Dhanwel Hybrid Seeds IPO was a book-built SME public issue of Dhanwel Hybrid Seeds Limited. The company offered up to 27,00,000 equity shares of ₹10 face value through a completely fresh issue. At the upper price band of ₹99 per share, the issue size was approximately ₹26.73 crore. There was no offer-for-sale component.
The IPO opened for subscription on August 19, 2026, and closed on August 21, 2026. The basis of allotment was finalised on August 24, refunds and demat credit were scheduled for August 25, and the shares were scheduled to list on the BSE SME platform on August 26, 2026.
Dhanwel Hybrid Seeds operates in the agricultural seed industry. The company develops and supplies seeds for field crops and vegetables. Its activities include sourcing seed material, cultivation through associated farmers, processing, quality checks, treatment, grading and packaging before supplying the finished seeds to customers.
Its product portfolio includes groundnut, soybean, gram, sesame, wheat, green gram, black gram, fenugreek and cumin seeds. The company operates its processing facility at Jashapar in Jamnagar, Gujarat.
The company reported revenue of ₹74.59 crore and profit after tax of ₹6.12 crore for FY2026, compared with revenue of ₹44.13 crore and PAT of ₹2.16 crore in FY2025.
Dhanwel Hybrid Seeds IPO Details
| Information | Details |
|---|---|
| IPO Name | Dhanwel Hybrid Seeds IPO |
| Company Name | Dhanwel Hybrid Seeds Limited |
| IPO Type | Book Building Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹95 to ₹99 Per Share |
| Issue Price | ₹99 Per Share |
| Issue Size | Approx. ₹26.73 Crore |
| Fresh Issue | 27,00,000 Equity Shares |
| Offer for Sale | Nil |
| IPO Open Date | 19 August 2026 |
| IPO Close Date | 21 August 2026 |
| Basis of Allotment | 24 August 2026 |
| Refund Date | 25 August 2026 |
| Demat Credit | 25 August 2026 |
| Listing Date | 26 August 2026 |
| Listing Exchange | BSE SME |
| Market Lot | 1,200 Shares |
| Retail Minimum Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,37,600 |
| Lead Manager | Wealth Mine Networks Limited |
| Registrar | Cameo Corporate Services Limited |
The entire issue consisted of fresh equity shares, with the proceeds intended to strengthen the company’s balance sheet, meet working-capital requirements and support general corporate purposes.
Dhanwel Hybrid Seeds IPO Dates
| IPO Event | Date |
|---|---|
| IPO Opening Date | 19 August 2026 |
| IPO Closing Date | 21 August 2026 |
| Basis of Allotment | 24 August 2026 |
| Refund Initiation | 25 August 2026 |
| Shares Credited to Demat | 25 August 2026 |
| Listing Date | 26 August 2026 |
The IPO timeline places the allotment three days after the issue closes, followed by refunds and demat credit before the proposed BSE SME listing.
Dhanwel Hybrid Seeds IPO Reservation
The issue had allocations for qualified institutional buyers, non-institutional investors and retail investors. The final allocation structure reported for the issue is presented below.
| Investor Category | Shares Offered | Approx. Allocation |
|---|---|---|
| QIB | 2,70,000 | 10% |
| NII | 12,15,000 | 45% |
| Retail Investors | 12,15,000 | 45% |
| Total | 27,00,000 | 100% |
The reservation structure differs from the broad maximum allocation framework mentioned in the offer-document process because the final issue structure included the specific category allocations shown above.
Dhanwel Hybrid Seeds IPO Lot Size
The market lot was 1,200 shares. At the upper price band of ₹99, one lot represented ₹1,18,800. Retail investors were required to apply for two lots, or 2,400 shares, resulting in a minimum application amount of ₹2,37,600.
| Application | Lots | Shares | Amount at ₹99 |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,400 Shares | ₹2,37,600 |
| Retail Maximum | 2 Lots | 2,400 Shares | ₹2,37,600 |
| S-HNI Minimum | 3 Lots | 3,600 Shares | ₹3,56,400 |
| S-HNI Maximum | 8 Lots | 9,600 Shares | ₹9,50,400 |
| B-HNI Minimum | 9 Lots | 10,800 Shares | ₹10,69,200 |
About Dhanwel Hybrid Seeds Limited
Dhanwel Hybrid Seeds Limited operates in the seed manufacturing and processing business. The company’s operational history goes back to 2018, when the business was established as a partnership under the name M/s Super Vegetable Seeds. It was subsequently converted into a public limited company as Dhanwel Hybrid Seeds Limited in February 2024.
