Shellz
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 41.92×
- Big non-institutionalbNII · above ₹10 lakh
- 98.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 62.41×
- Retail individualRII · up to ₹2 lakh
- 56.09×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 6,04,800 | 2,53,52,000 | ₹454 Cr | 41.92× |
| Non-institutional | 4,53,600 | 3,91,97,600 | ₹702 Cr | 86.41× |
| Big non-institutionalwithin NII | 3,02,400 | 2,97,61,600 | ₹533 Cr | 98.42× |
| Small non-institutionalwithin NII | 1,51,200 | 94,36,000 | ₹169 Cr | 62.41× |
| Retail individual | 10,57,600 | 5,93,23,200 | ₹1,062 Cr | 56.09× |
| Total | 21,16,000 | 12,38,72,800 | ₹2,217 Cr | 58.54× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 19 Oct, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 15 Oct 2026 – 19 Oct 2026
- Listing date
- 23 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹170 – ₹179
- Issue price
- ₹179 per share
- Lot size
- 800 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹59.97 Cr
- Fresh issue
- ₹54.07 Cr 30,20,800 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹216 Cr
- Promoter holding
- 88.11% → 63.64% pre-issue → post-issue
- ISIN
- INE0Z7301016
- CIN
- U15490DL2012PLC235397
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, Shivaji Park (West Delhi), West Delhi, Delhi – 110 026, 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 | 6,04,800 | 28.58% | 24.73% |
| Anchor investor · within QIB | 9,04,800 | — | 37.00% |
| NII (HNI) | 4,53,600 | 21.44% | 18.55% |
| bNII > ₹10L · within NII | 3,02,400 | — | 12.37% |
| sNII < ₹10L · within NII | 1,51,200 | — | 6.18% |
| Retail (RII) | 10,57,600 | 49.98% | 43.25% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,29,600 | — | 13.48% |
| Total issue | 24,45,600 | — | 100.00% |
Net offer to the public of 21,16,000 shares, out of a total issue of 24,45,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 800 shares per lot, in multiples, at ₹179
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,43,200 |
| S-HNI (min) | 2 | 1,600 | ₹2,86,400 |
| S-HNI (max) | 6 | 4,800 | ₹8,59,200 |
| B-HNI (min) | 7 | 5,600 | ₹10,02,400 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 15.34 | 13.52 |
| P/E (×) | 11.67 | 13.24 |
| Price to book (×) | 2.65 | — |
| Market cap | — | ₹216 Cr |
Key performance indicators
- Return on net worth
- 22.68%
- ROCE
- 20.00%
- Debt / equity
- 1.71
- PAT margin
- 6.94%
- EBITDA margin
- 15.65%
- NAV per share
- ₹67.63
- Price to book
- 2.65
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 193.18 | 187.39 | 162.8 |
| Revenue from operations | 192.61 | 186.97 | 162.41 |
| Other income | 0.56 | 0.41 | 0.39 |
| Total expenses | 173.88 | 174.77 | 154.83 |
| Operating profit | 19.3 | 12.62 | 7.97 |
| Operating margin | 9.99% | 6.73% | 4.90% |
| Profit before tax | 19.29 | 12.62 | 7.97 |
| Profit after tax | 13.37 | 8.3 | 5.25 |
| PAT margin | 6.92% | 4.43% | 3.22% |
| Balance sheet | |||
| Total assets | 213.72 | 105.33 | 147.04 |
| Current assets | 155.89 | 114.19 | 124.58 |
| Current liabilities | 108.39 | 105.33 | 93.42 |
| Total liabilities | 46.37 | 126.77 | 120.03 |
| Net worth | 58.95 | 40.58 | 26.99 |
| Current ratio | 1.44× | 1.08× | 1.33× |
| Return on equity | 22.68% | 20.45% | 19.45% |
| Cash flow | |||
| Operating cash flow | -11.3 | 22.1 | 8.36 |
| Investing cash flow | -7.02 | -30.52 | -3.93 |
| Financing cash flow | 19.44 | 6.73 | -2.9 |
| Net cash flow | 1.11 | -1.68 | 1.53 |
Objects of the issue
1 Repayment or Prepayment of Outstanding Borrowings ₹22 Cr
The company proposes to utilize a portion of the Net Proceeds towards repayment and/or pre-payment of certain existing borrowings availed from banks and financial institutions, with aggregate outstanding borrowings intended to be repaid not exceeding the allocated amount in Lakhs.
