Shah Investor's Home IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Shah Investor's Home

Price band

₹159 – ₹167

Lot size

85 shares

Min investment

₹14,195

Issue size

₹90.17 Cr

About the company

Shah Investor's Home Limited was started in October 1994 and has more than three decades in the securities market. It is a retail broking company, meaning it helps individual investors buy and sell shares, IPOs and other securities, for both resident and non-resident Indians. Its main business is equity and derivatives broking. Alongside that it distributes mutual funds, provides margin funding, which is lending to clients so they can buy more shares than their own cash allows, and runs stock lending and borrowing services, all under the brand name Shah Investors. As on 31 March 2026 it had served more than 1,00,000 demat accounts, with over 38,000 active clients and a network of more than 181 authorised persons, who are sub-brokers working under its licence. It operates 11 branches across Mumbai, Ahmedabad, Vadodara, Junagadh, Gandhinagar and Rajkot, and most of its customers are in Gujarat and Maharashtra.

Shah Investor's Home Limited is a retail stockbroker running since 1994, offering equity and derivatives broking, mutual fund distribution, margin funding and securities lending under the Shah Investors brand. It has served over 1,00,000 demat accounts through 11 branches and 181 authorised persons, mainly in Gujarat and Maharashtra.

IPO details

Issue price: ₹167
Price band: ₹159 – ₹167
Face value: ₹10
Lot size: 85
Min investment: ₹14,195
Issue size: ₹90.17 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 8010
NSE symbol: SHAHINVEST.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	85	₹14,195
Retail (Max)	14	1,190	₹1,98,730
S-HNI (Min)	15	1,275	₹2,12,925
B-HNI (Min)	71	6,035	₹10,07,845

Investor reservation

CATEGORY	RESERVED
QIB	26,99,600 shares (50.00% of the Offer)
NII	8,09,880 shares (15.00% of the Offer)
Retail	18,89,720 shares (35.00% of the Offer)

Objects of the issue

1Funding working capital requirements of the Company60.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	304.44	302.57	298.76
Total Income	72.40	94.47	79.05
Profit After Tax	13.11	23.42	18.05
EBITDA	21.62	35.31	25.13
NET Worth	179.71	168.09	150.54
Reserves and Surplus	163.95	152.34	134.79
Total Borrowing	18.47	5.71	3.54

Key performance indicators

P/E Ratio

26.94

EPS (₹)

6.20

RoE

7.59%

RoCE

10.61%

RoNW

7.35%

PAT Margin

18.24%

EBITDA Margin

30.24%

Debt / Equity

0.10

NAV (₹)

114.07

✓ Strengths

• The company has a very long record, having started in October 1994, which is more than 30 years in broking.

• It has served more than 1,00,000 demat accounts, with over 38,000 active clients as on 31 March 2026.

• The authorised person network of more than 181 sub-brokers lets it reach clients without opening a branch for each one.

• It earns from several lines, including broking, mutual fund distribution, margin funding and securities lending, rather than from trading commission alone.

• The margin is healthy, with a PAT margin of 18.24%.

• Debt is low at Rs 18.47 crore against a net worth of Rs 179.71 crore.

• Net worth has grown steadily, from Rs 150.54 crore in FY2024 to Rs 179.71 crore in FY2026.

• The whole issue is fresh capital with no offer for sale.

⚠ Risks

• Profit fell sharply in the latest year. Profit after tax dropped 44% from Rs 23.42 crore in FY2025 to Rs 13.11 crore in FY2026, and total income fell from Rs 94.47 crore to Rs 72.40 crore.

• The issue is priced at about 26.94 times earnings on an EPS of Rs 6.20, which is high for a business whose profit has just fallen by almost half.

• Return ratios are weak, with RoNW of only 7.35% and RoCE of 10.61%.

• Broking income depends directly on market activity. When trading volumes fall, as they did in FY2026, revenue falls with them and costs stay.

• Discount brokers and large app-based platforms have pushed commissions down sharply, and a traditional branch based broker competes on a higher cost base.

• Rs 60 crore of the issue goes into working capital, which in a broker largely means funding client margin loans, and those carry credit risk if markets fall suddenly.

• Borrowing more than tripled in one year, from Rs 5.71 crore to Rs 18.47 crore.

• The business is concentrated in Gujarat and Maharashtra, and SEBI rules on broking, margin and derivatives change often and affect earnings directly.

Promoters & holding

Upendra Trikamlal Shah, Purnima Upendra Shah, Tanmay Upendra Shah and Trupti Utpal Shah

Pre-issue promoter holding

84.34%

Post-issue promoter holding

62.81%

Promoters hold 84.34% before the issue and will hold 62.81% after it.

Data refreshed 07 Nov 2026, 04:50 pm IST. GMP is unofficial market sentiment, not investment advice.