Shubhshree Biofuels Energy
Book Building issueSMENSE₹16.56 Cr issue
+58.82%
Listing gain over issue price
Issue size
₹16.56 Cr
1 lot at cut-off
₹1,42,800
Lot size
1,200shares
Open
09 Sep 2024
Close
11 Sep 2024
Allotment
12 Sep 2024
Listing
16 Sep 2024
Listing performance
Issue price
₹119
Listed at
₹189
Listing-day close
₹198.45
Latest price
₹320
Close on 23 Oct 2026
Listing gain
+58.82%
Return since issue
+168.91%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Sep 2024 – 11 Sep 2024
- Listing date
- 16 Sep 2024
- Face value
- ₹10 per share
- Issue price
- ₹119 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹16.56 Cr
- Market cap at offer price
- ₹62.38 Cr
- Promoter holding
- 100.00% → 73.45% pre-issue → post-issue
- ISIN
- INE0UL701015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No.8 Ganesh Vihar B, Pandit T.N Mishra Marg, Nirman Nagar, Shyam Nagar, 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 | 3,93,600 | — | — |
| Market maker | 72,000 | — | — |
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.
Shares allocated
3,93,600
Anchor portion
₹4.68 Cr
at ₹119 per share
Valuation and performance
Valuation at offer price
₹119 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.57 | 6.29 |
| P/E (×) | 13.89 | 18.92 |
| Market cap | — | ₹62.38 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 46.36%
- ROCE
- 61.67%
- Debt / equity
- 0.09
- PAT margin
- 3.50%
- NAV per share
- ₹18.56
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shubhshree Biofuels Energy
Shubhshree Biofuels Energy Limited (formerly Shubhshree Bricks Private Limited) was incorporated on April 23, 2013 and transitioned from manufacturing fly ash bricks to biomass fuels in 2021. The company supplies biomass pellets and briquettes to customers in recycling, textile, pharmaceutical, and metal industries. The company began its own manufacturing facility in October 2023 and now manufactures approximately 21.50% of sales in quantity terms (14,830 tonnes manufactured vs 68,900 tonnes total sold October 2023-March 2024). Revenue grew from ₹791.83 lakhs in FY 2021-22 to ₹9,488.32 lakhs in FY 2023-24.
Company Analysis
from RHPShubhshree Biofuels manufactures and supplies biomass pellets and briquettes as alternative renewable fuels for industrial, commercial and cooking applications.
Shubhshree Biofuels Energy Limited (formerly Shubhshree Bricks Private Limited) was incorporated on April 23, 2013 and transitioned from manufacturing fly ash bricks to biomass fuels in 2021. The company supplies biomass pellets and briquettes to customers in recycling, textile, pharmaceutical, and metal industries. The company began its own manufacturing facility in October 2023 and now manufactures approximately 21.50% of sales in quantity terms (14,830 tonnes manufactured vs 68,900 tonnes total sold October 2023-March 2024). Revenue grew from ₹791.83 lakhs in FY 2021-22 to ₹9,488.32 lakhs in FY 2023-24.
renewable energybiomass fuelsalternative fuelsindustrial fuel supply
Objects of the Issue
- Funding Capital Expenditure towards installation of additional plant and machinery ₹212.52 lakhs p.23
- To meet Working Capital requirements ₹900.00 lakhs p.23
- General Corporate Purpose p.23
- Funding Capital Expenditure towards installation of additional plant and machinery ₹212.52 lakhs p.76
- To meet working capital requirements ₹900.00 lakhs p.77
- General Corporate Purpose [●] p.78
Issue Structure
- Total Issue
- Up to 13,92,000 Equity Shares aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 13,92,000 Equity Shares of Face Value of ₹10 each aggregating up to ₹ [●] Lakhs
- Offer for Sale
- Nil - Entire issue constitutes fresh issue of equity shares
- Price Band
- [●] per Equity Share (within the price band to be determined)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company earns revenue through manufacturing and supplying biomass fuels (pellets and briquettes). It procures raw materials (agricultural waste and biomass feedstocks) from third-party suppliers and manufactures finished products at its facility. The company sells these fuels to industrial and commercial customers. For FY 2023-24, total income was ₹9,488.32 lakhs with profit after tax of ₹329.77 lakhs.
