Updated on 02.04.2026|11:40 AM
Amir Chand Jagdish Kumar (Exports) Limited, marketing under the flagship brand "AEROPLANE," is set to launch its Initial Public Offering (IPO). It is is a fully integrated processor and exporter of basmati rice and FMCG staples.
The public issue is scheduled to open on Tuesday, March 24, 2026, and will close on Friday, March 27, 2026. Track all the IPOs of 2026 in our upcoming and live IPOs of 2026 section which is updated regularly.
Through a completely fresh issue of equity shares, the company aims to raise approximately ₹440 Crores to fund its significant working capital requirements.
In this article, you will find today's Aeroplane Basmati Rice IPO GMP, price band, and a detailed review with IPO objectives, strengths and risks, valuations, financial performances, and key takeaways. For day wise subscription check our IPO subscription section which is updated regularly.
Briefs of Aeroplane Basmati Rice IPO Details:
- Price Band: ₹201 – ₹212 per equity share
- IPO Open / Close Dates: March 24, 2026 – March 27, 2026
- Lot Size: 70 Shares (Minimum Investment: ₹14,840)
- Issue Size: ~₹440 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: KFIN Technologies Limited
- Listing Exchange: BSE, NSE
Here is the detailed Kfin IPO allotment status guide for investors who have queries regarding allotment related issues. The guide clarifies everything step by step.
What Is The Aeroplane Basmati Rice IPO GMP Today?
You can check the GMP of this and other issues at our GMP update page.
GMP is unofficial and is not regulated by SEBI.
Listing updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 212 | 200 | -5.7 |
What Are The Important Aeroplane Basmati Rice IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, March 24, 2026
- IPO Close Date: Friday, March 27, 2026
- Basis of Allotment Date: Monday, March 30, 2026
- Refund Initiation Date: Wednesday, April 1, 2026
- Credit of Shares: Wednesday, April 1, 2026
- Listing Date: Thursday, April 2, 2026
What Are The Objectives of Aeroplane Basmati Rice IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital Requirements: A massive ₹400 Crores is earmarked for working capital. The basmati rice industry requires high liquidity during the short paddy harvesting season (Sept-Jan) to procure stock, which is then aged for 3 to 24 months to ensure premium quality.
- General Corporate Purposes: The remaining funds (capped at 25% of gross proceeds) will be allocated to brand building, marketing, and meeting ongoing business needs.
How is The Financial Performance of Aeroplane Basmati Rice?
The following table summarises the company's financial performance based on the restated consolidated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 (6M) | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 1,024.30 | 2,004.03 | 1,551.42 | 1,317.86 |
Profit After Tax (PAT) | 48.65 | 60.82 | 30.41 | 17.50 |
EBITDA | 105.76 | 163.65 | 109.66 | 79.69 |
Total Borrowing | 739.74 | 784.06 | 777.62 | 667.53 |
Assets | 1,526.42 | 1,549.03 | 1,283.53 | 1,089.06 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported robust revenue growth, reaching ₹2,004.03 Crores in FY25, up from ₹1,317.86 Crores in FY23. This is primarily due to a 70% surge in domestic sales and successful diversification into FMCG staples such as atta and maida. The H1 FY26 revenue of ₹1,024.30 Crores indicates sustained momentum.
Profit After Tax (PAT):
Profitability has seen an exceptional rise, with PAT growing from ₹17.50 Crores in FY23 to ₹60.82 Crores in FY25. The PAT for just the first half of FY26 (₹48.65 Crores) suggests a further steep trajectory, driven by operational efficiencies and improved realisations from the D2C segment.
EBITDA:
Operating efficiency is improving, with EBITDA margins expanding from 6.06% in FY23 to 10.36% in H1 FY26. The absolute EBITDA of ₹163.65 Crores in FY25 highlights the company's ability to manage its integrated value chain profitably.
Total Borrowing:
Debt levels are high, standing at ₹739.74 Crores in H1 FY26. This is structural to the basmati industry, which requires massive working capital to procure and age paddy. The primary objective of this IPO (infusing ₹400 Crores into working capital) directly addresses this, aiming to substitute expensive short-term debt with equity.
Assets:
The asset base has expanded to ₹1,526.42 Crores by September 2025, dominated by high inventory levels. This asset buildup is a strategic necessity to maintain the premium quality of aged basmati rice required for both export and domestic markets.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹7.46, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 28.41x at the upper end of the price band (₹212).
