Amir Chand Jagdish Kumar (Exports)

• Amir Chand Jagdish Kumar (Exports) is coming out with a 100% book building; initial public offering (IPO) of 2,18,90,547 shares of face value Rs 10 each in a price band Rs 201-212 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on March 24, 2026 and will close on March 27, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 20.10 times of its face value on the lower side and 21.20 times on the higher side.
• Book running lead managers to the issue are Emkay Global Financial Services and Keynote Financial Services.
• Compliance Officer for the issue is Sadhna Khurana.

Profile of the company

Amir Chand Jagdish Kumar (Exports) is a processor and exporter of basmati rice and other FMCG products in India. Leveraging the extensive expertise of its Promoters, the company benefits from over four decades of experience in the basmati rice industry in India. The company is one of the few Indian companies with fully integrated operations with a presence across the basmati rice value chain, with operations that include procurement, storage, processing, marketing and sales. In addition, the company has also diversified into FMCG products, offering staples and essential kitchen supplies such as aata, maida, sooji, besan, salt and sugar, it markets its products under its flagship registered and trademarked brand ‘AEROPLANE’, with more than 40 different subbrands for various products, including without limitation, ‘Aeroplane La-Taste’, ‘Aeroplane Classic’, ‘Ali baba’, ‘World Cup’ and ‘Jet’.

Its products are broadly categorized into two segments: (i) rice and (ii) FMCG. The products in its rice segment comprise of basmati rice and other specialty rice, such as kolam rice, sona masuri, idli rice and ponni rice. It derives a majority of its revenue from its basmati rice products. Basmati rice, famous for its aroma and long grains, is a premium variety and one of the most prized varieties of rice.  Leveraging its existing market presence, distribution networks, quality control expertise, procurement efficiencies and brand recognition, it has recently expanded into FMCG products. Products in its FMCG segment comprise of kitchen essential supplies, including wheat flour (atta), refined wheat flour (maida), gram flour (besan), instant phirni, idli rice flour, salt, semolina (sooji) and sugar.

Its products are sold through its distributors to the end customers and also directly by it to institutional consumers, retail chains and through the company’s website, other e-commerce sites and quick commerce channels. It has also established a strong sales and distribution network in its international markets and in India, which has enabled it to cater and service the consumer demand. 

Proceed is being used for:

• Funding working capital requirements
• General corporate purposes

Industry overview

India's agricultural landscape is characterized by cultivation of wide range of crops, catering to domestic consumption and international trade. Among these crops, rice holds a significant share of 35%. India is a major player in the global rice market as an exporter. Basmati rice, famous for its aroma and long grains, is one of the most prized varieties, with significant exports. Basmati rice from India has been granted a Geographical Indication (GI) tag, recognizing its unique identity and ensuring protection against counterfeit products in international markets. The GI tag covers Basmati rice grown in specific regions of Punjab, Haryana and Delhi.

India, being the leading exporter of Basmati Rice to the global market, exported 60,65,500 MT of Basmati Rice (increased by 16% as against the previous year) to the world for the worth of Rs 50,312 crore/ $5,944 million. during the year 2024-25. During the year 2023-24, the country exported 52,42,000 MT of Basmati Rice (increased by 15% as against the previous year) to the world for the worth of Rs 48,389.20 crore/ $5,837.12 million), with increased year-on-year percentage share of countries like Iraq, Oman, UK, Qatar, Saudi Arabia, USA and Kuwait. Similarly, during the year 2022-23, the country exported 45,58,972 MT of Basmati Rice (increased by 15% as against the previous year) to the world for the worth of Rs 38,524.10 crore/ $4,787.50 million.

In FY25, India’s rice production was around 149 million tonnes, and basmati rice production was around 1 million tonnes. Out of which, nearly two-thirds of the Basmati rice sold domestically is still distributed in loose form. As per industry sources, only around 19% of the urban households opt for packaged Basmati rice, indicating significant untapped potential for growth within the packaged segment of the domestic market. Governments worldwide are working to ease trade regulations, stabilise exports, and adopt climate-resilient agricultural practices to strengthen food security and enhance market competitiveness. A key focus is on developing high-yield and disease-tolerant rice varieties to counter the impact of climate change. Sustainable farming methods such as direct-seeded rice (DSR), precision agriculture, and organic cultivation are gaining prominence to conserve water, improve soil fertility, and boost productivity. 

