SD
Shyam Dhani Industries
Book Building issueSMENSE₹38.49 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹38.49 Cr
1 lot at cut-off
₹1,40,000
Lot size
2,000shares
Open
22 Dec 2025
Close
24 Dec 2025
Allotment
26 Dec 2025
Listing
30 Dec 2025
Listing performance
Issue price
₹70
Listed at
₹133
Listing-day close
₹139.65
Latest price
₹63
Listing gain
+90.00%
Return since listing
-10.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹68
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Dec 2025 | ₹68 | +97.14% | ₹1,03,400 | ₹138 | ₹1,36,000 |
| 29 Dec 2025 | ₹68 | +97.14% | ₹1,03,400 | ₹138 | ₹1,36,000 |
| 28 Dec 2025 | ₹70 | +100.00% | ₹1,06,400 | ₹140 | ₹1,40,000 |
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
- 22 Dec 2025 – 24 Dec 2025
- Listing date
- 30 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹38.49 Cr
- Market cap at offer price
- ₹145 Cr
- Promoter holding
- 98.11% → 72.00% pre-issue → post-issue
- ISIN
- INE1CRP01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- F-438-A, Road No.12, Vishwakarma Industrial Area, Rajasthan
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 | 15,60,000 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
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.
Shares allocated
15,60,000
Anchor portion
₹10.92 Cr
at ₹70 per share
Valuation and performance
Valuation at offer price
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.31 | 4.07 |
| P/E (×) | 13.18 | 17.20 |
| Price to book (×) | 4.41 | — |
| Market cap | — | ₹145 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.07%
- ROCE
- 39.00%
- Debt / equity
- 2.00
- PAT margin
- 6.45%
- EBITDA margin
- 11.65%
- NAV per share
- ₹15.87
- Price to book
- 4.41
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shyam Dhani Industries
Shyam Dhani Industries Limited is a spice manufacturing and processing company incorporated in India that operates primarily in the FMCG sector. The company manufactures and processes 163 type/varieties of spices such as Ground Spices, Blend Spices and Whole Spices under the brand name 'SHYAM'. In addition to spice offerings, the company is engaged in trading and distribution of Grocery Products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek) and a diverse range of Herbs and seasonings including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder, etc. The company has been registered since October 19, 2010 and was converted to a Public Limited Company on August 20, 2024. It operates from its Registered and Corporate Office at F-438-A, Road No. 12, VKIA, Jaipur, Rajasthan.
Company Analysis
from DRHPShyam Dhani Industries Limited manufactures and processes 163 varieties of spices including ground spices, blended spices, and whole spices, and trades in grocery products and herbs under the 'SHYAM' brand across the spices and FMCG sectors.
Shyam Dhani Industries Limited is a spice manufacturing and processing company incorporated in India that operates primarily in the FMCG sector. The company manufactures and processes 163 type/varieties of spices such as Ground Spices, Blend Spices and Whole Spices under the brand name 'SHYAM'. In addition to spice offerings, the company is engaged in trading and distribution of Grocery Products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek) and a diverse range of Herbs and seasonings including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder, etc. The company has been registered since October 19, 2010 and was converted to a Public Limited Company on August 20, 2024. It operates from its Registered and Corporate Office at F-438-A, Road No. 12, VKIA, Jaipur, Rajasthan.
FMCGSpices ManufacturingGrocery Products TradingHerbs and Seasonings
Objects of the Issue
- Purchase of machineries for installation at existing manufacturing unit located at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil – Chomu, Jaipur, Rajasthan ₹91.25 lakhs p.24
- Purchase of 200 KW Solar Rooftop Grid-connected PV System ₹66.00 lakhs p.24
- Part Repayment of existing Cash Credit Facility availed by our company from scheduled commercial banks ₹700.00 lakhs p.24
- Funding the Working Capital Requirements of the Company ₹1,465.00 lakhs p.24
- General corporate purposes p.24
- Purchase of machineries for installation at existing manufacturing unit p.63
- Purchase of 200 KW Solar Rooftop Grid-connected PV System p.63
- Part Repayment of existing Cash Credit Facility p.63
- Funding incremental Working Capital Requirements p.63
- General Corporate Purposes p.63
- Purchase of machineries for installation at existing manufacturing unit located at Khasra No. 06/1067 Manpura Road, Jatawali, near Delhi bypass, Tehsil – Chomu, Jaipur, Rajasthan ₹91.25 lakhs p.114
- Purchase of 200 KW Solar Rooftop Grid-connected PV System ₹66.00 lakhs p.115
- Part Repayment of existing Cash Credit Facility availed by our company from scheduled commercial banks ₹700.00 lakhs p.116
- Funding the incremental working capital requirements of our company ₹1,465.00 lakhs p.119
- General Corporate Purposes p.121
- Funding capex for new machinery to improve quality and packing capacity ₹91.25 Lakhs p.172
- Not specified in this document section
Issue Structure
- Total Issue
- Up to 57,84,000 Equity Shares of face value of ₹10 each, aggregating to ₹[●]
- Fresh Issue
- Up to 57,84,000 Equity Shares of face value of ₹10 each, aggregating to ₹[●]
- Offer for Sale
- NIL
- Price Band
- ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through the manufacturing and processing of spices and trading of grocery products and herbs. For the period ended September 30, 2024, Ground Spices accounted for 47.56% of revenue from operations. The company generates 99.21% of revenue from General Trade (53.40%) and Modern Trade (45.81%) channels. Raw material consumption represents 82.61% of revenue from operations for the period ended September 30, 2024.
