A Navi Mumbai-based dry fruits processor and trader under the “Hunger Nuts” brand plans to raise Rs 41.82 crore via the BSE SME platform.
Adon Agro Commodities Ltd., an integrated agro-commodity company engaged in the sourcing, importing, processing, packing, and distribution of dry fruits and nuts under the “Hunger Nuts” brand, opens for subscription on June 29 with the issue closing on July 1. The company is listing on the BSE SME platform.
What the Company Does
Incorporated in 2022 — barely four years before listing — Adon Agro sources and processes premium dry fruits including almonds, cashews, walnuts, pistachios, raisins, dates, apricots, and related products, primarily from the UAE, Afghanistan, Chile, the United States, and Sri Lanka.
The in-house processing facility at MIDC Mahape, Navi Mumbai handles cleaning, grading, and packaging — giving the company more control over quality than a pure trading model. Products are sold in both bulk (containerised B2B, 41.76% of 10M FY26 revenue) and processed, packaged formats from 250g to 30kg under the Hunger Nuts brand across B2B, B2C, D2C, and e-commerce channels. As of January 2026, the company had 62 employees on its payroll and was present across 21 states.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | June 29, 2026 |
| Issue Closes | July 1, 2026 |
| Listing | BSE SME (July 6, 2026) |
| Price Band | Rs 66 – Rs 70 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 41.82 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,80,000 |
| BRLM | Galactico Corporate Services Ltd. |
| Registrar | KFin Technologies Ltd. |
| Market Maker | Shreni Shares Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 10M FY26 |
|---|---|---|---|---|
| Revenue | 22.33 | ~59 | 103.04 | 287.16 |
| PAT | 0.09 | ~0.71 | — | 21.55 |
| PAT Margin | 0.40% | ~1.20% | — | 7.50% |
The revenue growth trajectory is extraordinary — from Rs 22.33 crore in FY23 to Rs 287.16 crore in just 10 months of FY26. PAT has gone from near-zero at Rs 0.09 crore in FY23 to Rs 21.55 crore in 10M FY26. This is the kind of number explosion that immediately raises the question of sustainability and quality of earnings.
A key concern: despite these reported profits, operating cash flows have been negative in two of the last four reporting periods — meaning profit is not converting to cash. The working capital gap has expanded significantly, from Rs 7.24 crore in FY25 to Rs 29.55 crore as of January 2026, driving the IPO.
BRLM Track Record: This is the 3rd mandate from Galactico Corporate Services. Both prior listings closed at a discount on the date of listing — a poor track record.
Risks to Consider
A pending Directorate of Revenue Intelligence (DRI) legal case is the most significant undisclosed risk — investors must read the RHP carefully to understand the nature, financial exposure, and current status of this matter. The dramatic revenue expansion from Rs 22 crore to Rs 287 crore in three years in a commodity trading and processing business raises fundamental questions about margin sustainability and cash quality — especially since operating cash flows have been negative despite reported profits.
The company was incorporated in 2022, giving it an extremely short track record. Geographic concentration with 58% of domestic revenue from Maharashtra and the BRLM’s poor track record compound the overall risk picture.
Analyst View
Analysts note the company posted growth in its top and bottom lines, but the bumper top and bottom lines for 10M FY26 are non-convincing and raise concern over sustainability in a highly competitive and fragmented segment.