Gemini Edibles & Fats India IPO
Gemini Edibles & Fats India Ltd. has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a offer for sale only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes an offer for sale only of up to 4,11,50,030 shares by two promoter selling shareholders and two investor selling shareholders, with no fresh issue. In FY26 the company made a profit of ₹597.04 crore on revenue of ₹12,650.02 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- Under SEBI reviewSEBI report, 30 Oct 2026
- SEBI received draft
- 22 Aug 2026
- Type of issue
- Offer for sale only
- Lead manager
- Motilal Oswal Investment Advisors Ltd.
- Last SEBI contact
- 22 Oct 2026
- Price band and dates
- Not announced
Where it stands
Gemini Edibles & Fats India IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI22 Aug 2026
- SEBI reviewUnder SEBI review
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process.
SEBI received the draft on 22 August 2026, 76 days ago, and its last communication on the draft was on 22 October 2026 (day count is our calculation).
DRHP at a glance
Gemini Edibles & Fats India DRHP at a glance
Draft red herring prospectus, 21 Aug 2026What the company's draft offer document says. Figures can change in the red herring prospectus, and nothing here is a review or a recommendation.
The business
DRHP, Our Business (p. 243 to 244) and Basis for Offer Price, KPIs (p. 117)Gemini Edibles & Fats India sells branded edible oils and specialty fats in southern India and parts of eastern India, and has added spices and convenience foods. Premium oils, including sunflower, rice bran, mustard and groundnut, are sold under the Freedom and Be-Rite brands, and palm oil under First Klass. The draft says the company was the largest seller of sunflower oil in the branded market by revenue in FY26, with an 18.0% share, and about 22.2% of the packaged sunflower oil retail market in south India. Operations run across the value chain, from importing crude edible oil to processing, packaging and distribution. The company was incorporated in April 2008.
Refining capacity was 3,650 metric tonnes a day as of 31 March 2026, with three refineries in Andhra Pradesh, more than 60 warehouses and stock points, about 1,600 distributors and about 3,00,000 retail outlets across more than 1,000 cities and towns in Telangana, Andhra Pradesh, Odisha, Karnataka, Chhattisgarh, Tamil Nadu and elsewhere. Sales volume was 8,68,801 MT in FY26. The spices and convenience foods business came with the Annapoorna brand, acquired in FY25 through the subsidiary GEF Foods India Private Limited, and sells through about 270 distributors and over 19,400 retail outlets in Tamil Nadu, Andhra Pradesh and Telangana. The registered and corporate office is at Banjara Hills, Hyderabad, Telangana.
Revenue from operations by vertical, FY26
- Branded retail consumer: 72.53%
- Bulk merchandising: 21.67%
- Industrial consumer: 5.52%
- Spices and convenience foods: 0.28%
The offer
DRHP cover pages, The Offer (p. 74) and Capital Structure (p. 94)| Offer for sale | Up to 4,11,50,030 sharesBy Black River Food 2 Pte. Ltd., up to 3,08,62,524 shares at a weighted average cost of ₹124.42; Investment and Commercial Enterprise Pte. Ltd., up to 61,72,504 shares at ₹1.26; Alka Chowdhry, up to 20,57,501 shares at nil cost; and Golden Agri International Enterprises Pte. Ltd., up to 20,57,501 shares at ₹3.44. The first two are investor selling shareholders and the last two promoter selling shareholders. The company receives no proceeds from the offer |
| Shares before the IPO | 20,57,50,160Face value ₹1 each. The offer for sale is 20.0% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Motilal Oswal Investment Advisors Limited and IIFL Capital Services Limited |
| Registrar | KFin Technologies Limited |
| Promoters | Pradeep Kumar Chowdhry, Alka Chowdhry, Golden Agri International Pte. Ltd. and Golden Agri International Enterprises Pte. Ltd. |
Financials
DRHP, Summary of Financial Information (p. 77 to 80) and Basis for Offer Price, KPIs (p. 114 to 117), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 9,053.84 | 10,755.95 | 12,650.02 |
| Gross profit | 878.31 | 1,578.96 | 1,447.17 |
| Gross margin | 9.70% | 14.68% | 11.44% |
| EBITDA | 462.83 | 1,083.95 | 793.93 |
| EBITDA margin | 5.11% | 10.08% | 6.28% |
| Profit after tax | 361.64 | 817.95 | 597.04 |
| Profit after tax margin | 3.99% | 7.60% | 4.72% |
| Diluted EPS (₹) | 17.58 | 39.77 | 29.17 |
| Net worth | 2,451.53 | 2,950.63 | 3,548.41 |
| Cash from operations | 693.71 | 490.44 | 704.97 |
| Return on equity | 14.75% | 27.72% | 16.83% |
| Net fixed asset turnover (times) | 16.18 | 18.99 | 22.78 |
| Working capital (days) | 50.83 | 57.85 | 51.06 |
| Annual sales volume (MT) | 9,11,144 | 9,14,632 | 8,68,801 |
FY24 figures are standalone and FY25 and FY26 are consolidated, as the draft states. Profit, EBITDA and margins were higher in FY25 than in FY26, while revenue kept rising. Sales volume was lower in FY26 than in FY24. Net worth is total equity, which includes non-controlling interest. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹119.15, ₹143.41 and ₹172.46 at the end of FY24, FY25 and FY26.
