Q&T Foods IPO was a fixed-price SME public issue of Q&T Foods Limited. The company raised approximately ₹26.25 crore through a fresh issue of 22,82,400 equity shares with a face value of ₹10 each. The issue price was fixed at ₹115 per share. The shares were listed on the BSE SME platform.
The IPO opened for subscription on August 12, 2026, and closed on August 14, 2026. The basis of allotment was finalised on August 17, refunds were initiated on August 18, and shares were credited to eligible demat accounts on August 18. The shares were listed on August 19, 2026.
Q&T Foods Limited operates in the bakery and food-processing industry. The company manufactures, markets, distributes and sells bakery products under its American Bakers brand. Its product range includes breads, pav, buns, pizza bases, kulcha and other bakery products.
The company was incorporated in 2018 and began its operations in Noida. In 2024, it shifted its manufacturing operations to a facility in Dasna, Ghaziabad, Uttar Pradesh, to increase production capabilities.
For FY2026, Q&T Foods reported revenue from operations of ₹54.78 crore and profit after tax of ₹5.20 crore, compared with revenue of ₹46.83 crore and PAT of ₹2.74 crore in FY2025. EBITDA increased to ₹8.37 crore in FY2026 from ₹4.82 crore in FY2025.
Q&T Foods IPO Details
| Information | Details |
|---|---|
| IPO Name | Q&T Foods IPO |
| Company Name | Q&T Foods Limited |
| IPO Type | Fixed Price Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Issue Price | ₹115 Per Share |
| Issue Size | Approx. ₹26.25 Crore |
| Fresh Issue | 22,82,400 Equity Shares |
| Offer for Sale | Nil |
| Market Maker Reservation | 1,15,200 Equity Shares |
| Net Issue | 21,67,200 Equity Shares |
| IPO Open Date | 12 August 2026 |
| IPO Close Date | 14 August 2026 |
| Basis of Allotment | 17 August 2026 |
| Refund Date | 18 August 2026 |
| Demat Credit | 18 August 2026 |
| Listing Date | 19 August 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,200 Shares |
| Minimum Retail Application | 2 Lots / 2,400 Shares |
| Minimum Investment | ₹2,76,000 |
| Registrar | Skyline Financial Services Private Limited |
| Lead Manager | Corporate Makers Capital Limited |
| Market Maker | Prabhat Financial Services Limited |
The issue consisted entirely of a fresh issue. Of the total 22,82,400 shares, 1,15,200 shares were reserved for the market maker, leaving 21,67,200 shares as the net issue.
Q&T Foods IPO Dates
| IPO Event | Date |
|---|---|
| IPO Opening Date | 12 August 2026 |
| IPO Closing Date | 14 August 2026 |
| Basis of Allotment | 17 August 2026 |
| Refund Initiation | 18 August 2026 |
| Shares Credited to Demat | 18 August 2026 |
| Listing Date | 19 August 2026 |
The IPO followed a three-day bidding period, followed by allotment, refund, demat-credit and listing processes.
Q&T Foods IPO Reservation
The net issue was divided equally between retail individual investors and non-institutional investors. A separate portion was reserved for the market maker.
| Investor Category | Shares Offered | Approx. Allocation |
|---|---|---|
| Retail Individual Investors | 10,83,600 | 50% of Net Issue |
| Non-Institutional Investors | 10,83,600 | 50% of Net Issue |
| Market Maker | 1,15,200 | Separate Reservation |
| Total Issue | 22,82,400 | 100% |
There was no separate QIB reservation in the reported issue structure.
Q&T Foods IPO Lot Size
The market lot was 1,200 shares. At ₹115 per share, one lot represented ₹1,38,000. Under the SME application structure, the minimum retail application was two lots, or 2,400 shares, requiring ₹2,76,000.
| Application | Lots | Shares | Amount at ₹115 |
|---|---|---|---|
| Retail Minimum | 2 Lots | 2,400 Shares | ₹2,76,000 |
| Retail Maximum | 2 Lots | 2,400 Shares | ₹2,76,000 |
| S-HNI Minimum | 3 Lots | 3,600 Shares | ₹4,14,000 |
| S-HNI Maximum | 7 Lots | 8,400 Shares | ₹9,66,000 |
| B-HNI Minimum | 8 Lots | 9,600 Shares | ₹11,04,000 |
About Q&T Foods Limited
Q&T Foods Limited is a bakery-products manufacturer operating under the American Bakers brand. The company manufactures, distributes, markets and sells bakery products for everyday consumption.
