Ladies and gentlemen, presenting Astron Multigrain Limited — the noodle factory from Gondal, Rajkot that’s ready to slurp into Dalal Street with an ₹18.40 crore IPO. The company, famous for its “Swagy Noodles” (yes, that’s the real name, not a parody of Maggi), manufactures instant noodles both under its own brand and for clients like Gokul Snacks Pvt. Ltd.
This is a fixed price issue at ₹63 per share. The total issue size: 29.2 lakh shares, of which ₹14.74 crore is fresh and ₹3.65 crore is offer-for-sale. The market cap post-issue sits at ₹54.18 crore — a tasty bite-sized valuation. Retail investors can grab a minimum of 4,000 shares for ₹2.52 lakh, while HNIs need to shell out ₹3.78 lakh.
Financials? The company reported a PAT of ₹2.31 crore in FY25 on a total income of ₹33.92 crore, marking a 28% revenue jump. But let’s be honest — a noodle maker with a P/E of around 15x post-IPO and a P/B of 3.75x is… well, more Maggi-priced than MRF-priced.
2. Introduction
If there’s one thing Indians love more than cricket, it’s noodles that cook in less time than a Virat Kohli boundary. Astron Multigrain saw that obsession and decided, “Bas, yeh toh IPO banana banta hai!”
Born in Rajkot, Gujarat — land of farsan and family-run empires — Astron Multigrain’s story is equal parts small-town ambition and FMCG hunger. The company manufactures instant noodles and papads (because every Gujarati factory needs at least one papad line, it’s tradition).
The real masala here is their dual business model:
Contract manufacturing for other brands (like Gokul Snacks Pvt. Ltd.)
Their own “Swagy Noodles” brand — because the youth won’t buy unless it sounds like an Instagram handle.
Their noodles currently travel through a B2B network — Gujarat, Madhya Pradesh, Maharashtra, and Bihar — via super stockists and wholesalers. Think of it as Swiggy for distributors but without the app or delivery boys.
So why the IPO now? The official reason: to buy machinery and meet working capital needs. The unofficial one: because SME IPOs are hotter than boiling water on a Maggi stove.
3. Business Model – WTF Do They Even Do?
Astron Multigrain has two avatars: OEM cook and brand owner.
1. Contract Manufacturing: The company cooks noodles for Gokul Snacks Pvt. Ltd., which sells them under its own label. Here, Astron does the dirty work — from sourcing raw materials to packaging — while Gokul takes the limelight. Think of it as being the stunt double for a movie star who takes all the applause.
2. Own Brand (Swagy Noodles): Their in-house brand “Swagy Noodles” sells in the “Mast Masala” flavor. It’s currently distributed through stockists and wholesalers. And yes, someone somewhere is definitely saying “Ek packet Swagy Mast Masala laana bhai.”
Product Range:
Instant noodles (main dish)
Noodle bhujiya (snack)
Papad (because every FMCG SME needs a side hustle)
The Gondal manufacturing facility — FSSAI approved and compliant — has a capacity of 5,110 MTA. Gujarat is the noodle hub now, who knew?
Revenue split FY25:
79.82% from own-brand manufacturing
20.18% from contract manufacturing
So, most money comes from Swagy. It’s not just a name, it’s a lifestyle.
