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Shyam Dhani Industries IPO
Price Band
₹65.0–70.0
Issue Size
₹38.49 Cr
Lot Size
2,000 shares
Min Investment
₹280,000
2 LOTS MIN
GMP
+₹68.0 (97.14%)
Issue Price
₹70.0
Subject to Sauda
₹103400
Paid only if allotted
Shyam Dhani Industries IPO AI Summary
- Shyam Dhani Industries IPO is listed on NSE SME in the Other Food Products sector.
- Price band: ₹65.0–₹70.0 per share, lot size 2,000 shares (min. investment ₹280,000, 2 lots minimum).
- Subscription window: 22 Dec–24 Dec 2025, listing on 30 Dec 2025.
- Current GMP is +₹68.0 (97.14%), an estimated listing price of ₹138 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Shyam Dhani Industries IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 24 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Shyam Dhani Industries IPO Grey Market Premium (GMP) Today
GMP
+₹68.0
GMP %
+97.14%
Est. Listing
₹138.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 1995, Shyam Dhani Industries Limited is an ISO-certified company and manufacturer, exporter, wholesaler, and supplier of Premium Spices, Spices Powder, Whole Spices, etc. They trade and distribute Grocery Products like Black Salt, Rock Salt, Rice, Poha, Kasuri Methi, and a variety of Herbs and seasonings, including Organo, Peri Peri, Chilli Flakes, Mixed Herbs, Onion Flakes, and Tomato Powder. The company processes 163 varieties of spices, including Ground, Blend, and Whole Spices under the brand name “SHYAM". The company trades and distributes grocery products like black salt, rock salt, rice, poha, kasuri methi, and a range of herbs and seasonings, including oregano, peri peri, chilli flakes, mixed herbs, onion flakes, and tomato powder. The company's manufacturing unit is situated in Jaipur, Rajasthan. The company operthrough General Trade (wholesalers and distributors), Modern Trade (supermarkets and retail chains), and Quick Commerce Platforms (apps), ensuring easy access to productsail chains), and Quick Commerce Platforms (apps), providing easy product accessibility. They also engage in Private Labelling, HoReCa (Hotel, Restaurant, Catering) sales, and Export Sales. As of 30 November 2025, they had 394 employees, including Accounts & Finance, Compliance, Maintenance, Marketing & Logistics, Production & Operations, Quality, Top Level Management, and Permanent Labour. Competitive Strength: Offering high-quality natural spices while promoting sustainable, ethical sourcing and production. Experienced management team and promoters with a qualified workforce. Established a manufacturing facility and integrated production with cost efficiencies. Diversified product portfolio. Strong and consistent financial performance.
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 88.79 | 82.47 | 52.84 | 27.51 |
| Total Income | 63.83 | 124.75 | 107.64 | 68.10 |
| Profit After Tax | 4.20 | 8.04 | 6.30 | 2.92 |
| EBITDA | 8.66 | 14.52 | 10.88 | 5.97 |
| NET Worth | 27.81 | 23.61 | 15.56 | 9.26 |
| Reserves and Surplus | 12.93 | 8.73 | 14.42 | 8.12 |
| Total Borrowing | 48.18 | 47.24 | 24.45 | 12.75 |
Key Ratios
EPS
₹5.31
NAV
₹15.87
ROE
41.06%
ROCE
39.00%
RoNW
34.07%
P/B Value
4.41
P/E Ratio
13.19
Market Cap
₹144.59 Cr
PAT Margin
6.45%
Debt/Equity
2.00
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Nhc Foods Ltd | 1.39 | 8.09% | 3.06 | 0.31 | 0.31 |
| Madhusudan Masala Limited | 63.1 | 12.77% | 13.56 | 8.49 | 8.49 |
| Shyam Dhani Industries Limited This IPO | 15.87 | 34.07% | — | 5.41 | 5.41 |
Promoters
Ramawtar Agarwal, Mamta Devi Agarwal and Vithal Agarwal
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding the incremental working capital requirements of company 13.26 2 Repayment/Pre-payment, in full or in part, of certain outstanding borrowings availed by company. 10.00 3 Brand Creation and Marketing Expenses 6.36 4 Capital Expenditure towards the purchase of new additional machineries to be installed at the existing manufacturing unit 1.63 5 Purchase and installation of Solar Rooftop Plant at the existing manufacturing unit 0.65 6 General Corporate Purposes 2.57 7 Issue Expenses 4.02 Total 38.49
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹68.10 Cr in the year ending 31 Mar 2023, increasing to ₹107.64 Cr by 31 Mar 2024, and further rising to ₹124.75 Cr by 31 Mar 2025. However, for the period ending 30 Sep 2025, total income decreased to ₹63.83 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹2.92 Cr in the year ending 31 Mar 2023, which rose to ₹6.30 Cr by 31 Mar 2024 and further increased to ₹8.04 Cr by 31 Mar 2025. For the period ending 30 Sep 2025, profit after tax decreased to ₹4.20 Cr, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Shyam Dhani Industries Limited has an implied P/E ratio of 13.19 at the issue price, compared to peers trading at a P/E range of 3.06 to 13.56.
Grey Market Premium, Explained
The grey market refers to the unofficial market where IPO shares are bought and sold before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of the IPO based on demand in this unofficial market. A positive GMP suggests strong demand, while a negative GMP indicates weaker demand.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term investment horizon typically weigh IPOs like this against their overall portfolio strategy and risk tolerance. It's essential to consider the company's fundamentals and market conditions.
Who May Want to Wait
Investors with a low-risk appetite or those who prefer stable, established companies may want to avoid this IPO. It's important to assess whether the company's growth potential aligns with individual investment goals.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on 22 December 2025 and closes on 24 December 2025. Allotment of shares will be done on 26 December 2025, and the listing date is set for 30 December 2025.
Listing Gains — The Risk
Listing-day gains can be attractive, but they come with risks. The price of shares on the listing day can be volatile, influenced by market sentiment and demand. Investors should be prepared for the possibility of price fluctuations and should not base their investment decisions solely on expected listing gains.
This evaluation is generated from Shyam Dhani Industries's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Shyam Dhani Industries IPO GMP today?
Shyam Dhani Industries IPO GMP today is +₹68.0 (97.14%), indicating an estimated listing price of ₹138. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Shyam Dhani Industries IPO?
The price band of Shyam Dhani Industries IPO is ₹65.0–₹70.0 per share.
When does Shyam Dhani Industries IPO open and close?
Shyam Dhani Industries IPO opens on 22 December 2025 and closes on 24 December 2025.
When does Shyam Dhani Industries IPO list on the stock exchange?
Shyam Dhani Industries IPO listed on 30 December 2025 at ₹138.0.
What is the lot size for Shyam Dhani Industries IPO?
The lot size for Shyam Dhani Industries IPO is 2000 shares, requiring a minimum investment of ₹280,000 (2 lots).
What is the lot size for this IPO?
The lot size for Shyam Dhani Industries IPO is 2000 shares.
What is the minimum investment required?
The minimum investment required is ₹2,80,000.
What is the price band for the IPO?
The price band for the IPO is ₹65.0 to ₹70.0.
When does the IPO open and close?
The IPO opens on 22 December 2025 and closes on 24 December 2025.
What does GMP mean?
GMP, or Grey Market Premium, indicates the expected listing price of the IPO based on demand in the unofficial market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
22 Dec 2025
Close
24 Dec 2025
Allotment
26 Dec 2025
Listing
30 Dec 2025
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