Bio Medica Laboratories Ltd. IPO

Kennametal India has informed that the Trading Window of Kennametal India Limited will be closed from 16 September 2026 until the completion of 48 hours after declaration of unaudited financial results of the Company for the first quarter ending 30 September 2026.

The above information is a part of company’s filings submitted to BSE.

Lalithaa Jewellery Mart has informed about Outcome of Board Meeting held on September 11, 2026 pursuant to Regulation 30 and Regulation 33 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The above information is a part of company’s filings submitted to BSE.

Galada Finance has informed that the meeting of the Board of Directors of the Company is scheduled on 16/09/2026, inter alia, to consider and to appoint an Interim Chief Financial Officer to fill the casual vacancy arising from the unfortunate demise of the existing CFO.

The above information is a part of company’s filings submitted to BSE.

Quanto Agroworld

• Quanto Agroworld is coming out with an initial public offering (IPO) of 46,30,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share.
• The issue will open for subscription on September 15, 2026 and will close on September 17 2026.
• The shares will be listed on SME Platform of BSE.
• The share is priced at 6.70 times higher to its face value of Rs 10.
• Book running lead manager to the issue is Sobhagya Capital Options.
• Compliance officer for the issue is Kadambari Paniya.

Profile of the company

Quanto Agroworld is engaged in the cultivation, processing and supply of Medicinal and Aromatic Plants (MAPs) in India, with lemongrass constituting its primary crop and principal commercial focus. Incorporated in 2018, the company was established with the objective of undertaking organised agricultural and farming activities and has since scaled its operations to serve institutional and business-to-business (B2B) customers requiring consistent and specification driven botanical ingredients.

The company operates as a specialty ingredient manufacturer focused on lemongrass-based botanical formats and essential oils. Its business model is vertically integrated and covers the complete operational cycle from agricultural cultivation to primary processing and bulk supply. Core activities include land preparation, plantation, crop management, harvesting, onsite steam distillation, packaging and dispatch of finished products. This integrated operating structure enables tighter control over production schedules and quality consistency while reducing dependence on third-party aggregators or processors.

The company’s cultivation operations are undertaken through a clearly defined land-access framework comprising government-leased agricultural land and privately leased farmland operated through a subsidiary. Currently, the company has access to agricultural land allotted through Maharashtra State Farming Corporation Limited (MSFCL), a government undertaking. Of this MSFCL land, approximately 424 acres represent developed agricultural land currently under active cultivation, while an additional 312.57 acres of MSFCL land are under development and are proposed to be progressively brought into cultivation, subject to land readiness, irrigation infrastructure and operational planning. These land parcels are located in and around Ravalgaon, Maharashtra, and form the company’s core cultivation base.

Proceed is being used for:

• Capital expenditure for distillation plant at Ravalgaon, Maharashtra
• Capital expenditure for expansion and development of farms
• Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company
• Meeting general corporate purpose

Industry overview

The Indian agricultural sector remains a socio-economic linchpin, underpinning livelihoods, food security, and rural demand even as the broader economy diversifies into services and industry. In FY 2024–25, agriculture, forestry, and fishing together contributed approximately 17.9% of India’s Gross Value Added (GVA) at current prices, reflecting a modest decline in relative share as services and industry expand, while the absolute economic value of the sector continues to rise. This share translates into a substantial economic footprint anchored in household incomes and regional economies. In employment terms, the sector supports nearly 46.1% of the workforce, highlighting its enduring role in national employment even as structural transformation progresses across sectors. Growth in agriculture has shown resilience; provisional data indicate real GVA growth of around 3.7% in the agriculture and allied sectors in the first half of FY 2025-26, driven by healthy crop production and diversification in allied activities such as livestock and fisheries.

