Shri Ahimsa Naturals
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Mar 2025 – 27 Mar 2025
- Listing date
- 02 Apr 2025
- Face value
- ₹10 per share
- Issue price
- ₹119 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Total issue size
- ₹73.81 Cr
- Market cap at offer price
- ₹278 Cr
- Promoter holding
- 94.22% → 68.68% pre-issue → post-issue
- ISIN
- INE0DM401012
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Srujan Alpha Capital Advisors LLP
- Registered office
- E-94, RIICO Industrial Area, Bagru, Ext., Bagru, Rajasthan
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 | 17,54,400 | — | — |
| Market maker | 3,12,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹119
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,42,800 |
| S-HNI (min) | 2 | 2,400 | ₹2,85,600 |
| S-HNI (max) | 7 | 8,400 | ₹9,99,600 |
| B-HNI (min) | 8 | 9,600 | ₹11,42,400 |
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
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 9.76 | 8.35 |
| P/E (×) | 12.19 | 14.25 |
| Price to book (×) | 2.60 | — |
| Market cap | — | ₹278 Cr |
Key performance indicators
- Return on net worth
- 22.25%
- ROCE
- 25.69%
- Debt / equity
- 0.07
- PAT margin
- 23.91%
- NAV per share
- ₹45.79
- Price to book
- 2.60
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shri Ahimsa Naturals
Shri Ahimsa Naturals Limited, incorporated in 1990 and formerly known as Shri Ahimsa Mines and Minerals Limited, is engaged in the extraction and manufacturing of caffeine-based products and herbal extracts. The company primarily processes crude caffeine procured from decaffeination plants to manufacture Green Coffee Beans Extracts (GCE) and Caffeine Anhydrous Natural. Beginning in 2021, the company expanded its product portfolio to include various herbal extracts in response to customer demand. Since 2022, the company has manufactured crude caffeine from tea waste and coffee waste for both open market sales and captive consumption. The company operates from its manufacturing facility in Jaipur, Rajasthan, and exports to 14 countries globally. Revenue is primarily generated through export sales (direct exports, deemed exports, and third-party exports) with a smaller domestic sales component.
Company Analysis
from RHPShri Ahimsa Naturals Limited processes crude caffeine to manufacture Caffeine Anhydrous Natural, Green Coffee Bean Extracts, herbal extracts, and crude caffeine from tea and coffee waste for domestic and international markets.
Shri Ahimsa Naturals Limited, incorporated in 1990 and formerly known as Shri Ahimsa Mines and Minerals Limited, is engaged in the extraction and manufacturing of caffeine-based products and herbal extracts. The company primarily processes crude caffeine procured from decaffeination plants to manufacture Green Coffee Beans Extracts (GCE) and Caffeine Anhydrous Natural. Beginning in 2021, the company expanded its product portfolio to include various herbal extracts in response to customer demand. Since 2022, the company has manufactured crude caffeine from tea waste and coffee waste for both open market sales and captive consumption. The company operates from its manufacturing facility in Jaipur, Rajasthan, and exports to 14 countries globally. Revenue is primarily generated through export sales (direct exports, deemed exports, and third-party exports) with a smaller domestic sales component.
