Shah Investors Home
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 28.05×
- Big non-institutionalbNII · above ₹10 lakh
- 105.15×
- Small non-institutionalsNII · ₹2–10 lakh
- 75.54×
- Retail individualRII · up to ₹2 lakh
- 17.34×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 06 Oct 2026 | ₹17 | — | ₹1,100 | ₹184 | ₹1,445 |
| 05 Oct 2026 | ₹17 | — | ₹1,100 | ₹184 | ₹1,445 |
| 04 Oct 2026 | ₹17 | — | ₹1,100 | ₹184 | ₹1,445 |
| 03 Oct 2026 | ₹15.50 | — | ₹1,000 | ₹182.50 | ₹1,317.50 |
| 02 Oct 2026 | ₹15.25 | — | ₹1,000 | ₹182.25 | ₹1,296.25 |
| 01 Oct 2026 | ₹12 | — | ₹800 | ₹179 | ₹1,020 |
| 30 Sep 2026 | ₹12.50 | — | ₹800 | ₹179.50 | ₹1,062.50 |
| 29 Sep 2026 | ₹15 | — | ₹1,000 | ₹182 | ₹1,275 |
| 28 Sep 2026 | ₹14 | — | ₹900 | ₹181 | ₹1,190 |
| 27 Sep 2026 | ₹9 | — | ₹600 | ₹176 | ₹765 |
| 26 Sep 2026 | ₹9 | — | ₹600 | ₹176 | ₹765 |
| 25 Sep 2026 | ₹12 | — | ₹800 | ₹179 | ₹1,020 |
| 24 Sep 2026 | ₹12 | — | ₹800 | ₹179 | ₹1,020 |
| 23 Sep 2026 | ₹10 | — | ₹600 | ₹177 | ₹850 |
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.
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 | 10,79,840 | 3,02,89,750 | ₹506 Cr | 28.05× |
| Non-institutional | 8,09,880 | 7,73,75,415 | ₹1,292 Cr | 95.54× |
| Big non-institutionalwithin NII | 5,39,920 | 5,67,72,435 | ₹948 Cr | 105.15× |
| Small non-institutionalwithin NII | 2,69,960 | 2,06,02,980 | ₹344 Cr | 76.32× |
| Retail individual | 18,89,720 | 3,63,94,705 | ₹608 Cr | 19.26× |
| Total | 37,79,440 | 14,40,59,870 | ₹2,406 Cr | 38.12× |
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 30 Sept, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 28 Sep 2026 – 30 Sep 2026
- Listing date
- 06 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹159 – ₹167
- Lot size
- 85 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹90.17 Cr
- Fresh issue
- ₹90.17 Cr 53,99,200 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹353 Cr
- Promoter holding
- 84.34% → 62.81% pre-issue → post-issue
- ISIN
- INE029N01014
- CIN
- U67120GJ1994PLC023257
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 810, X-Change Plaza, DSCCSL (53E), Road 5E, Block 53, Zone 5, Gift City, Gandhinagar – 382050, Gujarat, 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 | 10,79,840 | 28.57% | 28.57% |
| Anchor investor · within QIB | 16,19,760 | — | 42.86% |
| NII (HNI) | 8,09,880 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 5,39,920 | — | 14.29% |
| sNII < ₹10L · within NII | 2,69,960 | — | 7.14% |
| Retail (RII) | 18,89,720 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 37,79,440 | — | 100.00% |
Net offer to the public of 37,79,440 shares, out of a total issue of 37,79,440. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 85 shares per lot, in multiples, at ₹167
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 85 | ₹14,195 |
| Retail (max) | 14 | 1,190 | ₹1,98,730 |
| S-HNI (min) | 15 | 1,275 | ₹2,12,925 |
| S-HNI (max) | 70 | 5,950 | ₹9,93,650 |
| B-HNI (min) | 71 | 6,035 | ₹10,07,845 |
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
₹167 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.32 | 6.20 |
| P/E (×) | 20.07 | 26.94 |
| Price to book (×) | 1.46 | — |
| Market cap | — | ₹353 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 7.35%
- ROCE
- 10.61%
- Debt / equity
- 0.10
- PAT margin
- 18.24%
- EBITDA margin
- 30.24%
- NAV per share
- ₹114.07
- Price to book
- 1.46
