Shyam Dhani Industries Ltd IPO
FMCG
Price Band
₹65 – ₹70
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹280000
Issue Size
₹38.49Cr
Opens
2025-12-22
Closes
2025-12-24
Listing
30-12-2025
Subscription Status
Qualified Institutional Buyers
256.24 x
Non-Institutional Investor
1184.19 x
Retail Individual Investor
1111.43 x
Total
904.41 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1CRP01016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Shyam Dhani Industries manufactures and processes spices under the “SHYAM” brand. It makes ground, blended, and whole spices (164 varieties) and trades and distributes grocery items such as black salt, rock salt, rice, poha, and kasuri methi, plus herbs and seasonings including oregano, peri peri, chilli flakes, mixed herbs, onion flakes, and tomato powder. The company sells through business-to-business (B2B) and direct-to-consumer (D2C) channels, including wholesalers/distributors, supermarkets, quick-commerce apps, private labelling, hotel, restaurant, and catering (HoReCa), export, and through its website. Raw materials are sourced from mandis and suppliers across India. Processing and manufacturing are carried out at Jaipur, Rajasthan, with machinery for cleaning, drying, grading, grinding, and packaging. The registered and corporate office at Vishwakarma Industrial Area (VKIA), Jaipur, Rajasthan, is used for packaging spices and grocery items, quality control of blended spices, and administration.
Pros
- • The company claims to have adopted integrated pest management (IPM) to reduce reliance on chemical pesticides in its spice sourcing and support preventive, natural pest-control methods. It positions this as a way to lower pesticide-residue risks and encourage more environmentally conscious farming practices.
- • The company claims its manufacturing unit in Jatawali (Jaipur, Rajasthan) can handle end-to-end activities under one roof, including sourcing, mixing recipes, and testing/measurement. It also claims this integrated setup provides better control over quality and cost advantages versus using external job work.
- • The company claims to manufacture and process a wide range of products, including ground spices, blended spices, whole spices, and grocery items such as salts, rice, poha, and kasuri methi, among others. It also states that products are offered in multiple packaging sizes to serve different buying needs.
Cons
- • The top 10 suppliers accounted for Rs 20.41 crore (42.11 percent) of the company’s total purchases for the period ended September 30, 2025; Rs 41.75 crore (40.86 percent) in FY25; Rs 60.74 crore (58.66 percent) in FY24; and Rs 35.80 crore (68.70 percent) in FY23. Also, the company does not have any long-term agreements with these vendors. Any disruption in raw material supply or failure by suppliers to meet quantities, schedules, credit terms, or quality standards can adversely affect the company’s ability to fulfil orders on time, which would hurt its business and financial condition.
- • Raw materials consumed accounted for Rs 47.82 crore (74.98 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 109.58 crore (87.89 percent) in FY25; Rs 89.44 crore (83.12 percent) in FY24; and Rs 49.64 crore (73.05 percent) in FY23. Any adverse movement in raw material availability or prices, or inability to procure supplies on acceptable terms, can compress margins and materially affect the company’s business, financial condition, and results of operations.
- • Shyam Dhani Industries primarily procures key raw materials during the harvest season (January to April) and stores them in leased cold storage facilities for year-round use, thereby increasing its reliance on seasonal availability. Abnormal monsoons, extreme weather events, or weak crop yields can reduce availability, raise prices, and affect raw material quality, potentially forcing procurement from higher-cost regions or suppliers. This can adversely affect the company’s profitability, cash flows, and results of operations.
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