# M K C Agro Fresh Limited: IPO analysis

> M K C Agro Fresh Limited (CIN U15122DL2009PLC187481) has filed a Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 99,99,000 shares and an offer for sale of 68.12 lakh shares. In FY26 it reported revenue of ₹522 Cr (+6.4% on FY25) and a net profit of ₹22 Cr. Promoters hold 28.5% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 43 claims looked up.

- Page: https://ipo.innerkore.com/in/company/U15122DL2009PLC187481/m-k-c-agro-fresh-limited/
- CIN: U15122DL2009PLC187481
- Last updated: 11 Sep 2026

## Key facts

- **Company:** M K C Agro Fresh Limited
- **CIN:** U15122DL2009PLC187481
- **Filing stage:** DRHP
- **Latest SEBI filing:** 11 Sep 2026
- **Offer for sale:** 68,11,751 shares
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹522 Cr
- **Revenue growth:** +6.4%
- **Net profit FY26:** ₹22 Cr
- **Revenue CAGR FY24 to FY26:** 6.1%
- **Promoter holding (pre-IPO):** 28.5%
- **Lead managers:** Narnolia Financial Services Limited
- **Registrar:** Bigshare Services Private Limited
- **Earlier look-up flags:** 0 high, 0 medium, 9 low

## Key signals (read from the filing; not investment advice)

- **Growth** (concern): 6.1% a year. Sales FY24 to FY26; latest year +6.4%.
- **Profitability** (look closer): 4.2% net margin. FY26; operating margin steady.
- **Debt** (look closer): 0.86x equity. ₹216 crore borrowed at the end of FY26.
- **Profit into cash** (concern): 37% of profit. Operations brought in ₹8.2 crore against ₹22.1 crore of profit in FY26.
- **One-off income** (looks fine): 1% of profit. Other and one-off income is 1% of pre-tax profit.
- **Where the money goes** (look closer): 41% for sale. 59% is new shares issued by the company. 100% of the new money repays debt.
- **Red flags** (looks fine): None serious. 43 claims looked up earlier: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 463 | 490 | 522 |
| Sales growth | – | 5.8% | 6.4% |
| Operating profit | 35 | 34 | 39 |
| Operating margin | 7.5% | 7.0% | 7.5% |
| Net profit | 18 | 19 | 22 |
| Net margin | 3.9% | 4.0% | 4.2% |
| Net worth | 137 | 157 | 251 |
| Borrowings | 99 | 131 | 216 |
| Return on equity | 13.0% | 12.4% | 8.8% |

## Use of proceeds (fresh issue)

- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our: ₹140 crore
- General Corporate Purposes(1): amount not fixed yet

