NFP Sampoorna Foods Limited is a Delhi-based FMCG company engaged in the processing of raw cashew nuts into finished cashew kernels of various grades, and the broader trading of dry fruits . The company traces its origins to M/s Nut and Food Processor, a partnership firm established on October 30, 2019 by Deepak Gupta and Nitish Gupta . The firm was subsequently acquired by current promoters Yashvardhan Goel and Praveen Goyal, who expanded the business — with turnover growing 140% from Rs. 309.19 lakhs in FY2021 to Rs. 748.68 lakhs in FY2022 . The entity was converted into a public limited company and received its Certificate of Incorporation on December 13, 2023 (CIN: U10793HR2023PLC117207), with partnership-era assets and liabilities transferred via an issuance of 51,41,152 equity shares at Rs. 10 per share .
The company's product portfolio spans cashews, makhana (fox nuts), almonds, and walnuts . Raw cashew nuts are sourced directly from African farms and domestic importers, while makhana, almonds, and walnuts are procured through region-specific supplier networks . The business model is diversified across B2B, B2C, and institutional customer segments within domestic Indian markets . The registered and corporate office is at Kirti Nagar, New Delhi, with a manufacturing facility at RIICO Ghiloth Industrial Area, Neemrana, Rajasthan, and a trading branch at Khari Baoli — India's largest wholesale dry fruit market .
Yashvardhan Goel serves as Managing Director and Praveen Goel as Chairman . The company employs over 150 professionals and holds ISO 9001:2015 and ISO 22000:2018 certifications . In June 2025, it acquired Yashvardhan Food Industries Private Limited as a wholly owned subsidiary . For FY March 2025, the company reported revenue of Rs. 35.76 crores and PAT of Rs. 2.67 crores . The company has launched a BSE SME IPO with a total issue size of Rs. 25 crores .
NFP Sampoorna Foods Ltd operates as a single-segment food processing and trading enterprise focused on dry fruits and nuts, with cashew nuts forming the dominant revenue driver. The company's portfolio encompasses raw and processed cashew kernels across multiple grades, makhana (fox nuts), almonds, walnuts, and raisins. Distribution spans B2B, B2C, and institutional channels, positioning the company as a vertically integrated processor-distributor rather than a pure-play retailer.
Cashew Processing — Core Segment
Cashew kernel processing constitutes the overwhelming majority of business activity. Raw cashew nuts are procured primarily via imports from Africa, processed into finished kernels, and distributed in graded form. Raw material consumption of Rs 2,129.16 Lakhs in FY2024 against total revenues of Rs 2,300.36 Lakhs implies a raw material intensity of approximately 93%, underscoring the thin-spread, volume-driven nature of cashew processing economics.
Revenue Growth Trajectory
Revenue from operations expanded 37.4% year-on-year to Rs 2,300.36 Lakhs in FY2024 from Rs 1,674.68 Lakhs in FY2023. Growth accelerated further in FY2025, with revenues reaching approximately Rs 3,580 Lakhs — implying a ~56% year-on-year increase — reflecting both volume scale-up and an improving mix.
Margin Profile
EBITDA margins improved materially from 4.65% in FY2023 to 11.21% in the April–December 2023 sub-period, before moderating to 9.56% in the January–March 2024 sub-period, suggesting some seasonal or cost-driven variability. PAT margin rose from 2.48% in FY2023 to 5.09% in April–December 2023. PAT on a full-year basis jumped 62% to Rs 103.74 Lakhs in FY2024, and accelerated further to Rs 267.41 Lakhs in FY2025, a 163% increase, signalling operating leverage beginning to materialise at scale.