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 72.4 | 94.47 | 79.05 |
| Revenue from operations | 71.48 | 94.27 | 77.82 |
| Other income | 0.92 | 0.19 | 1.23 |
| Total expenses | 54.09 | 63.06 | 55.05 |
| Operating profit | 18.31 | 31.41 | 24 |
| Operating margin | 25.29% | 33.25% | 30.36% |
| Profit before tax | 18.31 | 31.4 | 24.01 |
| Profit after tax | 13.11 | 23.42 | 18.05 |
| PAT margin | 18.11% | 24.79% | 22.83% |
| Balance sheet | |||
| Total assets | 304.44 | 302.57 | 298.76 |
| Current assets | 270.04 | 274.34 | 271.56 |
| Current liabilities | 121.37 | 130.05 | 140.23 |
| Total liabilities | 123.9 | 133.5 | 147.27 |
| Net worth | 180.54 | 169.06 | 151.49 |
| Current ratio | 2.22× | 2.11× | 1.94× |
| Return on equity | 7.26% | 13.85% | 11.91% |
| Cash flow | |||
| Operating cash flow | -19.7 | -31.86 | 110.19 |
| Investing cash flow | -9.94 | -11.23 | -1.52 |
| Financing cash flow | 8.83 | -1.86 | -6.98 |
| Net cash flow | -20.82 | -44.96 | 101.69 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Working Capital Requirements ₹60 Cr
The company proposes to utilize a portion of the Net Proceeds to fund its working capital requirements in Fiscal 2027, primarily towards margin trading facility (MTF) book expansion, trade receivables, and other balances with banks, to support increased transaction volumes and client exposures.
2 General Corporate Purposes —
The company intends to utilize a portion of the Net Proceeds for general corporate purposes including meeting ongoing contingencies, business requirements, funding growth opportunities, strategic initiatives, capital expenditure, and investment in subsidiaries, subject to not exceeding a specified percentage of Gross Proceeds.
1 of 2 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 Shah Investors Home
Shah Investor's Home Limited was incorporated on October 12, 1994, as a private limited company and converted to a public limited company on March 9, 1995. The Company operates primarily through its broking segment, which contributed 64.78%, 68.90%, and 71.60% of revenue in Fiscals 2026, 2025, and 2024, respectively. The Company serves 38,189 active clients through direct branches and 181 Authorised Persons. Revenue from operations for Fiscal 2026 was ₹7,147.67 lakhs. The Company generates revenue from brokerage commissions on equity, commodity, derivatives and currency trading executed on behalf of clients through NSE, BSE, MCX and MSEI exchanges, and has recently expanded into margin trading facility (MTF) business. A significant portion of revenues (93.74% in FY2026) is derived from the Gujarat region.
Management
Tanmay Upendra Shah
MD
Tanmay Upendra Shah
CFO
Upendra Trikamlal Shah
Director
Purnima Upendra Shah
Director
Trupti Utpal Shah
Director of HR
Darshan Bharatbhai Patel
Director
Bhushan Chelaram Punani
Director
Amit Lalitkumar Doshi
COO
Abhinav Mahesh Kapadia
Director
Vandan Shah
Director
Rajesh Ramchandra Punjabi
COO
Kamal Lalitkumar Thakkar
VP of Sales
Shalvi Ritesh Kharidia
Director of Operations
Jinal Amrish Shah
CTO
Strengths
As stated in the offer document
Sizeable Clientele Across Gujarat
The company has served over 1,00,000 demat accounts with more than 38,000 active trading accounts and 181 authorised persons across 11 branches, witnessing a CAGR of 15.30% in customer additions from fiscal 2024 to 2026, with active accounts growing from 35,535 to 38,189.