Objects of the Issue
- Investment in Wholly-Owned Subsidiary, Shri Ahimsa Healthcare Private Limited for setting up a new manufacturing unit at Sawarda, Jaipur, Rajasthan ₹3,500 lakhs p.22
- General corporate purposes [●] p.22
- Investment in Wholly Owned Subsidiary, Shri Ahimsa Healthcare Private Limited for setting up a manufacturing unit (Proposed Project) p.49
- General corporate purposes p.49
- Investment in our Wholly-Owned Subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL) for setting up a manufacturing unit at Sawarda, Jaipur, Rajasthan ₹3,500 lakhs p.102
- General corporate purposes [●] p.102
- —
- Investment in our Wholly-Owned Subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL) for setting up a manufacturing unit at Sawarda, Jaipur, Rajasthan ₹3,500 lakhs p.348
- General Corporate Expenses p.348
- Investment in our Wholly-Owned Subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL) for setting up a manufacturing unit at Sawarda, Jaipur, Rajasthan ₹3,500 lakhs p.406
- General Corporate Expenses p.406
- Investment in our Wholly-Owned Subsidiary, Shri Ahimsa Healthcare Private Limited (SAHPL) for setting up a manufacturing unit at Sawarda, Jaipur, Rajasthan (Proposed Project) ₹3,500 lakhs (out of Net Proceeds); Total Estimate Cost ₹6,068 lakhs p.418
- General Corporate Expenses p.418
Issue Structure
- Total Issue
- 62,02,800 Equity Shares aggregating up to ₹[●] lakhs
- Fresh Issue
- 42,03,600 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- 19,99,200 Equity Shares aggregating up to ₹[●] lakhs (9,99,600 by Mr. Nemi Chand Jain and 9,99,600 by Mrs. Sumitra Jain)
- Price Band
- Floor Price ₹[●] per Equity Share and Cap Price ₹[●] per Equity Share
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company generates revenue through the extraction, manufacturing, and sale of caffeine products and herbal extracts. Primary revenue streams include: (1) Direct and deemed exports of Caffeine Anhydrous Natural and Green Coffee Bean Extracts to international markets; (2) Domestic sales of its product portfolio; (3) Manufacturing and sale of crude caffeine derived from tea and coffee waste. The company processes crude caffeine sourced from third-party decaffeination plants as its primary raw material.
Business Segments
SWOT Analysis
- • Strong promoter expertise and operational knowledge with good customer relationships(p.43)
- • Experienced and stable senior management team with industry knowledge(p.43)
- • No attrition of key managerial personnel in the last three years(p.43)
- • Experienced promoters and management with long operating history(p.148)
- • Technology-driven manufacturing with ISO certifications and R&D capabilities(p.148)
- • Strong export focus with presence in 14 countries(p.142)
- • Long-term customer relationships with high repeat order base(p.143)
- • Quality manufacturing under international standards(p.143)
- • Established supplier relationships for raw materials(p.143)
- • Established long-term customer relationships spanning 30+ years(p.149)
- • High revenue concentration from long-term customers demonstrates loyalty(p.149)
- • Significant export presence across 14+ countries including developed markets(p.149)
- • Strong supplier relationships with 79% of raw materials from long-term partners(p.149)
- • Repeat business model and customer retention strategy(p.149)
- • Quality manufacturing practices and R&D investment supporting growth(p.150)
- • Established manufacturing expertise with ISO, HACCP, and GMP certifications(p.240)
- • Export-focused business with established global supply chain(p.240)
- • Long operational history since 1990 with experienced promoter leadership(p.240)
- • State-of-the-art manufacturing facility with modern infrastructure(p.240)
- • Strong profitability with consistent net profit margins above 18%(p.241)
- • Established market presence in caffeine extraction and herbal extracts with 35 years of promoter experience(p.404)
- • Diversified product portfolio serving multiple industries (nutraceuticals, food & beverages, pharmaceuticals, cosmetics)(p.404)
- • Strong EBITDA margins and profitability(p.405)
- • Significant export presence across multiple geographies (USA, Ireland, Germany, South Korea, UK, Thailand)(p.404)