Pros and strengths

One of India’s leading producers and exporters of basmati rice: The basmati rice industry in India is predominantly organized, with around 30-40% of production being managed by major players. It, through its Promoter, launched its anchor brand, ‘Aeroplane’, in India over 40 years ago, which serves as its primary identity in the market. In order to meet a varied range of customer needs in the market, its brand has been expanded through more than 40 different sub-brands, including without limitation, ‘Aeroplane La-Taste’, ‘Aeroplane Classic’, ‘Ali baba’, ‘World Cup’ and ‘Jet’. Despite low advertising and marketing expenses incurred during the past three years, it ranks 3rd among its peers. It is among the few Indian branded rice processors who have ventured into FMCG staples. Furthermore, it is able to sell its products directly to end-customers via its D2C operations, whether through its sales team or through the company’s website.

Strong procurement capabilities and location advantage: Its network of procurement agents spread across the basmati paddy producing regions of northern India enables it to effectively procure quality paddy at competitive prices in a timely manner. It has developed an effective procurement strategy and mechanism through its well-established relationships with procurement agents as well as the knowledge and experience of its Promoters and the senior management regarding basmati paddy production areas, cultivation cycles and practices followed by farmers. Its large operations, effective procurement mechanism and timely payment to procurement agents have over the years enabled it to establish significant goodwill among the procurement agents. Its manufacturing and processing facilities are strategically located in the states of Punjab and Haryana and its packaging facility is located in New Delhi, in close proximity to the basmati paddy producing regions of northern India, including the basmati paddy mandis in the states of Haryana, Punjab and Madhya Pradesh. This strategic location minimizes transit time for shipments and enhances its operational efficiency.

Integrated operations with well-established quality control system and modern equipment:  The company is one of the few Indian companies with fully integrated operations with a presence across the basmati rice value chain, with operations that include procurement, storage, processing, packaging, branding, marketing and distribution. Such integration provides it with several competitive advantages and allows it to benefit from economies of scale, facilitate efficient supply chain and inventory management and maintain greater control on the quality of its products. Its well-established quality control system spans across procurement, processing and delivery of its products. Its quality control procedures include both internal processes wherein in-process sampling is undertaken at each stage, as well as external checks, through verification of goods prior to dispatch. The company uses modern equipment in its manufacturing process. In particular, its Unit I is equipped with automated machinery imported from Japan, Germany and the United States. Its Unit II is equipped with automated machinery imported from Japan. These automated machinery streamlines various stages of production, from cleaning and dehusking to polishing, grading, sorting and packaging.

Wide distribution network in India enabling to efficiently penetrate major markets: The company has a pan-India presence with its extensive sales and distribution network that allows it to target a wide range of consumers and ensure effective penetration of its products and marketing campaigns. Its business is primarily driven by its business-to-consumer (B2C) operations, wherein its products reach its consumers through its extensive distribution network. Its B2C operations comprise of general trade channels, modern trade channels and e-commerce channels. It services its general trade channel via its distributors. Other than B2C operations, it also sells its products directly to end-customers through its D2C operations, which mainly comprise sales to institutional customers, such as hotels, hospitals, flight, caterers, etc., through its sales team and to end-consumers through the company’s website.

Risks and concerns

Dependence on procurement agents for raw material sourcing: The company relies on procurement agents to procure sufficient raw materials of the desired quality for its processing requirements. Pursuant to legislations enacted by the state governments, only licensed agents that are authorized to procure paddy from mandis, can procure such paddy directly from farmers. It holds the requisite license to procure paddy from mandis and do procure part of its raw materials directly from mandis through its internal procurement personnel. However, due to the large volume of its raw materials procurement, it also relies on third-party procurement representatives and agents for procurement of raw materials from mandis. As of February 28, 2026, its procurement network included over 325 procurement agents spread across the states. Further, it does not have long-term contracts with its procurement agents and engage them by way of purchase orders. Any failure on the part of such agents to procure, in a timely manner, the desired quality and quantity of raw materials at commercially favourable terms, may adversely affect its operations.

