C K K Retail Mart Limited is engaged in the distribution and trading of agricultural commodities, with a primary focus on sugar. The company earns revenue through bulk trading and distribution to super stockists and distributors across India. Sugar contributes more than 97% of revenue in recent years. Operations are asset-light and driven by procurement, logistics management, and strong distributor relationships.

Key Clients and Manufacturing Facilities

The company does not own manufacturing facilities and follows an asset-light trading model. Its key clients are super stockists and distributors, with the top 10 customers contributing 90.62% of revenue as of September 30, 2025. Operations are managed through its registered office in Mumbai, with sourcing supported by third-party sugar manufacturers.

Product Portfolio and Order Book Execution

The product portfolio is highly concentrated in sugar trading, which contributed ₹15,933.35 lakh, ₹30,052.49 lakh, ₹22,647.77 lakh and ₹10,019.62 lakh in FY26 (H1), FY25, FY24 and FY23 respectively. Sugar trading supports short-cycle client operations with rapid inventory turnover. Orders are executed based on demand visibility and distributor requirements, ensuring quick execution and cash flow rotation.

Mergers, Capex and Expansion Plans

The company has not undertaken any mergers in recent years. IPO proceeds are primarily proposed to support working capital requirements, given the high-volume and low-margin nature of sugar trading. Expansion plans focus on scaling distribution reach, strengthening relationships with super stockists and improving operational efficiencies rather than heavy capital expenditure.

Employees and Banker Details

As on December 31, 2025, the company had 36 full time employees. The Banker to the Company is ICICI Bank Bank Limited.

Management and Growth Vision

The company is led by experienced professionals with strong backgrounds in finance, trading and agro-commodities. Management’s near-term focus is on strengthening sugar distribution volumes and improving working capital efficiency. Long-term plans include diversification into allied agri-products and geographic expansion. Funding for expansion and working capital will be primarily arranged through IPO proceeds and internal accruals, supported by banking relationships.

Industry Overview

C K K Retail Mart operates in the Indian sugar trading and distribution industry. India is one of the largest producers and consumers of sugar globally. The Indian sugar industry benefits from stable domestic demand and government support mechanisms. Industry growth is moderate, linked to consumption trends and pricing cycles. Globally, sugar demand remains stable, driven by food and beverage consumption, though margins remain sensitive to regulatory and commodity price movements.

Key Risk Factors

1. High Revenue Concentration in Sugar
   Over 97% of revenue is derived from sugar trading, making the company highly vulnerable to industry-specific risks such as price volatility, regulatory changes and demand fluctuations.
2. Customer Concentration Risk
   Top 10 customers contributed 90.62% of revenue as of September 30, 2025. Loss of key super stockists or distributors could materially impact revenue and cash flows.
3. Working Capital Intensive Business
   Sugar trading requires significant working capital to manage inventory and receivables. Any delay in collections or funding constraints may impact operational continuity and growth.
4. Dependence on Third-Party Manufacturers
   The company relies on third-party sugar manufacturers for supply. Any disruption, quality issues or termination of arrangements may adversely affect business operations.
5. Regulatory and Policy Risk
   The sugar industry is subject to government regulations, pricing controls and export policies. Adverse policy changes could affect margins and trading volumes.
6. Commodity Price Volatility
   Fluctuations in sugar prices can impact margins if cost increases cannot be passed on immediately to customers.

Key Strengths, Moat and Opportunities

1. Strong Distributor Relationships
   Long-standing relationships with super stockists and distributors provide stable demand visibility and repeat business, creating a strong distribution moat.
2. Asset-Light Business Model
   The company’s trading-based model avoids heavy capex, allowing scalability with limited fixed costs and better return on capital.
3. Experienced Management Team
   Management has strong experience in agro-commodities and finance, supporting effective risk management and disciplined capital allocation.
4. High Revenue Growth Track Record
   Revenue from operations increased from ₹10,327.13 lakh in FY23 to ₹30,118.67 lakh in FY25, reflecting strong scale-up in operations.
5. Opportunity for Product Diversification
   The company has the opportunity to diversify into allied agri-commodities, reducing dependence on sugar and improving margin stability.
6. Improved Liquidity Post IPO
   IPO proceeds are expected to strengthen the balance sheet and improve working capital flexibility, supporting higher trading volumes and faster execution.