Shlokka Dyes
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹91 | ₹0 |
| 16 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹91 | ₹0 |
| 15 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹91 | ₹0 |
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
- 30 Sept 2025 – 14 Oct 2025
- Listing date
- 17 Oct 2025
- Face value
- ₹1 per share
- Issue price
- ₹91 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹57.79 Cr
- Market cap at offer price
- ₹195 Cr
- Promoter holding
- 100.00% → 71.33% pre-issue → post-issue
- ISIN
- INE1EUB01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Interactive Financial Services Ltd.
- Registered office
- Plot No-C/54, GIDC, Saykha, Saran,, Vagra, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 3,24,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹91
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,09,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,18,400 |
| S-HNI (max) | 9 | 10,800 | ₹9,82,800 |
| B-HNI (min) | 10 | 12,000 | ₹10,92,000 |
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
₹91 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.65 | 4.68 |
| P/E (×) | 13.68 | 19.44 |
| Price to book (×) | 5.04 | — |
| Market cap | — | ₹195 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.73%
- ROCE
- 36.14%
- Debt / equity
- 1.02
- PAT margin
- 9.68%
- EBITDA margin
- 18.05%
- NAV per share
- ₹18.06
- Price to book
- 5.04
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shlokka Dyes
Shlokka Dyes Limited (SDL) was incorporated on July 09, 2021 as 'Shlokka Dyes Private Limited' at Ahmedabad, Gujarat, and was converted into a public limited company on November 11, 2024 (CIN U24299GJ2021PLC124004). Though incorporated in 2021, its manufacturing operations began only in Fiscal 2022-23. The company operates a single manufacturing facility at Plot No. C/54, GIDC, Saykha, Dist. Bharuch, Gujarat (~5,000 sq. metre plot with a 5,731.81 sq. metre factory building), with an installed capacity of 9,000 MT per annum, certified to ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health & Safety). It earns money by making and selling dyes — chiefly Reactive Dyes (Reactive Black being the largest contributor at 54.70% of revenue in the seven months ended October 31, 2024) plus Direct, Basic, Vat, Digital Printing, Paper and Acid dyes and intermediates like J Acid and K Acid — on a B2B basis, predominantly within India (85.89% of stub-period sales from Gujarat), with exports to Uzbekistan of ₹508.87 lakhs (8.30% of revenue) in Fiscal 2024; a small portion of revenue (2.83% in the stub period) comes from trading surplus raw material. Revenue from operations grew from ₹876.80 lakhs in Fiscal 2023 to ₹6,127.53 lakhs in Fiscal 2024 (PAT ₹491.79 lakhs), and stood at ₹5,745.54 lakhs with PAT of ₹551.59 lakhs for the seven months ended October 31, 2024. The business is promoted by Vaibhav Shah (Managing Director, 25+ years in the dyes industry, also proprietor of Equinox Impex) and Shivani Rajpurohit (Executive Director), who together hold 100% pre-issue capital. The company is raising a 100% fresh issue of up to 65,00,000 equity shares for listing on BSE SME.
Company Analysis
from DRHPShlokka Dyes Limited manufactures Reactive Dyes — a category of Synthetic Organic Dyes — along with Direct, Basic, Vat, Digital Printing and Paper Dyes, serving industries such as textiles, leather, paper and paints.
Shlokka Dyes Limited (SDL) was incorporated on July 09, 2021 as 'Shlokka Dyes Private Limited' at Ahmedabad, Gujarat, and was converted into a public limited company on November 11, 2024 (CIN U24299GJ2021PLC124004). Though incorporated in 2021, its manufacturing operations began only in Fiscal 2022-23. The company operates a single manufacturing facility at Plot No. C/54, GIDC, Saykha, Dist. Bharuch, Gujarat (~5,000 sq. metre plot with a 5,731.81 sq. metre factory building), with an installed capacity of 9,000 MT per annum, certified to ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health & Safety). It earns money by making and selling dyes — chiefly Reactive Dyes (Reactive Black being the largest contributor at 54.70% of revenue in the seven months ended October 31, 2024) plus Direct, Basic, Vat, Digital Printing, Paper and Acid dyes and intermediates like J Acid and K Acid — on a B2B basis, predominantly within India (85.89% of stub-period sales from Gujarat), with exports to Uzbekistan of ₹508.87 lakhs (8.30% of revenue) in Fiscal 2024; a small portion of revenue (2.83% in the stub period) comes from trading surplus raw material. Revenue from operations grew from ₹876.80 lakhs in Fiscal 2023 to ₹6,127.53 lakhs in Fiscal 2024 (PAT ₹491.79 lakhs), and stood at ₹5,745.54 lakhs with PAT of ₹551.59 lakhs for the seven months ended October 31, 2024. The business is promoted by Vaibhav Shah (Managing Director, 25+ years in the dyes industry, also proprietor of Equinox Impex) and Shivani Rajpurohit (Executive Director), who together hold 100% pre-issue capital. The company is raising a 100% fresh issue of up to 65,00,000 equity shares for listing on BSE SME.
