Shyam Dhani Industries Ltd
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹65 – ₹70
Lot Size
2000
₹1,40,000
Face Value
₹10
Listing Price
₹133
Important Dates
Open Date
22 Dec 2025
Close Date
24 Dec 2025
Allotment
26 Dec 2025
Refund
29 Dec 2025
Listing
30 Dec 2025
About Company
Incorporated in 1995, Shyam Dhani Industries Limited is an ISO-certified company engaged in manufacturing, processing, marketing, exporting, wholesaling and supplying premium spices, spice powders and whole spices.
The company offers 163 varieties of spices including ground, blended and whole spices under the brand name "SHYAM".
It also trades and distributes grocery products such as black salt, rock salt, rice, poha and kasuri methi.
The product portfolio includes a range of herbs and seasonings like oregano, peri peri, chilli flakes, mixed herbs, onion flakes and tomato powder.
The manufacturing unit is located in Jaipur, Rajasthan.
The company sells products through General Trade (wholesalers and distributors), Modern Trade (supermarkets and retail chains) and Quick Commerce platforms (apps).
It further caters to Private Labelling, HoReCa (Hotel, Restaurant, Catering) sales and export sales.
As of November 30, 2025, the company employed 394 people across finance, compliance, maintenance, marketing and logistics, production and operations, quality, management and permanent labour.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Funding the incremental working capital requirements of the company. | ₹13.26 |
| 2 | Repayment or pre-payment, in full or in part, of certain outstanding borrowings availed by the company. | ₹10 |
| 3 | Brand creation and marketing expenses. | ₹6.36 |
| 4 | Capital expenditure towards the purchase of new additional machinery 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 |
Financial Performance
Share Reservations
QIB
26,04,000
Anchor
15,60,000
NII
7,86,000
Retail
18,28,000
Employee
0
Total
54,98,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
SME IPO with Pure Fresh Issue
The ₹38.49 crore IPO is entirely a fresh issue, with proceeds earmarked for working capital, debt repayment, brand building, capex and general corporate purposes.
Impact: ModerateConsistent Growth in Revenue and Profit
The company has reported steady growth in total income and PAT from FY 2023 to FY 2025, indicating improving scale and profitability.
Impact: HighHigh Return Ratios with Elevated Leverage
Key ratios such as ROE of 41.06%, ROCE of 39.00% and debt-to-equity of 2.00 as of March 31, 2025 reflect strong returns but higher leverage risk.
Impact: ModerateIssue Valuation Considered Aggressive
Based on recent financials and pre-IPO performance, the issue appears aggressively priced, suitable mainly for well-informed or risk-seeking investors.
Impact: LowFocused Spices Brand with Multi-Channel Distribution
The company’s branded spices business with presence across general trade, modern trade, quick commerce, HoReCa and exports offers diversified revenue channels.
Impact: HighSWOT Analysis
AI-generated strategic view
Strengths
- •Offering high-quality natural spices with emphasis on sustainable and ethical sourcing and production.
- •Experienced management team and promoters supported by a qualified workforce.
- •Established manufacturing facility with integrated production and cost efficiencies.
- •Diversified product portfolio across spices, grocery and seasonings.
- •Strong and consistent financial performance with growth in revenue and profitability.
Weaknesses
- •Business dependent on agricultural raw materials subject to price and supply volatility.
- •Aggressively priced IPO based on recent financial data and valuation metrics.
- •High leverage with debt to equity of around 2.00 as per latest reported figures.
- •Concentration in a competitive spices and FMCG market with multiple organized and unorganized players.
Opportunities
- •Growing demand for branded and packaged spices in India and export markets.
- •Expansion of distribution through modern trade and quick commerce channels.
- •Opportunities in private labelling and HoReCa segments.
- •Potential to enhance brand visibility through marketing and brand-building spends.
Threats
- •Intense competition from established national and regional spice brands.
- •Changes in food safety and quality regulations impacting operations.
- •Fluctuations in raw material prices affecting margins.
- •Consumer preference shifts and competitive pricing pressures in FMCG.
Shyam Dhani Industries Ltd IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Shyam Dhani Industries Limited | 5.41 | 5.41 | 15.87 | 34.07 | – | Consolidated |
| Madhusudan Masala Limited | 8.49 | 8.49 | 63.1 | 13.56 | 12.77 | Consolidated |
| Nhc Foods Ltd | 0.31 | 0.31 | 1.39 | 3.06 | 8.09 | Consolidated |
Shyam Dhani Industries Ltd - Documents & Links
Registrar
Company contact
Shyam Dhani Industries Ltd
Address: F-438-A, Road No. 12, VKIA, Jaipur, Rajasthan, 302013
info@shyamspices.co.inhttps://www.shyamspices.co.in/Lead managers
Frequently Asked Questions
Common questions about Shyam Dhani Industries Ltd IPO.