The company’s registered office is located at Jashapar, Kalavad, Jamnagar, Gujarat. Its business focuses on the development and supply of field-crop and vegetable seeds.
The company obtains seed material from recognised agricultural institutions, research organisations and open-market sources. The material is then cultivated, processed and subjected to quality checks before being treated, graded and packed for sale.
The company works with selected farmers by providing seed material and guidance and monitoring the cultivation process. After harvesting, the seed material is transported to its processing facility where it undergoes various processing and quality-control activities.
Business Operations
Dhanwel Hybrid Seeds’ business covers several stages of the seed-production process.
- Seed Procurement: Sourcing seed material from recognised institutions and other sources.
- Farmer Network: Working with selected farmers for seed cultivation.
- Crop Monitoring: Monitoring crop quality and cultivation arrangements.
- Seed Processing: Cleaning and processing harvested seed material.
- Grading: Separating seed material according to quality and specifications.
- Seed Treatment: Treating seeds before packaging and sale.
- Quality Checks: Conducting quality-control procedures.
- Packaging: Packing processed seeds for distribution.
- Field Crop Seeds: Products include groundnut, soybean, gram, sesame and wheat.
- Vegetable and Other Seeds: Products include green gram, black gram, fenugreek and cumin.
The company’s integrated approach allows it to manage seed procurement, cultivation arrangements, processing and packaging before products reach customers.
Industry Overview
India has a large agricultural sector where the availability of quality seeds is an important factor in crop productivity. Seed companies operate across conventional, hybrid, field-crop and vegetable-seed categories.
The seed industry depends on factors such as agricultural acreage, weather conditions, crop prices, farmer income, government policies and demand for improved seed varieties.
Seed processing and quality control are particularly important because farmers require consistent germination and quality characteristics. Companies with established farmer relationships and processing infrastructure can potentially improve control over the supply chain.
However, the industry is also exposed to agricultural risks. Weather conditions, crop failures, changes in cultivation patterns and regulatory requirements can affect seed production and demand.
Competition is another important factor. Seed businesses compete on product quality, pricing, distribution reach, farmer relationships and the performance of their seed varieties.
Business Strategy
Dhanwel Hybrid Seeds intends to use the IPO proceeds primarily for repayment or prepayment of borrowings and funding its working-capital requirements.
Approximately ₹7.60 crore has been earmarked toward repayment or prepayment, in full or in part, of borrowings obtained from banks and financial institutions. Approximately ₹11.60 crore has been allocated toward working-capital requirements.
The proposed debt reduction can help lower the company’s financing burden and strengthen its financial structure. The working-capital allocation is relevant because the company’s operations require funds for procurement, cultivation, processing, inventory and day-to-day business activities.
The remaining proceeds are intended for general corporate purposes.
Dhanwel Hybrid Seeds IPO Financial Information
Dhanwel Hybrid Seeds reported strong growth in revenue and profitability over the three financial years ended March 2026.
Revenue increased from ₹35.49 crore in FY2024 to ₹44.13 crore in FY2025 and ₹74.59 crore in FY2026. PAT increased from ₹1.91 crore in FY2024 to ₹2.16 crore in FY2025 and ₹6.12 crore in FY2026.
Total assets increased from ₹7.89 crore in FY2024 to ₹21.07 crore in FY2025 and ₹36.99 crore in FY2026. Net worth stood at approximately ₹19.66 crore at the end of FY2026.
Dhanwel Hybrid Seeds Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | ₹35.49 Crore | ₹44.13 Crore | ₹74.59 Crore |
| Expenses | ₹32.86 Crore | ₹40.78 Crore | ₹66.26 Crore |
| EBITDA | ₹2.79 Crore | ₹3.66 Crore | ₹9.24 Crore |
| Profit After Tax | ₹1.91 Crore | ₹2.16 Crore | ₹6.12 Crore |
| Net Worth | ₹3.65 Crore | ₹13.27 Crore | ₹19.66 Crore |
| Total Assets | ₹7.89 Crore | ₹21.07 Crore | ₹36.99 Crore |
| Borrowings | ₹1.94 Crore | ₹5.97 Crore | ₹7.68 Crore |
| EPS | — | — | ₹9.55 |
The financial figures show a substantial improvement in revenue, EBITDA and PAT during FY2026.
