SD
Shyam Dhani Industries
Book Building issueSMENSE₹38.49 Cr issue
+90.00%
Listing gain over issue price
Issue size
₹38.49 Cr
1 lot at cut-off
₹1,40,000
Lot size
2,000shares
Open
22 Dec 2025
Close
24 Dec 2025
Allotment
26 Dec 2025
Listing
30 Dec 2025
Listing performance
Issue price
₹70
Listed at
₹133
Listing-day close
₹139.65
Latest price
₹63
Listing gain
+90.00%
Return since listing
-10.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹68
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Dec 2025 | ₹68 | +97.14% | ₹1,03,400 | ₹138 | ₹1,36,000 |
| 29 Dec 2025 | ₹68 | +97.14% | ₹1,03,400 | ₹138 | ₹1,36,000 |
| 28 Dec 2025 | ₹70 | +100.00% | ₹1,06,400 | ₹140 | ₹1,40,000 |
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 Dec 2025 – 24 Dec 2025
- Listing date
- 30 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹70 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹38.49 Cr
- Market cap at offer price
- ₹145 Cr
- Promoter holding
- 98.11% → 72.00% pre-issue → post-issue
- ISIN
- INE1CRP01016
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- F-438-A, Road No.12, Vishwakarma Industrial Area, 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 | 15,60,000 | — | — |
| Market maker | 2,80,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹70
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,40,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,80,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,80,000 |
| B-HNI (min) | 8 | 16,000 | ₹11,20,000 |
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
15,60,000
Anchor portion
₹10.92 Cr
at ₹70 per share
Valuation and performance
Valuation at offer price
₹70 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.31 | 4.07 |
| P/E (×) | 13.18 | 17.20 |
| Price to book (×) | 4.41 | — |
| Market cap | — | ₹145 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.07%
- ROCE
- 39.00%
- Debt / equity
- 2.00
- PAT margin
- 6.45%
- EBITDA margin
- 11.65%
- NAV per share
- ₹15.87
- Price to book
- 4.41
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Shyam Dhani Industries
Shyam Dhani Industries Limited, incorporated as a private limited company on October 19, 2010, and converted to a public limited company on October 8, 2024, is engaged in the manufacturing and processing of 164 types and varieties of spices such as Ground Spices, Blend Spices and Whole Spices under the brand name 'SHYAM'. In addition to spice offerings, the company is also engaged in trading and distribution of Grocery Products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek) and a diverse range of Herbs and seasonings which includes Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, and Tomato Powder. The company makes money through manufacturing, processing, and trading of these spices and grocery products, primarily through General Trade and Modern Trade channels.
Company Analysis
from RHPShyam Dhani Industries Limited manufactures and processes 164 varieties of spices (ground, blended, and whole spices) under the SHYAM brand, and trades grocery products and herbs/seasonings in the FMCG sector.
Shyam Dhani Industries Limited, incorporated as a private limited company on October 19, 2010, and converted to a public limited company on October 8, 2024, is engaged in the manufacturing and processing of 164 types and varieties of spices such as Ground Spices, Blend Spices and Whole Spices under the brand name 'SHYAM'. In addition to spice offerings, the company is also engaged in trading and distribution of Grocery Products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek) and a diverse range of Herbs and seasonings which includes Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, and Tomato Powder. The company makes money through manufacturing, processing, and trading of these spices and grocery products, primarily through General Trade and Modern Trade channels.
FMCG (Fast-Moving Consumer Goods)Spices Manufacturing and ProcessingGrocery Products TradingHerbs and Seasonings
Objects of the Issue
- Funding the incremental working capital requirements of our company ₹1,326.00 Lakhs p.27
- Repayment/Pre-payment, in full or in part, of certain outstanding borrowings availed by our company ₹1,000.00 Lakhs p.27
- Brand Creation and Marketing Expenses ₹635.63 Lakhs p.27
- Capital Expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit ₹163.06 Lakhs p.27
- Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit ₹64.90 Lakhs p.27
- General corporate purposes p.27
- Funding the incremental working capital requirements of our company ₹1,326.00 Lakhs p.103
- Repayment/Pre-payment, in full or in part, of certain outstanding borrowings availed by our company ₹1,000.00 Lakhs p.111
- Brand Creation and Marketing Expenses ₹635.63 Lakhs p.103
- Capital Expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit ₹163.06 Lakhs p.55
- Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit ₹64.90 Lakhs p.103
- General Corporate Purposes p.103
- Repayment of borrowings from scheduled commercial banks and other financial institutions ₹1,000.00 lakhs p.112
- Brand Creation and Marketing Expenses ₹635.63 lakhs p.113
- Capital Expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit ₹163.06 lakhs p.114
- Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit ₹64.90 lakhs p.116
- General corporate purposes p.117
- Repayment of borrowings
- Funding capex for expansion of manufacturing facility and plant and machinery
- General corporate purposes ₹200.20 Lakhs (Pre-IPO Placement proceeds) p.268
Issue Structure
- Total Issue
- Up to 54,98,000 Equity Shares of Face Value of ₹ 10/- each aggregating to ₹ [●] lakhs
- Fresh Issue
- Up to 54,98,000 Equity Shares of Face Value of ₹ 10/- each aggregating to ₹ [●] lakhs
- Offer for Sale
- NIL
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹ 10/- each
Business Model
The company manufactures spices and processes raw materials into finished products (ground spices, blended spices, whole spices) and sources/trades grocery products from third-party suppliers. Revenue is generated through two primary channels: General Trade (47.05% of revenue for the period ended September 30, 2025) and Modern Trade (48.66% of revenue for the same period). The company sources raw materials from suppliers across India, primarily from Rajasthan (43.72% of purchases for the period ended September 30, 2025), and sells to wholesalers, distributors, and dealers.