Business Segments
Manufactured and processed ground spices
Manufactured and processed blended spices
Manufactured and processed whole spices
Trading and distribution of grocery products including Black Salt, Rock Salt, Rice, Poha, Kasuri Methi
Trading and distribution of diverse range of herbs and seasonings including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder
Manufacture and sale of ground spices
Manufacture and sale of blended spices
Manufacture and sale of whole spices
Manufacture and sale of grocery products
Comprises various varieties of Chilli Powder, Turmeric Powder and Coriander Powder
Comprises Garam Masala, Tea Masala, Chhole Masala, Sambhar Masala, Pav Bhaji Masala, Pani Puri Masala, Sabji Masala, Kitchen King Masala, Chicken Masala, Meat Masala, Chaat Masala, Biryani Masala, Anardana Powder, Dry Ginger Powder, Black Pepper Powder, etc.
Comprises Cumin Seeds, Fennel Seeds, Coriander Whole Seed, Mustard Fine Seed, Fenugreek Whole Seed, Cardamom Black Seed, Cardamom Green Seed, Black Pepper Seed, Cinnamon Stick, and Clove Seed, etc.
Include Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek), Achar masala (Ready to make pickle powder) and various types of Herbs and Seasonings including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder
Traditional trade through local stores, wholesalers and distributors selling to retailers; generates revenue through wholesale bulk sales with approximately 464 wholesalers and distributors as of March 31, 2024
Structured retail through chain retailers like mini-markets, supermarkets, and hypermarkets; company partners with large retail chains like D-Mart, Metro Cash & Carry, Reliance Retail, and Dealshare with a dedicated team of 104 sales and marketing professionals
On-demand delivery through platforms like Flipkart Minutes, Swiggy Instamart, Blinkit, and Zepto; company supplies products to distribution centers with commission-based revenue model
Manufacturing and processing products under customer brand names; company provides flexible packaging options and customizable minimum order quantities
Sales to Hotels, Restaurants, and Catering sector; provides bulk spice solutions tailored to chefs and foodservice providers with custom blends and bulk packaging
Direct export of products to international distributors and importers in countries including Mongolia, Nepal, Oman, Saudi Arabia, UAE; bulk orders to international customers
E-commerce sales through dedicated company website allowing direct purchase and delivery; eliminates middlemen to increase profit margins
Manufacturing and sale of ground spices including chilli powder, turmeric powder, coriander powder
Manufacturing and sale of blended spices including garam masala, tea masala, sambhar masala
Manufacturing and sale of whole spices including cumin seeds, fennel seeds, coriander whole seed
Trading and distribution of grocery products including black salt, rock salt, rice, poha, kasuri methi and herbs and seasonings
SWOT Analysis
Strengths
- • Diversified product portfolio across spice categories and grocery products(p.23)
- • Established brand presence with trademark registration(p.45)
- • Growing profitability with PAT increasing year-on-year(p.25)
- • Strong net worth growth from operational expansion(p.25)
- • Established manufacturing capacity and operational infrastructure in spices and grocery products(p.59)
- • Growing revenue and profitability trends with positive cash generation from operations(p.80)
- • Diversified product portfolio including ground spices, blended spices, whole spices, and grocery products(p.72)
- • Improved capacity utilization in key product categories(p.60)
- • Diversified product portfolio spanning 163 varieties(p.164)
- • Multi-channel revenue model with B2B and D2C presence(p.164)
- • Strong financial performance with high RONW(p.129)
- • Significant revenue growth trajectory(p.131)
- • Integrated manufacturing facility with quality control capabilities(p.164)
- • Integrated Pest Management (IPM) implementation for sustainable farming practices(p.170)
- • Experienced management team with deep industry expertise and collective 30+ years of spice industry experience(p.170)
- • Owned manufacturing facility with end-to-end integrated production and cost efficiencies(p.171)
- • Diversified product portfolio addressing multiple consumer segments and taste preferences(p.172)
