Updated on 30.12.2025 @ 9:39 AM
Shyam Dhani Industries Limited is set to launch its Initial Public Offering (IPO) on the NSE EMERGE platform.
It is a Rajasthan-based manufacturer and processor of spices and grocery products sold under the brand "SHYAM". You can track this and all other upcoming and live IPOs at our IPO Calendar.
The subscription for this public issue will open on December 22, 2025, and close on December 24, 2025.
The company aims to raise up to ₹38.49 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹65 to ₹70 per share, with a minimum lot size of 2,000 shares.
Shyam Dhani Industries has demonstrated robust growth by pivoting to modern trade and international markets, but investors must be mindful of its high debt levels and competitive landscape.
In this article, you will find Shyam Dhani Industries IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of Shyam Dhani Industries IPO Details
- Price Band: ₹65 to ₹70 per share
- IPO Open / Close Dates: December 22, 2025 – December 24, 2025
- Lot Size: 2,000 Shares
- Issue Size: 54,98,000 shares (aggregating up to ₹38.49 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt.Ltd.
- Listing Exchange: NSE SME
What is The Shyam Dhani Industries IPO GMP Today?
Check the gmp of this and other IPOs at our grey market premium hub page. (The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment)
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 70 | 133 | 90.0 |
What Are The Important Shyam Dhani Industries IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 22, 2025 – December 24, 2025
- Basis of Allotment Date: December 26, 2025
- Refund Initiation Date: December 29, 2025
- Credit of Shares: December 29, 2025
- Listing Date: December 30, 2025
What Are The Objectives of Shyam Dhani Industries IPO?
The company intends to utilise the net proceeds from the public offering to strengthen its financials and brand presence:
- Incremental Working Capital (₹13.26 Crores): A significant portion is allocated to manage the working capital needs arising from increased inventory for modern trade and export expansion.
- Repayment of Borrowings (₹10.00 Crores): To reduce a portion of its outstanding debt, which will lower finance costs and improve the debt-to-equity ratio.
- Brand Creation and Marketing (₹6.36 Crores): To invest in marketing activities, including hiring a brand ambassador, to boost brand visibility.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
How is The Financial Performance of Shyam Dhani Industries?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 (H1) | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 63.83 | 124.75 | 107.64 | 68.10 |
Profit After Tax (PAT) | 4.20 | 8.04 | 6.30 | 2.92 |
EBITDA | 8.66 | 14.52 | 10.88 | 5.97 |
Total Borrowing | 48.18 | 47.24 | 24.45 | 12.75 |
Assets | 88.79 | 82.47 | 52.84 | 27.51 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
The company has shown consistent profit growth, with PAT nearly tripling from ₹2.92 Crores in FY23 to ₹8.04 Crores in FY25. This upward trajectory is driven by improved operational efficiencies and a better product mix.
Total Income:
Revenue has grown at a healthy CAGR of over 22% between FY23 and FY25, reaching ₹124.75 Crores. The strategic shift towards high-volume modern trade channels and exports has been a key driver of this top-line expansion.
EBITDA:
Operational profitability has strengthened, with EBITDA margins improving from 8.78% in FY23 to 11.65% in FY25. This margin expansion indicates better absorption of fixed costs as the business scales up.
Total Borrowings:
Debt has increased significantly to ₹48.18 Crores as of September 2025 to fund working capital needs. While the IPO proceeds will help reduce this by ₹10 Crores, the high leverage ratio of 2.0x remains a key monitorable for investors.
Assets:
Total assets have more than tripled since FY23 to ₹88.79 Crores, reflecting heavy investment in manufacturing infrastructure and inventory to support the company's aggressive growth plans.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.41, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 12.9x at the upper end of the price band (₹70).
