NFP Sampoorna Foods IPO: A Premium Dry Fruit Play in the Healthy Snacking Space
NFP Sampoorna Foods Limited, a Rajasthan-based processor of premium cashews, almonds, and makhana, is launching its ₹24.53 crore SME IPO. This post details the company’s impressive 40.9% ROCE, its direct procurement network from Africa and Bihar, and the key financial metrics you need to evaluate before the subscription window opens on January 27, 2026.
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1. Business Overview: From Farm to Premium Table
Founded in 2019 and headquartered in Delhi with processing units in Rajasthan and Haryana, NFP Sampoorna Foods is a specialized player in the high-growth dry fruits and healthy snacking industry. They operate under the brand "Sampoorna Nuts."
Their Core Operations Include:
Cashew Processing: Sourcing Raw Cashew Nuts (RCN) directly from African farms (Ghana, Ivory Coast, Benin) and processing them into various grades (W180 to W400).
Diversified Portfolio: Recently expanded into Makhana (Fox Nuts) sourced from Bihar, alongside almonds and walnuts.
Omnichannel Presence: Strong footprint in B2B (wholesale), B2C (retail), and institutional gifting. Their products are visible on major platforms like Amazon, Blinkit, and Flipkart.
2. Key IPO Details & Timeline
The IPO is a Book Built Issue consisting entirely of a Fresh Issue of 44.60 lakh shares.
| Event | Date / Details |
|---|---|
| IPO Open Date | Tuesday, January 27, 2026 |
| IPO Close Date | Thursday, January 29, 2026 |
| Price Band | ₹52 to ₹55 per share |
| Lot Size | 2,000 Shares |
| Minimum Investment (Retail) | ₹2,20,000 (Min 2 Lots / 4,000 shares) |
| Allotment Date | Friday, January 30, 2026 |
| Listing Date (Tentative) | Tuesday, February 3, 2026 |
| Listing Platform | NSE SME (Emerge) |
3. Financial Performance: The Growth Trajectory
The company has shown a sharp spike in both revenue and profit margins over the last 24 months.
Revenue: Scaled from ₹16.75 Cr (FY23) to ₹35.76 Cr (FY25). In the first 8 months of FY26, they have already surpassed previous annual revenue with ₹36.96 Cr.
Profit After Tax (PAT): Surged from ₹0.41 Cr (FY23) to ₹2.67 Cr (FY25).
Efficiency Ratios: Boasts a stellar Return on Capital Employed (ROCE) of 40.90% and an EBITDA margin of 13.17% for FY25.
PAT Margin: Improved from 2.46% in FY23 to 9.46% in H1 FY26.
4. Objectives of the Issue
The capital raised will be used to optimize the balance sheet and fuel expansion:
Working Capital (₹7.25 Cr): To manage the inventory of imported cashews and support credit cycles.
Debt Repayment (₹9.50 Cr): Repaying high-interest borrowings to further boost net profit margins.
General Corporate Purposes: Strengthening brand presence and operational infrastructure.
5. Investment Analysis: Strengths vs. Risks
Strengths:
Direct Sourcing Moat: Direct imports from Africa and aggregators in Bihar ensure better cost control and quality.
Asset-Light Scalability: The transition from partnership to a public limited company has streamlined management and scalability.
Healthy Snacking Trend: Beneficiary of the post-pandemic shift toward nutritious, packaged snacks.
Risks:
Import Dependency: Heavy reliance on African RCN makes the company vulnerable to global supply chain disruptions and forex fluctuations.
Raw Material Volatility: Dry fruit prices are highly sensitive to weather conditions and international trade policies.
Competitive Landscape: Faces stiff competition from established brands like Happilo, Farmley, and Krishival Foods.
6. Conclusion
NFP Sampoorna Foods is entering the market at a P/E ratio of approximately 13.29x (based on FY26 annualized earnings), which appears competitive compared to peers like Krishival Foods (trading at 37x+). While the high debt-to-equity ratio (1.59x pre-IPO) was a concern, the plan to use IPO proceeds for debt repayment makes the long-term outlook more stable.