Shreedhar Spinners SME
SMENSE SME₹30.68 Cr issue
+2.64%
Listing gain over issue price
Price band
₹53
Issue size
₹30.68 Cr
1 lot at cut-off
₹1,06,000
Lot size
2,000shares
Open
23 Jun 2026
Close
25 Jun 2026
Allotment
29 Jun 2026
Listing
01 Jul 2026
Listing performance
Issue price
₹53
Listed at
₹54.40
Listing-day close
₹57.10
Latest price
₹60
Listing gain
+2.64%
Return since listing
+13.21%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0 0.00%
01 Jul, 09:28 am
25 Jun 2026 Range ₹0 – ₹0 over 7 days 01 Jul 2026
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Jul 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 30 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 29 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 28 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 27 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 26 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹0 |
| 25 Jun 2026 | ₹0 | 0.00% | ₹0 | ₹53 | ₹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
- 23 Jun 2026 – 25 Jun 2026
- Listing date
- 01 Jul 2026
- Face value
- ₹10 per share
- Price band
- ₹53
- Issue price
- ₹53 per share
- Lot size
- 2,000 shares
- Listing at
- NSE SME
- Total issue size
- ₹30.68 Cr
- Market cap at offer price
- ₹114 Cr
- Promoter holding
- 96.55% → 70.48% pre-issue → post-issue
- ISIN
- INE0K3301012
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Marwadi Chandarana Intermediaries Brokers Pvt.Ltd.
- Registered office
- 503, Matharu Arcade, Subhash Road, Vile Parle East, Maharashtra
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 | 16,18,000 | — | — |
| Market maker | 3,86,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹53
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,06,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,12,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,54,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,60,000 |
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
16,18,000
Anchor portion
₹8.58 Cr
at ₹53 per share
Valuation and performance
Valuation at offer price
₹53 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.94 | 2.88 |
| P/E (×) | 13.45 | 18.40 |
| Price to book (×) | 2.79 | — |
| Market cap | — | ₹114 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 20.74%
- ROCE
- 9.34%
- Debt / equity
- 3.89
- PAT margin
- 4.22%
- EBITDA margin
- 12.04%
- NAV per share
- ₹19.01
- Price to book
- 2.79
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shreedhar Spinners SME
Shreedhar Spinners Limited is a cotton spinning company incorporated on December 9, 2020, and converted to public limited company on November 17, 2025. The company commenced commercial operations on November 10, 2022. It operates an automated spinning manufacturing facility located at Amravati, Maharashtra. The company manufactures cotton yarn from raw cotton (cotton bales), which is procured from local vendors, Cotton Corporation of India, and traders. The promoters—Dharmendra Mohandas Goyal and Vishal Agarwal—have combined experience of 50 years in production and marketing of cotton yarn. The company generates revenue through sales of cotton yarn to customers on a purchase order basis. For FY2026, FY2025, and FY2024, raw material consumed represented 77.99%, 78.59%, and 80.81% of revenue from operations, respectively.
Company Analysis
from RHPShreedhar Spinners Limited manufactures cotton yarn through spinning operations, operating in the textile and cotton yarn manufacturing industry.
Shreedhar Spinners Limited is a cotton spinning company incorporated on December 9, 2020, and converted to public limited company on November 17, 2025. The company commenced commercial operations on November 10, 2022. It operates an automated spinning manufacturing facility located at Amravati, Maharashtra. The company manufactures cotton yarn from raw cotton (cotton bales), which is procured from local vendors, Cotton Corporation of India, and traders. The promoters—Dharmendra Mohandas Goyal and Vishal Agarwal—have combined experience of 50 years in production and marketing of cotton yarn. The company generates revenue through sales of cotton yarn to customers on a purchase order basis. For FY2026, FY2025, and FY2024, raw material consumed represented 77.99%, 78.59%, and 80.81% of revenue from operations, respectively.
