Shanti Inorganics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 91.48×
- Big non-institutionalbNII · above ₹10 lakh
- 180.42×
- Small non-institutionalsNII · ₹2–10 lakh
- 127.56×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 15 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Sept 2026 | ₹55 | +66.27% | ₹66,900 | ₹138 | ₹88,000 |
| 06 Sept 2026 | ₹54 | +65.06% | ₹65,700 | ₹137 | ₹86,400 |
| 05 Sept 2026 | ₹47 | +56.63% | ₹57,200 | ₹130 | ₹75,200 |
| 04 Sept 2026 | ₹43 | +51.81% | ₹52,300 | ₹126 | ₹68,800 |
| 03 Sept 2026 | ₹34 | +40.96% | ₹41,300 | ₹117 | ₹54,400 |
| 02 Sept 2026 | ₹13 | +15.66% | ₹15,800 | ₹96 | ₹20,800 |
| 01 Sept 2026 | ₹36 | +43.37% | ₹43,800 | ₹119 | ₹57,600 |
| 31 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 30 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 29 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 28 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 27 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 26 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 25 Aug 2026 | ₹31 | +37.35% | ₹37,700 | ₹114 | ₹49,600 |
| 24 Aug 2026 | ₹25 | +30.12% | ₹30,400 | ₹108 | ₹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.
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 | 10,81,600 | 14,16,54,400 | ₹1,176 Cr | 130.97× |
| Non-institutional | 8,11,200 | 15,86,16,000 | ₹1,317 Cr | 195.53× |
| Big non-institutionalwithin NII | 5,40,800 | 11,65,76,000 | ₹968 Cr | 215.56× |
| Small non-institutionalwithin NII | 2,70,400 | 4,20,40,000 | ₹349 Cr | 155.47× |
| Retail individual | 18,94,400 | 23,81,56,800 | ₹1,977 Cr | 125.72× |
| Total | 37,87,200 | 53,84,27,200 | ₹4,469 Cr | 142.17× |
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 02 Sept, 05:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 31 Aug 2026 – 02 Sept 2026
- Listing date
- 07 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹79 – ₹83
- Issue price
- ₹83 per share
- Lot size
- 1,600 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹47.24 Cr
- Fresh issue
- ₹44.87 Cr 54,06,400 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹143 Cr
- Promoter holding
- 83.65% → 56.05% pre-issue → post-issue
- ISIN
- INE1ZEE01019
- CIN
- U24100GJ2010PLC059218
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Vivro Financial Services Pvt.Ltd.
- Registered office
- Plot No.-2015, Phase III GIDC, Vatva, Ahmedabad - 382445, 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 | 10,81,600 | 57.14% | 49.67% |
| Anchor investor · within QIB | 16,19,200 | — | 74.36% |
| NII (HNI) | 8,11,200 | 42.86% | 37.25% |
| bNII > ₹10L · within NII | 5,40,800 | — | 24.83% |
| sNII < ₹10L · within NII | 2,70,400 | — | 12.42% |
| Retail (RII) | 0 | 0.00% | 0.00% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,84,800 | — | 13.08% |
| Total issue | 21,77,600 | — | 100.00% |
Net offer to the public of 18,92,800 shares, out of a total issue of 21,77,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,600 shares per lot, in multiples, at ₹83
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,32,800 |
| S-HNI (min) | 2 | 3,200 | ₹2,65,600 |
| S-HNI (max) | 7 | 11,200 | ₹9,29,600 |
| B-HNI (min) | 8 | 12,800 | ₹10,62,400 |
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
₹83 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.84 | 8.70 |
| P/E (×) | 9.39 | 9.54 |
| Price to book (×) | 1.99 | — |
| Market cap | — | ₹143 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 27.68%
- ROCE
- 23.40%
- Debt / equity
- 0.64
- PAT margin
- 14.01%
- EBITDA margin
- 21.62%
- NAV per share
- ₹41.74
- Price to book
- 1.99
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 72.93 | 58.46 | 45.06 |
| Revenue from operations | 71.22 | 57.11 | 44.87 |
| Other income | 1.71 | 1.35 | 0.19 |
| Total expenses | 59.11 | 47.69 | 38.2 |
| Operating profit | 13.82 | 10.77 | 6.86 |
| Operating margin | 18.95% | 18.42% | 15.22% |
| Profit before tax | 13.83 | 10.77 | 6.86 |
| Profit after tax | 10.22 | 7.99 | 5.12 |
| PAT margin | 14.01% | 13.67% | 11.36% |
| Balance sheet | |||
| Total assets | 97.04 | 66.04 | 52.69 |