Agro-processing represents the critical interface between primary agriculture and the wider food, consumer goods, and industrial manufacturing ecosystems. At a global level, this layer converts raw, seasonal agricultural output into shelf-stable foods, standardised ingredients, and bio-based industrial inputs, enabling scale, trade, and regulatory compliance across downstream markets. The global food and agro-processing market was estimated at $190.1 billion in 2024 and is projected to reach approximately $395.5 billion by 2034, implying a CAGR of about 7.6%. Broader agribusiness estimates, which include ingredient processing and allied industrial segments, place the market on a still larger trajectory, with projections extending to over $550 billion by the mid-2030s. Growth is driven by urbanisation and demand for ready-to-eat and convenience foods, expanding use of standardised natural ingredients (oleoresins, essential oils, concentrates) in cosmetics, pharmaceuticals, and functional foods, and the role of processing in reducing post-harvest losses and improving supplychain sustainability.

Medicinal and Aromatic Plants (MAPs) have evolved from a niche agricultural segment into a strategically important upstream supply base for pharmaceuticals, nutraceuticals, cosmetics, flavours, and fragrances. As of 2025, the global Medicinal and Aromatic Plants (MAPs) market is valued at approximately $410.3 billion, reflecting the rapid expansion of plant-based actives, essential oils, and botanical extracts across regulated consumer and healthcare industries. Mediumterm projections indicate sustained growth, with the market expected to reach over $500 billion by the 2030s, driven by clean-label preferences, preventive healthcare (health span) trends, and regulatory pressure to substitute synthetic molecules with natural-origin ingredients. Trade data underscores the formalisation of this market. In 2023, China, India, and the European Union ranked among the world’s leading exporters of MAP-linked botanicals and extracts, with India exporting over $450 million of such products, reflecting its dual role as a cultivation base and a processing hub for essential oils and plant derivatives.

Pros and strengths

Vertically integrated operating structure: The MAP sector typically involves multiple participants across cultivation, aggregation, drying, processing and distribution, which can lead to coordination challenges and variability in quality. The company operates through an integrated structure covering land access, cultivation, harvesting, post-harvest handling, steam distillation and dispatch of finished products. By undertaking key stages of the value chain internally or on land under its operational control, the company reduces dependence on third-party intermediaries for cultivation and primary processing. This integration enables closer coordination between harvesting and processing activities, supports batch-wise handling of output and improves traceability and consistency across production cycles.

Structured access to cultivation land with multi-year visibility: The company conducts its core cultivation activities on agricultural land leased through Maharashtra State Farming Corporation Limited (MSFCL), a Government undertaking managing surplus agricultural land under the Maharashtra Agricultural Lands (Ceiling on Holdings) Act. Land parcels are allotted through a structured and competitive e-tender process and are typically granted for multi-year tenures. This leasing framework provides the company with visibility over land availability and tenure, enabling advance crop planning, phased land development and alignment of processing infrastructure with cultivation schedules. In addition, the company supplements its cultivation footprint through structured private land leasing arrangements executed through its subsidiary, which allows incremental expansion without compromising operational control.

Cost-efficient cultivation and processing configuration: The company undertakes cultivation and processing activities in-house, which reduces reliance on external aggregation and third-party processing. Harvested biomass is processed at distillation facilities located in close proximity to cultivation areas, thereby lowering transportation requirements, reducing handling losses and improving turnaround time between harvest and processing. This configuration contributes to operational efficiency and supports cost management across the production cycle. The company primarily cultivates the Krishna variety of lemongrass, which is suited for organised cultivation and processing. Farming operations are supported by irrigation infrastructure including drip irrigation systems, borewells, ponds and sprinklers, along with mulching practices. These measures support yield stability and resource optimisation under varying agro-climatic conditions.

Risks and concerns

Significant dependence on a limited number of customers: A significant portion of its revenue is derived from a limited number of customers. The company has garnered 85.49%, 69.52% and 77.09% of its revenue from top 5 customers in FY26, FY25 and FY24 respectively. There can be no assurance that it will be able to maintain historical levels of business with these customers or successfully replace revenues lost due to termination or reduction of engagements. The company’s dependence on these customers also exposes it to risks arising from their internal management decisions, financial condition, and creditworthiness. Events such as bankruptcy or insolvency, changes in management, mergers or acquisitions, reduction in business activity, or a slowdown in the operations of such customers could adversely affect its business.

