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By Nitin Negandhi
Ganesh Consumer Products Ltd.
Ganesh Consumer Products Ltd. (GCPL), an FMCG company headquartered in Kolkata, is coming out with a Fresh Issue of Rs.130 crore and an Offer for Sale of Rs.179 crore at an upper price band of Rs.322 per equity share.
The proceeds from the Fresh Issue will be utilized as follows:
– Rs.60 crore for prepayment/repayment of certain borrowings
– Rs.45 crore for funding capital expenditure for setting up a roasted gram flour and gram flour manufacturing unit in Darjeeling, West Bengal
– Balance for general corporate purposes
GCPL is the third-largest brand of packaged whole wheat flour (atta) and the largest brand in wheat-based derivatives (maida, sooji, dalia) in East India. It is also among the top two players for packaged sattu and besan in the region. In West Bengal, the company commands a market share of over 40% by value sold for wheat-based products including atta, maida, sooji and dalia under its flagship brand Ganesh.
The company offers a wide portfolio of consumer staples comprising atta, maida, sooji, sattu, besan, dalia and other emerging food products. These include packaged instant food mixes (khaman dhokla, bela kachori), spices (whole chilli, turmeric, coriander powder), ethnic snacks (bhujia, chanachur) and ethnic flours such as singhara flour and pearl millet (bajri) flour.
IPO details:
| Name of the Company | Ganesh Consumer Products | |
| Issue Open | 22-09-2025 | |
| Issue closes | 24-09-2025 | |
| Issue Size | ||
| Offer for Sale | Rs. in crore | 409 |
| Face Value per share | Rs. | 10 |
| Upper issue price band | Rs. | 322 |
Financial Performance: (Rs. in crore)
| Particulars | Mar-25 | Mar-24 | Mar-23 | CAGR (%) |
| Total Income | 855 | 765 | 615 | 17.9% |
| Net Profit | 35 | 27 | 27 | 13.9% |
| Peer Comparison (March’25) | Ganesh Consumer | Patanjali | ITC | Adani Wilmar | |
| Sales | Rs in cr. | 850 | 34,157 | 80,942 | 63,672 |
| EBIDTA margin | % | 8.61 | 5.7 | NA | 3.9 |
| EPS | Rs | 9.74 | 28.4 | 72 | |
| Current market price | Rs | 322 | 256 | 1802 | |
| (Upper IPO Band) | |||||
| P/E ratio | No. of times | 33 | 50 | NA | 27 |
Conclusion:
Ganesh Consumer Products Ltd. remains a marginal player in Eastern India and now plans to expand into the North-East. Its limited presence in larger and more lucrative national markets has kept the company a regional player. Although the business traces its roots back to 1936, it became active in FMCG only in 2006. During this period, large pan-India players like ITC and Adani Wilmar have expanded aggressively.
While the promoters are experienced, the IPO has been steeply priced with a P/E ratio of over 30x at the upper price band. Consequently, the listing is expected to be at a modest premium of 5–8%. In the current flood of IPOs, investors are likely to prefer other offerings that promise better returns.
Disclaimer
The writer is not a SEBI registered analyst. He and his friends and relatives may or may not participate in the IPO. Investors should consult their financial advisor before investing. Grey market premium is just an indicator and should not be relied upon.
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