Updated on 30.01.2026|9:46 AM
Shayona Engineering Limited (SEL) has announced its Initial Public Offering (IPO) on the BSE SME platform. It is an Ahmedabad-based provider of engineering solutions including precision casting, forging, and PVC/HDPE pipe manufacturing.
The subscription will open on January 22, 2026 and close on January 27, 2026. You can track the details of all the upcoming and live IPOs at our IPO hub page which is updated regularly.
The 100% fresh issue of 10,32,000 equity shares has a price band of ₹140 to ₹144 per share and aims to raise approximately ₹14.86 Crores.
The proceeds are intended for working capital requirements and debt repayment.
In this article, you will find Shayona Engineering IPO GMP today, allotment date, price band, and a detailed review. For the subscription status of this and all the other IPOs, you can track them all from our subscription status page. And for the allotment status, you can check our allotment status hub page which is updated regularly.
Briefs of Shayona Engineering IPO Details:
- Price Band: ₹140 – ₹144 per equity share
- IPO Open / Close Dates: January 22, 2026 – January 27, 2026
- Lot Size: 1,000 Shares (Note: Retail Minimum Application is 2 Lots / 2,000 Shares)
- Issue Size: 10,32,000 Equity Shares / ~₹14.86 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
As the registrar of this IPO is KFin Technologies Limited and if you need help checking allotment? Check our step-by-step KFintech IPO status guide which has all the queries you may have.
What Is The Shayona Engineering IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 144.00 | 144.00 | 0.00 |
What Are The Important Shayona Engineering IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Thursday, January 22, 2026
- IPO Close Date: Tuesday, January 27, 2026
- Basis of Allotment Date: Wednesday, January 28, 2026
- Refund Initiation Date: Thursday, January 29, 2026
- Credit of Shares: Thursday, January 29, 2026
- Listing Date: Friday, January 30, 2026
What Are The Objectives of Shayona Engineering IPO?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Plant Machinery Purchase: An amount of ₹3.79 Crores will be used for the purchase of plant and machinery for the existing line of our business.
- Working Capital: A significant portion of ₹4.00 Crores is earmarked for meeting incremental working capital requirements, crucial for managing the extended debtor cycle.
- Debt Repayment: Approximately ₹2.17 Crores will be used to repay or prepay existing secured and unsecured borrowings to improve the debt-to-equity ratio.
- General Corporate Purposes: To meet ongoing operational contingencies and strategic initiatives.
How is The Financial Performance of Shayona Engineering?
The following table summarises the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Particulars | Period Ended 30 Nov 25 | Year Ended 31 Mar 25 | Year Ended 31 Mar 24 | Year Ended 31 Mar 23 |
Total Income | 19.15 | 23.18 | 15.28 | 12.63 |
Profit After Tax (PAT) | 2.45 | 2.42 | 1.71 | 0.61 |
EBITDA | 4.08 | 5.00 | 3.00 | 1.15 |
Total Borrowing | 22.61 | 13.92 | 5.42 | 3.45 |
Assets | 41.12 | 29.60 | 12.58 | 7.27 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported a total income of ₹23.18 Crores in FY25, marking a robust growth of over 51% compared to FY24.
This trajectory continued in the eight months ended November 2025 with ₹19.15 Crores, driven by capacity expansion at the new Menpura unit and entry into new geographies like Maharashtra.
Profit After Tax (PAT):
Profitability has shown consistent improvement, with PAT rising to ₹2.42 Crores in FY25 from ₹1.71 Crores in FY24.
However, margins have slightly compressed in the stub period due to increased finance costs associated with higher borrowings.
EBITDA:
Operational efficiency is improving, with EBITDA margins expanding to 21.64% in FY25 from 19.67% in FY24.
The absolute EBITDA of ₹5.00 Crores in FY25 reflects the company's ability to absorb fixed costs effectively as production volumes scale up.