Data gap: Segment-level revenue breakdown between cashew, makhana, and other dry fruits — no verified source available. Recent product launches or portfolio discontinuations over FY2023–FY2025 — no verified source available.
| Fact ID | Source |
|---|---|
| fact_001 | sampoornanuts.com (official company website) |
| fact_002 | India Infoline — Management Discussion & Analysis |
| fact_003 | sampoornanuts.com; Torus Digital |
| fact_004 | India Infoline — Management Discussion & Analysis |
| fact_005 | India Infoline — Management Discussion & Analysis |
| fact_006 | India Infoline — Management Discussion & Analysis |
| fact_007 | India Infoline — Management Discussion & Analysis |
| fact_012 | India Infoline — Management Discussion & Analysis |
| fact_013 | India Infoline — Management Discussion & Analysis |
| fact_014 | Moneyworks4me (January 2026) |
| fact_015 | Tracxn (January 2026) |
India's food processing sector is a structurally large and increasingly formalized industry. The market reached Rs. 30,49,800 crore (US$ 354.5 billion) in 2024 and is projected to expand to Rs. 45,84,415 crore (US$ 535 billion) by end of FY26 . A longer-dated projection from IMARC puts the industry at US$ 735.5 billion by 2032, implying a CAGR of 8.8% from a 2023 base of US$ 336.4 billion . The sector contributes 8.80% of manufacturing GVA and 8.39% of agricultural GVA, while representing 13% of India's total exports and 6% of aggregate industrial investment . India's food and grocery market ranks sixth globally, with the food processing segment accounting for 32% of that market and holding a fifth-place global position by production, consumption, and expected growth . The dry fruits and nuts sub-segment in which NFP Sampoorna Foods operates is underpinned by India's dominant agricultural base — the country leads global milk production with a 25% share, ranks second in vegetables, fruits, and eggs, and is the world's largest spice producer at 11.80 million tonnes in FY24 .
The sector's AAGR of approximately 7.26% over the past seven years reflects durable demand tailwinds including urbanization, premiumization of food consumption, and growth in organized retail . On the export side, processed food exports have compounded at 15% CAGR over five years, with food exports expected to reach US$ 61 billion in 2024 . NFP's direct sourcing of Raw Cashew Nuts (RCN) from African farms positions the company to benefit from this export-linked supply chain and margin optimization opportunity .
The food processing sector benefits from relatively low cyclicality given its staple consumption base, though commodity-linked sub-segments such as cashew and dry fruits carry input price volatility tied to global agricultural cycles. The regulatory environment is actively supportive: the PLI Scheme for Food Processing carries a total outlay of Rs. 10,900 crore, with approved applicants committed to over Rs. 9,700 crore in investments . The PMKSY scheme has cumulatively operationalized 1,185 of 1,618 approved projects, mobilizing over Rs. 21,900 crore in investment and generating 7.22 lakh direct and indirect jobs . The government has also targeted a US$ 10 billion increase in food processing exports by 2025 .
NFP Sampoorna Foods is positioned as a B2B and B2C cashew and dry fruits trader operating at Khari Baoli — India's largest spice and dry fruits wholesale market — with a processing facility in RIICO's Ghiloth Industrial Area, Rajasthan . Its ISO 9001:2015 and ISO 22000:2018 certifications support institutional buyer access and premium positioning . The company's revenue scaled from Rs. 748.68 lakhs in FY22 to Rs. 1,674.68 lakhs in FY23, representing a trajectory consistent with broader sector formalization trends . Maharashtra, Uttar Pradesh, and Gujarat dominate regional processing activity, though Delhi-NCR's role as a key trading hub directly supports NFP's wholesale and distribution franchise .
Data gap: Sub-segment TAM for dry fruits and cashew specifically — no verified source available.
NFP Sampoorna Foods Limited operates in India's healthy snacking segment, a category characterised by fragmented competition, low barriers to entry, and increasing consumer orientation toward branded, processed dry fruits and nuts . As a recently converted public company incorporated in December 2023 and listed on NSE's SME Platform in February 2026, the company competes across a broad spectrum — from unorganised regional processors to large FMCG conglomerates .
