AC
Amir Chand Jagdish Kumar (Exports) Limited
A fully integrated processor and exporter of basmati rice and FMCG products, leveraging India's growing basmati export market to the Middle East and beyond.
₹201–₹212
Price Band
70 Shares
Lot Size
₹14840
Min Investment
1 lot @ ₹212
₹440 Cr
Issue Size
+₹5
GMP Today
Est. ₹217 (2.4%)
3.23×
Subscribed
Day 3
₹10
Face Value
Grey Market Premium (GMP)
Updated 27 Mar · 17:00 IST+₹5
Current GMP
Grey Market Premium
₹217
Est. Listing Price
Upper band + GMP
+2.36%
Expected Return
From upper band ₹212
GMP Trend
⚠️ Disclaimer: GMP is an unofficial grey market indicator and does not guarantee listing performance.
Subscription Status
Day 3 · 27 Mar 20261.18×
QIB
Qualified Institutional
13.40×
NII / HNI
Non-Institutional
1.44×
Retail
Individual Investors
| Category | Shares Offered | Shares Bid | Subscription | Progress |
|---|---|---|---|---|
| QIB | – | 1.18× | ||
| NII | – | 13.40× | ||
| Retail | – | 1.44× | ||
| Total | – | – | 3.23× |
About the Company
Amir Chand Jagdish Kumar (Exports) Limited, incorporated in 2003, is a fully integrated processor and exporter of basmati rice and FMCG products in India. The company manages the complete value chain from procurement and storage to processing, marketing, and sales, with significant export operations serving the Middle East, Europe, and other international markets. Revenue grew from ₹1,316 crore in FY23 to ₹2,002 crore in FY25 driven by expanding export volumes. However, the stock made a disappointing debut, listing at ₹195 — an 8% discount to the issue price — and subsequently entered a severe downtrend.
Founded
2003
Industry
Basmati Rice Processing & Export / FMCG
Issue type
Fresh Issue
Promoters
Jagdish Kumar Suri, Rahul Suri, Ramnika Suri
✅ Strengths
- Revenue CAGR of 23% (FY23–FY25) driven by rising basmati export demand
- PAT grew from ₹17.5 Cr (FY23) to ₹60.8 Cr (FY25) — 3.5x in two years
- India is world's largest basmati rice exporter with structural tailwinds
- Fully integrated operations — control over quality, margins, and supply chain
- Strong promoter holding of 78.78% post-IPO with 98.53% pre-IPO stake
⚠️ Risks
- Severe post-listing crash — 5 consecutive lower circuits, stock down 43% from issue price
- IPO priced aggressively; listing at 8% discount confirmed overvaluation
- Commodity business with thin margins (~3% net margin in FY25)
- Export-heavy business exposed to INR/USD volatility and trade policy risks
- Working capital intensive — rice processing requires high inventory funding
Financial Performance
FY23 · FY24 · FY25Revenue (₹ Cr)
PAT (₹ Cr)
FY23
FY24
FY25
| Metric | FY23 | FY24 | FY25 | Growth (YoY) |
|---|---|---|---|---|
| Revenue (₹ Cr) | 1316 | 1550 | 2002 | Stable |
| EBITDA (₹ Cr) | 80 | 110 | 164 | Stable |
| PAT (₹ Cr) | 18 | 30 | 61 | ▲ 100.0% |
| EPS (₹) | 2.14 | 3.73 | 7.42 | ▲ 98.9% |
| EBITDA Margin | 6.1% | 7.1% | 8.2% | – |
Analyst Review
3.5
/ 10 overall
Avoid ❌
Deep post-listing crash — high risk
Allotment & Listing
✓
24 Mar
IPO Opens
Subscription window opens for all categories
✓
27 Mar
IPO Closes
Last day to apply – 5:00 PM deadline
✓
30 Mar
Allotment Date
Basis of allotment to be finalized
1 Apr
Refund Initiation
Unallotted funds credited to bank accounts
1 Apr
Credit to Demat
Shares credited to allottees' demat accounts
2 Apr
Listing Day 🎯
Expected listing on NSE & BSE at 10:00 AM
🎯 Listing Performance
₹212
Issue Price
₹195
Listing Price
0.0%
Listing Gain
₹121
Current Price