Shanti Inorganics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 91.48×
- Big non-institutionalbNII · above ₹10 lakh
- 180.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 127.56×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Sept 2026 | ₹55 | +66.27% | ₹66,900 | ₹138 | ₹88,000 |
| 06 Sept 2026 | ₹54 | +65.06% | ₹65,700 | ₹137 | ₹86,400 |
| 05 Sept 2026 | ₹47 | +56.63% | ₹57,200 | ₹130 | ₹75,200 |
| 04 Sept 2026 | ₹43 | +51.81% | ₹52,300 | ₹126 | ₹68,800 |
| 03 Sept 2026 | ₹34 | +40.96% | ₹41,300 | ₹117 | ₹54,400 |
| 02 Sept 2026 | ₹13 | +15.66% | ₹15,800 | ₹96 | ₹20,800 |
| 01 Sept 2026 | ₹36 | +43.37% | ₹43,800 | ₹119 | ₹57,600 |
| 31 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 30 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 29 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 28 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 27 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 26 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 25 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 24 Aug 2026 | ₹25 | +30.12% | ₹30,400 | ₹108 | ₹40,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 31 Aug 2026 – 02 Sept 2026
- Listing date
- 07 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹79 – ₹83
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹47.24 Cr
- Fresh issue
- ₹44.87 Cr 54,06,400 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹143 Cr
- Promoter holding
- 83.65% → 56.05% pre-issue → post-issue
- ISIN
- INE1ZEE01019
- CIN
- U24100GJ2010PLC059218
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Plot No.-2015, Phase III GIDC, Vatva, Ahmedabad - 382445, Gujarat, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,81,600 | 57.14% | 49.67% |
| Anchor investor · within QIB | 16,19,200 | — | 74.36% |
| NII (HNI) | 8,11,200 | 42.86% | 37.25% |
| bNII > ₹10L · within NII | 5,40,800 | — | 24.83% |
| sNII < ₹10L · within NII | 2,70,400 | — | 12.42% |
| Retail (RII) | 0 | 0.00% | 0.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,84,800 | — | 13.08% |
| Total issue | 21,77,600 | — | 100.00% |
Net offer to the public of 18,92,800 shares, out of a total issue of 21,77,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹83
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,65,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,29,600 |
| B-HNI (min) | 8 | 12,800 | ₹10,62,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹83 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.84 | 8.70 |
| P/E (×) | 9.39 | 9.54 |
| Price to book (×) | 1.99 | — |
| Market cap | — | ₹143 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 27.68%
- ROCE
- 23.40%
- Debt / equity
- 0.64
- PAT margin
- 14.01%
- EBITDA margin
- 21.62%
- NAV per share
- ₹41.74
- Price to book
- 1.99
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 72.93 | 58.46 | 45.06 |
| Revenue from operations | 71.22 | 57.11 | 44.87 |
| Other income | 1.71 | 1.35 | 0.19 |
| Total expenses | 59.11 | 47.69 | 38.2 |
| Operating profit | 13.82 | 10.77 | 6.86 |
| Operating margin | 18.95% | 18.42% | 15.22% |
| Profit before tax | 13.83 | 10.77 | 6.86 |
| Profit after tax | 10.22 | 7.99 | 5.12 |
| PAT margin | 14.01% | 13.67% | 11.36% |
| Balance sheet | |||
| Total assets | 97.04 | 66.04 | 52.69 |
| Current assets | 32.01 | 21.28 | 23.53 |
| Current liabilities | 25.8 | 27.63 | 21.31 |
| Total liabilities | 48.8 | 40.44 | 35.08 |
| Net worth | 48.24 | 25.6 | 17.6 |
| Current ratio | 1.24× | 0.77× | 1.10× |
| Return on equity | 21.19% | 31.21% | 29.09% |
| Cash flow | |||
| Operating cash flow | 6.1 | 15.53 | 3.47 |
| Investing cash flow | -22.1 | -16.11 | -19.33 |
| Financing cash flow | 16.34 | -0.81 | 17.29 |
| Net cash flow | 0.34 | -1.38 | 1.43 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat ₹42.5 Cr
The company intends to establish a new manufacturing facility with an installed capacity of 78,544 MTPA to manufacture sodium meta bisulphite, sodium bisulphite powder/solution and ammonium bisulphite. This expansion will cater to growing domestic and export demand and enable the company to manufacture higher-grade products with enhanced quality and efficiency.
