Shivchem Agro IPO

SME • BSE SME • Fresh capital only

LISTEDSMEBSE SME

Shivchem Agro

Price band

₹59 – ₹62

Lot size

2000 shares

Min investment

₹1,24,000

Issue size

₹14.01 Cr

About the company

Shivchem Agro Limited was started in September 2021. It is an agrochemical company that makes, stocks, distributes and sells crop protection products for farmers. Its range covers insecticides, fungicides, herbicides, plant growth regulators, rodenticides and fertilizers. As on the date of its Red Herring Prospectus it was licensed to make 176 agrochemical products, including 88 insecticides, 40 fungicides, 37 herbicides, 8 plant growth regulators and 3 rodenticides. It also holds authorisation to make 82 fertilizers, of which it currently makes 8. It is licensed to sell across eight states, and as on 31 March 2026 it had 685 distributors supported by five godowns. Its manufacturing facility at Jhajjar in Haryana has an effluent treatment plant and a wet scrubber unit to handle wastewater and air emissions, and the company holds ISO 9001:2015 and ISO 22000:2018 certification.

Shivchem Agro Limited manufactures and distributes agrochemical formulations including insecticides, fungicides, herbicides, plant growth regulators and fertilizers. It holds licences for 176 agrochemical products and sells through 685 distributors across eight states from its plant at Jhajjar, Haryana.

IPO details

Issue price: ₹62
Price band: ₹59 – ₹62
Face value: ₹5
Lot size: 2000
Min investment: ₹1,24,000
Issue size: ₹14.01 Cr
Sale type: Fresh capital only
Listing on: BSE SME
BSE scrip code: 8008
NSE symbol: SHIVCHEM.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	2,000	₹1,24,000
Retail (Max)	1	2,000	₹1,24,000
HNI (Min)	2	4,000	₹2,48,000

Investor reservation

CATEGORY	RESERVED
QIB	1,08,000 shares (5.03% of the Offer)
NII	10,14,000 shares (47.25% of the Offer)
Retail	10,24,000 shares (47.72% of the Offer)

Objects of the issue

1Funding the working capital requirements of the Company6.90

2Repayment/prepayment, in full or part, of certain loans availed by Company3.50

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	45.04	36.29	16.41
Total Income	33.84	27.50	10.95
Profit After Tax	3.25	2.60	1.29
EBITDA	5.98	4.32	1.93
NET Worth	12.92	9.67	1.50
Reserves and Surplus	10.28	7.04	1.45
Total Borrowing	7.28	8.26	7.10

Key performance indicators

P/E Ratio

14.39

EPS (₹)

4.31

RoE

28.76%

RoCE

30.04%

RoNW

28.76%

PAT Margin

9.61%

EBITDA Margin

17.69%

Debt / Equity

0.56

NAV (₹)

24.50

✓ Strengths

• Sales have tripled in two years, from Rs 10.95 crore in FY2024 to Rs 27.50 crore in FY2025 and Rs 33.84 crore in FY2026.

• Profit has grown from Rs 1.29 crore in FY2024 to Rs 2.60 crore in FY2025 and Rs 3.25 crore in FY2026.

• Return ratios are strong, with RoCE of 30.04% and RoNW of 28.76%.

• The issue is priced at about 14.39 times earnings on an EPS of Rs 4.31.

• Holding licences for 176 products gives it room to widen its range without waiting for fresh approvals.

• The distribution network of 685 distributors across eight states is substantial for a company of this age.

• The plant has its own effluent treatment and wet scrubber units, which matters for staying compliant in a chemical business.

• Net worth has grown from Rs 1.50 crore in FY2024 to Rs 12.92 crore in FY2026.

⚠ Risks

• The company is very young, having been started only in September 2021, so it has under five years of history.

• This is a very small issue of Rs 14.01 crore and a small company, with a net worth of Rs 12.92 crore.

• Agrochemical demand depends on the monsoon and on the farming season. A poor season cuts sales and leaves stock with distributors.

• Agrochemical makers usually give long credit to distributors, which blocks working capital, and Rs 6.90 crore of the issue goes to working capital.

• The market is crowded with large national and multinational companies that have stronger brands with farmers.

• Chemical manufacturing carries pollution and regulatory risk, and product registrations can be withdrawn or restricted.

• Promoter holding will come down from 92.73% to 64.91% after the issue.

• This is an SME issue. One lot is 2,000 shares, which is about Rs 1.24 lakh at the upper band of Rs 62, and SME shares usually trade in low volume after listing.

Promoters & holding

Rohit Agarwal, Sachin Agarwal and Deepa Agarwal

Pre-issue promoter holding

92.73%

Post-issue promoter holding

64.91%

Promoters hold 92.73% before the issue and will hold 64.91% after it.

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