P/E Ratio = ₹70 (Price) / ₹5.41 (Earnings Per Share)
P/E Ratio ≈ 12.9x
This valuation appears attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | Revenue (FY25, ₹ Cr) | RoNW (%) (FY25) |
Shyam Dhani Industries (at IPO price) | ~12.9x | 124.75 | 34.07% |
| Madhusudan Masala Ltd | 13.56x | 216.50 | 12.77% |
| NHC Foods Ltd | 3.06x | 341.41 | 8.09% |
Analysis for Investors:
Shyam Dhani Industries is priced competitively, with a P/E ratio lower than Madhusudan Masala.
More importantly, it boasts a vastly superior Return on Net Worth (RoNW) of over 34%, compared to roughly 13% for Madhusudan Masala and 8% for NHC Foods.
This indicates that the company is generating significantly higher returns on shareholder capital, making the valuation look very compelling despite its smaller scale.
Industry Outlook
- Shyam Dhani Industries operates in the vibrant Indian spice and grocery market.
- The industry is shifting from unbranded to branded products, driven by rising consumer awareness about quality and hygiene.
- The company's diversified presence across General Trade, Modern Trade, and Quick Commerce positions it well to capture this consumption shift.
- Additionally, its foray into exports opens up new avenues for growth, capitalizing on the global demand for Indian spices.
What Are the Strengths and Risks of Shyam Dhani Industries IPO?
Strengths:
- Strong Financial Growth: Consistent double-digit growth in revenue and profits over the last three years.
- High Profitability Ratios: Excellent RoNW and improving EBITDA margins indicate efficient operations.
- Diversified Sales Channels: Reduced reliance on general trade by expanding into modern trade and exports.
- Debt Reduction Plan: A clear strategy to use IPO funds to deleverage the balance sheet.
Risks:
- High Leverage: Current debt levels are high, increasing financial risk until repaid.
- Geographical Concentration: A significant portion of revenue comes from Rajasthan and Punjab, exposing the business to regional risks.
- Raw Material Volatility: Margins are sensitive to fluctuations in agricultural commodity prices.
- Regulatory Risks: The business faces ongoing trademark litigation which could impact branding.
What Are The Expert Recommendations – Should You Apply?
Spice Up Your Portfolio with Caution
The Shyam Dhani Industries IPO offers a flavor of high growth at a reasonable price, but it's not without its bitter notes. The company's pivot to modern trade is paying off, reflected in its impressive profit margins and return ratios. However, the heavy debt load and regional concentration act as a drag.
- For the bold investor: If you believe the company can successfully navigate its debt and continue its export expansion, the valuation offers a tasty entry point.
- For the conservative investor: The high leverage and litigation risks suggest waiting for a few quarters of consistent performance post-listing might be prudent.
Our View: Dig deep into the RHP, especially the sections on debt and litigation. If you're comfortable with the risks, this IPO could add some zest to a high-growth portfolio.
Key Takeaways
- IPO Price Band: ₹65 to ₹70 per share
- Lot Size: 2,000 Shares (Minimum Investment: ₹1,40,000). Note: Minimum investment is ₹2,80,000 for retail as per lot size table (2 lots).
- Allotment & Listing Dates: Tentative listing on December 30, 2025.
- Recommendations of experts: Read the RHP carefully. A fast-growing spice company with high returns but significant debt and regional risks.
FAQs on Shyam Dhani Industries IPO
What is Shyam Dhani Industries IPO price band?
The price band for the IPO is set at ₹65 to ₹70 per equity share.
What is Shyam Dhani Industries IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Friday, December 26, 2025. You can check ipo allotment status of this and other IPOs at our IPO allotment status hub page too.
How to check Shyam Dhani Industries IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Shyam Dhani Industries IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Tuesday, December 30, 2025.
Should I apply for Shyam Dhani Industries IPO?
Investors should weigh the high growth and attractive valuation against the risks of high debt and geographical concentration. It is suitable for those with a higher risk appetite.
Disclaimer:
This is not investment advice. IPO investments are risky—please do your own research before investing.
