Shyam Dhani Industries IPO Overview
Shyam Dhani Industries IPO is an SME IPO under the bookbuild category with an issue size of Rs. 38.49 crore. The company operates in the spices and food products segment and is engaged in manufacturing, exporting, distribution and supply of premium quality spices. The business follows ISO-certified quality standards, which adds trust for long-term investors.
From an investor’s point of view, the company is positioned in India’s growing branded spices market, which benefits from rising consumption, urbanisation and demand for packaged food products.
The company offers a wide range of products including spices, spice powders, whole spices and herbs. Products such as Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes and Tomato Powder help the company cater to both domestic and export demand.
Along with spices, the company also trades grocery items like Black Salt, Rock Salt, Rice, Poha and Kasuri Methi. Under the “SHYAM” brand, it processes around 163 varieties of spices, giving it a diversified product portfolio, which is positive for revenue stability.
Shyam Dhani Industries IPO Details
The Shyam Dhani Industries IPO opens on 22 December 2025 and closes on 24 December 2025. The IPO allotment is expected on 26 December 2025, while refunds may be initiated on 29 December 2025.
This SME IPO is a complete fresh issue of 0.55 crore shares, raising Rs. 38.49 crore. Since it is a fresh issue, the funds raised will directly support the company’s business growth.
The expected listing date of Shyam Dhani Industries IPO is 30 December 2025, and the shares are proposed to be listed on NSE SME.
The IPO price band is fixed at Rs. 65 to Rs. 70 per share, which investors should evaluate against company earnings and peer valuation.
IPO Timetable (Tentative)
| Events | Date |
| IPO Opening Date | Dec 22, 2025 |
| IPO Closing Date | Dec 24, 2025 |
| IPO Allotment Date | Dec 26, 2025 |
| Refund Initiation | Dec 29, 2025 |
| IPO Listing Date | Dec 30, 2025 |
Company Financials
(Amount in Cr)
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 82.47 | 52.84 | 27.51 |
| Total Income | 124.75 | 107.64 | 68.10 |
| PAT | 8.04 | 6.30 | 2.92 |
| EBITDA | 14.52 | 10.88 | 5.97 |
| Net Worth | 23.61 | 15.56 | 9.26 |
| Reserves & Surplus | 8.73 | 14.42 | 8.12 |
| Total Borrowing | 47.24 | 24.45 | 12.75 |
Investor Insight:
The company has shown consistent growth in assets, income and profitability over the years. Rising PAT and EBITDA indicate improving operational performance, which is a positive signal for long-term investors.
Cash Flows
(Amount in Lac)
| Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | -616.11 | -540.45 | 300.50 |
| Net Cash Flow Investing Activities | -1,380.58 | -439.67 | -251.72 |
| Net Cash Flow Financing Activities | 2,009.75 | 994.77 | -61.53 |
Investor Insight:
Despite revenue growth, the company has reported negative cash flows in recent years. Investors should closely monitor cash flow improvement after IPO fund utilisation.
Revenue Bifurcation
(Rs. in Lac)
( Source: RHP)
The Objective of the Issue
The company plans to utilise the net IPO proceeds for business expansion and financial strengthening.
Funds will be used to purchase new machinery at its existing manufacturing unit in Jaipur, Rajasthan, which may help increase production capacity.
The company also plans to install a 200 KW Solar Rooftop Grid-connected PV System, which can reduce long-term power costs and support sustainable operations.
A portion of the proceeds will be used for part repayment of existing cash credit facilities, which may help reduce interest burden.
The company will also use funds to meet incremental working capital requirements, supporting smoother business operations and growth.
Remaining funds will be used for general corporate purposes.
Listed Peers of Shyam Dhani Industries Ltd.
| Name of the Company | Face Value (Rs.) | EPS (Rs.) | P/E Ratio (x) |
| Madhusudan Masala Ltd | 10 | 8.49 | 13.56 |
| NHC Foods Ltd | 1 | 0.31 | 3.06 |
Investor Insight:
When compared with listed peers, the company’s valuation and profitability ratios appear competitive within the SME spices segment.