| Current assets | 32.01 | 21.28 | 23.53 |
| Current liabilities | 25.8 | 27.63 | 21.31 |
| Total liabilities | 48.8 | 40.44 | 35.08 |
| Net worth | 48.24 | 25.6 | 17.6 |
| Current ratio | 1.24× | 0.77× | 1.10× |
| Return on equity | 21.19% | 31.21% | 29.09% |
| Cash flow | |||
| Operating cash flow | 6.1 | 15.53 | 3.47 |
| Investing cash flow | -22.1 | -16.11 | -19.33 |
| Financing cash flow | 16.34 | -0.81 | 17.29 |
| Net cash flow | 0.34 | -1.38 | 1.43 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat ₹42.5 Cr
The company intends to establish a new manufacturing facility with an installed capacity of 78,544 MTPA to manufacture sodium meta bisulphite, sodium bisulphite powder/solution and ammonium bisulphite. This expansion will cater to growing domestic and export demand and enable the company to manufacture higher-grade products with enhanced quality and efficiency.
2 General Corporate Purposes —
The company intends to deploy the balance net proceeds towards general corporate purposes including brand building and marketing expenses, salaries and wages, rent, administration expenses, electricity bills, IT infrastructure upgradation, insurance expenses, payment of taxes and duties, repair and maintenance, strategic initiatives, and funding growth opportunities.
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 Shanti Inorganics
Shanti Inorganics Limited, formerly known as Shanti Inorgo Chem (Guj) Private Limited and Shanti Inorgo Chem (Guj) Limited, was incorporated as a private limited company on January 13, 2010, and converted to a public limited company on March 1, 2025. The company is engaged in the manufacture and supply of sulphur-based inorganic chemicals, which are critical raw materials for multiple industries. The company operates two manufacturing facilities in Ahmedabad, Gujarat - Manufacturing Unit I (Vatva Unit) with installed capacity of 18,800 MTPA and Manufacturing Unit II Phase I (Bavla Unit) with installed capacity of 18,000 MTPA as of May 31, 2026. For the two months ended May 31, 2026 and Fiscal 2026, the company generated total revenue from operations of ₹1,591.03 lakhs and ₹7,054.24 lakhs respectively. The company derived 36.27% of revenue from food and beverages, 37.69% from chemicals, and 1.59% from oil drilling industries for the two months ended May 31, 2026.
Management
Manojkumar Jayantilal Patel
MD
Avnish Manojkumar Patel
CEO
Suhani Avnishkumar Patel
Director
Indira Suresh Vora
Director
Strengths
As stated in the offer document
Geographical diversification through exports to international market
The company exports to 15 countries with exports contributing 29.28% to 53.83% of revenue from operations across different periods, serving diverse industries and demonstrating strong geographical diversification.
Long standing relationships with diversified customers across multiple industries
The company serves customers across food & beverages, chemicals, oil drilling, pharmaceuticals and other industries, with 4 out of top 10 customers associated for more than 5 years, reducing industry-specific risks.
Strategically located production facilities with access to abundant resources
The company's manufacturing units are strategically located in Gujarat near industries generating liquid SO2, ensuring consistent supply of key raw materials and reducing logistic costs and lead time.
Certifications and compliance with quality and food safety standards
The company holds ISO 9001:2015, NSF, KOSHER, HACCP and HALAL certifications, enhancing credibility and providing competitive edge to cater to diverse customer needs and regulatory requirements.
Experienced Promoters and Senior Management with extensive domain knowledge
The company is led by promoters with over 26 years and 17 years of experience respectively in sulphur-based inorganic chemicals, achieving revenue growth CAGR of 25.99% from FY2024 to FY2026.
Consistent financial performance
The company demonstrated revenue growth from ₹4,486.72 lakhs in FY2024 to ₹7,122.02 lakhs in FY2026 (CAGR 25.99%), EBITDA growth CAGR of 32.84%, and PAT growth CAGR of 41.35%.
