NFP Sampoorna Foods
- NFP Sampoorna Foods is coming out with an initial public offering (IPO) of 44,60,000 shares in a price band of Rs 52-55 per equity share.
- The issue will open on February 04, 2026 and will close on February 06, 2026.
- The shares will be listed on SME Platform of NSE.
- The face value of the share is Rs 10 and is priced 5.2 times of its face value on the lower side and 5.5 times on the higher side.
- Book running lead manager to the issue is 3Dimension Capital Services.
- Compliance Officer for the issue is Babli.
Profile of the company
NFP Sampoorna Foods is a food processing and trading company engaged in the procurement, import, processing, grading, packaging, marketing, and distribution of dry fruits. The company’s product portfolio includes cashew nuts (raw and processed), makhana (fox nuts), almonds and Walnut, catering to domestic and regional markets through B2B, B2C and institutional channels. The company sources its Raw Cashew Nuts (RCN) directly from selected farms in African countries as well as from registered domestic importers, ensuring access to raw materials at competitive prices. These nuts are then processed in-house to produce cashew kernels in a variety of grades, delivering the crispiest and crunchiest cashews to wholesalers and households across India.
To address the growing demand for health-oriented foods, the company diversified its offerings. In August 2024, makhana was introduced, followed by almonds in March 2025 and Walnut in September 2025 (available exclusively through the B2C channel)-almonds and makhana available exclusively through the B2C channel to align with consumer preference for convenient and nutritious products. Furthermore, cashew nuts continue to be distributed through both Business-to-Business (B2B) and B2C channels, enabling the company to effectively cater to a wide range of customer segments and maximize market reach. The company procures makhana directly from smallholder farmers and aggregators in Bihar, the primary region for makhana cultivation in India. Almonds are sourced through importers, mandi traders, and bulk suppliers, primarily located in the Delhi NCR region and Walnuts are procured from the wholesalers present in Delhi market.
The company also adheres to quality control measures and has obtained certifications such as ISO 9001:2015 and ISO 22000:2018, underscoring its commitment to quality management and food safety. These certifications validate the company’s dedication to delivering dry fruits that meets international standards and customer expectations. The company operates in full compliance with FSSAI guidelines, ensuring that all products undergo rigorous quality checks at every stage of the supply and processing chain. Its unit situated at RIICO Industrial area Behror, Rajasthan, India, is well-equipped with plant and machinery to facilitate an efficient production process, including cleaning, grading, boiling, cooling, sorting, and packaging of products. All products are processed at its unit with utmost care and by way of natural process with scientific methods so as to retain the natural properties of the food. Its processing unit also is accredited with FSSAI license under Food Safety and Standards Act 2006.
Proceed is being used for:
- To meet working capital requirements of the company
- To prepayment or repayment of a portion of certain outstanding borrowings availed by the company
- General corporate purposes
Industry Overview
India is the fifth largest economy in the world and expected to be the fastest-growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The food processing sector has become a key contributor to India's economy over the past few years, thanks to progressive policy measures by the Ministry of Food Processing Industries (MoFPI). The sector has performed exceptionally well with an impressive average annual growth rate of 7.3% from 2015 to 2022. It has significantly contributed to Gross Domestic Product (GDP), employment, and investment. As of 2024, it contributes around 8.80% and 8.39% of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13% of India's exports and 6% of total industrial investment. India's diverse agro-climatic conditions allow for abundant production of cereals, pulses, fruits, and vegetables, making it a leading producer of various foods. As of 2024, the Indian food and grocery market is the world's sixth largest, with retail contributing 70% of the sales. The Indian food processing industry accounts for 32% of the country's total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. A strong food processing industry is essential for the nation to tackle food and nutritional security issues. Processed food offers convenience, extended shelf life, easy transport to remote areas, and improved accessibility, serving as a valuable source of nourishment. Additionally, it offers its farmers increased opportunities for better price realization and expanded selling prospects.
