Empyrean cashews Ltd

About the Company:

Empyrean Cashews Limited commenced operations in 2014 and sells cashews under the brand name “Krishival Cashews”.

Company is engaged in processing raw cashew nuts into finished cashew kernels in different flavours, with a presence in more than 26 tier II and tier III towns and cities.

Company primarily cater to the domestic market with a network of more than thirty (30) distributors across India.

Company procure majority of raw materials by way of import from certain African and Asian countries and also from the Konkan region of India.

In addition to processing raw cashews we are also engaged in the business of organic manure which is prepared by using by-products like husk and other biodegradable material left after processing of the raw cashews.

Based on the audited restated financials for FY 2021, 93% of the revenue is derived from sale of cashews whilst remaining 7% is derived from sale of organic manure.



Company’s Products:

Company’s product portfolio include different flavours of cashews such as salted, pepper, chilli and assorted – all offered in different grades and packaging formats.

The products are supplied to different channels which include distributors, supermarkets, retailers as well as wholesalers. Also, the products are sold over the counter to tourists and localites who visit company’s packaging unit.



Procurement of Raw materials:

In FY 2021, the Company procured around 70% of its raw material requirements from the international markets such as Benin, Indonesia as well as Guinea-Bissau whereas balance was procured from the domestic market especially from the Konkan region.

Majority of the total the import of raw material (71%) during the FY 2021 was done from Benin. Modi Co. Sarl, a sole proprietorship of one of the Promoters Nana Prakash Mhaske which is established in Benin, for ease of procurement of raw materials for the Company.



Capacity and Capacity Utilization: 



Management Team:

  1. Aparna Morale Bangar (Designation: Managing Director and Chairperson)
  2. Nana Prakash Mhaske (Designation: Executive Director and Chief Executive Officer)





Objectives of the Issue:

Offer for Sale: (Rs.19.41 cr)

  • To meet the Working Capital Requirements.
  • General Corporate Purposes.
  • To meet the Issue Expenses.





Peer Group Comparison:

There are no comparable peer which is listed in India and which are engaged in the same line and comparable to the scale of operation of the Company, hence comparison with industry peers are not applicable.



Financials of the Company:

(in Crores) FY 19 FY 20 FY 21 31st Oct 21
Revenue 50.47 44.38 28.58 27.22
Net Profit 0.64 0.95 0.66 1.66



IPO Details:

Details Info
Issue Opens on 21st March 2022
Issue Closes on:. 23rd March 2022
Issue Price Rs.37
Face Value Rs.10
Minimum Lot 3000 Shares
Minimum Investment Rs.1,11,000
Issue Constitutes 26.50%
Issue Size Rs.19.41 cr
Market Cap Rs.73.24 cr
Listing at NSE SME
Equity Shares Offered (Fresh) 52,47,000
Equity Shares Prior to the Issue 1,45,48,141
Equity Shares after the Issue 1,97,95,141

Also Read : List of Upcoming IPO’s in India.
Also Read : List of Upcoming SME IPO’s in India.


Important Dates:

Finalization of Basis of Allotment on or Before 28th March 2022
Initiation of Refunds on or Before 30th March 2022
Credit of Equity Shares: on or Before 30th March 2022
Listing Date: on or Before 31st March 2022



IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
0.46 80.43 3.44% 13.36



Company Contact Info:
Empyrean cashews Ltd
1309, Lodha Supremus Powai,
Saki Vihar Road, opposite MTNL office,
Powai Mumbai – 400072,
Maharashtra, India
Tel No.:+91 8779558264;
Email cs@krishival.com;
Website: www.krishival.com



IPO Registrar Info:
Purva Sharegistry (India) Private Limited
9, Shiv Shakti Industrial Estate,
J.R. Boricha Marg, Lower Parel (East),
Mumbai – 400 011.
Tel: + 91 22 23012518/8261
Email: support@purvashare.com;
Website: www.purvashare.com



Lead Manager to the Issue:
Systematix Corporate Services Limited
The Capital, A-Wing, No. 603-606 6th Floor,
Plot No. C-70, G-Block Bandra-Kurla Complex,
Bandra (East) Mumbai -400 051
Maharashtra, India.
Tel: +91 22 6704 8000;
Email: mb.ipo@systematixgroup.in
Website: www.systematixgroup.in