Risk factors
As stated in the offer document
Dependence on Food and Beverages, Oil Drilling and Chemical Industries
The company derives a substantial portion of revenue from food and beverages (36.27%), oil drilling (1.59%), and chemical industries (37.69%) as of May 31, 2026. Any material decline in performance of these industries may materially and adversely affect the company's business operations, financial condition and results of operations.
Customer Concentration Risk
The company's top 10 customers account for 71.03% of revenue as of May 31, 2026, with the top customer contributing 11.23%. Loss of major customers or reduction in business from them could have a material adverse impact on business, results of operations, cash flows and financial condition.
No Long-term Customer Contracts
The company does not maintain long-term contractual arrangements with majority of customers, relying on purchase orders on transactional basis. Orders can be amended, postponed or cancelled at customer discretion, exposing the company to fluctuations in demand and revenue visibility.
Export Revenue Exposure
Export revenue constituted 29.28% of total revenue as of May 31, 2026, exposing the company to risks including foreign currency fluctuations, international trade policies, anti-dumping duties, and geopolitical uncertainties. Any adverse developments in international markets may materially affect business operations and financial condition.
Raw Material Cost Volatility
Cost of materials consumed represented 58.43% of total income for two months ended May 31, 2026. Raw material pricing is volatile and subject to external factors beyond control. If the company is unable to pass increased costs to customers, it may result in reduced profitability and negatively impact results of operations.
No Long-term Supplier Agreements
The company has not made any long-term supply arrangements with suppliers, with top 10 suppliers accounting for 97.92% of purchases as of May 31, 2026. In an eventuality where suppliers are unable to deliver required materials at competitive prices in time-bound manner, it may have material adverse effect on business operations and profitability.
Critical Manufacturing Facilities Risk
Manufacturing facilities in Vatva and Bavla, Ahmedabad with installed capacity of 18,800 MTPA and 18,000 MTPA respectively are critical for business. Any disturbance, slowdown or shutdown of manufacturing facilities may have adverse impact on business, results of operations and financial conditions.
Company Analysis
from RHPShanti Inorganics Limited manufactures and supplies sulphur-based inorganic chemicals for the food and beverages, oil drilling, chemical, pharmaceutical, ceramics, agrochemicals, water treatment, petrochemical, cosmetics, paints, polymers, boilers and mining industries.
Shanti Inorganics Limited, formerly known as Shanti Inorgo Chem (Guj) Private Limited and Shanti Inorgo Chem (Guj) Limited, was incorporated as a private limited company on January 13, 2010, and converted to a public limited company on March 1, 2025. The company is engaged in the manufacture and supply of sulphur-based inorganic chemicals, which are critical raw materials for multiple industries. The company operates two manufacturing facilities in Ahmedabad, Gujarat - Manufacturing Unit I (Vatva Unit) with installed capacity of 18,800 MTPA and Manufacturing Unit II Phase I (Bavla Unit) with installed capacity of 18,000 MTPA as of May 31, 2026. For the two months ended May 31, 2026 and Fiscal 2026, the company generated total revenue from operations of ₹1,591.03 lakhs and ₹7,054.24 lakhs respectively. The company derived 36.27% of revenue from food and beverages, 37.69% from chemicals, and 1.59% from oil drilling industries for the two months ended May 31, 2026.
