About Pushp Brand (India) IPO
Pushp Brand (India) IPO Details
Pushp Brand (India) IPO is a 100% book-built issue of 74.45 lakh equity shares, entirely an offer for sale (OFS), with a face value of ₹5 per share. The company filed its DRHP with SEBI on May 26, 2026.
The price band and subscription opening and listing dates will be announced by the company later, but the shares are supposed to be listed on the NSE and BSE platforms. The book-running lead manager of the issue is ICICI Securities Ltd., IIFL Capital Services Limited, while the registrar to the issue is Systematix Corporate Services Ltd.
Pushp Brand (India) IPO Date & Timeline
Pushp Brand (India) Ltd. officially filed its Draft Red Herring Prospectus (DRHP) on May 26, 2026. However, the specific Pushp Brand (India) IPO date and subscription timeline remain unannounced. Following regulatory approval, the company will finalise the price band and bidding dates. Once cleared, the schedule for anchor allotment, public bidding, and the final listing on the exchange will be formally disclosed.
Pushp Brand (India) IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Basis of Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
Pushp Brand (India) IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 5 Per Equity Share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Offer For Sale |
| Total Issue Size | 74,45,000 shares (agg. up to ₹[.] Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | 74,45,000 shares of ₹5 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Book Built Issue |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,00,00,200 shares |
| Share Holding Post Issue | 2,00,00,200 shares |
Pushp Brand (India) IPO GMP
“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The Pushp Brand (India) IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
Pushp Brand (India) Ltd. was incorporated in 1974 as a proprietorship firm named ‘M/S Munimji & Sons' and then converted into a partnership firm in 1997; after that, it was converted into a private limited company on May 21, 2020, named ‘Pushp Brand (India) Pvt. Ltd' in Indore, Madhya Pradesh.
The company operated as a packaged spices and food firm, offering a diverse range of products with a focus on purity, high quality and a classic touch. Pushp is one of India’s largest spice brands in the packaged hing market in Madhya Pradesh.
Operations & Product Range
Pushp Brand (India) Ltd. primarily operates in the packaged food market. Their core operations, including manufacturing and packaging, are heavily concentrated in Madhya Pradesh across facilities like the Bardari and Bharosala units. The company's diverse product range predominantly features pure spices, particularly turmeric, which drives the majority of their sales. Additionally, their portfolio extends beyond spices to include other packaged food items such as soya chunks and tea products.
Facilities & Capacity
Pushp Brand (India) Ltd. operates two automated and ISO-certified manufacturing facilities in Indore, Madhya Pradesh, with a combined installed capacity of 60,000 MT per annum as of March 31, 2026. In Fiscal 2026, the company produced 16,737 MT, resulting in a capacity utilisation rate of 37.19%. It also partners with Pragati Graphics Private Limited at the Rangwasa Facility for packaging soya chunks and tea products, where utilisation reached 74.00% during the year. The company is also planning a greenfield manufacturing facility in Indore, with phased commissioning expected to begin in Fiscal 2028.
Brands & Market Presence
Pushp Brand (India) Ltd. markets its products through two flagship brands, 'Pushp' and 'Munimji', catering to premium and mass-market consumer segments, respectively. Although the company has a pan-India distribution network, Madhya Pradesh remains its largest market, contributing ₹325.09 Cr or 67.45%, of revenue from operations in Fiscal 2026; Maharashtra, ₹44.02 Cr (9.13%); and Rajasthan, ₹35.69 Cr (7.41%) of revenue.
Revenue Streams & Business Model
Pushp Brand (India) Ltd. operates a regional business model focused on manufacturing and packaging consumer food products under the "Pushp" and "Munimji" brands. Their primary revenue stream depends significantly on the pure spices category, particularly turmeric, which generated 63.56% and 63.59% of their sales revenue in Fiscal Years 2026 and 2025, respectively. Additionally, this revenue stream is geographically concentrated, with Madhya Pradesh accounting for 65.54% of its operations in fiscal 2026.
Management & Shareholding
The promoters of Pushp Brand (India) Ltd. are Mahendra Kumar Surana and Surendra Kumar Surana. Before the IPO, the promoters collectively held a 71.11% stake in the company, but after the IPO, the promoters’ shareholding will be diluted as the offering includes an OFS of 74.45 lakh shares entirely by existing investors and promoters.