2 Funding Incremental Working Capital Requirements ₹23 Cr
The company intends to utilize a portion of the Net Proceeds to fund its incremental working capital requirements in Fiscal 2027, supporting expansion of manufacturing and distribution operations, procurement of raw materials, and scaling of its confectionery product portfolio.
3 General Corporate Purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes including acquisition of fixed assets, funding growth opportunities, strategic initiatives, brand building, administration, marketing, repairs, maintenance, and other ordinary course business expenses, subject to applicable regulatory limits.
1 of 3 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 Shellz
Shellz India Limited is a confectionery manufacturer that currently produces its products at an existing facility in Delhi. The company was incorporated on May 07, 2012 as Tifosi Foods Private Limited, was renamed Shellz India Private Limited in September 2020, and was converted into a public limited company and renamed Shellz India Limited in February 2025. Its product range covers baked treats, choco delights, jellies, and panned and sugar candies. The company primarily operates in the mass-market segment with price points below ₹10/- and serves consumers in Tier II and Tier III cities. Revenue is generated from sales of these products to customers through distributors, super stockists and kirana stores, largely against purchase orders without long-term contracts. Consolidated total revenue for FY2026 was ₹19,261.52 lakhs, with 75.34% from North India. The company proposes to shift its manufacturing operations from Delhi to its facility at Barhi, Sonipat, Haryana.
Management
Kapil Garg
MD
Strengths
As stated in the offer document
Ability to Develop Differentiated Products Across Formats and Price Points
The company develops differentiated confectionery products across formats including baked treats, choco delights, jellies, and panned & sugar candies, supported by an in-house team of food and packaging technologists, with offerings ranging from mass-market ₹1 products to premium 'Tosca' items like 'Oat Choco' at ₹100–₹400.
Presence at Mass-Market Price Points Supported by a Diversified Product Portfolio
A majority of the company's SKUs are priced at ₹10 or below, aligning with Indian confectionery consumption patterns where 68% of non-adult consumers opt for confectionery at ₹10 or below, enabling participation across urban, semi-urban, and rural markets.
Super Stockist-Led Distribution Model Enabling Scalable Market Reach
The company distributes products through a network of over 300 super stockists across 24 states in India, with the super stockist channel contributing 94.38% of revenue (₹4,458.57 lakhs) for the period ended June 30, 2026, enabling wide geographic reach without a direct retail salesforce.
Integrated In-House Manufacturing Capabilities with Focus on Scalability and Process Control
The company manufactures all consumer products in-house at facilities in Delhi and Sonipat, Haryana, with current installed capacity of ~17,100 MTPA and planned expansion to ~34,500 MTPA, using machinery sourced from Turkey, China, Indonesia, and domestic suppliers.
In-House Product Development Capabilities Supported by Technical Expertise
The company's product development is supported by an in-house team of food and packaging technologists who handle formulation development, ingredient selection, product trials, and packaging design, enabling controlled introduction of new products across categories.
Experienced Promoters and Management Team
The company is led by Promoter Kapil Garg, who has over two decades of experience in the consumer-packaged food industry, supported by a senior management team with expertise in strategy, finance, engineering, and sales, including CFO Sangeeta Thakur with ~20 years of financial management experience.
Risk factors
As stated in the offer document
Significant Indebtedness and Delays in Repayment
As of June 30, 2026, the company's total outstanding indebtedness was ₹10,949.12 lakhs with a Debt-Equity ratio of 1.72 times, exposing it to risks including cash flow constraints, floating interest rate fluctuations, and restrictive lender covenants. There have been instances of delayed repayment of principal and interest reported in credit history records, and certain unsecured loans have been recalled by lenders, creating additional liquidity pressure.
Heavy Dependence on Super Stockists for Revenue Distribution
During Fiscals 2024–2026 and the period ended June 30, 2026, approximately 94–96% of total revenue from operations was attributable to super stockists, with no long-term contracts or formal agreements in place. Any discontinuation, dispute, or loss of key super stockists could materially disrupt the company's distribution network and adversely affect revenue and financial condition.
Concentration of Revenue in North India
The company derived 79.66%, 75.34%, 72.66%, and 71.47% of revenue from operations from North India for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively. This geographic concentration exposes the company to region-specific risks such as civil unrest, natural disasters, and adverse economic or political developments that could disproportionately impact financial performance.
Raw Material Cost Volatility and Lack of Long-Term Supplier Agreements
Raw material costs represented 84.27%, 73.76%, 89.77%, and 91.47% of total expenses for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively, making the company highly vulnerable to input cost fluctuations. The company does not have long-term supply agreements with most of its suppliers, and any disruption in procurement or deterioration of supplier relationships could adversely affect manufacturing operations and profitability.