Total Borrowing:
A key concern is the surge in total borrowings to ₹22.61 Crores as of November 2025, up significantly from ₹5.42 Crores in FY24.
This debt was taken to fund the new manufacturing facility and machinery. The IPO proceeds allocated for repayment will be critical in deleveraging the balance sheet.
Assets:
The asset base has expanded to ₹41.12 Crores by November 2025, largely due to capital work in progress and inventory buildup. The high inventory levels are a result of the company preparing for future demand in its new pipe manufacturing vertical.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹9.14, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 15.75x at the upper end of the price band (₹144).
P/E Ratio = ₹144 (Price) / ₹9.14(Earnings Per Share)
P/E Ratio ≈ 15.75x
Peer Comparison:
According to the Red Herring Prospectus (RHP), there are no listed companies in India that are comparable in all aspects of business model and scale to Shayona Engineering. Therefore, a direct peer comparison table is not available.
Analysis:
Shayona Engineering is entering the market at a P/E multiple of approximately 15.75x based on its FY25 EPS of ₹9.14. In the absence of direct industry peers for benchmarking, investors must evaluate this valuation against the company's internal growth metrics.
With a robust Return on Net Worth (RoNW) of nearly 35% and significant revenue growth in the last fiscal, a P/E of 15.75x appears reasonable, provided the company sustains its growth momentum and manages its debt levels efficiently.
What is the Industry Outlook for Shayona Engineering Limited?
Growth Potential:
The Indian engineering and capital goods sector is benefitting from the government's push for infrastructure development and the "Make in India" initiative.
Market Trends:
The demand for PVC and HDPE pipes is expected to remain strong due to agricultural irrigation projects and water supply infrastructure schemes like the Jal Jeevan Mission. Shayona's strategic expansion into pipe manufacturing positions it well to capture this demand.
what Are The Strengths and Risks of Shayona Engineering IPO?
Strength:
- Diversified Portfolio: Operating across precision engineering, casting, and pipe manufacturing reduces reliance on a single industry vertical.
- High Profitability: The company has demonstrated strong margins with an EBITDA margin of over 21% and a high RoNW of roughly 35%.
- Strategic Expansion: The new Menpura facility significantly boosts capacity, providing visibility for future revenue growth.
Risks:
- Customer Concentration: A massive 91.70% of revenue comes from the top 10 customers. The loss of a key client could severely impact financials.
- High Debt & Cash Flow: The company carries significant debt (₹22.61 Crores) and has reported negative operating cash flows in recent years due to working capital lock-up.
- Geographic Concentration: With over 98% of domestic revenue coming from Gujarat, the company is exposed to regional risks.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (2,000 Shares), amounting to ₹2,88,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets HNI investors.
- Valuation: At ~15.74x P/E, the pricing factors in the growth potential but discounts the debt risk.
- Risk Profile: High growth but high concentration and leverage risks make this suitable for investors with a higher risk appetite.
Key Takeaways
- IPO Price: ₹144 per share (Upper Band).
- Min Investment: ₹2,88,000 (2,000 Shares).
- Allotment Date: January 28, 2026
- Listing: BSE SME platform on January 30, 2026.
FAQs on Shayona Engineering IPO
What is Shayona Engineering IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the gmp at our gmp page which is updated regularly.
What is Shayona Engineering IPO price band?
The price band is fixed at ₹140 to ₹144 per equity share.
What is Shayona Engineering IPO allotment date?
The allotment status is expected to be finalized on Wednesday, January 28, 2026.
How to check Shayona Engineering IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Shayona Engineering IPO listing date?
The shares are tentatively scheduled to list on Friday, January 30, 2026.
Investment Perspective on Shayona Engineering IPO
Shayona Engineering offers a high-growth opportunity in the industrial engineering space with strong margins. However, the high ticket size for retail investors, significant debt load, and customer concentration are critical risk factors to consider before investing.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
