The Delhi-based basmati rice processor and exporter is raising Rs 440 crore. Issue opens March 24, closes March 27.
Amir Chand Jagdish Kumar (Exports) Limited, the company behind the Aeroplane Rice brand, opens its IPO for subscription next Tuesday, March 24, and closes on Friday, March 27. Incorporated in 2003 by the Suri family — who have been in the basmati rice business since 1982 — the company is one of India’s leading processors and exporters of basmati rice, ranking third among listed peers by revenue.
It operates three processing and packaging facilities in Amritsar, Jind, and Delhi, serves 431 domestic distributors and 53 international distributors, exports to 38 countries, and has recently expanded into FMCG staples including atta, maida, besan, sooji, and sugar under the Aeroplane brand. Listing is expected on April 2 on BSE and NSE.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | March 24, 2026 |
| Issue Closes | March 27, 2026 |
| Price Band | Rs 201 – Rs 212 per share |
| Issue Size | Rs 440 crore |
| Structure | Fresh issue only — no offer for sale |
| Face Value | Rs 10 per share |
| Bid Lot | 70 shares and multiples thereof |
| Minimum Investment (Retail) | Rs 14,840 at upper band |
| Post-Issue Market Cap | Rs 2,104 – Rs 2,195 crore |
| QIB / NII / Retail Split | 50% / 15% / 35% |
| BRLMs | Emkay Global Financial Services, Keynote Financial Services |
| Registrar | KFin Technologies Ltd |
| Allotment | March 30, 2026 |
| Listing | April 2, 2026 — BSE and NSE |
The entire Rs 440 crore proceeds flow to the company — there is no offer for sale component. Promoter shareholding declines from 98.17% pre-issue to 78.49% post-issue, with public float rising to 21.22%.
Objects of the Issue
| Object | Amount (Rs crore) |
|---|---|
| Funding working capital requirements | 400.00 |
| General corporate purposes | Balance |
| Total | 440.00 |
The overwhelming majority of IPO proceeds — Rs 400 crore out of Rs 440 crore — go toward working capital. This is a structural characteristic of the basmati rice business, which requires large upfront procurement of paddy during the October–January harvest season, followed by an ageing cycle of 3 to 24 months before the rice can be sold at premium prices.
What the Company Does
Amir Chand Jagdish Kumar operates across two segments — rice and FMCG. Rice is the dominant business, contributing over 98% of product revenue. The company sells basmati rice across four categories: premium, medium, value, and HORECA — each with its own brand portfolio under the Aeroplane umbrella.
Premium brands include Aeroplane La-Taste, Aeroplane Classic, and Ali Baba. Medium-segment brands include Aeroplane Metro, Rozana Premium, and World Cup. HORECA products go out under the Jet and Aeroplane Power brands. The company also sells specialty rice varieties — kolam, sona masuri, idli rice, ponni, and brown rice.
The FMCG segment — atta, maida, besan, sooji, salt, and sugar — is nascent, contributing just Rs 4.31 crore of FY25 revenue, but represents the company’s stated diversification ambition beyond rice.
Geographically, the business has been pivoting toward domestic sales. Export revenue, which was 69.3% of total revenue in FY23, has declined to 38.3% in FY25 as domestic sales have grown sharply — from 30.7% to 61.7% of revenue over the same period.
The Middle East, historically the dominant export market, accounted for 20% of FY25 revenue. The company has 100 registered trademarks — 70 in India and 30 across 26 countries — and has been recognised as a Three Star Export House by the Ministry of Commerce and Industry.
Installed production capacity is 5,50,800 MTPA across the three units, though capacity utilisation stood at 50.46% in FY25 and dropped to 24.37% in H1 FY26 — a number that warrants attention.
