Shanti Inorganics IPO

Shanti Inorganics Limitedshantiinorganics.com

ListedSMEMaterialsNSE Emerge

Price band: ₹79 – ₹83
Issue size: ₹47.24 Cr
Lot size: 1600 sh
Bidding: 31 Aug – 2 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Shanti Inorganics Limited makes sulphur-based inorganic chemicals at two plants in Ahmedabad, Gujarat, and raised Rs 47.24 Cr on NSE Emerge, entirely as a fresh issue (OFS of Rs 0), at a band of Rs 79-83. Revenue was Rs 44.87 Cr in FY24, Rs 57.11 Cr in FY25 and Rs 71.22 Cr in FY26, with profit after tax of Rs 5.12 Cr, Rs 7.99 Cr and Rs 10.22 Cr over the same three years. The book was subscribed 142.25 times in total on the closing day, 2 September 2026. The stock listed at Rs 157.70 against the Rs 83 band top and last traded at Rs 188.65 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

76Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Shanti Inorganics, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 1998 · Plot No. 2015, Phase III GIDC, Vatva, Ahmedabad 382445, Gujarat, India · 66 employees

Shanti Inorganics makes sulphur-based inorganic chemicals at two plants in Ahmedabad, Gujarat. Its products are sodium bisulphite in solution and powder form, ammonium bisulphite, sodium meta bisulphite and anhydrous sodium sulphite. Customers use them as preservatives and antioxidants in food and beverages, as oxygen scavengers in oil drilling and boiler feed water, as reducing agents in dyes and detergents, and in pharmaceuticals, ceramics and agrochemicals. In Fiscal 2026 food and beverages accounted for 35.84% of revenue from operations, chemicals 22.38% and oil drilling 12.82%. It sold to 64 domestic and 20 international customers that year, exporting to Eswatini, Malaysia, the UAE and Qatar among others; sales outside India were 42.57% of revenue from operations. Certifications include ISO 9001:2015, NSF, KOSHER, HACCP and HALAL.

Revenue comes from selling bulk chemicals by the tonne, mostly made in-house: manufactured goods accounted for ₹6,407.40 lakhs of Fiscal 2026 revenue from operations of ₹7,122.02 lakhs, with traded goods the remainder. Raw materials dominate the cost base — cost of materials consumed was 38.79% of total income in Fiscal 2026 and 45.29% in Fiscal 2024 — and the company reports no long-term supply agreements for inputs such as liquefied sulphur dioxide, anhydrous ammonia and soda ash, leaving margins exposed to input prices it must pass through. Fiscal 2026 EBITDA was ₹1,539.72 lakhs, a 21.62% margin, and PAT ₹1,022.00 lakhs. The Vatva unit ran at 92.60% utilisation in Fiscal 2026, so volume growth depends on the new Bavla capacity the issue funds.

The company on paper

Legal name: Shanti Inorganics Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 13 Jan 2010trading as Shanti Inorganics since 1998
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U24100GJ2010PLC059218
Sector: Materials · Sulphur-based inorganic chemicals (bisulphites and sulphites) for food, oil-drilling and chemical users
Employees: 66
Registered office: Plot No. 2015, Phase III GIDC, Vatva, Ahmedabad 382445, Gujarat, India
Promoters: Manojkumar Jayantilal Patel, Avnish Manojkumar Patel
Promoter holding, pre-issue: 83.7%
Promoter holding, post-issue: 56.0%
Website: shantiinorganics.com

The numbers

Financial performance

Revenue has compounded at 26.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹47.24 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹47.24 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,84,800

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 27.6% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription142.25×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹83.00
Listed at: ₹157.70
Listing gain: up 90.0%
Since listing: up 15.3%
Against the issue price: up 119.0%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 3,200
At cut-off price: ₹83.00
Amount blocked: ₹2,65,600

One lot is 1600 shares at ₹1,32,800. This issue requires a minimum of 2 lots, so the smallest application is ₹2,65,600. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~0.8%

chance of one lot, per application

Retail subscription: 125.72×
Applicants per share available: 125.7× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹157.70

listed at, 90.0% against the issue price

Issue price: ₹83.00
Premium said: —
If allotted 1600 shares: ₹1,19,520

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue rose 27.28% in FY25, from Rs 44.87 Cr to Rs 57.11 Cr, and a further 24.71% in FY26, to Rs 71.22 Cr. Profit after tax rose 56.05% in FY25, from Rs 5.12 Cr to Rs 7.99 Cr, and 27.91% in FY26, to Rs 10.22 Cr.
The EBITDA margin was 19.43% in FY24 (Rs 8.72 Cr on Rs 44.87 Cr), and was higher in each of the two years that follow: 21.12% in FY25 (Rs 12.06 Cr on Rs 57.11 Cr) and 21.62% in FY26 (Rs 15.40 Cr on Rs 71.22 Cr).
Total borrowings measured against net worth were 1.38x in FY24 (Rs 24.34 Cr on Rs 17.60 Cr), 0.99x in FY25 (Rs 25.38 Cr on Rs 25.60 Cr) and 0.64x in FY26 (Rs 30.67 Cr on Rs 48.24 Cr), lower in each of the two years after the earliest period on record. Net worth over those three years was Rs 17.60 Cr, Rs 25.60 Cr and Rs 48.24 Cr.
The business description states that manufactured goods accounted for Rs 6,407.40 lakhs of Fiscal 2026 revenue from operations of Rs 7,122.02 lakhs, or 89.97%, with traded goods the remaining Rs 714.62 lakhs, and that the company sold to 64 domestic and 20 international customers that year. It lists ISO 9001:2015, NSF, KOSHER, HACCP and HALAL certifications.

What to weigh against it

Total borrowings were Rs 24.34 Cr in FY24, Rs 25.38 Cr in FY25 and Rs 30.67 Cr in FY26, an increase of Rs 6.33 Cr across the two years, against FY26 net worth of Rs 48.24 Cr.
The business description reports no long-term supply agreements for inputs such as liquefied sulphur dioxide, anhydrous ammonia and soda ash, and puts cost of materials consumed at 45.29% of total income in Fiscal 2024 and 38.79% in Fiscal 2026. The record carries no Fiscal 2025 figure for that ratio, so the path between the two years cannot be read from it.
On the business description's Fiscal 2026 split, food and beverages were 35.84% of revenue from operations, chemicals 22.38% and oil drilling 12.82% — 71.04% between the three, with the balance not broken out in the record. Sales outside India were 42.57% of revenue from operations that year.
The business description puts the Vatva unit at 92.60% utilisation in Fiscal 2026. The record carries no capacity or utilisation figure for any other period or for the second plant.

Easy to miss in the prospectus

The record has no valuation block, no category-wise allocation, no offer objects and no cash flow from operations for any of the three years, so neither an earnings multiple nor the deployment of the Rs 47.24 Cr fresh issue can be checked against it. Promoter holding is given as 83.65% before the issue and 56.05% after, a fall of 27.60 percentage points.
Subscription is recorded for the closing day only — 2 September 2026: QIB 130.97x, NII 195.88x, retail 125.72x and 142.25x overall. There are no day 1 or day 2 figures and the GMP series is empty.
The record dates the business to 1998 in the founded year but gives incorporation as 13 January 2010 (CIN U24100GJ2010PLC059218); the two entries are worth reconciling against the prospectus before the earlier date is used.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Vivro Financial Services Private Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Built from 12 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 31 Aug 2026
Closes: 2 Sep 2026
Allotment: 3 Sep 2026
Lists: 7 Sep 2026
Revenue (FY26): ₹71.22 Cr
Profit (FY26): ₹10.22 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.