Ganesh consumer products
Ganesh Consumer Products is an FMCG player, headquartered in Kolkata, West Bengal. The company offers a range of consumer staples, including whole wheat flour, value-added flour products like maida, sooji, sattu, besan, and dalia among others; packaged instant food mixes such as khaman dhokla and bela kachori; spices; ethnic snacks; and ethnic flours like singhara and bajri flour.
Ranked as the third largest brand of packaged whole wheat flour (atta) and the largest brand in wheat-based derivatives (maida, sooji, and dalia) in East India in Fiscal 2025.
West Bengal accounts for 40.5% for wheat-based products by value sold in Fiscal 2025. Moreover, it holds a market share of approximately 43.4% in packaged sattu and around 4.9% in besan in East India for Fiscal 2025.
Started with a retail outlet in Burrabazar selling various flours in 1936, the business has since expanded into products like ethnic snacks and blended spices.
The business is mainly driven by B2C operations, making up 76.98% of revenue in Fiscal 2025. B2B operations, which involve supplying products through brokers to FMCG companies, HoReCa businesses, and small retailers, contributed 12.54%, while sales of by-products accounted for 10.48%.
Within B2C revenue, whole wheat flour contributed 24.35%, wheat and gram-based value-added flours 46.34%, and other emerging food products 6.29%. Within B2B, whole wheat flour made up 0.05%, value-added flours 10.47%, other emerging food products 0.02%, and other products 2%.
The company maintains an omni-channel presence through general trade, modern trade, and e-commerce platforms. As on June 30, 2025, the general trade channel was supported by over 30 C&F agents, 8 super stockists, and 981 distributors, catering to more than 70,000 retail outlets across West Bengal, Jharkhand, Bihar, Odisha, and Assam.
Modern trade operations involve partnerships with leading retail players, while the digital presence is built through collaborations with third-party online marketplaces, quick commerce platforms, and the company?s own website.
In FY25, the general trade channel contributed 83.47% of revenue, modern trade 6.12%, and e-commerce 10.41%.
As on March 31, 2025, the product range included 42 products and 232 SKUs across various categories.
Products are sold under flagship brand Ganesh, serving as primary identity in the market. Over the past three financial years, the product range has expanded with 11 new launches including spices, ethnic snacks, and sattu variants like chocolate sattu and jal jeera sattu, adding 94 SKUs across different lines.
The company has invested in various marketing and brand building initiatives to increase visibility. In Fiscals 2025, 2024, and 2023, advertising expenses accounted for 1.34%, 1.36%, and 1.06% of total revenue, respectively.
Operates seven manufacturing facilities strategically spread across West Bengal, Uttar Pradesh, and Telangana, with a total installed capacity of 319,984 tons per annum in Fiscal 2025.
Aims to strengthen and consolidate its presence across existing geographical markets in East India, including West Bengal, Jharkhand, Bihar, Odisha, and Assam.
Plans to strengthen its existing product segments while also diversifying into new categories to support future growth.
Offer and its objects
The IPO comprises fresh issue of equity shares, worth up to Rs 130 crore, and an offer for sale of 86,58,333 equity shares, aggregating up to Rs 278.8 crore, by Manish Mimani, Madhu Mimani, India Business Excellence Fund II, and India Business Excellence Fund IIA.
The price band for the IPO is Rs 306 to Rs 322 per equity share of face value Rs 10 each.
The objectives of the fresh issue include Rs 60 crore for prepayment/repayment of certain outstanding borrowings, Rs 45 crore for funding capital expenditure for setting up a roasted gram flour and gram flour manufacturing unit in West Bengal, and the remaining amount for general corporate purposes.
The promoters are Purushottam Das Mimani, Manish Mimani, Madhu Mimani, Manish Mimani (HUF), and Srivaru Agro. The promoters and promoter group hold an aggregate of 2,73,82,289 equity shares, aggregating to 75.28% of the pre-offer issued and paid-up equity share capital. Their post IPO shareholding is expected to be around 64.08%.
The issue, through the book-building process, will open on 22 September 2025 and will close on 24 September 2025.
Strengths
One of the largest wheat and gram-based products brands in East India, with a market share of approximately 12.6% in Fiscal 2025. It is also the leading player in packaged sooji and dalia, with a 31.2% market share, and holds a 16.4% share in packaged maida in East India.
A strong multichannel distribution network, spanning general trade, modern trade, and e-commerce, ensures widespread product availability across East India. Moreover, long-standing distributor relationships and a growing partner base further strengthen market reach.
Over 95% of general trade sales are advance-payment-based, showcasing strong channel pull and brand strength.
Tailored product offerings, including varied SKU sizes, premium and economical options, and health-focused products, allow strong penetration across diverse consumer segments.
