Shanti Inorganics IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Shanti Inorganics

Price band

₹79 – ₹83

Lot size

1600 shares

Min investment

₹1,32,800

Issue size

₹47.24 Cr

About the company

Shanti Inorganics Ltd makes and trades sulphur based inorganic chemicals. Its products are sodium meta bisulphite, sodium sulphite powder, ammonium bisulphite solution and sodium bisulphite in powder and solution form. These chemicals are used as preservatives, as reducing agents, as oxygen scavengers and as process intermediates. Because of that the company sells into several different industries, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment. The company runs two manufacturing units, both in Gujarat. The first is at the GIDC estate in Vatva, Ahmedabad, called Unit I, and the second is at Sankalp Industrial Estate in village Chiyada, Bavla, Ahmedabad, called Unit II. It also exports to international markets and holds certifications for quality and food safety standards.

Shanti Inorganics Ltd makes and trades sulphur based inorganic chemicals such as sodium meta bisulphite, sodium sulphite powder and ammonium bisulphite. These are used as preservatives, reducing agents and oxygen scavengers across oil drilling, pharmaceuticals, food and beverages, paper and water treatment, made at two units near Ahmedabad.

IPO details

Issue price: ₹83
Price band: ₹79 – ₹83
Face value: ₹10
Lot size: 1600
Min investment: ₹1,32,800
Issue size: ₹47.24 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: SHANTIINOR
NSE symbol: SHANTIINOR-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,600	₹1,32,800
Retail (Max)	1	1,600	₹1,32,800
HNI (Min)	2	3,200	₹2,65,600

Investor reservation

CATEGORY	RESERVED
QIB	27,00,800 shares (49.96% of the Offer)
NII	8,11,200 shares (15.00% of the Offer)
Retail	18,94,400 shares (35.04% of the Offer)

Objects of the issue

1Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat;43.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	66.04	52.69	27.57
Total Income	58.46	45.06	46.50
Profit After Tax	8.26	5.12	4.60
EBITDA	12.11	8.73	6.97
NET Worth	25.86	17.60	12.49
Reserves and Surplus	25.23	16.97	11.85
Total Borrowing	25.38	24.34	5.63

Key performance indicators

P/E Ratio

9.54

EPS (₹)

8.70

RoCE

23.40%

RoNW

27.68%

PAT Margin

14.01%

✓ Strengths

• Profit has grown every year, from Rs 4.60 crore in FY2023 to Rs 5.12 crore in FY2024 and Rs 8.26 crore in FY2025.

• EBITDA improved from Rs 6.97 crore in FY2023 to Rs 8.73 crore in FY2024 and Rs 12.11 crore in FY2025.

• Net worth has more than doubled over the same period, from Rs 12.49 crore to Rs 25.86 crore.

• Its chemicals go into many different industries, including oil drilling, pharmaceuticals, food and beverages, paper and water treatment, so demand is not tied to one sector.

• It runs two manufacturing units, so production is not dependent on a single plant.

• The plants are in Gujarat close to raw material sources, and the company says it has long standing supplier relationships.

• The whole issue is fresh capital, and the money is going into a new manufacturing facility at Bavla for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite.

• The company exports as well as selling in India, and holds quality and food safety certifications, which matter for food and pharma customers.

⚠ Risks

• The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.

• The stated object of the issue is Rs 43.00 crore for the new Bavla facility, which is more than the total issue size of Rs 41.5 crore. This does not add up and needs to be checked in the RHP.

• Borrowing is high against own funds. Total borrowing was Rs 25.38 crore as on 31 March 2025 against a net worth of Rs 25.86 crore, and it had jumped from Rs 5.63 crore in FY2023.

• Sales are not growing steadily. Total income actually fell from Rs 46.50 crore in FY2023 to Rs 45.06 crore in FY2024 before recovering to Rs 58.46 crore in FY2025.

• These are commodity chemicals. Selling prices move with sulphur and input costs and the company has limited power to set its own price.

• Both plants are in the Ahmedabad area, so any local problem, whether power, water, labour or regulation, affects the whole business.

• Chemical manufacturing carries pollution control and environmental compliance risk, and Gujarat industrial estates are closely monitored on effluent norms.

• The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.

• This is an SME issue. One lot is 1,600 shares, which is about Rs 1.33 lakh at the upper band of Rs 83, and SME shares usually trade in low volume after listing.

Promoters & holding

Manojkumar Jayantilal Patel and Avnish Manojkumar Patel

Pre-issue promoter holding

83.65%

Post-issue promoter holding

56.05%

Data refreshed 07 Nov 2026, 05:02 pm IST. GMP is unofficial market sentiment, not investment advice.