Adon Agro Commodities IPO is a book-built SME issue worth ₹44.03 crore, consisting entirely of a fresh issue of 62.90 lakh equity shares. The IPO opened for subscription on June 29, 2026, and will close on July 1, 2026. The basis of allotment is expected to be finalised on July 2, 2026, while the shares are tentatively scheduled to list on the BSE SME platform on July 6, 2026.
The IPO has a price band of ₹66 to ₹70 per share with a lot size of 2,000 shares. Retail investors are required to apply for a minimum of 4,000 shares, translating to an investment of ₹2.80 lakh at the upper price band. For HNI investors, the minimum application size is 6,000 shares (3 lots), requiring an investment of ₹4.20 lakh. Galactico Corporate Services Ltd. is acting as the book-running lead manager, Kfin Technologies Ltd. is the registrar to the issue, and Shreni Shares Ltd. has been appointed as the market maker.
Industry Outlook
- Adon Agro Commodities operates in India's growing dry fruits and agro-commodities industry, which is benefiting from rising health awareness, increasing disposable incomes, and strong consumer demand.
- The Indian dry fruits market is expected to grow at a CAGR of over 10%, supported by the expansion of organised retail, e-commerce, and corporate gifting.
- Despite strong growth prospects, the sector remains exposed to risks such as seasonal crop availability, fluctuations in global commodity prices, and changes in government import and export policies.
- Riding this favourable industry trend, the company has delivered robust financial growth, reporting revenue of ₹103.04 crore in FY25 along with strong profitability and return ratios.
- Adon Agro Commodities launched its ₹44.03 crore BSE SME IPO on June 29, 2026, with a price band of ₹66–₹70 per share, while the shares are proposed to be listed on July 6, 2026.
Adon Agro Commodities IPO Objectives
- The company plans to utilise ₹32 crore from the net IPO proceeds to meet its incremental working capital requirements, supporting business expansion and day-to-day operations.
- The remaining proceeds will be used for general corporate purposes, including strengthening the company's overall business and operational requirements.
About Adon Agro Commodities Limited
Adon Agro Commodities Ltd. is engaged in the sourcing, importing, processing, packaging, and distribution of a wide range of dry fruits, nuts, seeds, and berries. Its product portfolio includes almonds, cashews, walnuts, pistachios, raisins, dried dates, apricots, figs, and dry fruit mixes, which are sold in both bulk and value-added packaged formats under its proprietary retail brand, Hunger Nuts. The company also caters to the corporate and festive gifting segment through customised dry fruit hampers. It procures raw materials from domestic markets as well as international suppliers across the UAE, Afghanistan, the USA, Chile, and Sri Lanka.
The company operates an in-house processing facility at MIDC Mahape, Navi Mumbai, equipped for cleaning, sorting, grading, roasting, flavouring, cracking, and packaging of dry fruits. It began commercial processing operations in FY26 with an annual installed capacity of 4,800 tonnes for almonds and 2,000 tonnes for walnuts. Adon Agro generates revenue through multiple business channels, including bulk B2B sales, wholesale and corporate gifting, organised retail supply, exports, and direct-to-consumer sales via its website and e-commerce platforms. As of January 31, 2026, the company served 871 customers, a significant increase from 101 customers in FY25, and had a workforce of 62 employees. Its key strengths include an integrated operating model, a diversified product portfolio, in-house processing capabilities, a multi-channel distribution network, and a well-established international sourcing network.
How To Check the Allotment Status of the Adon Agro Commodities IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Adon Agro Commodities IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Adon Agro Commodities IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Adon Agro Commodities
Registered Office:Adon Agro Commodities Ltd. Address- Office No.I-3029, 3rd Floor, Akshar Business Park, Sector 25, Plot No.3, Janta Market Road, Vashi, Navi Mumbai, Sanpada, Thane, Maharashtra, 400703
Phone: 022- 6501 1773
E-mail:cs@adonagrocommodities.com
Adon Agro Commodities IPO Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB | 64,000 | 1.07% | 1.02% |
| NII (HNI) | 29,50,000 | 49.38% | 46.90% |
| ├─ bNII (> ₹10 lakh) | 19,66,000 | — | 31.26% |
| └─ sNII (< ₹10 lakh) | 9,84,000 | — | 15.64% |
| Retail (RII) | 29,60,000 | 49.55% | 47.06% |
| Market Maker (Firm Reservation) | 3,16,000 | — | 5.02% |
| Total | 62,90,000 | 100.00% | 100.00% |
Adon Agro Commodities IPO Promoter Holding
The promoters of the company are Mr. Narayanswamy Venkitkrishnan, Mrs. Jigisha Narayanswamy and Mr. Shubham Ratan Sharma Mr. Narayanswamy Venkitkrishnan, Mrs. Jigisha Narayanswamy and Mr. Shubham Ratan Sharma.