## Claims looked up earlier

- **LOW** (SubsidiaryPerformance): Puretrop Fruits Limited is engaged in the processing and export of fruits and vegetables for domestic and international markets.. The search results corroborate the claim by stating that Freshtrop Fruits Limited specializes in processing and exporting fruits and vegetables for both global and domestic markets. Several sources confirm the company's operations in this sector.
- **LOW** (SubsidiaryPerformance): The company was originally incorporated as a private limited company in the name of ‘M K C Fruits India Private Limited’ under the provisions of Companies Act, 1956 on February 11, 2009.. The search results corroborate the claim by stating that the company was incorporated in February 2009 under the name ‘M K C Fruits India Private Limited’. This matches the claim regarding the incorporation date and original name.
- **LOW** (RegulatoryAction): Narnolia Financial Services Limited was issued a certificate of registration by SEBI as Merchant Banker Category I with registration no. INM000010791.. Search results corroborate the claim by mentioning Narnolia Financial Services Limited and referencing the registration number INM000010791 in the context of an offer management role. One result specifically mentions the company registered with SEBI under this number acting as the Manager to the Offer.
- **LOW** (RegulatoryAction): Material documents for inspection include a Resolution of the Board of Directors dated September 04, 2026, taking on record and approving the Draft Red Herring Prospectus for filing with SEBI and the Stock Exchanges.. The search results confirm that M K C Agro Fresh Ltd has filed draft papers with SEBI for an IPO, which is related to the claim about filing the DRHP. However, the search results do not mention a specific Board Resolution dated September 04, 2026, approving the DRHP.
- **LOW** (RegulatoryAction): Material documents for inspection include a Resolution of the Board of Directors dated September 04, 2026, taking on record and approving this Draft Red Herring Prospectus for filing with SEBI and the Stock Exchanges.. The search results confirm that M K C Agro Fresh Ltd has filed draft papers with SEBI for an IPO, which is consistent with the general context of the claim. However, the search results do not mention a specific Board Resolution dated September 04, 2026, approving the DRHP as stated in the claim.
- **LOW** (SubsidiaryPerformance): Sahyadri Farms Post Harvest Care Limited operates as a farmer-owned integrated fruits and vegetables platform.. The search results indicate that Sahyadri Farms Post Harvest Care Limited is involved in agricultural business and finance, is a subsidiary of a Farmer Producer Organization (FPO), and has recognition from an export packaging company. However, none of the provided snippets explicitly state that the company operates as a 'farmer-owned integrated fruits and vegetables platform'.
- **LOW** (SubsidiaryPerformance): MKC Agro Fresh Limited operates an integrated fresh fruit supply chain through a tree-to-table business model spanning procurement, sorting, grading, waxing, ripening, storage, processing, and logistics.. The search results confirm that MKC Agro Fresh Limited filed its Draft Red Herring Prospectus (DRHP) and relates to an IPO, indicating the company's context. However, the search results do not explicitly detail or corroborate the specific operational steps mentioned in the claim (procurement, sorting, grading, etc.).
- **LOW** (PromoterBackground): The Securities and Exchange Board of India Act, 1992 establishes SEBI as the principal regulatory authority for securities markets.. The search results do not directly confirm or deny the statement about SEBI's role as the principal regulatory authority. However, some results mention SEBI-related activities such as IPO approvals and controversies involving SEBI personnel, which relates to the regulatory framework mentioned in the claim.
- **LOW** (LitigationStatus): A civil suit was filed by Pravin Tarachand Agarwal against NAFED challenging a composite tender, and the adjudication of the civil suit and interim relief applications is pending.. The search results mention a civil suit filed by Vishnu Kumar Agarwal against the Govt. Of NCT Of Delhi on July 26, 2024, which is related to an entity with a similar address, but they do not explicitly confirm the specific claim regarding Pravin Tarachand Agarwal challenging a composite tender against NAFED and the pending adjudication of that suit.
- **NONE** (SubsidiaryPerformance): Global headline inflation is expected to rise to 4.4% in 2026 and decline to 3.7% in 2027.. The provided search results do not contain any information regarding the expected rise and decline of global headline inflation in 2026 and 2027, which is the claim from the DRHP. The search results focus on the filing, financials, and IPO details of M K C Agro Fresh Limited.
- **NONE** (PromoterBackground): Lenders have a charge over movable and immovable properties of the Company in respect of finance availed by the Company, with total outstanding amounting to ₹ 19,335.91 lakhs as on March 31, 2026.. The provided search results do not contain any information that corroborates, contradicts, or updates the specific claim regarding the outstanding finance amount mentioned in the DRHP for M K C Agro Fresh Limited. The search results mention various IPOs and unrelated news items.
- **NONE** (PromoterBackground): Prior to May 2026, the company had not made payments towards Labour Welfare Fund and Professional Tax because the requisite registrations under applicable laws had not been obtained.. The provided search results do not contain any direct information corroborating or contradicting the claim regarding M K C Agro Fresh Limited's payments towards Labour Welfare Fund and Professional Tax prior to May 2026. The search results mainly discuss IPO schedules and other unrelated market news.

## Common questions

### How big is the M K C Agro Fresh Limited IPO?

M K C Agro Fresh Limited's IPO comprises a fresh issue of 99,99,000 shares and an offer for sale of 68.12 lakh shares, according to its Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus.

### What are M K C Agro Fresh Limited's revenue and profit?

M K C Agro Fresh Limited reported revenue from operations of ₹522 Cr in FY26, +6.4% versus FY25. Net profit was ₹22 Cr (FY25: ₹19 Cr). Revenue grew at a compound rate of 6.1% a year from FY24 to FY26. Figures are read from the DRHP, as printed there.

### How much do promoters own in M K C Agro Fresh Limited?

Promoters hold 28.5% of M K C Agro Fresh Limited before the IPO.

### How will M K C Agro Fresh Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Repayment and/or pre-payment, in full or part, of certain borrowings availed by our (₹140 Cr); General Corporate Purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in M K C Agro Fresh Limited's DRHP?

Earlier, we looked up 43 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 9 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does M K C Agro Fresh Limited do?

Forget the hype: the real story behind the MKC Agro Fresh IPO isn't about fancy projections. What you need to know is that the official documents for this offering lack the crucial operational details—the actual procurement, sorting, and grading processes—that define this company's entire business model.

### Who manages the M K C Agro Fresh Limited IPO?

Book running lead managers: Narnolia Financial Services Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original M K C Agro Fresh Limited IPO documents?

All 2 filings for M K C Agro Fresh Limited (DRHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [M K C AGRO FRESH LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789111806400_1350.pdf) (Draft Red Herring Prospectus, filed 11 Sep 2026)
- [M K C AGRO FRESH LIMITED - DRHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/M%20K%20C%20AGRO%20FRESH%20LIMITED%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 11 Sep 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.