Account
Open Free Demat Account
Dhanwel Hybrid Seeds IPO Timeline
Bidding Start
19 Aug 26
Bidding Ends
21 Aug 26
Allotment Finalisation
24 Aug 26
Refund Initiation
25 Aug 26
Demat Transfer
25 Aug 26
Listing
26 Aug 26
About Dhanwel Hybrid Seeds Limited
Incorporated in 2018, Dhanwel Hybrid Seeds Limited is engaged in the development, production, processing and supply of seeds for various field crops and vegetables. Its product portfolio includes groundnut, soybean, gram, sesame, wheat, green gram, black gram, fenugreek and cumin seeds. The company sources improved genetic seed material from recognised institutions, research organisations and open-market sources. Its seed production process involves cultivation through selected farmers, technical supervision, processing, quality control and packaging. The company operates a seed processing facility at Jashapar in Jamnagar, Gujarat, where seeds undergo cleaning, grading, treatment and packing before distribution.
Dhanwel Hybrid Seeds IPO Overview
Dhanwel Hybrid Seeds IPO is a bookbuilding issue comprising a fresh issue of 27,00,000 equity shares, with no offer-for-sale component. The IPO is scheduled to open on 19 August 2026 and close on 21 August 2026, with the basis of allotment expected on 24 August 2026. Refunds and credit of shares to eligible investors are scheduled for 25 August 2026, while listing is tentatively planned for 26 August 2026 on the BSE SME platform. The price band is fixed at ₹95 to ₹99 per share, with a face value of ₹10 per share. The issue has an aggregate size of ₹26.73 crore, while the total issue is stated at ₹27 crore based on 27,00,000 shares. Wealth Mine Networks Ltd. is the book-running lead manager, Cameo Corporate Services Ltd. is the registrar, and Aikyam Capital Pvt. Ltd. is the market maker. The minimum retail application comprises 2,400 shares, requiring ₹2,37,600 at the upper price band.
Dhanwel Hybrid Seeds Limited IPO Details
| Particulars | Details |
| IPO Date | 19 to 21 August 2026 |
| Listing Date | 26 August 2026 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹95 to ₹99 per share |
| Lot Size | 1,200 Shares |
| Total Issue Size | 27,00,000 shares (aggregating up to ₹27 crore) |
| Fresh Issue | 27,00,000 shares (aggregating up to ₹26.73 crore) |
| Offer for Sale | NA |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 64,03,320 shares |
| Share Holding Post Issue | 91,03,320 shares |
| Market Maker Portion | 1,36,800 shares |
Dhanwel Hybrid Seeds IPO Reservation
| Investor Category | Shares Offered |
| QIB | 28,800 shares (1.12% of Net Issue) |
| Retail | 12,67,200 shares (49.44% of Net Issue) |
| NII (HNI) | 12,67,200 shares (49.44% of Net Issue) |
| Market Maker | 1,36,800 shares |
The NII portion comprises 8,44,800 shares for bNII investors and 4,22,400 shares for sNII investors. The market-maker reservation is made on a firm basis.
Dhanwel Hybrid Seeds IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,400 | ₹2,37,600 |
| Retail (Max) | 2 | 2,400 | ₹2,37,600 |
| S-HNI (Min) | 3 | 3,600 | ₹3,56,400 |
| S-HNI (Max) | 8 | 9,600 | ₹9,50,400 |
| B-HNI (Min) | 9 | 10,800 | ₹10,69,200 |
The lot size is 1,200 shares, while individual investors must apply for a minimum of two lots, or 2,400 shares, at the upper price-band amount of ₹2,37,600.
Dhanwel Hybrid Seeds IPO Promoter Holding
| Shareholding Status | Percentage |
| Pre-Issue | 49.94% |
| Post-Issue | 35.12% |
Dhanwel Hybrid Seeds IPO Valuation Overview
| KPI | Value |
| Earnings Per Share (EPS) | ₹6.72 |
| Price/Earnings (P/E) Ratio | 14.74x |
| Return on Net Worth (RoNW) | 31.11% |
| Net Asset Value (NAV) | ₹30.70 |
| Return on Equity | 37.15% |
| Return on Capital Employed (ROCE) | 49.36% |
| EBITDA Margin | 12.38% |
| PAT Margin | 8.20% |
| Debt to Equity Ratio | 0.39 |
The valuation metrics above are based on FY2026 figures and the post-issue valuation at the upper price band. The company reported FY2026 revenue of ₹74.59 crore and PAT of ₹6.12 crore.
Objectives of the Proceeds
-
Repayment or prepayment of borrowings
₹7.60 crore will be used to repay or partially prepay borrowings from banks and financial institutions.
-
Working capital requirements
₹11.60 crore will support the company’s working capital needs and ongoing business operations.
-
General corporate purposes
Remaining proceeds will support general corporate requirements, subject to applicable issue-related limits.
The disclosed identified utilisation of net proceeds totals ₹19.20 crore, comprising ₹7.60 crore towards borrowings and ₹11.60 crore towards working capital.
Key Financials (in ₹ crore)
| Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 36.99 | 21.07 | 7.89 |
| Revenue / Total Income | 74.59 | 44.13 | 35.49 |
| Profit After Tax | 6.12 | 2.16 | 1.91 |
| Reserves and Surplus | 13.25 | 9.03 | 0.27 |
| Total Borrowings | 7.68 | 5.97 | 1.94 |
IPO Strengths
1. Offers diverse seeds and variants, catering to varied agricultural requirements across different crop categories.
2. Maintains stringent quality standards across its seed production and distribution processes.
3. Focuses consistently on meeting customer expectations through reliable and quality seed products.
4. Experienced promoter supported by dedicated management team with strong industry knowledge and expertise.
5. Strong order book worth Rs. 1,312.50 Lakhs, providing healthy revenue visibility ahead.
Peer Group Comparison
| Company Name | EPS (Basic) (₹) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio (x) |
| Dhanwel Hybrid Seeds Ltd. | 9.56 | 30.70 | — | 31.11 | — |
| Bombay Super Hybrid Seeds Ltd. | 2.54 | 12.49 | 39.09 | 20.35 | 8.25 |
| Upsurge Seeds of Agriculture Ltd. | 7.43 | 61.47 | 14.00 | 12.06 | 1.70 |
SWOT Analysis of Dhanwel Hybrid Seeds IPO
Strength and Opportunities
- Diversified portfolio covering oilseeds, pulses, cereals and spices reduces dependence on a single crop category.
- Integrated sourcing, supervised seed production, processing, quality control and packaging supports operational oversight.
- FY2026 revenue and PAT increased sharply, indicating strong recent business growth.
- Growing demand for quality, certified and improved seed varieties provides opportunities for market expansion.
- A ₹1,312.50 lakh order book provides visibility into near-term business requirements.
- Gujarat’s agricultural ecosystem provides opportunities to strengthen regional sourcing and distribution.
- The fresh issue provides funds for debt reduction and working-capital requirements, supporting financial flexibility.
Risks and Threats
- Dependence on agricultural cycles exposes operations to weather, crop failures and seasonal fluctuations.
- The company works with a limited number of contract seed-growing farmers, creating potential supply concentration risks.
- The relatively small employee base may constrain the ability to rapidly scale operations and distribution.
- Competition from established seed manufacturers and agricultural-input companies could pressure pricing and margins.
- Agricultural demand remains exposed to monsoon variability, input costs, government policies and changes in farming economics.
- Volatility in raw-material availability and procurement costs may affect profitability and working-capital requirements.
- SME-listed shares can face lower liquidity and a narrower investor base than larger listed companies.
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