Brand Concentration Risk — Dependence on 'Hugs' Brand
The 'Hugs' brand contributed 93.04%, 89.99%, 91.56%, and 94.48% of revenue from operations for the period ended June 30, 2026 and Fiscals 2026, 2025, and 2024, respectively, creating significant revenue concentration risk. The company does not own the 'Hugs' and 'Tosca' trademarks directly; they are held by its subsidiary under a one-year renewable Trademark User Agreement, and any termination or non-renewal could force costly rebranding and loss of brand recognition.
Outstanding Legal Proceedings and Past IBC Applications
The company faces multiple outstanding legal proceedings, including 6 criminal cases and 11 material civil litigations against it with an aggregate amount of ₹2,628.04 lakhs, as well as 9 tax proceedings. Additionally, six operational creditors previously filed insolvency applications under the IBC against the company, and while all were dismissed or settled, similar proceedings could be initiated in the future, adversely affecting financial condition and management focus.
Operational Risks from Manufacturing Relocation to Sonipat
The company proposes to shift its entire manufacturing operations from Delhi to its new facility in Barhi, Sonipat, Haryana, involving significant operational, logistical, and regulatory transition risks. Potential disruptions during the transition include production downtime, delays in equipment commissioning, workforce stabilization challenges, and additional relocation costs that could adversely affect supply chain continuity and profitability.
Company Analysis
from RHPShellz India Limited manufactures and sells confectionery products, including baked treats, chocolate-based products, jellies and sugar candies, mainly in North India.
Shellz India Limited is a confectionery manufacturer that currently produces its products at an existing facility in Delhi. The company was incorporated on May 07, 2012 as Tifosi Foods Private Limited, was renamed Shellz India Private Limited in September 2020, and was converted into a public limited company and renamed Shellz India Limited in February 2025. Its product range covers baked treats, choco delights, jellies, and panned and sugar candies. The company primarily operates in the mass-market segment with price points below ₹10/- and serves consumers in Tier II and Tier III cities. Revenue is generated from sales of these products to customers through distributors, super stockists and kirana stores, largely against purchase orders without long-term contracts. Consolidated total revenue for FY2026 was ₹19,261.52 lakhs, with 75.34% from North India. The company proposes to shift its manufacturing operations from Delhi to its facility at Barhi, Sonipat, Haryana.
Objects of the Issue
- Repayment or prepayment, in full or in part, of certain borrowings availed by the company p.62
- Funding working capital requirements of the company in Fiscal 2027 ₹2,300.00 lakhs p.57
- General corporate purposes p.62
- Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company 2,200.00 lakhs p.110
- Funding our incremental working capital requirements 2,300.00 lakhs p.110
- General corporate purposes [●] p.110
Issue Structure
- Total Issue
- Up to 33,50,400 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 33,50,400 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹10/- per Equity Share
Business Model
Manufactures confectionery products sold in the mass market at price points below ₹10/-, distributed through distributors, super stockists and kirana stores. Customer sales are largely executed through purchase orders without long-term supply or volume agreements, with an average delivery schedule of 2-4 weeks.
Business Segments
SWOT Analysis
- • Super stockist-led distribution model enabling scalable market reach(p.131)
- • Integrated in-house manufacturing with focus on scalability and process control(p.131)
- • Presence at mass-market price-points backed by a diversified portfolio(p.131)
- • In-house product development supported by technical expertise(p.131)
- • Ability to develop differentiated products across formats and price points(p.131)
- • Experienced promoters and management team(p.131)
- • Differentiated products across formats, categories and price points(p.194)
- • Majority of SKUs at mass-market price points (INR 10 or below)(p.194)
- • Super stockist-led distribution across multiple states(p.195)
- • In-house manufacturing with control over quality and timelines(p.196)
- • In-house product development with pre-commercialisation evaluation(p.197)
- • Promoter with over two decades of consumer-packaged food experience(p.197)
- • Revenue from operations CAGR of 8.90% from FY24 to FY26(p.190)
- • ISO 22000:2018 and FSSAI manufacturing licence for Delhi facility(p.209)
- • Sonipat site in established food processing cluster with strong logistics links(p.201)
- • Super stockist network across 24 states(p.210)