2 General Corporate Purposes —
The company intends to deploy the balance net proceeds towards general corporate purposes including brand building and marketing expenses, salaries and wages, rent, administration expenses, electricity bills, IT infrastructure upgradation, insurance expenses, payment of taxes and duties, repair and maintenance, strategic initiatives, and funding growth opportunities.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Shanti Inorganics
The company is engaged in the business of manufacturing and supply of sulphur based inorganic chemicals. The company holds one of the largest domestic production capacities for bisulphites with capacity of 18,800 MTPA. The company's product portfolio consists of ammonium bisulphite solution, sodium bisulphite powder or solution, sodium meta bisulphite and sodium sulphite powder/anhydrous, which are primarily used as preservatives, reducing agents, oxygen scavengers and process intermediates across multiple industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers and mining.
Management
Manojkumar Jayantilal Patel
MD
Avnish Manojkumar Patel
CEO
Suhani Avnishkumar Patel
Director
Indira Suresh Vora
Director
Strengths
As stated in the offer document
Geographical diversification through exports to international market
The company exports to 15 countries with exports contributing 29.28% to 53.83% of revenue from operations across different periods, serving diverse industries and demonstrating strong geographical diversification.
Long standing relationships with diversified customers across multiple industries
The company serves customers across food & beverages, chemicals, oil drilling, pharmaceuticals and other industries, with 4 out of top 10 customers associated for more than 5 years, reducing industry-specific risks.
Strategically located production facilities with access to abundant resources
The company's manufacturing units are strategically located in Gujarat near industries generating liquid SO2, ensuring consistent supply of key raw materials and reducing logistic costs and lead time.
Certifications and compliance with quality and food safety standards
The company holds ISO 9001:2015, NSF, KOSHER, HACCP and HALAL certifications, enhancing credibility and providing competitive edge to cater to diverse customer needs and regulatory requirements.
Experienced Promoters and Senior Management with extensive domain knowledge
The company is led by promoters with over 26 years and 17 years of experience respectively in sulphur-based inorganic chemicals, achieving revenue growth CAGR of 25.99% from FY2024 to FY2026.
Consistent financial performance
The company demonstrated revenue growth from ₹4,486.72 lakhs in FY2024 to ₹7,122.02 lakhs in FY2026 (CAGR 25.99%), EBITDA growth CAGR of 32.84%, and PAT growth CAGR of 41.35%.
Risk factors
As stated in the offer document
Dependence on Food and Beverages, Oil Drilling and Chemical Industries
The company derives a substantial portion of revenue from food and beverages (36.27%), oil drilling (1.59%), and chemical industries (37.69%) as of May 31, 2026. Any material decline in performance of these industries may materially and adversely affect the company's business operations, financial condition and results of operations.
Customer Concentration Risk
The company's top 10 customers account for 71.03% of revenue as of May 31, 2026, with the top customer contributing 11.23%. Loss of major customers or reduction in business from them could have a material adverse impact on business, results of operations, cash flows and financial condition.
No Long-term Customer Contracts
The company does not maintain long-term contractual arrangements with majority of customers, relying on purchase orders on transactional basis. Orders can be amended, postponed or cancelled at customer discretion, exposing the company to fluctuations in demand and revenue visibility.
Export Revenue Exposure
Export revenue constituted 29.28% of total revenue as of May 31, 2026, exposing the company to risks including foreign currency fluctuations, international trade policies, anti-dumping duties, and geopolitical uncertainties. Any adverse developments in international markets may materially affect business operations and financial condition.
Raw Material Cost Volatility
Cost of materials consumed represented 58.43% of total income for two months ended May 31, 2026. Raw material pricing is volatile and subject to external factors beyond control. If the company is unable to pass increased costs to customers, it may result in reduced profitability and negatively impact results of operations.
No Long-term Supplier Agreements
The company has not made any long-term supply arrangements with suppliers, with top 10 suppliers accounting for 97.92% of purchases as of May 31, 2026. In an eventuality where suppliers are unable to deliver required materials at competitive prices in time-bound manner, it may have material adverse effect on business operations and profitability.
Critical Manufacturing Facilities Risk
Manufacturing facilities in Vatva and Bavla, Ahmedabad with installed capacity of 18,800 MTPA and 18,000 MTPA respectively are critical for business. Any disturbance, slowdown or shutdown of manufacturing facilities may have adverse impact on business, results of operations and financial conditions.