| Share Holding Pre-Issue | 90.04% |
| Share Holding Post Issue | 65.44% |
Key Performance Indicators for Adon Agro Commodities IPO
| KPI | Jan. 31, 2026 | Mar. 31, 2025 |
|---|---|---|
| ROE (%) | 88.16% | 84.36% |
| ROCE (%) | 68.79% | 60.65% |
| Debt-to-Equity (x) | 0.28 | 0.39 |
| RoNW (%) | 88.16% | 84.36% |
| PAT Margin (%) | 7.50% | 7.01% |
| EBITDA Margin (%) | 10.89% | 10.14% |
| Price-to-Book Value (x) | 1.20 | 1.73 |
Adon Agro Commodities IPO Prospectus
Adon Agro Commodities IPO Registrar and Lead Managers
Adon Agro Commodities IPO Lead Managers
- Galactico Corporate Services Ltd
Registrar for Adon Agro Commodities IPO
Kfin Technologies Ltd
- Contact Number: 04067162222, 04079611000
- Email Address: aacl.ipo@kfintech.com
Financial Performance of Adon Agro Commodities Limited
| Particulars (₹ Crore) | 31 Jan 2026 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 86.43 | 39.11 | 20.22 | 3.65 |
| Total Income | 287.33 | 103.04 | 72.92 | 22.33 |
| Profit After Tax (PAT) | 21.55 | 7.22 | 1.79 | 0.09 |
| EBITDA | 31.28 | 10.45 | 2.84 | 0.47 |
| Net Worth | 36.72 | 12.17 | 4.95 | 0.26 |
| Reserves & Surplus | 30.45 | 9.17 | 1.95 | 0.16 |
| Total Borrowings | 10.19 | 4.74 | 6.96 | — |
Adon Agro Commodities Limited Peer Details Comparison
| Company Name | EPS (Basic) (₹) | NAV (₹/Share) | P/E (x) | RoNW (%) | P/BV Ratio (x) |
| Adon Agro Commodities Ltd. | 5.37 | 40.57 | — | 84.36 | — |
| Leo Dry Fruits & Spices Trading Ltd. | 5.75 | 35.59 | 9.57 | 16.68 | 1.57 |
| Proventus Agrocom Ltd. | 10.50 | 377.12 | 114.29 | 5.86 | 3.18 |
| Krishival Foods Ltd. | 6.07 | 63.55 | 50.74 | 4.08 | 4.89 |
Strengths and Opportunities of Adon Agro Commodities IPO
- The company procures raw materials from multiple countries, helping diversify its supply chain and reduce dependence on any single sourcing region.
- It manages the entire value chain, from sourcing and importing to processing, packaging, and distribution, through its facility in Navi Mumbai.
- Adon Agro serves customers through wholesale markets, organised retail, corporate gifting, B2B institutional sales, exports, and direct-to-consumer (D2C) channels.
- The company's proprietary brand, Hunger Nuts, strengthens its presence in the packaged dry fruits segment and supports its retail and online sales strategy.
- Its container-to-container inventory model helps optimise working capital and minimise inventory-related risks.
- The company aims to capitalise on the rising demand for premium and healthy snack products through its retail and D2C business.
- Increasing demand for customised dry fruit hampers during festive and corporate occasions offers opportunities for higher-margin sales.
- The allocation of ₹32 crore towards working capital is expected to strengthen procurement capabilities and support business expansion.
- The company plans to expand its international footprint by increasing exports of processed dry fruits and agro commodities.
Risks and Threats of Adon Agro Commodities IPO
- A substantial share of the company's revenue is derived from a limited number of customers, making earnings vulnerable if any major client reduces or discontinues purchases.
- The lack of long-term supply agreements may result in fluctuations in revenue and increase customer retention risks.
- The company relies on imports from multiple countries, exposing it to changes in import-export regulations, foreign exchange fluctuations, and global supply chain disruptions.
- Prices of dry fruits and agro commodities are influenced by seasonal factors and market volatility. In addition, the perishable nature of these products increases the risk of spoilage, quality issues, and potential product recalls.
- The company operates in a fragmented market with competition from both organised and unorganised players, which could impact its market share and profit margins.
- Incorporated in 2022, the company has a relatively short business track record. Its operations also require significant working capital to support bulk procurement, inventory management, and business expansion.
