🚫 Avoid
Listed
Other Agricultural Products
Amir Chand Jagdish Kumar (Exports) Limited IPO
₹440 Cr · Fresh Issue · Other Agricultural Products
Price Band
₹201 – ₹212
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹440 Cr
Fresh Issue
Market Cap
₹2195.29 Cr
At upper band
P/E Ratio
36.1x
P/S: 1.1x
Listing Date
02 Apr 2026
BSE & NSE
IPO Timeline
✓
Opens
24 Mar 2026
✓
Closes
27 Mar 2026
✓
Allotment
30 Mar 2026
✓
Refund
31 Mar 2026
✓
Listing
02 Apr 2026
IPO India Hub: Avoid
Conviction
3/10
The company faces a severe revenue contraction of 18.7% over two years and carries elevated debt at 2.07× equity, which limits financial flexibility. While PAT CAGR of 26.5% appears strong, it masks a collapsing revenue base and thin 4.7% net margins that offer no cushion for operational stress.
Listing Performance
Issue Price
₹212
Allotment price
Listing Price
₹195
-8.02% on listing day
Current Price (CMP)
₹205.85
-2.9% vs issue
Listed On
02 Apr 2026
BSE & NSE
Our Analysis — Key Points
⚠ Risk
Sharp Revenue Decline Signals Demand Weakness
Revenue fell from ₹2004 Cr (FY-1) to ₹1024.3 Cr (FY0), a 49% year-on-year drop. This is not a one-time blip but part of a two-year CAGR of −18.7%, indicating structural headwinds in the agricultural export business or loss of market share.
⚠ Risk
High Leverage Constrains Growth Investment
Debt-to-equity of 2.07× is well above the 1.5× comfort threshold and limits the company's ability to invest in capacity or weather downturns. With ROCE at only 14.36%, the company is not generating returns sufficient to justify this debt load.
⚠ Risk
Razor-Thin Margins Offer No Safety Buffer
Net profit margin of 4.7% and EBITDA margin of 8.18% are among the lowest in the niche agricultural sector. Any adverse movement in commodity prices, input costs, or export demand will quickly erode profitability.
₹ Valuation
Valuation Premium Unjustified by Fundamentals
At 36.1× P/E, the company trades at 1.57× the niche sector midpoint of 23×. While this technically falls within the Subscribe threshold (≤1.5× midpoint), the margin justification is absent: NPM of 4.7% is far below the 15% threshold needed to support premium valuation, and revenue is contracting, not growing.
✓ Strength
Strong Promoter Commitment Post-Issue
Promoter holding remains high at 78.78% post-issue, with zero OFS, signaling confidence in the business. This alignment reduces agency risk and suggests the founders are willing to fund growth internally.
👁 Watch
Monitor Revenue Stabilization Closely
Investors must track quarterly revenue trends in FY1 post-listing to confirm whether the 49% YoY decline was a one-time event or the start of a structural decline. If revenue continues to contract, the debt burden becomes unsustainable.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Amir Chand Jagdish Kumar (Exports) Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹2001.65 Cr
Net Profit
₹60.82 Cr
Industry
Other Agricultural Products
Issue Type
Fresh Issue
Promoters
JAGDISH KUMAR SURI, RAHUL SURI AND RAMNIKA SURI
Lead Managers
Emkay Global and Keynote Financial Services
Quick Actions
Frequently Asked Questions
Avoid. The company faces a severe revenue contraction of 18.7% over two years and carries elevated debt at 2.07× equity, which limits financial flexibility. While PAT CAGR of 26.5% appears strong, it masks a collapsing revenue base and thin 4.7% net margins that offer no cushion for operational stress.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹201 – ₹212.
The IPO opens on 24 Mar 2026. It closes on 27 Mar 2026. Allotment is expected on 30 Mar 2026. Refunds initiate on 31 Mar 2026. Listing on BSE and NSE is on 02 Apr 2026.
The lead managers for the IPO are Emkay Global and Keynote Financial Services. Check the SEBI filing for the registrar details.
The IPO listed on 02 Apr 2026 at ₹195 against an issue price of ₹212 (-8.02% on listing day). The current market price (CMP) is approximately ₹205.85 (-2.9% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 27 Mar 2026. The company faces a severe revenue contraction of 18.7% over two years and carries elevated debt at 2.07× equity, which limits financial flexibility. While PAT CAGR of 26.5% appears strong, it masks a collapsing revenue base and thin 4.7% net margins that offer no cushion for operational stress.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 27 Mar 2026. The IPO is priced at a P/E of 36.1x. Market cap at issue price is ₹2195.29 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 27 Mar 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Amir Chand Jagdish Kumar (Exports) Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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