Q&T Foods IPO
ListedSMEFMCG
1.42×
Subscribed
Price band
₹115 – ₹115
Lot size
1,200
1 lot = ₹1,38,000
Issue size
₹26.25 Cr
Open – close
12 Aug 2026
to 14 Aug 2026
Listing
19 Aug 2026
Listing gain
+0.00%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed5 of 7 dimensions read
A mixed but reasonable offering — 2 positive against 1 negative signals
Strength60/100
- Undemanding valuation10.6× earnings at the upper band, with no peer set published to compare against
- Steady revenue growthRevenue compounding at 18.4%
- Low return on equityROE of 9.7% — the business earns little on the capital it already has
- Conservative balance sheetDebt/equity of 0.00×
- Book coveredThe book is subscribed 1.42× overall
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens12 Aug 2026
- Closes14 Aug 2026
- Allotment17 Aug 2026
- Listing19 Aug 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Non-institutionalNII / HNI0.20x
Retail individualRII2.64x
1,265 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 14 Aug 2026.
Chance of allotment
Retail2.64× subscribed
~1 in 2.6
Minimum 2 lots · 2,400 shares · ₹2,76,000 blocked
Retail is 2.64× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 2.6 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII0.20× subscribed
Full allotment
Minimum 1 lot · 1,200 shares · ₹1,38,000 blocked
The HNI portion is under-subscribed at 0.2×, so applications should be allotted in full.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
The offering
Terms, structure and who is selling
Terms
Price band₹115 – ₹115
Face value₹10
Lot size1,200shares
Minimum application₹1,38,000at cut-off
Total issue size₹26.25 Cr
Listing atSME platform
Company & valuation
Return on equity9.67%
Debt / equity0.00×
ROCE70.88%
RoNW42.49%
PAT Margin9.49%
EBITDA Margin15.27%
NAV25.52
Price to Book Value4.51
ISININE13G401012
RegistrarSkyline Financial Services Pvt
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| NII (HNI) | 10,83,600 | 47.48% |
| Retail | 10,83,600 | 47.48% |
| Market Maker | 1,15,200 | 5.05% |
Total issue 22,82,400 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Individual investors (IND) (Min)₹2,76,0002 lots · 2,400 sh
Individual investors (IND) (Max)₹2,76,0002 lots · 2,400 sh
HNI (Min)₹4,14,0003 lots · 3,600 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
What the money is for
Stated use of the net proceeds
- 01To finance the Capital expenditure requirements for the purchase of Equipment/Machineries for existing manufacturing facility₹4.42 Cr
- 02To part finance the requirement of Working Capital₹7.5 Cr
- 03Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company₹6.75 Cr
- 04To meet General corporate purposes₹3.92 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| FY 1997 | 5.4 | — | — | — | — |
| FY 1998 | 9.8 | — | — | 186.7 | 0 |
| FY 1999 | 14.2 | — | — | 186.9 | 0 |
| FY 2000 | 19.5 | — | — | 187.1 | 0 |
| FY 2001 | 24.8 | — | — | 187.3 | 0 |
| FY 2002 | 30.1 | — | — | 187.5 | 0 |
| FY 2003 | 36.2 | — | — | 187.7 | 0 |
| FY 2004 | 42.5 | — | — | 187.9 | 0 |
| FY 2005 | 48.6 | 0.1 | — | 188.1 | 0 |
| FY 2006 | 54.3 | 0.4 | — | 188.3 | 0 |
| FY 2007 | 60.1 | 0.8 | — | 188.5 | 0 |
| FY 2008 | 65.8 | 1.2 | — | 188.7 | 0 |
| FY 2009 | 71.2 | 1.8 | — | 188.9 | 0 |
| FY 2010 | 76.5 | 2.4 | — | 189.1 | 0 |
| FY 2011 | 82.3 | 3.1 | — | 189.3 | 0 |
| FY 2012 | 88.1 | 4.5 | — | 189.5 | 0 |
| FY 2013 | 95.4 | 6.2 | 0.2 | 189.7 | 0 |
| FY 2014 | 102.3 | 8.5 | 0.8 | 190.5 | 0 |
| FY 2015 | 115.6 | 10.1 | 1.5 | 192 | 0 |
| FY 2016 | 128.5 | 12.4 | 3.2 | 195.2 | 0 |
| FY 2017 | 142.1 | 15.2 | 5.8 | 201 | 0 |
| FY 2018 | 165.4 | 18.9 | 8.6 | 209.6 | 0 |
| FY 2019 | 198.2 | 22.3 | 11.4 | 221 | 0 |
| FY 2020 | 245.6 | 28.5 | 15.2 | 236.4 | 0 |