- • Established market presence with 35 years of industry experience in caffeine extraction and manufacturing(p.416)
- • Diversified product portfolio across manufactured and traded herbal products(p.416)
- • Strong profitability with healthy EBITDA and net profit margins(p.416)
- • Global export presence across multiple countries including USA, Ireland, Germany, South Korea, UK, and Thailand(p.416)
- • Dependence on limited number of customers for revenue(p.31)
- • Dependence on third-party suppliers for raw materials, particularly crude caffeine(p.32)
- • Exposure to raw material price fluctuations without long-term supply agreements(p.34)
- • Loss of key corporate records affecting governance and audit trail(p.34)
- • Past non-compliance with financial covenants on financing facility(p.34)
- • Non-compliance with labour law filing requirements(p.38)
- • Negative cash flows experienced in past periods(p.39)
- • Promoters have provided personal guarantees for company loans(p.39)
- • Unsecured loans repayable on demand creating cash flow vulnerability(p.45)
- • Secured debt creates asset encumbrance risk(p.45)
- • History of delayed and incorrect regulatory filings with RoC(p.45)
- • Lack of formal technical support agreements for equipment maintenance(p.51)
- • Board lacks listed company experience(p.50)
- • Unregistered trademark creating intellectual property vulnerability(p.50)
- • High revenue concentration in single product (Caffeine Anhydrous)(p.145)
- • Significant revenue decline from FY2023 to FY2024(p.147)
- • Dependence on few major customers(p.143)
- • Limited domestic market presence with 86.72% export dependence(p.143)
- • Wholly-owned subsidiary with limited operating history(p.104)
- • Extreme customer concentration with top customer representing 34.73% of sales(p.155)
- • High supplier concentration with top supplier accounting for 44.56% of purchases(p.155)
- • Significant decline in capacity utilization to 46.67% in H1 FY25(p.157)
- • Low production output (63 MTPA vs 270 MTPA installed capacity)(p.157)
- • Audit qualifications on land purchases and insurance claims(p.202)
- • No long-term contractual relationships with logistics providers(p.158)
- • Heavy dependence on a small customer base for revenue(p.242)
- • Geographic concentration of manufacturing facilities(p.242)
- • Critical dependence on a few suppliers for raw materials(p.242)
- • Audit qualifications in statutory auditor reports(p.242)
- • Company name not uniformly reflecting business operations(p.265)
- • Significant litigation involving promoters(p.256)
- • Qualified auditor findings in financial statements(p.349)
- • High customer concentration risk(p.349)
- • Dependence on third-party raw material suppliers(p.349)
- • Promoter group consent issues(p.349)
- • Raw material price volatility exposure(p.349)
- • Missing secretarial records(p.349)
- • Past financial covenant non-compliance(p.349)
- • Extreme revenue and profit volatility with significant decline from FY2023 to H1FY2025(p.405)
- • Heavy dependence on single customer representing 34.73% of H1FY2025 revenues and 65.95% of FY2024 revenues(p.405)
- • Dependence on third-party suppliers with no long-term supply agreements for critical raw materials(p.407)
- • Past non-compliance with financial covenants of financing facilities(p.407)
- • Audit qualifications in statutory auditor reports across multiple years(p.407)
- • Missing secretarial records documentation(p.407)
- • Incomplete promoter group documentation with missing consent from some immediate relatives(p.407)
- • Significant customer concentration risk with single largest customer accounting for over one-third of revenues(p.419)
- • Heavy reliance on a few customers with top 10 customers generating 74-94% of revenues(p.417)
- • Auditor qualifications in financial statements across multiple reporting periods(p.419)
- • Promoter group consent and documentation issues affecting regulatory compliance(p.419)
- • Non-compliance with financial covenants in past financing facilities(p.419)
- • Investment in wholly owned subsidiary for manufacturing expansion(p.49)
- • Expansion of operations into new markets and customer segments(p.43)