Objects of the Issue
- Capital Expenditure for purchase of plant and machineries (including a second spray dryer for light-shade dyes) ₹613.00 lakhs p.71
- Repayment of Debt (repayment/prepayment of secured borrowings from State Bank of India) ₹1,000.00 lakhs p.74
- Working Capital requirements ₹3,400.00 lakhs p.74
- General Corporate Purposes p.76
Issue Structure
- Total Issue
- Up to 65,00,000 Equity Shares of face value of ₹10/- each for cash at a price of ₹ [●] per Equity Share aggregating to ₹ [●]
- Fresh Issue
- Fresh Issue of up to 65,00,000 Equity Shares (of which [●] shares reserved for the Market Maker); no offer-for-sale component
- Face Value
- ₹10.00 per equity share
Business Model
Revenue is generated by manufacturing and selling dyes to business-to-business (B2B) customers, primarily within India (concentrated in Gujarat), supplemented by minor trading of surplus raw material (2.83% of revenue for the period ended October 31, 2024 vs 97.17% from manufacturing). Sales occur against purchase orders without long-term contracts; top 10 customers contributed ~99.8–100% of revenue.
Business Segments
SWOT Analysis
- • ISO 9001/14001/45001-certified operations backed by in-house quality-control laboratory(p.99)
- • Experienced promoter with deep domain knowledge(p.99)
- • Integrated production process giving control over cost, quality and timelines(p.99)
- • Locational advantage inside the PCPIR cluster at Saykha, Bharuch(p.100)
- • Products compliant with international sustainability standards (ISO, GOTS, ZDHC)(p.100)
- • Large installed capacity of 9,000 MT per annum(p.92)
- • Extreme customer concentration — top customer was 68.09% of FY24 revenue; top-10 nearly 100%(p.27)
- • Heavy reliance on few suppliers for raw material purchases(p.27)
- • Very short track record in manufacturing(p.21)
- • Negative cash flows in prior periods (e.g., operating cash flow of ₹(1,051.91) lakhs in FY24)(p.25)
- • Statutory compliance lapses — PF/ESI contributions not deducted/deposited from April 2023 to June 2024; repeated delays in GST/TDS/Professional Tax filings(p.24)
- • Conflict of interest — promoter's proprietorship 'Equinox Impex' operates in the same line of business with no non-compete(p.28)
- • Leveraged balance sheet with restrictive lender covenants from State Bank of India(p.30)
- • Single-site dependence — entire business runs off one leased manufacturing unit(p.26)
- • Large headroom to scale — only ~46% capacity utilization against 9,000 MTPA installed capacity(p.100)
- • New product lines including eco-friendly and sustainable dyes(p.100)
- • Rising domestic demand for reactive dyes offers market-share gains(p.100)
- • Geographical expansion into Southeast Asia, Africa and Latin America(p.101)
- • End-market tailwind — Indian textiles & apparel projected at 10% CAGR to US$ 350 billion by 2030(p.90)
- • China+1 supply-chain shift benefits Indian chemicals sector(p.87)
- • Intense competition from organized/unorganized players causing pricing pressure(p.33)
- • Volatility in raw material prices (linked to globally volatile crude oil) and supply shortages(p.28)
- • Stringent environmental oversight by GPCB, including risk of unit closure (a temporary closure notice was issued in Aug-2024)(p.20)
- • Foreign exchange rate fluctuation exposure with no hedging arrangements(p.29)
- • Adverse changes in taxation (income tax, GST) and government levies(p.38)
- • Global macroeconomic, political and social shocks beyond company control(p.37)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vaibhav Shah | Promoter & Managing Director | 60.00% | — |
| Shivani Rajpurohit | Promoter & Executive Director | 40.00% | — |
| Pravinaben Shah | Promoter Group | Negligible (100 shares) | — |
| Shivlal Rajpurohit | Promoter Group | Negligible (100 shares) | — |
Leadership
Auto-extracted from the company's DRHP 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 DRHP before relying on it.