Sheel Biotech
Book Building issueSMENSE₹34.02 Cr issue
+44.44%
Listing gain over issue price
Issue size
₹34.02 Cr
1 lot at cut-off
₹1,26,000
Lot size
2,000shares
Open
30 Sep 2025
Close
03 Oct 2025
Allotment
06 Oct 2025
Listing
08 Oct 2025
Listing performance
Issue price
₹63
Listed at
₹91
Listing-day close
₹95.55
Latest price
₹58.95
Close on 23 Oct 2026
Listing gain
+44.44%
Return since issue
-6.43%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 30 Sep 2025 – 03 Oct 2025
- Listing date
- 08 Oct 2025
- Face value
- ₹10 per share
- Issue price
- ₹63 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹34.02 Cr
- Market cap at offer price
- ₹128 Cr
- Promoter holding
- 96.99% → 71.26% pre-issue → post-issue
- ISIN
- INE0YJV01017
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- 8 Balaji Estates, 2nd Floor, Block-C, Guru Ravidas Marg, Kalkaji, 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 | 15,24,000 | — | — |
| Market maker | 2,72,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹63
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,26,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,52,000 |
| S-HNI (max) | 7 | 14,000 | ₹8,82,000 |
| B-HNI (min) | 8 | 16,000 | ₹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.
Shares allocated
15,24,000
Anchor portion
₹9.60 Cr
at ₹63 per share
Valuation and performance
Valuation at offer price
₹63 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 7.11 | 5.23 |
| P/E (×) | 8.86 | 12.05 |
| Price to book (×) | 1.11 | — |
| Market cap | — | ₹128 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 13.59%
- ROCE
- 16.34%
- Debt / equity
- 0.21
- PAT margin
- 10.45%
- EBITDA margin
- 14.71%
- NAV per share
- ₹56.84
- Price to book
- 1.11
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sheel Biotech
Sheel Biotech Limited, incorporated in 1991, engages in growing, developing, processing, and supplying a wide range of plants for field crops, fruits, vegetables, and ornamental plants through tissue culture and organic farming. The company manufactures and maintains greenhouses, offers services to farmers, and provides training through Farmer Producer Organizations (FPOs). Additionally, it delivers green landscaping services to both government and private sectors. Revenue is generated primarily through government tenders (52.53% in stub period ended May 31, 2024) and other commercial channels. The company operates across multiple Indian states with significant presence in Uttar Pradesh, Haryana, Bihar, and Delhi, serving state agriculture departments, agri-export zones, the sugar industry, and private farmers.
Company Analysis
from DRHPSheel Biotech Limited grows, develops, processes, and supplies plants for field crops, fruits, vegetables, and ornamental plants through tissue culture and organic farming, operating in agriculture and biotechnology sectors.
Sheel Biotech Limited, incorporated in 1991, engages in growing, developing, processing, and supplying a wide range of plants for field crops, fruits, vegetables, and ornamental plants through tissue culture and organic farming. The company manufactures and maintains greenhouses, offers services to farmers, and provides training through Farmer Producer Organizations (FPOs). Additionally, it delivers green landscaping services to both government and private sectors. Revenue is generated primarily through government tenders (52.53% in stub period ended May 31, 2024) and other commercial channels. The company operates across multiple Indian states with significant presence in Uttar Pradesh, Haryana, Bihar, and Delhi, serving state agriculture departments, agri-export zones, the sugar industry, and private farmers.
biotechnologyagriculturehorticulturelandscapingorganic farming
Objects of the Issue
- Capital Expenditure Requirement 911.95 lakhs p.25
- Working Capital Expenditure Requirement 1,588.00 lakhs p.25
- General Corporate Purposes p.25
- Capital Expenditure Requirement ₹911.95 Lakhs p.117
- Working Capital Requirement ₹1,588.00 Lakhs p.119
- General Corporate Purposes p.124
- Not specified in this section of the document
Issue Structure
- Total Issue
- 54,00,000 Equity Shares of Rs. 10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- 54,00,000 Equity Shares of face value of Rs.10/- each aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- [●] times and [●] times of the face value of the Equity Shares (Floor Price and Cap Price respectively)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
Revenue is earned through two main segments: (1) Tissue Culture operations growing disease-free plants in controlled greenhouse conditions with regulated temperature and light cycles, and (2) Organic Farming and landscaping services, heavily dependent on government tenders for contracts. Government tenders contributed 72.19% of revenue in FY 2024, with the remainder from commercial customers. Working capital requirements are significant with inventory and trade receivables representing major components.
