Vardaan Biotech IPO
Vardaan Biotech Limited has filed a draft red herring prospectus (DRHP) with SEBI for a mainboard IPO, a fresh issue only. As of SEBI's report dated 30 October 2026, the draft is under SEBI review. The draft proposes a fresh issue only of up to 3,50,00,000 shares, with no offer for sale. In FY26 the company made a profit of ₹18.35 crore on revenue of ₹167.09 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 Sep 2026
- Type of issue
- Fresh issue only
- Lead manager
- Interactive Financial Services Limited
- Last SEBI contact
- 15 Oct 2026
- Price band and dates
- Not announced
Where it stands
Vardaan Biotech IPO: where it stands
SEBI processing status, 30 Oct 2026- Draft filed with SEBI22 Sep 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 September 2026, 45 days ago, and its last communication on the draft was on 15 October 2026 (day count is our calculation).
DRHP at a glance
Vardaan Biotech DRHP at a glance
Draft red herring prospectus, 18 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. 173) and Risk Factors (p. 21 to 25)Vardaan Biotech breeds, produces, processes and sells agricultural seeds across several crops, mainly maize, paddy and wheat. It sells to farmers through distributors and dealers and directly.
Madhya Pradesh and Maharashtra gave 55% of FY26 revenue, and it buys mainly in Telangana, Madhya Pradesh and Gujarat. It was incorporated in 2007; the registered office is in Ujjain and the corporate office in Hyderabad.
The offer
DRHP cover page and The Issue (p. 56)| Fresh issue | Up to 3,50,00,000 shares₹ amount set with the price; money goes to the company |
| Shares before the IPO | 8,76,68,580Face value ₹2. The fresh issue equals about 39.9% of them (ours) |
| Listing | BSE and NSEMainboard, under Regulation 6(1) |
| Lead managers | Interactive Financial Services Limited and Jajodia Equity Advisors Services Limited |
| Registrar | Bigshare Services Private Limited |
| Promoters | Lokendra Singh Rajput and Rashmi Rajput |
What the company plans to do with the money
DRHP, Objects of the Issue (p. 96 to 98)| Object | ₹ crore |
|---|---|
| Expanding the seed processing unit | 31.04 |
| Buying land for seed breeding | 3.81 |
| Buying office premises at Vadodara | 2.20 |
| Working capital | 49.44 |
| General corporate purposes (set later, up to 25% of the gross proceeds) |
Amounts are what the net proceeds will fund. The named objects add to ₹86.49 crore (our sum). The fresh issue size in ₹ is set with the price, so each object's share is not shown yet.
Financials
DRHP, Summary of Financial Information (p. 59 to 62) and Basis for Issue Price, KPIs (p. 113 to 117), ₹ crore| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 140.14 | 151.13 | 167.09 |
| EBITDA | 24.09 | 26.99 | 28.46 |
| EBITDA margin | 17.19% | 17.86% | 17.03% |
| Profit after tax | 16.48 | 17.61 | 18.35 |
| Diluted EPS (₹) | 12.20 | 12.43 | 12.53 |
| Net worth | 43.37 | 61 | 99.55 |
| Cash from operations | -11.95 | 2.88 | -6.08 |
| Return on net worth | 38.00% | 28.87% | 18.43% |
| Debt to equity | 0.70 | 0.49 | 0.19 |
Restated figures. Net worth is total equity. Revenue grew about 9.2% a year from FY24 to FY26 (our calculation).
Listed peers named in the draft
DRHP, Basis for Issue Price (p. 115). Peer prices as of 3 Sep 2026.The P/E for Vardaan Biotech is not given until the price band is set.
| Company | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|
| Vardaan Biotech (FY26) | 12.53 | Set with the price band | 18.43% |
| Nath Bio-Genes (India) | 20.98 | 7.99x | 6.12% |
| Indo US Bio-Tech | 6.54 | 14.21x | 14.18% |
| Bombay Super Hybrid Seeds | 2.54 | 33.20x | 20.35% |
| Kaveri Seed Company | 56.94 | 15.44x | 16.86% |
Risks the draft lists first
DRHP, Risk Factors (p. 21 to 25)- Promoter investigationPromoter Lokendra Singh Rajput faces a criminal proceeding and investigations, including by the Economic Offences Wing. (Risk factor 1, p. 21)
- Weather and pestsWeather, crop disease and pests could hurt results. (Risk factor 2, p. 21)
- Few cropsRevenue depends mostly on maize, paddy and wheat seeds. (Risk factor 3, p. 22)
- Sourcing statesBuying is concentrated in Telangana, Madhya Pradesh and Gujarat. (Risk factor 4, p. 23)
- Sales statesMadhya Pradesh and Maharashtra gave 55% of FY26 revenue (our sum). (Risk factor 5, p. 24)
- Seed breedingIt depends on succeeding in breeding new and better seeds. (Risk factor 6, p. 25)
Documents
Vardaan Biotech 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
Vardaan Biotech IPO FAQs
When will the Vardaan Biotech 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 45 days ago (our calculation).
Has SEBI approved the Vardaan Biotech 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 Vardaan Biotech 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 Vardaan Biotech 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 Vardaan Biotech IPO?
Interactive 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 Vardaan Biotech do with the IPO money?
According to the DRHP, the fresh issue money goes to expanding the seed processing unit (₹31.04 crore), buying land for seed breeding (₹3.81 crore), buying office premises at Vadodara (₹2.20 crore), working capital (₹49.44 crore), and the rest to general corporate purposes.
What does Vardaan Biotech do?
Vardaan Biotech breeds, produces, processes and sells agricultural seeds across several crops, mainly maize, paddy and wheat. It sells to farmers through distributors and dealers and directly.
Where can I read the Vardaan Biotech DRHP?
On SEBI's website, where the draft red herring prospectus was published on 22 September 2026. The draft is dated 18 September 2026 and runs to 444 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 18 September 2026. Day counts and the last date to open are our calculations. This page is information only, not a recommendation.