Business Segments
Manufacturing and supplying biomass pellets and briquettes used for industrial heating, cooking fuel, industrial burning and electricity generation as an alternative to fossil fuels
6mm to 25mm diameter cylindrical biomass pellets manufactured from agricultural waste, sawdust, mustard husk, and groundnut husk for use as cooking fuel, commercial purposes, and industrial fuel substitute
90mm diameter cylindrical briquettes that serve as substitute for solid fuels like coal, charcoal, and firewood, used primarily in industrial boilers and heating applications
Trading and supply of other biomass-related products including wood chips, coal, ground nut husk, and paddy husk
Manufacturing and supply of compressed biomass pellets made from agri-waste and renewable materials used as fuel for cooking and commercial purposes
Manufacturing and supply of compressed biomass briquettes used for industrial purposes such as running boilers and heating
Supply of ground nut husk, paddy husk, wood chips, coal and other agricultural residues
Manufacturing and supplying of biomass fuel products consisting of pellets and briquettes made from agricultural waste and biomass materials
SWOT Analysis
Strengths
- • Profitable and growing operations(p.28)
- • Established customer base with significant revenue concentration(p.29)
- • Strong asset base and financial position(p.24)
- • Recent entry into manufacturing with dual business model(p.29)
- • Location advantage with nearby raw material availability(p.102)
- • Revenue growth demonstrating market demand(p.99)
- • Experienced promoter team in biomass sector(p.100)
- • Eco-friendly product positioning(p.103)
- • Customer-centric approach driving satisfaction(p.103)
- • Established manufacturing capacity with combined 132 tonnes/day production(p.181)
- • Strong revenue growth trajectory (791.82 to 9414.60 lakhs over 3 years)(p.181)
- • High capacity utilization with 121,800 tonnes sold in FY2024(p.181)
- • Experienced promoter management with 10+ years in biomass industry(p.182)
- • Recent order wins including 14,600 tonnes for 1 year from power sector(p.182)
- • Significant revenue growth and operational scaling in biomass fuel production(p.187)
- • Rapid expansion of production capacity and sales volume(p.187)
- • Improved profitability and profit margins(p.188)
- • Positive net worth and operating profit across multiple years(p.206)
- • ISO 9001:2015 Quality Management System certification(p.199)
Weaknesses
- • Heavy dependence on few key customers(p.29)
- • Reliance on third-party suppliers without long-term agreements(p.29)
- • Significant working capital intensive operations(p.33)
- • High concentration in Northern India geography(p.30)
- • Non-ownership of operating facilities(p.31)
- • Promoter group entities in competing business without non-compete agreements(p.33)
- • Limited insurance coverage(p.32)
- • Regulatory compliance gaps in past(p.31)
- • Delays in filing statutory returns(p.40)
- • High customer concentration dependency(p.100)
- • Recent entry into manufacturing with limited operational history(p.99)
- • Moderate capacity utilization in early operations(p.105)
- • Small employee base limiting operational scale(p.107)
- • Limited geographic presence concentrated in Northern India(p.103)
- • High customer concentration with top 5 customers representing 57.34% of FY2024 revenue(p.182)
- • Extreme dependence on single customer (42.79% of FY2024 revenue)(p.182)
- • Significant trade receivables growth (828.58 lakhs) indicating collection challenges(p.146)
- • Minimal equity buffer with debt-to-equity at 0.09, vulnerable to leverage increase(p.177)
- • Limited working capital with current ratio of 2.01 (declining from 2.15)(p.174)
- • High dependence on a small number of customers(p.191)
- • Material costs represent a very large proportion of total revenue(p.187)
- • Declining PAT margin despite revenue growth(p.188)
- • Significant increase in finance costs from debt obligations(p.187)
- • Outstanding tax liabilities and pending tax proceedings(p.194)
Opportunities
- • Government incentives for biomass fuel industry expansion(p.34)
- • Strategic advantage of biomass fuels for sustainable development and energy security(p.23)
- • Non-food feedstock approach avoiding fuel vs food conflict(p.23)
- • Expansion into new geographic markets beyond Northern India(p.38)
