Shayona Engineering
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Jan 2026 | ₹4 | +2.78% | ₹3,000 | ₹148 | ₹4,000 |
| 29 Jan 2026 | ₹4 | +2.78% | ₹3,000 | ₹148 | ₹4,000 |
| 28 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹144 | ₹0 |
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 Jan 2026 – 27 Jan 2026
- Listing date
- 30 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹144 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹14.86 Cr
- Market cap at offer price
- ₹56.05 Cr
- Promoter holding
- 87.29% → 64.15% pre-issue → post-issue
- ISIN
- INE0UCL01011
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Horizon Management Pvt.Ltd.
- Registered office
- Shed No.113/1, GIDC, Makarpura, M.I.Estate, Gujarat
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 | 0 | — | — |
| Market maker | 52,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹144
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,44,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,88,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,64,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,08,000 |
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.
Valuation and performance
Valuation at offer price
₹144 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.46 | 9.44 |
| P/E (×) | 17.02 | 15.25 |
| Price to book (×) | 4.16 | — |
| Market cap | — | ₹56.05 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.81%
- ROCE
- 29.03%
- PAT margin
- 10.44%
- EBITDA margin
- 21.64%
- NAV per share
- ₹34.64
- Price to book
- 4.16
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shayona Engineering
Shayona Engineering Limited was incorporated as a Private Limited Company on February 15, 2017 and converted to a Public Limited Company on April 01, 2024. The company specializes in precision castings in special grades (steel, stainless steel, and nickel-based alloys) with weights ranging from a few grams to 3 metric tons. It produces complex investment cast parts with superior surface finishes for pumps, valves, and components for defense, medical, automotive, and oil & gas sectors. The company also manufactures precision metal, rubber and plastic parts, assemblies, and fixtures, with capabilities spanning basic turning and milling to advanced CNC operations. It generates revenue from turnkey engineering solutions, HDPE and PVC fittings and pipes in the domestic market, and automobile parts export as a Tier-II supplier, particularly to Canada.
Company Analysis
from RHPShayona Engineering Limited provides customized precision castings and manufactured metal, rubber, and plastic parts, assemblies, and fixtures serving automotive, aerospace, medical, defense, and oil & gas sectors.
Shayona Engineering Limited was incorporated as a Private Limited Company on February 15, 2017 and converted to a Public Limited Company on April 01, 2024. The company specializes in precision castings in special grades (steel, stainless steel, and nickel-based alloys) with weights ranging from a few grams to 3 metric tons. It produces complex investment cast parts with superior surface finishes for pumps, valves, and components for defense, medical, automotive, and oil & gas sectors. The company also manufactures precision metal, rubber and plastic parts, assemblies, and fixtures, with capabilities spanning basic turning and milling to advanced CNC operations. It generates revenue from turnkey engineering solutions, HDPE and PVC fittings and pipes in the domestic market, and automobile parts export as a Tier-II supplier, particularly to Canada.
Objects of the Issue
- Purchase of Plant and Machinery for the existing line of our business ₹379.00 lakhs p.23
- Repayment of secured loan availed by our Company from Financial Institution ₹217.00 lakhs p.23
- Funding of working capital requirements of our Company ₹400.00 lakhs p.23
- General corporate purposes Not exceeding 15% of Gross Proceeds or ₹10.00 Crores, whichever is lower p.23
- Purchase of Plant and Machinery for the existing line of our business ₹379.00 lakhs p.81
- Repayment of secured loan availed by our Company from Financial Institution ₹217.00 lakhs p.81
- Funding of the working capital requirements of our Company ₹400.00 lakhs p.81
- General corporate purposes p.81
- Not stated in this part of the document
- Not explicitly stated in this document section p.236
Issue Structure
- Total Issue
- 10,32,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- 10,32,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- [●] (to be finalized)
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The company operates primarily on a purchase order basis from customers, generating revenue through customized manufacturing and supply of precision-engineered components. It designs products based on customer specifications provided by OEMs and service providers, with production starting only after receiving manufacturing clearance from the company, OEM/service provider, and end user. Revenue comes from turnkey engineering solutions, supply of HDPE and PVC fittings and pipes domestically, and export of automobile parts internationally.