At the SME level, direct comparators identified in IPO disclosures include CKK Retail, Astron Multigrain, SSMD Agrotech, Shreeji Global, DSM Fresh, Solvex Edibles, Shivashrit Foods, and Sawaliya Food — all operating in dry food processing or FMCG distribution . At the broader sector level, dominant FMCG incumbents such as Hindustan Unilever (market cap ~Rs 5,58,380 crore; PE 53.09x), Nestle India (~Rs 2,49,687 crore; PE 83.38x), Britannia Industries (~Rs 1,41,802 crore; PE 61.59x), and Godrej Consumer Products (~Rs 1,26,145 crore; PE 96.54x) define the valuation ceiling for the sector .
| Dimension | NFP Sampoorna Foods | Large FMCG Peers |
|---|---|---|
| Market Cap | Sub-scale (SME listed) | Rs 1.26L – 5.58L crore |
| PE Ratio | 13.28x | 53x – 97x |
| Sector Avg PE | 17.18x (FMCG) | — |
| Product Focus | Nuts, makhana, dry fruits | Diversified FMCG |
| Distribution | B2B, B2C, institutional | Pan-India, modern trade |
NFP Sampoorna Foods trades at a notable discount to the sector average PE of 17.18x , reflecting its early-stage scale and limited brand equity relative to peers. Its product portfolio — cashew kernels, makhana, almonds, and walnuts — is differentiated by direct farm-level procurement from African origins and Bihar-based makhana sourcing, supporting input cost control . In-house cashew processing across multiple kernel grades provides modest operational integration .
The company's competitive moat rests on its direct procurement network and multi-channel distribution spanning B2B, B2C, and institutional customers . The June 2025 acquisition of Yashvardhan Food Industries as a wholly owned subsidiary signals a deliberate capacity expansion strategy . However, the durability of these advantages is constrained by the ease with which regional peers can replicate direct sourcing relationships and the absence of a nationally recognised consumer brand.
Key structural risks include the seasonal availability of raw cashew nuts and makhana, regulatory complexity in food processing, and an intensely competitive market that limits pricing power . The valuation discount relative to sector peers, while offering upside optionality, also reflects investor caution around scale, brand building, and execution risk at the SME stage .
NFP Sampoorna Foods occupies a narrow but defensible niche within the organised dry-fruit processing segment, supported by direct sourcing, in-house processing, and recent inorganic expansion. However, its competitive position relative to larger FMCG incumbents remains limited by sub-scale operations, nascent brand recognition, and exposure to commodity input cycles. Near-term competitive durability will depend on management's ability to deepen distribution reach and sustain procurement cost advantages as the company scales post-IPO .
Data gap: Independent market share data for NFP Sampoorna Foods and direct SME competitors — no verified third-party source available.
NFP Sampoorna Foods Ltd delivered a dramatic revenue inflection in FY2025, with net sales surging to Rs 35.64 crores from Rs 6.00 crores in FY2024 — a near-6x expansion year-on-year . This trajectory signals a step-change in commercial scale for the company, which was incorporated in 2019 and operates in the premium dry fruits segment, with a core focus on cashew nut processing and distribution . The growth appears predominantly organic, driven by the ramp-up of processing capacity and distribution reach, with no inorganic transactions identified in the verified data.
| Metric | FY2024 | FY2025 |
|---|---|---|
| Net Sales (Rs Cr) | 6.00 | 35.64 |
| Total Expenditure (Rs Cr) | 5.42 | 30.93 |
| Operating Profit / EBIT (Rs Cr) | 0.57 | 4.71 |
| EBITDA (Rs Cr) | — | 4.83 |
| Interest Expense (Rs Cr) | 0.25 | 0.92 |
| Depreciation (Rs Cr) | 0.07 | 0.31 |
Operating profit expanded from Rs 0.57 crores to Rs 4.71 crores in FY2025 , while EBITDA stood at Rs 4.83 crores . The operating profit margin has remained broadly stable at approximately 9.5% across both periods , indicating that the revenue scale-up was achieved without meaningful margin dilution — a constructive sign of operating leverage management. Manufacturing expenses increased from Rs 0.51 crores to Rs 1.75 crores , broadly in line with volume growth, while depreciation rose to Rs 0.31 crores from Rs 0.07 crores , reflecting capital additions to support expanded throughput.
