Goyal Salt
Book Building issueSME₹18.63 Cr issue
+242.11%
Listing gain over issue price
Issue size
₹18.63 Cr
1 lot at cut-off
₹1,14,000
Lot size
3,000shares
Open
26 Sep 2023
Close
03 Oct 2023
Allotment
05 Oct 2023
Listing
11 Oct 2023
Listing performance
Issue price
₹38
Listed at
₹130
Listing-day close
₹136.10
Latest price
₹98
Close on 23 Oct 2026
Listing gain
+242.11%
Return since issue
+157.89%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Sep 2023 – 03 Oct 2023
- Listing date
- 11 Oct 2023
- Face value
- ₹10 per share
- Issue price
- ₹38 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹18.63 Cr
- Market cap at offer price
- ₹68.02 Cr
- Promoter holding
- 100.00% → 72.62% pre-issue → post-issue
- ISIN
- INE0QFE01017
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- Plot No.229-230, Guru Jambeshwar Nagar, Lane No.7 Gandhi Path, Vaishali Nagar, 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 | 13,17,000 | — | — |
| Market maker | 2,46,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹38
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,14,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,28,000 |
| S-HNI (max) | 8 | 24,000 | ₹9,12,000 |
| B-HNI (min) | 9 | 27,000 | ₹10,26,000 |
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
13,17,000
Anchor portion
₹5 Cr
at ₹38 per share
Valuation and performance
Valuation at offer price
₹38 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.72 | — |
| P/E (×) | 13.97 | — |
| Market cap | — | ₹68.02 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.86%
- ROCE
- 36.22%
- Debt / equity
- 0.57
- PAT margin
- 3.01%
- NAV per share
- ₹14.94
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Goyal Salt
Goyal Salt Limited is a salt refining company incorporated in 2010 and converted to public limited status in 2023. The company refines raw salts procured from lake brine and subsurface brine sources in Rajasthan into a range of products including triple refined free flow iodized salt, industrial salt, double fortified salt, and triple refined half dry salt. The refining process involves quality checks at multiple stages and does not involve chemical adulteration or harmful substances. The company operates two refining units and generates revenue primarily from B2B sales to industrial customers and government institutions. In FY 2023, revenue from operations was Rs. 11,764.19 lakhs, with 68.47% derived from the top 10 customers and 66.05% from government procurement contracts.
Company Analysis
from RHPGoyal Salt Limited refines raw salts from lake and subsurface brine in Rajasthan into edible and industrial salt products for domestic markets.
Goyal Salt Limited is a salt refining company incorporated in 2010 and converted to public limited status in 2023. The company refines raw salts procured from lake brine and subsurface brine sources in Rajasthan into a range of products including triple refined free flow iodized salt, industrial salt, double fortified salt, and triple refined half dry salt. The refining process involves quality checks at multiple stages and does not involve chemical adulteration or harmful substances. The company operates two refining units and generates revenue primarily from B2B sales to industrial customers and government institutions. In FY 2023, revenue from operations was Rs. 11,764.19 lakhs, with 68.47% derived from the top 10 customers and 66.05% from government procurement contracts.
salt refining and processingedible salt manufacturingindustrial chemicals feedstockfast-moving consumer goods (FMCG)food fortification
Objects of the Issue
- Capital Expenditure for quality enhancement Rs. 113.18 lakhs p.26
- Brand creation and marketing expenses Rs. 106.30 lakhs p.26
- Working Capital Requirements Rs. 1,067.31 lakhs p.26
- General corporate purposes Rs. 370.18 lakhs p.26
- Capital Expenditure for quality enhancement Rs. 113.18 lakhs p.105
- Brand creation and marketing expenses Rs. 106.30 lakhs p.106
- Funding the working capital requirements of our Company Rs. 1,067.31 lakhs p.108
- General corporate purposes Rs. 370.18 lakhs p.111
- Repayment of long term borrowings p.101
- General corporate purposes p.292
Issue Structure
- Total Issue
- 49,02,000 Equity Shares aggregating to Rs. 1,862.76 lakhs
- Fresh Issue
- 49,02,000 Equity Shares aggregating to Rs. 1,862.76 lakhs
- Offer for Sale
- NIL
- Price Band
- Rs. 36 per Equity Share (Floor Price) to Rs. 38 per Equity Share (Cap Price)
- Lot Size
- 3,000 Equity Shares and in multiples of 3,000 Equity Shares thereafter
- Face Value
- Rs. 10 per Equity Share
Business Model
The company earns revenue by refining raw salts into refined salt products sold to industrial customers, food companies, and government institutions. Revenue streams include: (1) Refined Free Flow Iodized Salt (75.73% of FY2023 revenue), (2) Refined Free Flow Industrial Salt (13.06%), (3) Double Fortified Salt (1.40%), (4) Refined Half Dry Salt (9.75%), and (5) Trading sales of refined salt purchased from third parties (37.85% of FY2023 sales). The company also receives government procurement contracts for Public Distribution System (PDS) supply.