Objects of the Issue
- Funding capex for the new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite for Phase II of Manufacturing Unit II p.36
- Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat ₹4,250.00 lakhs p.106
- General Corporate Purposes Not exceeding 15% of Gross Proceeds or ₹1,000.00 lakhs, whichever is lower p.106
- Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat ₹[●] lakhs (from total estimated cost of ₹10,770.88 lakhs) p.108
- General corporate purposes ₹[●] lakhs (balance Net Proceeds, subject to not exceeding 15% of gross proceeds or ₹1,000.00 lakhs, whichever is lower) p.117
- Funding capex for the new plant and machineries for Phase II of Manufacturing Unit–II (sulphur burner system, ammonium bisulphite system, sodium metabisulphite system engineering and equipment and other equipments) ₹4,250.00 lakhs p.183
- Repayment of borrowings p.325
Issue Structure
- Total Issue
- 56,91,200 Equity Shares of face value of ₹10/- each aggregating to ₹[●] lakhs
- Fresh Issue
- 56,91,200 Equity Shares of face value of ₹10/- each aggregating to ₹[●] lakhs
- Offer for Sale
- NIL
- Price Band
- Floor Price of ₹[●] per Equity Share to Cap Price of ₹[●] per Equity Share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares
- Face Value
- ₹10/- each
Business Model
The company manufactures and supplies sulphur-based inorganic chemicals to diversified end-use industries. Revenue is generated primarily through sales of products to food and beverages, chemicals, oil drilling, pharmaceutical, ceramics, agrochemical, water treatment, petrochemical, cosmetics, paints, polymers, boilers and mining industries. For the two months ended May 31, 2026, domestic sales constituted 70.72% of revenue while exports accounted for 29.28%. The company sources raw materials through purchase orders and procures from multiple suppliers, with the top 10 suppliers accounting for 97.92% of purchases for the two months ended May 31, 2026.
Business Segments
SWOT Analysis
- • Diversified customer base across multiple established industries(p.109)
- • High capacity utilization at existing manufacturing facilities(p.109)
- • Strategic location with adjacent land for facility expansion already acquired(p.109)
- • Established relationships with key suppliers and technology partners(p.109)
- • Strong financial performance with consistent profitability(p.122)
- • One of largest domestic bisulphite producers with significant installed capacity(p.177)
- • Diversified customer base across multiple industries and geographies reduces concentration risk(p.181)
- • Strategic manufacturing locations with access to raw material sources and supplier relationships(p.181)
- • Strong quality certifications including ISO 9001:2015, NSF, KOSHER, HACCP, HALAL(p.181)
- • Experienced promoters with 26+ and 17+ years in sulphur-based inorganic chemicals(p.181)
- • Consistent revenue and profitability growth with CAGR of 25.99% (FY24-26) and PAT CAGR of 41.35%(p.182)
- • Export diversification to 15+ countries provides geographic revenue stability(p.179)
- • Extensive debt financing secured by physical assets and guarantees(p.309)
- • Diverse lender base reducing reliance on single financing source(p.307)
- • Multiple quality certifications demonstrating production standards(p.318)
- • Established manufacturing infrastructure with regulatory approvals(p.319)
- • Clean litigation record with no material claims or promoter legal issues(p.312)
- • Regulatory non-compliance history with statutory filing delays and violations(p.37)
- • High dependence on top customers with limited long-term contracts(p.30)
- • No long-term supply agreements with key suppliers(p.35)
- • High concentration of manufacturing in two locations exposed to localized disruptions(p.35)
- • Promoters have provided personal guarantees for secured loans creating personal liability exposure(p.46)
- • Trademarks and logos not yet registered, creating intellectual property vulnerability(p.46)
- • Dependence on imported elemental sulphur for manufacturing inputs(p.157)
- • New manufacturing facility at Bavla has very low capacity utilization(p.109)
- • Funding requirements not independently appraised by financial institutions(p.108)
- • Reliance on quotations from third parties for capital expenditure estimation without independent technical appraisal(p.108)
- • High customer concentration with top customer representing 13.55% and top 10 customers 63.35% of FY26 revenue(p.180)
- • High supplier concentration with top supplier at 24.40% and top 5 suppliers at 70.08% of FY26 raw material purchases(p.191)
- • Moderate debt-to-equity ratio at 0.64 with significant long-term borrowings of ₹3,067 lakhs(p.179)
- • Limited R&D intensity constrains product innovation and value-chain advancement(p.175)
- • Manufacturing Unit II Phase I newly commissioned (Feb 2025) with low capacity utilization at 15.01% in FY26(p.183)