Business Segments
Growing, developing, and processing disease-free plants for field crops, fruits, vegetables, and ornamental plants through tissue culture in controlled greenhouse conditions with regulated temperature (24°C), light cycles (16 hours light, 8 hours darkness), and sterile environments
Growing and supplying plants for field crops, fruits, and vegetables through organic farming; providing services to farmers; offering training through Farmer Producer Organizations (FPOs); and delivering green landscaping services to government and private sectors
Produces and supplies plants to public and government sectors through tissue culture technology. Technology is based on totipotency theory. The company operates a lab in Manesar using Dutch Technology with scientists and agricultural professionals.
Works in organic farming across 15 states in India, managing projects under government schemes like NHM, PKVY, and BPKP. Provides organic certification through NPOP and PGS India, handles tender applications, becomes government-approved service provider, and implements policies to boost horticultural growth.
Provides comprehensive landscaping services including creation of outdoor spaces, wall designing, backyard landscaping, rooftop landscaping, and development and maintenance of landscapes on central verges and footpaths. Services include earthwork, tree treatment, planting, watering, protection, and installation of horticultural features.
Promotes 50 FPOs across different geographies in India. The company is empaneled as a CBBO with agencies including SFAC, NERAMAC, NAFED, and NCDC. Provides end-to-end services to farmers including training, market linkages, aggregation, value addition, and financial management.
Manufactures and maintains greenhouses, shade houses, and hydroponic systems since 2006. Provides packhouse facilities for post-harvest handling of fresh produce including washing, sorting, grading, and packaging for domestic and international markets.
Production of tissue culture plants for field crops, fruits, vegetables, and ornamental plants
Organic farming and product supply
Farmer Producer Organizations and skill development training services
Green landscaping services to government and private sectors
Manufacture and maintenance of greenhouses
Sale of Agriculture, Horticulture, and Organic Farming related products to end consumers
SWOT Analysis
Strengths
- • Incorporated in 1991 with 33+ years operating history in biotechnology and organic farming segments(p.2)
- • Diversified revenue streams across tissue culture, organic farming, and landscaping services(p.21)
- • Over 30 years of greenhouse cultivation experience enabling blueberry production expansion(p.118)
- • Strategic expansion into high-growth blueberry market segment addressing health-conscious consumer demand(p.118)
- • Diversified agricultural portfolio reducing crop concentration risk(p.118)
- • Strong historical financial performance with improving profitability metrics(p.131)
- • Established relationships with government tenders as major revenue source(p.121)
- • Over 30 years of tissue culture expertise with recognized R&D lab(p.195)
- • Second largest tissue culture facility in Northern India with 10 million plant capacity(p.163)
- • Partnerships with leading international companies and plant breeders(p.195)
- • Diversified service portfolio across tissue culture, organic farming, greenhouses, and landscaping(p.158)
- • Operating 150 Farmer Producer Organizations across multiple states(p.195)
- • ISO certified with DBT recognition(p.158)
- • Recognized by Department of Biotechnology with R&D lab capacity(p.302)
- • Multiple ISO certifications demonstrating quality and safety standards(p.302)
- • Diversified business model across multiple segments(p.306)
- • Strong profitability growth with PAT margin expansion(p.311)
- • Revenue growth outpacing expense growth(p.311)
Weaknesses
- • Heavy dependence on government tenders for majority of organic farming revenue (52.53% for stub period, 72.19% for FY 2024)(p.34)
- • Negative operating cash flows in FY 2024 due to increased inventory and trade payables(p.36)