Dhanwel Hybrid Seeds IPO Key Performance Indicators
| KPI | FY2026 |
|---|---|
| Revenue | ₹74.59 Crore |
| EBITDA | ₹9.24 Crore |
| PAT | ₹6.12 Crore |
| EPS | ₹9.55 |
| NAV | ₹30.70 |
| ROE | 37.15% |
| ROCE | 49.36% |
| RoNW | 31.11% |
| EBITDA Margin | 12.38% |
| PAT Margin | 8.20% |
| Debt-to-Equity | 0.39x |
The FY2026 figures indicate improvement in profitability and capital efficiency, while the debt-to-equity ratio remained below 0.50x.
Dhanwel Hybrid Seeds IPO Valuation
The IPO price band was ₹95 to ₹99 per share, with the upper band valuing the company at approximately ₹90.12 crore.
Based on FY2026 earnings, the reported pre-issue P/E was approximately 10.37x and the post-issue P/E was approximately 14.74x. The FY2026 NAV was ₹30.70 per share.
| Particular | Details |
|---|---|
| Price Band | ₹95 – ₹99 |
| Issue Price | ₹99 |
| Face Value | ₹10 |
| FY2026 EPS | ₹9.55 |
| FY2026 NAV | ₹30.70 |
| Pre-Issue P/E | Approx. 10.37x |
| Post-Issue P/E | Approx. 14.74x |
| ROE | 37.15% |
| ROCE | 49.36% |
| RoNW | 31.11% |
| Debt-to-Equity | 0.39x |
| P/BV | Approx. 3.22x |
Investors should evaluate these valuation measures together with the company’s recent earnings growth, agricultural risks, working-capital requirements and competitive environment.
Objects of the Dhanwel Hybrid Seeds IPO
The IPO proceeds were primarily earmarked for debt repayment and working-capital requirements.
| Purpose | Amount |
|---|---|
| Repayment / Prepayment of Borrowings | ₹7.60 Crore |
| Funding Working Capital Requirements | ₹11.60 Crore |
| General Corporate Purposes | As specified |
| Total Fresh Issue | ₹26.73 Crore |
The working-capital allocation represents one of the largest uses of the IPO proceeds and is intended to support the company’s operating requirements.
Dhanwel Hybrid Seeds IPO GMP
Grey Market Premium is an unofficial indicator and is not regulated or guaranteed by the stock exchanges. It should not be treated as a confirmed listing-price forecast.
Dhanwel Hybrid Seeds IPO GMP reached ₹10 during the issue period and subsequently declined toward ₹1. The reported GMP on August 25 was ₹1, implying an indicative premium of approximately 1.01% over the upper issue price.
| Date | Reported GMP |
|---|---|
| 19 August 2026 | Not Available |
| 20 August 2026 | ₹8 |
| 21 August 2026 | ₹5 |
| 22 August 2026 | ₹1 |
| 24 August 2026 | ₹1 |
| 25 August 2026 | ₹1 |
The decline in GMP toward the end of the IPO period indicates that unofficial market sentiment moderated after the initial movement. GMP should be used only as a supplementary indicator.
Dhanwel Hybrid Seeds IPO Subscription Status
Dhanwel Hybrid Seeds IPO received 1.65 times overall subscription by the end of the bidding period.
The retail category received the strongest demand, while QIB demand reached 1.00x and NII demand remained below one time.
| Investor Category | Subscription |
|---|---|
| QIB | 1.00x |
| Retail Individual Investors | 3.08x |
| Non-Institutional Investors | 0.24x |
| Total Subscription | 1.65x |
Dhanwel Hybrid Seeds IPO Day-Wise Subscription
| Day | QIB | NII | Retail | Total |
|---|---|---|---|---|
| Day 1 | 0.00x | 0.02x | 0.16x | 0.09x |
| Day 2 | 0.00x | 0.10x | 1.41x | 0.75x |
| Day 3 | 1.00x | 0.24x | 3.08x | 1.65x |
The issue crossed full subscription by the final bidding day, with retail investors subscribing 3.08 times their reserved portion.
Dhanwel Hybrid Seeds IPO Listing Performance
Dhanwel Hybrid Seeds shares were scheduled to list on the BSE SME platform on August 26, 2026.
As of the latest available pre-listing information, a confirmed exchange listing price was not yet available. Therefore, no unsupported listing price or listing gain is included.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 26 August 2026 |
| Issue Price | ₹99 Per Share |
| Listing Price | To be confirmed by exchange |
| Listing Gain | To be confirmed |
| Listing Gain (%) | To be confirmed |
The available market indication before listing suggested a relatively modest GMP of around ₹1.
Dhanwel Hybrid Seeds IPO Review
Dhanwel Hybrid Seeds operates in the agricultural seed industry, with a focus on field crops and vegetable seeds. The company manages activities ranging from seed sourcing and farmer coordination to processing, grading, treatment and packaging.