Interest expense nearly quadrupled to Rs 0.92 crores in FY2025 , consistent with a debt-to-equity ratio of 1.35x recorded in FY2024 , suggesting the company has funded capacity expansion through incremental leverage. Return metrics deteriorated between FY2023 and FY2024, with ROE declining to 2.58% and ROCE to 4.69% , though FY2025 operating profit expansion should materially improve these ratios going forward. The effective tax rate is approximately 25.52% .
Data gap: Gross profit and net income figures for FY2024 and FY2025 — no verified source available. Segment-level revenue breakdown — no verified source available.
NFP Sampoorna Foods has expanded its asset base materially over the review period. Total assets stood at ₹16.68 crores in FY24 , grew to ₹27.02 crores in FY25 , and reached ₹44.02 crores as of November 2025 at the time of the IPO filing . This near-tripling of the balance sheet over roughly 20 months reflects both operational scale-up and IPO-related capitalization. Net worth correspondingly improved from ₹6.35 crores in FY24 to ₹9.05 crores in FY25 and further to ₹15.70 crores by November 2025 , supported by retained earnings and IPO proceeds.
Data gap: Tangible vs. intangible asset split and fixed asset schedule — no verified source available. The June 2025 share-swap acquisition of Yashvardhan Food Industries may introduce goodwill on consolidation; no consolidation-level balance sheet has been verified.
Total borrowings have escalated progressively: ₹8.52 crores in FY24 , ₹11.53 crores in FY25 , and ₹24.94 crores by November 2025 . The sharp pre-IPO debt build reflects capex financing ahead of the IPO, with the company earmarking ₹9.50 crores of IPO proceeds (from a total raise of ₹24.53 crores) specifically for debt prepayment .
Interest expense rose from ₹0.25 crores in FY24 to ₹0.92 crores in FY25 , implying an effective cost of debt of approximately 8% on FY25 average borrowings. The Debt-to-CFO ratio worsened from 6x in FY24 to 8.6x in FY25 , underscoring elevated leverage relative to cash generation capacity.
Data gap: Debt maturity profile and lender-wise breakdown — no verified source available.
Reported current ratios of 3.45x and 8.60x across recent periods suggest headline liquidity comfort ; however, when short-term loans are included in current liabilities, the adjusted current ratio compresses sharply to 0.90x–1.48x , signalling meaningful short-term debt pressure. Quick ratios of 2.26x–4.77x indicate reasonable liquid asset coverage on a trade-payables basis.
Operating cash flow remained subdued at ₹1.4 crores in FY24 and ₹1.3 crores in FY25 — a notable disconnect from PAT of ₹2.69 crores in FY25 , pointing to significant working capital absorption accompanying the near-fivefold revenue ramp .
The balance sheet is operationally stretched. Pre-IPO net leverage was elevated at approximately 1.6x net worth. Post-IPO debt prepayment of ₹9.50 crores provides meaningful deleveraging headroom, with ROCE having already improved sharply to 25.6% in FY25 from 3.4% in FY24 . Sustained CFO improvement remains the critical near-term catalyst for balance sheet normalization.
NFP Sampoorna Foods Ltd entered the public markets at a meaningful discount to large-cap FMCG peers, reflecting its micro-cap scale and early commercial stage rather than any structural weakness in its underlying business model.
At the time of its IPO (January 27–29, 2026), NFP Sampoorna Foods was priced at a market capitalisation of INR 69.49 crores and an enterprise value of INR 94.15 crores . The key valuation multiples at issuance were as follows:
| Metric | NFP Sampoorna Foods | Peer Average (FMCG/Food) |
|---|---|---|
| P/E (x) | 13.28 | 17.18 |
| P/BV (x) | 1.73 | — |
| EV/EBITDA (x) | 9.37 | — |
| EV/Revenue (x) | ~1.70 | — |
Against listed FMCG and food-sector peers, NFP Sampoorna Foods trades at a sharp discount. Hindustan Unilever Ltd commands a P/E of 53.09x , Nestle India 83.38x , Varun Beverages 62.97x , Britannia Industries 61.59x , and Godrej Consumer Products 96.54x . The company's IPO P/E of 13.28x represents a discount of 75–85% to this large-cap peer group, broadly consistent with the industry average P/E of 17.18x cited in the IPO prospectus analysis .
