Shellz India IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Shellz India

Price band

₹170 – ₹179

Lot size

800 shares

Min investment

₹1,43,200

Issue size

₹59.97 Cr

About the company

Shellz India Limited was incorporated in May 2012. It makes and markets confectionery products and also makes and supplies food and bakery ingredients. Its range has over 300 SKUs sold to buyers in urban, semi-urban and rural areas. The company sells under two brands. Hugs covers baked treats, choco delights, jellies and sugar confectionery at mass-market prices, and most products cost Rs 10 or less. Tosca is a mass-premium brand sold mainly through e-commerce and quick-commerce channels, and includes Tosca Oat Choco, an oat and cereal bar. Products reach kirana outlets in about 24 states through over 300 super stockists, as on 31 March 2026. The company also makes private-label products for other brands and exports to the Middle East, South Asia and Europe. It runs its own manufacturing, product development and quality assurance, and had 258 full-time employees on 31 August 2026.

Shellz India Limited, incorporated in May 2012, makes and sells confectionery products and supplies food and bakery ingredients. It sells under two brands, Hugs and Tosca, and has over 300 SKUs. The issue is a fresh issue of Rs 59.97 crore.

IPO details

Issue price: ₹179
Price band: ₹170 – ₹179
Face value: ₹10
Lot size: 800
Min investment: ₹1,43,200
Issue size: ₹59.97 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8045
NSE symbol: SHELLZ.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	800	₹1,43,200
Retail (Max)	1	800	₹1,43,200
HNI (Min)	2	1,600	₹2,86,400

Investor reservation

CATEGORY	RESERVED
QIB	15,09,600 shares (49.97% of the Offer)
NII	4,53,600 shares (15.02% of the Offer)
Retail	10,57,600 shares (35.01% of the Offer)

Objects of the issue

1Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company22.00

2Funding our incremental working capital requirements and23.00

3General corporate purposes

Financials

Rs. Crore • restated

METRIC	30 Jun 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	229.36	213.72	167.36	147.04
Total Income	47.43	193.18	187.39	162.81
Profit After Tax	4.08	13.37	8.30	5.25
EBITDA	8.52	30.15	22.79	18.94
NET Worth	63.03	58.95	40.58	26.99
Reserves and Surplus	54.31	50.24	39.89	26.35
Total Borrowing	108.56	100.83	78.18	70.93

Key performance indicators

P/E Ratio

13.24

EPS (₹)

13.52

RoE

6.69%

RoCE

4.69%

RoNW

6.47%

PAT Margin

8.63%

EBITDA Margin

18.04%

Debt / Equity

1.72

NAV (₹)

72.31

✓ Strengths

• Total income rose from Rs 162.81 crore in FY2024 to Rs 187.39 crore in FY2025 and Rs 193.18 crore in FY2026.

• Profit after tax rose from Rs 5.25 crore in FY2024 to Rs 8.30 crore in FY2025 and Rs 13.37 crore in FY2026, a rise of 61% in the last year.

• EBITDA rose from Rs 18.94 crore in FY2024 to Rs 30.15 crore in FY2026, and net worth grew from Rs 26.99 crore to Rs 58.95 crore over the same years.

• Return on equity was 26.87% and return on net worth was 22.68% for FY2026.

• At the upper band of Rs 179 the issue is priced at 13.24 times post issue EPS of Rs 13.52, and at 11.67 times pre issue EPS of Rs 15.34.

• The whole Rs 59.97 crore issue is fresh capital, with no offer for sale. Rs 22.00 crore is to repay borrowings and Rs 23.00 crore is for working capital.

• Over 300 super stockists take the products to kirana outlets in about 24 states, and the company has two brands at different price points.

⚠ Risks

• The latest figures cover only the three months to 30 June 2026. The post issue EPS of Rs 13.52 is based on annualised earnings for that period, so it may not hold for a full year.

• The KPI table shows RoE of 6.69% and RoCE of 4.69% for the quarter to 30 June 2026, against 26.87% and 19.11% for FY2026, so the two periods are not comparable.

• The source notes that the financial statements for 2026 are consolidated, so the FY2026 and June 2026 figures may not be directly comparable with earlier standalone years.

• Total borrowing rose from Rs 70.93 crore in FY2024 to Rs 100.83 crore in FY2026 and Rs 108.56 crore on 30 June 2026. Debt to equity was 1.72 on 30 June 2026.

• Total income grew only 3% between FY2025 and FY2026, from Rs 187.39 crore to Rs 193.18 crore, while profit after tax grew 61%.

• Rs 22.00 crore of the proceeds goes to repay borrowings, and no amount is given for general corporate purposes.

• Promoters Kapil Garg and Shalini Garg hold 88.11% before the issue and will hold 63.64% after it.

• The company sells low-priced mass-market confectionery, mostly at Rs 10 or below, and depends on super stockists for distribution, so input costs and distributor terms can affect margins.

• This is an SME issue. One lot is 800 shares, which is about Rs 1.43 lakh at the upper band of Rs 179, and SME shares usually trade in low volume after listing.

Promoters & holding

Kapil Garg and Shalini Garg

Pre-issue promoter holding

88.11%

Post-issue promoter holding

63.64%

Promoters hold 88.11% before the issue and will hold 63.64% after it.

Data refreshed 09 Nov 2026, 04:00 am IST. GMP is unofficial market sentiment, not investment advice.