Dangee Dums Ltd. Share Price

M R Maniveni Foods

• M R Maniveni Foods is coming out with an initial public offering (IPO) of 52,00,000 shares in a price band of Rs 51-52 per equity share. 
• The issue will open on May 22, 2026 and will close on May 26, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 5.10 times of its face value on the lower side and 5.20 times on the higher side.
• Book running lead manager to the issue is CapitalSquare Advisors.
• Compliance officer for the issue is Krishnamachari Ramu.

Profile of the company

The company has an established track record of over 15 years in the food industry, specializing in the milling, processing, and supply of pulses, primarily urad dal and toor dal. It commenced operations in 2010 with a focus on milling urad dal and trading a diversified range of products including urad dal, toor dal, moong dal, kabuli channa, green gram dal, coriander seeds, rice, and chillies. This product diversification enabled to serve a wider customer base, strengthen its presence in the pulses segment, and build industry experience across multiple categories.

In the initial years, milling was carried out through manual processes for urad dal. In 2022, recognizing the increasing demand for urad dal, it transitioned to automation by installing advanced automatic machinery requiring minimal human intervention. This enhanced production efficiency, consistency, and quality assurance. In 2023, it further expanded its operations by introducing the milling of toor dal through a semi-manual process, blending traditional methods with selective mechanization to retain flexibility in operations.

Its business model is predominantly business-to-business (B2B). It supplies its processed pulses to large-format retailers, wholesalers, and e-commerce platforms, who subsequently serve the end consumers. This model enables it to maintain long-term institutional relationships, achieve bulk supply efficiencies, and benefit from consistent demand visibility. Its competitive advantage lies in delivering clean, well-milled, and contamination-free products that align with stringent customer expectations on quality and hygiene.

Proceed is being used for:

• Funding Capital expenditure requirements towards construction of factory
• Funding Capital expenditure requirements towards purchase of plant and machinery
• General corporate purpose

Industry overview

India is the fifth largest economy in the world and expected to be the fastest-growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The food processing sector has become a key contributor to India's economy over the past few years, thanks to progressive policy measures by the Ministry of Food Processing Industries (MoFPI). The sector has performed exceptionally well with an impressive average annual growth rate of 7.3% from 2015 to 2022. It has significantly contributed to Gross Domestic Product (GDP), employment, and investment. 

India is one of the largest populated countries in the world and is expected to continue having one of youngest populations in the world till 2030. The growing consumption of food is expected to reach $1.2 trillion by 2025-26, owing to urbanization and changing consumption patterns. The processed fruits and vegetables industry was valued at $15.4 billion in 2019. With heightened consumer awareness during lockdowns, there's increased demand for processed foods, especially in RTE/RTC, dairy, and fruit and vegetable segments.

The Indian food processing sector offers a promising growth journey ahead and presents several opportunities with the sector being recognised as a key priority industry under the “Make in India” initiative. The MoFPI has undertaken several initiatives aimed at enhancing infrastructure and fostering food processing industries to stimulate investment in this domain. The Indian Government has sought to involve multiple stakeholders to improve interactions between farmers, processors, distributors, and retailers to establish strong supply chains linking farmers to processing and marketing to empower them with nearby grading and storage facilities which will enhance the value of their products.

Pros and strengths

Longstanding presence in the pulses industry: The company has been active in the pulses industry for more than 14 years. Since its incorporation in 2010, it has been engaged in the milling, processing, and supply of pulses, beginning with urad dal and gradually expanding into toor dal and other related products. Over this period, it has moved from small-scale manual processing to the establishment of automated and semi-manual facilities, which has given it exposures to different stages of operational growth.

Scalable business model: Its business model has been structured to be inherently scalable, allowing it to expand operations without proportionate increases in cost or complexity. The scalability is supported by a combination of automated and semi-manual milling facilities, a diversified procurement framework, and a business-to-business (B2B) distribution model. On the production side, the automation of urad dal processing has enabled to enhance efficiency, reduce dependence on manual intervention, and improve consistency in quality. This facility allows it to increase production volumes in response to demand growth with limited incremental costs. At the same time, the semi-manual facility for toor dal provides operational flexibility, enabling it to adjust production schedules and output to align with variations in raw material availability and customer demand. Together, these facilities provide both scale and adaptability.

