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Industry : Other Agricultural Products

Amir Chand Jagdish Kumar (Exports) Limited View all IPOs

Price Band

Rs 201 – Rs 212

Amir Chand Jagdish Kumar (Exports) Limited is going public with a fresh issue. The issue opens on 24th March 2026.

MOJO CALL

Why

Avoid

MOJO CALL

Avoid

Neutral

High Working Capital Intensity and Significant Debt Burden

The nature of basmati rice processing — where paddy is procured primarily between September and January and then aged for 3 to 24 months before sale — makes the business structurally working capital-heavy. Inventory constitutes over 60% of current assets across all reported periods, and inventory turnover days remain elevated at 157–176 days. The company recorded a total consolidated debt of approximately Rs 784 crore as of FY2025, with a debt-equity ratio of 2.07x in FY2025.

Declining Export Revenue

The company's export share has nearly halved in just two years — from 69.33% of revenue in FY2023 to 32.43% in H1 FY2026. In absolute terms, Middle East revenue alone fell from Rs 663.9 crore in FY2023 to Rs 403.2 crore in FY2025, a 39% drop, even as overall revenues grew. This decline has been masked by domestic growth, but the domestic branded rice market is intensely competitive with larger, more profitable peers already well-entrenched.

Extreme Revenue Concentration in Rice Products

Over 99% of revenue across all reported periods is derived from rice products, with the FMCG diversification effort contributing a negligible 0.19%–0.40% of revenue. This makes the company highly vulnerable to basmati paddy price volatility, crop failures, and government export restrictions — risks the company itself acknowledges it cannot hedge against, as it has not entered into any forward contracts.

Expensive Valuations with No Meaningful Differentiation

Based on the FY2025 financials, the company is seeking a market-to-sales valuation of 1.10x and a price-to-earnings ratio of 36x. However, the company lacks meaningful product differentiation compared to its well-established and well-capitalised peers in the market. Accordingly, we recommend avoiding the issue.

Issue Details

Issue Opens	24th March 2026
Issue Closes	27th March 2026
Price Band	Rs 201 – Rs 212
Issue size (Upper Band)	Rs. 440 crore
Issue Type	FRESH ISSUE
Market cap (based on upper band)	Rs 2195.29 crore
Sales- March 2025 (Rs./Crs)	Rs. 2001.65 Cr
Net Profit - March 2025 (Rs./Crs)	Rs. 60.82 Cr
Industry	Other Agricultural Products
Promoters	JAGDISH KUMAR SURI, RAHUL SURI AND RAMNIKA SURI
Lead Manager	Emkay Global and Keynote Financial Services

Objective of the Issue

Details

Objectives of the Issue – Fresh Issue: Rs 440 crore

No Offer for Sale component in this issue.

1. Funding working capital requirements of the company – Rs 400 crore

2. General Corporate Purposes – Rs 40 crore

List of Shareholders Selling Their Stake

Name	Type	Value of Shares (in Rs)	% of OFS
-	-	-	-

Business Operations

About Company

Amir Chand Jagdish Kumar (Exports) Limited (ACJKEL) is an India-based processor and exporter of basmati rice and FMCG products, backed by over four decades of industry experience through its promoters — Jagdish Kumar Suri, Rahul Suri, and Ramnika Suri. Ranked 3rd among its peers by revenue, the company operates a fully integrated basmati rice value chain encompassing procurement, storage, processing, marketing, and sales.

It caters to both domestic and export markets, with a significant focus on the Middle East. Its product portfolio spans two segments — rice (including basmati, kolam, sona masuri, and other specialty rice) and FMCG staples such as aata, maida, sooji, besan, salt, and sugar.

All products are marketed under the flagship brand "AEROPLANE", supported by over 40 sub-brands and 100 registered trademarks across India and 26 countries. The company operates processing facilities in Amritsar (Punjab) and Safidon (Haryana), along with a packaging facility in New Delhi.

Segment Revenue Breakup

Revenue Breakdown by Segment:
Segment	H1 FY2026	FY2025	FY2024
Domestic	32%	38%	53%
Exports	68%	62%	47%

Financials

Financial Overview

The company's revenue grew at a CAGR of 23.3% between FY2023 and FY2025, with revenues of Rs 2,001.7 crore recorded for FY2025. For H1 FY2026, the company recorded revenues of Rs 1,021.2 crore.

For FY2025, the company's Operating Profit (EBITDA) stood at Rs 163.65 crore, compared to Rs 109.66 crore and Rs 79.69 crore recorded in FY2024 and FY2023, respectively. For H1 FY2026, EBITDA stood at Rs 105.76 crore, with margins of 10.36%.

Consequently, the company recorded profits of Rs 60.82 crore in FY2025, compared to Rs 30.41 crore and Rs 17.50 crore recorded in FY2024 and FY2023, respectively. For H1 FY2026, the company recorded profits of Rs 48.65 crore, with margins of 4.76%.

The company generated positive CFO of Rs 94.96 crore for FY2025. However, the company generated negative operating cashflows of Rs 5.41 crore for FY2024.

As of 30th September 2025, the company recorded borrowings (incl. lease liabilities) of Rs 740 crore.

Financial Performance (Rs/crore)

Rs./Crs	H1 FY2026	FY2025	FY2024
Sales	1021.25	2001.65	1549.52
Net Profit	48.65	60.82	30.41