Leveraging Technology to Enhance Client Satisfaction
The company operates digital platforms 'SIHL Moneymaker' (33,287 downloads, 12,452 active users, rated 4.5 on Google Play) and 'SIHL Fundspro', with digital brokerage income growing from 17.61% (FY24) to 42.62% (FY26) of total brokerage income, supported by an in-house ERP system and algo trading platform 'ALGOFY'.
Integrated Brokerage Model with Long-Term Client Relationships
The company maintains strong client retention with 72.61% of active clients having account tenure of more than 5 years (27,728 clients as of FY26), operating across equity cash (94.62% of active clients) and derivatives segments, generating total brokerage income of ₹4,630.20 lakhs in FY26.
Experienced Promoters and Management Team
The company is led by promoters with a combined experience of over 30 years in stock broking, supported by senior management including a COO with 30+ years, a Chief Business Officer with 25+ years, and a Compliance Officer with 20+ years of sector-specific experience.
Risk factors
As stated in the offer document
Heavy Dependence on Broking Segment and Geographic Concentration in Gujarat
The broking segment contributes 64.78%, 68.90%, and 71.60% of revenue for Fiscals 2026, 2025, and 2024 respectively, with Gujarat alone accounting for over 93% of brokerage income in each year. Any disruption, increased competition, or adverse economic conditions in Gujarat could materially impact the company's business, cash flows, and financial condition.
Extensive Regulatory Requirements and Risk of Non-Compliance
The company operates under supervision of multiple regulators including SEBI, NSE, BSE, MCX, AMFI, and NSDL, and has received regulatory findings including a SEBI adjudication order imposing a penalty of ₹4 lakh and NSE inspection penalties of ₹37,500 and ₹1,000. Any failure to comply with applicable laws could result in fines, suspension, or cancellation of licenses, materially affecting business operations and reputation.
Heavy Reliance on Authorised Persons Network
Revenue generated through Authorised Persons represented 53.91%, 54.14%, and 58.36% of total revenue from operations in Fiscals 2026, 2025, and 2024 respectively, with attrition rates reaching up to 20.69%. The company is also legally liable for acts of omission and commission by its 181 Authorised Persons, creating significant operational and compliance risk.
Negative Net Cash Flows from Operating Activities
The company incurred negative net cash flows from operating activities of ₹1,970.37 lakhs in Fiscal 2026 and ₹3,186.22 lakhs in Fiscal 2025, driven by increases in trade receivables, MTF book deployment, and working capital absorption. Sustained negative operating cash flows could impair the company's ability to fund operations and execute its growth plans.
Margin Trading Facility (MTF) Risks
The MTF book stood at ₹2,096.26 lakhs as of March 31, 2026, exposing the company to client default risk, collateral value deterioration, concentration risk, and regulatory non-compliance under SEBI's revised MTF framework. Market volatility, customer failure to meet margin calls, or regulatory changes could adversely affect liquidity, profitability, and business continuity.
Technology Dependency and Cybersecurity Risks
The company processes an average of 17,318 daily transactions and is heavily reliant on third-party software providers for core trading platforms, including 'SIHL Moneymaker' and 'SIHL Fundspro,' without formal agreements in place. IT system failures, cyber-attacks, or inability to keep pace with technological advancements—particularly AI-based trading—could severely disrupt operations and competitive positioning.
Credit Risk from Receivables and Counterparty Exposure
Total trade receivables grew significantly from ₹778.48 lakhs (10% of revenue) in Fiscal 2024 to ₹2,689.38 lakhs (37.63% of revenue) in Fiscal 2026, reflecting increasing credit exposure. Failure by clients or counterparties to meet obligations, particularly in the MTF and margin lending businesses, could result in significant losses and increased non-performing assets.
Interest Rate Risk Affecting Financial Performance
Finance costs increased from ₹90.98 lakhs (1.17% of revenue) in Fiscal 2024 to ₹235.49 lakhs (3.29% of revenue) in Fiscal 2026, reflecting growing sensitivity to interest rate movements. Volatility in interest rates could compress net interest margins on the MTF business, reduce client demand for margin products, and increase borrowing costs, adversely impacting profitability.
