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- Price band
- ₹170 – ₹179
- Issue size
- ₹59.97 Cr
- Lot size
- 800 sh
- Bidding
- 15 – 19 Oct
- Grey market
- —
Face value ₹10.00
100% fresh capital
₹2,86,400 minimum
Lists 23 Oct 2026
No quote recorded
The question this issue poses
In one sentence
A profitable, fourteen-year-old confectionery maker asking 11.08-11.67x its FY26 pre-issue earnings, where the real question is the balance sheet: Rs 100.83 Cr of borrowings against Rs 58.95 Cr of net worth, and only Rs 22 Cr of the Rs 59.97 Cr raise earmarked to pay any of it down.
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.
56Balanced
IPOVista score 56 out of 100, graded Balanced.IPOVista score
A trade-off in both directions
80% of the scoring model was backed by disclosed data for Shellz India, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
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
Leveraged balance sheet
Debt-to-equity of 1.7× leaves limited headroom if demand softens or rates rise.
Priced above its peer group
The upper band asks a 86.6% premium to the median P/E of the listed peers named in the prospectus.
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.
To apply
6 days left
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The company
What the business actually does
Founded 2012 · West Punjabi Bagh, New Delhi · 258 employees
Shellz India makes and sells confectionery and food/bakery ingredients out of two plants, one in Delhi and one at Barhi, Sonipat in Haryana. The retail range runs to 398 SKUs across 126 products in FY26 and reaches shops under two brands: Hugs for the mass market and Tosca for the mass-premium shelf. The catalogue spans chocolate-based 'choco delights', baked treats, jellies, and panned and sugar candies; a separate ingredients line sells compounds and bakery inputs to other food manufacturers. Alongside its own brands the company does private-label manufacturing, and it exports in small volume to the Middle East, South Asia and Europe. Headcount was 258 as of 31 August 2026.
Volume manufacturing sold through a traditional distribution pyramid rather than modern trade. In FY26, 344 super stockists carried 95.91% of revenue into roughly 24 states' kirana networks. Revenue mix by category in FY26: choco delights Rs 92.57 Cr (48.06%), baked treats Rs 54.67 Cr (28.38%), jellies Rs 23.21 Cr (12.05%), food and bakery ingredients Rs 16.56 Cr (8.60%), and panned/sugar candies Rs 5.61 Cr (2.91%). The footprint is heavily northern: North India contributed 75.34% of revenue, with Delhi NCR alone at 39.68% and Haryana at 17.88%; exports were 0.54%. Because the business buys cocoa, sugar and packaging and sells at distributor-set price points, earnings move with input cost more than with volume: FY26 total income rose only about 3% over FY25 while PAT rose 61%, entirely on margin.
What makes it hard to copy
Its only real asset outside the two plants is reach — 344 super stockists carried 95.91% of FY26 revenue onto kirana shelves in roughly 24 states with no direct retail salesforce — and the RHP is explicit that none of those stockists are on long-term or exclusive contracts.
Where the revenue comes from
Share of revenue by reportable segment, latest full year
- Choco Delights48.1%
- Baked Treats28.4%
- Jellies12.1%
- Food and Bakery Ingredients8.6%
- Panned & Sugar Candies2.9%
Hover or focus a segment for its share and what it covers.
Where it operates
- Manufacturing units2
Samaipur, Delhi (leased) · Barhi, Sonipat, Haryana (18-year lease from March 2025)
- Depot1
Abdullapurmet, Telangana
0.5% of revenue is earned outside India.
Markets served
IndiaMiddle EastSouth AsiaEurope
Who runs it
- Kapil GargChairman and Managing Director · since 2025Promoter. On the board since May 15, 2012 and re-designated Chairman and Managing Director on March 3, 2025. Holds 71.59% pre-issue; drew a salary of Rs 15.00 lakhs in FY26.
- Shalini GargNon-Executive Director · since 2020Promoter and the only other shareholder of consequence, at 16.52% pre-issue. On the board since December 10, 2020.
- Sangeeta ThakurChief Financial Officer · since 2025With the company since September 2012; formally appointed CFO in March 2025. Roughly twenty years in financial management.
- Pavil GargHead - Strategy and OperationsA relative of the promoter directors, disclosed as such in the related-party table.
The company on paper
- Legal name
- Shellz India Limited
- Incorporated
- 7 May 2012
- CIN
- U15490DL2012PLC235397
- Sector
- Consumer Staples · Packaged foods & confectionery
- Employees
- 258
- Registered office
- 39/35, 2nd Floor, Main Rohtak Road, Near Shivaji Park Metro Station, West Punjabi Bagh, West Delhi, Delhi 110026
- Statutory auditor
- RSAV & Company, Chartered Accountants
- Promoters
- Kapil Garg, Shalini Garg
- Promoter holding, pre-issue
- 88.1%
- Promoter holding, post-issue
- 63.6%
- Website
- shellz.in
The numbers
Financial performance
Revenue has compounded at 8.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. 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
At the upper band this issue asks a 86.6% premium to the median P/E of the listed peers its own prospectus names.
Always post-issue, so issues stay comparable with each other
1 listed company the prospectus names itself
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹15.34
- EPS, post-issue
- —
- Price / sales
- —
- Net asset value per share
- ₹67.63
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 22.7%
- Return on capital employed
- 19.1%
- EBITDA margin
- 15.6%
- Net margin
- 6.9%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 1.71×
Valuation against listed peers
P/E against operating margin
The peer table does not carry both a P/E and an operating margin for enough companies to plot.
