FARM PEACE LTD
About the company
Farm Peace Ltd (FPL), incorporated in 2021, is an integrated contract farming company in India that specializes in growing and supplying processed-grade potato varieties.
The Ahmedabad, Gujarat based company focuses on processing-grade potatoes—such as Santana, Frysona, Innovators, Lady Rosetta, and Chipsona—used to make French fries, potato chips, and other products
FPL operates on a 100% buy-back model, partnering with local farmers in Gujarat by offering certified seeds, fertilizers, pesticides, drip irrigation, and end-to-end agronomic support. It cultivates thousands of acres, producing tens of thousands of metric tonnes of potatoes annually utilizing cold storage and temperature-controlled logistics.
Farm Peace Ltd. has demonstrated rapid scaling and steady profitability over the past three financial years (FY 2024 to FY 2026). The company reported a total income of ₹90.84 Crs, up 14.62% year-on-year and a 13.02% increase in net profit to ₹7.53 Crs for the financial year ending March 31, 2026. Total revenue scaled up from ₹26.30 Crs (FY 2023) to ₹62.75 Crs (FY 2024) and ₹79.98 Crs (FY 2025). Total Assets stood at ₹69.32 Crs at the end of March 2025, up from ₹31.76 Crs in March 2024 and ₹16.79 Crs in March 2023.
The promoters of Farm Peace Ltd are Sandipkumar Narsinhbhai Patel (Managing Director), Sudhir Haribhai Patel (Chairman and Non-Executive Director), Girishbhai Faljibhai Patel (Non-Executive Director), and Kulin Kiran Patel.
Farm Peace Ltd is making Fresh Issue of up to 54,24,000 equity shares having face value of Rs 10 each, at a fixed price of Rs 59 per share, aggregating Rs 32.00 crs. Of the total issue, QIBs are offered 25,76,000 shares. Similarly, Retail investors are allocated with 25,76,000. Market Makers are guaranteed of 2,72,000 shares.
The shares will be listed on the SME platform of the Bombay Stock Exchange (BSE).
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Farm Peace Ltd – Sustainable Agribusiness
Driving Contract Agronomy and Farm-to-Fork Growth through Farm Peace's Expert Leadership: Farm Peace Ltd. benefits immensely from the deep agricultural and agribusiness expertise of its promoters, Sandipkumar Narsinhbhai Patel and team. Their core competency lies in managing integrated contract farming, optimizing processing-grade potato cultivation, and providing technical agronomic support. Leveraging decades of experience in seed procurement, crop supervision, and financial management, the leadership team drives high-yield farmer partnerships, operational efficiency, and scalable supply chain solutions for agribusiness clients.
Integrated Agronomy based Business Model – Farm Peace Ltd. operates an integrated contract farming model specializing in processing-grade potatoes. The company engages farmers through a 100% buy-back model at pre-agreed prices, providing certified seeds, technical agronomy support, and cold-chain logistics to supply leading B2B food processors.
Scaling Contract Farming, Storage Infrastructure & B2B Partnership – Farm Peace’s strategy centres on expanding its contract farming network, upgrading cold-storage infrastructure, and diversifying into high-margin vegetable crops. By strengthening farmer partnerships through agronomic support and technology adoption, the company aims to optimize supply chain efficiency, scale B2B processor partnerships, and penetrate key regional agricultural markets.
Post the Public Issue Farm Peace Ltd Targets Working Capital Deployment and Contract Agronomy Expansion – Post-IPO, Farm Peace aims to deploy capital towards funding its incremental working capital requirements to scale its integrated contract farming network and seed procurement operations. The remaining proceeds will support general corporate purposes, facilitating cold-chain infrastructure enhancements, technology adoption, and expansion across regional processing-grade agricultural markets.
Risks
Farm Peace faces risks from unfavourable agro-climatic conditions and pest outbreaks affecting potato yields. The business relies heavily on contract farmer networks, key B2B food processor clients, and cold-storage operations, making it vulnerable to supply chain disruptions, crop perishability, and price fluctuations in processed-grade agricultural produce.
Financial snapshot
Strengths & risks
Strengths / Operational Highlights
Farm Peace Ltd – Sustainable Agribusiness
Driving Contract Agronomy and Farm-to-Fork Growth through Farm Peace's Expert Leadership: Farm Peace Ltd. benefits immensely from the deep agricultural and agribusiness expertise of its promoters, Sandipkumar Narsinhbhai Patel and team. Their core competency lies in managing integrated contract farming, optimizing processing-grade potato cultivation, and providing technical agronomic support. Leveraging decades of experience in seed procurement, crop supervision, and financial management, the leadership team drives high-yield farmer partnerships, operational efficiency, and scalable supply chain solutions for agribusiness clients.
Integrated Agronomy based Business Model – Farm Peace Ltd. operates an integrated contract farming model specializing in processing-grade potatoes. The company engages farmers through a 100% buy-back model at pre-agreed prices, providing certified seeds, technical agronomy support, and cold-chain logistics to supply leading B2B food processors.