Textile manufacturingCotton yarn spinning
Objects of the Issue
- Funding capital expenditure requirements towards purchase of new machinery ₹494.77 Lakhs p.34
- Funding incremental working capital requirements of our Company ₹2,103.60 lakhs p.91
- Purchase of machineries into existing manufacturing facility at Amravati, Maharashtra ₹494.77 lakhs p.91
- General corporate purposes p.91
- —
- The specific objects of the Issue are not explicitly stated in this part of the document as a dedicated 'Objects of the Offer' section is not included in pages 233-297.
Issue Structure
- Total Issue
- Upto 57,88,000 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Upto 57,88,000 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 (Floor Price) of ₹ [●] and the maximum price (Cap Price) of ₹ [●]
- Lot Size
- [●] Equity Shares and in multiples of [●] thereafter
- Face Value
- ₹10/- each
Business Model
The company manufactures cotton yarn from raw cotton bales and sells the yarn to customers primarily on a purchase order basis without long-term contracts. Revenue is generated from the sale of manufactured cotton yarn. The company procures raw cotton from local vendors, Cotton Corporation of India, and traders. Manufacturing is conducted at the Amravati facility in Maharashtra.
Business Segments
The company manufactures and trades carded cotton yarns of various counts including combed, semi-combed, and carded yarn. Operations involve multiple interdependent processes including opening, cleaning, carding, spinning, winding, and final packaging at the manufacturing facility in Amravati, Maharashtra.
Manufactures 100% cotton yarn in count range Ne 10/1 to Ne 40/1. These yarns are suitable for both knitting and weaving applications, catering to apparel, denim, terry towels, shirting, bed linen, sweaters, socks, furnishing fabrics and industrial fabrics.
The company manufactures cotton yarn through UNIT-1 (18,240 spindles) and UNIT-II (10,400 spindles and 1,440 TFOs). The company holds certifications for organic and sustainable production including OEKO-TEX STANDARD 100, GOTS, OCS, BCI-Mass Balance, and Regenagri Content Standard.
Manufacturing and supply of compact spun cotton yarn in counts ranging from Ne 10s to Ne 40s for knitting, weaving, apparel, denim, terry towels, shirting, bed linen, sweaters, socks, furnishing fabrics and industrial fabrics applications.
SWOT Analysis
Strengths
- • Established manufacturing facility with significant production capacity and operational history(p.100)
- • ISO 9001: 2015 certification demonstrating quality management system(p.100)
- • In-house quality control infrastructure across production stages(p.100)
- • Strong promoter involvement and long-standing relationships with customers(p.47)
- • Revenue growth trajectory demonstrating market traction(p.58)
- • Long-term customer relationships with repeat business across 7 states(p.141)
- • Fully integrated spinning facility with modern compact ring spinning technology(p.142)
- • Strategic location in cotton-rich Amravati textile hub with local raw material sourcing(p.143)
- • Efficient cost management with declining raw material consumption ratio(p.143)
- • ISO certifications for quality, environment and health & safety standards(p.138)
- • Diversified product portfolio adaptable to multiple textile applications(p.147)
- • Experienced management team with combined five decades of promoter experience(p.142)
- • High capacity utilization rates demonstrating operational efficiency(p.147)
- • Established textile manufacturing with quality certifications and industry recognition(p.166)
- • Multiple international sustainability certifications demonstrating product quality(p.166)
- • ISO certifications across quality, environment, and safety management(p.166)
- • Recent expansion with Unit II capacity addition(p.166)
- • No project execution delays or cost overruns(p.167)
- • No loan defaults or restructuring history(p.167)
- • Modern manufacturing facility with state-of-the-art spinning technology(p.240)
- • Located in major cotton-growing region reducing logistics costs(p.241)
- • In-house testing facility with advanced equipment(p.241)
- • Strong revenue growth trajectory over three years(p.245)