Business Segments
Manufacturing and processing of ground spices
Manufacturing and processing of blended spices
Manufacturing and processing of whole spices
Trading and distribution of grocery products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek)
Trading and distribution of herbs and seasonings including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder
Manufacturing and processing of ground spices
Manufacturing and processing of blended spices
Manufacturing and processing of whole spices
Supply to large retail chains including D-Mart, Metro Cash & Carry, Reliance Retail, DealShare
Traditional distribution through wholesalers and retailers
Exports to international markets including UAE, Nepal, Mongolia, Oman
Manufacturing and processing of ground spices including Chilli Powder, Turmeric Powder, Coriander Powder
Manufacturing and processing of blended spice mixes such as Sambar Masala, Garam Masala, Pav Bhaji Masala, Chole Masala
Trading and distribution of whole spices including Cumin Seeds, Cloves, Black Pepper
Trading and distribution of grocery products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi (Dried Fenugreek), and diverse range of Herbs and seasonings including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, Tomato Powder
Manufacturing and sale of ground spices including chilli powder, turmeric powder, and coriander powder
Manufacturing and sale of blended spices such as Sambar Masala, Garam Masala, Pav Bhaji Masala, and Chole Masala
Manufacturing and sale of whole spices including Cumin Seeds, Cloves, and Black Pepper
Manufacturing and sale of grocery products
Manufacturing and processing of 164 types/varieties of spices including Ground Spices, Blend Spices, Whole Spices, and Grocery Products such as Black Salt, Rock Salt, Rice, Poha, Kasuri Methi, and Herbs and seasonings
Grinding, blending, and packaging of various spices including chilli powder, garam masala, sambhar masala, pav bhaji masala, coriander powder, and other masalas under the 'Shyam' brand
SWOT Analysis
Strengths
- • Established brand presence in spice market(p.26)
- • Diversified product portfolio across spices and grocery items(p.26)
- • Strong revenue growth trajectory(p.28)
- • Positive profitability with growing PAT(p.28)
- • Expanding manufacturing capacity(p.53)
- • Diverse product portfolio of 164 spice varieties(p.106)
- • Established multi-channel revenue model with modern trade expansion(p.108)
- • Significant growth in modern trade segment(p.107)
- • Substantial revenue growth trajectory(p.107)
- • Integrated Pest Management (IPM) approach minimizes chemical pesticide use(p.161)
- • Experienced management team with deep spices industry expertise (30+ years, 17+ years, 7+ years)(p.161)
- • Established manufacturing facility with full end-to-end integrated production capabilities(p.162)
- • Diversified product portfolio of 164 types/varieties across multiple categories(p.156)
- • Strong revenue growth with CAGR of 22.42% over three years(p.163)
- • Multi-channel distribution model spanning B2B and D2C across General Trade, Modern Trade, Quick Commerce, Private Label, HoReCa and exports(p.156)
- • Improving gross profit margins increasing from 17.04% (FY23) to 20.65% (FY25)(p.163)
- • Modern manufacturing facility with advanced machinery and technology(p.174)
- • Diversified product portfolio across ground, blended, and whole spices plus grocery items(p.176)
- • Strong presence in modern trade and quick-commerce channels with major retailers(p.175)
- • Established brand with multiple quality certifications and recognitions(p.175)
- • In-house quality control team ensuring consistent product quality(p.175)
- • Significant capacity expansion completed with modern facility in Madhya Pradesh(p.173)
- • Diversified product portfolio across spice categories(p.267)
- • Multi-channel distribution model covering B2B and D2C(p.267)
- • Strong revenue growth trajectory with CAGR of 22.42%(p.270)
- • Improving profitability with PAT CAGR of 40.11%(p.270)
- • Expanding capacity and production capabilities(p.286)
- • Increasing EBITDA margins from 8.78% to 13.58%(p.270)
Weaknesses
- • Heavy dependence on limited number of suppliers(p.35)
- • High reliance on related party suppliers(p.35)
- • No long-term supplier contracts in place(p.35)
- • High raw material consumption relative to revenue(p.36)
- • Significant working capital requirements(p.38)
- • Past compliance issues with delayed statutory filings(p.50)
- • Past delays in employee statutory dues payment(p.51)
