Incorporated in May 2012, Shellz India Limited is engaged in the manufacturing and marketing of confectionery products and the manufacturing and supply of food and bakery ingredients. Its product portfolio comprises over 300 SKUs across multiple categories, catering to consumers in urban, semi-urban and rural markets.The Company markets its consumer products under two brands, Hugs and Tosca.
The Hugs portfolio includes baked treats, choco delights, jellies, and panned and sugar confectionery, primarily positioned at mass-market price points, with most products priced at ₹10 or below. The Tosca brand focuses on the mass-premium segment through differentiated product formats and packaging, with an emphasis on e-commerce and quick-commerce channels. Its portfolio also includes Tosca Oat Choco, an oat and cereal-based bar developed as an alternative to traditional confectionery products.
The Company’s distribution network comprises over 300 super stockists, with products available through kirana outlets across approximately 24 states in India, as of March 31, 2026. In addition to its own brands, the Company undertakes private-label manufacturing for third-party customers and exports products to international markets, including the Middle East, South Asia and Europe. Its operations are supported by in-house manufacturing, product development, research and development, and quality assurance capabilities.
As of August 31, 2026, the Company had 258 full-time employees, including personnel across production, sales, finance, engineering, research and development, quality assurance and other functions.
Competitive Strengths
Shellz India Ltd.’s revenue increased by 3% and profit after tax (PAT) rose by 61% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 229.36 | 213.72 | 167.36 | 147.04 |
| Total Income | 47.43 | 193.18 | 187.39 | 162.81 |
| Profit After Tax | 4.08 | 13.37 | 8.30 | 5.25 |
| EBITDA | 8.52 | 30.15 | 22.79 | 18.94 |
| NET Worth | 63.03 | 58.95 | 40.58 | 26.99 |
| Reserves and Surplus | 54.31 | 50.24 | 39.89 | 26.35 |
| Total Borrowing | 108.56 | 100.83 | 78.18 | 70.93 |
| Amount in ₹ Crore | ||||
Note:-
The financial statements for 2026 are Consolidated.
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Papadmalji Agro Foods Ltd. | SME | ₹20.18 Cr | ₹72 | 9.42 | ₹68.75 | -4.51% | ₹56.05 |
| Q&T Foods Ltd. | SME | ₹26.23 Cr | ₹115 | 10.61 | ₹109.25 | -5.00% | ₹32.00 |
| Crazy Snacks Ltd. | SME | ₹31.47 Cr | ₹42 | 11.9 | ₹45.67 | +8.74% | ₹54.20 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment or prepayment, in full or in part, of certain outstanding borrowings availed by our Company | 22.00 |
| 2 | Funding our incremental working capital requirements and | 23.00 |
| 3 | General corporate purposes | |
| Total | 45.00 |
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 6.69% | 26.87% |
| ROCE | 4.69% | 19.11% |
| Debt/Equity | 1.72 | 1.71 |
| RoNW | 6.47% | 22.68% |
| PAT Margin | 8.63% | 6.94% |
| EBITDA Margin | 18.04% | 15.65% |
| NAV | 72.31 | 67.63 |
| P/B (x) | 2.48 | 2.65 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 15.34 | 13.52 |
| P/E (x) | 11.67 | 13.24 |
| IPO Date | 15 to 19 Oct, 2026 |
| Listing Date | Fri, Oct 23, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹170 to ₹179 |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 33,50,400 shares (agg. up to ₹60 Cr) |
| Reserved for Market Maker | 3,29,600 shares (agg. up to ₹6 Cr) |
| Fresh Issue (Ex Market Maker) | 30,20,800 shares (agg. up to ₹54 Cr) |
| Net Offered to Public | 30,20,800 shares (agg. up to ₹54 Cr) |
| Share Holding Pre Issue | 87,16,704 shares |
| Share Holding Post Issue | 1,20,67,104 shares |
The promoters of the company are Mr. Vinod Gupta and Mrs. Arnima Gupta.
| Share Holding Pre Issue | 96.8% |
| Share Holding Post Issue |
As per our analysis and Based on the information we have, this is the output.
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