The company started its journey in 2018 in Noida. In 2024, it moved to a manufacturing facility in Dasna, Ghaziabad, Uttar Pradesh. The relocation was intended to support increased production capabilities and the company’s growing customer base.
Its product portfolio includes Milk Bread, White Bread, Brown Bread, Multigrain Bread, Burger Bun, Pav, Kulcha and Pizza Base. These products are marketed under the American Bakers brand and distributed through its dealer network.
The company’s manufacturing facility covers approximately 10,750 square feet and has an installed capacity of around 9,472 tonnes per annum. Its distribution network includes more than 50 dealers.
Business Operations
Q&T Foods operates across manufacturing, distribution, marketing and sale of bakery products.
- Bread Manufacturing: Production of different varieties of packaged bread.
- Buns and Pav: Manufacturing products for household and food-service consumption.
- Pizza Bases: Production and distribution of pizza bases.
- Kulcha: Manufacturing and sale of kulcha products.
- Burger Buns: Supplying buns for retail and food-service requirements.
- Brand Operations: Products are marketed under the American Bakers brand.
- Dealer Network: Distribution through a network of more than 50 dealers.
- Quality Control: The company focuses on controlled sourcing and manufacturing processes.
- In-house Manufacturing: Production is carried out through its own manufacturing operations.
The company states that it sources ingredients such as flour, sugar, yeast and oil from suppliers and maintains quality controls across its manufacturing process.
Industry Overview
The Indian bakery industry is supported by regular consumer demand for bread and other ready-to-eat bakery products. Bread, buns, pav, pizza bases and related products form part of everyday food consumption across urban and semi-urban markets.
The sector includes organised manufacturers, regional bakeries and numerous local producers. Packaged bakery businesses compete on product quality, freshness, pricing, distribution reach and brand recognition.
The growth of organised retail, changing food preferences and increasing demand for convenient food products can provide opportunities for packaged bakery manufacturers.
At the same time, bakery manufacturers face risks from fluctuations in raw-material costs. Flour, sugar, edible oils, yeast, packaging materials and other inputs can affect production costs and margins.
Distribution and freshness are also important because bakery products generally have shorter shelf lives than many packaged food categories.
Business Strategy
Q&T Foods’ business strategy is focused on strengthening its manufacturing capacity, improving distribution and expanding the American Bakers brand.
The company intends to use part of the IPO proceeds for equipment and machinery at its existing manufacturing facility. The investment is expected to support production requirements and operational capabilities.
The company also plans to allocate funds toward working capital. Working capital is important for a bakery business because raw materials, packaging, inventory and receivables require continuous funding.
Another portion of the IPO proceeds is intended for repayment or pre-payment of certain borrowings. This can help reduce the company’s financial obligations and improve its capital structure.
The company also plans to use a portion of the proceeds for general corporate purposes.
Q&T Foods IPO Financial Information
Q&T Foods has recorded consistent growth in revenue and profitability over the three financial years.
Revenue increased from ₹40.22 crore in FY2024 to ₹46.83 crore in FY2025 and ₹54.78 crore in FY2026.
Profit after tax increased from ₹1.96 crore in FY2024 to ₹2.74 crore in FY2025 and ₹5.20 crore in FY2026.
EBITDA also increased from ₹3.77 crore in FY2024 to ₹4.82 crore in FY2025 and ₹8.37 crore in FY2026.
Q&T Foods Financial Summary
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations | ₹40.22 Crore | ₹46.83 Crore | ₹54.78 Crore |
| Total Income | ₹40.22 Crore | ₹46.83 Crore | ₹54.78 Crore |
| EBITDA | ₹3.77 Crore | ₹4.82 Crore | ₹8.37 Crore |
| Profit Before Tax | ₹2.65 Crore | ₹3.69 Crore | ₹6.95 Crore |
| Profit After Tax | ₹1.96 Crore | ₹2.74 Crore | ₹5.20 Crore |
| Total Assets | ₹14.34 Crore | ₹19.68 Crore | ₹26.57 Crore |
| Net Worth | ₹2.44 Crore | ₹7.04 Crore | ₹12.24 Crore |
| Total Borrowings | ₹9.84 Crore | ₹10.11 Crore | ₹11.05 Crore |
The financial data shows that revenue and profitability increased each year, while net worth also improved substantially. Borrowings increased moderately from FY2025 to FY2026.
