Q&T Foods IPO
Q&T Foods IPO was a fixed-price SME issue of ₹26.25 crore, consisting entirely of a Fresh Issue of 22,82,400 equity shares. The issue price was ₹115 per share, with a lot size of 1,200 shares. Individual investors were required to apply for a minimum of 2
Q&T Foods IPO Details
Q&T Foods IPO opened for subscription on August 12, 2026 and closed on August 14, 2026. The basis of allotment was finalized on August 17, refunds and share credits were initiated on August 18, and the shares were listed on the BSE SME platform on August 19, 2026. The issue price was ₹115 per share and the shares listed at ₹115 per share.
Q&T Foods IPO GMP
The reported grey-market premium for Q&T Foods IPO was approximately ₹1 around the listing date against the issue price of ₹115. This indicated an unofficial estimated price of approximately ₹116. The actual shares listed at ₹115 on August 19, 2026. GMP is unofficial and unregulated and should not be treated as a guaranteed indicator of listing performance.
Q&T Foods IPO Timeline (Tentative)
Q&T Foods IPO opened on August 12, 2026 and closed on August 14, 2026. The basis of allotment was finalized on August 17, followed by refund initiation and Demat credit on August 18. The shares were listed on the BSE SME platform on August 19, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Aug 12, 2026 |
| IPO Close Date | Fri, Aug 14, 2026 |
| Basis of Allotment | Mon, Aug 17, 2026 |
| Initiation of Refunds | Tue, Aug 18, 2026 |
| Credit of Shares to Demat | Tue, Aug 18, 2026 |
| Listing Date | Wed, Aug 19, 2026 |
| IPO Opens | August 12, 2026 |
| IPO Closes | August 14, 2026 |
| Basis of Allotment | August 17, 2026 |
| Refund Initiation | August 18, 2026 |
| Credit of Shares to Demat | August 18, 2026 |
| Listing Date | August 19, 2026 |
Q&T Foods IPO Lot Size
The Q&T Foods IPO lot size was 1,200 shares. Individual investors were required to apply for a minimum of 2 lots, or 2,400 shares, at ₹115 per share. The minimum application amount was therefore ₹2,76,000. Non-Institutional Investors could apply for a minimum of 3 lots, or 3,600 shares.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 2,76,000 |
| Retail (Max) | 2 | 2,400 | 2,76,000 |
| S-HNI (Min) | 3 | 3,600 | 4,14,000 |
| S-HNI (Max) | 8 | 9,600 | 11,04,000 |
| B-HNI (Min) | 9 | 10,800 | 12,42,000 |
Q&T Foods IPO Reservation
The issue included 1,15,200 equity shares reserved for the market maker. After the market maker reservation, the net issue comprised 21,67,200 shares, with 10,83,600 shares allocated to Non-Institutional Investors and 10,83,600 shares allocated to Retail Individual Investors.
Q&T Foods IPO Subscription
Q&T Foods IPO was subscribed approximately 1.48 times overall by the close of bidding. The Retail Individual Investor category was subscribed 2.64 times, while the Non-Institutional Investor category was subscribed 0.31 times.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | 0.31x |
| RII | 2.64x |
| Total | 1.48x |
About Q&T Foods
Q&T Foods Limited is a food-processing company engaged in the manufacturing, distribution, marketing and sale of bakery products, primarily in the savoury category. The company operates under the brand name "American Bakers" and offers products including breads, buns, pizza bases, Kulcha and Pav.
The company was originally incorporated as Q&T Foods Private Limited on August 29, 2018. It was subsequently converted into a public limited company and renamed Q&T Foods Limited in 2024.
Its product portfolio includes Milk Bread, White Bread, Brown Bread, Multigrain Bread, Burger Buns, Pav, Kulcha and Pizza Bases. The products are primarily targeted at local consumers in Uttar Pradesh and are distributed through a network of more than 50 dealers.
Q&T Foods operates an in-house manufacturing facility in Ghaziabad, Uttar Pradesh. The facility covers approximately 10,750 square feet and has an installed capacity of around 9,472 tonnes per annum. The facility is certified under ISO 22000:2018 and HACCP standards.
The company's business model covers production as well as distribution and marketing of bakery products. Its primary raw materials include flour, sugar, yeast, oils and additives, which are procured from suppliers in Uttar Pradesh.
Strengths
- Established presence in the regional bakery products market.
- Operates under the "American Bakers" brand.
- Product portfolio covers breads, buns, Pav, Kulcha and pizza bases.
- In-house manufacturing facility in Ghaziabad, Uttar Pradesh.
- Manufacturing facility has ISO 22000:2018 and HACCP certifications.
- Distribution network of more than 50 dealers.
- Experience of promoters and employees in the business.
- Revenue has increased consistently during FY2024 to FY2026.
- Profitability improved substantially in FY2026.
- Manufacturing capacity provides scope for servicing growing demand.
Risks to Consider
- The company is primarily concentrated in Uttar Pradesh and nearby markets.
- Dependence on a limited geographical market may affect growth if regional demand weakens.
- The company operates from a single manufacturing facility.
- Any disruption at the manufacturing facility could affect production and supply.
- Bakery products have a short shelf life, creating inventory and wastage risks.
- Prices of key raw materials such as flour, sugar, yeast and edible oil can fluctuate.