The Indian food processing sector offers a promising growth journey ahead and presents several opportunities with the sector being recognised as a key priority industry under the ‘Make in India’ initiative. The MoFPI has undertaken several initiatives aimed at enhancing infrastructure and fostering food processing industries to stimulate investment in this domain. The Indian Government has sought to involve multiple stakeholders to improve interactions between farmers, processors, distributors, and retailers to establish strong supply chains linking farmers to processing and marketing to empower them with nearby grading and storage facilities which will enhance the value of their products. There are substantial investment prospects totalling $2.36 billion across 31 projects under Common Infrastructure for Industrial Parks which includes facilities such as specialized processing units, effluent treatment plants, testing laboratories, common warehouses, and logistics support. Foreign investment opportunities in India's food processing sector are also promising due to favourable policies, a vast consumer market, and government initiatives focused on improving the sector's competitiveness and sustainability.
India is one of the largest populated countries in the world and is expected to continue having one of youngest populations in the world till 2030. The growing consumption of food is expected to reach $1.2 trillion by 2025-26, owing to urbanization and changing consumption patterns. The processed fruits and vegetables industry was valued at $15.4 billion in 2019. With heightened consumer awareness during lockdowns, there's increased demand for processed foods, especially in RTE/RTC, dairy, and fruit and vegetable segments. India's food processing sector's market size is estimated to more than double to Rs 60,40,300 crore ($700 billion) in 2030 from Rs 26,49,103 crore ($307 billion) in 2023, driven by growing demand for processed products, according to industry body PHD Chamber of Commerce and Industry (PHDCCI). According to the Viksit Bharat@2047 report, India's food processing sector will grow significantly, reaching $1,100 billion by FY35, $1,500 billion by FY40, $1,900 billion by FY45, and $2,150 billion by FY47.
Pros and strengths
Direct procurement network from Africa, Bihar & licensed importers: Direct Procurement Network spans key sourcing regions - Africa and registered domestic importers for Cashews, Bihar for Foxnuts, and licensed importers in the mandi markets of Delhi NCR for Almonds - leveraging regional diversity, local expertise, and strategic market access. By directly sourcing cashews and foxnuts from producers, it eliminates multiple layers of intermediaries, thereby ensuring fair pricing, greater traceability, and quality control. For almonds, it collaborates with a network of established and licensed importers operating in mandi markets, enabling it to maintain consistency in quality and pricing. This integrated procurement approach gives it end-to-end oversight across its supply chains, minimizes operational risks, reduces lead times, and enhances its ability to respond quickly to dynamic market demands.
Consistent year-round demand driven by long shelf life: It leverages the natural advantage of dry fruits’ consistent demand, it enjoys throughout the year. Unlike many fresh agricultural products that are highly seasonal and perishable, dry fruits can be stored for extended periods without significant loss of quality or nutritional value. This durability allows processors, distributors, and retailers to maintain steady inventory levels and supply across diverse markets and seasons. Consequently, dry fruits are less affected by seasonal fluctuations, enabling stable production planning and sales forecasting. Moreover, their availability year-round supports continuous consumer consumption, whether for daily snacking, cooking, gifting, or festive occasions, which helps companies achieve sustained revenue and growth.
Established client relationship: The company has built strong relationships with its clients by consistently delivering quality dry fruits. Its team focuses on understanding each client's needs through regular communication. It listens to their requirements, ensures timely deliveries, and offers support to help them with their procurement needs. This approach has led to many clients returning to it for repeat orders, which shows the trust they've placed in its products and services. It has discovered that its focus on quality and reliability has not only allowed it to meet immediate needs but also build long-term trust and confidence among its clients. As a result, its brand has gained a reputation in the market. The ongoing trust from its clients has played a key role in establishing its product’s presence and driving growth in the market.
Risks and concerns
Significant reliance on cashew sales: The company is significantly dependent on the sale of products, namely cashews. Any adverse change in the market, supply, or regulatory environment relating to cashews may materially affect its business, financial condition, cash flows, and reputation. The company derives a substantial portion of its revenue from the sale of cashews and cashew products, which accounted for around 97.82% of revenue for the period ended November 30, 2025 and 97.49% for the period ended March 31, 2025, 99.99% for the period ended from December 21, 2023 to March 31, 2024, 96.22% for the period ended from April 01, 2023 to December 20, 2023 and 100% for the period ended March 31, 2023. The company’s significant dependence on cashew sales exposes it to risks associated with fluctuations in demand, supply constraints, price volatility, changes in import/export regulations, and adverse climatic conditions affecting cashew production. Any reduction in demand for cashew products or disruption in their supply chain could have a material adverse effect on the company’s business, financial condition, results of operations, and cash flows.