- • Dependence on limited number of top ten customers representing 31.74% of revenue (stub period May 2024)(p.50)
- • Company does not own registered office premises and operates on lease basis(p.36)
- • Unsecured loans of Rs. 1,047.92 Lakhs as on May 31, 2024 subject to recall by lenders(p.52)
- • Historical delays in filing GST and ESIC returns across multiple financial years(p.37)
- • Non-compliance with certain Companies Act, 2013 provisions including missed statutory filing deadlines(p.45)
- • Highly concentrated promoter shareholding limiting public float post-IPO(p.105)
- • Significant working capital intensity with high inventory and receivables requirements(p.124)
- • Substantial dependence on government tender cycles creating revenue seasonality(p.121)
- • High inventory holding periods indicating potential supply chain inefficiency(p.121)
- • Modest operational cash generation despite profitability(p.131)
- • Heavy dependence on government tenders for revenue(p.195)
- • Concentration among top 10 customers driving most revenue(p.198)
- • High exposure to seasonal crop cycles(p.195)
- • Capital-intensive operations with high R&D and infrastructure costs(p.195)
- • Geographically concentrated operations in limited states(p.161)
- • Heavy reliance on government tenders for revenue(p.306)
- • Significant unsecured borrowings from related parties(p.285)
- • High inventory levels relative to operations(p.277)
- • Large aging trade receivables(p.289)
- • Outstanding contingent liabilities and tax demands(p.297)
- • Multiple consumer disputes regarding product quality and deficiency in services(p.321)
- • Litigation exposure related to alleged supply of defective banana seedlings causing crop losses(p.323)
- • Multiple outstanding tax proceedings and demands against the company(p.331)
- • Dependence on unsecured loans from promoters(p.317)
- • Promoter demat account freeze and SEBI penalty for regulatory non-compliance at associated company(p.329)
Opportunities
- • Global plant tissue culture market projected to grow from USD 480 Mn (2024) to USD 883 Mn (2031) at 9.1% CAGR(p.21)
- • Indian tissue culture sector success across agriculture, medicine, and forestry with major consumers from State Agriculture Department and private farmers(p.21)
- • Planned capital expenditure for blueberry production facility to expand product portfolio(p.47)
- • Working capital funding approved in IPO for expansion of operations and revenue generation(p.25)
- • Global blueberry market projected to grow at 9.1% CAGR with strong demand fundamentals(p.150)
- • Strengthening rural demand providing favorable market conditions for agricultural expansion(p.146)
- • Government support for agricultural sector enabling favorable policy environment(p.146)
- • Access to international markets through high-quality transgenic crop varieties via tissue culture(p.118)
- • Growing Asia-Pacific region adoption driving tissue culture market expansion(p.152)
- • Government support through multiple agricultural schemes (NHM, PKVY, BPKP)(p.165)
- • Expanding FPO formation with government 'Formation and Promotion of 10,000 new Farmer Producer Organizations' initiative(p.171)
- • Growing market for tissue culture plants with projected 9.1% CAGR(p.154)
- • Smart city projects creating landscaping and greening opportunities(p.223)
- • Technology adoption opportunities through Dutch collaboration(p.196)
- • Expansion through tender-based organic farming segment(p.308)
- • FPO segment entry with strong initial performance(p.312)
- • Growing landscaping and green services market(p.302)
- • Government support for organic farming and biotechnology(p.302)
- • Revenue growth trajectory and market demand for agriculture-related products(p.315)
- • Expansion in Agriculture, Horticulture and Organic Farming sector(p.316)
- • IPO listing on NSE Emerge Platform enabling capital access and growth funding(p.362)
Threats
- • Geographic concentration in four states with 99.48% of revenues from Haryana, Uttar Pradesh, Bihar and Delhi(p.47)
- • Tissue culture segment highly sensitive to temperature, sterilization, and contamination risks(p.33)
- • Business operations exposed to seasonal fluctuations and weather disruptions affecting projects and equipment(p.34)