One of the key positives is the significant improvement in the company’s financial performance. Revenue increased from ₹35.49 crore in FY2024 to ₹74.59 crore in FY2026, while PAT increased from ₹1.91 crore to ₹6.12 crore during the same period.
The company also reported ₹9.24 crore of EBITDA in FY2026, with an EBITDA margin of 12.38% and PAT margin of 8.20%. ROCE was reported at 49.36%, while debt-to-equity stood at 0.39x.
Another important aspect is the intended use of IPO funds. The company plans to allocate ₹11.60 crore toward working capital and ₹7.60 crore toward repayment or prepayment of borrowings. This can provide additional financial flexibility if the funds are deployed effectively.
At the same time, investors need to consider the risks associated with agricultural businesses. Seed production can be affected by weather conditions, crop performance, agricultural cycles and changes in farmer demand.
The seed industry is also competitive. Companies need to maintain product quality, farmer relationships, distribution capabilities and efficient processing operations.
The company’s recent earnings growth is another factor that needs careful evaluation. FY2026 showed a substantial improvement compared with FY2025, and investors should assess whether the higher earnings level can be maintained over subsequent years.
At the upper price band, the issue was valued at approximately 14.74x post-issue FY2026 earnings based on reported offer-document figures. The valuation therefore needs to be assessed against future earnings growth and the risks inherent in the agricultural seed business.
Overall, Dhanwel Hybrid Seeds has demonstrated strong recent financial growth and operates in an industry linked to agricultural demand. However, investors should consider weather exposure, competition, earnings sustainability, working-capital requirements and SME-market risks before making an investment decision.
Dhanwel Hybrid Seeds IPO Strengths
- Operates in the agricultural seed industry.
- Business covers field crops and vegetable seeds.
- Established operational history dating back to 2018.
- Integrated seed procurement and processing activities.
- Works with selected farmers for seed cultivation.
- Provides farmer guidance and monitors crop quality.
- Processing facility located in Jamnagar, Gujarat.
- Product portfolio covers multiple seed categories.
- Revenue increased from ₹35.49 crore in FY2024 to ₹74.59 crore in FY2026.
- PAT increased from ₹1.91 crore to ₹6.12 crore during the same period.
- FY2026 EBITDA reached ₹9.24 crore.
- FY2026 ROCE stood at 49.36%.
- FY2026 ROE was reported at 37.15%.
- Debt-to-equity ratio was 0.39x.
- IPO proceeds include a significant working-capital allocation.
- Proposed debt repayment can help reduce borrowing pressure.
Dhanwel Hybrid Seeds IPO Risk Factors
- Agricultural production is exposed to weather conditions.
- Crop failures can affect seed availability and business performance.
- Demand can vary according to agricultural cycles.
- The seed industry is highly competitive.
- Changes in agricultural regulations can affect operations.
- Seed quality and consistency are critical to maintaining farmer relationships.
- Working-capital requirements can increase as the business expands.
- The company operates as an SME-listed business, which can involve higher market volatility and liquidity risk.
- Recent earnings growth may not necessarily continue at the same pace.
- The business depends on effective farmer and supplier relationships.
- Changes in seed prices can affect profitability.
- Competition from established seed companies can put pressure on margins.
- Inventory and agricultural production risks can affect cash flows.
- The company needs to manage borrowings and working capital efficiently.
- Investors should independently assess the sustainability of FY2026 earnings.
Dhanwel Hybrid Seeds IPO Promoters
The promoters of Dhanwel Hybrid Seeds Limited are Kishankumar Gordhanbhai Meghani, Vimal Mansukhbhai Vekariya, Sudhir Mohanbhai Pipaliya and Nikul Mansukhbhai Vekariya.
| Promoter | Status |
|---|---|
| Kishankumar Gordhanbhai Meghani | Promoter |
| Vimal Mansukhbhai Vekariya | Promoter |
| Sudhir Mohanbhai Pipaliya | Promoter |
| Nikul Mansukhbhai Vekariya | Promoter |
The company’s pre-issue shareholding structure comprised promoter and promoter-group holdings alongside other shareholders, with the post-issue capital increasing following the fresh issue.
Dhanwel Hybrid Seeds IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager | Wealth Mine Networks Limited |
| Role | Book Running Lead Manager |
| Listing Exchange | BSE SME |
Wealth Mine Networks Limited acted as the book-running lead manager for the issue.
Dhanwel Hybrid Seeds IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar | Cameo Corporate Services Limited |
| Role | Registrar to the Issue |
| Phone | +91-44-40020700 / 28460390 |
| [email protected] |
Cameo Corporate Services Limited was appointed as the registrar for the IPO.
