Sacheerome
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Jun 2025 – 11 Jun 2025
- Listing date
- 16 Jun 2025
- Face value
- ₹10 per share
- Issue price
- ₹102 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹61.62 Cr
- Market cap at offer price
- ₹228 Cr
- Promoter holding
- 100.00% → 71.54% pre-issue → post-issue
- ISIN
- INE1ARD01016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Y-4, Okhla Industrial Area, Phase-II, New Delhi
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 | 17,19,600 | — | — |
| Market maker | 3,02,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
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 (₹) | 9.79 | 7.14 |
| P/E (×) | 10.42 | 14.29 |
| Price to book (×) | 3.62 | — |
| Market cap | — | ₹228 Cr |
Key performance indicators
- Return on net worth
- 25.78%
- ROCE
- 33.00%
- Debt / equity
- 0.06
- PAT margin
- 14.86%
- EBITDA margin
- 21.62%
- NAV per share
- ₹28.14
- Price to book
- 3.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sacheerome
Sacheerome Limited was originally incorporated as 'Sachee Fragrances Limited' on June 19, 1992 under the Companies Act, 1956. The company was founded by promoter Mr. Manoj Arora, a third-generation entrepreneur with 40 years of experience in the fragrances and flavours industry. Initially focused solely on fragrances, the company expanded into flavours in 2014 with a separate unit, skilled team of flavourists, an application centre, and a Research & Development centre. The company designs and manufactures fragrance and flavour products that enhance sensory experiences and play a vital role in the perception of both food and non-food FMCG products. Fragrances suppress unpleasant odours, uplift mood, evoke memories, and provide signature smells to products. Flavours add complexity to food and beverages and are essential in applications such as dairy products, snacks, beverages, oral care, and confectionery. The company generates revenue primarily from the fragrance and flavour industries.
Company Analysis
from RHPSacheerome Limited is a creative house designing and manufacturing fragrances and flavours for use in FMCG products across personal care, food, beverages, and household applications.
Sacheerome Limited was originally incorporated as 'Sachee Fragrances Limited' on June 19, 1992 under the Companies Act, 1956. The company was founded by promoter Mr. Manoj Arora, a third-generation entrepreneur with 40 years of experience in the fragrances and flavours industry. Initially focused solely on fragrances, the company expanded into flavours in 2014 with a separate unit, skilled team of flavourists, an application centre, and a Research & Development centre. The company designs and manufactures fragrance and flavour products that enhance sensory experiences and play a vital role in the perception of both food and non-food FMCG products. Fragrances suppress unpleasant odours, uplift mood, evoke memories, and provide signature smells to products. Flavours add complexity to food and beverages and are essential in applications such as dairy products, snacks, beverages, oral care, and confectionery. The company generates revenue primarily from the fragrance and flavour industries.
Objects of the Issue
- Setting up a new manufacturing facility at 1459b, Sector-32, Yeida, Gautam Buddha Nagar, UP-203209 Up to ₹5,65,000 Thousands p.23
- General corporate purposes [●] (not exceeding 15% of total issue size or Rs 10 crore, whichever is lower) p.23
- Setting up a new manufacturing facility at 1459b, Sector-32, Yeida, Gautam Buddha Nagar, UP-203209 Up to Rs. 5,65,000 thousands p.73
- General Corporate Purpose p.73
- Setting up a new modern infrastructure manufacturing facility in YEIDA to increase production capacity Up to ₹13,79,213.59 thousand p.110
- Not specified in this part of the document
Issue Structure
- Total Issue
- Up to 60,40,800 equity shares of face value of ₹ 10/- each aggregating up to ₹ [●] Thousands
- Fresh Issue
- Up to 60,40,800 equity shares of face value of ₹ 10/- each aggregating up to ₹ [●] Thousands
- Offer for Sale
- Nil
- Price Band
- [●] (to be determined)
- Lot Size
- [●] (to be determined)
- Face Value
- ₹ 10/- per equity share
Business Model
Sacheerome earns revenue by designing and manufacturing fragrance and flavour products for FMCG customers. The company operates through two main business segments: fragrances (which accounted for 94.96% of revenue in FY 2025) and flavours. Revenue is generated by selling customized fragrance and flavour formulations to food and non-food FMCG manufacturers. A significant portion of revenues depends on a limited number of key customers, with the top five customers accounting for 49.26% of revenue from operations in fiscal year 2025.