Intense Competition in the Broking Industry
The Indian broking industry is highly fragmented with nearly 4,900 SEBI-registered brokers, and the company faces competition from discount brokers, full-service brokers, and wealth management arms of banks with greater financial resources and technology capabilities. Increased competition could erode market share, compress brokerage fees, and require higher marketing expenditure, reducing revenue and profitability.
Dependence on Key Promoters and Management Personnel
The company's growth and operational success are significantly attributed to its Promoters, Key Managerial Personnel, and Senior Management, whose departure could impair client relationships and business continuity. The company also employs 32 relationship managers critical to its client acquisition and retention model, and the loss of key personnel could materially affect financial performance and growth prospects.
Company Analysis
from RHPShah Investor's Home Limited is a stock broking and financial services company operating in equity, commodity, derivatives and currency segments, generating revenues from brokerage services and margin trading, with operations concentrated in Gujarat.
Shah Investor's Home Limited was incorporated on October 12, 1994, as a private limited company and converted to a public limited company on March 9, 1995. The Company operates primarily through its broking segment, which contributed 64.78%, 68.90%, and 71.60% of revenue in Fiscals 2026, 2025, and 2024, respectively. The Company serves 38,189 active clients through direct branches and 181 Authorised Persons. Revenue from operations for Fiscal 2026 was ₹7,147.67 lakhs. The Company generates revenue from brokerage commissions on equity, commodity, derivatives and currency trading executed on behalf of clients through NSE, BSE, MCX and MSEI exchanges, and has recently expanded into margin trading facility (MTF) business. A significant portion of revenues (93.74% in FY2026) is derived from the Gujarat region.
Objects of the Issue
- Working capital requirements and general corporate purposes p.58
- Funding working capital requirements of our Company ₹ 6,000.00 lakhs p.361
- General corporate purposes [●] lakhs (not exceeding 25% of Gross Proceeds) p.365
- The document provided (page 446-502, Part 7 of 11) contains sections on Business Strategies, Key Regulations, History, Management, and Subsidiaries. It does NOT contain the 'Objects of the Offer' section which typically appears in earlier parts of the prospectus outlining specific uses of IPO proceeds.
Issue Structure
- Total Issue
- 53,99,200 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Fresh Issue
- 53,99,200 Equity Shares of face value of ₹10 each aggregating up to ₹ [●] lakhs
- Offer for Sale
- Not Applicable
- Price Band
- Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum price of ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value of ₹10 each and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 each
Business Model
The Company operates a broking business model generating revenue primarily from brokerage commissions earned on client trading volumes across equity, commodity, derivatives and currency segments. The Company charges brokerage fees based on the number of orders executed and traded value. Additionally, it generates revenue through margin trading facility where clients can trade with borrowed funds, earning interest income. The Company also offers mutual fund distribution services. Revenue is derived both from direct client relationships and through a network of 181 Authorised Persons (agents) who canvass business.