Business Segments
Triple refined free flow iodized salt for edible consumption and industrial use
Industrial grade refined salt for chemical and industrial applications
Salt fortified with iron and iodine for nutritional enhancement
Semi-dry refined salt product for industrial applications
Salt refined for human consumption, produced with free flowing properties for retail and institutional sale
Salt refined for industrial applications including chemical, pharmaceutical and other industrial uses
Salt fortified with additional nutrients for health purposes, sold as part of government welfare schemes
Partially processed salt at intermediate stage of refinement
Finely ground edible salt with iodine for daily human consumption, sold in 0.5kg and 1kg packets for home use and 50kg bags for industrial use under brands Goyal (Platinum), Healthcare (Premium), Idea (Standard), Fortuner (Regular)
High-purity industrial salt for soap/detergent, textile, glass, polyester, plastics, leather, chemical, oil/gas, water treatment, pharmaceutical, paper, and other industrial applications, sold in 50kg and 1-tonne quantities under Apollo and Double Horse brands
Salt fortified with both iodine and iron for fighting anemia and iodine deficiency, sold in 1kg packets under Mediplus brand and supplied to government welfare schemes
Salt with up to 4% moisture content used in cooking, food processing, snack foods, bakery products, and processed meats for quick dissolution and even seasoning
Procuring raw salt from sub-soil brine and lease-harvested salt pans, refining through proprietary process, and selling refined salt products.
Purchasing refined salt from promoter group firms and external suppliers and reselling these products.
Manufacturing and sale of refined iodised salt and iron fortified iodised salt
Manufacturing and sale of pink salt and black salt products
SWOT Analysis
Strengths
- • Established refining operations in salt industry in Rajasthan(p.25)
- • Revenue growth and profitability improvement(p.26)
- • Diversified product portfolio(p.25)
- • Access to secured raw material supply through promoter network(p.39)
- • Experienced management and qualified workforce with established refining facility(p.116)
- • Strong financial performance with significant revenue growth(p.120)
- • High return on equity and capital employed(p.120)
- • Strong customer relationships and efficient supply chain(p.116)
- • Multiple product brands and geographic presence(p.121)
- • Assured raw material supply from promoters(p.121)
- • Experienced management team with 20+ years in salt industry(p.155)
- • Established refining facility with 700 tonnes per day capacity in strategic location(p.155)
- • Strong and consistent revenue growth at 39.91% CAGR(p.155)
- • PAT growth at 127.83% CAGR demonstrating profitability improvement(p.155)
- • Long-standing customer relationships averaging over a decade(p.156)
- • Multiple quality certifications and standards compliance(p.153)
- • Diversified product portfolio across edible and industrial salt segments(p.159)
- • Backward integration with own salt harvesting and promoter-controlled sourcing(p.152)
- • Experienced promoter team with 25+ years in salt industry(p.189)
- • Established production and quality control capabilities(p.189)
- • Strong revenue growth trajectory(p.260)
- • Strategic location adjacent to Sambhar Lake salt-producing area(p.253)
- • Diversified product portfolio across edible and industrial salt segments(p.253)
- • High customer concentration enables volume targeting(p.263)
- • Successful government contract awards driving revenue growth(p.264)
- • Strong profit growth - 347% increase in PBT(p.266)
- • Improved leverage position with declining debt-equity ratio(p.269)
- • Strong asset utilization and inventory turnover(p.269)
- • Solid trademark portfolio for brand protection(p.288)
Weaknesses
- • High process loss in refining operations(p.35)
- • Heavy dependence on top 10 customers for majority revenue(p.36)
- • Significant dependence on related party transactions for purchases(p.37)
- • Low capacity utilization at refining facilities(p.43)
- • High working capital intensity(p.38)
- • Significant trade receivables outstanding(p.49)
- • Past regulatory compliance and filing delays(p.51)
- • Insufficient water availability at refining unit(p.38)
- • High dependence on government welfare scheme sales(p.109)
