What's the deal? Ghaziabad-based bakery maker Q&T Foods will open its initial public offering on August 12, 2026, aiming to raise up to Rs. 26.24 crore ($3 million) at Rs. 115 per equity share. The issue closes on August 14, 2026, with the company set to list on the BSE SME platform.
What's inside: The IPO is a fresh issue of 22,82,400 equity shares, with no offer for sale. The minimum bid lot is 2,400 shares, and Corporate Makers Capital is the lead manager.
What's the endgame? Q&T Foods, founded in 2018, makes breads, buns, pizza bases, and kulcha under its American Bakers brand, selling through a network of over 50 dealers. It plans to use proceeds to install machinery at its existing plant, fund working capital, and repay loans.
The numbers: For FY2026, revenue from operations reached Rs. 54.78 crore, up from Rs. 46.83 crore a year earlier. Profit after tax jumped 90.11% to Rs. 5.20 crore
Q&T Foods Subscription
| Category | Offered | Applied | Times |
|---|---|---|---|
| HNIs | 1083600 | 78000 | 0.07 |
| Individual | 1083600 | 1293600 | 1.19 |
| Total | 2167200 | 1371600 | 0.63 |
| Application-Wise Breakup | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (3-10L) | 301 | 19 | 0.06 |
| Individual | 452 | 537 | 1.19 |
Q&T Foods Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 2400 | 276000 | 452 |
| HNI | 3 | 3600 | 414000 | 301 |
Q&T Foods Reservation
| Category | Shares Offered | % |
|---|---|---|
| Total | 2282400 | 100% |
| HNI | 1083600 | 47.48% |
| INDIVIDUAL | 1083600 | 47.48% |
| Market Maker | 115200 | 5.05% |
Q&T Foods About
| Total Issue Size | 22,82,400 shares (aggregating up to ₹26.24 Cr) |
| Fresh Issue | 22,82,400 shares (aggregating up to ₹26.24 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Fixed Price Issue |
| Listing At | BSE SME |
| Share Holding Pre Issue | 4,79,6000 Equity Shares |
| Share Holding Post Issue | 70,96,000 Equity Shares |
| Reserved for Market Maker | 1,15,200 shares (aggregating up to ₹1.32 Cr) |
| Market Maker | Prabhat Financial Services Limited |
Key Performance Indicators (KPI)
| KPI | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 53.95% | 57.71% | 134.07% |
| ROCE | 70.88% | 60.69% | 85.45% |
| EPS (BASIC) | 10.84 | 5.83 | 4.26 |
| P/E Pre IPO | 10.61 | ||
| P/E Post IPO | 15.65 |
Company Financial (In ₹Crore)
| Period Ended | Mar-26 | Mar-25 | Mar-24 |
| Assets | 26.57 | 19.68 | 14.34 |
| Total Income | 54.78 | 46.83 | 40.22 |
| Profit After Tax | 5.20 | 2.74 | 1.96 |
| EBITDA | 8.37 | 4.82 | 3.77 |
| NET Worth | 12.24 | 7.04 | 2.44 |
| Reserves and Surplus | 7.44 | 2.24 | 2.34 |
| Total Borrowing | 11.05 | 10.11 | 9.84 |
Peer Comparison (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Q&T Foods Limited | 10.62 | 115.00 | 10.00 |
| Mrs. Bectors Foods Specialties Limited | 54.37 | 210.40 | 2.00 |
SOURCE:RHP,All the financial information for listed industry peers mentioned above is on a standalone basis sourced from the Annual Reports of the peer company uploaded on the BSE website for the year ended March 31, 2026. Information of our Company is based on restated financial information for the period ended March 31, 2026. P/E Ratio has been computed based on the closing market price of equity shares on the BSE on August 06, 2026 divided by the Basic EPS.
Peer Comparison (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Q&T Foods Limited | 25.51 | 42.49 | 10.83 |
| Mrs. Bectors Foods Specialties Limited | 38.29 | 10.11 | 3.87 |
About Company
Incorporated in August 2018, Q&T Foods Limited is a bakery products manufacturer engaged in the production, distribution, marketing, and sale of breads, buns, pizza bases, kulchas, pav, and other bakery products under its flagship brand "American Bakers." The company primarily caters to customers across Uttar Pradesh and nearby regions.
The company's product portfolio includes Milk Bread, White Bread, Brown Bread, Multigrain Bread, Burger Buns, Pav, Kulcha, Pizza Bases, and other bakery products. These products are distributed through a network of more than 50 dealers, serving retail outlets and local consumers.
Q&T Foods operates an ISO 22000:2018 and HACCP-certified manufacturing facility in Ghaziabad, Uttar Pradesh, spread across approximately 10,750 sq. ft. with an installed production capacity of 9,472 TPA. The company follows stringent quality control processes and sources key raw materials such as flour, sugar, yeast, edible oils, and additives from suppliers across Uttar Pradesh.
The company has reported steady business growth supported by expanding distribution reach and operational efficiencies, while continuing to strengthen the presence of its "American Bakers" brand in the regional bakery market.
Strength
Established regional bakery brand: The company has built a strong presence in the regional bakery market through its flagship brand, "American Bakers." Its established brand recognition supports customer trust and repeat demand across its operating markets.
Modern certified manufacturing facility: The company operates an ISO 22000:2018 and HACCP-certified manufacturing facility equipped with quality control systems. These certifications help ensure product quality, food safety, and compliance with industry standards.
Extensive distribution network: The company distributes its products through a network of more than 50 dealers across Uttar Pradesh and nearby regions. This distribution network supports market reach and timely product availability.
Risk Factors
Outstanding legal proceedings: The company and its promoters are involved in certain outstanding legal proceedings. Any adverse outcome could negatively affect the company's reputation, business operations, financial condition, and cash flows.
Dependence on leased manufacturing facility: The company's manufacturing facility operates on leased premises. Any inability to renew the lease or relocate the facility on commercially viable terms could adversely affect manufacturing operations and financial performance.
Customer concentration risk:A significant portion of the company's revenue is derived from a limited number of customers. Failure to retain these customers or maintain business relationships could adversely impact revenue and results of operations.
Q&T Foods Lead Manager(s)
- Corporate Makers Capital Ltd.
Q&T Foods Address
Q&T Foods Ltd. 1/361 SFVaishal iGhaziabad, Uttar Pradesh, 201010 Phone: +91-9355612523E-mail: cs@qtfoods.in
Website: https://www.qtfoods.in/
Q&T Foods Registrar
Skyline Financial Services Private Ltd
https://www.skylinerta.com/ipo.php
Skyline Financial Services Private Ltd D-153A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi -110020