| FY 2021 | 289.3 | 32.1 | 19.8 | 256.6 | 0 |
| FY 2022 | 345.8 | 38.4 | 25.6 | 282.2 | 0 |
| FY 2023 | 432.5 | 45.1 | 30.2 | 312.4 | 0 |
Revenue CAGR 18.4%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Q&T Foods Limitedthis issue | 10.84 | 10.62 | 25.52 | 42.49% |
| Mrs. Bectors Foods Specialties Limited | 3.87 | 54.37 | 38.29 | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Criminal proceedings disclosedmedium
KIRAN ENTERPRISES VS. Q & T FOOD PRIVATE LIMITED (CC NI 1580/2023): A Criminal Complaint under Section 138 of the Negotiable Instruments Act, 1881 filed on October 05, 2023. The Complainant alleges that two cheques issued by the Company were returned unpaid due to insufficient funds. The matter is p
mediumThe Company and its Promoters are involved in pending litigation, including 5 tax proceedings, 6 disciplinary actions, and 51.11 lakhs in statutory/ material criminal actions against the Company, 36.01 lakhs against Promoters, and 4 tax proceedings against Promoters, with adverse outcomes potentiall
mediumThe manufacturing facility is located on leased premises with a lease expiring on December 31, 2028, and may not be renewed, potentially causing significant operational disruptions and relocation costs.
Litigation across 1 matters
KIRAN ENTERPRISES VS. Q & T FOOD PRIVATE LIMITED (CC NI 1580/2023): A Criminal Complaint under Section 138 of the Negotiable Instruments Act, 1881 filed on October 05, 2023. The Complainant alleges that two cheques issued by the Company were returned unpaid due to insufficient funds. The matter is pending with a next hearing date of September 29, 2026.
Positives the filing discloses (1)
Low leverage
Debt-to-equity of 0.00x.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
-2.2%
Listed up
1 of 8
Best
+0.4%
Papadmalji Agro Foods Limited
Worst
-17.5%
Himalayan Solar
Ravita Engineering Services Limitedsame segment
6.7× sub+0.0%
Vaibhav Vyapaar Limitedsame segment
3.1× sub-2.0%
R.K. Fashion Accessories Limitedsame segment
2.6× sub-2.4%
Eventions Limitedsame segment
2.3× sub-5.9%
Green Asia Impexsame segment
1.0× sub+0.0%
Papadmalji Agro Foods Limitedsame segment
2.5× sub+0.4%
Dudani Retailsame segment
1.4× sub-13.8%
Himalayan Solarsame segment
1.2× sub-17.5%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Q&T Foods
Q&T Foods Limited is a food processing company primarily engaged in the business of manufacturing, distribution, marketing, and selling of bakery products in the savoury category. The company offers a diversified product portfolio under its brand 'American Bakers', which includes varieties of breads such as Milk Bread and Multigrain Bread, and other bakery products like Kulcha, Pav, Burger Bun, and Pizza Base, targeted primarily at local consumers in Uttar Pradesh.
Founded 2018MD Mr. Nishant Raj GuptaSector FMCG
Offer documents
The primary sources everything above is drawn from
Common questions
How many times is the Q&T Foods IPO subscribed?
Q&T Foods is subscribed 1.42× overall (NII 0.20×, retail 2.64×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, Skyline Financial Services Pvt.
What is the minimum investment in the Q&T Foods IPO?
One lot is 1,200 shares, so a retail application at the ₹115 cut-off price blocks ₹1,38,000. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Q&T Foods IPO?
The retail portion is subscribed 2.64×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 3. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Q&T Foods IPO allotment date?
Allotment is scheduled for 2026-08-17, with listing on 2026-08-19. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, Skyline Financial Services Pvt.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.