Ganesh Consumer Products Ltd. IPO: All You Need to Know

The Indian packaged food market, valued at ₹11,174,570 million in FY25, is projected to grow at a CAGR of 10.9% to reach ₹18,772,510 million by FY30, driven by rising consumer preference for convenience, increasing participation of working women, and the rapid expansion of modern retail. Within this space, packaged staples form the largest segment, estimated at ₹4,063,340 million in FY25 and expected to expand to ₹6,534,060 million by FY30 at a CAGR of 10.0%. Among staples, packaged edible oil and packaged flour are the highest-value categories, with the packaged flour segment comprising wheat flour, maida, besan, sattu, and ethnic flour, valued at ₹427,040 million in FY25 and projected to nearly double to ₹869,620 million by FY30, reflecting a robust CAGR of 15.3%. This strong growth outlook underscores the rising demand for packaged staples and the significant headroom for organized players to capture market share.

Detail	Information
IPO Open Date	Sep 22, 2025
IPO Close Date	Sep 24, 2025
Price Band	₹306– ₹322 per share
Lot Size	46 shares
Issue Size	₹4,088 million
Listing At	BSE, NSE
Tentative Listing Date	To be announced

Ganesh Consumer Products, headquartered in Kolkata, West Bengal, is a leading FMCG company with a strong presence in East India’s consumer staples market. As of FY25, the company is the third-largest brand in packaged whole wheat flour (atta) and the largest in wheat-based derivatives such as maida, sooji, and dalia. It also ranks among the top two players in packaged sattu and besan in East India, with market shares of 43.4% and 4.9%, respectively, reflecting its dominant positioning in regional staples. In addition to its core flour portfolio, Ganesh Products has been expanding into other consumer categories, including spices and ethnic snacks, thereby diversifying its offerings. All products are marketed under its flagship brand “Ganesh,” which enjoys strong brand recall and consumer trust across its target markets.

Ganesh Consumer Products has delivered a steady financial performance over FY23-FY25, with revenue rising from ₹6,107.51 million in FY23 to ₹8,504.62 million in FY25, reflecting consistent growth momentum. EBITDA increased from ₹561.44 million in FY23 to ₹732.38 million in FY25, though EBITDA margin moderated slightly from 9.19% to 8.61% over the same period. Profit after tax stood at ₹354.32 million in FY25, broadly stable compared to prior years, with PAT margin at 4.17%. Return ratios remained healthy, with ROE improving to 15.81% in FY25 from 14.21% in FY23, while ROCE rose to 19.81% from 14.96%, underscoring efficient capital deployment. The balance sheet continues to reflect financial prudence, with the debt-to-equity ratio declining to 0.22 in FY25 from 0.42 in FY23, highlighting a strong and improving leverage position.

Objects of the Issue:

• Prepayment and repayment of borrowings – INR 600 million
• Capex for roasted gram flour and gram flour manufacturing unit in Darjeeling – INR 450 million
• General corporate purposes