Focused on milling of dal: The company has a clear focus on the milling and processing of pulses, primarily urad dal and toor dal. Over the years, this specialization has enabled it to build technical know-how, operational efficiencies, and process consistency in dal milling. By concentrating on a defined product range, it has been able to streamline procurement, production, and quality control processes, which supports reliable supply and standardized product quality. It is significantly dependent on the sale of urad dal and toor dal. For Financial Year 2025, Financial Year 2024, and Financial Year 2023, its revenue from operations attributable to the sale of these two products accounted for approximately 99.91%,97.41%, and 97.56%, respectively. This product concentration has allowed it to align its operations and resources closely with customer demand in these categories and strengthen its position in the dal segment.

Risks and concerns

Dependence on third-party suppliers for raw materials: Its business depends significantly on the uninterrupted supply and availability of quality black gram and raw pigeon pea, which it primarily procures through agents and local suppliers. It has long-standing relationship with its suppliers. However, in the usual course of business, it does not enter into any contracts for the supply of its black gram and raw pigeon pea, i.e., contractual arrangements with the third-party suppliers or local maize harvesting farmers. The absence of any contracts at fixed prices exposes it to volatility in the prices of black gram and raw pigeon pea that it requires, and it may be unable to pass these additional costs onto its customers, which may reduce its profit margins. Any fluctuations in the prices of its raw material may adversely affect the pricing of its products and may have an impact on its business, results of operation, financial condition and cash flows.

High dependence on top 10 customers: The company is significantly dependent on a limited number of customers for a substantial portion of its revenue. It has long-standing relationships with its customers. However, the company, in the usual course of business does not have any long-term contracts with its customers and it relies on purchase orders for delivery of its products. The company derives a significant portion of its revenue from its top 10 customers, which contributed 59.91% of total revenues in FY23, 67.68% in FY24, 75.34% in FY25 and 74.50% for the period ended December 31, 2025. The loss of one or more of these customers, or a significant reduction in the business received from them, could materially and adversely affect its revenues, profitability, and cash flows.

Dependent on Toor Dal and Urad Dal sales: The company is significantly dependent on the sale of Toor Dal and Urad Dal. For the period ended December 31, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, its revenue from operations attributable to the sale of these two products accounted for around 98.88%, 99.91%, 97.41% and 97.56%, respectively. Any reduction in consumer demand for Toor Dal or Urad Dal may adversely affect its revenues and profitability. Further, any disruption in the supply chain for these products, such as delays in procurement, seasonal fluctuations, logistical bottlenecks, or quality issues, may impact its ability to meet customer demand, resulting in potential loss of sales and reputational harm.

Outlook

M R Maniveni Foods is engaged in the production and wholesale supply of high-quality pulses, mainly Urad Dal and Toor Dal. This product diversification enabled to serve a wider customer base, strengthen its presence in the pulses segment, and build industry experience across multiple categories. Its business model is predominantly business-to-business (B2B). On the concern side, its operations are highly dependent on the uninterrupted supply of black gram and raw pigeon pea, primarily Toor dal and Urad dal. Any shortage, delay, disruption in supply, or significant volatility in their prices may materially and adversely affect its manufacturing operations, profitability, working capital requirements, and overall financial condition. It is also highly dependent on its existing milling facility located in Thiruvallur, Tamil Nadu, and any slowdown, interruption, shutdown or under-utilization of this facility may adversely affect its business.

The company is coming out with a maiden IPO of 52,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 51-52 per equity share. The aggregate size of the offer is around Rs 26.52 crore to Rs 27.04 crore based on lower and upper price band respectively. On performance front, total income for the financial year 24-25 stood at Rs 20,352.15 lakh whereas in financial year 23-24 the same stood at Rs 15,499.73 lakh representing an increase of 31.31%. Net profit after tax for the financial year 2024-25 increased by 89.28% to Rs 412.67 lakh as compared to Rs 218.02 lakh in financial year 2023-24.

Meanwhile, the company intends to raise funds for the automation of its toor dal plant. The proposed automation is expected to enhance production efficiency, improve consistency in output, and reduce milling costs, thereby enabling to scale operations more effectively. This initiative is part of its long-term growth strategy to strengthen its milling capabilities and improve margins. In addition, the company is analyzing opportunities in international markets. After undertaking detailed demand and cost–benefit analysis, it plans to explore exports of toor dal and urad dal. Entry into global markets is expected to diversify its revenue base, reduce dependence on domestic demand, and establish its presence in new geographies.