Strategically located manufacturing facilities optimize raw material sourcing and logistics efficiency. Moreover, advanced technological infrastructure allows direct control over the entire production process, ensuring consistent product quality.
Well positioned to capitalize on the rapidly growing packaged wheat-based products market, particularly in East India, where demand is projected to grow at a CAGR of 15.9% from Fiscal 2025 to Fiscal 2030, driven by increasing consumer preference for branded and hygienic products.
Extensive experience of promoters and senior management personnel.
Weaknesses
Sales are heavily concentrated in West Bengal, making the business vulnerable to any adverse developments in the region. In FY25, 84.27% of revenue was derived from West Bengal.
Business is highly dependent on the consistent supply and stable prices of raw and packaging materials. Any disruption or cost increase could negatively affect operations.
The growing popularity of modern trade and e-commerce channels may pressure pricing power, potentially affecting margins.
Some corporate records and regulatory filings are missing or have discrepancies, with delays in submitting certain forms. This may lead to regulatory actions or penalties in the future.
Promoter Group entities Mimani Agro Products and Ganpati Tasty Foods operate in a similar line of business, creating potential conflicts of interest that may not always be resolved impartially.
The statutory auditor in the audit report has included certain observations on internal controls and compliance processes.
Experienced negative cash flow from operating activities in the past.
There are outstanding legal proceedings, including criminal cases, involving its directors and promoters. An adverse outcome in any of these proceedings could negatively affect the business.
Valuation
Net sales increased 12% to Rs 850.46 crore in FY2025 as compared with FY2024. The OPM improved by 26 bps to 8.61%, leading to 16% increase in OP to Rs 73.23 crore. OI fell 24% to Rs 4.69 crore. Interest costs decreased 3% to Rs 6.39 crore. Depreciation cost decreased 11% to Rs 23.63 crore. PBT surged 32% to Rs 47.91 crore. Tax expenses were Rs 12.48 crore as compared with Rs 9.42 crore. PAT soared 31% to Rs 35.43 crore.
The FY2025 EPS on post-issue equity works out to Rs 8.8. At the upper price band of Rs 322, P/E is 37.
Listed peers such as Patanjali Foods traded at TTM P/E of 54, and AWL Agri Business at TTM P/E of 29 as on 18 September 2025. The OPM and ROE stood at 8.61% and 15.81%, respectively, in FY 2025. These were 5.7% and 12.06% for Patanjali Foods, and 3.9% and 13.88% for AWL Agri Business, respectively.
| Ganesh Consumer Products: Issue highlights | |
| For Fresh Issue Offer size (in no of shares ) |
|
| - On lower price band | 42,48,366 |
| - On upper price band | 40,37,267 |
| Offer size (in Rs crore) | 130 |
| For Offer for Sale Offer size (in Rs crore) |
|
| - On lower price band | 264.94 |
| - On upper price band | 278.8 |
| Offer size (in no of shares) | 86,58,333 |
| Price band (Rs) | 306-322 |
| Minimum Bid Lot (in no of shares) | 46 |
| Post issue capital (Rs crore) |
|
| - On lower price band | 40.62 |
| - On upper price band | 40.41 |
| Post-issue promoter & Group shareholding (%) | 64.08 |
| Issue open date | 22-09-2025 |
| Issue closed date | 24-09-2025 |
| Listing | BSE, NSE |
| Rating | 43/100 |
| Ganesh Consumer Products: Restated Financials | |||
|
| 2303 (12) | 2403 (12) | 2503 (12) |
| Sales | 610.75 | 759.07 | 850.46 |
| OPM (%) | 9.19% | 8.35% | 8.61% |
| OP | 56.14 | 63.35 | 73.23 |
| Other inc. | 4.03 | 6.19 | 4.69 |
| PBIDT | 60.17 | 69.54 | 77.93 |
| Interest | 6.66 | 6.58 | 6.39 |
| PBDT | 53.51 | 62.96 | 71.53 |
| Dep. | 17.11 | 26.55 | 23.63 |
| PBT | 36.40 | 36.41 | 47.91 |
| Share of Profit/(Loss) from Associates/JV | - | - | - |
| PBT before EO | 36.40 | 36.41 | 47.91 |
| Exceptional items | - | - | - |
| PBT after EO | 36.40 | 36.41 | 47.91 |
| Taxation | 9.30 | 9.42 | 12.48 |
| PAT | 27.10 | 26.99 | 35.43 |
| EPS (Rs)* | 6.7 | 6.7 | 8.8 |
| * EPS is annualized on post issue equity capital of Rs 40.41 crore of face value of Rs 10 each | |||
| # EPS is not annualised due to seasonality of business | |||
| EO: Extraordinary items. EPS is calculated after excluding EO and relevant tax | |||
| Figures in Rs crore | |||
| Source: Capitaline Corporate Database | |||
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