Three factors explain this discount. First, scale: with annualised revenue of INR 55.31 crores and PAT of INR 5.22 crores , NFP Sampoorna operates at a fraction of the size of its listed peers, warranting a material size discount. Second, liquidity: as an SME IPO, secondary market liquidity will be structurally limited relative to the large-cap universe. Third, product concentration: the company's focus on cashew processing and premium dry fruits creates category-specific risk absent in diversified FMCG conglomerates.
The 18.17% EBITDA margin and 9.44% PAT margin are respectable for a food-processing business and suggest room for re-rating if the company sustains profitability and scales revenues. At an EV/EBITDA of 9.37x , the entry valuation appears undemanding relative to sector norms, though the absence of growth trajectory data limits a precise implied upside calculation.
Data gap: Peer EV/EBITDA and EV/Revenue multiples for direct comparables — no verified source available. Implied upside/downside relative to a target multiple cannot be quantified without this data.
NFP Sampoorna Foods Ltd operates under a promoter-led management structure, with the Goel family retaining dominant control across executive and board roles . Yash Vardhan Goel serves as Managing Director (DIN: 10425908), functioning as the de facto operational head of the company . Praveen Goel holds the position of Director and Chairman (DIN: 01914107), providing strategic oversight as a founding promoter . Anju Goel was appointed Whole Time Director (DIN: 02525953) on June 11, 2024, completing the promoter family's executive presence on the board . The CFO function is held by Anil Kumar Gupta (PAN: AAFPG5263N), though detailed professional background and tenure data for the CFO remain limited in public disclosures .
Given the company's December 2023 incorporation and its conversion from the partnership firm M/s Nut and Food Processor , the entire executive team has a tenure of under three years in the current corporate structure — a meaningful consideration when assessing track record depth.
The board includes two independent directors: Ankur Sharma (DIN: 10481275) and Rajesh Arora (DIN: 00341999) . With three promoter-executive directors and two independents, the board's independence ratio is relatively thin for a newly listed entity, raising questions about the robustness of independent oversight on related-party matters and executive compensation alignment.
The company executed two notable corporate actions in 2025: the acquisition of M/s Yashvardhan Food Industries Private Limited on a going-concern basis via share swap on June 30, 2025 , and a registered office relocation to New Delhi on September 24, 2025, with a corresponding CIN update . The intra-promoter nature of the share swap acquisition warrants scrutiny regarding transfer pricing fairness and independent board approval.
Management quality must be contextualized against the company's nascent corporate history. The promoter-heavy structure, limited independent board representation, and related-party acquisition activity collectively represent governance risks that investors should weigh against growth execution. Peer benchmarking on governance scores would likely place NFP Sampoorna in the lower quartile among listed SME food processors.
NFP Sampoorna Foods has grown revenue from Rs 1,674.69 lakh in FY2023 to Rs 3,575.74 lakh in FY2025, representing 113% growth over two years, with PAT reaching Rs 4.20 Cr in FY2025 — a 250% increase over the same base . The trajectory reflects consistent execution rather than a single-year outlier: the business posted 140% revenue growth in FY2022 following its acquisition by current promoters and has maintained double-digit expansion each subsequent year . For investors, this multi-year compounding record de-risks the growth narrative and signals repeatable operating leverage.
Operating profit margin expanded to 13.2% in FY2025 from 9.6% in FY2024, while net profit margin improved to 7.4% from 2.9% over the same period . This 450 basis-point expansion in net margin indicates that incremental revenue is accreting at a meaningfully higher rate than costs — a hallmark of scalable consumer food businesses. The improvement is consistent with an earlier trend where EBITDA margin moved from 4.65% in FY2023 to 11.21% by April–December 2023 , suggesting the expansion is structural rather than cyclical.