Q&T Foods IPO Key Performance Indicators
| KPI | FY2026 |
|---|---|
| Revenue from Operations | ₹54.78 Crore |
| EBITDA | ₹8.37 Crore |
| PAT | ₹5.20 Crore |
| Basic EPS | ₹10.84 |
| NAV | ₹25.51 |
| ROE | 53.95% |
| ROCE | 70.88% |
| RoNW | 42.49% |
| PAT Margin | 9.49% |
| EBITDA Margin | 15.27% |
| Price-to-Book Value | 4.51x |
The company reported strong FY2026 profitability ratios, with ROE of 53.95% and ROCE of 70.88%. Its EBITDA margin increased to 15.27%.
Q&T Foods IPO Valuation
The IPO price was fixed at ₹115 per equity share. Based on FY2026 basic EPS of ₹10.84, the pre-issue P/E was approximately 10.61x. On a post-issue basis, the reported P/E was approximately 15.65x.
| Particular | Details |
|---|---|
| Issue Price | ₹115 |
| Face Value | ₹10 |
| FY2026 Basic EPS | ₹10.84 |
| Pre-Issue P/E | Approx. 10.61x |
| Post-Issue P/E | Approx. 15.65x |
| FY2026 NAV | ₹25.51 |
| Price-to-Book Value | Approx. 4.51x |
| ROE | 53.95% |
| ROCE | 70.88% |
Valuation should be assessed together with the company’s earnings growth, manufacturing capacity, customer concentration, debt position and competitive environment.
Objects of the Q&T Foods IPO
The company proposed to use the net IPO proceeds for capital expenditure, working capital, repayment or pre-payment of borrowings and general corporate purposes.
| Purpose | Amount |
|---|---|
| Purchase of Equipment/Machineries for Existing Manufacturing Facility | ₹4.42 Crore |
| Working Capital Requirements | ₹7.50 Crore |
| Repayment/Pre-payment of Certain Borrowings | ₹6.75 Crore |
| General Corporate Purposes | ₹3.92 Crore |
| Total Identified Objects | ₹22.59 Crore |
The issue proceeds allocated to these objects are intended to strengthen production capabilities, support day-to-day operations, reduce selected borrowings and meet general corporate requirements.
Q&T Foods IPO GMP
Grey Market Premium is an unofficial market indicator and is not regulated by the stock exchanges. It should not be treated as a guaranteed listing price or investment return.
During the pre-listing period, unofficial GMP figures for Q&T Foods moved considerably. Some market trackers reported a GMP of ₹15 before the issue opened, followed by lower levels later in the issue period. By listing day, reported GMP had reduced to around ₹1.
| Date | GMP |
|---|---|
| 8 August 2026 | ₹6 |
| 9 August 2026 | ₹6 |
| 10 August 2026 | ₹15 |
| 11 August 2026 | ₹15 |
| 12 August 2026 | ₹10 |
| 13 August 2026 | ₹3 |
| 14 August 2026 | ₹1 |
| 15 August 2026 | ₹1 |
| 16 August 2026 | ₹1 |
| 17 August 2026 | ₹1 |
| 18 August 2026 | ₹1 |
| 19 August 2026 | ₹1 |
The final GMP indicator was approximately ₹1, but the actual shares listed at ₹115, equal to the issue price. This demonstrates why GMP should not be treated as a reliable predictor of actual listing performance.
Q&T Foods IPO Subscription Status
The Q&T Foods IPO received overall subscription of approximately 1.48 times.
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers | N.A. |
| Non-Institutional Investors | 0.31x |
| Retail Individual Investors | 2.64x |
| Total Subscription | 1.48x |
Retail investors subscribed 2.64 times, while the NII category was subscribed 0.31 times. The overall issue was subscribed approximately 1.48 times.
Q&T Foods IPO Listing Performance
Q&T Foods shares were listed on the BSE SME platform on August 19, 2026.
The issue price was ₹115 per share. The shares opened around ₹116 in the pre-open session, representing an indicative premium of approximately 0.87%. The actual listing price was reported at ₹115, resulting in no listing gain or loss compared with the issue price.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 19 August 2026 |
| Issue Price | ₹115 Per Share |
| Actual Listing Price | ₹115 Per Share |
| Listing Gain/Loss | ₹0 |
| Listing Gain/Loss (%) | 0% |
| Pre-Open Indicative Price | Approx. ₹116 |
The stock subsequently closed at ₹109.25 on its listing day, according to market data, which represented a decline from the issue price.
