SSMD Agrotech IPO Review (2025): Detailed Analysis, Strengths, Risks & Should You Apply?
The SSMD Agrotech India Ltd IPO has opened for subscription in the SME segment. Operating under the popular brand “House of Manohar,” the company is engaged in the manufacturing, trading, and repackaging of agro-food products. With multiple manufacturing facilities and a strong distribution network, the company has shown consistent revenue growth over the past years.
If you are planning to invest in this IPO, here is a complete breakdown of every important detail—issue size, dates, financials, strengths, risks, and everything in between.
SSMD Agrotech IPO Key Details
| Parameter | Details |
|---|---|
| IPO Type | SME IPO |
| Issue Size | ₹33.80 Cr |
| Price Band | ₹114 – ₹120 |
| Minimum Investment | ₹2,28,000 (for 1000 shares) |
| Lot Size | 1,000 shares |
| Bidding Dates | 24 Nov 2025 – 26 Nov 2025 |
| Allotment Date | 27 Nov 2025 |
| Listing Date | 01 Dec 2025 |
| Exchange | BSE – SME |
| Face Value | ₹10 |
| Incorporation Year | 2023 |
| MD/CEO | Mr. Ilxu Munjal |
About SSMD Agrotech India Ltd
SSMD Agrotech India Ltd focuses on a wide range of agro-food categories including gram flour, mix flour, masalas, poha, chana, chana dal, sugar products, and other consumer staples.
The company operates:
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Three manufacturing facilities
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One dark store facility
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A strong distribution chain and multiple operational units
Their machinery and production processes support high capacity, enabling them to serve multiple markets efficiently.
Strengths of SSMD Agrotech
✔ 1. Strong Manufacturing Capabilities
With 3 production facilities and advanced machinery, the company can manage large-scale production, multiple product lines, and efficient output.
✔ 2. Wide Product Portfolio
SSMD covers various agro-food categories, ensuring diversified revenue streams.
✔ 3. Smart Utilization of Manufacturing By-Products
By-products generated during production (like chana chikki raw material, chana chur, etc.) are sold, contributing to additional revenue.
✔ 4. Strong Certifications
The company holds:
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ISO 9001:2015 — Quality Management
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ISO 14001:2015 — Environmental Management
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ISO 22000:2018 — Food Safety Management
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ISO 45001:2018 — Occupational Health & Safety
These certifications improve reliability and credibility.
✔ 5. Steady Revenue Growth
Revenue rose from:
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₹48.52 Cr in FY23
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₹73.34 Cr in FY24
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₹93.18 Cr in FY25
This shows strong and consistent business expansion.
ЁЯСЙ If you want to apply for this IPO, you must have a Demat account.
Open Free Demat Account: https://upstox.com/open-account/?f=2PA72G
Risks of SSMD Agrotech
Despite the strengths, the company faces several risks highlighted in the prospectus:
❌ 1. Negative Cash Flows
For multiple financial years, the company recorded negative cash flows from operating, investing, and financing activities.
❌ 2. High Supplier Dependency
Top 10 suppliers accounted for:
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76.42% (FY25)
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74.87% (FY24)
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86.40% (FY23)
Any disruption here may adversely impact operations.
❌ 3. Customer Concentration Risk
A limited set of customers contribute significantly to revenue. Loss of key clients can hit profitability.
❌ 4. Distributor-Led Sales Model
The company relies heavily on distributor networks. Any disruption may affect product availability and sales.
❌ 5. Geographic Concentration
Most manufacturing and distribution facilities are located in Delhi NCR, increasing the risk from political, economic, or environmental issues.
❌ 6. Ongoing Legal Proceedings
Promoters, directors, and group companies face certain pending litigations that may affect the company’s operations.
❌ 7. High Debt Levels
The company has outstanding borrowing of ₹18.87 Cr, and failure to repay may impact cash flow and financial stability.
SSMD Agrotech Financials
Revenue (₹ in Cr)
-
FY23 → 48.52
-
FY24 → 73.34
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FY25 → 93.18
The overall trend is positive, showing expansion and increased distribution capacity.
Assets & Profit
Although revenue is growing, the company must improve operational cash flow and reduce dependency on major suppliers.
SSMD Agrotech IPO – Application Details
| Investor Category | Price Band | Apply Range | Lot Size |
|---|---|---|---|
| Retail / Individual | ₹114 – ₹120 | ₹2 – ₹5 lakh | 1000 shares |
Applicants can only apply under the individual investor category as this is an SME IPO.
Should You Apply for SSMD Agrotech IPO?
Apply if you believe in:
✔ Fast-growing agri-processing sector
✔ Companies with scalable manufacturing capacity
✔ Long-term SME potential
Be cautious if:
❌ High supplier/debtor dependency worries you
❌ Negative cash flows are a concern
❌ You prefer large-cap stability over SME volatility
This IPO could be attractive for medium-to-long-term investors who understand the SME risks and potential.
Final Note
SSMD Agrotech has shown strong revenue growth and carries significant expansion potential, but also comes with typical SME-level risks like dependency on suppliers, cash flow issues, and legal proceedings.
If you're planning to invest, ensure you have an active Demat account.
ЁЯСЙ Open Free Demat Account: https://upstox.com/open-account/?f=2PA72G
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