Operational complexity from multiple business verticals: The company operates in two business verticals: essential oil and lemongrass. Operating across multiple business verticals requires its management to possess significant expertise and devote adequate time and attention to each vertical. Managing more than one business vertical also increases the complexity of forecasting future revenues and operating results, which may adversely affect its operations and ability to assess its prospects. Further, its cost controls, internal controls, and accounting and reporting systems must be continuously strengthened and upgraded to effectively support its operations across these business verticals. In order to manage its operations effectively, it is required to, among other things, monitor key developments in the geographies in which it operates, implements and continuously improves its operational, financial, and management systems, enhance managerial capabilities, and train, motivate, and retain its employees. If it is unable to effectively manage its operations across these business verticals, its business, results of operations, and financial condition may be adversely affected.

Dependence on temporary labour for agricultural activities: The company currently has a limited workforce of 11 employees who are primarily responsible for planning, monitoring and ensuring adherence to agronomic practices, while execution is undertaken by temporary labour engaged on a need basis for crop cycles. Senior management periodically reviews crop performance and resource utilisation to ensure effective operations. The execution of key agricultural and operational activities, including irrigation, nutrient application, plant protection and harvesting, is largely carried out through contract labour. Such contract labour is hired strictly on a need basis depending on the stage and requirements of the crop cycle. The company has not entered into any formal or long-term agreements with such contract labour. As a result, there is no assurance regarding the continued availability, timely deployment or retention of such labour. Any shortage of labour during critical crop cycles, increase in labour costs, or inability to engage adequate manpower at required times may adversely affect its operations, crop yield, productivity and financial performance.

Outlook

Quanto Agroworld was established with the objective of undertaking agricultural and farming activities and is engaged in the cultivation, processing and supply of Medicinal and Aromatic Plants (MAPs), with lemongrass being its primary crop and principal commercial focus. The company has asset-light and scalable operating model with quality-focused operations and process discipline. The company has structured access to cultivation land with multi-year visibility. On the concern side, the company generates a significant percentage of its revenue from few clients. The loss of any one or more of its major clients would have a material adverse effect on its business operations and profitability. Moreover, a significant portion of its purchases has been undertaken from a related party, and any adverse developments affecting such related party or its relationship with them may adversely affect its business operations and financial condition.

The company is coming out with an IPO of 46,30,000 equity shares of face value of Rs 10 each for cash at a fixed price of Rs 67 per equity share to mobilize Rs 31.02 crore. On performance front, the company’s revenue from operations increased significantly from Rs 1,649.34 lakh in FY 2024-25 to Rs 4,034.77 lakh in FY 2025-26, registering a growth of around 144.63%. The substantial increase reflects higher business volumes, expansion in the scale of operations and improved utilisation of the company’s operational capacity during the year. Moreover, the company’s profit after tax increased from Rs 663.10 lakh in FY 2024-25 to Rs 838.46 lakh in FY 2025-26, registering a growth of approximately 26.45%.

Meanwhile, the company’s strategy prioritises strengthening raw material availability primarily through its own cultivation activities, which presently meet its raw material requirements. As of now, it does not enter into any agreements with farmers and does not operate under a contract farming model, and accordingly, it is not dependent on third-party farmers for sourcing of raw materials. In view of the same, the question of ensuring quality and quantity through contract farmers does not arise at present. Going forward, as part of its future growth strategy, it may explore structured engagement with farmers and cultivators in nearby areas to augment raw material supply and ensure better coordination with its operational requirements. If and when such arrangements are undertaken, it intends to enter into appropriate agreements with such farmers. In addition, the company may continue to support cultivation through standardised agronomic practices, including mulching, scheduled harvesting cycles and mechanised field operations, where feasible. These measures are expected to improve predictability of yields, reduce crop variability and align harvesting schedules with processing capacity. By combining its own cultivation base with prospective farmer engagement and process-led cultivation support, it seeks to enhance stability in raw material inflows over the long term.

P N Gadgil Jewellers has informed that the meeting of the Board of Directors of the Company is scheduled on 19/09/2026, inter alia, to consider and approve the Employee Stock Option Plan.

The above information is a part of company’s filings submitted to BSE.