Dhanwel Hybrid Seeds Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Dhanwel Hybrid Seeds Limited |
| Registered Office | Survey No. 289/1, Opp. Saffron School, Rajkot-Kalawad Highway, At-Jashapar, Kalavad-361160, Jamnagar, Gujarat |
| Phone | +91 7778889978 |
| [email protected] | |
| Website | www.dhanwelseeds.com |
The registered office and company contact details are provided in the company’s offer-document information.
How to Check Dhanwel Hybrid Seeds IPO Allotment Status
Investors who applied for the IPO can check their allotment status through the registrar or the applicable exchange facility.
Through Cameo Corporate Services
- Open the IPO allotment facility.
- Select Dhanwel Hybrid Seeds Limited.
- Choose the relevant identification option.
- Enter the PAN or application details.
- Complete the required verification.
- Submit the details to view the allotment status.
Through BSE
Investors can also use the BSE application-status facility and enter the required IPO application details.
The basis of allotment was scheduled for August 24, 2026, followed by refunds and demat credit on August 25. The listing was scheduled for August 26, 2026.
Dhanwel Hybrid Seeds IPO Conclusion
Dhanwel Hybrid Seeds IPO offered investors exposure to a seed-manufacturing and processing business focused on field crops and vegetable seeds.
The company has an operational history dating back to 2018 and has developed activities covering seed procurement, farmer coordination, cultivation monitoring, processing, grading, treatment and packaging.
The company’s financial performance improved significantly in FY2026. Revenue increased to ₹74.59 crore from ₹44.13 crore in FY2025, while PAT increased to ₹6.12 crore from ₹2.16 crore. EBITDA reached ₹9.24 crore during FY2026.
The IPO proceeds are primarily intended for working capital and debt repayment, with ₹11.60 crore allocated to working-capital requirements and ₹7.60 crore toward repayment or prepayment of borrowings.
The issue received 1.65 times overall subscription. Retail investors showed the strongest demand at 3.08x, while QIBs subscribed 1.00x and NIIs 0.24x.
The IPO was scheduled to list on the BSE SME platform on August 26, 2026. Before listing, the reported GMP was around ₹1, indicating only a modest unofficial premium.
For long-term evaluation, investors should focus on the sustainability of earnings growth, agricultural conditions, seed quality, farmer relationships, working-capital management, borrowings and competition. The recent financial improvement is encouraging, but future performance will depend on whether the company can maintain growth while managing the inherent risks of the agricultural seed industry.
Dhanwel Hybrid Seeds IPO FAQs
What is Dhanwel Hybrid Seeds IPO?
Dhanwel Hybrid Seeds IPO was a book-built SME public issue of Dhanwel Hybrid Seeds Limited comprising up to 27,00,000 fresh equity shares.
What was the Dhanwel Hybrid Seeds IPO price?
The IPO price band was ₹95 to ₹99 per equity share, with the upper price of ₹99 used for the final issue valuation.
What was the Dhanwel Hybrid Seeds IPO issue size?
The issue comprised 27,00,000 fresh equity shares and had an issue size of approximately ₹26.73 crore at ₹99 per share.
What was the Dhanwel Hybrid Seeds IPO lot size?
The market lot was 1,200 shares. Retail investors had to apply for a minimum of two lots, or 2,400 shares, requiring ₹2,37,600 at ₹99 per share.
When was the Dhanwel Hybrid Seeds IPO allotment date?
The basis of allotment was scheduled for August 24, 2026.
When was the Dhanwel Hybrid Seeds IPO listing date?
Dhanwel Hybrid Seeds shares were scheduled to list on the BSE SME platform on August 26, 2026.
What was the Dhanwel Hybrid Seeds IPO subscription status?
The IPO received 1.65 times overall subscription, with QIBs at 1.00x, NIIs at 0.24x and retail investors at 3.08x.
What was the Dhanwel Hybrid Seeds IPO GMP?
The reported GMP was around ₹1 on August 25, 2026. GMP is unofficial and does not guarantee the actual listing price.
What does Dhanwel Hybrid Seeds Limited do?
Dhanwel Hybrid Seeds develops and supplies field-crop and vegetable seeds. Its activities include seed procurement, farmer coordination, cultivation, processing, quality checks, grading, treatment and packaging.
Who are the promoters of Dhanwel Hybrid Seeds?
The promoters are Kishankumar Gordhanbhai Meghani, Vimal Mansukhbhai Vekariya, Sudhir Mohanbhai Pipaliya and Nikul Mansukhbhai Vekariya.