- • Diversification of customer base beyond top customers(p.30)
- • Manufacturing capacity expansion with IPO proceeds(p.23)
- • Government mandate for biomass use in thermal power plants(p.99)
- • Large available biomass feedstock supply in India(p.103)
- • Increase share of high-margin manufactured goods(p.104)
- • Expansion into new customer segments and geographies(p.104)
- • Recent orders from power and pharmaceutical sectors(p.100)
- • Central Financial Assistance available for biomass projects(p.109)
- • Mandatory 5% biomass blend in thermal power plants from FY2024-25, escalating to 7% by FY2025-26(p.181)
- • Expanding geographic footprint beyond current northern focus (Uttar Pradesh 66.03% of FY2024)(p.182)
- • Growing demand for renewable energy alternatives to fossil fuels(p.181)
- • Significant sector diversification potential with orders in pharmaceutical industry(p.182)
- • Established manufacturing facility operational since October 2023 with utilization potential(p.181)
- • Expansion of biomass fuel market and industrial adoption(p.191)
- • Potential migration to main board listing with growth(p.222)
- • Increasing demand for renewable and sustainable energy solutions(p.189)
Threats
- • Emerging industry with undefined market and customer resistance(p.29)
- • Risk of fossil fuel price decline making biomass uncompetitive(p.29)
- • Seasonal variations in raw material availability(p.30)
- • Low entry barriers attracting new competition(p.34)
- • Dependence on third-party transportation with no fixed agreements(p.34)
- • Sensitivity to government policy changes on biomass and agri-waste(p.42)
- • Indian macroeconomic vulnerability to global downturns(p.43)
- • Technology and consumer preference changes affecting product demand(p.35)
- • Raw material price volatility and supply disruptions(p.32)
- • Impact of natural disasters and pandemics on operations(p.44)
- • Fragmented and unorganized competitive landscape(p.106)
- • Global economic slowdown pressuring demand(p.91)
- • Commodity price volatility affecting inputs(p.91)
- • Reliance on agricultural waste subject to seasonal availability(p.78)
- • Regulatory compliance and licensing requirements(p.109)
- • Extreme customer concentration risk with top customer loss potentially devastating to revenue(p.182)
- • Regulatory changes in biomass procurement and environmental compliance requirements(p.183)
- • Volatility in agricultural waste availability and raw material sourcing(p.181)
- • Competition from established fossil fuel suppliers and alternative energy sources(p.183)
- • Technology obsolescence and rapid innovation requirements in biomass processing(p.183)
- • Seasonal availability of raw materials (agricultural waste)(p.191)
- • Commodity price volatility affecting input costs(p.186)
- • Competition from established biomass fuel producers(p.191)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sagar Agrawal | Promoter | 33.32% | 24.47% |
| Aastha Agarwal | Promoter | 14.09% | 10.35% |
| Anurag Agarwal | Promoter | 14.09% | 10.35% |
| Upasana Srivastava Dattani | Promoter | 33.32% | 24.47% |
| Anurag Agarwal | Promoter | 14.09% | 10.35% |
| Aastha Agarwal | Promoter | 14.09% | 10.35% |
| Sagar Agrawal | Promoter | 33.32% | 24.47% |
| Upasana Srivastava Dattani | Promoter | 33.32% | 24.47% |
| Kailash Chand Agarwal | Promoter Group | 3.18% | 2.34% |
| Sagar Agrawal HUF | Promoter Group | 1.00% | 0.73% |
| Kailash Chand Agarwal HUF | Promoter Group | 1.00% | 0.73% |
| Sagar Agrawal | Promoter | 33.32% | — |
| Anurag Agarwal | Promoter | 14.09% | — |
| Aastha Agarwal | Promoter | 14.09% | — |
| Upasana Srivastava Dattani | Promoter | 33.32% | — |
| Rajesh Kumar Jain | Promoter | — | — |
Leadership
Sagar Agrawal · Managing Director
Jitendra Kumar Kumawat · CFO
Aakrati Singhania · Company Secretary & 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.
Shubhshree Biofuels Energy IPO FAQs
What is the lot size of Shubhshree Biofuels Energy IPO?
The minimum lot size of Shubhshree Biofuels Energy IPO is 1,200 shares. One lot costs ₹1,42,800 at the cut-off price.
When does Shubhshree Biofuels Energy IPO open and close?
Shubhshree Biofuels Energy IPO opened for subscription on 09 Sep 2024 and closed on 11 Sep 2024.
What is the listing date of Shubhshree Biofuels Energy IPO?
Shubhshree Biofuels Energy IPO listed on 16 Sep 2024.