M K C Agro Fresh IPO

Strengths · 6

• 01Revenue from operations grew from Rs 46,347.08 lakh in FY2024 to Rs 52,153.39 lakh in FY2026, and PAT grew from Rs 1,783.14 lakh to Rs 2,211.42 lakh.
• 02The farmer network covers over 12,000 farmers, and the company also leases orchards across about 2531.57 acres, which gives it direct access to fruit.
• 03Customers are spread thin: the top 10 customers gave only 9.10% of FY2026 revenue, down from 14.17% in FY2024.
• 04The company sells 15+ fruit categories, and mango revenue rose from Rs 3,494.11 lakh in FY2024 to Rs 5,217.62 lakh in FY2026.
• 05Net profit margin improved from 3.85% in FY2024 to 4.24% in FY2026, and EBITDA margin was 7.49% in FY2026.
• 06Storage and processing is owned across Greater Noida (6,365 sq.m), Warud (10,200 sq.m) and Narkanda, with a 78,100 sq.m concentrate site under construction.

Risks · 10

• 01Apples and oranges together gave 65.21% of FY2026 revenue (Rs 34,008.83 lakh), so a bad season in either fruit hits the numbers hard.
• 02Facilities in Uttar Pradesh and Maharashtra gave 83.06% of FY2026 revenue from operations.
• 03Total borrowings rose from Rs 9,862.37 lakh in FY2024 to Rs 21,636.49 lakh in FY2026, and the debt-equity ratio went from 0.90 to 1.47.
• 04The debt service coverage ratio was 0.15 in FY2026 (0.27 in FY2024), which shows thin cover for debt payments.
• 05Operating cash flow was Rs 823.30 lakh in FY2026 against Rs 2,059.53 lakh in FY2025, while investing outflow was Rs 11,548.81 lakh in FY2026.
• 06ROCE fell from 15.19% in FY2024 to 9.88% in FY2026, and return on net worth fell from 22.33% to 15.92%.
• 07The company has no long-term supply agreements with fruit suppliers, and a significant portion of purchases and sales is in cash, with bijaks and self-invoicing in use.
• 08Inventory days were 62 and debtor days 48 in FY2026, so working capital stays tied up in stock and receivables.
• 09Cold storages, packhouses and the registered office are leased from promoters, promoter group and third parties, not owned.
• 10The Wealth Company Alternates Trust - India Inflection Opportunity Fund offers all of its 53,30,935 shares for sale, so 68,11,751 of the 1,68,10,751 shares offered are OFS and the money goes to sellers, not the company.

M K C Agro Fresh Limited runs an integrated fresh fruit supply chain. It buys fruit from farmers before harvest, then sorts, grades, waxes, ripens, stores and ships it. The company calls this a tree-to-table model. It sells through about 100 distributors and 2850 retailers under its consumer brand FRESHPICK.

Fruit comes from three routes. The company works with over 12,000 farmers across Maharashtra, Himachal Pradesh, Uttar Pradesh, Andhra Pradesh, Jammu & Kashmir, Uttarakhand and Telangana. It also leases orchards spread across about 2531.57 acres. And it imports fresh fruit from over 15 countries to cover exotic varieties. It handles 15+ fruit categories, including oranges, apples, mangoes, grapes, kiwi and bananas.

Apple and orange are the biggest lines. In FY2026, apple gave Rs 19,205.87 lakh (36.83% of revenue from operations) and oranges, including leased orchards, gave Rs 14,802.96 lakh. Mango gave Rs 5,217.62 lakh and grapes Rs 4,041.96 lakh. Customers are distributors, retailers, fruit traders and institutional buyers. Export is tiny, at 0.08% of FY2026 revenue.

The main facility is a 6,365 sq.m controlled atmosphere cold storage, sorting and ripening site in Greater Noida, Uttar Pradesh. Other sites are in Sahibabad, Warud (orange packhouse, 10,200 sq.m), Narkanda in Himachal Pradesh (apple packhouse), Azadpur in Delhi and Vashi in Navi Mumbai. NAFED allotted the company 4 properties at Vashi by a letter of intent dated 14.08.2025, and it has taken possession of one.

The company is building a fruit concentrate (FCOJ) facility at Bargaon, Warud on 78,100 sq.m, and plans a dehydrated fruit snacks business through Zapple Healthy Box Private Limited. The promoters are Mohd. Nasir, Sonu Khan, Shadab Khan and Nayab Ahmed. The company was incorporated in Delhi, and its registered office is at Azadpur Subzi Mandi.

The industry

The D&B report says India's fruit production rose from 1,02,481 thousand MT in 2020-21 to 1,21,475 thousand MT in 2025-26, a CAGR of around 3.5%. Fruit and vegetable exports were INR 153.76 Bn in MY2025. The report sees the India fruit concentrate market growing from about INR 291.4 billion in FY2026 to INR 419.4 billion by FY2030, a CAGR of about 9.53%. The company has no listed peer with a comparable business model, so the document gives no peer comparison.

Customer concentration: Top 3 customers gave 4.98%, top 5 gave 6.40% and top 10 gave 9.10% of FY2026 revenue from operations (top 10 was 11.66% in FY2025).