Return on equity surged to approximately 34% in FY2025 from approximately 2.6% in FY2024, and ROCE improved to 25.6% from approximately 4.7% over the same period . This magnitude of capital efficiency re-rating signals that the business has crossed a profitability threshold where deployed equity is generating meaningful economic returns. For equity investors, high ROE and ROCE at this stage of scale typically support premium valuation multiples.
The company has systematically diversified beyond its initial nut-processing operations, launching makhana in August 2024, almonds in March 2025, and walnuts in September 2025 through B2C channels . It reinforced this through the acquisition of Yashvardhan Food Industries on a going-concern basis via share swap in June 2025 , adding manufacturing capacity. The superfoods market is estimated to be growing at 20–25% CAGR, with e-commerce penetration projected toward 40% by 2030 — tailwinds directly aligned with NFP's omnichannel model across Amazon, Flipkart, and its own D2C platform, supported by 50+ SKUs .
NFP Sampoorna Foods holds ISO 9001:2015 and ISO 22000:2018 certifications, establishing quality and food safety compliance as a baseline competitive credential . The business is led by Chairman Praveen Goel, who brings 28+ years of experience in food processing, logistics, and trading . For institutional investors, certified operations and domain-experienced leadership reduce execution risk at a stage when the company is scaling its supply chain and broadening its channel reach.
Note: Valuation multiples at the IPO price band (Rs 52–55 per share) are reported at approximately 3.5–4.0x FY2025 sales and 20–24x FY2025 EPS on a post-issue basis , though these figures derive from a single low-authority source and should be independently verified against offer documents. The 494% YoY sales growth and 1,410% EPS growth figures cited in certain sources reflect inconsistent base calculations and are excluded from this analysis.
NFP Sampoorna Foods Ltd's operations are concentrated at a single processing facility in Rajasthan, creating meaningful single-facility risk . Any disruption at this unit — whether from equipment failure, environmental incidents, or uninsured losses — could materially impair production capacity . The company is further exposed to execution risk in implementing its growth strategy and expansion plans, where delays or missteps could constrain scale and investor returns . Dependence on third-party logistics providers compounds this exposure, as transportation delays and port disruptions can adversely affect procurement and distribution timelines . Likelihood is assessed as moderate; impact is high given the lack of geographic diversification in operations.
The debt-to-cash-flow-from-operations ratio deteriorated from 6.0x in FY2024 to 8.6x in FY2025, indicating worsening leverage despite improved profitability . Management has explicitly acknowledged the risk of failing to service interest and principal obligations and breaching loan covenants . With PAT of INR 2.67 crore and total assets of INR 27.03 crore in FY2025 , the balance sheet remains relatively modest, limiting financial flexibility. Likelihood is moderate; impact could be severe if credit conditions tighten or revenue growth decelerates.
The company operates in a highly competitive landscape encompassing both organised and unorganised players, constraining pricing power and market share . Shifts in consumer demand pose an additional headwind to financial performance , while failure to upgrade the product portfolio or adopt evolving technology could erode competitive positioning over time . Likelihood is moderate to high; impact on margins and growth is meaningful.
Seasonal availability of key inputs — cashew nuts, almonds, and makhana — introduces price volatility and elevated inventory holding costs . Dependence on international sourcing creates further exposure to geopolitical disruptions and foreign trade policy changes . Agricultural inputs are additionally vulnerable to adverse weather conditions and climate-driven crop yield fluctuations . Likelihood is moderate; margin impact is material.
The company faces compliance obligations across food safety, labeling, and packaging regulations, where frequent regulatory changes may raise compliance costs and cause operational disruptions . Non-compliance could result in penalties or product recalls, both of which would damage brand and financial position.
Inflationary pressures, interest rate volatility, and broader commodity price fluctuations represent macro-level risks that could compress operating margins and increase financing costs . These risks are systemic and largely unmitigated at the company level.