Business Segments
SWOT Analysis
- • Diversified service offerings across precision engineering(p.22)
- • Specialization in investment casting with superior surface finishes(p.22)
- • Strong profitability with improving margins(p.25)
- • Demonstrated revenue growth trajectory(p.25)
- • Strong return on net worth(p.25)
- • Established customer base with international presence(p.30)
- • Diverse product portfolio serving multiple industries(p.93)
- • Modern manufacturing facilities with integrated operations(p.93)
- • Established customer relationships built over years(p.93)
- • Commitment to quality with in-house inspection capabilities(p.93)
- • Strong revenue growth and profitability(p.87)
- • Diversified manufacturing capabilities across precision engineering and plastics(p.124)
- • Strategic expansion into high-growth HDPE/PVC pipes segment(p.122)
- • State-of-the-art manufacturing facilities with advanced automation(p.121)
- • Strong track record of delivering large-scale projects(p.123)
- • Robust supply chain management and supplier relationships(p.123)
- • Established engineering manufacturing and trading business with revenue growth trajectory(p.183)
- • Experienced leadership with decades of combined operational and engineering expertise(p.154)
- • Diverse revenue streams from manufacturing, trading, and engineering services(p.150)
- • Strong financial growth trajectory with revenue increasing 51.64% YoY(p.219)
- • Robust profitability with PAT growing 41.50% YoY(p.221)
- • Improved EBITDA margins demonstrating operational efficiency(p.221)
- • Geographic expansion into new markets (Maharashtra, Haryana) driving growth(p.219)
- • Improved working capital management reducing inventory costs(p.220)
- • High concentration of revenue in few customers(p.30)
- • Significant dependence on single state for operations(p.39)
- • High exposure to debt relative to EBITDA(p.25)
- • History of delays in statutory compliance(p.35)
- • Past instances of delays in GST and statutory filing(p.33)
- • Limited long-term customer contracts(p.38)
- • High dependence on working capital management(p.42)
- • High reliance on key personnel(p.41)
- • High dependence on working capital financing(p.88)
- • Significant increase in trade receivables indicating collection issues(p.87)
- • High financial leverage and rising debt burden(p.95)
- • Vulnerability to fraud and employee theft(p.47)
- • Significant dependence on top customers creating revenue concentration risk(p.125)
- • High financial indebtedness relative to EBITDA(p.134)
- • Low capacity utilization in new manufacturing facility(p.132)
- • Small workforce limiting scalability(p.135)
- • Significant export obligation creates compliance risk(p.127)
- • High financial leverage with total debt exceeding equity(p.204)
- • Significant capital work-in-progress with uncertain completion timelines(p.179)
- • Weak liquidity position with low cash reserves relative to borrowings(p.179)
- • No dividend payment history limiting shareholder returns(p.172)
- • Dependence on related party transactions and few customer relationships(p.203)
- • High leverage with debt-to-equity ratio of 1.83(p.211)
- • Dependence on few major creditors with material dues concentration(p.229)
- • Elevated finance costs impacting profitability(p.218)
- • Outstanding dues to MSMEs indicating supplier credit pressure(p.229)
- • Employee cost volatility with 52.72% reduction followed by potential rehiring(p.220)
- • Expansion into new geographic markets(p.46)
- • Growing precision engineering sector with strong demand drivers(p.22)
- • Process automation sector growth(p.22)
- • Metal fabrication sector expansion opportunity(p.22)
- • Diversification across multiple end-use sectors(p.22)
- • Government subsidy programs for manufacturing expansion(p.37)
- • Capacity expansion through IPO proceeds(p.23)
- • Geographic expansion into new markets(p.88)
- • Product diversification into HDPE and PVC pipes(p.85)
- • Capacity expansion with new manufacturing lines(p.85)
- • Export market opportunities through increased working capital(p.88)
- • Potential government subsidies for manufacturing expansion(p.84)