Financials
| Particulars (Rs crore) | FY23 | FY24 | FY25 | H1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 1,315.85 | 1,549.52 | 2,001.65 | 1,021.25 |
| Revenue Growth | — | 10.91% | 21.73% | — |
| EBITDA | 79.69 | 109.66 | 163.65 | 105.76 |
| EBITDA Margin | 6.06% | 7.08% | 8.18% | 10.36% |
| PAT | 17.50 | 30.40 | 60.82 | 48.65 |
| PAT Margin | 1.33% | 1.96% | 3.04% | 4.76% |
| EPS — Basic (Rs) | 2.14 | 3.75 | 7.46 | 5.93* |
| RoNW | 6.43% | 10.27% | 17.61% | 11.87%* |
| Net Worth | 280.84 | 311.48 | 379.18 | 440.89 |
| Total Debt | 667.53 | 777.62 | 784.06 | 739.74 |
| Debt-Equity Ratio | 2.35x | 2.50x | 2.07x | 1.68x |
*not annualised
Revenue has grown at a healthy pace, crossing Rs 2,000 crore in FY25. Margins are improving — EBITDA margins have expanded from 6.06% in FY23 to 10.36% in H1 FY26, while PAT margins have more than doubled from 1.33% to 4.76% over the same period.
However, the absolute margin levels remain thin by FMCG standards, reflecting the commodity-linked nature of the rice processing business. The debt position is the other key feature — total borrowings stood at Rs 739 crore as of September 2025, giving a debt-equity ratio of 1.68x. Finance costs of Rs 42.57 crore in H1 FY26 are a meaningful charge on a PAT of Rs 48.65 crore. The interest coverage ratio, while improving at 2.48x in H1 FY26 from 1.45x in FY23, leaves limited cushion.
Valuation and Peer Comparison
| Company | Revenue FY25 (Rs cr) | EPS (Rs) | P/E | EV/EBITDA | RoNW | PAT Margin |
|---|---|---|---|---|---|---|
| Amir Chand Jagdish Kumar | 2,001.65 | 7.46 | 27–28x* | — | 17.61% | 3.04% |
| LT Foods | 8,681.47 | 17.43 | 21.67x | 13.02x | 16.81% | 7.05% |
| KRBL | 5,593.81 | 20.80 | 15.04x | 10.62x | 9.43% | 8.51% |
| Chaman Lal Setia | 1,495.26 | 20.68 | 12.18x | 8.88x | 14.22% | 6.88% |
| GRM Overseas | 1,348.19 | 10.21 | 15.34x | 11.81x | 16.09% | 4.54% |
| Sarveshwar Foods | 1,136.23 | 0.28 | 11.79x | 4.50x | 9.68% | 2.37% |
*implied P/E based on price band of Rs 201–212 and FY25 EPS of Rs 7.46
At the upper band of Rs 212, the implied P/E works out to approximately 28x FY25 earnings — a meaningful premium to most listed peers. LT Foods, the largest comparable, trades at 21.67x. KRBL trades at 15x. Chaman Lal Setia at 12.18x. On PAT margins, the company at 3.04% in FY25 is below LT Foods at 7.05% and KRBL at 8.51%, though the H1 FY26 trajectory at 4.76% shows improvement.
The RoNW of 17.61% in FY25 is among the stronger in the peer set. The valuation asks investors to pay a growth premium for a business that is scaling revenue and margins but carries meaningful debt and thinner absolute profitability than listed peers.
Risks to Consider
High debt load. Total borrowings of Rs 739 crore against a net worth of Rs 440 crore gives a debt-equity ratio of 1.68x. Finance costs are nearly equal to PAT in H1 FY26, leaving the bottom line sensitive to any interest rate movement or working capital stress.
Working capital intensity. Inventory days stand at 161 in H1 FY26. The business requires massive upfront paddy procurement followed by a long ageing cycle — a structural characteristic that will not change with the IPO proceeds.
Low capacity utilisation. Installed capacity of 5,50,800 MTPA against actual production of 1,34,226 MT in H1 FY26 implies utilisation of just 24%. This is partly seasonal but is a number investors should monitor.
Middle East export concentration. The ongoing Iran conflict and broader Middle East instability is directly relevant — the Middle East remains the largest export market at 20% of FY25 revenue, with Saudi Arabia, Iran, Iraq, and the UAE as key destinations.
Thin margins in a competitive market. The basmati rice processing space is competitive, with organised players like KRBL and LT Foods and a large unorganised segment. Pakistan offers competition on pricing in export markets.