Data gap: Specific mitigant disclosures (hedging policies, insurance coverage details, geographic expansion timelines) — no verified source available.
NFP Sampoorna Foods Ltd is pursuing a dual-track growth strategy combining organic product and channel expansion with selective inorganic moves. Organically, the company has broadened its product portfolio beyond its core cashew processing business to include almonds (natural and roasted), makhana (fox nuts) in multiple formats, and festive and corporate gift packs . Distribution has been extended across both offline trade channels and online platforms including Amazon, Flipkart, and its own website , enabling the company to address B2B wholesalers and B2C consumers simultaneously . On the inorganic side, the company acquired Yashvardhan Food Industries Private Limited in June 2025, representing its first disclosed M&A transaction .
Note: The acquisition of Yashvardhan Food Industries is sourced from a single secondary aggregator and should be verified against official regulatory filings before being treated as confirmed.
No explicit medium-term revenue or margin targets have been publicly disclosed. The company's IPO — structured as an SME issue of up to Rs. 25 crores at Rs. 52–55 per share — allocates net proceeds to working capital (Rs. 7.25 crores) and debt repayment (Rs. 9.50 crores) , signalling a near-term focus on balance sheet strengthening rather than aggressive capital expenditure.
Revenue has scaled from Rs. 16.75 crores in FY2023 to Rs. 35.76 crores in FY2025, implying a two-year CAGR of approximately 46% . For the eight months ended November 30, 2025, total income reached Rs. 36.96 crores with PAT of Rs. 3.49 crores and EBITDA of Rs. 6.64 crores , suggesting continued momentum into FY2026. The June 2025 acquisition represents the first integration milestone to be monitored .
The organic growth trajectory is well-supported by audited financials and demonstrates consistent revenue scaling . However, the ROCE compression from 40.90% in FY2025 to 24.71% in the subsequent eight-month period warrants scrutiny and may reflect acquisition-related capital deployment or working capital strain. The absence of publicly stated financial targets and the company's SME-stage scale introduce execution uncertainty, particularly around integrating acquired assets and sustaining distribution economics at higher revenue levels.
The most consequential near-term event for NFP Sampoorna Foods was the official withdrawal of its SME IPO, which had been scheduled to list on the NSE SME platform on February 11, 2026 . The subscription window had run from February 4 to February 6, 2026, with a price band of Rs 52–55 per share and a total issue size of Rs 24.53 crores comprising 44,60,000 shares . The withdrawal eliminates the planned capital raise and defers public market access for the company's equity.
For the nine months ended November 30, 2025, the company reported total revenue of Rs 36.96 crores, already exceeding full-year FY2025 revenue of Rs 35.76 crores . Profit After Tax for the same nine-month period reached Rs 3.49 crores against a full-year FY2025 PAT of Rs 2.67 crores, indicating meaningful earnings acceleration through the current fiscal year . EBITDA for the nine months ended November 2025 stood at Rs 6.64 crores , while total assets expanded to Rs 44.02 crores as of November 30, 2025, more than doubling from Rs 16.68 crores as of March 31, 2024 .
In June 2025, the company acquired Yashvardhan Food Industries Private Limited as a wholly owned subsidiary, marking its first disclosed inorganic growth move since its incorporation as a public limited company in December 2023 . This acquisition broadens the group's operational footprint ahead of any eventual public market transaction.
Current promoters Mr. Yashvardhan Goel and Mr. Praveen Goyal continue to lead the business, retaining near-total control with 99.99% promoter holding prior to the withdrawn IPO .
The IPO withdrawal removes a near-term liquidity event and leaves growth capital strategy unresolved. However, the strong nine-month financial trajectory suggests underlying business momentum remains intact .
Investors should monitor whether management refiles the IPO or pursues alternative capital routes, as the subsidiary acquisition and accelerating profitability profile could support a reassessment of listing terms.
Data gap: Specific reasons for IPO withdrawal — no verified source available.