Pushp Brand (India) IPO

About Pushp Brand (India) IPO

The Pushp Brand (India) IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of an offer for sale component. The offer for sale portion includes 74,45,000 shares of ₹5 aggregating up to ₹TBA crores. The total number of shares is 74,45,000 and the aggregate amount is yet to be finalised.

Pushp Brand (India) IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA. The Equity Shares that will be offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. The Company has received 'in-principle' approvals from BSE and NSE.

Pushp Brand (India) is a branded packaged spices and food company offering a diversified product portfolio with a focus on purity, consistent quality and authenticity. With over five decades of operating history, they have built a deep foundation in their core markets and have grown to become a nationally recognized brand in the packaged spices market. (Source: TKC Report) Their products are currently available across 24 states and union territories in India, with an established presence in Madhya Pradesh, Chhattisgarh and Rajasthan, and a growing scale in markets such as Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Gujarat.

Objectives of Pushp Brand (India) IPO

• Carry out the Offer for Sale of up to 7,445,000 equity shares of face value of ₹5 each by the selling shareholders aggregating up to ₹[TBA] crores.
  
• Achieve the benefits of listing the equity shares on the stock exchanges.
  

Industry Outlook

The food and grocery category continues to command a highest share of India’s overall retail consumption, which is projected at 52.7% by Fiscal 2030, growing at a CAGR of 7.9% despite its large base. India’s packaged food market is anchored by a large and diverse consumption base, supported by rising urbanisation, increasing disposable incomes, and evolving dietary preferences. The market is witnessing a shift from unbranded and loose products to branded, hygienic, and convenience-led offerings, driven by changing lifestyles, growing health awareness, and the expanding reach of organized retail and digital channels.

About Pushp Brand (India)

Pushp Brand (India) is a branded packaged spices and food company offering a diversified product portfolio with a focus on purity, consistent quality and authenticity. With over five decades of operating history, they have built a deep foundation in their core markets and have grown to become a nationally recognized brand in the packaged spices market. Their products are currently available across 24 states and union territories in India, with an established presence in Madhya Pradesh, Chhattisgarh and Rajasthan, and a growing scale in markets such as Maharashtra, Uttar Pradesh, Bihar, Jharkhand and Gujarat. Over the last five years, they have expanded their footprint to states such as Telangana, Goa and Tamil Nadu, which reflects their ongoing journey from a regional presence to a pan-India brand. Their product portfolio comprises pure spices, blended spices and adjacent products such as soya products and tea. They supply their products under the ‘Pushp’ and ‘Munimji’ brands, catering to the premium and popular price categories, respectively.

Strengths of Pushp Brand (India)

• Pan-India player with leadership position in West and Central India.
  
• Diversified and expanding product portfolio with innovative offerings.
  
• Established and scalable distribution network.
  
• Robust sourcing capabilities and strategically located manufacturing facilities.
  
• Strong liquidity position with a track record of consistent financial performance.
  
• Experienced promoters and senior management team, backed by marquee investors.
  

Risks of Pushp Brand (India)

• They are significantly dependent on the sale of their products in the ‘pure spices’ category, namely chilli, coriander and turmeric.
  
• Their sales are largely concentrated in the state of Madhya Pradesh.
  
• Their operations are subject to volatility in the prices and availability of their raw materials and packaging materials.
  
• If they are unable to maintain, protect and grow the ‘Pushp’ and ‘Munimji’ brands, their business, etc. may be adversely affected.
  
• Their operations are subject to extensive food safety, packaging, health, safety, employment, environmental and allied regulations.
  
• Any contamination, spoilage, deterioration, mislabelling or improper processing or storage of their products or raw materials, whether actual or perceived, could subject them to statutory or regulatory action, and more.
  
• An inability to expand or effectively manage their distribution network may have an adverse effect on their business, results of operations, financial condition and cash flows.
  
• Their manufacturing facilities are subject to several operational risks, and any significant disruptions may adversely affect their business, and more.
  

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports / annual results as available of the respective company for the financial year ended March 31, 2026 submitted to stock exchanges.

Notes:

1. Restated earnings per equity share (basic) (in ₹) = Restated earnings per equity share (basic) (in ₹) are calculated by dividing the restated profit for the year attributable to equity holders of the Company by the weighted average number of equity shares outstanding during the year as per Ind AS 33 - Earnings per share. Restated earnings per equity share (diluted) (in ₹) = Restated earnings per equity share (diluted) (in ₹) are calculated by dividing the restated profit for the year attributable to equity holders of the Company by the weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential Equity Shares outstanding during the year as per Ind AS 33 - Earnings per share.

2. Net asset value per equity share (in ₹) = net worth at the end of the year / Number of equity shares outstanding at the end of the year.

3. The P / E ratio mentioned above is for the financial year ended March 31, 2026. P / E Ratio has been computed based on the closing market price of equity shares on NSE on May 21, 2026 divided by the Diluted EPS for the year ended March 31, 2026.

4. Return on net worth (%) is calculated as restated profit for the year divided by net worth at the end of the respective year.

5. Networth and subsequent calculations for Orkla India has been done basis “Total Equity” due to unavailability of notes to accounts at the time of filing.

Anchor Investor Bidding Date: TBA

Registrar: KFin Technologies Limited is a SEBI-registered registrar and share transfer agent (SEBI Registration No. INR000000221) headquartered in Hyderabad, Telangana. They handle IPO processing, share allotment, refund initiation, demat credit services, and investor grievance redressal for this offer. Investors may reach them at einward.ris@kfintech.com or +91 040-6716 2222.

Book Running Lead Manager:

• ICICI Securities Limited
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
• Systematix Corporate Services Limited

Pushp Brand (India) Business Model

The company earns its revenue as a branded packaged spices and food company offering a diversified product portfolio.

Pushp Brand (India) Growth Trajectory

Pushp Brand (India)’s Total Income for FY26 was ₹490.708 crores, whereas in FY25 and FY24 it was ₹411.985 crores and ₹401.872 crores, respectively.

The Profit After Tax for FY26 was ₹58.954 crores, whereas in FY25 and FY24 it was ₹45.856 crores and ₹33.330 crores, respectively.

Their EBITDA for FY26 was ₹84.190 crores, whereas in FY25 and FY24 it was ₹65.585 crores and ₹49.497 crores, respectively.

Pushp Brand (India) Market Position

In Fiscal 2026, their product margins from sales of pure spices, blended spices and other products were 35.31%, 43.75% and 25.98%, respectively.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹490.708 crores, ₹58.954 crores, and ₹84.190 crores, respectively.

How to apply for Pushp Brand (India) IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.