Listed peers named in the draft
DRHP, Basis for Offer Price (p. 115 to 116). Peer prices as of 14 August 2026 on NSE, and peer figures for the year ended 31 March 2026 on a consolidated basis.The document puts the peer group P/E high at 63.66 times for Marico, the low at 21.12 times for Patanjali Foods and the average at 36.22 times. The P/E for Gemini Edibles & Fats India is not given until the offer price is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Gemini Edibles & Fats India (FY26) | 29.17 | Set with the offer price | 16.83% |
| AWL Agri Business | 8.05 | 23.87x | 11.00% |
| Marico | 13.59 | 63.66x | 43.00% |
Risks the draft lists first
DRHP, Risk Factors (p. 19 to 28)- Imported raw materialsA large part of raw materials is imported, which exposes the company to geopolitical disruption, exchange rates, changes in government policy and transport hazards. (Risk factor 1, p. 19)
- SuppliersThe top ten suppliers accounted for 53.21% of total purchases in FY26, and some raw and packing materials come from a limited number of suppliers. (Risk factor 2, p. 21)
- Crude edible oilOperations depend on the continued supply of crude edible oil, whose availability and price can vary widely for reasons outside the company's control. (Risk factor 3, p. 23)
- Andhra Pradesh and south IndiaAll three refineries are in Andhra Pradesh and south India gave 79.02% of FY26 revenue from operations. (Risk factor 4, p. 24)
- Sunflower oilRevenue depends heavily on sunflower oil, including under the Freedom brand. (Risk factor 5, p. 25)
- Key customersThe top customer, mainly a distributor, gave 6.47% of total revenue from operations in FY26 and the top five gave 15.62%. (Risk factor 9, p. 28)
Documents
Gemini Edibles & Fats India DRHP and documents
SEBI filingsThe DRHP has the issue size, use of the money, financials, promoters and risk factors. It can change before the final red herring prospectus.
Questions
Gemini Edibles & Fats India IPO FAQs
When will the Gemini Edibles & Fats India IPO open?
The date is not announced. The company first needs SEBI's observations on its draft, then files a red herring prospectus with the dates. SEBI received the draft 76 days ago (our calculation).
Has SEBI approved the Gemini Edibles & Fats India IPO?
SEBI is examining the draft offer document. This is SEBI's own list of drafts under process. Source: SEBI processing status as on 30 October 2026.
What is the Gemini Edibles & Fats India IPO price band and lot size?
Not announced. The price band is published at least two working days before the IPO opens, and the lot size is set with it. We add both here the day they are filed.
What is the Gemini Edibles & Fats India IPO GMP?
We do not publish a GMP. Grey market premium is unofficial: it is not regulated by SEBI and not published by any exchange. Before the price band is announced there is no issue price to compare it with.
Who is the lead manager of the Gemini Edibles & Fats India IPO?
Motilal Oswal Investment Advisors Ltd. is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
Does Gemini Edibles & Fats India get any money from the IPO?
No. According to the DRHP, the IPO is an offer for sale only, of up to 4,11,50,030 shares. The money goes to the selling shareholders, not the company, and no new shares are issued.
What does Gemini Edibles & Fats India do?
Gemini Edibles & Fats India sells branded edible oils and specialty fats in southern India and parts of eastern India, and has added spices and convenience foods. Premium oils, including sunflower, rice bran, mustard and groundnut, are sold under the Freedom and Be-Rite brands, and palm oil under First Klass. The draft says the company was the largest seller of sunflower oil in the branded market by revenue in FY26, with an 18.0% share, and about 22.2% of the packaged sunflower oil retail market in south India. Operations run across the value chain, from importing crude edible oil to processing, packaging and distribution. The company was incorporated in April 2008.
Where can I read the Gemini Edibles & Fats India DRHP?
On SEBI's website, where the draft red herring prospectus was published on 22 August 2026. The draft is dated 21 August 2026 and runs to 571 pages. It has the issue size, use of the money, financials and risk factors.
Sources: SEBI processing status of draft offer documents as on 30 October 2026, SEBI's yearly processing status archive and SEBI's list of draft offer documents, and the company's DRHP dated 21 August 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.