Business Segments
SWOT Analysis
- • Established broking segment with consistent revenue contribution(p.22)
- • Growing client base in broking business(p.22)
- • Extensive network of Authorised Persons generating significant revenue(p.25)
- • Positive net working capital position(p.28)
- • Established technology and trading infrastructure with significant transaction volumes(p.60)
- • Comprehensive security and data protection systems in place(p.60)
- • Diversified service offerings including brokerage, distribution, and advisory services(p.68)
- • Proven track record with consistent historical financial performance and dividend payments(p.64)
- • Established clientele with sizeable demat account base across Gujarat and Western India(p.443)
- • Strong long-term client relationships with majority of active clients having tenure exceeding 5 years(p.445)
- • Successful digital transformation with growing contribution from digital platforms(p.444)
- • Diversified business model with multiple revenue streams beyond core broking(p.439)
- • Experienced management team with three decades of combined experience in broking(p.441)
- • Strong proprietary technology infrastructure with in-house ERP system and latest platforms(p.440)
- • Strong depository and broking infrastructure with 38,189 active accounts and established presence across multiple exchanges(p.449)
- • Diversified business model with multiple revenue streams from brokerage, margin trading, depository services, and distribution(p.448)
- • Strong long-term customer retention with 72.7% of active clients having 5+ year relationships(p.458)
- • Significant margin trading business growth with MTF book reaching ₹2,096.26 lakhs and 87% CAGR from March 2020 to June 2025(p.454)
- • Established digital platforms with SIHL Moneymaker app having 33,287 downloads and 4.5 rating on Google Play Store(p.450)
- • International expansion capability through SIHL Global Investments (IFSC) Private Limited with GIFT City benefits and global access partnerships(p.447)
- • Consistent dividend distribution and capital adequacy(p.511)
- • Low attrition rate for senior management relative to industry(p.505)
- • Strong promoter shareholding and stability(p.506)
- • Diversified financial services operations(p.525)
- • Solid liquidity position with substantial cash reserves(p.538)
- • Multiple regulatory registrations and compliance(p.619)
- • Strong deposit participant network(p.619)
- • Solid financial position meeting IPO eligibility(p.624)
- • Consistent operating profitability(p.624)
- • Registered trademark portfolio(p.620)
- • Heavy geographical concentration in Gujarat(p.23)
- • Significant reliance on few Authorised Persons for revenue(p.25)
- • High working capital requirements and negative operating cash flows(p.29)
- • Material contingent liabilities and pending regulatory matters(p.33)
- • Missing historical corporate records and share transfer documentation(p.50)
- • Corporate governance non-compliance issues(p.32)
- • Significant dependence on third-party software providers for core trading operations(p.60)
- • History of IT system disruptions and technical glitches affecting operations(p.60)
- • Substantial indebtedness with restrictive financing covenants limiting financial flexibility(p.61)
- • Outstanding litigation and pending legal proceedings including tax disputes and regulatory matters(p.59)
- • Promoter and related party litigation with significant financial exposure(p.59)
- • Dependence on rented/leased premises with renewal uncertainty(p.62)
- • Exposure to operational risks including human errors and process deviations(p.63)
- • Past regulatory penalties for operational failures and non-compliance(p.63)
- • Potential conflicts of interest with related group companies operating in similar business(p.68)
- • Incomplete insurance coverage relative to assets and potential for claim rejections(p.67)
- • High employee benefit expenses as percentage of revenue with labor risk(p.66)
- • Significant revenue decline of 24.18% year-over-year in FY26(p.441)
- • Substantial decline in profitability with PAT down 43.53% in FY26(p.436)
- • High dependence on equity and derivative broking revenues representing core business(p.440)
- • Geographic concentration risk with 96.15% of active clients in Gujarat(p.443)
- • Deteriorating operational efficiency with negative operating cash flows(p.441)
- • Declining ROE from 14.68% to 7.59% indicating reduced shareholder returns(p.441)