- • Vulnerability to pest attacks and weather conditions impacting plant production and demand(p.47)
- • Risk of project delays reducing chances of securing future government bids(p.48)
- • Regulatory non-compliance risks including environmental laws on waste and water management(p.48)
- • Slowdown in Indian economic growth could adversely affect demand for company's services(p.56)
- • Inflation pressures on costs including salaries and travel expenses may erode profitability(p.57)
- • High capital investment requirements for tissue culture lab infrastructure pose entry barriers(p.152)
- • Inherent agricultural risks from climate variability, pests and diseases affecting crop yield(p.118)
- • Lack of standardized processes in tissue culture industry creating operational uncertainty(p.150)
- • Vulnerability to external geopolitical and economic disruptions affecting global demand(p.149)
- • Global supply chain disruptions and elevated commodity price volatility impacting input costs(p.142)
- • Climate change causing unpredictable weather impacts on crops(p.196)
- • Increasing local and global competition in organic and biotech sectors(p.196)
- • Regulatory compliance complexity and international variations(p.196)
- • Shifting consumer preferences impacting demand(p.196)
- • Fragmented and competitive market with many domestic players(p.200)
- • Dependence on unpredictable government tender procurement cycles(p.303)
- • Exposure to agricultural sector cyclicality and monsoon dependency(p.303)
- • Volatility in capital markets affecting IPO proceeds(p.303)
- • Competitive pressure in tissue culture and organic farming segments(p.303)
- • Regulatory proceedings and government policy changes affecting agriculture sector(p.316)
- • Regulatory actions and land acquisition proceedings by state authorities(p.325)
- • Competition in agriculture and horticulture products market(p.316)
- • Dependence on agricultural season and climate conditions(p.316)
- • Interest rate and foreign exchange volatility impact on costs(p.316)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Satya Narayan Chandak | Promoter | 10.10% | 7.42% |
| Sanjay Chandak | Promoter | 15.52% | 11.41% |
| Divye Chandak | Promoter | 14.42% | 10.59% |
| M/s Satya Narayan Chandak (HUF) | Promoter | 9.80% | 7.20% |
| M/s Sumeet Chandak (HUF) | Promoter | 11.23% | 8.25% |
| M/s Sanjay Chandak (HUF) | Promoter | 10.44% | 7.67% |
| Mrs. Mini Chadha | Promoter | — | — |
| Satya Narayan Chandak | Promoter | 10.10% | 7.42% |
| Sanjay Chandak | Promoter | 15.52% | 11.41% |
| Divye Chandak | Promoter | 14.42% | 10.59% |
| Satya Narayan Chandak (HUF) | Promoter | 9.80% | 7.20% |
| Sumeet Chandak (HUF) | Promoter | 11.23% | 8.25% |
| Sanjay Chandak (HUF) | Promoter | 10.44% | 7.67% |
| Dr. Satya Narayan Chandak | Promoter | 10.10% | — |
| Mr. Sanjay Chandak | Promoter | 15.52% | — |
| Mr. Divye Chandak | Promoter | 14.42% | — |
| Mrs. Mini Chadha | Promoter | — | — |
| Satya Narayan Chandak | Promoter | 10.10% | — |
| Sanjay Chandak | Promoter | 15.52% | — |
| Divye Chandak | Promoter | 14.42% | — |
| Mini Chadha | Promoter | — | — |
| Satya Narayan Chandak (HUF) | Promoter Group | — | — |
| Sumeet Chandak (HUF) | Promoter Group | — | — |
| Sanjay Chandak (HUF) | Promoter Group | — | — |
| Sanjay Chandak | Promoter | — | — |
| SN Chandak | Promoter | — | — |
Leadership
Dr. Satya Narayan Chandak · Chairman and Director
Divye Chandak · Managing Director
Sanjay Chandak · Executive Director
Mini Chadha · Non-Executive Director
Anupam Pandey · Company Secretary and Compliance Officer
Piyush Sharma · Chief Financial Officer
Auto-extracted from the company's DRHP 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 DRHP before relying on it.
Sheel Biotech IPO FAQs
What is the lot size of Sheel Biotech IPO?
The minimum lot size of Sheel Biotech IPO is 2,000 shares. One lot costs ₹1,26,000 at the cut-off price.
When does Sheel Biotech IPO open and close?
Sheel Biotech IPO opened for subscription on 30 Sep 2025 and closed on 03 Oct 2025.
What is the listing date of Sheel Biotech IPO?
Sheel Biotech IPO listed on 08 Oct 2025.