- The company faces competition from national bakery brands and local manufacturers.
- Customer concentration may affect revenue if relationships with major customers are lost.
- The company has significant borrowings compared with its net worth.
- The business requires working capital for inventories, receivables and daily operations.
- Changes in consumer preferences may affect demand for individual bakery products.
- The company and its promoters are subject to certain legal proceedings.
- Expansion and capacity-related expenditure involve execution risks.
Q&T Foods Financials (₹ Cr)
Q&T Foods recorded consistent revenue growth between FY2024 and FY2026. Revenue from operations increased from ₹40.22 crore in FY2024 to ₹54.78 crore in FY2026, while PAT increased from ₹1.96 crore to ₹5.20 crore. Net worth increased from ₹2.44 crore to ₹12.24 crore during the same period.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | 40.22 | 1.96 | 14.34 | 2.44 |
| FY2025 | 46.83 | 2.74 | 19.68 | 7.04 |
| FY2026 | 54.78 | 5.20 | 26.57 | 12.24 |
KPIs & Valuation
At the issue price of ₹115, Q&T Foods reported FY2026 basic EPS of approximately ₹10.84 and post-IPO EPS of approximately ₹7.35. The corresponding pre-IPO and post-IPO P/E ratios were approximately 10.61x and 15.65x. FY2026 ROE was 53.95%, ROCE was 70.88%, RoNW was 42.49% and NAV was approximately ₹25.52 per share.
Objects of the Issue
The company proposed to utilise the Net Proceeds from the Fresh Issue towards capital expenditure for equipment and machinery at its existing manufacturing facility, working-capital requirements, repayment or prepayment of certain borrowings and general corporate purposes.
- The company proposed to utilise the IPO proceeds for:
- Purchase of equipment and machinery for the existing manufacturing facility – approximately ₹4.42 crore.
- Part-financing of working-capital requirements – approximately ₹7.50 crore.
- Repayment or prepayment, in full or in part, of certain outstanding borrowings – approximately ₹6.75 crore.
- General corporate purposes – approximately ₹3.92 crore.
- Meeting issue-related expenses from the issue proceeds.
Promoters, Lead Managers & Registrar
Q&T Foods Limited is promoted by Nishant Raj Gupta, Khushbu Varshney, Usha Gupta and Rakesh Gupta. Corporate Makers Capital Limited acted as the Book Running Lead Manager, while Skyline Financial Services Private Limited acted as the Registrar to the Issue. Prabhat Financial Services Limited acted as the market maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Skyline Financial Services Private Limited |
|---|---|
| Phone | 011-40450193-197 |
| ipo@skylinerta.com | |
| Website | https://www.skylinerta.com/ |
Q&T Foods IPO Review
Q&T Foods reported revenue from operations of ₹40.22 crore in FY2024, ₹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 increased from approximately ₹3.77 crore in FY2024 to ₹4.82 crore in FY2025 and ₹8.37 crore in FY2026. Net worth increased from ₹2.44 crore in FY2024 to ₹7.04 crore in FY2025 and ₹12.24 crore in FY2026.
The company has shown consistent growth in revenue over the reported financial periods. Profitability also improved significantly in FY2026, supported by higher revenue and an improvement in operating margins.
Q&T Foods has a focused product portfolio covering everyday bakery products such as breads, buns, Pav, Kulcha and pizza bases. Its American Bakers brand and dealer network provide access to consumers primarily in Uttar Pradesh and surrounding markets.
The company operates an in-house manufacturing facility in Ghaziabad with an installed capacity of approximately 9,472 tonnes per annum. The planned investment in equipment and machinery is intended to support the existing manufacturing operations.
A significant portion of the IPO proceeds was proposed for working capital. This is important for the company's business because bakery manufacturing requires regular expenditure on raw materials, production, inventory and distribution.
At the issue price of ₹115, FY2026 basic EPS was approximately ₹10.84. Based on the pre-issue share capital, the pre-IPO P/E was approximately 10.61x. The reported post-IPO EPS was approximately ₹7.35, resulting in a post-IPO P/E of approximately 15.65x.
For FY2026, Q&T Foods reported ROE of 53.95%, ROCE of 70.88%, EBITDA margin of 15.27%, PAT margin of 9.49%, RoNW of 42.49% and NAV of approximately ₹25.52 per share.
Investors should also consider the company's regional concentration, dependence on raw-material prices, short shelf life of bakery products, customer concentration, borrowings and competitive environment before evaluating the business.
How to Apply
Q&T Foods IPO applications could be made through the applicable ASBA and UPI-supported IPO application process. Individual investors were required to apply for a minimum of 2 lots, or 2,400 shares, requiring ₹2,76,000 at the issue price of ₹115.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Q&T Foods IPO.
- Enter the required number of lots.
- Enter the issue price of ₹115.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the mandate using your UPI PIN.
- The application amount will remain blocked in your bank account until the allotment process is completed.
Prospectus & Documents
Investors can refer to Q&T Foods Limited's official website and IPO documents for information relating to the public issue, business operations, financial statements, risk factors, objects of the issue, capital structure and other statutory disclosures. The company's public issue announcement identifies www.qtfoods.in as its website and Corporate Makers Capital Limited as the lead manager's website for the issue documents.
Last updated Sep 1, 2026.