Scaling Contract Farming, Storage Infrastructure & B2B Partnership – Farm Peace’s strategy centres on expanding its contract farming network, upgrading cold-storage infrastructure, and diversifying into high-margin vegetable crops. By strengthening farmer partnerships through agronomic support and technology adoption, the company aims to optimize supply chain efficiency, scale B2B processor partnerships, and penetrate key regional agricultural markets.
Post the Public Issue Farm Peace Ltd Targets Working Capital Deployment and Contract Agronomy Expansion – Post-IPO, Farm Peace aims to deploy capital towards funding its incremental working capital requirements to scale its integrated contract farming network and seed procurement operations. The remaining proceeds will support general corporate purposes, facilitating cold-chain infrastructure enhancements, technology adoption, and expansion across regional processing-grade agricultural markets.
Risks
Farm Peace faces risks from unfavourable agro-climatic conditions and pest outbreaks affecting potato yields. The business relies heavily on contract farmer networks, key B2B food processor clients, and cold-storage operations, making it vulnerable to supply chain disruptions, crop perishability, and price fluctuations in processed-grade agricultural produce.
Our verdict
Farm Peace Ltd., engaged in integrated contract farming, has approached primary markets through initial public offering (IPO), entirely consisting of fresh issue, for raising ₹32 Crs. Of the total proceeds, ₹23 Crs will be used to fund the incremental working capital requirement while balance will be utilized for general corporate purposes.
The Ahmedabad-based contract farming company specializes in processed-grade potato varieties like Santana, Frysona, Innovators, Lady Rosetta, and Chipsona, and supplies to processing companies for manufacturing french fries, chips, and other potato-based products.
The company’s integrated contract farming based business model is based on its core competency of farm management. It manages the entire farming cycle and offers comprehensive support to farmers, including seed selection, soil preparation, irrigation, pest management, and harvesting guidance.
Farm Peace has posted consisted growth in revenue and profits for the last three fiscal years. Operating revenue grew 14.62% to reach ₹90.83 Crs for the year ending March 31, 2026, up from ₹79.24 Crs in fiscal 2025, while Profit After Tax (PAT) climbed 13.02% to ₹7.53 Crs. The steady performance reflects in strong return matrix over the years.
Farm Peace will raise ₹32 Crs through fresh issue, which mean entire proceeds will be utilized by the company towards meeting working repayment, scaling contract farming & seed procurement operations. Balanced will be utilised for general corporate purposes.
Post-issue, Farm Peace net worth will expand to ₹75.48 Crs, while its post-issue equity share capital will stand at ₹20.58 Crs.
Prima facie, the Farm Peace SME IPO appears reasonably priced. At a fixed issue price of ₹59 per share, it trades at a post-IPO P/E ratio of ~16.12x based on FY26 earnings. The company's stable revenue growth and integrated contract farming model make it an option primarily suited for long-term investors. However, given the smaller issue size (₹32 Crs) and the high minimum application value required for SME IPOs (₹2,36,000 for 2 lots), investors are advised to carefully evaluate working capital risks before subscribing.
Hence, we recommend SUBSCRIBE for long-term investment
Disclaimer
This document is meant for the recipient only for use as intended and not for circulation. This document
should not be reproduced or copied or made available to others. Recipients may not receive this report at
the same time as other recipients. The information contained herein is from the public domain or sources are
believed to be reliable. While reasonable care has been taken to ensure that information given is at the
time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of
research it cannot be warranted or represented that it is accurate or complete and it should not be relied
upon as such. In so far as this report includes current or historical information, it is believed to be
reliable, although its accuracy and completeness cannot be guaranteed. Opinions expressed are current
opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis,
the information discussed in this material, Mr Avinash Gorakshakar is under no obligation to update or keep
the information current. Further there may be regulatory, compliance, or other reasons that prevent me from
doing so. Prospective investors and others are cautioned that any forward-looking statements are not
predictions and may be subject to change without notice. Avinash Gorakshakar and any person connected with
it, will not in any way be responsible for the contents of this report or for any losses, costs, expenses,
charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or
non-acting on any information/material contained in the report. This is not an offer to sell or a
solicitation to buy any securities or an attempt to influence the opinion or behaviour of investors or
recipients or provide any investment/tax advice. This report is for information only and has not been
prepared based on specific investment objectives. The securities discussed in this report may not be
suitable for all investors. Investors must make their own investment decision based on their own investment
objectives, goals and financial position and based on their own analysis. Trading in stocks, stock
derivatives, and other securities is inherently risky and the recipient agrees to assume complete and full
responsibility for the outcomes of all trading decisions that the recipient makes, including but not limited
to loss of capital. Opinions, projections and estimates in this report solely constitute the current
judgment of the author of this report as of the date of this report and do not in any way reflect the views
of Avinash Gorakshakar. The securities described herein may or may not be eligible for sale in all
jurisdictions or to certain category of investors. Persons in whose possession this document may come are
required to inform themselves of and to observe such restriction.
SEBI REGN NO. INH000001071