- • Strong financial performance with 35.43% CAGR in revenue and 84.35% CAGR in PAT (FY22-FY24)(p.172)
- • Strong customer relationships with 464+ wholesalers and distributors network as of September 30, 2024(p.172)
- • Strategic shift to diversified business model with growth in modern trade (₹29.25 Lakh FY23 to ₹3,342 Lakh FY24)(p.173)
- • Multiple distribution channels including general trade, modern trade, quick commerce, private labelling, HoReCa, and exports(p.173)
- • Diversified product portfolio across spice categories(p.269)
- • Multi-channel revenue model providing market diversification(p.269)
- • Strong revenue growth trajectory with 35.43% CAGR(p.272)
- • Improving EBITDA margins demonstrating operational efficiency(p.272)
Weaknesses
- • High dependence on limited number of suppliers(p.32)
- • Over-reliance on a few major customers for revenue(p.37)
- • Absence of long-term supply contracts creating operational vulnerability(p.35)
- • Semi-perishable products with inventory risk and waste potential(p.37)
- • Negative cash flow from operating activities in past periods(p.38)
- • High raw material cost dependency with limited control(p.35)
- • Material litigation involving product quality and trademark disputes(p.40)
- • History of regulatory compliance delays in provident fund payments(p.49)
- • Significant history of regulatory non-compliance and delayed statutory filings(p.54)
- • Extensive GST return filing delays across multiple fiscal years(p.55)
- • High dependence on secured borrowing with significant personal guarantees from promoters(p.63)
- • Significant underutilization of manufacturing capacity in certain product lines(p.60)
- • Related party transactions that may not reflect arm's length benefits(p.57)
- • High concentration of raw material sourcing from single state creating supply vulnerability(p.59)
- • Significant existing debt burden requiring repayment(p.115)
- • High debt-to-equity ratio compared to peers(p.116)
- • Negative operating cash flows in recent periods(p.131)
- • Heavy concentration of revenue in single state(p.165)
- • Low export revenue contribution(p.165)
- • Heavy dependence on top customers with top 5 customers representing 51.41% of revenue(p.182)
- • Capacity underutilization in certain product categories (blended spices at 99.64% but whole spices at 61.11% and grocery products at 36.17% in FY24)(p.179)
- • Unsecured loans from promoters totaling ₹215.58 Lakhs representing significant related party debt(p.213)
- • Limited presence and early-stage operations in quick commerce with negligible revenue (₹0.76 Lakh in 6-month period ending Sept 30, 2024)(p.169)
- • High dependency on limited number of key customers(p.277)
- • Significant dependence on limited supplier base(p.277)
- • High financial leverage with debt-to-equity ratio of 1.73(p.285)
- • Negative operating cash flow in recent periods(p.285)
- • Product quality and food safety violations across multiple locations(p.300)
- • Trademark infringement litigation with active court injunction(p.301)
- • Multiple ongoing trademark oppositions from competitors(p.300)
- • Dependence on promotional leadership exposed to litigation(p.304)
- • Recent food safety violations at multiple manufacturing facilities(p.304)
Opportunities
- • Expansion of FMCG market with projected strong CAGR growth(p.23)
- • Diversification into modern trade channels(p.37)
- • Geographic expansion beyond Rajasthan and Punjab(p.43)
- • Expansion of product portfolio into emerging spice and herb categories(p.23)
- • Investment in manufacturing capacity and solar energy infrastructure(p.24)
- • Rural demand recovery supporting market growth(p.23)
- • Continued focus on diversified business model(p.70)
- • Expansion of manufacturing capacity through machinery investment(p.62)
- • Increased advertisement and marketing activities for market penetration(p.70)
- • Investment in product quality improvements(p.70)
- • Capacity expansion through new machinery investment(p.114)
- • Growth in Modern Trade channel(p.120)
- • Solar power investment for cost efficiency(p.114)
- • Expansion into Quick Commerce and private labelling(p.121)
- • Working capital enhancement for business growth(p.118)
- • Brand building and marketing investments(p.121)
- • India's large and growing FMCG spice market(p.155)