Exposure to raw material supply disruptions and price fluctuations: The raw materials it uses in its processing process are primarily sourced from Africa, including countries such as Ghana, Ivory Coast, Benin, Togo, and Conakry and third-party suppliers in India which import from west African region. In addition, it usually does not enter into long-term supply contracts/ agreements with any of its raw material suppliers and typically sources raw materials from the open market. The absence of long-term contracts/agreements at fixed prices exposes it to volatility in the prices of raw materials that it requires and it may be unable to pass these costs onto its customers, which may reduce its profit margins. It may face a risk that one or more of its existing suppliers may discontinue their supplies to it, and any inability on its part to procure raw materials from alternate suppliers in a timely manner, or on commercially acceptable terms, may adversely affect its business, financial condition and results of operations.
Dependence on third-party transportation service providers: Its business relies on timely procurement of raw materials from its suppliers and prompt delivery of finished goods to its customers, particularly during peak demand periods such as festivals. To facilitate this, it depends on third-party transportation service providers. Any delay, inefficiency, or default on the part of these transporters may result in supply chain disruptions, delayed customer deliveries, and potential loss of business and goodwill, which could adversely affect its operations and financial performance. Moreover, fluctuations in fuel prices due to changes in government policies may lead to increased transportation costs. If it is unable to pass on such increased costs to its customers, it may adversely impact its margins and profitability. It has not entered into formal contracts or long-term agreements with these transportation service providers. Transportation arrangements are made based on mutual understanding and prevailing market rates. In the absence of binding contracts, it cannot assure the continuous availability of such services on favorable terms. Any such occurrence may adversely impact its business, results of operations, and financial condition.
Outlook
NFP Sampoorna Foods is a diversified and growing food processing and trading company engaged in the procurement, import, processing, grading, packaging, marketing, and distribution of dry fruits. The company’s core product portfolio includes cashew nuts (raw and processed), makhana (fox nuts), almonds and walnut, catering to domestic and regional markets through B2B, B2C and institutional channels. On the concern side, the company has a limited number of customers generating significant portion of revenue from sales. The loss of a key customer in a financial period could significantly reduce its revenue and could have a material adverse effect on its business, future prospects, results of operations and financial condition. Moreover, the company is exposed to risk of doing business in foreign countries due to the constantly changing economic, regulatory, social and political conditions in the jurisdictions in which it operates and seek to operate, which could adversely affect its business, financial conditions including margins and results of operations.
The company is coming out with a maiden IPO of 44,60,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 52-55 per equity share. The aggregate size of the offer is around Rs 23.19 crore to Rs 24.53 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 3,563.67 lakh whereas in FY24 it was Rs 2,300.36 lakh representing an increase of 54.92%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 267.41 lakh and for the year ended March 31, 2024 it was Rs 101.70 lakh representing an increase of 162.94%.
The company intends to strengthen its position in the healthy snacking segment by expanding its product offerings and enhancing processing capabilities. A key area of focus is the makhana (fox nut) category, which the company views as a high-potential growth vertical. To support this, the company intends to introduce value-added variants such as roasted, flavored, and vacuum-packed makhana targeted at health-conscious urban consumers seeking convenient and nutritious snack options. This strategic focus is expected to enhance the company’s market positioning by enabling it to tap into the rapidly growing demand for healthy, ready-to-eat snacks. Expanding the makhana portfolio with value-added products will allow the company to improve its gross margins, deepen brand engagement, and increase its share in the market. Further, the company is actively strengthening its brand and retail presence as a key pillar of its growth strategy. Leveraging increasing consumer demand for healthy snacking options, the company plans to scale up its existing retail brand through a multi-channel approach. This includes targeted expansion across leading e-commerce platforms such as Amazon, Blinkit and Mystore, as well as entry into modern trade outlets and footfall retail stores in metro and Tier I cities.
