Farm Peace IPO
Farm Peace IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹59 |
| Face Value | ₹10 |
| Lot Size | 2000 Shares |
| Issue Size | ₹32 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE SME |
| NSE Symbol | FARMPEACE.BO |
| BSE Scrip Code | 7932 |
| Min Investment | ₹118,000 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2,000 | ₹118,000 |
| Retail (Max) | 1 | 2,000 | ₹118,000 |
| HNI (Min) | 2 | 4,000 | ₹236,000 |
Strengths & Risks
Strengths
- Sales have grown every year, from Rs 62.75 crore in FY2024 to Rs 79.98 crore in FY2025 and Rs 90.84 crore in FY2026.
- Profit has also grown steadily, from Rs 6.16 crore in FY2024 to Rs 6.66 crore in FY2025 and Rs 7.53 crore in FY2026.
- EBITDA improved to Rs 12.48 crore in FY2026 from Rs 9.26 crore the year before.
- Return ratios are good, with RoCE of 26.64% and RoNW of 17.32%, and the issue is priced at about 16.12 times earnings on an EPS of Rs 3.66.
- Net worth has grown strongly, from Rs 9.04 crore in FY2024 to Rs 43.48 crore in FY2026.
- The buy-back model gives the company an assured supply of the exact potato varieties its customers need, which is hard to get from the open market.
- It owns cold storage and temperature controlled transport, which reduces spoilage and protects quality till delivery.
- Its buyers are processing companies making French fries and chips, which is steady industrial demand rather than seasonal retail demand.
- The whole issue is fresh capital, and the stated uses add up to the full issue size of Rs 32 crore.
Risks
- The company is very young. It was started only in October 2021, so it has under five years of operating history and has not been tested through a bad crop cycle.
- Borrowing jumped more than four times in one year, from Rs 2.46 crore in FY2025 to Rs 11.28 crore in FY2026.
- This is farming, so it depends on weather. Poor rain, frost or disease in a season directly reduces yield and there is little the company can do about it.
- The 100% buy-back promise cuts both ways. The company must buy the crop at the pre-agreed price even if the market price has fallen below it, so the price risk sits with the company.
- The whole business is concentrated in Gujarat, so any local weather, water or regulatory problem affects everything.
- The customers are a small set of potato processing companies. If one large processor cuts its intake, a big share of the sales is affected.
- Rs 23 crore of the Rs 32 crore issue goes into working capital, which shows how much money stays blocked in seed, inputs and stored crop.
- This is a fixed price issue at Rs 59 per share, so there is no price discovery through bidding.
- Promoter holding will come down from 73.96% to 54.46% after the issue.
- This is an SME issue. One lot is 2,000 shares, which is Rs 1.18 lakh at the issue price, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 99.84 | 69.32 | 31.76 |
| Total Income | 90.84 | 79.98 | 62.75 |
| Profit After Tax | 7.53 | 6.66 | 6.16 |
| EBITDA | 12.48 | 9.26 | 9.27 |
| NET Worth | 43.48 | 35.95 | 9.04 |
| Reserves and Surplus | 28.32 | 32.16 | 6.52 |
| Total Borrowing | 11.28 | 2.46 | 7.12 |
About The Company
Farm Peace was started in October 2021. It is an integrated contract farming company that grows processing grade potatoes. These are special potato varieties such as Santana, Frysona, Innovators, Lady Rosetta and Chipsona, which are grown not for the household kitchen but for factories that make French fries, chips and other processed products.
The company works with farmers in Gujarat under a 100% buy-back model. It gives the farmer certified seed, farming guidance, fertilizers, pesticides and modern methods such as drip irrigation, and in return promises to buy the whole crop at a price agreed in advance. This protects the farmer from price falls in the open market.
It supports the farmer at every stage, from choosing the seed and preparing the soil to irrigation, pest control, harvesting and handling after harvest. It also runs cold storage and temperature controlled transport so the potatoes reach the processing companies without spoiling. As on August 2026 it was working mainly in Gujarat under the Farm Peace brand, covering more than 5,660 acres and producing about 61,680 metric tonnes of potatoes a year.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0× | 0 | — |
| Non-Institutional Investors (NII) | 1.66× | 2,848,000 | — |
| Retail Individual Investors (RII) | 0.59× | 2,576,000 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 1.15× | 5,424,000 | — |
GMP History
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