- • Heavy reliance on third-party software providers for critical trading platforms without formal long-term agreements(p.461)
- • Significant decline in brokerage income from ₹6,491.13 lakhs (FY25) to ₹4,630.2 lakhs (FY26) - a 28.7% drop(p.449)
- • Total revenue from operations declined from ₹9,427.39 lakhs (FY25) to ₹7,147.67 lakhs (FY26)(p.449)
- • Significant customer concentration risk with top 10 MTF clients representing 16.32% of total MTF book(p.455)
- • Low active participation rate in MTF services with only 1.25% of total active clients using MTF(p.455)
- • Declining depository revenue from ₹268.06 lakhs (FY25) to ₹119.27 lakhs (FY26) - a 55.5% decline(p.457)
- • Increased attrition of senior management in recent year(p.505)
- • Rising finance costs and borrowing burden(p.545)
- • Exposure to credit risk through loans portfolio(p.539)
- • Contingent liabilities and pending tax disputes(p.557)
- • Decline in brokerage income(p.549)
- • Pending regulatory approvals from key exchanges(p.623)
- • Pending applications for intellectual property registrations(p.620)
- • Deactivated exchange registration(p.619)
- • Complex depository registration management(p.619)
- • Expansion into new geographical markets beyond Gujarat(p.23)
- • Growth in margin trading facility business(p.58)
- • Expansion of product portfolio and distribution services(p.23)
- • Strong growth trajectory in Indian securities markets with significant CAGR(p.68)
- • Technology adoption driving efficiency improvements and client experience(p.65)
- • Rapid growth in retail investor participation in Indian capital markets(p.65)
- • Expansion potential into new business segments and geographic regions(p.65)
- • Value creation through advisory and research services for client loyalty(p.65)
- • Significant untapped market penetration in India with only 4-5% population participating in stock markets(p.417)
- • Projected broking industry growth at 16-18% CAGR over next 2-3 years(p.445)
- • Rising retail investor participation in capital markets with over 479 lakh NSE active clients(p.443)
- • Growth opportunity in Tier 2 and Tier 3 cities with digital transformation enabling broader reach(p.418)
- • Expansion of Margin Trading Facility with 117.40% growth in MTF book in FY26(p.441)
- • Opportunities in emerging algo trading segment with API-based trading adoption(p.440)
- • Growth in equity derivatives market with F&O ADTO reaching ₹1,85,901 crore in FY25 and 38.7% increase(p.450)
- • Expansion into API-based trading with NSE approval (August 17, 2026) and BSE application pending, addressing algo trading growth(p.446)
- • High-growth potential in tier 2/3 cities with retail investors moving to mobile-first platforms(p.446)
- • Expansion of fee-based wealth management services with 38,189 active accounts providing distribution access for mutual funds and PMS(p.447)
- • MCX commodity derivatives membership (June 6, 2025) enabling commodity trading expansion with MCX holding 97.5% market share(p.450)
- • Portfolio management services opportunity with AUM reaching ₹39 lakh crore, of which discretionary services represent 84.1%(p.447)
- • Expansion of financial advisory and wealth management services(p.525)
- • Growth in margin trading and lending services(p.539)
- • Increased interest income from deposits and financial assets(p.549)
- • Expansion of subsidiary operations and new ventures(p.518)
- • Growth in lending to employees and clients(p.539)
- • Expansion of securities trading services(p.619)
- • Growth through mutual fund and portfolio management distribution(p.618)
- • Entry into research analyst business(p.619)
- • Leverage non-banking financial subsidiary(p.619)
- • Intense competition from established and new broking players(p.54)
- • Regulatory and compliance risks with extensive statutory requirements(p.23)
- • Dependence on Indian exchanges for core brokerage operations(p.27)
- • Pressure on brokerage fee rates from competition and regulatory limits(p.22)
- • Regulatory inspection findings and compliance observations(p.24)
- • Market volatility affecting client margin trading and liquidity(p.55)
- • Intense competition from discount brokers and established financial services players(p.65)
- • Margin compression from regulatory changes and removal of volume-based discounts(p.65)
- • Market volatility and cyclicality affecting trading volumes and investor confidence(p.65)
- • Rising regulatory and compliance costs with increasing cybersecurity investment requirements(p.65)
