Hyderabad-based integrated agro-sciences company Eldorado Agritech has filed IPO papers with the Securities and Exchange Board of India (SEBI), seeking to raise up to INR 1,000 crore. Eldorado Agritech IPO is a mix of fresh issue and OFS, underlining the company’s ambition to expand its balance sheet strength and tap growth opportunities across India’s agri-inputs market.
Eldorado Agritech IPO Details & Structure
The public issue consists of a fresh equity issuance of up to INR 340 crore and an offer for sale worth INR 660 crore. Promoter Dr. Srinivasa Rao Linga will offload shares worth up to INR 500 crore, while co-promoter Usha Rani Papineni plans to sell up to INR 160 crore worth of equity.
The book running lead managers are Anand Rathi Advisors and Equirus Capital, with Bigshare Services acting as registrar of the issue.
INR 245 crore from the fresh proceeds will go towards repayment of borrowings, split between the parent (INR 163.2 crore) and its subsidiary Srikar Biotech (INR 81.8 crore). The rest will be deployed for general corporate purposes.
Eldorado Agritech IPO: Promoter & Major Shareholders
| S. No. | Name of Shareholder | No. of Equity Shares Held | % of Pre-Offer Equity Share Capital |
|---|---|---|---|
| 1 | Dr. Srinivasa Rao Linga | 8,49,27,708 | 61.68% |
| 2 | Usha Rani Papineni | 1,81,51,200 | 13.18% |
| 3 | Linga Krishna Santosh | 1,34,94,558 | 9.80% |
| 4 | Linga Manasa Krishna | 1,34,94,558 | 9.80% |
| 5 | Subbamma Linga | 29,98,764 | 2.18% |
| 6 | Vijayalakshmi Papineni | 29,98,800 | 2.18% |
| Total | 13,60,65,588 | 98.80% |
Eldorado Agritech IPO: Business Footprint
Founded in 2009, Eldorado positions itself as a “seed-to-harvest” agro-sciences player. Its business spans four verticals:
- Seeds: maize, paddy, cotton, wheat, bajra and vegetable hybrids (47 crops)
- Bio-stimulants
- Agrochemicals
- Speciality fertilizers
The company’s portfolio includes 226 seed products, 101 agrochemical formulations, 26 bio-stimulants and 19 speciality fertilisers. Its R&D is spread across 188 acres of research farms in Telangana, Karnataka, Rajasthan, Madhya Pradesh, Bihar and Uttar Pradesh.
Eldorado has a pan-India distribution network of 16,987 dealers, of which 7,705 were active in FY25, spanning 18 states. International operations are underway in Nepal and Bangladesh, with plans to expand to West Africa, Vietnam and Indonesia.
Financial Performance: Strong Growth Momentum
Eldorado’s numbers reflect rapid growth. Revenue from operations rose from INR 269.8 crore in FY23 to INR 441.5 crore in FY25, a CAGR of nearly 28%.
- Profit after tax (PAT) surged from INR 29.3 crore in FY23 to INR 71.9 crore in FY25, translating to a CAGR of 56%.
- PAT margins improved from 10.9% in FY23 to 16.3% in FY25.
- Earnings per share (EPS) nearly doubled from INR 2.13 in FY23 to INR 5.22 in FY25.
- EBITDA margins expanded from 16.8% in FY23 to 25.2% in FY25, highlighting operating leverage and product mix gains.
- Return on Equity (ROE) stood at a healthy 34.6% in FY25.
Segment-wise, the seeds business remains dominant, contributing INR 278.2 crore or 63% of FY25 revenue, followed by bio-stimulants (16%), agrochemicals (15%) and speciality fertilisers (6%).
Key Risks
Despite its growth trajectory, Eldorado remains exposed to external risks. The business is monsoon-dependent, with 60–70% of seed sales linked to the Kharif season. Regulatory approvals in seeds and agrochemicals pose additional hurdles. In FY24, the company also booked a loss of INR 22.18 crore due to fire, later offset by insurance claims — underlining operational risks.
IPO Central’s Lens🔎
From a market perspective, Eldorado Agritech offers a rare mix:
- High growth (Revenue CAGR 28%, PAT CAGR 56% over FY23–25)
- Rising profitability (EBITDA margins 25%+, ROE 34.6%)
- Diversified portfolio across seeds and crop care inputs
- Strong promoter expertise in agri-sciences
The IPO proceeds aimed at further deleveraging strengthen the balance sheet, reducing finance costs that have nearly tripled in two years (INR 7.5 crore in FY23 to INR 17.6 crore in FY25).
While the opportunity in India’s agro-sciences market is compelling, investor focus will hinge on IPO pricing, monsoon variability, and execution of international expansion.
In the first eight months of 2025, the Indian IPO market has witnessed a flurry of activity with 48 public issues hitting the bourses. Of these, 13 IPOs debuted in the red, while 35 rewarded investors with positive listing gains. On average, the IPOs so far this year have delivered a listing-day return of 13.21% which is disappointing when compared with 2024’s 30.12% avg listing returns.
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