- • Export experience with international customers and suppliers(p.199)
- • National branding award for Hugs(p.226)
- • Promoter-director industry experience(p.230)
- • Diversified portfolio of over 300 SKUs across multiple categories(p.301)
- • Wide distribution through super stockists and kirana outlets(p.301)
- • Mass-market price points for the Hugs brand(p.301)
- • In-house manufacturing of all consumer products(p.302)
- • Dedicated food and packaging technologist team for product development(p.302)
- • Promoter with long industry experience(p.303)
- • Revenue growth over the last two fiscals(p.302)
- • Operating profit (EBITDA) rose from ₹1,893.66 lakh (FY24) to ₹3,014.81 lakh (FY26) on a restated consolidated basis(p.330)
- • High indebtedness with debt-equity ratio of 1.72x at June 30, 2026(p.27)
- • Promoter personal guarantees backing some debt facilities(p.27)
- • Past delays in servicing debt, reported in credit history(p.27)
- • Reliance on top 10 customers with no long-term contracts(p.32)
- • Revenue concentration in North India (79.66% in Q1 FY27)(p.33)
- • No long-term supply agreements with most raw material suppliers(p.30)
- • Negative operating cash flow in FY26 driven by supplier advances(p.31)
- • Pending litigation involving the Company and its promoters(p.28)
- • Debt-to-equity of 1.72:1 as on June 30, 2026, with total borrowings of ₹10,856.31 lakh(p.330)
- • Pending income-tax demand against promoter Kapil Garg, under appeal(p.310)
- • Customs duty demand of ₹162.84 lakh against subsidiary Shellz Overseas, under appeal(p.312)
- • GST demand of ₹21.22 lakh confirmed against group company Euroville Private Limited, under appeal(p.313)
- • Key trademarks held by subsidiary and used by the Company only under a No Objection Certificate(p.323)
- • Certain licences for the Delhi unit are issued in the property owner's name, not the Company's(p.321)
- • Consent to Establish application for the Sonipat plant not yet received(p.325)
- • Civil suit and forgery FIR over the Rai industrial premises lease, with a counter-claim rejected(p.308)
- • Industry demand shifting toward innovative, health-oriented and customised confectionery(p.26)
- • Planned Sonipat facility to consolidate operations and support growth(p.29)
- • Indian confectionery market growth outlook(p.127)
- • Economy-priced confectionery segment growth(p.127)
- • Proposed Sonipat facility to enhance capabilities and capacity(p.127)
- • Expansion into private labelling and e-commerce with shorter receivable cycles(p.126)
- • Online trade as the fastest growing channel(p.139)
- • Growth in Indian confectionery exports(p.139)
- • Expansion into adjacent snacking categories and formats(p.197)
- • Cereal-based Tosca portfolio expansion(p.189)
- • Low per capita consumption implies room for growth(p.148)
- • Online trade is the fastest growing distribution channel(p.163)
- • Chocolate and milky confectionery expected to grow fastest(p.158)
- • Continuous new product and variant introduction(p.198)
- • Sonipat facility to support higher production capacity(p.198)
- • Tosca brand expansion into higher-value segments(p.198)
- • Hugs geographic expansion and deeper penetration(p.199)
- • Shift export mix toward higher unit realisation markets(p.199)
- • Installed capacity expansion at Sonipat(p.200)
- • Growing Indian confectionery market per the Ken Report(p.301)
- • Low per capita consumption offers room for expansion(p.301)
- • Tosca brand targeted at e-commerce and quick commerce(p.302)
- • Sonipat facility to add production capacity(p.302)
- • Evolving consumer tastes and strong price sensitivity in confectionery(p.26)
- • Raw material availability and pricing exposed to external factors(p.31)
- • Floating-rate borrowings exposed to interest rate movements(p.27)
- • Regional civil unrest, natural disasters and conflicts affecting key states(p.33)
- • Seasonal and short-shelf-life demand dynamics in the industry(p.33)
- • Listing timelines may change if SEBI issues new circulars(p.343)
- • Commencement of trading rests with the Stock Exchange(p.342)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kapil Garg | Promoter | — | — |
| Shalini Garg | Promoter | — | — |
| Kapil Garg | Promoter | — | — |
| Shalini Garg | Promoter | — | — |
| Kapil Garg | Promoter | 71.59% | [●]% |
| Shalini Garg | Promoter | 16.52% | [●]% |
| Kapil Garg | Promoter | — | — |
| Kapil Garg | Promoter | 71.59% | — |
| Shalini Garg | Promoter | 16.52% | — |
| Kapil Garg | Promoter | 71.59% | — |
| Shalini Garg | Promoter | 16.52% | — |
| Kapil Garg | Promoter | — | — |
| Shalini Garg | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Shellz India Ltd. THIS ISSUE | 15.37 | 67.63 | 13.24, computed at the offer price | 2.65, computed at the offer price | 22.68% |
| 14.38 | 151.33 | 8.66 | 0.82 | 9.50% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.