Shanti Inorganics

ListedListed 7 Sep 2026NSE SMENSE: SHANTIINOR-SMCheck allotment

Current price₹ 188+126.51% since issue

Listing day+90%

Issue price: ₹ 83
Issue size: ₹ 47.24 Cr.
Min. investment: ₹ 1,32,800
Listing price: ₹ 157.7
Subscribed: 132.3x
Lot size: 1,600 shares
P/E: 9.54
RoNW: 27.68%
RoCE: 23.40%
PAT margin: 14.01%
EPS: ₹ 8.70
Promoter stake: 56.05%

About

Shanti Inorganics Ltd makes and trades sulphur based inorganic chemicals. Its products are sodium meta bisulphite, sodium sulphite powder, ammonium bisulphite solution and sodium bisulphite in powder and solution form. These chemicals are used as preservatives, as reducing agents, as oxygen scavengers and as process intermediates. Because of that the company sells into several different industries, including oil drilling, pharmaceuticals, food and beverages, pulp and paper, and water treatment. The company runs two manufacturing units, both in Gujarat. The first is at the GIDC estate in Vatva, Ahmedabad, called Unit I, and the second is at Sankalp Industrial Estate in village Chiyada, Bavla, Ahmedabad, called Unit II. It also exports to international markets and holds certifications for quality and food safety standards.

Timeline

Opens
31 Aug
done
Closes
2 Sep
done
Allotment
3 Sep
done
Refunds
4 Sep
done
Demat credit
4 Sep
done
Listing
7 Sep
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 54 on 6 Sep 2026
Lowest: ₹ 13 on 2 Sep 2026
First quoted: ₹ 25 on 24 Aug 2026

Subscription

How many times each investor group bid for its share, as of 07 Sep 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	1,600	₹ 1,32,800
Retail (Max)	1	1,600	₹ 1,32,800
HNI (Min)	2	3,200	₹ 2,65,600

Company overview

Financials

Financials by year

Assets	66.04	52.69	27.57
Total Income	58.46	45.06	46.5
Profit After Tax	8.26	5.12	4.6
EBITDA	12.11	8.73	6.97
NET Worth	25.86	17.6	12.49
Reserves and Surplus	25.23	16.97	11.85
Total Borrowing	25.38	24.34	5.63

Strengths

Profit has grown every year, from Rs 4.60 crore in FY2023 to Rs 5.12 crore in FY2024 and Rs 8.26 crore in FY2025.
EBITDA improved from Rs 6.97 crore in FY2023 to Rs 8.73 crore in FY2024 and Rs 12.11 crore in FY2025.
Net worth has more than doubled over the same period, from Rs 12.49 crore to Rs 25.86 crore.
Its chemicals go into many different industries, including oil drilling, pharmaceuticals, food and beverages, paper and water treatment, so demand is not tied to one sector.
It runs two manufacturing units, so production is not dependent on a single plant.
The plants are in Gujarat close to raw material sources, and the company says it has long standing supplier relationships.
The whole issue is fresh capital, and the money is going into a new manufacturing facility at Bavla for sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite.
The company exports as well as selling in India, and holds quality and food safety certifications, which matter for food and pharma customers.

Risks

The financial data is old for an issue opening in August 2026. The latest year given is FY2025, ending 31 March 2025, so there is no FY2026 figure to judge recent performance.
The stated object of the issue is Rs 43.00 crore for the new Bavla facility, which is more than the total issue size of Rs 41.5 crore. This does not add up and needs to be checked in the RHP.
Borrowing is high against own funds. Total borrowing was Rs 25.38 crore as on 31 March 2025 against a net worth of Rs 25.86 crore, and it had jumped from Rs 5.63 crore in FY2023.
Sales are not growing steadily. Total income actually fell from Rs 46.50 crore in FY2023 to Rs 45.06 crore in FY2024 before recovering to Rs 58.46 crore in FY2025.
These are commodity chemicals. Selling prices move with sulphur and input costs and the company has limited power to set its own price.
Both plants are in the Ahmedabad area, so any local problem, whether power, water, labour or regulation, affects the whole business.
Chemical manufacturing carries pollution control and environmental compliance risk, and Gujarat industrial estates are closely monitored on effluent norms.
The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.
This is an SME issue. One lot is 1,600 shares, which is about Rs 1.33 lakh at the upper band of Rs 83, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue

Part funding the capital expenditure towards setting up a new facility for manufacturing of sodium meta bisulphite, sodium bisulphite powder and ammonium bisulphite situated at Bavla, Ahmedabad, Gujarat;	43
General Corporate Purposes	—

Promoters

Manojkumar Jayantilal Patel
Avnish Manojkumar Patel

Promoter holding83.65%→56.05%before → after the issue · down 27.6 points

Registrar, lead managers and documents

Listing on: NSE SME
Face value: ₹ 10 a share
Registrar: KFin Technologies Limited
Lead managers: Vivro Financial Services Private Limited
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.