Revenue dependence on top 10 customers: It relies and expects that it will continue to be reliant on its top 10 customers for a substantial portion of its revenue. The company is significantly dependent on its top 10 customers, which contributed 45.03%, 47.81%, 43.08%, and 47.91% of its revenue from operations for the six-month period ended September 30, 2025, and Fiscals 2025, 2024, and 2023, respectively. The loss of any of its top 10 customers for any reason including due to limitation to meet any change in quality specification, change in technology; regulatory changes, disputes with a customer; adverse changes in the financial condition of its customers, such as possible bankruptcy or liquidation or other financial hardship or a reduction in the demand for its products by any of its top customers could have a material adverse effect on its business, results of operations, cash flows and financial condition.

Heavy reliance on rice products for revenue: The company derives a substantial majority of its revenue from the sale of rice products. It is significantly dependent on this segment, which contributed 99.39%, 99.07%, 99.04%, and 98.73% of its revenue from operations for the six-month period ended September 30, 2025, and for Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Any decline in demand for rice products could adversely impact the company’s business, financial condition, results of operations, and cash flows.

Price volatility in basmati rice industry: The basmati rice industry is cyclical and is dependent on the basmati harvest, which occurs generally from September to January, although the specific months may vary each year depending on weather and other unpredictable factors. Its major raw material procurement generally beings in September and continues until March of the following year. However, the raw materials purchased is processed throughout the year. Following processing, there is a long period before the basmati rice is ready for sale. This is a unique feature of the basmati rice processing industry, where the quality of basmati rice being processed improves with age. Due to the higher market price of aged basmati rice, a significant amount of time passes between when it purchases raw materials and sells finished basmati rice. Depending on the market segments of its finished products, its raw materials, namely basmati paddy and unfinished rice is aged between 3 to 24 months. Its average holding period for raw materials is approximately nine months. During this period of aging, the price of basmati rice may fluctuate. Basmati rice is subject to price fluctuations due to weather, natural disasters, domestic and foreign trade policies, shifts in supply and demand and other factors beyond its control. Any decrease in the market price of Basmati rice between purchasing raw materials and selling Basmati rice may adversely affect its financial condition.

Outlook

Amir Chand Jagdish Kumar (Exports) is a processor and exporter of basmati rice and other FMCG products in India. It caters to domestic and export markets and have a pan-India presence with extensive sales and distribution network that allows it to target a wide range of consumers and ensure effective penetration of its products and marketing campaigns. A significant portion of its revenue from operations is generated from export sales, with a focus on Middle East. On the concern side, a significant portion of its income is derived from its export of basmati rice, which may be dependent on the policies passed by the Government of India and the governments of the countries where it exports and any unfavorable change in such policies may adversely affect its business. further, its relationship with its distributors is critical to its business. It does not enter into long-term arrangements with its distributors, and it cannot assure that it will be able to sell the quantities it has historically supplied, which could have an adverse impact on its sales, business growth and prospects, results of operations and financial condition.

The issue has been offering 2,18,90,547 shares in a price band of Rs 201-212 per equity share. The aggregate size of the offer is around Rs 440 crore to Rs 464.08 crore based on lower and upper price band respectively. Minimum application is to be made for 70 shares and in multiples thereon, thereafter. On performance front, its revenue from operations grew by 29.18% from Rs 15,495.24 million in Fiscal 2024 to Rs 20,016.47 million in Fiscal 2025. Restated profit after tax increased by 100.04% from Rs 304.05 million in Fiscal 2024 to Rs 608.22 million in Fiscal 2025

Meanwhile, it has presence in most of the metros, tier 1 and tier 2 cities across India. It intends to continue to increase the penetration of all its products in the Indian market to establish a greater presence. In particular, it plans to prioritize geographical expansion in tier 3 and tier 4 cities. Simultaneously, it intends to increase its market share in tier 1 and tier 2 cities across India. To increase penetration of its products under general trade channel, it intends to appoint new distributors, particularly distributors in tier 3 and tier 4 cities, to widen its distribution network geographically. It intends to increase the number of its distributors in India from over 431 as at February 28, 2026 to over 700 by the end of Fiscal 2028. To further its reach under modern trade channel, it intends to partner with additional retail players (including smaller retail chains) and HORECA players, particularly in tier 3 and tier 4 cities.