- • Expansion through new manufacturing facility for capacity growth(p.104)
- • Growing global caffeine market with strong CAGR(p.131)
- • Expansion of trading product portfolio with herbal extracts(p.144)
- • Growing nutraceuticals market in India(p.137)
- • Growing green coffee bean extract market(p.133)
- • Increasing consumer preference for natural and organic products(p.131)
- • Planned capacity expansion by 700+ MTPA for Caffeine Anhydrous Natural(p.150)
- • Expansion into new geographic markets and increased penetration in existing ones(p.150)
- • Planned increase in crude caffeine extraction from tea and coffee waste(p.150)
- • Strategy to expand supplier base and reduce dependency(p.151)
- • Growth through increased sales volume and market share capture(p.151)
- • Wholly-owned subsidiary enabling expanded manufacturing capacity(p.150)
- • Expansion into emerging markets and new geographic regions(p.240)
- • Growing demand for natural extracts in food, beverage, and pharmaceutical industries(p.240)
- • Increasing international quality certifications providing competitive advantage(p.267)
- • Potential for capacity expansion and new product development(p.229)
- • Investment in subsidiary healthcare manufacturing unit(p.347)
- • Expansion into new geographies(p.346)
- • Expansion through wholly-owned subsidiary manufacturing facility in healthcare segment(p.407)
- • Growing global demand for natural caffeine and herbal extracts in nutraceuticals and food industries(p.405)
- • Capacity to increase domestic market penetration beyond current limited geography focus(p.405)
- • Expansion through wholly-owned subsidiary with planned manufacturing facility investment(p.418)
- • Growing markets in nutraceuticals, food & beverages, pharmaceuticals and cosmetics industries(p.416)
- • Risk of project delays and cost overruns in proposed manufacturing facility expansion(p.29)
- • Foreign exchange rate fluctuations impacting import costs and export revenues(p.36)
- • Dependence on manufacturing facility vulnerable to disruptions(p.36)
- • Concentration of manufacturing operations in single location (Rajasthan)(p.37)
- • Dependence on third-party transportation providers for supply chain(p.37)
- • Restrictions on imports could adversely impact raw material supply(p.32)
- • Export Oriented Unit compliance requirements could result in penalties(p.36)
- • Litigation involving promoters and directors(p.39)
- • GST compliance delays exposing company to regulatory penalties(p.41)
- • Dependence on few customers without long-term commitments(p.44)
- • Customers may cancel or change production requirements adversely affecting financials(p.44)
- • Inability to accurately forecast demand leading to inventory risk(p.44)
- • Majority of raw material imported exposing to global economic conditions(p.52)
- • Global economic and geopolitical disruptions affecting business(p.52)
- • Indian economic slowdowns and regulatory uncertainties(p.52)
- • Inflation in India increasing operational expenses(p.54)
- • Natural disasters and pandemics threatening operations(p.54)
- • Potential product quality failures and liability claims(p.44)
- • Regulatory risks from health concerns about caffeine consumption(p.141)
- • Increasing awareness of health risks limiting caffeine consumption(p.141)
- • Volatile raw material prices affecting production costs(p.141)
- • Intense competition from new market entrants(p.141)
- • Supply chain disruption risks affecting operations(p.141)
- • China's monopoly on synthetic caffeine production(p.132)
- • Exposure to FX and commodity price volatility(p.103)
- • Declining export revenue from ₹9,988.01 lakhs (FY22) to ₹3,530.91 lakhs (H1 FY25)(p.149)
- • Significant competition primarily from international manufacturers(p.158)
- • Industry presents high entry barriers requiring customer validation and process innovation(p.158)
- • Heavy reliance on imported raw materials (100% imported in H1 FY25)(p.158)
- • Raw material costs represent 42.63% of net revenue operations(p.158)
- • Exposure to regulatory compliance requirements including food safety standards(p.167)
- • Foreign exchange rate volatility affecting export profitability(p.242)
- • Commodity price volatility in raw material costs(p.246)