Q&T Foods IPO Review
Q&T Foods operates in the bakery and FMCG segment, with a product portfolio focused on bread and other bakery products. Its American Bakers brand includes Milk Bread, White Bread, Brown Bread, Multigrain Bread, Burger Buns, Pav, Kulcha and Pizza Bases.
The company has an established manufacturing facility in Ghaziabad and a dealer network of more than 50 dealers. Its manufacturing facility is also described as ISO 22000:2018 and HACCP compliant, supporting its focus on food safety and quality control.
Financial performance has improved meaningfully. Revenue from operations grew from ₹40.22 crore in FY2024 to ₹54.78 crore in FY2026. During the same period, PAT increased from ₹1.96 crore to ₹5.20 crore. EBITDA increased from ₹3.77 crore to ₹8.37 crore.
Capacity utilisation also improved from 78.61% in FY2024 to 91.33% in FY2026, indicating that the company’s manufacturing facility was operating at a higher level of utilisation.
The IPO proceeds provide the company with funds for machinery and equipment, working capital and repayment of selected borrowings. These investments could support production and financial efficiency if implemented effectively.
However, the business has several risks. Its manufacturing facility operates on leased premises, making renewal or relocation an important operational consideration. The company also has exposure to customer concentration, with its top 10 customers accounting for around 25% of revenue in FY2026.
The company has also disclosed outstanding litigation involving the company, promoters and directors, as well as instances involving delays in payment of statutory dues. Such matters should be considered carefully when evaluating the business.
The IPO received 1.48x overall subscription, primarily supported by retail demand. The shares listed at the issue price of ₹115, rather than delivering the higher listing premium indicated by some early GMP figures.
Overall, Q&T Foods has demonstrated strong revenue and profit growth, improving capacity utilisation and an established regional bakery business. Investors should nevertheless consider customer concentration, leased manufacturing premises, raw-material costs, competition, borrowings and disclosed legal matters before making an investment decision.
Q&T Foods IPO Strengths
- Established bakery business operating since 2018.
- Products marketed under the American Bakers brand.
- Diverse range of bread and bakery products.
- Manufacturing facility located in Ghaziabad, Uttar Pradesh.
- Manufacturing capacity of approximately 9,472 tonnes per annum.
- Distribution network supported by more than 50 dealers.
- ISO 22000:2018 and HACCP-compliant manufacturing facility.
- Revenue increased from ₹40.22 crore in FY2024 to ₹54.78 crore in FY2026.
- PAT increased from ₹1.96 crore to ₹5.20 crore over the same period.
- EBITDA increased from ₹3.77 crore to ₹8.37 crore.
- EBITDA margin improved to 15.27% in FY2026.
- Capacity utilisation reached 91.33% in FY2026.
- IPO proceeds include capital expenditure and working-capital funding.
- Part of the IPO proceeds is intended for repayment or pre-payment of borrowings.
Q&T Foods IPO Risk Factors
- The bakery industry is highly competitive.
- Raw-material prices can affect operating margins.
- Manufacturing operations are conducted on leased premises.
- Failure to renew or replace the lease could affect operations.
- Revenue is dependent on a relatively concentrated customer base.
- Top 10 customers contributed around 25% of revenue in FY2026.
- The company has disclosed outstanding legal proceedings.
- Certain delays in payment of statutory dues have been reported.
- Borrowings increased to ₹11.05 crore in FY2026.
- Bakery products generally require efficient production and distribution because of their shelf-life characteristics.
- SME-listed shares may experience higher price volatility and lower liquidity.
- Expansion and machinery investment involve execution risks.
- Future growth may require continued working-capital investment.
Q&T Foods IPO Promoters
The promoters of Q&T Foods Limited are Nishant Raj Gupta, Khushbu Varshney, Usha Gupta and Rakesh Gupta.
| Promoter | Status |
|---|---|
| Nishant Raj Gupta | Promoter |
| Khushbu Varshney | Promoter |
| Usha Gupta | Promoter |
| Rakesh Gupta | Promoter |
Before the IPO, the promoter and promoter-group holding was 91.28%. After the issue, promoter holding was expected to reduce to approximately 61.85%.
Q&T Foods IPO Management Team
Nishant Raj Gupta is identified as the Managing Director and promoter of the company.
| Name | Position |
|---|---|
| Nishant Raj Gupta | Managing Director |
| Khushbu Varshney | Promoter |
| Usha Gupta | Promoter |
| Rakesh Gupta | Promoter |
The management team is responsible for overseeing the company’s manufacturing, distribution and business expansion activities.