- • Rapidly growing PVC and HDPE pipes market driven by infrastructure and agriculture(p.115)
- • Strong growth in precision engineering sector supported by government initiatives(p.115)
- • Expansion of agricultural irrigation systems creating demand for pipe solutions(p.109)
- • Growing telecommunications infrastructure creating demand for HDPE cable protection(p.110)
- • Export opportunities to emerging markets(p.110)
- • Increasing adoption of Industry 4.0 technologies enhancing productivity(p.105)
- • India's ambitious export target of $2 trillion by 2030 supporting growth(p.149)
- • Expansion into new product categories including HDPE and PVC fittings/pipes(p.151)
- • Government initiatives promoting manufacturing and ease of doing business(p.149)
- • Expansion of engineering services market with growing demand for specialized consulting(p.150)
- • Market expansion through geographic diversification supporting revenue growth(p.220)
- • Scale benefits from increased production volumes reducing unit costs(p.220)
- • Export market development with Canada exports initiated(p.222)
- • Capacity expansion supporting higher demand with new manufacturing unit(p.231)
- • Customer base expansion from both existing and new customers(p.219)
- • Export obligations under EPCG Scheme(p.30)
- • Intense competition from domestic and international players(p.38)
- • Vulnerability to raw material price fluctuations(p.20)
- • Environmental and regulatory risks in Gujarat(p.39)
- • Flood risk in Gujarat operations(p.39)
- • Labour shortage and migration risks(p.39)
- • Dependence on customer payment timelines(p.39)
- • Reliance on third-party transportation(p.40)
- • Changes in government policies and regulatory requirements(p.38)
- • Customer order-based business model dependency(p.40)
- • Economic slowdown and reduced demand in India(p.50)
- • Regulatory and policy changes affecting operations(p.50)
- • Currency fluctuation risk on rupee(p.48)
- • Inflation increasing operational costs(p.50)
- • COVID-19 pandemic and public health emergencies(p.49)
- • Inability to raise planned IPO funds(p.47)
- • Raw material price volatility impacting profit margins(p.111)
- • Intense competition from unorganized sector with 15-20% price differential(p.111)
- • Skilled labor shortage in precision engineering sector(p.106)
- • Global supply chain disruptions affecting component availability(p.106)
- • Stringent environmental regulations increasing compliance costs(p.111)
- • High capital intensity limiting scalability for SMEs(p.106)
- • Regulatory restrictions on FII shareholding limiting capital market access(p.148)
- • EU carbon border adjustment mechanism impacting steel and aluminium exports(p.148)
- • Compliance burden from multiple information technology and data protection regulations(p.149)
- • MSMED Act interest liability exposure on delayed vendor payments(p.176)
- • Fragmented competitive market with organized and unorganized sector competition(p.223)
- • Low barriers to entry intensifying future competition(p.223)
- • Raw material cost volatility affecting margins(p.220)
- • Dependent on capital investments for maintaining competitiveness(p.215)
- • Economic sensitivity to government policy changes affecting business(p.215)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Vipul Bhikhabhai Solanki | Promoter | 69.73% | — |
| Gaurav Ratukumar Parekh | Promoter | 12.24% | — |
| Kinnariben Vipulbhai Solanki | Promoter | 5.31% | — |
| Vipul Bhikhabhai Solanki | Promoter | 69.73% | — |
| Gaurav Ratukumar Parekh | Promoter | 12.24% | — |
| Kinnariben Vipulbhai Solanki | Promoter | 5.31% | — |
| Sheela Amit Chauhan | Promoter Group | — | — |
| Dharmendra Bhikabhai Solanki | Promoter Group | — | — |
| Archana J Parekh | Promoter Group | — | — |
| Vipul Bhikhabhai Solanki | Promoter | 69.73% | — |
| Gaurav Ratukumar Parekh | Promoter | 12.24% | — |
| Kinnariben Vipulbhai Solanki | Promoter | 5.31% | — |
| Vipul Bhikhabhai Solanki | Promoter | 69.73% | — |
| Gaurav Ratukumar Parekh | Promoter | 12.24% | — |
| Kinnariben Vipulbhai Solanki | Promoter | 5.31% | — |
| Vipul Bhikhabhai Solanki | Promoter | — | — |
| Gaurav Ratukumar Parekh | 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.