Pushp Brand India IPO
Pushp Brand India IPO — date, issue size, SEBI status & DRHP details 2026
Pushp Brand India filed its draft red herring prospectus (DRHP) with SEBI on 4 Jun 2026 for an IPO of an offer for sale of up to 74,45,000 shares. The draft is no longer on SEBI's list of pending offer documents. The price band, lot size and IPO dates are not announced yet.
Pushp Brand India sells packaged spices, soya products and tea under the Pushp and Munimji brands from two plants in Indore. Revenue from operations was Rs 481.94 crore in FY2026 and restated profit was Rs 58.95 crore.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the DRHP filed with SEBI
Where the Pushp Brand India IPO stands
From draft to listing. Today is 14 October 2026.
- DRHP filed 04 Jun 2026
- SEBI observations Done
- RHP & price band TBA
- Bidding TBA
- Listing TBA
| DRHP filed with SEBI | 4 Jun 2026 |
|---|---|
| SEBI status | SEBI review completed |
| RHP, price band & dates | Not announced |
Pushp Brand India IPO details
The offer as the DRHP describes it. Terms can change in the RHP.
| Issue type | Offer for sale only |
|---|---|
| Fresh issue | None |
| Offer for sale | Up to 74,45,000 shares |
| Total issue size | Depends on the price band |
| Face value | ₹5 per share |
| Proposed listing | BSE, NSE |
| Price band | Not announced (comes with the RHP) |
| Lot size | Not announced |
| IPO dates | Not announced |
| Book running lead managers | ICICI Securities Limited, IIFL Capital Services Limited, Systematix Corporate Services Limited |
| Registrar | KFin Technologies Limited |
Who is selling in the offer for sale
| Selling shareholder | Type | Offering | Avg. cost / share |
|---|---|---|---|
| Mahendra Kumar Surana | Promoter | Up to 8,40,000 shares | Rs 0.40 |
| Surendra Kumar Surana | Promoter | Up to 8,40,000 shares | Rs 0.40 |
| A91 Emerging Fund I LLP | Investor | Up to 42,20,000 shares | Rs 159.50 |
| Sixth Sense India Opportunities III | Investor | Up to 15,45,000 shares | Rs 460.04 |
The two promoters hold their shares at a weighted average cost of Rs 0.40 per share, while A91 Emerging Fund I LLP paid Rs 159.50 and Sixth Sense India Opportunities III paid Rs 460.04.
Strengths & risks
The case for and against, from the DRHP's own numbers and risk factors.
Strengths · 7
- 01Revenue from operations grew from Rs 398.24 crore in FY2024 to Rs 481.94 crore in FY2026, with volume growth of 14.47% in FY2026.
- 02EBITDA margin rose from 12.32% in FY2024 to 17.16% in FY2026, and product margin rose from 31.91% to 37.76%.
- 03Restated profit grew from Rs 33.33 crore in FY2024 to Rs 58.95 crore in FY2026, and ROCE was 24.70% in FY2026.
- 04Net worth stood at Rs 306.34 crore on 31 March 2026, while current borrowings were only Rs 19.37 crore.
- 05The company reports 3,68,000+ retail touch points in FY2026, up from 2,37,000+ in FY2024.
- 06It holds a 20.7% value share of the spices market in Madhya Pradesh and about 58% of the packaged hing market in the state in FY2025 (TKC Report).
- 07The plants run at 37.19% capacity utilization against 60,000 MT per annum of installed capacity, so volume can grow without new plants.
Risks · 9
- 01Pure spices (chilli, coriander and turmeric) gave 63.56% of FY2026 revenue from operations, so the company depends on a few products.
- 02Madhya Pradesh gave 67.45% of FY2026 revenue, and all manufacturing and packaging is in Indore.
- 03The issue is an offer for sale only, so the company receives no money from it. All proceeds go to the selling shareholders.
- 04Operating cash flow was Rs 19.55 crore in FY2026 against Rs 58.95 crore of profit, and Rs 48.62 crore in FY2025.
- 05Capacity utilization was 37.19% in FY2026, and under-utilization of plants is listed among the top risk factors.
- 06Raw material and packaging prices are volatile, and the company lists this among its top ten risks.
- 07Tea products are made by a third party and soya and tea packaging is done on job work, so a disruption at either partner would affect those products.
- 08General trade gave 95.14% of FY2026 revenue, while modern trade and e-commerce gave only 4.86% together.
- 09The company lists one criminal proceeding and three statutory or regulatory proceedings against it, with Rs 0.20 million involved, and four material civil cases filed by it for Rs 200.00 million.
Pushp Brand India financials
Restated figures in ₹ crore, as reported in the DRHP.
| ₹ crore | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 481.94 | 404.65 | 398.24 |
| EBITDA | 84.19 | 65.59 | 49.50 |
| Profit After Tax | 58.95 | 45.86 | 33.33 |
| Net Worth | 306.34 | 244.61 | 198.68 |
Key ratios (FY26)
P/E and market capitalisation need the price band and are added when the RHP is out.
Where the IPO money goes
How Pushp Brand India plans to use the fresh issue proceeds.
About Pushp Brand India
As of 31 March 2026 the company had 312 SKUs: 129 in pure spices, 173 in blended spices and 10 in other products. In FY2026, pure spices brought Rs 306.30 crore of revenue, blended spices Rs 158.82 crore and other products Rs 16.82 crore. Spices is the only reportable segment.