- • High debt-to-equity ratio(p.54)
- • Low capacity utilization in several product categories(p.54)
- • High concentration of personal guarantees for secured borrowings with promoters(p.58)
- • Significant contingent liabilities including tax disputes(p.57)
- • Heavy dependence on single manufacturing unit(p.55)
- • Unsecured demand loans from promoters and banks(p.58)
- • Board members lack prior listed company experience(p.64)
- • Registered office on lease from related party(p.57)
- • High debt-equity ratio of 1.73 as of September 30, 2025, significantly higher than listed peers(p.112)
- • Negative operating cash flows of ₹(616.11) lakhs in FY25 and ₹(540.45) lakhs in FY24(p.125)
- • Low net asset value per share of ₹15.87 as of March 31, 2025(p.123)
- • Seasonal dependence on raw material procurement with 44.84% purchased in Q4 FY23 and peak purchases concentrated in October-February(p.166)
- • Declining presence in states from 24 states (FY24) to 19 states (FY25) and 18 states (Sept 2025)(p.127)
- • Declining number of customers served from 524 (FY24) to 511 (FY25) to 440 (Sept 2025)(p.127)
- • Declining wholesalers and distributors from 464 (FY24) to 432 (FY25) to 389 (Sept 2025)(p.127)
- • High financial leverage with significant short-term borrowings relative to equity(p.201)
- • Concentration of revenue with top 5 customers representing 48.22% of total revenue(p.177)
- • Very low current asset liquidity with minimal cash balance(p.226)
- • High employee attrition rate of 31.60% in the current period(p.177)
- • Dependence on small number of raw material suppliers with top 5 accounting for 26.64% of purchases(p.177)
- • Multiple trademark oppositions and disputes affecting brand protection(p.180)
- • High dependence on limited number of suppliers(p.278)
- • Significant reliance on key customers for revenue(p.278)
- • High debt-to-equity ratio(p.287)
- • Significant dependence on promoter management(p.268)
- • No long-term contracts with suppliers(p.278)
- • Reliance on third-party logistics and transportation(p.269)
- • Extensive trademark litigation and oppositions creating brand protection risks(p.298)
- • Restriction from using the 'TIKHALAL' trademark due to court order(p.298)
- • Food safety violations and regulatory enforcement actions against promoter entity(p.300)
- • High debt burden with significant interest obligations and covenant requirements(p.293)
- • Multiple food safety show-cause notices received by promoter(p.300)
Opportunities
- • Expansion of FMCG market in India(p.26)
- • Growth in rural FMCG demand(p.26)
- • Plan for brand creation and marketing expansion(p.27)
- • Capital expenditure for new machinery and capacity(p.27)
- • Sustainability initiative through solar energy(p.27)
- • Working capital enhancement for business growth(p.27)
- • Debt reduction to improve financial position(p.27)
- • Expansion in modern retail chains on pan-India basis(p.108)
- • Growth in quick commerce segment(p.108)
- • Increased blended spices demand in supermarket outlets(p.108)
- • Investment in brand creation and marketing expansion(p.56)
- • Export market presence with growth potential(p.109)
- • Expanding international business with FDA registration for USA market access(p.165)
- • Government support through SPICED scheme promoting value addition, innovation and export development of spices(p.153)
- • Growing FMCG sector in India with 7-9% revenue growth and rural recovery(p.148)
- • Indian e-commerce market growth from US$ 83 billion (2022) to projected US$ 185 billion (2026)(p.149)
- • Global spice exports growing with India producing 75 of 109 ISO-listed spice varieties(p.147)
- • Brand building and marketing investments with ₹635.63 lakhs allocation for brand ambassador and marketing campaigns(p.164)
- • Modern Trade channel growth showing 48.66% of FY25 revenue vs 0.43% in FY23, indicating expansion potential(p.160)
- • Expansion into e-commerce and quick-commerce platforms with growing digital presence(p.176)
- • Celebrity brand ambassador strategy with Priyanka Chopra Jonas to enhance brand visibility(p.176)
- • Growth in spices export market with APEDA certification and international registrations(p.192)
- • Capacity expansion enabling increased production and market share gains(p.192)
- • Planned allocation of IPO proceeds towards marketing and brand building activities(p.176)
- • Expansion of modern trade business channel(p.280)
- • Growing international export markets(p.280)
- • Capacity to serve emerging quick commerce platforms(p.267)
