Mumbai Dry Fruit Processor Eyes ₹44 Crore in BSE SME Debut

Fresh Issue Opens June 29

Adon Agro Commodities will launch its initial public offering on the BSE SME platform starting June 29, offering 62.90 lakh fresh equity shares in the ₹66 to ₹70 price band. The Mumbai-based processor and marketer of premium dry fruits and nuts expects to raise ₹44 crore from the listing, according to the company.

The firm processes almonds, cashews, walnuts, pistachios, and raisins sourced from the United Arab Emirates, Afghanistan, Chile, the United States, and Sri Lanka. It sells finished products under the Hunger Nuts brand through business-to-business channels, wholesale markets, modern retail stores, and e-commerce platforms.

Galactico Corporate Services serves as book running lead manager, with KFin Technologies appointed as registrar. Proceeds will fund working capital requirements and general corporate purposes.

Three-Year Revenue Jump

Adon Agro's revenue from operations climbed from ₹22 crore in fiscal 2023 to ₹103 crore in fiscal 2025. For the ten months ended January 2026, the company recorded ₹287 crore in operating revenue, according to Shubham Ratan Sharma, executive director at Adon Agro Commodities.

The growth trajectory follows the company's decision to establish its own processing facility at MIDC Mahape in Navi Mumbai. Jigisha Narayanswamy, executive director, noted that the in-house plant allows Adon Agro to control cleaning, grading, processing, and packaging operations directly.

Managing director Narayanswamy Venkitkrishnan highlighted the company's move to set up Adon Agro Trading LLC in Dubai as a step to strengthen international sourcing and move closer to origin markets.

India's Expanding Dry Fruit Sector

The Indian dry fruit market is expanding at a compound annual growth rate exceeding 10 per cent, according to Vishal Sancheti, chief executive officer at Galactico Corporate Services. Demand drivers include rising disposable incomes, health consciousness among urban consumers, and the integration of nuts into processed snacks and breakfast foods.

Adon Agro's multi-channel distribution model positions the company across wholesale Agricultural Produce Market Committee yards, modern retail chains, and digital marketplaces. The Hunger Nuts brand competes in a fragmented segment where unbranded and imported products still hold significant share.

The company's reliance on imports from six countries exposes it to currency fluctuations, geopolitical disruptions, and tariff changes. Afghanistan remains a key origin for certain nut varieties, while the UAE serves as a re-export hub for Middle Eastern and Central Asian produce.

Processing infrastructure in Navi Mumbai gives Adon Agro margin control compared to traders who outsource value-added services. The facility handles sorting, roasting, flavoring, and retail packaging, enabling the company to capture more of the value chain.

BSE's SME platform has seen increased activity from agro-processing firms seeking growth capital without the regulatory burden of a main-board listing. Smaller ticket sizes and faster approval timelines appeal to mid-sized processors looking to formalize supply chains and invest in branding.

Adon Agro's IPO adds to a pipeline of food and agriculture companies tapping public markets in 2026. Investor appetite for consumption-linked plays remains steady, though valuation discipline has returned after the exuberance of earlier years.

The ₹44 crore raise will test demand for a company still scaling operations and building brand recognition in a competitive category. Distribution reach, margin sustainability, and the ability to secure consistent supply at stable prices will shape Adon Agro's post-listing performance.