Jhandewalas Foods Ltd

Jhandewalas Foods

About the Company:

Jhandewala Foods is involved in manufacturing of ghee. They are also manufacturer of mangodi on job work basis and the marketers of Poha, Saffron and Dalia.

Company’s products are marketed under their own brand name “Naman’s” and “Godhenu”.

Company was originally incorporated as Jhandewala Foods Private Limited on August 14, 2006

Company has been certified by Food Safety and Standards Authority of India (FSSAI) for the quality management systems of the Company in relation to their products.

Currently,Company has a one manufacturing unit, both located at Jaipur, Rajasthan.Company’s units are well equipped with machineries and other handling equipment to facilitate smooth manufacturing process.

Company’s distribution network enables them to effectively respond to market demand, evolving consumer preferences and competitive pressures. As of October 31, 2017 Company’s distribution network included 175 nos. of distributors and 3000 nos. of retailers.

Company’s brands and range of products are as follows:

  • Naman desi ghee.
  • Godhenu cow ghee.
  • Naman gold ghee.
  • Naman’s Mangodi
  • Naman’s Poha
  • Naman’s kesar.(Saffron)
  • Naman Daliya.


Capacity Utilization for Ghee :

Management Team:

  1. Mr.Raakesh B. Kulwal (Designation: Chairman & Managing Director)
  2. Mr.Jinko Devi Koolwal (Designation: Non-Executive Director)
  3. Mr.Nand Lal Pancharia (Designation: Additional Independent Director)


Promoters Average Acquisition Cost:

Name of the Promoter No. of Shares held Average Acquisition Cost (in Rs.)
Raakesh B. Kulwal 698,288 10.55
Jinko Devi Koolwal 4,677,118 3.73


Promoters Stake Pre & Post Issue:

Shareholder Name Pre Issue Stake (%) Post Issue Stake
Raakesh B. Kulwal 9.50% 6.81%
Jinko Devi Koolwal 63.63% 45.58%
Promoter Group Entities            26.85%         19.24%
Total 99.98% 71.63%


Objectives of the Issue:

  • Funding of working capital requirements of the Company
  • Issue Expenses.


Fund Utilization:

Particulars Amount (Rs. in Crores)
Working Capital requirements 15.35 cr
Issue Expenses 0.65 cr
Net Proceeds 16.00 crores


Financials of the Company:

(in Crores) FY 13 FY 14 FY 15 FY 16 FY 17 30th June 17
Revenue  115.87  152.04  141.50  142.75  148.65 33.77
Net Profit  0.76  1.15  1.76  0.94  2.38 0.58


Valuation of Peer Group Companies:

Company Name Face Value EPS PE Ratio RoNW NAV
Jhandewalas Foods Limited 10 7.62 7.22 17.94 42.48
Parag Milk Foods Limited 10 1.22 204.47 1.50 79.19
Prabhat Diary Limited 10 2.82 52.13 4.90 57.06
Hatsun Agro Product Limited 1 8.80 85.32 38.60 22.81


IPO Details:

Details Info
Issue Opens on 29th December 2017
Issue Closes on:.  04th January 2018
Issue Price Rs.55
Face Value Rs.10
Minimum Lot 2000
Minimum Investment Rs.1,10,000
Issue Constitutes 28.36%
Issue Size Rs.16.00 cr
Market Cap Rs.56.43 cr
Listing at BSE SME
Total Equity Shares Offered (Fresh) 29,10,000
Equity Shares Prior 73,50,358
Equity Shares after the issue 1,02,60,358


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
7.62 7.22 17.94% 42.48


Markets Guruji Opinion:

IPO View Apply For: Expected listing Gain:
Subscribe Long Term 20%

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Company Contact Info:
Jhandewalas Foods Ltd
B-70, 1st Floor, Upasana House,
Janta Store, Bapu Nagar,Jaipur- 302015, India
Tel: +91-141-2703309
E-mail: info@namans.co.in
Website: www.jhandewalas.com


IPO Registrar Info:
1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis,
Makwana Road, Marol, Andheri East,Mumbai-400059
Tel : +91-22-62638200; Fax : +91-22-62638299;
E-mail: ipo@bigshareonline.com;
Website: www.bigshareonline.com


Lead Manager to the Issue:
18 Deshapriya Park Road, Kolkata – 700 026, West Bengal, India
Tel: +91 – 33 – 3001 5555; Fax: +91 – 33 – 3001 5531
Investor Grievance Email: gcapl.mbd@guinessgroup.net
Website: www.guinessonline.net