- • Consolidation pressure in the industry with risks for smaller competitors(p.65)
- • Macroeconomic and geopolitical risks affecting Indian economy and markets(p.68)
- • Slowdown in economic growth and commodity price fluctuations(p.69)
- • Potential sovereign debt downgrade affecting borrowing costs and market confidence(p.69)
- • Adverse geopolitical developments and conflict risks affecting markets(p.70)
- • Regulatory changes and evolving compliance requirements(p.70)
- • Currency exchange rate fluctuations affecting foreign investors and overseas operations(p.72)
- • Natural disasters and terrorism risks affecting market stability(p.71)
- • Intense competition from discount brokers and larger established players in fragmented market(p.419)
- • Revenue pressure from regulatory restrictions on margin trading and F&O contracts(p.420)
- • Market cyclicality impacting broking volumes and client engagement(p.434)
- • Regulatory risk from evolving compliance requirements and capital adequacy norms(p.434)
- • Technology disruption risks and cybersecurity threats requiring continuous investment(p.434)
- • Dependence on authorized persons network with 184+ partners creating operational and compliance risks(p.434)
- • High market competition with nearly 4,900 brokers registered with SEBI and competition from national and regional brokers(p.464)
- • Sharp decline in equity trading volumes with ADTO falling 24.6% from FY25 (₹23,874.31 lakhs) to FY26 (₹17,974.87 lakhs)(p.449)
- • Equity derivative market volatility with Q1FY26 ADTO declining 19.5% from Q1FY25(p.450)
- • Regulatory compliance burden with comprehensive requirements under SEBI Act, Stock Exchange rules, and multiple regulatory frameworks(p.466)
- • Geographic concentration risk with strong presence primarily in Gujarat and Maharashtra(p.446)
- • Volatility in brokerage revenues and market cyclicality(p.549)
- • Regulatory changes and compliance requirements(p.549)
- • Interest rate volatility and impact on financial asset valuation(p.546)
- • Credit risk and counterparty defaults(p.534)
- • Dependence on key market conditions and client concentration(p.520)
- • Risk of failing to meet minimum allottee threshold(p.625)
- • Market and regulatory conditions impact on IPO success(p.640)
- • Dependence on regulatory approvals for continued operations(p.641)
- • Risk of foreign investment restrictions(p.662)
- • Exposure to changes in securities regulations(p.645)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Upendra Trikamlal Shah | Promoter | — | — |
| Purnima Upendra Shah | Promoter | — | — |
| Tanmay Upendra Shah | Promoter | — | — |
| Trupti Utpal Shah | Promoter | — | — |
| Upendra Trikamlal Shah | Promoter | — | — |
| Purnima Upendra Shah | Promoter | — | — |
| Tanmay Upendra Shah | Promoter | — | — |
| Trupti Utpal Shah | Promoter | — | — |
| Upendra T Shah & Purnima Upendra Shah | Promoter/Promoter Group | — | — |
| Upendra Trikamlal Shah | Promoter | 19.04% | — |
| Purnima Upendra Shah | Promoter | 21.90% | — |
| Tanmay Upendra Shah | Promoter | 15.90% | — |
| Trupti Utpal Shah | Promoter | 4.13% | — |
| Upendra Trikamlal Shah | Promoter | 19.04% | — |
| Purnima Upendra Shah | Promoter | 21.90% | — |
| Tanmay Upendra Shah | Promoter | 15.90% | — |
| Trupti Utpal Shah | Promoter | 4.13% | — |
| Upendra Trikamlal Shah | Promoter/Chairman | — | — |
| Purnima Upendra Shah | Promoter/Whole-time Director | — | — |
| Tanmay Upendra Shah | Promoter/Managing Director | — | — |
| Trupti Utpal Shah | Promoter/Whole-time Director | — | — |
| Upendra Trikamlal Shah | Promoter | — | — |
| Tanmay Upendra Shah | Promoter | — | — |
| Purnima Upendra Shah | Promoter | — | — |
| Trupti Utpal Shah | Promoter | — | — |
| Tanmay Upendra Shah | Promoter | 15.90% | — |
| Upendra Trikamlal Shah | Promoter | 19.04% | — |
| Purnima Upendra Shah | Promoter | 21.90% | — |
| Trupti Utpal Shah | Promoter | 4.13% | — |
| Upendra T. Shah | Promoter/Chairman & Wholetime Director | — | — |
| Tanmay U. Shah | Promoter/Managing Director & CFO | — | — |
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
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Shah Investor's Home Ltd. THIS ISSUE | 8.38 | 114.07 | 26.94, computed at the offer price | 1.46, computed at the offer price | 7.35% |
| 4.87 | 62.27 | 16.28 | 1.27 | 7.82% | |
| 14.79 | 120.41 | 11.70 | 1.43 | 12.28% | |
| 2.87 | 40.23 | 27.09 | 1.93 | 7.13% |
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.