- • Improved profitability with 80.70% increase in PAT(p.248)
- • Positive net worth and healthy equity base(p.234)
Weaknesses
- • Pledged promoter shareholding creates control and covenant risks(p.24)
- • High debt-to-equity ratio limits financial flexibility(p.25)
- • Significant dependence on single facility in Amravati(p.26)
- • Geographic concentration in Maharashtra state(p.26)
- • Heavy customer concentration with top 10 customers(p.27)
- • Supplier concentration in cotton-growing regions(p.28)
- • High working capital requirements and inventory carrying costs(p.29)
- • Significant attrition rate affecting workforce stability(p.32)
- • High dependence on single major customer(p.61)
- • Significant unsecured borrowings that can be recalled at any time(p.45)
- • High leverage with significant debt obligations(p.57)
- • Deteriorating inventory turnover ratio indicating potential inventory management challenges(p.46)
- • Concentration of production facility at single location creating operational risk(p.100)
- • Pledged equity shares creating control risk for majority promoter(p.90)
- • Limited experience of board members in listed company governance(p.48)
- • High dependence on a few major customers for significant revenue(p.141)
- • Very high debt-to-equity ratio indicating significant financial leverage(p.140)
- • Current ratio below 1.0 indicating potential short-term liquidity stress(p.140)
- • Negative working capital despite operational growth(p.111)
- • No long-term contracts with raw material suppliers creating procurement uncertainty(p.148)
- • Significant concentration in Maharashtra state (90.20% of revenue)(p.144)
- • Declining inventory turnover ratio suggesting slower inventory movement(p.140)
- • High leverage with debt-to-equity ratio of 3.89(p.228)
- • Negative working capital position affecting liquidity(p.228)
- • Concentrated revenue from holding company represents material revenue concentration(p.227)
- • Dependence on government subsidies for operational viability(p.219)
- • Recently appointed independent directors with limited tenure(p.170)
- • High dependence on single manufacturing facility creating operational concentration risk(p.241)
- • Significant dependence on few suppliers for raw materials(p.254)
- • High customer concentration with top 10 customers representing 81.51% of revenue(p.254)
- • High leverage with debt-to-equity ratio of 3.89(p.242)
- • No long-term contracts with customers creating revenue uncertainty(p.241)
- • Ongoing customs litigation involving promoter group entities(p.257)
Opportunities
- • Expansion beyond Maharashtra to reduce geographic concentration(p.27)
- • Leverage holding company's established export network and customer base(p.26)
- • Government incentives including PLI and TUFS schemes(p.38)
- • Expansion into new geographical markets and customer segments(p.46)
- • Capacity expansion with proposed second manufacturing unit(p.97)
- • Product diversification opportunities within textile value chain(p.100)
- • Operational efficiency improvements through machinery upgrades(p.100)
- • Domestic cotton market opportunities through MSP procurement(p.99)
- • Capacity expansion with Manufacturing Unit 2 completed in January 2026(p.144)
- • Geographic expansion into new states and international markets(p.144)
- • India emerging as preferred sourcing destination as global buyers diversify from China(p.134)
- • Indian textile exports targeting US$ 100 billion by FY2031 representing 18% CAGR growth opportunity(p.129)
- • Indian domestic textile market growth from US$ 147 Bn (FY2025) to US$ 250 Bn (FY2031)(p.128)
- • Government support through PM-MITRA scheme for integrated textile parks(p.136)
- • Rising demand for sustainability and traceability enabling premium positioning(p.134)
- • Expansion under government incentive schemes with Mega Status(p.216)
- • Tax benefits and subsidy framework supporting operations in Vidarbha region(p.216)
- • Growing demand for sustainable and certified cotton yarn products(p.216)
- • Unit II commissioned with expanded production capacity(p.214)
- • Capacity expansion executed in FY2026 enabling higher production volumes(p.246)
- • Global diversification trend away from China benefiting Indian textile manufacturers(p.241)