Q&T Foods IPO Registrar Details
| Particular | Details |
|---|---|
| Registrar | Skyline Financial Services Private Limited |
| Role | Registrar to the Issue |
| Phone | 011-26812682 |
| [email protected] | |
| Website | skylinerta.com |
Skyline Financial Services Private Limited acted as the registrar for the IPO and handled application and allotment-related processes.
Q&T Foods IPO Lead Manager Details
| Particular | Details |
|---|---|
| Lead Manager | Corporate Makers Capital Limited |
| Role | Lead Manager to the Issue |
| Market Maker | Prabhat Financial Services Limited |
| Listing Platform | BSE SME |
Corporate Makers Capital Limited acted as the lead manager, while Prabhat Financial Services Limited was appointed as market maker for the issue.
Q&T Foods Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Q&T Foods Limited |
| Registered Office | 361, Second Floor, Sector-1, Vaishali, Uttar Pradesh – 201010 |
| Manufacturing Location | Dasna, Ghaziabad, Uttar Pradesh |
| Phone | 9355612523 |
| [email protected] | |
| Website | qtfoods.in |
The company provides its registered-office and contact details through its corporate website.
How to Check Q&T Foods IPO Allotment Status
Investors who applied for the Q&T Foods IPO can check the allotment status through the registrar or the relevant exchange facility.
Through Skyline Financial Services
- Open the IPO allotment facility.
- Select Q&T Foods Limited.
- Choose the appropriate search method.
- Enter the PAN, application number or demat details.
- Complete the required verification.
- Submit the details to view the allotment status.
Through BSE
Investors can also check the IPO application status through the BSE platform using the required application details.
The basis of allotment was finalised on August 17, 2026, while refunds and demat credit were scheduled for August 18. The shares were listed on August 19, 2026.
Q&T Foods IPO Conclusion
Q&T Foods IPO offered investors exposure to a regional bakery-products manufacturer operating under the American Bakers brand.
The company has built a product portfolio covering bread, buns, pav, pizza bases, kulcha and other bakery products. Its manufacturing facility in Ghaziabad and dealer network provide the foundation for its distribution operations.
The financial performance has improved considerably. Revenue increased from ₹40.22 crore in FY2024 to ₹54.78 crore in FY2026, while PAT increased from ₹1.96 crore to ₹5.20 crore. EBITDA also increased to ₹8.37 crore in FY2026.
The company plans to use the IPO proceeds for machinery and equipment, working capital, repayment or pre-payment of borrowings and general corporate purposes. These investments are intended to strengthen manufacturing capabilities and support future growth.
At the same time, investors should consider the company’s leased manufacturing premises, customer concentration, raw-material exposure, competition, borrowings and disclosed legal matters.
The IPO was priced at ₹115 per share and received overall subscription of approximately 1.48 times. The shares ultimately listed at ₹115, providing no listing gain or loss against the issue price.
For long-term evaluation, investors should monitor revenue growth, capacity utilisation, margins, working-capital management, customer diversification, debt levels and the company’s ability to expand its American Bakers business.
Q&T Foods IPO FAQs
What is Q&T Foods IPO?
Q&T Foods IPO was a fixed-price SME public issue of Q&T Foods Limited comprising 22,82,400 fresh equity shares priced at ₹115 per share.
What was the Q&T Foods IPO price?
The Q&T Foods IPO issue price was ₹115 per equity share.
What was the Q&T Foods IPO issue size?
The total issue size was approximately ₹26.25 crore.
What was the Q&T Foods IPO lot size?
The lot size was 1,200 shares. The minimum SME retail application was two lots, or 2,400 shares, requiring ₹2,76,000 at the issue price.
When was the Q&T Foods IPO allotment date?
The basis of allotment was finalised on August 17, 2026.
When was the Q&T Foods IPO listing date?
Q&T Foods shares were listed on the BSE SME platform on August 19, 2026.
What was the Q&T Foods IPO listing price?
The shares listed at ₹115 per share, equal to the issue price.
What was the Q&T Foods IPO subscription status?
The IPO was subscribed approximately 1.48 times overall. Retail investors subscribed 2.64x, while the NII category subscribed 0.31x.
What was the Q&T Foods IPO GMP?
Unofficial GMP figures fluctuated before listing and reached higher levels during the pre-issue period. By listing day, the reported GMP was around ₹1. GMP is unofficial and does not guarantee the actual listing price.
What does Q&T Foods Limited do?
Q&T Foods Limited manufactures, markets, distributes and sells bakery products under the American Bakers brand, including bread, pav, buns, pizza bases and kulcha.