- • Private labelling and HoReCa business expansion(p.267)
- • Growing D2C presence through website(p.267)
- • Transition from related party supplier dependency(p.276)
- • Spices sector growth driven by increasing consumer demand(p.332)
Threats
- • Seasonal nature of raw material procurement(p.36)
- • Vulnerability to weather and crop fluctuations(p.36)
- • Semi-perishable product shelf-life risk(p.37)
- • Geographic concentration of raw material from Rajasthan(p.45)
- • Regional economic and political volatility risk(p.45)
- • Geographic concentration of sales in Rajasthan and Punjab(p.48)
- • Dependence on third-party transportation(p.49)
- • Regulatory and compliance requirements(p.46)
- • Food safety and quality compliance risk(p.46)
- • Product contamination and spoilage risk(p.50)
- • Manufacturing disruptions from equipment breakdown and power supply failures(p.55)
- • Risk of delayed delivery of ordered plant and machinery(p.55)
- • Regulatory compliance and licensing risks affecting operations(p.59)
- • Dependency on stable power supply for manufacturing(p.55)
- • Potential labour disputes and strikes(p.59)
- • Economic growth slowdown and inflation impacts on consumer demand(p.67)
- • Changes in government regulations and GST implementation uncertainties(p.67)
- • Limited insurance coverage for all potential losses(p.60)
- • Seasonal and climatic variability affecting raw material quality and availability(p.166)
- • Raw material price volatility and potential input cost inflation(p.138)
- • Intense competition from established FMCG giants and D2C startups in spices sector(p.149)
- • Global economic slowdown risks with EMDEs growth set to decelerate slightly(p.136)
- • Geopolitical tensions potentially disrupting trade and commodity markets(p.137)
- • Trade policy uncertainty and protectionist measures affecting export opportunities(p.137)
- • Regulatory and food safety compliance requirements across international markets(p.154)
- • Intense price-based competition in spices industry where cost is the deciding factor(p.176)
- • Regulatory compliance requirements across multiple food safety and labeling laws(p.182)
- • Vulnerability to agricultural input price fluctuations and commodity price volatility(p.183)
- • Exposure to multiple environmental, labor, and taxation regulations(p.188)
- • Trademark oppositions by competitors affecting brand protection and expansion(p.180)
- • Dependence on third-party logistics providers with no formal contractual arrangements(p.175)
- • Intense competition from organized and unorganized players(p.269)
- • Vulnerability to transportation cost volatility and disruptions(p.269)
- • Exposure to economic slowdown and reduced consumer demand(p.269)
- • Dependence on seasonal availability of raw materials(p.291)
- • Exposure to inflation and input price volatility(p.290)
- • Regulatory changes and compliance requirements(p.268)
- • Ongoing trademark infringement litigation from competing spice manufacturers(p.298)
- • Food safety and standards regulatory enforcement risk(p.300)
- • Intense competition from multiple branded and unbranded spice manufacturers(p.298)
- • Risk of further loan defaults and bank enforcement action(p.293)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ramawtar Agarwal | Promoter | 59.92% | — |
| Mamta Devi Agarwal | Promoter | 19.71% | — |
| Vithal Agarwal | Promoter | 13.67% | — |
| Ramawtar Agarwal | Promoter | 59.92% | — |
| Mamta Devi Agarwal | Promoter | 19.71% | — |
| Vithal Agarwal | Promoter | 13.67% | — |
| Ramavtar Agarwal HUF | Promoter Group | 4.18% | — |
| Girdhari Lal Agarwal | Promoter Group | 0.21% | — |
| Basanti Devi Agarwal | Promoter Group | 0.21% | — |
| Khushi Agarwal | Promoter Group | 0.21% | — |
| Ramawtar Agarwal | Promoter | — | — |
| Mamta Devi Agarwal | Promoter | — | — |
| Vithal Agarwal | Promoter | — | — |
| Ramawtar Agarwal | Promoter/Chairman and Managing Director | 59.92% | — |
| Mamta Devi Agarwal | Promoter/Whole Time Director | 19.71% | — |
| Vithal Agarwal | Promoter/Whole Time Director | 13.67% | — |
| Ramawtar Agarwal | Promoter | 61.07% | — |
| Mamta Devi Agarwal | Promoter Group | 20.06% | — |
| Vithal Agarwal | Promoter Group | 13.94% | — |
| Ramawtar Agarwal | Promoter | — | — |
Leadership
Ramawtar Agarwal · Chairman/Managing Director
Mamta Devi Agarwal · Whole-Time Director
Vithal Agarwal · Whole-Time Director
Ajay Kumar Sharma · Chief Financial Officer
Ambika Sharma · 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.