M K C Agro Fresh IPO
M K C Agro Fresh Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue and offer for sale. As of SEBI's report dated 30 October 2026, SEBI has asked the lead manager for clarifications. The draft proposes a fresh issue of up to 99,99,000 shares and an offer for sale of up to 68,11,751 shares by three selling shareholders. In FY26 the company made a profit of ₹22.11 crore on revenue of ₹521.53 crore. The price band, lot size and IPO dates are not announced yet.
- Status
- SEBI has asked questionsSEBI report, 30 Oct 2026
- SEBI received draft
- 11 Sep 2026
- Type of issue
- Fresh issue and offer for sale
- Lead manager
- Narnolia Financial Services Limited
- Last SEBI contact
- 9 Oct 2026
- Price band and dates
- Not announced
Where it stands
M K C Agro Fresh IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI11 Sep 2026
- SEBI reviewSEBI has asked questions
- SEBI observations
- RHP and price bandNot yet
- Bidding and listingNot yet
SEBI has sought clarifications and is waiting for the lead manager to reply.
SEBI received the draft on 11 September 2026, 56 days ago, and its last communication on the draft was on 9 October 2026 (day count is our calculation).
DRHP at a glance
M K C Agro Fresh DRHP at a glance
Draft red herring prospectus, 4 Sep 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. 244 to 249)M K C Agro Fresh runs an integrated fresh fruit supply chain, from buying directly from farmers before harvest through sorting, grading, waxing, ripening, controlled atmosphere storage, processing and logistics, to distribution through distributors and retailers under its consumer brand FRESHPICK. It handles more than 15 fruit categories, including oranges, apples, mangoes, grapes, kiwi and bananas. The company was incorporated as a private limited company in 2009 and is headquartered in the Delhi national capital region; the draft says the promoter family has been in the fresh fruit trade since 1966.
Fruit is sourced from a network of more than 12,000 farmers across Maharashtra, Himachal Pradesh, Uttar Pradesh, Andhra Pradesh, Jammu & Kashmir, Uttarakhand and Telangana, from leased orchards covering about 2,531.57 acres in Amravati district, Maharashtra, and by import from more than 15 countries. Storage capacity is over 16,533 MT and processing capacity 1,41,700 MT, including a controlled atmosphere cold store of 5,756 MT at Greater Noida, Uttar Pradesh. Logistics run on a fleet of about 150 vehicles, of which 37 are owned by the promoters or promoter group entities. The company also proposes a 500 MT a day frozen concentrated orange juice plant at Bargaon, Warud, Amravati, Maharashtra, at an expected cost of ₹304.99 crore including GST, with a ₹50.00 crore grant from the Government of Maharashtra and Mega Project status, and commercial production expected from 31 March 2027.
Revenue from operations by product, FY26
- Apple: 36.83%
- Orange from leased orchards: 14.31%
- Orange: 14.07%
- Other fruits: 10.92%
- Mango: 10.00%
- Grapes: 7.75%
- Banana: 3.13%
- Kiwi: 2.59%
- Other operational income: 0.40%
The offer
DRHP cover pages, The Offer (p. 69) and Capital Structure (p. 96)| Fresh issue | Up to 99,99,000 sharesFace value ₹10 each. Money goes to the company |
| Offer for sale | Up to 68,11,751 sharesBy The Wealth Company Alternates Trust, India Inflection Opportunity Fund, up to 53,30,935 shares at a weighted average cost of ₹81.04; Sajjad Hussain, up to 7,40,408 shares at ₹2.82; and Amna, up to 7,40,408 shares at ₹4.90. Costs are on a fully diluted basis |
| Shares before the IPO | 2,96,16,316The total offer of up to 1,68,10,751 shares is about 56.8% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead manager | Narnolia Financial Services Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Mohd Nasir, Sonu Khan, Shadab Khan and Nayab Ahmed |
What the company plans to do with the money
DRHP, Objects of the Offer (p. 121 to 122)| Object | ₹ crore |
|---|---|
| Repayment or pre-payment of certain borrowings | 140.00 |
| General corporate purposes (set later, within 25% of the gross proceeds) |
The fresh issue size in rupees and the general corporate purposes amount are both left blank in the draft, to be set with the offer price, so no total is shown. Offer expenses are deducted before these amounts. The offer for sale money goes to the selling shareholders, not the company.