The company sells through general trade, modern trade, and e-commerce and quick commerce platforms. General trade gave 95.14% of FY2026 revenue from operations, modern trade 3.71% and e-commerce and quick commerce 1.15%. Its products are available in 24 states and union territories. Madhya Pradesh, Chhattisgarh and Rajasthan are the established markets, and Madhya Pradesh alone gave 67.45% of FY2026 revenue. The company reports 3,68,000+ retail touch points as of FY2026, up from 2,77,000+ in FY2025.
It runs two automated, ISO-certified plants at Bardari and Bharosala in Indore with an installed capacity of 60,000 MT per annum and a capacity utilization of 37.19% as of 31 March 2026. Soya and tea products are packed under a job-work arrangement with Pragati Graphics Private Limited at Rangwasa, Indore, and the tea products are made by a third party.
The company says it holds a 20.7% value share of the spices market in Madhya Pradesh in FY2025 and about 58% of the packaged hing market in the state, citing the TKC Report. The promoters, Mahendra Kumar Surana and Surendra Kumar Surana, have been with the company since 1 April 1995 and each has over 31 years of experience in the FMCG sector.
The industry
The Indian domestic spice market was Rs 909.6 billion in FY2025 and grew at a CAGR of 10.0% from FY2020 to FY2025. It is expected to reach Rs 1,420.1 billion by FY2030, a CAGR of 9.3%. The packaged spices market was Rs 374.3 billion in FY2025 and is expected to reach Rs 653.4 billion by FY2030. Blended spices are 34.0% of packaged spices in FY2025 and are expected to reach 40.4% by FY2030. The TKC Report says packaged spices earn gross margins of 25% to 45%.
Customer concentration: The document does not report top customer concentration. General trade gave 95.14% of FY2026 revenue from operations.
Promoters & management
The two promoters hold 2,00,00,000 shares, or 71.11% of the company before the issue, with 35.55% each.
| Name | Role |
|---|---|
| Mahendra Kumar Surana | Chairman and Managing Director |
| Surendra Kumar Surana | Chief Executive Officer and Whole-Time Director |
| Ankit Agrawal | Chief Financial Officer |
| Sumeet Bansal | Company Secretary and Compliance Officer |
The bankers & the filings
Who is running the issue, and the SEBI documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
ICICI Securities
25 issues handledBest listing: Tempsens Instruments (India) (+111.3%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Systematix Corporate Services Limited
5 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Acevector (-11.5%).
IIFL Capital Services Limited
33 issues handledBest listing: Orient Cables (India) (+65.4%). Weakest: Acevector (-11.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Pushp Brand India IPO: frequently asked
When will the Pushp Brand India IPO open?
The Pushp Brand India IPO dates are not announced yet. The draft is no longer on SEBI's list of pending offer documents. The company announces the dates and price band after it files its red herring prospectus (RHP) with the Registrar of Companies, usually a week or two before bidding opens. This page switches to the full IPO page with dates, price band and lot size as soon as that happens.
What is the Pushp Brand India IPO price band?
The price band is not announced yet. It is set by the company and its lead managers and published with the RHP, a few days before the issue opens. The DRHP fixes only the face value of ₹5 per share.
How big is the Pushp Brand India IPO?
Pushp Brand India filed its draft red herring prospectus (DRHP) with SEBI on 4 Jun 2026 for an IPO of an offer for sale of up to 74,45,000 shares. The final size in rupees depends on the price band.
Has SEBI approved the Pushp Brand India IPO?
The draft is no longer on SEBI's list of pending offer documents. SEBI observations are valid for 12 months; the IPO has to open within that window or the company must file again.
What is the Pushp Brand India IPO GMP?
There is no grey market premium to report before the price band is announced. IPO Guru starts tracking the Pushp Brand India IPO GMP once the RHP and price band are out.
What will Pushp Brand India do with the IPO money?
As per the DRHP: Offer for sale of up to 74,45,000 equity shares by the selling shareholders; Achieve the benefits of listing the equity shares on the stock exchanges.
Who are the lead managers of the Pushp Brand India IPO?
The book running lead managers are ICICI Securities Limited, IIFL Capital Services Limited, Systematix Corporate Services Limited. KFin Technologies Limited is the registrar.
Who are the selling shareholders in the Pushp Brand IPO?
The promoters Mahendra Kumar Surana and Surendra Kumar Surana sell up to 8,40,000 shares each. A91 Emerging Fund I LLP sells up to 42,20,000 shares and Sixth Sense India Opportunities III sells up to 15,45,000 shares.
Does Pushp Brand get any money from the IPO?
No. The issue is an offer for sale of up to 74,45,000 shares, so the money goes to the selling shareholders and not to the company.
Is Pushp Brand profitable?
Yes. Restated profit was Rs 58.95 crore in FY2026, Rs 45.86 crore in FY2025 and Rs 33.33 crore in FY2024.
Other companies in the IPO pipeline
Mainboard companies with drafts filed with SEBI, same bankers first.
Know the day the price band is out.
We track every mainboard draft from SEBI filing to listing. When Pushp Brand India files its RHP, this page becomes the full IPO page with dates, price band, lot size, GMP and subscription.
Not investment advice. Figures are from the company's draft offer document filed with SEBI and may change in the RHP.