- • Significant short-term borrowings relative to equity(p.68)
- • Quality control risks from impurities and equipment malfunctions(p.57)
- • Dependence on few major customers in government contracts(p.109)
- • Promoter concentration with 72.61% ownership post-IPO(p.59)
- • High dependence on top 10 customers (68.47% of FY2023 revenue)(p.156)
- • Significant process loss in refinement (20-26% of raw material)(p.163)
- • Low capacity utilization of main plant (40.12% for Refined Iodized Salt in FY2023)(p.166)
- • Revenue concentration in single product (Refined Free Flow Iodized Salt at 75.73% of FY2023)(p.153)
- • No export revenue currently; solely dependent on domestic market(p.153)
- • Heavy reliance on open market raw material sourcing (75% of requirement)(p.152)
- • High dependence on few major customers and concentrated revenue(p.255)
- • High short-term debt burden of Rs. 920.11 lakhs on demand from banks(p.221)
- • Significant related-party transactions and supplier concentration(p.254)
- • Concentrated family ownership and promoter group structure(p.194)
- • High customer concentration - 68.47% of FY2023 revenue from top 10 customers(p.263)
- • Supplier concentration - 55.47% purchases from top 10 suppliers(p.263)
- • Significant outstanding litigation - multiple cheque bounce cases(p.280)
- • Food safety compliance issues and regulatory penalties(p.280)
- • Pending tax assessments with unquantifiable demands(p.283)
- • High finance costs and debt obligations(p.265)
- • Contingent liability through bank guarantees(p.272)
- • Multiple pending licenses and approvals(p.290)
Opportunities
- • Government procurement through Public Distribution System(p.42)
- • Expansion of refining capacity and production capabilities(p.56)
- • Geographic expansion and new market entry(p.56)
- • Brand building and marketing through celebrity endorsement(p.47)
- • Growth in international salt market demand(p.25)
- • Diversification into double fortified salt and specialty products(p.25)
- • Expansion into B2C market segment with redesigned packaging(p.110)
- • Geographic expansion with new refining unit in Gujarat(p.111)
- • Export opportunities through proximity to Kandla port(p.111)
- • Quality enhancement through color sorting technology investment(p.105)
- • Brand development and market penetration with celebrity ambassador(p.107)
- • Increased consumption driven by growing affluence in India(p.61)
- • Expansion of production capacity through new unit in Kacchh, Gujarat(p.157)
- • Transition to B2C market with brand creation strategy(p.157)
- • Pan-India expansion into high-production salt states(p.158)
- • Global market entry targeting major export markets(p.158)
- • Growing global industrial salt demand from diverse applications(p.152)
- • Government supply contracts expansion (PDS and welfare schemes)(p.154)
- • India's position as third largest salt producer with export potential(p.141)
- • Expansion of customer base and geographic reach through distribution networks(p.254)
- • Growing demand for branded, quality salt products with pricing advantage(p.255)
- • Leverage IPO proceeds to expand refining capacity and invest in automation(p.254)
- • Expansion of trading sales business alongside manufacturing operations(p.260)
- • Development of new salt products for institutional and industrial buyers(p.254)
- • Government procurement contracts expanding addressable market(p.264)
- • Capacity expansion and manufacturing scale-up approved(p.287)
- • Potential for working capital optimization and efficiency gains(p.270)
- • Migration to main board potential with capital growth(p.309)
- • Multiple quality certifications enabling market expansion(p.288)
Threats
- • Dependence on monsoon and weather-related disruptions to raw salt supply(p.35)
- • Depletion of groundwater resources in Sambhar Lake region(p.35)
- • Volatile raw material costs with lack of long-term supply contracts(p.39)
- • Intense competition from larger competitors with greater resources(p.47)
- • Regulatory compliance requirements and environmental regulations(p.46)
- • Dependence on third-party transportation and logistics(p.44)
- • Freight cost volatility linked to oil and gas prices(p.44)
- • Electricity and fuel supply disruptions and price volatility(p.55)
- • Reliance on 37.85% trading sales from third-party suppliers(p.45)
- • Regulatory changes affecting business operations(p.61)
