Table Of Contents
Business Overview
We are primarily engaged as a retail supermarket chain operating in the state of Maharashtra, in the MMR region in the districts of Thane and Raigad viz. Ambernath, Badlapur, Bhiwandi, Diva, Dombivli, Kalyan, Khopoli, Murbad, Neral, Padgha, Shahapur, Shahad, Titwala, Ulhasnagar, Vasind and Vangani, with focus on “value retail”, offering food, non-food (FMCG), general merchandise and apparel catering to the needs of the entire family. We launched our private label goods under our brands Patel Fresh and Patel Essentials, in the year 2010, Blue Nation in the year 2014 and Indian Chaska in the year 2018. Further, we started our processing activity in our Facility 2 and Agri-cluster in Kutch, Gujarat in the year 2016 and 2022 respectively. The percentage of revenue for different catergories of our business and bifurcation of revenue across business verticals and the revenue split between domestic and export sales is as under:
Listed Industry Peers on Stock Exchange & Stock Price Chart
| Companies(As on March 31, 2025) | CMP* | EPS(Basic in ₹) | EPS (Dilutedin ₹) | PERatio | RONW (%) | NAV(Per Share) | Face Value |
|---|---|---|---|---|---|---|---|
| Patel Retail Limited | [●] | 10.30 | 10.30 | [●] | 19.02% | 54.08 | 10.00 |
| Peer Group | |||||||
| Vishal Mega Mart (Consolidated) | 146.62 | 1.40 | 1.36 | 104.73 | 9.87% | 13.92 | 10 |
| Avenue Supermarts Limited (Consolidated) | 4,257.80 | 41.61 | 41.50 | 102.33 | 12.64% | 329.27 | 10.00 |
| Spencers Retail Limited (Consolidated) | 57.20 | -27.33 | -27.37 | NA^ | -37.24% | -73.40 | 5.00 |
| Osia Hyper Retail Limited | 12.75 | 1.46 | 1.46 | 8.73 | 4.97% | 23.85 | 1.00 |
| Aditya Consumer Marketing Limited | 42.71 | -2.62 | -2.62 | NA^ | -18.51% | 14.14 | 10.00 |
| Sheetal Universal Limited | 126.50 | 8.12 | 8.12 | 15.58 | 21.44% | 38.27 | 10.00 |
| Kovilpatti Lakshmi Roller Flour Mills Limited | 129.05 | 1.27 | 1.27 | 101.61 | 1.72% | 73.92 | 10.00 |
| KN Agri Resources Limited (Consolidated) | 251.00 | 14.76 | 14.76 | 17.01 | 10.50% | 140.60 | 10.00 |
| Madhusudhan Masala Limited | 141.20 | 10.93 | 10.93 | 12.92 | 16.04% | 64.73 | 10.00 |
Industry Overview
The Indian retail sector is experiencing a significant transformation owing to a range of shifting socio-economic factors, increasing digital and new age technology influence along with a rapidly transforming consumer landscape. Over the year, India has evolved as a thriving consumer-driven economy, making it the 4th largest retail market globally after US, China, and Japan and has thus become one of the most attractive markets for global retailer to expand their footprints in India.
At present the retail sector in India accounts for over 10% of the country’s GDP. Food & Grocery, Apparel &
footwear, and consumer electronics are the largest retail segments, constituting 63%, 9% and 7% respectively of
the retail market. The share of organized retail in the total retail industry is currently estimated 12%-15%. The organised retailing segment is estimated to be valued at USD 186 Bn in 2024 and is projected to grow to USD 267 Bn by 2033.
(₹ in million, except percentage)
Financial Summary (Best viewed in web browser)
| Particulars | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|
| Equity Share capital | 2,488.25 | 2,438.25 | 380.98 |
| Net Worth | 13,457.44 | 9,440.33 | 7,186.92 |
| Revenue from Operations | 82,069.29 | 81,418.83 | 1,01,854.78 |
| Restated Profit / (Loss) after tax | 2,527.81 | 2,253.34 | 1,637.97 |
| - Basic & Diluted per Equity Share | 10.30 | 9.24 | 6.72 |
| Net Asset Value per Equity Share | 54.08 | 38.72 | 29.48 |
| Total Borrowings | 18,053.70 | 18,575.03 | 18,281.39 |
(in ₹ million, except per share data)
Objects of the Issue
| Particulars | Estimated Amount from Net Proceeds | Amount utilized by the Company |
|---|---|---|
| Repayment/prepayment, in full or part, of certain borrowings availed of by our Company | 5,900.00 | Nil |
| Funding working capital requirements of our Company | 11,500 | 599.98 |
| General Corporate Purposes | [●] | 319.63 |
Pre-IPO
A Pre-IPO Placement was undertaken by our Company on November 27, 2024, in consultation with the BRLM, of 5,00,000 Equity Shares having face value of ₹10 each at a price of ₹300 per share, aggregating to ₹1500.00 lakhs.
IPO Details
| IPO Date | August 19, 2025 to August 21, 2025 |
|---|---|
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹237 to ₹255 per share |
| Lot Size | 58 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 95,20,000 shares (aggregating up to ₹242.76 Cr) |
| Reserved for Employees | 51,000 shares (aggregating up to ₹1 Cr) |
| Fresh Issue | 84,67,000 shares (aggregating up to ₹215.91 Cr) |
| Offer for Sale | 10,02,000 shares of ₹10 (aggregating up to ₹25.55 Cr) |
| Net Offered to Public | 94,69,000 shares (aggregating up to ₹241.46 Cr) |
| Employee Discount | ₹20.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 2,48,82,528 shares |
| Share Holding Post Issue | 3,34,00,528 shares |
IPO time lines
| IPO Open Date | Tue, Aug 19, 2025 |
|---|---|
| IPO Close Date | Thu, Aug 21, 2025 |
| Tentative Allotment | Fri, Aug 22, 2025 |
| Initiation of Refunds | Mon, Aug 25, 2025 |
| Credit of Shares to Demat | Mon, Aug 25, 2025 |
| Tentative Listing Date | Tue, Aug 26, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 21, 2025 |
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 58 | ₹14,790 |
| Retail (Max) | 13 | 754 | ₹1,92,270 |
| S-HNI (Min) | 14 | 812 | ₹2,07,060 |
| S-HNI (Max) | 67 | 3,886 | ₹9,90,930 |
| B-HNI (Min) | 68 | 3,944 | ₹10,05,720 |
Shareholding patterns
| Share Holding Pre Issue | 97.99% |
|---|---|
| Share Holding Post Issue | 70.01% |
IPO Subscription Status ( Day 1)
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