- • Expansion in modern trade sector across key retail chains including D-Mart, Reliance Retail, Dealshare, and Metro Cash and Carry(p.173)
- • Rapid growth in quick commerce platforms with partnerships in Swiggy Instamart, Zepto, Flipkart Minutes, and BlinkIT(p.173)
- • Expansion of production capacity for private labelling segment to serve growing demand(p.173)
- • Investment in brand building through advertising and marketing initiatives for 'SHYAM' brand(p.173)
- • Installation of new machinery and technology to improve product quality and packing capacity(p.173)
- • Expansion into Modern Trade channels showing rapid growth(p.279)
- • Growth opportunity in quick commerce and e-commerce channels(p.269)
- • Expansion of distribution network with increasing retailer count(p.282)
- • Introduction of new product categories driving revenue growth(p.282)
Threats
- • Seasonal nature of raw material procurement creating supply volatility(p.34)
- • Intense competition from organized and unorganized players(p.46)
- • Dependence on third-party transportation and logistics providers(p.45)
- • Reliance on external cold storage facilities for product preservation(p.44)
- • Regulatory compliance risks in food safety and environmental laws(p.40)
- • Commodity price volatility and input cost fluctuations(p.34)
- • Geographic concentration risk in Rajasthan and Punjab markets(p.44)
- • Competitive pricing pressures affecting revenue and profitability(p.72)
- • Changing consumer preferences in spices and food products industry(p.72)
- • Dependence on stable power supply and potential manufacturing disruptions(p.62)
- • Regulatory changes in GST and tax regime affecting business operations(p.74)
- • Economic slowdown and reduced consumer spending in India(p.73)
- • Natural disasters and weather-related disruptions affecting supply chain(p.76)
- • Dependence on few key customers in domestic market(p.62)
- • Raw material price volatility and commodity price fluctuations(p.62)
- • Intense competition in spice manufacturing and distribution(p.113)
- • Regulatory and food safety compliance risks(p.62)
- • Economic and market conditions uncertainty(p.112)
- • Export market dependency and currency risks(p.62)
- • Intense competition with success dependent on continuously reducing costs and improving operating efficiencies(p.182)
- • Regulatory compliance risks including Food Safety Standards Act, Legal Metrology Act, and Essential Commodities Act(p.192)
- • Export market dependence with export sales declining from ₹284.09 Lakhs (FY23) to ₹18.78 Lakhs (6-month Sept 2024)(p.169)
- • Potential conflict of interest with group company Shyam Sakha Industries Private Limited engaged in similar spice manufacturing business(p.230)
- • Intense competition from organized and unorganized players(p.270)
- • Vulnerability to transportation and logistics disruptions(p.270)
- • Exposure to macroeconomic volatility and market slowdowns(p.270)
- • Raw material price volatility and seasonal input availability(p.290)
- • Ongoing food safety regulatory enforcement actions(p.300)
- • Regulatory threat from Food Safety and Standards compliance requirements(p.299)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramawtar Agarwal | Promoter | 61.07% | — |
| Mamta Devi Agarwal | Promoter | 20.08% | — |
| Vithal Agarwal | Promoter | 13.93% | — |
| Ramawtar Agarwal | Promoter | 61.07% | — |
| Mamta Devi Agarwal | Promoter | 20.08% | — |
| Vithal Agarwal | Promoter | 13.93% | — |
| Ramavtar Agarwal HUF | Promoter Group | 4.26% | — |
| Girdhari Lal Agarwal | Promoter Group | 0.22% | — |
| Basanti Devi Agarwal | Promoter Group | 0.22% | — |
| Khushi Agarwal | Promoter Group | 0.22% | — |
| Vithal Agarwal | Promoter/Promoter Group | — | — |
| Ramawtar Agarwal | Promoter | 61.07% | — |
| Mamta Devi Agarwal | Promoter | 20.08% | — |
| Vithal Agarwal | Promoter | 13.93% | — |
| Ramawtar Agarwal | Promoter and Managing Director | 61.07% | — |
| Mamta Agarwal | Promoter and Whole Time Director | 20.08% | — |
| Vithal Agarwal | Promoter and Whole Time Director | 13.93% | — |
Leadership
Ramawtar Agarwal · Chairman/Managing Director
Mamta Devi Agarwal · Whole-Time Director
Vithal Agarwal · Whole-Time Director
Ajay Kumar Sharma · CFO
Sneha Mujawdiya · Company Secretary and Compliance Officer
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.