Board & Key Management
Pushp Brand (India) Ltd. is led by Mahendra Kumar Surana (Chairman & Managing Director) and Surendra Kumar Surana (CEO & Whole-Time Director). Ruchi Rishiraj Khajanchi serves as a Non-Executive Nominee Director, while Kasaragod Ullas Kamath, Chetan Kumar Mathur, and Madhulika Katiyar are Independent Directors. Ankit Agrawal is the Chief Financial Officer, and Sumeet Bansal serves as the Company Secretary and Compliance Officer.
Pushp Brand (India) IPO Financial Information
Latest Revenue
481.94
₹ Crore
Profit After Tax
58.95
₹ Crore
Net Worth
306.34
₹ Crore
Total Borrowing
19.37
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2026 | 362.54 | 481.94 | 58.95 | 306.34 | 292.35 | 19.37 | |||
| 31 Mar 2025 | 286.64 | 404.65 | 45.86 | 244.61 | 230.63 | 12.77 | |||
| 31 Mar 2024 | 235.07 | 398.24 | 33.33 | 198.68 | 193.69 | 9.11 | |||
| Amount in ₹ Crore | |||||||||
Pushp Brand (India) Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 21.4 % |
| ROCE | 24.7 % |
| Debt/Equity | - |
| RoNW | 19.24 % |
| PAT Margin | 12.01 % |
| EBITDA Margin | 17.16 % |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 29.48 | 29.48 |
| P/E (x) | - | - |
Pushp Brand (India) IPO Objectives
As the issue is entirely an offer for sale (OFS), so the company will use the listing for some strategic purposes:
- To provide an exit and liquidity path for the promoter selling shareholders and institutional investors.
- To achieve the operational benefits of listing the equity shares on the stock exchanges.
- To enhance public visibility and corporate brand equity among consumers and trade partners.
Pushp Brand (India) IPO Review
Pushp Brand (India) Ltd. has built a strong presence in the regional packaged foods market through its long operating history and family-business roots. By using separate brands for different customer segments, the company has been able to maintain its position against both unorganised players and larger corporate competitors in central India. Its focus on essential cooking ingredients also provides a stable source of demand.
Financially, the company has shown a growing and steady profit for FY26; the revenue from operations was reported at ₹490.70 crore, PAT was at ₹58.95 crore, with an EBITDA of 84.19 crore, which is an EBITDA margin of 17.16%. Notably, the top 10 distributors contributed around ₹211.24 crore, which is nearly 43.83%.
However, the investors must be aware of the potential risk of the company, including its heavy dependence on Madhya Pradesh, which contributes more than two-thirds of its revenue. Its cost structure is also significantly influenced by agricultural raw material prices, with materials accounting for 78.08% of total operating expenses in fiscal 2026. Overall, the IPO shows a growing and healthy listing, but investors must be aware of the listing updates and values.
Conclusion
Pushp Brand (India) IPO is an opportunity for investors to invest in a growing company that has established an agro-processing business with a track record of revenue growth and profitability to public investors. Its key strengths include a dual-brand strategy, an essential product portfolio, and a retail network of over 368,000 general trade outlets. While the company faces geographic and raw material cost concentration risks, its planned greenfield plant highlights its expansion plans.
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Competitive Strengths
An established duo of consumer brands, 'Pushp' and 'Munimji', targeting premium and mass-market consumer layers.
An origin-linked agricultural procurement model backed by integrated cold storage facilities linked to processing lines.
A scalable distribution footprint including over 368,000 traditional retail touchpoints across general trade.
Automated manufacturing infrastructure in Indore with a baseline capacity of 60,000 MT per annum.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | Filed with SEBI/Exchange | 26/05/2026 | View DRHP |
| 2 | SEBI/Exchange approval received | - | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 0 | 0 | 0 |
| Individual investors (Retail) (Max) | 0 | 0 | 0 |
| S-HNI (Min) | 0 | 0 | 0 |
| S-HNI (Max) | 0 | 0 | 0 |
| B-HNI (Min) | 0 | 0 | 0 |