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 issue
- ₹59.97 Cr
- Offer for sale
- —
- Total issue size
- ₹59.97 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- 87,16,704
- Employee discount
- None
- Market maker portion
- 3,29,600
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Invested in growth
- Repairs the balance sheet
- General corporate purposes — amount not quantified in the prospectus
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
51% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
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
Bidding has not opened yet, so there is no subscription data to show.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
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
2
- Shares applied for
- 1,600
- At cut-off price
- ₹179.00
- Amount blocked
- ₹2,86,400
One lot is 800 shares at ₹1,43,200. This issue requires a minimum of 2 lots, so the smallest application is ₹2,86,400. That already exceeds the ₹2,00,000 retail ceiling, so every application here bids into the non-institutional category — which is normal on the SME board. Since April 2022 that category is also allotted by draw of lots for the minimum application when it is oversubscribed, so the odds beside this apply much the same way.
Applying needs a demat account with a linked UPI ID, and the ₹2,86,400 is blocked rather than debited.
Partner link — IPOVista earns a commission if you open an account. It costs you nothing and never changes what we publish.
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.
Retail subscription figures are not available yet, so there is nothing to estimate from.
What the grey market implies
Arithmetic on an unofficial quote. The grey market has no clearing house and no obligation to settle — this is sentiment made numeric, not a forecast.
No grey-market quote has been recorded for this issue.
If you decide to
How to apply to this issue
Nothing on this page is a recommendation to apply. If you have decided to, this is what the process needs.
Applying to Shellz India
You need a demat account to apply
Every IPO application in India goes through a demat account with a linked UPI ID. If you do not have one yet, opening it is free and usually done the same day.
- An IPO application needs a demat account and a UPI ID linked to it.
- The money is blocked under ASBA, not debited — only an allotment is charged.
- Applications close at 5pm IST on the final day, and most brokers stop accepting UPI mandates earlier in the afternoon.
- One application per PAN per category. Separate family members need their own PAN, demat and bank account.
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Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Profit has compounded in every reported year: PAT of Rs 5.25 Cr in FY24, Rs 8.30 Cr in FY25 and Rs 13.37 Cr in FY26, a 61% rise in the latest year.
- EBITDA grew from Rs 18.94 Cr to Rs 30.15 Cr between FY24 and FY26 while revenue moved far less, lifting the FY26 EBITDA margin to 15.65% from a single-digit-growth top line.
- FY26 returns are respectable for an SME issue: RoNW 22.68%, RoCE 19.11% and RoE 26.87%.
- The range is genuinely broad rather than one-product: 398 SKUs across 126 products, with choco delights at Rs 92.57 Cr (48.06% of FY26 revenue), baked treats Rs 54.67 Cr (28.38%), jellies Rs 23.21 Cr (12.05%) and bakery ingredients Rs 16.56 Cr (8.60%).
- Distribution is already built out: 344 super stockists across roughly 24 states carried 95.91% of FY26 revenue.
- Q1 FY27 carried the margin forward rather than giving it back, at an 18.04% EBITDA margin and 8.63% PAT margin on Rs 47.43 Cr of total income.
What to weigh against it
- Borrowings of Rs 100.83 Cr at 31 March 2026 exceed net worth of Rs 58.95 Cr, a debt-to-equity of 1.71x; by 30 June 2026 borrowings had risen to Rs 108.56 Cr against Rs 63.03 Cr of net worth, so the ratio was still 1.72x.
- Only Rs 22 Cr of the Rs 59.97 Cr issue repays debt, against Rs 100.83 Cr outstanding, so roughly four-fifths of the borrowing survives the listing.
- The top line has essentially stopped growing: total income went from Rs 187.39 Cr in FY25 to Rs 193.18 Cr in FY26, about 3%. All of FY26's profit growth came from margin expansion, which is harder to repeat.
- Geographic concentration is severe - North India is 75.34% of revenue, Delhi NCR alone 39.68% and Haryana 17.88%; exports are 0.54%.
- Choco delights are 48.06% of FY26 revenue, so cocoa and sugar pricing flows straight into the 15.61% EBITDA margin that the entire FY26 profit step-up rests on.
- The only listed peer named in the comparison table, Annapurna Swadisht, carries a P/E of 8.66x on FY26 revenue of Rs 520.08 Cr - Shellz is asking 11.08-11.67x on a business a fraction of that size.
- Total assets rose from Rs 147.04 Cr to Rs 213.72 Cr between FY24 and FY26 while total income rose from Rs 162.81 Cr to Rs 193.18 Cr, so each rupee of assets is turning over less revenue than it did two years ago.
Easy to miss in the prospectus
- The widely quoted 'post-issue EPS of Rs 13.52' and 'post-issue P/E of 13.24x' are built by annualising Q1 FY27 PAT (Rs 4.08 Cr x 4 = Rs 16.32 Cr) over the post-issue 1,20,67,104 shares. Spread the reported FY26 PAT of Rs 13.37 Cr over the same share count instead and the multiple is materially higher - check which basis a quoted number uses before comparing it to anything.
- Installed capacity is set to move from roughly 17,100 MTPA to 34,500 MTPA on consolidation at Sonipat, yet none of the Rs 59.97 Cr raise is earmarked for that capex - the objects are Rs 22 Cr of debt repayment, Rs 23 Cr of working capital and the balance as general corporate purposes.
- Borrowings grew Rs 7.73 Cr in the June quarter alone (Rs 100.83 Cr to Rs 108.56 Cr) while net worth grew Rs 4.08 Cr, so leverage was still building right up to the filing.
- The market maker takes 3,29,600 of the 33,50,400 shares on offer, leaving 30,20,800 shares for the public - a small float on BSE SME, where the retail minimum is already Rs 2,86,400 for two lots of 800 shares.
- No grey market premium had been quoted for this issue as of 12 October 2026, so that sentiment signal is simply absent here rather than weak.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Socradamus Capital Private Limited
- Registrar
- Bigshare Services Private Limited
How these figures were checked
Built from 7 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.
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