- • Related party transactions and lack of non-compete agreements with Group Companies engaged in similar industry(p.233)
- • High financial leverage with significant debt obligations(p.306)
- • Substantial material creditor concentration and working capital pressure(p.315)
- • Restrictive bank covenants limiting operational and capital flexibility(p.309)
- • Recent indirect tax notice and ongoing GST audit creating compliance risk(p.315)
- • Significant export market opportunity with growing international demand(p.32)
- • Planned capacity expansion through new manufacturing facility at Bavla Phase II(p.36)
- • Diversified customer base across multiple industries reducing single-industry dependence(p.45)
- • Strategic expansion into European and North/South American markets(p.42)
- • Significant new manufacturing capacity expansion planned for high-growth markets(p.109)
- • Opportunity to penetrate emerging end-use industries with growing demand for sulphur-based chemicals(p.109)
- • India projected to have highest growth rate globally in inorganic chemicals at 4.0% CAGR(p.139)
- • Emerging lithium-sulphur battery technology creating incremental demand for high-purity sulphur(p.156)
- • Growing wastewater treatment market driven by government initiatives and environmental compliance(p.167)
- • Global inorganic chemicals market growth to USD 1,681B by 2029 at 8.3% CAGR(p.183)
- • India's chemical industry projected to grow at 7-8% CAGR FY26-29 to reach ₹30+ lakh crores(p.183)
- • Expansion into North and South American markets targeting high-value customers(p.184)
- • Capacity expansion to 1,15,344 MTPA enabling economies of scale and market share gains(p.183)
- • Growing end-use industries including food & beverage (7-8% CAGR), oil drilling (9-11%), wastewater treatment (9.1%)(p.185)
- • Opportunity to expand into specialty applications in gold mining, seafood processing, leather, power plants(p.185)
- • Investment in new plant and machinery to reduce energy costs through fuel-free steam generation(p.183)
- • Migration pathway to NSE Main Board post-listing with clear criteria(p.344)
- • Three-year mandatory market making support post-listing(p.345)
- • Public market capital access through fresh equity issuance(p.346)
- • Established operational capability for Phase II manufacturing expansion(p.321)
- • Cyclical and volatile oil drilling industry exposure accounting for 1.59% of revenue(p.30)
- • Significant raw material cost volatility representing 58.43% of total income(p.33)
- • Foreign exchange rate fluctuation risk from 29.28% export revenue exposure(p.45)
- • Intense competitive pressure in the inorganic chemicals industry(p.32)
- • Regulatory compliance risks including environmental, health, safety and labour laws(p.43)
- • Risk of adverse trade policies, tariffs and anti-dumping duties on exports(p.33)
- • Potential for group company competition without non-compete agreements(p.31)
- • Geopolitical conflicts in Middle East disrupting sulphur supply chains and elevating feedstock prices(p.157)
- • Rising energy costs and power tariff volatility impacting margins(p.174)
- • Stricter environmental compliance requirements and regulatory pressure on inorganic chemical manufacturing(p.174)
- • Global supply chain volatility and raw material sourcing risks from major producers(p.174)
- • Intense competition in commodity chemicals market with pricing pressure(p.108)
- • Geopolitical tensions and trade disputes causing chemical price volatility and supply shortages(p.175)
- • Anti-dumping tariffs by foreign countries on caustic soda and phenol threaten export competitiveness(p.175)
- • Intense competition from both domestic and international manufacturers on price and quality(p.195)
- • Pressure to balance cost competitiveness with rising environmental and social compliance expectations(p.175)
- • Regulatory dependency on pending environmental and operational approvals(p.321)
- • Risk of capital expenditure delays and cost overruns on Phase II project(p.321)
- • Exposure to minimum 200 allottees requirement with full refund risk(p.338)
- • Historical direct tax disputes creating ongoing compliance exposure(p.315)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Manojkumar Jayantilal Patel | Promoter | — | — |
| Avnish Manojkumar Patel | Promoter | — | — |
| Manojkumar Jayantilal Patel | Promoter | 60.24% | — |
| Avnish Manojkumar Patel | Promoter | 14.61% | — |
| Manojkumar Jayantilal Patel | Promoter/Chairman & Managing Director | — | — |
| Manojkumar Jayantilal Patel | Promoter | 60.24% | — |
| Avnish Manojkumar Patel | Promoter | 14.61% | — |
| Manojkumar J. Patel | Promoter | 60.24% | — |
| Avnish M. Patel | Promoter | 14.61% | — |
| Sarojben M. Patel | Promoter Group | 4.40% | — |
| Suhani A. Patel | Promoter Group | 4.40% | — |
| Rameshbhai B. Patel | Promoter Group | 4.40% | — |
| Reina R Jaisinghani | Shareholder | 5.51% | — |
| Manojkumar Patel | Promoter | — | — |
| Avnish Patel | 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.