P/E Ratio = ₹212(Price) / ₹7.46 (Earnings Per Share)
P/E Ratio ≈ 28.41x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | PAT Margin (%) | Total Revenue (₹ Cr) |
Aeroplane Basmati Rice | 28.41 | 17.61 | 3.04 | 2,001.64 |
| LT Foods Limited | 21.67 | 16.81 | 7.05 | 8,681.46 |
| KRBL Limited | 15.04 | 9.43 | 8.51 | 5,593.81 |
| GRM Overseas | 15.34 | 16.09 | 4.54 | 1,348.19 |
| Chaman Lal Setia | 12.18 | 14.22 | 6.88 | 1,495.25 |
Analysis:
Aeroplane Basmati Rice is entering the market at a P/E multiple of approximately 28.41x based on its FY25 earnings. Compared with the industry average of 15.20x and established giants KRBL (15.04x) and LT Foods (21.67x), the IPO appears to be priced at a premium.
However, investors should note that Aeroplane has a Return on Net Worth (RoNW) of 17.61%, outperforming all its listed peers. If we consider the annualised EPS for the first half of FY26 (approx. ₹11.86), the forward P/E drops to a more competitive ~17.8x, suggesting that the premium valuation is reflecting the company's recent explosive growth in profitability.
What is The Industry Outlook of Aeroplane Basmati Rice?
Growth Potential:
India is the world's leading exporter of basmati rice. Global demand for premium aged basmati remains robust, particularly in the Middle East. Furthermore, the domestic branded rice and staples market is shifting from unorganised loose sales to packaged, branded products, creating a significant growth opportunity.
Market Trends:
Companies are increasingly diversifying into related FMCG staples (atta, salt, sugar) to leverage their existing distribution networks. Direct-to-Consumer (D2C) channels are also emerging as higher-margin avenues for premium brands like Aeroplane.
What Are The Strengths and Risks of Aeroplane Basmati Rice IPO?
Strengths:
- Integrated Value Chain: Total control from direct procurement at local mandis to in-house husking, polishing, and packaging ensures quality and maximises yield.
- Strong Brand Equity: The "AEROPLANE" brand commands a premium globally, supported by 100 registered trademarks.
- High Capital Efficiency: A RoNW of 17.61% demonstrates superior management of shareholder equity despite high debt levels.
Risks:
- Working Capital Intensity: The business model requires carrying inventory for up to 24 months, leading to high debt and negative operating cash flows (-₹12.69 Crores in H1 FY26).
- Agro-Climatic Vulnerability: Paddy yields and prices are highly dependent on the monsoon and susceptible to pests, directly impacting gross margins.
- Valuation Premium: At a trailing P/E of ~28x, the issue is priced higher than established market leaders, leaving little room for execution missteps.
Key Considerations for Investors
This section is neutral and for informational purposes only.
- Use of Funds: The massive ₹400 Crores allocation to working capital is a significant positive. It will directly substitute high-cost short-term bank debt with equity, structurally improving net margins post-listing.
- Valuation Context: While the trailing P/E looks expensive, the rapid growth in H1 FY26 earnings makes the forward valuation look reasonable. Investors must assess if the recent margin expansion is sustainable.
- Risk Profile: This is a commodity-linked, working-capital-heavy business. Investors should be comfortable with seasonal cash flow volatility.
Key Takeaways
- IPO Price: ₹212 per share (Upper Band).
- Min Investment: ₹14,840 (70 Shares).
- Financials: Revenue ₹2,004 Cr (FY25);
- Allotment: March 30, 2026
- Listing: BSE & NSE on April 2, 2026.
FAQs on Aeroplane Basmati Rice IPO
What is Aeroplane Basmati Rice IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check our dedicated GMP section for the latest updates.
What is Aeroplane Basmati Rice IPO price band?
The price band is fixed at ₹201 to ₹212 per equity share.
What is Aeroplane Basmati Rice IPO allotment date?
The allotment status is expected to be finalised on Monday, March 30, 2026.
How to check Aeroplane Basmati Rice IPO allotment status?
Investors can check the status on KFIN Technologies Limited's (the Registrar) website or via the BSE/NSE IPO allotment portals. Track allotment details about all the IPOs at our IPO allotment status hub page.
What is Aeroplane Basmati Rice IPO listing date?
The shares are tentatively scheduled to list on Thursday, April 2, 2026.
Investment Perspective on Aeroplane Basmati Rice IPO
Aeroplane Basmati Rice presents a robust growth story in the Indian FMCG and agri-export sector. The company's brand strength, integrated operations, and high return ratios are compelling. While the valuation demands a premium over larger peers, the strategic use of IPO funds to permanently resolve its working capital debt could unlock significant future value.
Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