Valuation
| KPI | Value |
| ROE | 41.06% |
| ROCE | 39% |
| Debt / Equity | 2 |
| RoNW | 34.07% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.65% |
Investor Insight:
Strong ROE and ROCE reflect efficient use of capital. However, higher debt levels should be analysed carefully by risk-averse investors.
Evaluation of P/E Ratio
Based on FY 2025 earnings, the company reported an EPS of Rs. 5.41. At the IPO price, the P/E ratio comes to 12.93x.
From an investor perspective, this valuation appears reasonable when compared with peer companies in the spices and food products sector.
IPO's Strengths
- The company operates in the growing packaged spices and food products market in India.
- It focuses on premium quality products with ethical and sustainable sourcing practices.
- Experienced management and trained workforce support operational efficiency.
- In-house manufacturing facilities help control costs and improve margins.
- A wide product range reduces dependence on a single product category.
IPO’s Weaknesses
- The company depends on seasonal availability of raw materials, which may affect supply and pricing.
- A significant portion of revenue comes from ground spices, creating concentration risk.
- Negative cash flows over the last three years remain a key concern for conservative investors.
Shyam Dhani Industries IPO GMP (Grey Market Premium)
As of 24 December 2025, Shyam Dhani Industries IPO GMP stands at Rs.62. With an upper price band of Rs. 70, the estimated listing price is around Rs. 97.
This indicates a possible listing gain or loss of about 38.57% per share. Investors should note that GMP is unofficial and can change quickly.
Shyam Dhani Industries IPO Summary
| IPO Opening & Closing Date | 22 Dec, 2025 to 24 Dec, 2025 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 65 to Rs. 70 per Share. |
| Lot Size | 2000 Shares |
| Issue Size | 54,98,000 Shares (Rs. 38.49 Cr) |
| Offer for Sale | - |
| Fresh Issue | 54,98,000 Shares (Rs. 38.49 Cr) |
| Listing at | NSE, SME |
| Issue Type | Bookbuild issue IPO |
| Registrar | Bigshare Services Pvt. Ltd. |
IPO Lot Details
Retail investors can apply for a minimum of 2 lots (4000 shares) with an investment of Rs. 2,80,000. Retail investors cannot apply for more than 2 lots.
HNI investors can apply for a minimum of 3 lots (6000 shares) with a total investment of Rs. 4,20,000.
Shyam Dhani Industries IPO Allotment Status
Investors can check the Shyam Dhani Industries IPO allotment status on the Registrar’s official website or on the BSE website.
Promoters And Management of Shyam Dhani Industries Ltd.
The promoters of the company are Mr. Ramawtar Agarwal, Mrs. Mamta Devi Agarwal and Mr. Vithal Agarwal. Their experience plays an important role in business operations and growth strategy.
Pre-Issue Promoter Shareholding
- Mr. Ramawtar Agarwal
- Mrs. Mamta Devi Agarwal
- Mr. Vithal Agarwal.
| Pre-Issue Promoter Shareholding | 98.11% |
| Post-Issue Promoter Shareholding | -
|
IPO Lead Managers
Holani Consultants Pvt. Ltd. is the lead manager for the Shyam Dhani Industries IPO.
Dividend Policy
The company has not declared any dividend in the last three financial years. Investors should consider this as a growth-focused company rather than a dividend-paying one.
Conclusion
From an investor’s point of view, the Shyam Dhani Industries IPO provides exposure to India’s expanding branded spices and food products market. The company has shown steady revenue growth, strong return ratios and clear plans for capacity expansion and cost optimisation.
However, high debt levels, negative cash flows and seasonal raw material dependence are key risks. Investors with a medium to high risk appetite may consider this IPO after evaluating their financial goals and risk profile.
