Shanti Inorganics Ltd IPO
Chemicals
Price Band
₹79 – ₹83
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹265600
Issue Size
₹47.24Cr
Opens
2026-08-31
Closes
2026-09-02
Listing
07-09-2026
Subscription Status
Qualified Institutional Buyers
131.01 x
Non-Institutional Investor
144.94 x
Retail Individual Investor
124.9 x
Total
131.83 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1ZEE01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Shanti Inorganics is engaged in the manufacturing and supply of sulphur-based inorganic chemicals. Its product portfolio includes ammonium bisulphite solution, sodium bisulphite powder and solution, sodium metabisulphite, and sodium sulphite powder/anhydrous. These products are used as preservatives, reducing agents, oxygen scavengers, and process intermediates across industries such as food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. The company operates two manufacturing units in Ahmedabad, Gujarat. Manufacturing Unit I at Vatva has an installed capacity of 18,800 metric tonnes per annum (MTPA), while Phase I of Manufacturing Unit II at Bavla commenced commercial production in February 2025 with an installed capacity of 18,000 MTPA. Phase II of the Bavla facility is under development with a proposed capacity of 78,544 MTPA. The company holds ISO 9001:2015, NSF, KOSHER, HACCP, and HALAL certifications and sells its products in the domestic and international markets.
Pros
- • The company claims to have a geographically diversified export presence. Exports contributed Rs 4.66 crore (29.28%), Rs 30.03 crore (42.57%), Rs 30.34 crore (53.83%), and Rs 22.31 crore (50.08%) to revenue from operations in the period ended May 31, 2026, FY26, FY25, and FY24, respectively, with key export markets being Eswatini, Malaysia, the United Arab Emirates, Qatar, Nigeria, Russia, Colombia, Turkey, Puerto Rico, Iraq, Vietnam, Azerbaijan, Egypt, Ghana, and the Philippines.
- • The company claims to have developed long-term relationships with customers across multiple industries, including food and beverages, chemicals, oil drilling, pharmaceuticals, ceramics, agrochemicals, water treatment, petrochemicals, cosmetics, paints, polymers, boilers, and mining. Four of its customers have been associated with the company for more than five years as of FY26.
- • The company claims that its manufacturing facilities are strategically located close to industries that generate liquefied sulphur dioxide (SO2), providing access to key raw materials such as liquid SO2, sodium carbonate, sodium hydroxide, and liquid ammonia. According to the company, this proximity helps reduce logistics costs and lead times and, along with its long-term relationships with key suppliers, supports a consistent and cost-effective supply chain.
Cons
- • The company derives a substantial portion of its revenue from the food and beverages, chemicals and oil drilling industries. Revenue from the food and beverages industry stood at Rs 25.28 crore (35.84%) in FY26, Rs 23.02 crore (40.84%) in FY25, and Rs 16.81 crore (37.75%) in FY24. Revenue from the chemical industry stood at Rs 15.78 crore (22.38%), Rs 8.88 crore (15.76%), and Rs 7.40 crore (16.62%) for FY26, FY25, and FY24, respectively. Any material decline in the performance of these industries, or failure to sustain, grow or efficiently manage sales within these industries, could adversely impact the company's business operations, financial condition and results of operations.
- • Revenue from its top 10 customers stood at Rs 11.30 crore (71.03%), Rs 44.68 crore (63.35%), Rs 38.42 crore (68.15%) and Rs 30.02 crore (67.41%) in the period ended May 31, 2026, FY26, FY25 and FY24, respectively. Loss of these customers or reduction in business from them could hurt the company’s business, financial condition, and cash flows.
- • The company does not maintain long-term contractual arrangements with the majority of its customers, with sales primarily governed by transactional purchase orders that can be amended, postponed, or cancelled. Loss of key customers or a significant cut in demand could adversely affect the company's business, finances, and cash flows.
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