- • Economic slowdown impact on consumption and demand(p.61)
- • Inflation and government monetary policy measures(p.62)
- • Damage and contamination risks at facilities(p.57)
- • Global financial instability and contagion effects(p.64)
- • Indian infrastructure constraints and disruptions(p.65)
- • Natural disasters and acts of terrorism(p.65)
- • Indian securities market volatility and share price fluctuations(p.64)
- • Global economic slowdown with forecasted growth at 1.7% in 2023(p.131)
- • Highly fragmented and unorganized industry with intense competition(p.168)
- • Raw salt availability dependent on weather conditions and monsoons(p.163)
- • Rising global inflation at 5.2% with high commodity prices(p.132)
- • Tight global financial conditions and weakened capital flows(p.134)
- • Currency depreciation risk for international operations(p.134)
- • Regulatory uncertainty in labour sector with pending code implementation(p.179)
- • Dependency on rainfall and monsoon for raw salt production from natural sources(p.255)
- • Volatility and potential increase in raw material prices(p.254)
- • Intensifying competition in salt refining and trading industry(p.255)
- • Absence of Minimum Support Price protection for salt farmers(p.256)
- • Economic slowdown and fiscal policy changes affecting salt demand(p.256)
- • Raw material availability is seasonal(p.273)
- • Market competition from organized and unorganized competitors(p.273)
- • Dependence on wholesalers for distribution and sales(p.263)
- • Exposure to interest rate risk affecting debt service costs(p.272)
- • Inflation impact on raw material costs and wages(p.272)
- • Currency and foreign exchange risk exposure(p.273)
- • Regulatory compliance and license maintenance requirements(p.286)
- • Credit risk from customer payment defaults(p.272)
- • Restrictive covenants limiting operational flexibility(p.276)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajesh Goyal | Promoter | 11.60% | — |
| Pramesh Goyal | Promoter | 16.84% | — |
| Lokesh Goyal | Promoter | 17.43% | — |
| Radhika Goyal | Promoter | 8.77% | — |
| Priyanka Goyal | Promoter | 8.77% | — |
| Rekha Goyal | Promoter | 8.77% | — |
| Kunj Bihari Goyal HUF | Promoter | 7.06% | — |
| Rajesh Goyal HUF | Promoter | 6.92% | — |
| Parmesh Goyal HUF | Promoter | 6.92% | — |
| Lokesh Goyal HUF | Promoter | 6.92% | — |
| Rajesh Goyal | Promoter | 11.60% | 8.42% |
| Pramesh Goyal | Promoter | 16.84% | 12.23% |
| Lokesh Goyal | Promoter | 17.43% | 12.65% |
| Kunj Bihari Goyal HUF | Promoter Group | 7.06% | 5.12% |
| Rajesh Goyal HUF | Promoter Group | 6.92% | 5.03% |
| Parmesh Goyal HUF | Promoter Group | 6.92% | 5.03% |
| Lokesh Goyal HUF | Promoter Group | 6.92% | 5.03% |
| Radhika Goyal | Promoter Group | 8.77% | 6.37% |
| Priyanka Goyal | Promoter Group | 8.77% | 6.37% |
| Rekha Goyal | Promoter Group | 8.77% | 6.37% |
| Rajesh Goyal | Promoter/Chairman and Whole-Time Director | 11.60% | 8.42% |
| Pramesh Goyal | Promoter/Managing Director | 16.84% | 12.23% |
| Lokesh Goyal | Promoter/Whole-Time Director | 17.43% | 12.65% |
| Radhika Goyal | Promoter | 8.77% | — |
| Priyanka Goyal | Promoter/Non-Executive Director | 8.77% | 6.37% |
| Rekha Goyal | Promoter | 8.77% | — |
| Kunj Bihari Goyal (HUF) | Promoter Group | 7.06% | — |
| Rajesh Goyal (HUF) | Promoter Group | 6.92% | — |
| Parmesh Goyal (HUF) | Promoter Group | 6.92% | — |
| Lokesh Goyal (HUF) | Promoter Group | 6.92% | — |
| Pramesh Goyal | Promoter | — | — |
| Rajesh Goyal | Promoter/Director | — | — |
| Lokesh Goyal | Promoter | — | — |
| Priyanka Goyal | Promoter Group | — | — |
| Radhika Goyal | Promoter Group | — | — |
| Rajesh Goyal | Promoter | — | — |
| Pramesh Goyal | Promoter | — | — |
| Lokesh Goyal | Promoter | — | — |
| Priyanka Goyal | Promoter | — | — |
| Radhika Goyal | Promoter | — | — |
| Rekha Goyal | Promoter | — | — |
Leadership
Rajesh Goyal · Chairman
Pramesh Goyal · Managing Director
Amit Kumar · CFO
Jayanti Jha Roda · Company Secretary and Compliance Officer
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.
Goyal Salt IPO FAQs
What is the lot size of Goyal Salt IPO?
The minimum lot size of Goyal Salt IPO is 3,000 shares. One lot costs ₹1,14,000 at the cut-off price.
When does Goyal Salt IPO open and close?
Goyal Salt IPO opened for subscription on 26 Sep 2023 and closed on 03 Oct 2023.
What is the listing date of Goyal Salt IPO?
Goyal Salt IPO listed on 11 Oct 2023.