Business Segments
SWOT Analysis
- • Established market presence with 33+ years of operations since 1992(p.22)
- • Diversified product portfolio spanning fragrances and flavors with separate R&D centers(p.22)
- • Strong revenue growth trajectory across three fiscal years(p.23)
- • Consistent profitability with strong PAT growth(p.23)
- • Growing revenue and profitability trajectory(p.88)
- • Strong and improving margins(p.88)
- • Robust return on equity(p.88)
- • High capacity utilization(p.74)
- • Experienced promoter and management team(p.86)
- • Strong R&D capability with experienced team of perfumers and flavourists(p.108)
- • Advanced manufacturing facility with robotic precision equipment(p.109)
- • Global quality standards compliance and certifications(p.103)
- • Experienced promoter with 40+ years in fragrance industry(p.103)
- • Efficient global raw material sourcing network(p.109)
- • Strong financial performance with improving margins(p.104)
- • Diverse product application portfolio across FMCG categories(p.103)
- • High production capacity utilization at 97.4% in FY2025(p.118)
- • Established manufacturing company with 33-year operating history since 1992(p.200)
- • Strong revenue growth trajectory: 26.37% YoY growth in FY2025 with improving margins(p.200)
- • Expanding export presence with entry into new markets(p.209)
- • Positive profitability with PAT growth outpacing revenue growth(p.209)
- • Strong EBITDA margins improving to 21.70% in FY2025(p.200)
- • Significant customer base expansion with new customers contributing material revenue(p.209)
- • High customer concentration risk with top five customers representing nearly half of revenues(p.30)
- • Lack of long-term contractual commitments with major customers(p.30)
- • High geographic concentration with significant revenue dependency on Uttar Pradesh(p.33)
- • Leasehold operational premises with expiration risk and no owned manufacturing facility(p.34)
- • History of regulatory compliance delays and filing violations(p.31)
- • Missing documentation for educational qualifications of some directors and promoters(p.40)
- • Past instances of EPF return filing delays and non-compliance(p.33)
- • Concentration in customer base(p.29)
- • Leverage from borrowings(p.49)
- • Single manufacturing location concentration(p.74)
- • High customer concentration risk(p.105)
- • Flavour division declining as percentage of revenue(p.104)
- • Single manufacturing facility location risk(p.117)
- • Limited existing production infrastructure outside current facility(p.110)
- • Dependence on leased manufacturing facility(p.124)
- • Heavy reliance on top 5 customers constituting 50.07% of revenue as of September 30, 2024(p.213)
- • Heavy reliance on top 5 suppliers constituting 47.22% of supply as of September 30, 2024(p.213)
- • Recent bank borrowings increasing debt burden with cash credit facility utilized(p.173)
- • Contingent tax liabilities of Rs. 5,326 thousands outstanding as of March 31, 2025(p.184)
- • Outstanding tax disputes including GST demand of Rs. 29,64,937 for FY 2018-19(p.216)
- • Expansion into new manufacturing facility to increase production capacity(p.23)
- • Growth in flavors segment beyond current base(p.22)
- • Critical role of fragrances and flavors in FMCG products with growing consumer demand(p.22)
- • Capacity expansion to capture market growth(p.74)
- • Growing global and Indian flavours and fragrances market(p.101)
- • Rising demand for natural and organic fragrances and flavours(p.102)
- • Growing personal care and food processing industries in India(p.101)
- • Rising disposable incomes and urbanization in India(p.101)
- • Capacity expansion through new YEIDA facility(p.110)
- • Growth in export markets(p.105)
- • Development of new fragrance and flavour technologies(p.111)
- • Strengthening innovation platform and R&D collaboration(p.111)
- • Expansion of Middle East and GCC market focus(p.111)
- • Growing demand for specialized flavour formulations(p.111)
- • Expansion of domestic market through new customer acquisition reaching 11% of FY2025 revenue(p.209)
- • Growing international market presence with targeted expansion into new geographies(p.210)
- • Capital investments in manufacturing capacity with Rs. 243,636 thousand capex in FY2025(p.212)
- • Strategic business promotion and industry participation including World Perfumery Congress(p.209)
- • Volatile raw material prices with limited ability to fully pass increases to customers(p.31)
- • Intense competition and industry consolidation affecting market share and pricing(p.32)
- • Price pressure from FMCG industry consolidation impacting customer economics(p.33)
- • Stringent regulatory environment for food and cosmetic ingredients requiring continuous compliance(p.30)
- • Dependence on specialized skilled workforce with recruitment and retention challenges(p.30)
- • Slowdown in Indian economic growth affecting demand and raw material prices(p.43)
- • Competition from established and new market players(p.29)
- • Volatility in raw material and input costs(p.29)
- • Regulatory risks and compliance requirements(p.81)
- • Foreign exchange rate fluctuation risks(p.29)
- • Risk of market price decline after listing(p.45)
- • Limited competition in fragrances and flavours segment(p.119)
- • Regulatory compliance requirements for food and cosmetics(p.125)
- • Environmental and waste management regulations(p.128)
- • Dependence on raw material sourcing and supply chain(p.119)
- • Labour and employment law compliance requirements(p.126)
- • Foreign exchange fluctuation risk for export business(p.105)
- • Exposure to commodity price volatility in raw materials with imported content of 0.21% of materials consumed(p.185)
- • Foreign currency exchange rate fluctuations with significant USD and EUR trade receivables(p.185)
- • Intense competition in fragrances and flavours industry from global and domestic competitors(p.200)
- • Regulatory risks including potential changes in GST and other tax policies(p.200)
- • Dependence on key management personnel with potential loss of continuity(p.200)
- • Economic slowdown and reduced consumer demand impacting business volumes(p.200)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Manoj Arora | Promoter | 70.11% | — |
| Mrs. Alka Arora | Promoter | 7.66% | — |
| Mr. Dhruv Arora | Promoter | 20.23% | — |
| Manoj Arora | Promoter | 70.11% | — |
| Alka Arora | Promoter | 7.66% | — |
| Dhruv Arora | Promoter | 20.23% | — |
| Quick Infraprojects Private Limited | Promoter Group | Negligible | — |
| Sachee Holdings Private Limited | Promoter Group | Negligible | — |
| Vaishali F & F LLP | Promoter Group | Negligible | — |
| Quartz Impex Private Limited | Promoter Group | Negligible | — |
| Mr. Manoj Arora | Promoter/Chairman and Managing Director | 70.11% | — |
| Mrs. Alka Arora | Promoter/Non-Executive Director | 7.66% | — |
| Mr. Dhruv Arora | Promoter/Whole-time Director | 20.23% | — |
| Mr. Manoj Arora | Promoter | 70.13% | — |
| Ms. Divya Arora | Promoter | 20.43% | — |
| Mrs. Alka Arora | Promoter | 9.46% | — |
| Amrit Rai Arora | Promoter | — | — |
| Rakesh Arora | Promoter | — | — |
| Manoj Arora | 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.