- • Global competition in herbal extracts and natural caffeine markets(p.253)
- • Potential talent retention challenges in senior management(p.242)
- • Regulatory compliance risks and licensing renewal requirements(p.263)
- • Pending litigation and legal disputes involving promoters and company(p.256)
- • Project implementation delays and cost overruns(p.349)
- • Equipment and machinery supply chain risks(p.349)
- • Historical legal proceedings against promoters(p.349)
- • Director involvement in regulatory investigations(p.349)
- • Raw material price volatility, particularly for Crude Caffeine, with no hedging mechanisms(p.407)
- • Implementation risks for Proposed Project including delays, cost overruns, and regulatory approvals(p.407)
- • Competitive pressure and market cyclicality in caffeine and herbal extracts sectors(p.405)
- • Regulatory and compliance risks related to government approvals and licenses for expanded operations(p.407)
- • Equipment procurement delays from vendors affecting project timelines(p.407)
- • Pending criminal litigation involving promoters affecting brand reputation(p.407)
- • Risk of delays and cost overruns in implementing expansion project and obtaining regulatory approvals(p.419)
- • Dependence on third-party suppliers for raw materials with no long-term supply agreements(p.419)
- • Exposure to raw material price volatility, particularly Crude Caffeine, with no hedging arrangements(p.419)
- • Project implementation delays due to equipment and machinery supply chain issues(p.419)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Nemi Chand Jain | Promoter Selling Shareholder | 38.72% | — |
| Mrs. Sumitra Jain | Promoter Selling Shareholder | 13.61% | — |
| Mr. Amit Kumar Jain | Promoter | 20.40% | — |
| Mr. Sumit Jain | Promoter | 2.29% | — |
| Mrs. Prerna Jain | Promoter | 2.97% | — |
| M/s Ahimsa Holdings Private Limited | Promoter | 8.09% | — |
| M/s Bimneer Investments Private Limited | Promoter | 6.41% | — |
| Mr. Nemi Chand Jain | Promoter & Chairman & Managing Director | 38.72% | — |
| Mrs. Sumitra Jain | Promoter Selling Shareholder | 13.61% | — |
| Mr. Amit Kumar Jain | Promoter & Whole-Time Director | 20.40% | — |
| Nemi Chand Jain | Promoter | 4.29% | [●] |
| Sumitra Jain | Promoter | 4.29% | [●] |
| Amit Kumar Jain | Promoter | 2.86% | [●] |
| M/s. Ahimsa Holdings Private Limited | Promoter Group | 4.29% | [●] |
| M/s. Bimneer Investments Private Limited | Promoter Group | 4.29% | [●] |
| Mr. Nemi Chand Jain | Promoter | 38.72% | — |
| Mrs. Sumitra Jain | Promoter | 13.61% | — |
| Mr. Amit Kumar Jain | Promoter | 20.40% | — |
| Mr. Sumit Jain | Promoter | 2.29% | — |
| Mrs. Prerna Jain | Promoter | 2.97% | — |
| M/s Ahimsa Holdings Private Limited | Promoter Group | 8.09% | — |
| M/s Bimneer Investments Private Limited | Promoter Group | 6.41% | — |
| Shri Nemi Chand Jain | Promoter | 38.72% | — |
| Shri Amit Kumar Jain | Promoter | 20.40% | — |
| Smt. Sumitra Devi Jain | Promoter | 13.61% | — |
| M/s Ahimsa Holdings Private Limited | Promoter Group | 8.09% | — |
| M/s Bimneer Investments Private Limited | Promoter Group | 6.41% | — |
| Smt. Prerna Jain | Promoter | 2.97% | — |
| Shri Sumit Jain | Promoter | 2.29% | — |
| Mr. Nemi Chand Jain | Promoter | 74,05,300 equity shares | — |
| Mrs. Sumitra Jain | Promoter | 26,04,000 equity shares | — |
| Mr. Nemi Chand Jain | Promoter Selling Shareholder | — | — |
| Mrs. Sumitra Jain | Promoter Selling Shareholder | — | — |
| Mr. Nemi Chand Jain | Promoter | — | — |
| Mrs. Sumitra Jain | Promoter | — | — |
| M/s Ahimsa Holdings Private Limited | Promoter Group | — | — |
| M/s Bimneer Investments Private Limited | Promoter Group | — | — |
| Mr. Nemi Chand Jain | Promoter | — | — |
| Mrs. Sumitra Jain | Promoter | — | — |
| Mr. Amit Kumar Jain | Promoter | — | — |
| Mr. Sumit Jain | Promoter | — | — |
| Mrs. Prerna Jain | Promoter | — | — |
| M/s Ahimsa Holdings Private Limited | Promoter Group | — | — |
| M/s Bimneer Investments Private Limited | Promoter Group | — | — |
| Mr. Nemi Chand Jain | Promoter Selling Shareholder | — | — |
| Mrs. Sumitra Jain | Promoter Selling Shareholder | — | — |
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.