Financials
DRHP, Summary of Financial Information (p. 73 to 77) and Basis for Offer Price, KPIs (p. 131 to 133), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 463.47 | 490.23 | 521.53 |
| EBITDA | 34.63 | 34.09 | 39.08 |
| EBITDA margin | 7.47% | 6.95% | 7.49% |
| Profit after tax | 17.83 | 19.38 | 22.11 |
| Net profit margin | 3.85% | 3.95% | 4.24% |
| Diluted EPS (₹) | 6.68 | 6.55 | 7.46 |
| Net worth | 109.14 | 128 | 149.84 |
| Cash from operations | -23.03 | 20.60 | 8.23 |
| Return on net worth | 22.33% | 16.35% | 15.92% |
| Return on capital employed | 15.19% | 12.01% | 9.88% |
| Debt to equity | 0.90 | 1.05 | 1.47 |
| Debt service coverage ratio | 0.27 | 0.22 | 0.15 |
| Working capital (days) | 81 | 59 | 59 |
| Inventory (days) | 57 | 63 | 62 |
| Debtor (days) | 39 | 47 | 48 |
Restated consolidated figures. Net worth is equity share capital plus other equity. Basic and diluted earnings per share are the same in all three years as printed. Net asset value a share was ₹50.59 as of 31 March 2026. Return on net worth and return on capital employed fell across the three years while debt to equity rose.
Risks the draft lists first
DRHP, Risk Factors (p. 25 to 33)- Apples and orangesApples and oranges together gave 65.21% of FY26 revenue from operations. (Risk factor 1, p. 25)
- Two statesFacilities in Uttar Pradesh and Maharashtra gave 83.06% of FY26 revenue from operations. (Risk factor 2, p. 26)
- No long term supplyThe company has no long term agreements with fresh fruit suppliers, and its orange supply depends on a leased orchard model. (Risk factor 3, p. 27)
- Cash and documentationA large part of purchases and sales is in cash, and the trade uses documentation practices such as bijaks and self-invoicing, which the draft links to tax, compliance and internal control risks. (Risk factor 4, p. 29)
- Inventory holdingLong inventory holding periods could strain liquidity and raise working capital needs. (Risk factor 7, p. 31)
- Leased premisesThe cold stores, packhouses, branch offices and registered office are not owned but held under leases or other arrangements with the promoters, promoter group and third parties. (Risk factor 10, p. 33)
Documents
M K C Agro Fresh 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
M K C Agro Fresh IPO FAQs
When will the M K C Agro Fresh 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 56 days ago (our calculation).
Has SEBI approved the M K C Agro Fresh IPO?
SEBI has sought clarifications and is waiting for the lead manager to reply. Source: SEBI processing status as on 30 October 2026.
What is the M K C Agro Fresh 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 M K C Agro Fresh 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 M K C Agro Fresh IPO?
Narnolia Financial Services Limited is the coordinating book running lead manager named in SEBI's processing status report. The DRHP lists all the lead managers and the registrar.
What will M K C Agro Fresh do with the IPO money?
According to the DRHP, the fresh issue money goes to repayment or pre-payment of certain borrowings (₹140.00 crore), and the rest to general corporate purposes. The offer for sale money goes to the selling shareholders, not the company.
What does M K C Agro Fresh do?
M K C Agro Fresh runs an integrated fresh fruit supply chain, from buying directly from farmers before harvest through sorting, grading, waxing, ripening, controlled atmosphere storage, processing and logistics, to distribution through distributors and retailers under its consumer brand FRESHPICK. It handles more than 15 fruit categories, including oranges, apples, mangoes, grapes, kiwi and bananas. The company was incorporated as a private limited company in 2009 and is headquartered in the Delhi national capital region; the draft says the promoter family has been in the fresh fruit trade since 1966.
Where can I read the M K C Agro Fresh DRHP?
On SEBI's website, where the draft red herring prospectus was published on 11 September 2026. The draft is dated 4 September 2026 and runs to 567 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 4 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.