New Delhi, 02 April (H.S.):
Shares of Amir Chand Jagdish Kumar, a company exporting basmati rice under the Airplane brand name, made a disappointing entry into the stock market today with a sharp decline, leaving IPO investors disheartened. Issued at ₹212 per share through the IPO, the stock listed at ₹195 on BSE—a 10.38% discount—and at ₹200 on NSE—a 5.66% discount.
Intensifying selling pressure post the weak listing further weakened the stock's trajectory.
Continuous sell-offs drove the shares to the lower circuit levels of ₹175.50 on BSE and ₹180 on NSE shortly before noon, resulting in first-day losses of ₹32 to ₹36.50 per share, or 15.09% to 17.22%, for IPO investors.
IPO Details
The ₹440 crore IPO of Amir Chand Jagdish Kumar opened for subscription from March 24 to 27 and received an average response, achieving 3.41 times overall subscription. The qualified institutional buyers (QIB) portion (excluding anchors) was subscribed 1.18 times, non-institutional investors (NII) subscribed theirs 13.40 times, and retail investors covered 1.44 times their reserved portion. It comprised 20,754,716 fresh shares of ₹10 face value, with proceeds earmarked for debt repayment, working capital needs, and general corporate purposes.
Financial Performance
The company's financial health has shown consistent strengthening, as per claims in the Draft Red Herring Prospectus (DRHP) filed with SEBI. Net profit rose from ₹17.50 crore in FY 2022-23 to ₹30.41 crore in FY 2023-24 and surged to ₹60.82 crore in FY 2024-25; for H1 FY 2025-26 (April–September 30, 2025), it stood at ₹48.65 crore.
Revenue also grew steadily: ₹1,317.86 crore in FY 2022-23, ₹1,551.42 crore in FY 2023-24, ₹2,004.03 crore in FY 2024-25, and ₹1,024.30 crore in H1 FY 2025-26.
Debt and Net Worth Trends
Debt levels increased progressively: ₹667.53 crore at FY 2022-23 end, ₹777.62 crore in FY 2023-24, ₹784.06 crore in FY 2024-25, and ₹739.74 crore as of September 30, 2025. Net worth expanded from ₹280.84 crore in FY 2022-23 to ₹311.48 crore in FY 2023-24, ₹379.18 crore in FY 2024-25, and ₹440.89 crore by September 30, 2025.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) climbed from ₹79.69 crore in FY 2022-23 to ₹109.66 crore in FY 2023-24, ₹163.65 crore in FY 2024-25, and ₹105.76 crore in H1 FY 2025-26.
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Hindusthan Samachar / Jun Sarkar