- • Ability to serve diverse end-use applications across multiple textile segments(p.240)
- • B2B market positioning providing stability through direct relationships with manufacturers(p.240)
Threats
- • Highly fragmented and competitive textile industry(p.29)
- • Seasonal volatility from cotton supply concentration(p.29)
- • Cotton price volatility and supply disruptions(p.28)
- • Government policy changes affecting cotton and textile sectors(p.38)
- • Power supply disruptions and tariff increases(p.38)
- • Fire and hazard risks from cotton handling(p.35)
- • Environmental compliance costs and regulations(p.39)
- • Technological obsolescence and automation pressures(p.39)
- • Regulatory approvals and licensing risks affecting operations(p.45)
- • Intense competition from synthetic and man-made yarns(p.49)
- • Cyclicality and slowdown in textile and apparel industry(p.49)
- • Commodity price volatility for raw cotton and cotton bales(p.45)
- • Government taxation and policy changes affecting business costs(p.50)
- • Currency and foreign exchange fluctuation risks(p.59)
- • Monsoon and natural disaster risks affecting agriculture and economy(p.51)
- • Global economic conditions and geopolitical uncertainties(p.51)
- • Demand forecasting risks and inventory management challenges(p.45)
- • Quality control and product specification risks(p.46)
- • Cotton price volatility from erratic monsoons and declining domestic production requiring imports(p.135)
- • Chemical and polyester input costs volatile due to crude oil price fluctuations(p.135)
- • Intense competition from both domestic and international textile manufacturers(p.151)
- • China's advanced automation and manufacturing scale creating downward price pressure(p.135)
- • Currency fluctuations affecting export realizations and imported raw material costs(p.135)
- • Geopolitical uncertainties and potential shifts in global sourcing patterns(p.135)
- • Reliance on third-party logistics providers without long-term contracts(p.151)
- • Exposure to cotton price volatility and input cost fluctuations(p.219)
- • High interest rates impacting debt service costs(p.220)
- • Dependence on government subsidy schemes which may be discontinued(p.219)
- • Export obligation covenant requiring foreign exchange generation(p.232)
- • Competition from established textile manufacturers in domestic and export markets(p.166)
- • Vulnerability to raw material price fluctuations affecting input costs(p.241)
- • Dependence on economic conditions in key customer sectors and geographies(p.241)
- • Macroeconomic volatility affecting operations and consumer spending(p.241)
- • Government policy changes affecting textile manufacturing and subsidies(p.241)
- • Exposure to raw material seasonality and availability constraints(p.254)
- • Electricity duty and taxation in manufacturing states creating additional burden(p.259)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shreedhar Cotsyn Private Limited | Corporate Promoter | — | — |
| Dharmendra Mohandas Goyal | Individual Promoter | — | — |
| Vishal Agarwal | Individual Promoter | — | — |
| Sunita Dharmendra Goyal | Individual Promoter | — | — |
| Pooja Agarwal | Individual Promoter | — | — |
| Varesh Goyal | Individual Promoter | — | — |
| Shreedhar Cotsyn Private Limited | Promoter | 92.65% | — |
| Vishal Agarwal | Promoter | 1.12% | — |
| Dharmendra Mohandas Goyal | Promoter | 0.70% | — |
| Varesh Goyal | Promoter | 0.27% | — |
| Sunita Dharmendra Goyal | Promoter | 0.45% | — |
| Pooja Agarwal | Promoter | 0.19% | — |
| Dharmendra Mohandas Goyal | Promoter | — | — |
| Vishal Agarwal | Promoter | — | — |
| Varesh Goyal | Promoter | — | — |
| Shreedhar Cotsyn Private Limited | Corporate Promoter | 92.65% | — |
| Dharmendra Mohandas Goyal | Promoter | 0.70% | — |
| Vishal Agarwal | Promoter | 1.12% | — |
| Varesh Goyal | Promoter | 0.27% | — |
| Sunita Dharmendra Goyal | Promoter | 0.45% | — |
| Pooja Agarwal | Promoter | 0.19% | — |
| Shreedhar Cotsyn Private Limited | Promoter | — | — |
Leadership
Dharmendra Mohandas Goyal · Managing Director
Varesh Goyal · Chief Financial Officer
Mitesh Pravinbhai Patel · Company Secretary and Compliance Officer
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.