Shanti Inorganics Ltd. IPO

Incorporated in January 2010, Shanti Inorganics Ltd. manufactures and trades sulfur-based inorganic chemicals. Its main products include sodium metabisulphite, sodium sulfite powder, ammonium bisulfite solution, and sodium bisulfite powder/solution.

These products are mainly used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment. The company operates two manufacturing facilities in Gujarat: one at GIDC, Vatva, Ahmedabad, and the other at Sankalp Industrial Estate, Chiyada, Bavla, Ahmedabad. The company sells its products in both domestic and international markets. In the domestic market, it served 29 customers during the two-month period ended May 31, 2026, compared with 64 customers in Fiscal 2026, 48 in Fiscal 2025, and 46 in Fiscal 2024. In international markets, it served 8 customers during the two-month period ended May 31, 2026, compared with 20 customers in Fiscal 2026 and 21 customers each in Fiscal 2025 and Fiscal 2024. The company exports its products to several countries, including the United Arab Emirates, Malaysia, Qatar, Nigeria, Russia, Colombia, Turkey, Vietnam, Egypt, Ghana, the Philippines, and others. As of May 31, 2026, the company had 66 employees across various departments.

Key Strengths

  • Growing international presence: The company sells its products in several overseas markets, reducing its dependence on the domestic market.
  • Diversified customer base: It has established relationships with customers across multiple industries, which helps reduce dependence on any single sector.
  • Strategic manufacturing locations: Its production facilities are located in Gujarat, providing access to raw materials and established supplier relationships.
  • Quality and safety standards: The company follows relevant quality and food safety standards and holds certifications supporting its manufacturing and product quality.

Company Financials (Restated)

Shanti Inorganics Ltd.’s revenue increased by 25% and profit after tax (PAT) rose by 28% between the financial year ending with March 31, 2026 and March 31, 2025.
Period Ended 31 May 2026 31 Mar 2026 31 Mar 2025 31 Mar 2024
Assets 110.73 97.04 66.04 52.69
Total Income 16.10 72.93 58.46 45.06
Profit After Tax 2.50 10.22 7.99 5.12
EBITDA 4.02 15.40 12.06 8.72
NET Worth 50.74 48.24 25.60 17.60
Reserves and Surplus 39.18 36.68 24.96 16.97
Total Borrowing 25.38 24.34
Amount in ₹ Crore

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IPO 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 Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat; 43.00
2 General Corporate Purposes

Key Performance Indicator (KPI)

KPI May 31, 2026 Mar 31, 2026
ROE 5.05% 27.68%
ROCE 4.45% 23.40%
Debt/Equity 0.69 0.64
RoNW 5.05% 27.68%
PAT Margin 15.53% 14.01%
EBITDA Margin 25.16% 21.62%
NAV 43.91 41.74
Price to Book Value 1.89 1.99

IPO Valuation

Valuation Metric Pre IPO Post IPO
EPS (₹) 8.84 8.70
P/E (x) 9.39 9.54

Shanti Inorganics IPO Details

IPO Date 31 Aug to 2 Sep, 2026
Listing Date Mon, Sep 7, 2026T
Face Value ₹10 per share
Price Band ₹79 to ₹83
Lot Size 1,600 Shares
Sale Type Fresh capital only
Issue Type Bookbuilding IPO
Listing At NSE SME
Total Issue Size 56,91,200 shares (agg. up to ₹47 Cr)
Reserved for Market Maker
2,84,800 shares (agg. up to ₹2 Cr)
Fresh Issue (Ex Market Maker) 54,06,400 shares (agg. up to ₹45 Cr)
Net Offered to Public 54,06,400 shares (agg. up to ₹45 Cr)
Share Holding Pre Issue 1,15,56,200 shares
Share Holding Post Issue 1,72,47,400 shares

Shanti Inorganics IPO Promoter Holding

The promoters of the company are Manojkumar Jayantilal Patel and Avnish Manojkumar Patel

Share Holding Pre Issue83.65%
Share Holding Post Issue 

SHARIAH SCREENING for - Shanti Inorganics Ltd. IPO

BUSINESS SCREEN

FINANCIAL RATIOS

As per our analysis and Based on the information we have, this is the output.
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