A Tamil Nadu-based pulses processor and distributor plans to raise Rs 25.69 crore via the BSE SME platform
M R Maniveni Foods Ltd., a processor, packager, and distributor of pulses and agricultural commodities, opens for subscription on May 22 with the issue closing on May 26. The company is listing on the BSE SME platform and operates primarily in the milling, processing, and supply of Urad Dal and Toor Dal.
What the Company Does
Incorporated in June 2010 and headquartered in Tamil Nadu, M R Maniveni Foods operates in the agri-commodities B2B segment, supplying processed and packaged pulses to wholesale buyers, distributors, and institutional clients. The company uses automatic and semi-automatic milling units with an emphasis on modern processing techniques, robust supply chain practices, and quality control. Pulses processing is a high-volume, thin-margin business that depends heavily on raw material price cycles, procurement efficiency, and sales volumes.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | May 22, 2026 |
| Issue Closes | May 26, 2026 |
| Listing | BSE SME (June 1, 2026) |
| Price Band | Rs 51 – Rs 52 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 25.69 crore (100% Fresh Issue) |
| Lot Size | 2,000 shares (min 2 lots = 4,000 shares) |
| Min. Retail Investment | Rs 2,08,000 |
| BRLM | Capital Square Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | CapitalSquare Financial Services Pvt. Ltd. |
Financial Performance
| Particulars (Rs cr) | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Revenue | ~120.0 | ~154.6 | ~203.4 | ~116.4 |
| PAT | 1.56 | 2.18 | 4.13 | 3.34 |
| PAT Margin | 1.30% | 1.41% | 2.03% | 2.87% |
| RoCE | 13.24% | 14.50% | 17.14% | 12.58% |
| D/E ratio | — | — | — | 1.02 |
Revenue has grown consistently, though PAT margins remain characteristically thin for the pulses processing segment — under 3% across all periods. The improvement in PAT from Rs 1.56 crore in FY23 to Rs 4.13 crore in FY25 is notable, but the P/E at the upper band works out to around 24.64x on FY25 earnings — an unusually high multiple for a business with 2% margins in a commoditised segment. The debt-to-equity ratio of 1.02 also warrants monitoring.
Risks to Consider
PAT margins below 3% in the core pulses processing business leave very little cushion against any raw material price volatility or revenue softness. The merchant banker, Capital Square Advisors, has a poor track record on its prior mandates. The business operates in a highly competitive and fragmented segment with limited pricing power, and any disruption in raw material procurement or a shift in dal prices could disproportionately impact thin margins. The issue is priced at a multiple that far exceeds what the thin-margin profile of this business typically justifies.
Analyst View
Analysts note that the issue appears aggressively priced relative to the company’s business fundamentals, with margins that are typical of a high-volume commodity processor rather than a value-added food business. The merchant banker’s poor track record is an additional flag, note analysts. The issue does not appear to offer adequate margin of safety for investors applying at the upper price band, point out analysts.